Over the past few years, I've completely reconceptualized my understanding of money, lending, and central banking. I share my new hypotheses for these concepts and the path to how I arrived at them in this series.

In this first part, I'll set the context, discussing what was occuring in markets at the time and my prior understanding of them.

My journey is documented in a series of articles, listed below:

Powell’s Real Choice: His Reputation Or Esteem—Part 1:
Central Banks Don’t Create Money … Really
Cheap Fed Liquidity Forestalls Deleveraging & Entices Debt
To Fight the Fed or Not (pages 7-12 of the linked report) (PDF)