Lars Christensen

Trump Fires BLS Chief: The Argentinisation of American Data In my three decades as an economist—including 15 years as Chief Analyst for Emerging Markets at Danske Bank—I’ve seen some truly bizarre economic episodes. I’ve watched Argentina defaul…

New blog post:

Trump Fires BLS Chief: The Argentinisation of American Data

marketmonetarist.com/2025/08/01/t...

The EU-US Trade Deal: A European Victory Disguised as Defeat I must say that the commentary surrounding Sunday’s so-called trade agreement between the US and EU has been almost universally “Trumpian” in its analysis. Nearly every commentato…

New blog post:

The EU-US Trade Deal: A European Victory Disguised as Defeat

marketmonetarist.com/2025/07/28/t...

The Forgotten Mandate: How “Moderate Long-term Interest Rates” Exposes the Fed’s Achilles Heel The Hidden Third Mandate The Federal Reserve Act may soon create serious problems for Jerome Powell – or perhaps I should say “Too Late” Jerome Powell, as President Trump has take…

New blog post:

The Forgotten Mandate: How “Moderate Long-term Interest Rates” Exposes the Fed’s Achilles Heel

marketmonetarist.com/2025/07/15/t...

Classical Liberals, Let’s Be Honest About Milei As a classical liberal economist, I ought to be thrilled about Javier Milei. A self-proclaimed libertarian winning the presidency of Argentina on a platform of radical economic liberalisation? It s…

New blog post:

Classical Liberals, Let’s Be Honest About Milei

marketmonetarist.com/2025/07/14/c...

The Return of the Bond Vigilantes: Why 5% US Treasury Yields Signal Trouble Ahead After Trump announced “Liberation Day” on 2 April, US government bond yields began to rise – and even after the announcement on 9 April of a “pause” in the implementation of…

New blog post:

The Return of the Bond Vigilantes: Why 5% US Treasury Yields Signal Trouble Ahead

marketmonetarist.com/2025/07/14/t...

From the Extremist Centre Comes a Big Beautiful Delusion: Why the US Won’t Learn from Denmark’s Fiscal Success The sheer mathematical impossibility of American fiscal policy never ceases to amaze me. Here we have the world’s largest economy, blessed with extraordinary dynamism and innovation, yet trap…

New blog post

From the Extremist Centre Comes a Big Beautiful Delusion: Why the US Won’t Learn from Denmark’s Fiscal Success

marketmonetarist.com/2025/07/06/f...

Lies, Damned Lies, and… Actually Pretty Accurate Statistics: Neither Biden Nor Trump Are Fudging the Jobs Numbers The US economy added a stronger-than-expected 147,000 jobs in June, and the unemployment rate ticked down to 4.1%, according to this morning’s Bureau of Labor Statistics report. As has become…

New blog post:

Lies, Damned Lies, and… Actually Pretty Accurate Statistics: Neither Biden Nor Trump Are Fudging the Jobs Numbers

marketmonetarist.com/2025/07/04/l...

From Leader to Follower: How the Federal Funds Rate Lost Its Causal Power For years, I’ve argued that central banks fundamentally misunderstand their own monetary policy transmission mechanism. They believe the federal funds rate drives nominal variables, when incr…

The blog post:

From Leader to Follower: How the Federal Funds Rate Lost Its Causal Power

marketmonetarist.com/2025/07/01/f...

Hormuz-krisen – Den største energikrise siden 1973? Makropuls – med Lars Christensen · Episode

Hormuz-krisen – Den største energikrise siden 1973?

Lars Christensen og Steffen Dam taler om den eskalerende konflikt mellem Israel og Iran, og Irans trussel om at lukke Hormuz-strædet – verdens vigtigste olierute.

open.spotify.com/episode/0LdK...

podcasts.apple.com/us/podcast/h...

Nyt afsnit af "Makropuls - med Lars Christensen"

Hormuz-krisen – Den største energikrise siden 1973?

Vi taler om konflikten mellem Israel og Iran, og de økonomiske og finansielle konsekvenser af konflikten.

open.spotify.com/episode/0LdK...

podcasts.apple.com/us/podcast/h...

The Fiscal Dominance Trap: A Love Story Between Debt and Denial The calendar reads June 13, 2025, but I’m getting flashbacks to December 1977. As Israeli fighter jets strike Iranian nuclear facilities and President Trump calls Federal Reserve Chair Jerome…

Ny blog-post:

The Fiscal Dominance Trap: A Love Story Between Debt and Denial

marketmonetarist.com/2025/06/13/t...

The McCallum Rule and 25 Years of Euro-Area Monetary Policy Introduction: Why Monetary Policy Needs a Firm Theoretical Foundation Monetary policy is fundamentally about stabilising nominal spending — nominal GDP — to support economic growth and maintain pri…

New blog post:

The McCallum Rule and 25 Years of Euro-Area Monetary Policy.

marketmonetarist.com/2025/06/09/t...

