Monday, May 18, 2015

***Special Edition TSS*** Niall Ferguson in the Huffington Post on The Rise and Fall of Krugmania in the UK.

In The Huffington Post, Niall Ferguson covers the downfall Krugmania in the UK.

In August 2011 Krugman returned to the fray with a blog post about the "delusions" of new Chancellor of the Exchequer, George Osborne, whose "experiment in austerity" was "going really, really badly." Three months later, in October 2011, Prime Minister Cameron's "fantasy" - that fiscal retrenchment was strengthening investor confidence in UK gilts - was given the same contemptuous treatment.

Unfortunately for Krugman, the more he talked about the confidence fairy (as he did here and here and here and here and here and here), the more actual business confidence recovered in the UK. In fact, at no point after May 2010 did it sink back to where it had been throughout the last two years of Gordon Brown's catastrophic premiership. The low at the end of 2011 (Q4-11 to Q1-12) was followed by lift-off in mid-2012 and a peak in mid-2014.

Sunday, May 10, 2015

Supply Side News: The Economist praises ‘The Universal Man,’ a new biography on Keynes; Brian Domitrovic covers the Fed’s impact on oil prices and Texas.

Politics and Government

The Economist lavishly praises the new Keynes biography, The Universal Man: "A biography of John Maynard Keynes without the economics may seem like “Hamlet” without the prince. But Richard Davenport-Hines has set out to write such a book, and the result is utterly absorbing"

At Economics 21, Jared Meyer reviews John Tamny’s book ‘Popular Economics.’

From Forbes.com, Ralph Benko discusses Governor Lincoln Chafee’s primary challenge to Hillary Clinton.

Monetary Policy

From Forbes.com, Brian Domitrovic covers the Fed’s impact on oil prices and Texas.

The New York Fed's Liberty Street Economics provides a cautionary tale about what happened when Andrew Jackson abolished the Second Bank of the United States and pushed for the use of specie, and why his face should stay on the 20.

The New York Fed's Liberty Street Economics discusses some of the implications of the reduction in remittances to the Treasury that will occur once the FOMC lifts its target range for the Fed Funds rate.

At the UK Telegraph, Pete Spence warns a debt storm may be headed for emerging markets.

Sunday, May 3, 2015

Supply Side News: John Tamny debunks taxation confusion; the WSJ rebuts Bernanke on the slow growth Fed; Rick Berman says the Consumer Financial Protection Bureau hurts consumers.

Politics and Government

George Will gives a glowing review to John Tamny's Popular Economics.

In the Washington Times, Rick Berman says the Consumer Financial Protection Bureau hurts the people it’s supposed to help.

In Forbes.com John Tamny eviscerates the GDP as a useful number.

Monetary Policy

The WSJ rebuts Bernanke's rebuttal to the Slow Growth Fed.

George Selgin at Alt-m.org says "the Fed is too darn big."

Bernanke weighs in on the Taylor Rule.

From TGSN, Ralph Benko presents part 13 of his interview with Lewis Lehrman.

Tax

John Tamny at Forbes.com on The Taxation Confusion That Informs The 'Reform Conservative' Movement

World

Thanong Khanthong in ThaiVisaNews, writes: Beijing preparing for role in global finance by end of the year.

Saturday, April 25, 2015

Supply Side News: Judy Shelton asks Is Central Banking The Problem Or The Solution: Jerry Bowyer with Like Turning on a Switch: The Gold Standard and Japan's Economic Miracle; Reuven Brenner discusses the High Priests of Macro-Strology, Part 1 and Part II.

Politics and Government

Nathan Lewis reviews John Tamny's Popular Economics in Forbes.com.

From Forbes.com, Ralph Benko praises Kelley Paul.

At Bloomberg Business, Anthony Effinger writes Steve Hanke's finance course has Wall Street clamoring for grads.

At the FT, Martin Wolf writes about "An economic future that may never brighten."

From Newsmax, Steve Forbes attacks Clintonnomics.

The Washington Post on the iconic Arthur Laffer: "his schedule includes Rick Perry at 10 a.m., Ben Carson at noon, Jeb Bush at 1:15 p.m. and Bobby Jindal at 5. Dinner is scheduled with Ted Cruz. He has already met at least once with Wisconsin Gov. Scott Walker."

From Forbes.com, Ralph Benko says bring on the militant Republicans Pride movement.

Monetary Reform
Judy Shelton, at The Hill asks Is Central Banking The Problem Or The Solution?

Jerry Bowyer returns to Forbes.com with Like Turning on a Switch: The Gold Standard and Japan's Economic Miracle

The Fed's Day of Reckoning Approaches: Christopher Whalen in the National Interest on why the Fed cannot raise interest rates even though it must.

Reuven Brenner at Asia Times, Bernanke, Summers, Krugman, the High Priests of Macro-Strology, Part 1 and Part II.

