"The hubris of central bankers who somehow believe they will know the precise time to alter easy money policies in order to prevent a monetary disaster is only exceeded by the foolishness of Congressional oversight in granting that authority."
Despite overwhelming factual evidence that crackpot Keynesian spending machinations; debasing the currency; interest rate manipulation; globalization; perpetual war; incurring unpayable levels of debt; making $200 trillion of unfunded welfare promises; has created a seething anger across the land, Hillary Clinton and her establishment flunkies propose doubling down on those same failed policies.
In one of the biggest surprises over the weekend, Colombians went to the polls on Sunday to participate in a Yes/No referendum on a recently signed historic peace deal with the FARC leftist guerrilla movement to end more than 50 years of armed conflict (which started in 1964).
Protectionist sentiment is running high in the US, with both presidential candidates citing the need to shield workers from the alleged harmful effects of foreign trade. So it is perhaps ironic that the nation that has the most complaints against it for violating trade agreements is...
The nation’s rogue central bank is essentially a reverse Robin Hood on steroids. If Donald Trump wants to hit the ball out of the park next Monday evening, therefore, he needs to quickly skip over his dog-eared income tax cut plan and put the wood good and hard to the Fed, Janet Yellen, and our unelected financial rulers.
Should we print, not print? Stimulate, not stimulate? Is austerity the right or wrong policy? Is government spending or printing effective? If we ask two economists these questions, we will likely get three opinions for each question. Economists seem confused, yet these questions are more important today than ever. Where does this confusion come from?
Today was a big day for Hillary Clinton: her campaign plane finally arrived, and was set to take off for the first time along with her fawning media entourage. It was an even bigger day for the press corps which after 275 days of silence, finally got to ask Hillary Clinton a question.
We can pretend fundamentals don’t matter and sure in the day to day profit taking of Citadel and the like they really don’t matter. But, while the PhDs may talk big about this new world economy where a move to universal welfare means jobs and wages don’t matter - well that is nonsense. Jobs and wages matter and they will always matter.
No more. The Obamacare meltdown has destroyed the conceit that government can improve society through expansion and mandate. It turns out that large stacks of paper don’t automatically bring justice, equality, efficiency, and universal provision. Obamacare could be the last large-scale welfare program ever passed by Washington, D.C.
Economist Paul Krugman is whining for more fiscal stimulus, his favorite pastime by far. Krugman’s target this time is Japan... "The average 5th grader understands it’s absurd to pay money for something guaranteed to be useless, but the average Keynesian economist doesn’t."