October 18, 2010 at 1:50 PM Congressional Republicans and Democrats are engaged in a heated debate over which Americans deserve not to have their taxes raised, with both claiming that some form of tax cut will stimulate the economy. The primary point of divergence is what type of cuts will be most likely to get […]
Tax Cuts Won’t Cut It Read More »
October 1, 2010 at 6:56 PM NY Fed President William Dudley’s outrageous statements today closely conform to recent pronouncements from other Fed officials and confirm that a massive round of dollar devaluation is poised to begin. Seemingly overnight, the Fed appears to have altered its mandate, ditching its former goal of “price stability” in favor
Schiff Responds to Dudley, Fed Read More »
Since the US economy has failed to recover as widely predicted, pressure on the Federal Reserve to conjure a solution has increased. In fact, the Fed now faces the hardest choices in its history. It can either redouble its past efforts to re-inflate America’s bubble economy (risking the destruction of the US dollar) or it can
Long ago, before economic models developed their current levels of sophistication, it used to be that the goal of a government’s economic policy was to bring prosperity to its citizens; in other words, to raise the general level of material comfort, while at the same time reducing the amount of toil required to attain that
Race to the Bottom Read More »
By: Neeraj Chaudhary A few weeks ago Nouriel Roubini, widely regarded as one of the more pessimistic figures on Wall Street, made headlines by raising his forecasted likelihood of a “double dip recession” to a terrifying 40%. The vast majority of “mainstream” economists (although I would argue Roubini himself is part of that pack) described
Don’t Doubt the Double Dip Read More »
September 17, 2010 at 7:21 PM This week, after the Japanese yen had surged to a fifteen-year high against the US dollar, the Japanese government decided to intervene in the foreign exchange market. To great fanfare, the Bank of Japan initiated a vigorous campaign to buy US dollars, thereby stemming the rise of the yen
Japan Intervenes to Bail Out America.com Read More »
August 27, 2010 at 7:24 PM Watching economists and media analysts react to breaking economic news is a bit like looking at a flock of pigeons flying over the New York skyline. A true wonder of the urban landscape, the flocks can include hundreds of individuals who show an uncanny ability to stay in tight
August 23, 2010 at 7:25 PM In a CNBC debate last week, former Labor Secretary Robert Reich presented a set of contradictory beliefs that unfortunately reflect the conventional wisdom of modern economists. In a discussion with Wall Street Journal columnist Stephen Moore, Reich correctly and comprehensively listed the reasons why American consumers could spend so
August 19, 2010 at 7:32 PM In a commentary about a month ago, I described how the economic world seemed to be drifting into two opposing camps: the Washington-based “Stimulators,” who insist that more government debt is the best means to end the financial crisis, and the Berlin- and London-based “Austerians,” who argue that debt
Monetary Cards on the Table Read More »
August 13, 2010 at 7:29 PM This week, national attention was fixated on JetBlue flight attendant Steven Slater, whose bold, creative, and controversial exit strategy could revitalize his future prospects. Not nearly as noticed was the Federal Reserve’s decision on Tuesday to avoid finding an exit strategy for its own never-ending career trap. Unfortunately, the
No Exit – Stage Left or Right Read More »
