MONETARISM & NOMINAL GDP - CounterStrikeMedia

INDIA'S ECONOMY GOING DOWN FAST & AFRICAN ECONOMIES POISED TO SURGE IN 2020

12/27/2019

FIXING INDIA

ASIA TIMES

Agree With Raghuram Rajan, Economy Suffering Because All Powers Centralised In PMO: Shiv Sena
quoting Raghuram Rajan via India Today
In his essay for the India Today Magazine, Raghuram Rajan had said India is currently in the midst of a "growth recession" with signs of extreme centralisation of power in the PMO.

Raghuram Rajan: 2020 And Africa's Decade For Trade
interview with Raghuram Rajan via BBC
Hoover Institution fellow Raghuram Rajan notes that trading under the new African Continental Free Trade Agreement (AfCFTA) will commence in July 2020 promising to open borders, cut tariffs, and boost intra-African trade by more than 50%.

GEO-ECONOMICS: WARCRAFT AS STATECRAFT

12/23/2019

Economic Instruments And National Security Goals
by John B. Taylor via Strategika
In this essay I address the question of whether economic instruments such as tariffs, embargoes, quotas, capital controls, financial sanctions, or asset freezes can achieve national security goals—economic, political, or military—and thereby help avoid international conflict, or even preclude war. The connection between economics and national security is an ancient issue about which people have debated for a long time.
Strategika Issue 61: Tariffs And Embargoes
via Hoover Daily Report
Strategika Issue 61 is now available online. Strategika is an online journal that analyzes ongoing issues of national security in light of conflicts of the past—the efforts of the Military History Working Group of historians, analysts, and military personnel focus.

Myths About Capitalism
by Milton Friedman via PolicyEd
One of the great myths of free

PAUL VOLCKER, WHO SAVED WESTERN CIVILIZATION UNDER REAGAN, DIES AT 92

12/21/2019

https://www.realclearmarkets.com/articles/2019/12/16/paul_volcker_as_inflation_slayer_is_hagiography_not_biography.html
.
John Tamny, RealClearMarkets, explains, “Investment, not consumption, is the driver of economic growth. And investment is all about producers’ devising new ways to produce abundant goods and services at prices that continue to fall.” . . , And what of “money supply”? The latter is a consequence of economic activity, not Fed ease. Readers witnessed this up close in recent years amid the Fed’s feckless QE. Copious amounts of dollars were “created,” but with growth slight Stateside, those dollars rapidly migrated out of the U.S.

Paul Volcker’s Principles Must Endure
Peter Ireland, E21
Former Federal Reserve Chairman Paul Volcker passed away this week at age 92. Volcker will always be remembered as the man who acted, singlehandedly, to end America’s “Great Inflation” of the 1970s. When he arrived at the Federal Reserve Board in August 1979, inflation as measured by annual changes in the consumer price index was running at 12%. When he left in August 1987, inflation was down to just 4%. Read more here.... (Photo: Alex Wong/Getty Images)

RIP Paul Volcker
Norman J. Ornstein | AEIdeas
The combination of intellect, integrity, drive, and commitment — along with decency, honor, and good humor — is rare and to be treasured and celebrated.

Paul Volcker Editorial of The New York Sun | December 9, 2019
https://www.nysun.com/editorials/paul-volcker/90935/
The death of Paul Volcker is a sad moment here at the Sun. The chairman of the Federal Reserve who, in the 1980s, conquered inflation slipped away Sunday after a long illness. Of all the public officials we covered over the decades, it is hard to think of one whom we admired more than Volcker and who will be more widely missed in America and abroad.
Continue Rea

WHERE'S THE IPO'S IN THE MIDDLE EAST & JOHN TAYLOR TAKES ON US DEBT and rules based fed policy

11/17/2019

US TAX CODE CANNOT HANDLE NEGATIVE INTEREST RATES

Where are the other IPOs in the Mideast?
The Middle East needs to grow companies that do not depend on the state as a key investor.

