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Bernanke’s Jobs Estimate
Ben Bernanke at Jackson Hole: If we are willing to take as a working assumption that the effects of easier financial conditions on the economy are similar to those observed historically, then...
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QE ∞
The Keynesians and Monetarists who have so berated the Federal Reserve and demanded more asset purchases and a nominal GDP target to get GDP level up to the long-term growth trend have essentially got...
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This is Blowback
The YouTube video depicting Mohammed is nothing more than the straw that broke the camel’s back. This kind of violent uprising against American power and interests in the region has been a long time in...
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Glenn Greenwald on Indefinite Detention
I expected to spend quite some time writing about the Obama administration’s successful appeal against Katherine Forrest’s historic gutting of the indefinite detention provision of the NDAA. Yet I can...
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Explaining Hyperinflation
This is a post in three sections. First I want to outline my conception of the price level phenomena inflation and deflation. Second, I want to outline my conception of the specific inflationary case...
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The Great Pacification
Since the end of the Second World War, the major powers of the world have lived in relative peace. While there have been wars and conflicts — Vietnam, Afghanistan (twice), Iraq (twice), the Congo,...
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The Unstimulus
If your predictions are wildly out-of-whack with reality, you need to change your approach. Here’s a 2009 Obama administration graph authored by Jared Bernstein and Christy Romer showing their...
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Negative Nominal Interest Rates?
A number of economists and economics writers have considered the possibility of allowing the Federal Reserve to drop interest rates below zero in order to make holding onto money costlier and...
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Is the Gold Price Dependent on China?
China now buys more gold than the Western world: Does that mean, as some commentators are suggesting, that future price growth for the gold price depends on China? That if the Chinese economy weakens...
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Why Does Anyone Think the Fed Will Taper?
Simon Kennedy of Bloomberg claims: The world economy should brace itself for a slowing of stimulus by the Federal Reserve if history is any guide. Personally, I think this is nutty stuff. In enacting...
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Correction or Crisis?
After almost seven years of relative calm and stability, a stock market crash is finally upon us. This is a very predictable crash stemming from a very widely known cause. Hundreds of analysts...
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