U.S. Aims Lethal Blow at Tehran’s Finances by Prohibiting Oil Exports
David Adesnik | Director of Research
The Fed’s Soft Landing Is Actually Happening
Tim Duy, Bloomberg
Federal Reserve Depends on Ambiguity and Flexibility
Robert Samuelson, Washington Post
Judy Shelton: The Right Nominee for the Fed
Editorial of The New York Sun | April 22, 2019
President Trump was understandably reluctant to accept Herman Cain's request to drop out as a candidate for the Federal Reserve board. He faced the reality of senatorial spinelessness. Four Republicans had indicated they'd shrink from voting for the former chairman of the Kansas City Fed, at least in part over allegations of long-ago sexual improprieties. They didn't even wait for a hearing.
THE FED AND THE PROFESSOR STANDARD: US WAGE GROWTH AND DOLLAR STABILITY MATTER & WHY THE DUAL MANDATE IS OVER
Fed running out of monetary ammunition
Desmond Lachman | Official Monetary and Financial Institutions Forum
President Trump's quest for an ultra-easy monetary policy at this late stage in the economic cycle might cause the US economy to overheat and rekindle inflation. Moreover, it would leave the Fed with scant ammunition to fight the next recession.
The Fed’s Dual Mandate Is Outdated
Jim Bianco, Bloomberg
US designates members of Rawi network for financing Islamic State
The Rawi Network extends around the globe. One of its leaders is a former captain in Saddam Hussein's Republican Guard. It was first established to help Saddam evade sanctions in the early 1990s.
Hybrid Threats and the Constabularization of Strategy
By Joshua Tallis, Strategy Bridge: "How militaries address the challenges imposed by hybridized nonstate groups is a conceptual issue that would benefit from a deeper interrogation of the unique relationship between crime and war that such threats represent."
Role of Cryptocurrencies in Financing Russia’s ‘Hybrid’ Wars
By Maksym Bugriy, Eurasia Daily Monitor: “ ... the news nevertheless sheds light on Moscow’s apparent use of digital currencies to fund its ongoing “hybrid” (New Generation) war against Ukraine and possibly in other Eurasian conflicts."
Return of the Neo-Keynesians
Leftist Democrats are charmed by magical thinking.
HOW THE MARKET BETRAYS ADVANCED ECONOMIES
Diane Coyle advocates a decisive shift away from the neoliberal philosophy that has shaped policy for over four decades.
THE FLOATING KILOGRAM: NY SUN EDITORIALS ON MONETARY POLICY & THE FED'S ECONOMISTS GET STUDIED, HERE'S WHAT THEY FOUND
Economists at the Federal Communications Commission study economists!
Mark Jamison | AEIdeas
A Century Of Ideas: A Century Of Prosperity: A Review Of The Standard Of Living, 1919 Vs. 2019
via The Hoover CentennialThe past century has witnessed dramatic improvements in the standard of living in the United States. Panelists will discuss the role that free markets, property rights, innovation, regulation, and national security have played in this remarkable advancement in human well-being.
MONETARY EASY MONEY ARE KILLING US CITIES & JOHN B TAYLOR FROM STANFORD EXAMINES THE NATURE OF ECONOMIC GROWTH
A Glut of Easy Money Is Clogging City Streets
Nicole Gelinas, The Atlantic
Dense cities are the world’s traditional marketplaces, where people come together to trade goods and services in pursuit of profit. But what happens when the world’s markets are warped? This year’s marquee initial public offering—the app-based car-hailing service Lyft, set to debut Friday on the Nasdaq exchange—isn’t so much a gauge of functional, robust markets, but a marker of the challenge that global cities face amid the whims of central bankers and venture capitalists. Read more here....
by John B. Taylor, John H. Cochrane , Michael J. Boskin, John F. Cogan
via PolicyEd America’s economy may seem stable at first glance but that doesn’t necessarily mean it’s doing well. While many believe that our economy is at its best under the circumstances, history shows a different picture.
Does The Macroeconomy Float In Choppy Waters?
with Steven J. Davis via Federal Reserve Bank of St. LouisIn a recent Economic Synopses essay, we discussed how large changes in economic policy uncertainty (EPU) can affect key macroeconomic indicators like GDP and inflation. In that analysis, we considered only shocks that were large enough to push EPU above the recent historical highs. Thus, changes in the EPU do not necessarily have proportional changes on the economy.
MOORE HITS THE MONETARY GUILD: STOPPING THE PHILLIPS CURVE MANIA & HOW THE FED'S FUTURE REMAINS POLITICAL
Guild's Alarm At Steve Moore Makes His Case
By JOHN TAMNY, Special to the Sun | March 27, 2019
In a 2008 speech then Federal Reserve Vice Chairman Donald Kohn informed his audience that "A model in the Phillips curve tradition remains at the core of how most academic researchers and policymakers -- including this one -- think about fluctuations in inflation." Translated, the entity (the Fed) that employs more economists than any other in the world is staffed near unanimously by economists who think too many people working and producing is the cause of inflation.
The Fed’s Future Is Political
Karl Smith, Bloomberg
Against Cain as Federal Reserve chief? Then oppose him now
Michael R. Strain | Bloomberg Opinion
From the public reaction to Stephen Moore’s and Herman Cain’s potential nominations, it seems there are major concerns about whether Moore and Cain are sufficiently independent of partisan politics.
The Panic Over the Federal Reserve
Editorial of The New York Sun | April 7, 2019
It's hard to recall from the journalistic pack such a panic as has erupted over news that President Trump intends to name Stephen Moore and Herman Cain to board of the Federal Reserve. The New York Times warns the Fed could end up under the presidential "thumb." A "hideous specter," says the Washington Post. "Sabotage" cries the Financial Times. They all bewail the Fed's independence.