Can Arab parties oust Netanyahu without empowering Liberman?
Though its constituency's top priority is toppling Prime Minister Benjamin Netanyahu, the Joint List has not forgotten the vitriol expressed over the years by Yisrael Beitenu leader Avigdor Liberman.

Efforts to tie Trump’s hands on Iran and Saudi Arabia hold up key defense bill
Congressional efforts to tie President Donald Trump’s hands on Middle East policy have helped stall negotiations as Democrats and Republicans struggle to pass annual spending and defense authorization legislation.

Tehran welcomes China’s presence in Middle East
Iran and China have much to offer each other, though on a limited basis.

Congressional Testimony on the Costs of Rapidly Growing Government Debt

Monetary Policy: Rules Vs. Discretion
by John B. Taylor via PolicyEd
A rules-based monetary policy is more effective in promoting economic growth and stability than a discretionary monetary policy.

A Fast And Fun Way To Learn About Rules Versus Discretion
by John B. Taylor mentioning Hoover Institution via Economics One
The Hoover Institution has initiated a fascinating Perspectives on Policy video series in which experienced experts give clear explanations of key policy issues assisted by the latest in animation technology. This is not the typical video of talking heads as you might expect. In this imaginative series tabletop cartoon figures join the experts, move around the screen, bend and twist to show emotions, and even wave at each other from time to time.

CATO LOOKS AT MONETARY AUTHORITIES: THE CATO CONFERENCE

11/17/2019

37th Annual Monetary Conference: Fed Policy: A Shadow Review
mentioning Charles Calomiris, Charles I. Plosser, Andrew J. Filardo via Cato Institute
Criticism of the Federal Reserve is mounting, whether it’s President Trump tweeting that Chairman Powell is not following his advice or progressives calling for the Fed to use its monetary powers to fuel government spending. Amid public scrutiny and at a time of growing uncertainty for the business of central banking, Powell asked the Fed “to take stock of how we formulate, conduct, and communicate monetary policy.” Shadowing the Fed’s strategic review, Cato’s 37th Annual Monetary Conference will explore a broad array of recommendations for improving the monetary framework — and go beyond the narrow scope of the Fed’s agenda to share a vision for a monetary system best suited for a free society.

Powell’s Testimony Challenges Both the Fed and Congress
Peter Ireland, E21

In last week’s testimony before the Joint Economic Committee of Congress, Federal Reserve Chairman Jerome Powell applauded the U.S. economy’s continued strength. He also suggested that, after easing monetary policy three times this year, the Fed will hold interest rates at their present levels so long as the favorable outlook remains intact. While the recent data that Chairman Powell reviewed confirm that recent rate cuts represent an appropriate policy response to surprises that have unfolded since the beginning of the year, the details of his testimony point to additional challenges that will confront the Fed as national elections approach in 2020. Read more here....

THE IMPACT OF RUSSIA'S HOLD ON LIBYA & AMERICA'S CHRONIC PRODUCTIVITY PROBLEM RETURNS

11/10/2019

Seized Russian-printed dinars highlight an opportunity to reform Libya’s civil war economy
The Nov. 1 seizure by Malta of two 2000-cubic-foot containers full of Libyan currency printed by the Russian state printer, Goznak, that was intended for delivery to Libya’s non-internationally recognized eastern government, highlights the continuing importance of the economic aspects of Libya’s ongoing civil war.
Read article

America’s chronic productivity problem returns, at least for now
James Pethokoukis | AEIdeas

Dealing with the intangible economy: A long-read Q&A with Stian Westlake
James Pethokoukis | AEIdeas

US ready to work with Russia on Libya
The United States is ready to work with Russia on a solution to the Libyan crisis, Secretary of State Mike Pompeo said Wednesday following a meeting with Russian Foreign Minister Sergey Lavrov in Washington. “Foreign Minister Lavrov told me directly yesterday he is prepared to be part of that,” Pompeo told reporters. “I reminded him that there is a weapons embargo that is still in place in Libya, and that no nation ought to be providing incremental materiel inside of Libya.” The UN-recognized government in Tripoli has accused Russian mercenaries of backing strongman Khalifa Hifter's months-long assault on the capital.
Meanwhile, Hifter's forces accuses Turkey of arming Tripoli. The chief of staff of Hifter's naval forces, Faraj al-Mahdawi, threatened Wednesday to sink any Turkish ship that approaches the Libyan coast following a maritime border agreement between Tripoli and Ankara
Read More