Larry Kudlow in the NY Sun: "I would suggest laying off Mrs. Clinton and instead showing us economic-growth policies that will foster 4% or 5% growth and another 12 million jobs. The GOP needs a positive growth message.... Watching the GOP presidential candidates at last week’s New Hampshire Republican Leadership Summit, we heard little discussion of growth. While several candidates have tax-reform plans, both good and bad, there were no specifics in the Granite State.Ditto for rolling back regulations, replacing Obamacare, or immigration reform. I also don’t recall a discussion of free trade, even though there’s a big trade bill coming up in the House and Senate. And I heard no mention of a stable and sound dollar."

Jeff Cox at CNBC asks where's the economic growth?

From Investors.com, James Dorn writes monetary stimulus created psuedo wealth.

In the Weekly Standard, Matthew Schoenfeld writes about The Federal Reserve's Inequality Problem: "In 2013, the U.S. economy grew just 2.2 percent, yet stock prices rose more than 28 percent in real terms. This means that the stock market grew 13 times faster than the economy, the highest ratio since the abandonment of the gold standard in 1971. In 2014, stock prices grew five times faster than the economy."

Richard Rahn, in the Washington Times, on how global monetary policy is thwarting growth:The Federal Reserve had forecast the U.S. economy to grow about 4 percent near the beginning of each year for the last five years. But during each year, the Fed was forced to reduce its forecast until it got to the actual number of approximately 2 percent. (Other government agencies have been making equally bad forecasts.) These mammoth errors clearly show that the forecast models the official agencies use are mis-specified and contain incorrect assumptions.

Aziz on "How to Euthanize Rentiers"

George Selgin at Alt-m.org on How the Fed Ended Up Fueling a Subprime Boom.

George Leef at Forbes.com on the wealth and poverty of cities.

On USA Today, Professor John Taylor debates interest rate policy.

Gerald P. O'Driscoll at Alt-m.org on monetary standards:  "The argument is that the gold standard, free trade and free capital flows are interlinked. It exemplifies how the selection or evolution of a monetary standard also affects other economic institutions. Along with the rule of law, they were the source of strong economic growth in both the West, especially in the United Kingdom and the United States in the 19th century."

Aziz nails What The UK's Low Productivity Is Really Telling Us: "You can't starve yourself to strength. You can't beat yourself to growth."

From TGSN, Ralph Benko presents part 12 of his interview with Lewis Lehrman.

Tax

John Tamny at Forbes.com with thoughts about how the best way to spread Jordan Spieth's wealth around is to let him keep it.

In the New York Times, Farhad Manjoo alleges that Intuit stymies "return-free filing" a massive administrative tax simplification (and mega-hassle reducer).

Robert Merry, editor of The National Interest, writes on abolishing the IRS ... and the unsinkable Grover Norquist.

John Tamny at Townhall.com does not like the Rubio-Lee tax plan.

At The Daily Beast, Brea Tremblay describes “The Crazy Tax Scam You've Never Heard Of."

World

Steve Hanke calls Greece down and probably out.

From Bloomberg, Evgeni Pismennaya discusses Russia’s SuperYellen.

Sunday, April 12, 2015

Weekend Wrap Up: From NYT, Binyamin Appelbaum writes In Republican Attacks on the Fed, Experts See a Shift; Marcia Christoff- Kurapovan provides a portrait of the classical gold standard; The Editor of the Sun Talks About His New Book On the Dollar Crisis

Politics and Government

From Forbes.com, Ralph Benko praises the new Louisville slugger as Senator Paul declares his candidacy. Also on Forbes.com, Ralph Benko details what is likely to hurt the Republicans in 2016.

From The Hill, Jim Gilmore says he has experience the 2016 GOP hopefuls lack.

Monetary Reform


In the New York Times, Binyamin Appelbaum writes In Republican Attacks on the Fed, Experts See a Shift.

Portrait of the Classical Gold Standard by Marcia Christoff-Kurapovan in The UK Market Oracle.

"The world that disappeared in 1914 appeared, in retrospect, something like our picture of Paradise," wrote the economist Cecil Hirsch in his June 1934 review of R.W. Hawtrey’s classic, The Art of Central Banking (1933).”

‘The Floating Kilogram’: The Editor of the Sun Talks About His New Book On the Dollar Crisis

In The Market Oracle UK, Marcia Christoff-Kurapovna writes: "The world that disappeared in 1914 appeared, in retrospect, something like our picture of Paradise," wrote the economist Cecil Hirsch in his June 1934 review of R.W. Hawtrey’s classic, The Art of Central Banking (1933).

Tyler Cowen, in the New York Times, on why it is the immobility not the inequality that is the problem.

George Selgin debuts the new Alt-M.org:

Definitely Not Ben Bernanke's Blog. 


