Happy anniversary
by“They have learned nothing, and forgotten nothing.” Attributed to Talleyrand. Since everybody else in financial media has been indulging in an orgy…
Macro Aggregates Hide the Real Market Processes at Work
byFor the 12 months that ended in July 2018, price inflation in the United States, as measured by the Consumer Price Index, was 2.9…
Everything is awesome
by“What explains the complacency? One reason might be the absence of good ideas.” Martin Wolf in the Financial Times (‘Why so little has…
Why the Fed Denied the Narrow Bank
byIt’s not every day that a clear example showing the horrors of central planning comes along—the doublethink, the distortions, and the perverse incentives. It’s…
The Fed and asset bubbles
byIn his speech on April 7 2010 at the Economic Club of New York the President of the New York Fed, William Dudley argued…
Japan’s Not Really A Domino, Though The Timing Is Right
byBy Jeffrey P. Snider This year is just different. Increasingly so. Not just in one or two places, either, but in way too many places….
China’s Trade Surplus With US Hits Record High as Export Growth Declines
byby Mike Mish Shedlock US trade data with China makes it increasingly likely Trump will increase tariffs on China. Bloomberg reports China Trade Outlook Darkens as…
Laissez-Faire and Little Englanderism: The Rise, Fall, Rise, and Fall of the Manchester School
byBy Gregory Bresiger from THE JOURNAL OF LIBERTARIAN STUDIES Volume 13, Number 1 (1997) War Follows Protection. Peace Follows Free Trade. As David Ricardo said, “If…
Zero Hedge: US Ports Fear Tariffs Could Collapse Ship Traffic And Reduce Jobs
byPresident Donald Trump has repeatedly told the American people his trade war pitch: “Tariffs are the greatest!” Except they are not — and a new…
Interest Rates Need to Tell the Truth
byIn the middle of July 2018, President Donald Trump said in an interview that he was “not happy” with the Federal Reserve nudging up…