HOW TURKEY SCREWS THE US ON SANCTIONS & TRUMP HITS IRANIAN COHORTS WITH SANCTIONS

11/2/2019

U.S. Imposes New Sanctions on Officials Tied to Iran’s Supreme Leader

US sanctions top Khamenei aides
The Treasury Department marked the 40th anniversary of the US Embassy takeover in Tehran by sanctioning nine members of Iranian Supreme Leader Ayatollah Ali Khamenei on Monday. Newly designated individuals include Khamenei's son Mojtaba Khamenei, judiciary chief Ebrahim Raisi and Mohammad Mohammadi Golpayegani, Khamenei's chief of staff. Treasury also sanctioned Iran’s Armed Forces General Staff and its chief, Gen. Mohammad Bagheri. Separately, the State Department added $20 million to a reward for information about former FBI agent Robert Levinson, who disappeared in Iran 12 years ago.
Read More
washingtonpost.com

Erdogan Continues to Reward Iran Sanctions Evaders
Aykan Erdemir — FDD Policy Brief
The European Bank for Reconstruction and Development (EBRD) announced yesterday that it will sell its 10 percent stake in the Istanbul stock exchange after Turkey named as its CEO a Turkish banker convicted in U.S. court for his role in a multi-billion dollar scheme to evade Washington’s sanctions on Iran. Ankara’s move to reward a sanctions buster further strengthens the argument that Turkey has become a permissive jurisdiction for illicit finance. Read More

WHY ECONOMICS REMAINS THE DISMAL SCIENCE & HOW INDIA GETS A GROWING ECONOMY

10/24/2019

ASIA TIMES: HOW INDIA GETS AN ECONOMIC WIN

Reality Of Universal Basic Income
by David R. Henderson via PolicyEd
A Universal Basic Income would not only be prohibitively costly, but would produce massive redistributive effects that would hurt the elderly and poor.

Economics And Cognitive Dissonance
by John H. Cochrane via The Grumpy Economist
What is the value of economics? "Have you economists ever proved anything that isn't obvious?" is a common complaint.

US POLITICAL ECONOMY MASTERS OUTPUT & TRUMP'S LIMITED RANGE ON TURKEY'S ECONOMY

10/13/2019

Yigal Carmon writes: In view of President Trump’s warning to Turkey that if it “does anything” that he “consider[s] to be off limits” he will “totally destroy and obliterate the Economy of Turkey,” it is worth considering the analysis below which explains why the president is, in fact, unable to do this. – Middle East Media Research Institute

THE BAILOUT: HOW WALL ST. ABANDONED MAIN STREET

10/8/2019

Actually, Sovereigns Do Go Broke
by Alex J. Pollock
The cycle of sovereign borrowing, default, and new borrowing has a long and continuing history. Read More »

https://www.amazon.com/Neil-M.-Barofsky/e/B00DVPZZYM%3Fref=dbs_a_mng_rwt_scns_share

ALLAN MELTZER'S CONTRIBUTION TO ECONOMICS: HOOVER INSTITUTION BOOK

10/4/2019

HOOVER

AMERICAN INSTITUTE FOR ECONOMIC RESEARCH ON NEGATIVE INTEREST RATES & RAJAN ON INDIAN BANKING REFORM AND ECONOMY

9/28/2019

Raghuram Rajan Put Forward His Recommendations To Help The Ailing Indian Economy Out
quoting Raghuram Rajan via Industry Global News24
Former RBI Governor Raghuram Rajan has put forward his recommendations to help the ailing Indian economy out of the ongoing slowdown in the cover story of India Today magazine' How to Fix the Economy.' Rajan calls for reforms in this article, among other items, to liberalize finance, land and labour markets, and to promote investment and growth. He also urged India to judiciously enter free tr

Everything You Need to Know About Negative Interest Rates
Gerald Dwyer, American Institute for Economic Research

Banking Strategy
by Raghuram Rajan via Economic Times (India)
Is privatisation of public sector banks the answer? Much of the discussion on privatisation seems to make assumptions based on ideological positions.