Truly Taking Back Control
by Raghuram Rajan via Project Syndicate When people are more able to shape their own futures, they are less likely to be convinced that others are to blame for their plight. To the extent that it weakens support for virulent nationalism, devolution of global governance to national and local communities may make the world a little more prosperous – and a lot safer.
Saving The World From Misguided Populism: Raghuram Rajan Offers Some Prescriptions
with Raghuram Rajan via CNBCA common theme underlying political changes in the United States, Europe, Britain and in many Asian countries is the rise of populism. President Donald Trump, Brexit, Marine Le Pen in France, and the emphatic rise of Hindu nationalism in India all represent anger of displaced majorities.
This Important Fed Indicator Drives Monetary Policy - So What's It Saying?
with John B. Taylor via Speculators AnonymousI came across something today of which I believe is the most important thing for gauging monetary policy. And the mainstream financial media isn’t even talking about it (or worse – isn’t even aware). Because of this indicator – I actually believe the Fed may begin cutting rates sooner than many expect. So what am I talking about?
Putting Dynamism in Its Place
Oren Cass, National Affairs
The phrase "economic dynamism" has become so ubiquitous, its connotations so obviously desirable, that we accept uncritically the dressing up of policy debates in its terms. The standard narrative goes something like this: Disruption, a close cousin of dynamism, occurs when a new market entrant's superior offering or lower price allows it to displace an incumbent. Resources shift to this more productive use, and both workers and consumers reap the benefit. An economy featuring high levels of disruption is "dynamic," and with dynamism comes the innovation and economic growth that leads to rising material living standards for all. Read more here....
Raghuram Rajan On Minimum Income Schemes, Next Generation Reforms
with Raghuram Rajan via Business Today Hoover Institution fellow Raghuram Rajan discusses the need to improve the capacity of the government, increase the economic growth potential, the need for next generation reforms, and the practicality of the minimum universal income.
ECONOMIC FUNDAMENTALS AND AMERICAN'S WORKING CLASS, OREN CASS INTERVIEW; WHERE DID ALL THE WORKING CLASS MEN GO
Economic Policy and the Working Class: An Interview with Oren Cass
W. Bradford Wilcox, Institute for Family Studies
Tucker Carlson’s recent monologue on the “Market and the Family,” in which he argued that the contemporary economy has undercut the strength and stability of working-class families, has sparked a major debate among conservatives. Some conservatives—including David French and Ben Shapiro—have taken issue with his argument. IFS senior fellow W. Bradford Wilcox recently spoke to Oren Cass, a senior fellow at The Manhattan Institute and author of the new book, The Once and Future Worker: A Vision for the Renewal of Work in America, about this important debate. The following interview has been edited for clarity. Read more here....
What Drives High Health Care Costs: Friedman Fundamentals
with Milton Friedman via PolicyEdThe fundamental reason for high health care expenses is third-party payments. Most payments to physicians are made not by the patient but by a third-party — an insurance company or governmental body. By eliminating most third-party payments and restoring the role of insurance to protecting against major medical catastrophes, health care cost and spending can be reduced.
Why Economics Must Get Broader Before It Gets Better
Mohamed El-Erian warns that the profession is ignoring its own failures and overlooking other disciplines' insights at its peril.
The Timeless Ideas Of Milton Friedman
with Milton Friedman via The Hoover Centennial Milton Friedman’s work continues to inform and inspire researchers and policymakers.
What Drives Economic Progress by Milton Friedman via PolicyEd
The world thrives when individuals are able to pursue their interests without government interference.
The Appropriate Role Of Government
by Milton Friedman via PolicyEd Milton Friedman, Hoover Institution Senior Research Fellow and Nobel Laureate, discusses how there are times when the government can become involved without infringing upon political freedom and autonomy. If two individuals enter into a business, most likely they will both benefit from it; however, there are cases in which a business can impose a cost on another individual without providing reparation. In this case, the government can become involved if markets are unable to compensate for the harm they’ve imposed.
Time to Replace the Fed’s ‘Floor System’
Peter Ireland, E21
Immediately following its January policy meeting, the Federal Reserve released a Statement Regarding Monetary Policy Implementation and Balance Sheet Normalization. The Statement, which Chair Jerome Powell also referred to in his latest Semiannual Report to Congress, confirms that the Fed will continue targeting interest rates using the new “floor system” first introduced in December 2015. Read more here....
Next: Trump's Promise on the Fed?
Editorial of The New York Sun | March 24, 2019
President Trump's plan to nominate Stephen Moore to a governorship of the Federal Reserve could come to be seen to be as important as the justices he's named to the Supreme Court. We understand that it's not yet widely perceived that way. During the 2016 campaign, though, Mr. Trump made an issue of monetary policy, and this is the first substantive signal we've had that he might redeem that pledge.Continue Reading
NEW DEVELOPMENTS IN MONETARY ECONOMICS: AFTER TIGHT MONEY & JOHN TAYLOR GIVES ANALYSIS FOR 2019 ECONOMY
JOEL KOTKIN, WENDELL COX
Where Millennials Really Go for Jobs
Contrary to media hype, tech firms and young workers aren’t flocking to “superstar” cities.
The solution to capitalist inequality: Radical markets
Dalibor Rohac | The American Interest
The problems the radical Left seeks to address are real. But their solutions are not nearly radical enough. Local experiments, rather than irreversible federal schemes, are the way to go.
An authority on Civil-Military Relations; Southwest Asian Political Economy, and Pentagon Acquisition Reform .
KEYNES VS. HAYEK RAP
KEYNES VS. HAYEK RAP ROUND 2