文/何平 我是抱着学习的态度来翻译《货币之手》的。这本书的原名叫《神秘之手》，恰好符合我作为一名货币 银行领域的经济学研究人员长久以来对货币政策的感受。这种"神秘"有很多种来源，既包括社会公众对 于货币政策功能的误解，也包括货币政策领域理论和实践的脱节，还包括一些货币政策背后不可言说的 真相。 货币政策领域的学术研究和政策实践之间是存在一定程度的脱节的。学术研究关注的问题往往是抽象且 具有普遍性的，而政策实践面临的问题则是具体且特殊的。比如说，许多经济学家秉承的是弗里德曼的 货币中性理论，认为从长期来讲货币供给是中性的，只需保持和经济增长一致的货 币供给就可以了； 而在货币政策实践中，秉承这样的理念显然过于理想化了。一方面，任何一个经济体都不太可能满足货 币中性理论成立的条件；另一方面，几乎没有任何一个国家的央行可以做到对于经济出现的失衡坐视不 管，即便只是短期的失衡。然而，实践不能简单机械地执行理论并不代表实践可以脱离理论的支撑；秉 承货币长期中性的理念，并不意味着我们要采取自由放任（laissez-faire）政策，而是要以货币中性理论 为基准，结合实际，针对背离理论假设的情况采取精准而有效的措施，但这显 ...

I tend to be in the camp of when you incur debt you end up having to pay it back. Um with the rise of modern monetary theory which has become invogue in the last several years particularly in Washington which is the belief that if you print money if you have the reserve currency you don't actually have to ever pay that debt back and so mounting levels of debt and deficit spending are fine. I don't buy that.I think there's a point at which uh the US government has to be able to sustain itself cost of influ b ...

U.S. Global Investors (GROW) Q3 2025 Earnings Call May 09, 2025 08:30 AM ET Company Participants Holly Schoenfeldt - Director of Marketing, Editor of the Investor Alert newsletterFrank Holmes - CEO & Chief Investment OfficerLisa Callicotte - Chief Financial Officer Holly Schoenfeldt Good morning, everyone, and thank you for joining us today for our webcast announcing U. S. Global Investors Results for the Third Quarter of Fiscal Year twenty twenty five. As you can see on Slide number two, the presenters for ...

Financial Data and Key Metrics Changes - The company reported assets under management of $1.4 billion and operating revenues of $2.1 million for the quarter, with a net loss of $832,000, translating to a loss of $0.03 per share, which is an unfavorable change compared to a net loss of $35,000 in the same quarter last year [65][68] - Operating revenues decreased by $490,000 or 19% from $2.6 million in the same quarter last year, primarily due to decreases in assets under management, particularly in the JET ETF [66] - Operating expenses were $3 million, a decrease of $85,000 or 3%, mainly due to lower fund expenses [67] Business Line Data and Key Metrics Changes - The operational earnings consist of advisory services and other earnings, which are subject to market fluctuations [66] - The operating loss for the quarter was $893,000, an unfavorable change of $405,000 compared to the same quarter last year [67] Market Data and Key Metrics Changes - The company experienced a significant decrease in assets under management, which impacted overall revenues [66] - Despite the challenges, the company maintains a strong balance sheet with high levels of cash and securities, and no long-term debt [68] Company Strategy and Development Direction - The company aims to create thematic products that are sustainable using a Smart Beta 2.0 strategy, which requires rigorous backtesting [13] - There is a strategic focus on increasing exposure to the Bitcoin ecosystem, with plans to deploy capital back into Bitcoin and Hive shares due to their growth potential [17][26] - The company is committed to stock buybacks and increasing dividends as part of its strategy to enhance shareholder value [49][51] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the airline industry transitioning from a cyclical to a growth business, citing strong performance from airlines like United [18][23] - There is a belief that gold will continue to perform well as a safe haven asset, especially with increasing central bank purchases and regulatory changes favoring physical gold [30][34] - The company acknowledges current market apathy but remains confident in the long-term growth potential of its products and strategies [45][59] Other Important Information - The company has been actively engaging with shareholders through various platforms, including social media and video content [70][73] - Upcoming participation in industry conferences to connect with potential shareholders and enhance market presence [71] Q&A Session Summary Question: What is the outlook for the airline industry? - Management believes the airline industry will transition from being cyclical to a growth business, supported by strong demand and pricing power [18][23] Question: How does the company plan to address current market challenges? - The company plans to focus on stock buybacks and increasing dividends while maintaining a strong balance sheet to weather market volatility [49][51] Question: What is the company's stance on gold investments? - Management remains bullish on gold, citing its historical performance and the increasing interest from central banks as key factors for future growth [30][34]