Michael Booth’s nom de Net is Cato the Eldest, and until recently he ran a terrific website he called Cato’s Domain. Cato’s is still up, and if you’re curious why he’s no longer updating it, read the last post. Mr. Booth now contributes to Stubborn Things. For years, Booth worked in the private sector and in academia in the fields of finance and economics. Given his background, I was interested in what old Cato had to say about the following. The questions were submitted by email, and the answers have not been edited by the interviewer. 1. It’s a commonplace that when the Federal Reserve buys assets, such as the U.S. treasuries it purchases in quantitative easing, that it is creating money “out of thin air.” But, when Congress runs deficits and has to borrow money, it is creating assets “out of thin air.” And those assets (U.S. treasuries) must eventually be accounted for with… money. So which is worse, the Fed...(Read Full Article)