Thursday, April 21, 2011

Thursday update: The WSJ notes global anger about the dollar; Woodhill worries about austerity; Kudlow hopes for tighter money.

The WSJ notes the world’s increasing dissatisfaction with the falling dollar.

From Forbes, Louis Woodhill worries the U.S. will raise taxes to fight the deficit and offers a smart counterfactual.

At NRO, Larry Kudlow applauds rising corporate profits but hopes the Fed will tighten money.

On The Kudlow Report, David Goldman explains that while large businesses are doing better, small businesses and consumers are getting squeezed:

From Reuters, James Pethokoukis links the President’s low approval numbers to the weak dollar.

At TGSN, Ralph Benko quotes Keynes from 1922 on the need for Europe to re-embrace gold:
If gold standards could be reintroduced throughout Europe, we all agree that this would promote, as nothing else can, the revival not only of trade and production, but of international credit and the movement of capital to where it is needed most. One of the greatest elements of uncertainty would be lifted. One of the most vital parts of pre-war organization would be restored. And one of the most subtle temptations to improvident national finance would be removed; for if a national currency had once been stabilized on gold basis, it would be harder (because so much more openly disgraceful) for a Finance Minister so to act as to destroy this gold basis.

At The Big Questions, Steve Lansburg suggests increased government consumption means a commensurate drop in consumption other parts of the economy.

From Marginal Revolution, Alex Tabarrok agrees with Lansburg.

On Kudlow, Tamar Jacoby argues allowing more high-skilled immigrants into the U.S. would boost growth:

At COAL, Paul Krugman responds to Putin’s hooliganism comment by suggesting Russia allow its currency to appreciate.

Also on COAL, Krugman notes the absence of bond market vigilantes:

There's an interesting parallel between the 10-Year Treasury and the euro/dollar exchange rate:

The Huffington Post reports some Republicans are taking heat over the Ryan budget plan (h/t: Bruce Bartlett).

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