India's Fiscal Deficit 'Conceals' A Lot, Warns Raghuram Rajan
quoting Raghuram Rajan via Economic Times (India)
India's fiscal deficit 'conceals' a lot and is probably pushing Asia's third-largest economy to the brink of a 'worrisome' situation, former RBI governor Raghuram Rajan has warned. Delivering the OP Jindal lecture at Brown University, Rajan said the uncertainty about the overall economic vision at the top rungs is causing deep distress in the Indian economy.

BEATING IRAN MEANS GLOBAL SANCTIONS & WHAT'S WRONG WITH THE REPO MARKET (CREDIT RISK)

9/26/2019

Despite Sanctions, Iran Exports Hundreds of Millions Worth of Polyethylene to China

To halt Iran’s aggression, Trump must do more to win support for global sanctions
David Adesnik | Director of Research

The Repo Problem Is Deeper Than The Fed Admits
quoting John H. Cochrane via Seeking Alpha
There they go again! Offering a put for mismatched dealers that will continue to promote borrowing short to carry long securities. See here. For an update, see here. Borrowing short to lend long is what tanked the financial system in 2007-2008, as well as just about every other financial crisis described in This Time Is Different.

Why Global Trade Imbalances Could Get Worse Before They Get Better
Posted on September 20, 2019
by Brad W. Setser

THE SUPPLY SIDE POLICY FIGHT IN ECONOMICS

9/18/2019

5 Questions About How Economists Have Shaped Our World
James Pethokoukis, AEI

NICOLE GELINAS
When in Doubt, Print Money
Advocates of Modern Monetary Theory want us to believe that debt doesn’t matter and that government can spend endlessly.

The Balance Sheet Of Supply Side Economics
by David R. Henderson via Defining Ideas
A crucial policy battle that endures to this day

MILTON EZRATI
Save the Robots
Bill de Blasio reveals his scrambled vision of innovation and labor.

The Balance Sheet Of Supply Side Economics
by David R. Henderson via EconLog
The major pluses of their [the supply-siders’] approach have been three. First, they came up with a way to dramatize the fact that an x percent increase in tax rates–even if it leads to higher tax revenues–will cause less than, and possibly much less than, an x percent increase in tax revenues. This was best illustrated by Arthur Laffer, with his Laffer Curve.

ISLAMISM & THE AFGHAN DRUG TRADE

9/12/2019

The True Power of the Afghan Drug Trade
By Gareth Rice, Grounded Curiosity: "It is hard to be optimistic about the ongoing U.S. led peace talks with the Taliban. After nearly 18 years of conflict, the Taliban and its terrorist affiliations have proved to be impressively resilient adversaries."

Unless We Act Now, the Islamic State Will Rise Again
The Soufan Center: “ISIS may have been defeated on the battlefield; but thousands of Western fighters and their families remain in detention in Syria and Iraq. We do not expect terrorists to attract much sympathy. But the majority of detainees are not terrorists; they are children."

US TARGETS IRANIAN OIL NETWORKS FOR SANCTIONS

9/5/2019

New Sanctions Target Iran’s Oil-for-Terror Network

FDD Names Board of Advisors to Help Guide Center on Cyber and Technology Innovation

Treasury Heightens Pressure on Facilitators of North Korean Sanctions Evasion

MODI GETS REAL ON INDIA'S ECONOMY; EXAMINING INDIA'S MILITARY REFORM & EXAMINING THE ENGINES OF PROGRESS

8/28/2019

ASIA TIMES

Raghuram Rajan: Economic Downturn Pushed Country Back 15 Years
quoting Raghuram Rajan via The Connect News
Raghuram Rajan, the former Reserve Bank Governor has described the slowdown in the economy is happening after a long time.

