The imperative of deterrence We invite aggression if our enemies believe “America cannot do a damn thing”
Mary Hirschfeld On Economics, Culture, And Aquinas And The Market
by Russell Roberts via EconTalk
Author, economist, and theologian Mary Hirschfeld of Villanova University talks about her book, Aquinas and the Market, with EconTalk host Russ Roberts. Hirschfeld looks at the nature of our economic activity as buyers and sellers and whether our pursuit of economic growth and material well-being comes at a cost. She encourages a skeptical stance about the ability of more stuff to produce true happiness and/or satisfaction. The conversation includes a critique of economic theory and the aspect of human satisfaction outside the domain of economists.
Modern Monetary Disasters
Sebastián Edwards, Project Syndicate
America's Illusions of Growth
Jeffrey Sachs warns that buoyant GDP and unemployment data are obscuring alarming indicators of actual wellbeing in the US.
Iranian Tankers Relieve Pressure of Oil Sanctions on Assad
David Adesnik | Director of Research
Iran Plans to Continue Its Oil Exports. Washington Has the Means to Shut Them Down.
Saeed Ghasseminejad | Senior Iran and Financial Economics AdvisorMatthew Zweig | Senior Fellow
China seen resuming oil imports from Iran
China is believed to have resumed importing oil from Iran despite an abrupt halt following the United States’ revocation of sanctions waivers, Bourse & Bazar reported today. The report said a company that tracks tankers had noted that a vessel believed to be heading for China is carrying 2 million barrels of Iranian crude oil. The tanker began its journey the same day that Foreign Minister Mohammad Javad Zarif arrived in Beijing for talks on “regional and international issues.” Beijing has long been Tehran’s largest oil customer.
The story of stagnating wages was mostly wrong
Michael R. Strain | Bloomberg Opinion
The argument that wages have been stagnant for decades except for those at the very top, frequently echoed by politicians, pundits, and even some economists, is based on flawed and misleading measures of wage growth.
Assessing the Use of Sanctions in Addressing National Security and Foreign Policy Challenges
Subcommittee on National Security, International Development and Monetary Policy
Matthew Zweig | Senior Fellow
What Does the Fed Know that Nobody Else Knows?
by Alex J. Pollock
Central banks usually feel the urge to pretend to know more than they can, in order to inspire “confidence” in themselves. Read More »
The Real Reason for Income Inequality? The Fed
Josh Hammer & Todd Stein, Fortune
When deficit reduction poses as fiscal expansion
James C. Capretta | RealClearPolicy
Fed's 2 Percent Inflation Target Is 'Fine,' John Taylor Says
with John B. Taylor via BloombergHoover Institution fellow John Taylor discusses the state of monetary policy.
The Fiscal Roots Of Inflation
by John H. Cochrane via The National Bureau Of Economic Research
Unexpected inflation devalues nominal government bonds. This change in value must correspond to a change in expected future surpluses, a change in their discount rates, or a contemporaneous change in nominal bond returns.
Cui bono? Bringing Thomistic thought to bear on modern economics
By Gerald J. Russello on Apr 25, 2019 08:16 pm
Last January, the Vatican issued a “Bolletino” titled Oeconomicae et pecuniariae quaestiones, subtitled “Considerations for an ethical discernment regarding some aspects of the present economic-financial system.” Like many such Vatican documents on complicated social questions, the [...]
Tehran Exports Its Petrochemical Products Despite Sanctions
Saeed Ghasseminejad | Senior Iran and Financial Economics Advisor
The Federal Reserve Fight Editorial of The New York Sun | May 3, 2019
The defeat of Steve Moore's candidacy for a governorship of the Federal Reserve invites a strategic look at the fight over our central bank. This fight has, after all, been brewing a long time -- since, in our view, 1971, when President Nixon closed the gold window and ended the era of Bretton Woods, when the dollar was redeemable by foreign governments for a 35th of an ounce of gold.*
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."
What Is Taylor Rule?
with John B. Taylor via Banking School
The Taylor rule was first proposed by economist John B. Taylor in 1993 to provide guidance to the U.S. Federal Reserve* and other central banks for setting short-term interest rates based on economic conditions.
Strategies For Monetary Policy: A Policy Conference
via Hoover Daily Report Two related questions are central to an evaluation the Fed’s monetary policy strategy. First, how robust is the strategy? Second, can the strategy be improved by altering the degree of data dependence, by reconsidering monetary tools or instruments, or by changing communications about the strategy? The aim of this policy conference is to present relevant research developments and debate these and other crucial policy questions. The conference is meant to be complementary to other reviews of monetary policy this year. The conference consists of formal presentations, policy panels, and in-depth discussions by academic researchers, market participants, members of the media, and monetary policy makers.
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.
An authority on Civil-Military Relations; Southwest Asian Political Economy, and Pentagon Acquisition Reform .
KEYNES VS. HAYEK RAP
KEYNES VS. HAYEK RAP ROUND 2