Rent-Seeking Royalties: MAGA Populists Turn on King Musk – A Lesson in Public Choice Theory Over the past 24 hours, a remarkable confrontation has unfolded on X (formerly Twitter) that perfectly encapsulates the inherent contradictions in Elon Musk’s political positioning and the br…

What I wrote in December on Musk and Trump:

Rent-Seeking Royalties: MAGA Populists Turn on King Musk – A Lesson in Public Choice Theory

marketmonetarist.com/2024/12/28/r...

Tak Frederik.

Altid en fornøjelse at høre @mamomvpy.bsky.social analysere økonomi i krystalt klart sprog. 👇 er det verdens største økonomi USA der får en tur - vilde og ubehagelige scenarier kan hurtigt vente forude. Stor anbefaling her fra til #dkøko

GODMORGEN! PREMIEREDAG FOR "MAKROPULS - MED LARS CHRISTENSEN"

Den første episode af Makropuls, produceret af Howden Danmark, er nu tilgængelig!

www.howdengroup.com/dk-da/podcast

open.spotify.com/episode/6jn7...

podcasts.apple.com/dk/podcast/h...

The Mechanics of US Debt: Modelling the Unpleasant Arithmetic Introduction: A Nation of Spend First, Ask Questions Later If there is any enduring law in fiscal economics, it is this: arithmetic always wins. Political rhetoric, on the other hand, is mercifully…

New blog post:

The Mechanics of US Debt: Modelling the Unpleasant Arithmetic

marketmonetarist.com/2025/06/03/t...

Being a Ukrainian feels especially bad*ss today

Stanley Fischer – the Central Banker Who Understood Nominal Stability Stanley Fischer has passed away at the age of 81. For those of us who have followed monetary policy closely over the years, this is not merely the loss of a prominent economist. It marks the depart…

New blog post

Stanley Fischer – the Central Banker Who Understood Nominal Stability

marketmonetarist.com/2025/06/01/s...

Court Strikes Down Trump’s “Liberation Day” Tariffs: A Victory for Constitutional Order and Economic Sanity While Europe slept last night, a legal bombshell exploded over Trump’s trade policy. The U.S. Court of International Trade—America’s specialist federal court with exclusive jurisdiction…

New blog post:

Court Strikes Down Trump’s “Liberation Day” Tariffs: A Victory for Constitutional Order and Economic Sanity

marketmonetarist.com/2025/05/29/c...

Crackpot nation

The Bond Vigilantes Are Stirring: The U.S. is Nearing the Fiscal Inflection Point On Friday, Moody’s delivered a sharp warning to U.S. policymakers, downgrading the government’s credit rating from Aaa to Aa1. While this is not yet the beginning of a full-blown fiscal crisis, it …

The blog post:

The Bond Vigilantes Are Stirring: The U.S. is Nearing the Fiscal Inflection Point

marketmonetarist.com/2025/05/19/t...

“Eat the Tariffs” – Blaming Walmart Won’t Stop Inflation Today, 17 May 2025, US President Donald Trump took to Truth Social and delivered yet another economically illiterate proclamation. In a characteristically bombastic post, Trump lashed out at Walmar…

New blog post:

“Eat the Tariffs” – Blaming Walmart Won’t Stop Inflation

marketmonetarist.com/2025/05/17/e...

The US Consumer Goes to Fiscal Reality Mart: Tariffs or VAT? Introduction (If you don’t want to read the whole article – you can instead do your own simulations of how much revenue tariffs vs VAT can bring in here.) The United States is staring a…

New blog post:

The US Consumer Goes to Fiscal Reality Mart: Tariffs or VAT?

marketmonetarist.com/2025/05/14/t...

Leavitt & Gono: When Amazon-Bashers Meet Zimbabwe’s Hyperinflation Houdini The American political circus continues. Today, President Trump’s press secretary, Karoline Leavitt, lashed out at Amazon. The reason? Amazon was considering showing customers how much Trump&…

New blog post:

Leavitt & Gono: When Amazon-Bashers Meet Zimbabwe’s Hyperinflation Houdini

marketmonetarist.com/2025/04/29/l...

1. Afsnit - Kan euroen erstatte dollaren? Europa Uden Forbehold · Episode

Vi er i luften🚨🚨🚨

Programmets første gæst er økonom Lars Christensen, @mamomvpy.bsky.social, der har fulgt euroen nøje. Hvad kan der nu ske?

Lyt til Europa Uden Forbehold med @jarlcordua.bsky.social nu, hvor du finder dine podcasts!🎧

Så er der en ny podcast på vej! I morgen optager vi første afsnit med økonomen Lars Christensen. Hør med!

I can’t hear or See them.

This Is How the US Lost Me — And Denmark I have always considered myself a non-American American patriot. I grew up with a deep admiration for the United States — for its ideals, its energy, and its global leadership. But after the events…

New blog post - and more personal than usual:

This Is How the US Lost Me — And Denmark

marketmonetarist.com/2025/04/21/t...