ASIA TIMES

ASIA TIMES: INDIA'S STOCK MARKET

Modi Gets Real on the Economy
Mihir Sharma, Bloomberg

What Are the Engines of Progress?
by Helen Dale
Helen Dale reviews two new books that investigate the explosion of economic growth and what constitutes it. Read More »

Time to give up on India (economically)?
Derek Scissors | AEIdeas

INDIA'S MILITARY REFORM

EXAMINING THE FED'S STRUCTURE, HOW TO WRITE LIKE AN ECONOMIST & A LOOK AT MAO'S GREAT FAMINE AS AN ECONOMIST

8/28/2019

The Fed's Decentralized System And The Spread Of Economic Ideas
quoting Michael D. Bordo via Wall Street Window
When it comes to monetary policy, the popular commentary discusses the Federal Reserve System as a monolithic interest rate machine, raising and lowering rates to stabilize (or destabilize) the macroeconomy. More observant Fed watchers think of its big players, recognizing conflict among the voting members of the Federal Open Market Committee (FOMC). In that framing, monetary policy comes down to a battle between hawks and doves.

Federal Reserve Structure, Economic Ideas, And Monetary And Financial Policy
by Michael D. Bordo, Edward Prescott via The National Bureau Of Economic Research
The decentralized structure of the Federal Reserve System is evaluated as a mechanism for generating and processing new ideas on monetary and financial policy.

On Targeting The Price Of Gold
quoting Thomas J. Sargent via CATO
Thanks to President’s Trump’s picks for prospective Fed Board nominees, the subject of gold price targeting (or a gold “price rule”) is getting attention once again.

How The Aspiring Can Learn To Write Like Economists
featuring John H. Cochrane via Real Clear Markets
Greg Mankiw’s credentials are impeccable: Former Chairman of the Harvard Economics Department and the President’s Council of Economic Advisers. What’s even more impressive is his writing.

Mao's Great Famine
featuring Frank Dikötter via New Books Network
In the years he ruled the People’s Republic of China, Mao Zedong presided over the greatest mass murder in human history, both in his elimination of millions of perceived political enemies and also in the starving of tens of millions in callously engineered mass famine.

RUSSIANS BOMBING SYRIA AGAIN?

8/25/2019

HEZBOLLAH IS OUT OF MONEY

8/25/2019

http://www.naharnet.com/stories/en/263800-hariri-un-us-will-participate-in-negotiations-on-maritime-borders
● https://www.israelhayom.com/2019/08/20/taking-cue-from-hamas-hezbollah-brings-arson-terror-to-northern-border/
● https://www.thenational.ae/business/economy/lebanon-debt-downgrade-market-discipline-or-voluntary-reforms-1.901289
● https://www.fdd.org/analysis/2019/08/20/paraguay-designates-hezbollah-as-a-terrorist-organization/

https://www.fdd.org/analysis/2019/08/19/politics-vs-protocol/
●   https://www.fdd.org/wp-content/uploads/2019/08/fdd-report-politics-vs-protocol-irans-nuclear-archive-and-the-iaeas-responsibilities.pdf
●   https://www.reuters.com/article/us-mideast-iran-tanker-greece/u-s-will-act-if-iranian-tanker-tries-to-deliver-oil-to-syria-pompeo-idUSKCN1VA104?feedType=RSS&feedName=worldNews
●   https://www.jpost.com/Middle-East/New-IAEA-chief-candidates-could-be-in-conflict-with-US-Israel-on-Tehran-596489

MILTON FRIEDMAN ON ECONOMIC PROGRESS

8/22/2019

Milton Friedman On What Drives Economic Progress
featuring Milton Friedman via Wall Street Journal
In this animation from a “Friedman Fundamentals” video series by PolicyEd and the Hoover Institution, Milton Friedman demonstrates how the great achievements from civilization have come from individuals pursuing their separate interests, not government.

ECONOMISTS & INNOVATION

8/10/2019

The Reader's Guide To Optimal Monetary Policy
by John H. Cochrane via Grumpy Economist
The Reader's Guide to Optimal Monetary Policy is a snazzy new website created by Anthony Diercks and Cole Langlois at the Federal Reserve Board.