He's getting tired of the congratulations to the Fed for its great job.

Steve Forbes at Forbes calls for repeal of the ban on US oil exports, noting the correlation between bad monetary policy and volatile oil prices.

From Forbes.com, Ralph Benko presents the science fiction behind Paul Krugman’s economics part one and part two.

From Forbes.com, Mark Hendrickson praises John Tamny’s new book ‘Popular Economics.’

From Naked Capitalism: Ilargi: Russia’s Central Bank Governor Is Way Smarter Than Ours

John Tamny, in Forbes.com, on Wall Street's migration to Silicon Valley.

On CNBC, Jim Grant explores the dire cost of Fed policy.

LA Times reports on how The soaring dollar puts the world on sale For Americans

From CATO, Steve Hanke writes the monetary approach reigns supreme.

The New York Fed's Liberty Street Economics: Crisis Chronicles: The Panic of 1825 and a Most Fantastic Financial Swindle: "- The banking panic of 1825 has been called the first modern financial crisis, the first Latin American crisis, and the first emerging market crisis—but it is perhaps best known for a bond market swindle surrounding an entirely made-up Central American principality."

From Forbes.com, Norbert Michel warns that the Fed’s interest rates threaten more than monetary policy.

Steve Forbes weighs in on how bitcoin will end world poverty.

New York Fed's Liberty Street blog on why "policy analysis in the very oversimplified world of DSGE models is a pretty difficult business. Contrary to what it may sometimes appear from listening to talking heads, deciding which policy is best is very rarely a slam dunk."

Sunday, March 29, 2015

Weekend Wrap Up: Paul Krugman attacks APP monetary director Steve Lonegan for inviting Alan Greenspan to keynote the APP Jackson Hole symposium [delete copy]; The UK Spectator’s Matthew Walther reviews “Universal Man by Richard Davenport-Hines;” John Tamny at Forbes takes on the Doomsayers

Politics and Government

The best biography of Keynes ever written? The UK Spectator’s Matthew Walther reviews “Universal Man by Richard Davenport-Hines.”

Readers who think of Keynes as a man of the left will be astonished to learn how sceptical, at times even contemptuous, he was of the spirit of ’45 (‘The Labour party will always be flanked by the Party of Catastrophe — Jacobins, Communists, Bolshevists’) and how fiercely he opposed deficit spending and punitive taxation even at the height of the war.


From Forbes.com, John Tamny challenges the Doomsayers in an erudite stroll through some history of bad monetary and tax policy.

From Forbes.com, Ralph Benko praises David Boaz’s new book The Libertarian Mind as the gold standard in libertarian writing.

In the Washington Post, Matt O’Brien, channeling John Lennon, argues that Ted Cruz’s flat tax couldn’t work in your Imagination. 
 
Monetary Reform

Paul Krugman in his NY Times blog, attacks APP monetary director Steve Lonegan for inviting Alan Greenspan to keynote the APP Jackson Hole symposium, calling Greenspan "the worst ex-Fed chairman in history."

From Forbes.com, John Tamny shows how Uber exposes confusion inside the Fed.

In the WSJ, David Malpass says the Fed rate forecast is cloudy with a chance of slower growth.

In The Economist, Buttonwood says the Fed is weighing jobs over the dollar.

CNBC covers the rate hike debate.

Jared Bernstein on the strong dollar, its impact on growth, and the TPP

From TGSN, Ralph Benko presents part 8 of his interview with Lewis Lehrman. 

Sunday, March 22, 2015

Weekend Wrap Up: Ralph Benko says Boehner, McConnell, and Congress should be addressing the growth gap; Jay Zawatsky describes how LBJ, not Nixon, ended the gold standard.

Monetary Reform

Alan Reynolds (who coined the term "supply side") at IDB asks how the sinking euro leading to "higher costs of energy, metals, fabrics and agricultural raw materials supposed to make European industries more competitive?” Also, Alan Reynolds,  on implications of the dollar strengthening relative to the euro and yen.

From Forbes.com, Ralph Benko says Boehner, McConnell, and Congress should be addressing the growth gap.

At The National Interest, Jay Zawatsky describes how LBJ, not Nixon, ended the gold standard.

From Bloomberg, Steve Matthews and Catarina Saraiva write U.S. economic data has been the world’s most disappointing.

Bloomberg shows how the Fed caused the dollar to drop 2% in hours.

From Bloomberg View, Ramesh Ponnuru weighs in on Selgin vs. Samuelson debate over the Fed.

From FT, Roger Blitz says the dollar surge poses a policy dilemma for the Fed.

At the Fiscal Times, Anthony Mirhaydari believes the soaring dollar could unleash a currency crisis.

At Quartz, a former Fed staffer criticizes ‘Audit the Fed.’

From TGSN, Ralph Benko presents part 7 of his exclusive interview with Lewis Lehrman.