‘Late capitalism’? Not even close
 
Michael R. Strain | Bloomberg Opinion
 
The phrase “late capitalism” suggests that capitalism is spent and exhausted. It isn’t. Far from being in the twilight of the market economy, the storm clouds from the recession have finally passed.

3 charts showing good news about American wage growth
James Pethokoukis writes that Democratic presidential candidates remain dismissive of the American economy and its record-long expansion. They fail to recognize that wages are rising, and they're rising fastest for those at the bottom.
READ MORE
 

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

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

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. 

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  ​

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

 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.

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

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

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.

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

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

Treasury Heightens Pressure on Facilitators of North Korean Sanctions Evasion

​

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

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

On Writing, Economics, and Writing About Economics