The best economic policies for innovation, as ranked by economists
James Pethokoukis | AEIdeas

When the last Soviet leader learned a lesson in economics
James Pethokoukis | AEIdeas
One of the big themes in "Gorbachev: His Life and Times" by William Taubman is an exploration of how the Soviet system ever produced someone like Mikhail Gorbachev.

The First World War Economy & the Rise of American Power

JFK AND THE REAGAN REVOLUTION

8/3/2019

On Writing, Economics, and Writing About Economics

HOW THE FED COURTS DISASTER & JOHN TAYLOR LAYS OUT A NEW RADICAL APPROACH FOR THE FED

8/3/2019

The Fed Is Courting Disaster by Leaving Interest Rates Too Low
Nicole Gelinas, New York Post

This week, the Federal Reserve likely will vote to cut interest rates — when it should be raising them. If the economy is so dependent on low interest rates that a near-record-low rate of 2.4 percent isn’t low enough, there is something wrong with the economy, and piling on more cheap debt will make the crash that much harder. Since the financial crisis of more than a decade ago, America and the world have gotten dangerously addicted to debt. The Fed has fed the addiction. Read more here....

In Defense of Hometowns
A Federal Reserve report warns about Americans’ declining mobility—but should remaining committed to one’s community be regarded as a fault?

4 big myths of monetary policy are spooking markets
Ramesh Ponnuru | Bloomberg Opinion

The Fed Needs A Radical New Approach
mentioning John B. Taylor via Bloomberg
It should change not only the way it makes policy but also the way it talks about it.

IRAN'S IRGC SEEKS TO OUTCOMPETE US SANCTIONS

8/3/2019

Key Takeaway: The Islamic Revolutionary Guards Corps (IRGC) is expanding its economic influence and role in the Iranian regime’s effort to mitigate US sanctions, possibly seeking to outcompete the Rouhani administration.

READ here.

Iran-Backed Militias Are In Iraq to Stay Prime Minister Mahdi is trying to bring the Popular Mobilization Forces under control of the government, but even he probably knows it won’t work.

Iran's Resistance Needs A Light Touch, Not 'Maximum Pressure'
quoting Abbas Milani via Bloomberg
Trump could help the democracy movement while hurting the regime. Opposing the Iranian regime doesn't have to mean sanctioning its banks and oil.
Just ask Abbas Milani. The director of Stanford University’s Iran studies program cannot be called a squish when it comes to Iran; he has devoted much of his scholarship to the regime’s struggle against modernity and to understanding the country’s democracy movement.

US should sanction Iran's incendiary kingmaker
(The Hill) Meet Ayatollah Ahmad Jannati, 92, who heads two powerful committees responsible for appointing Iran’s supreme leader, vetting candidates for key elected offices, and screening legislation passed by Iran’s parliament — all to ensure fidelity to the regime’s theocratic constitution and Islamist creed.

Author

An authority on Civil-Military Relations; Southwest Asian Political Economy, and Pentagon Acquisition Reform .

CASE FOR MONETARY REGIME CHANGE
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THE FED & THE PROFESSOR STANDARD
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ENOUGH WITH RENTIER ECONOMICS
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STRUCTURAL HISTORY OF ECONOMICS
File Size:	681 kb
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FOUNDATIONS OF ECONOMICS

FOUNDATION for ECONOMIC EDUCATION

SERGEY ALEKSASHENKO FORMER RUSSIAN CENTRAL BANKER

THE GRUMPY ECONOMIST

ROBERT SAMUELSON WASHINGTON POST

JOHN B. TAYLOR ECONOMICS ONE BLOG

MILTON FRIEDMAN COLLECTED WORKS HOOVER

ALLAN MELTZER HOOVER INSTITUTION

KEVIN WARSH HOOVER INSTITUTION

KEYNES VS. HAYEK RAP

KEYNES VS. HAYEK RAP ROUND 2

Federal Reserve Needs New Thinking wsj pdf
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What Uber Can Teach the Fed pdf
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Tweets by WilliamHolland

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