"Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again." Ben Bernanke on the occasion of Milton Friedman's 90th birthday Bernanke was referring to [...]
Austere: adj; markedly simple or unadorned The G-8 met this weekend at Camp David to address the failure of austerity in promoting economic growth, specifically in Europe where it has allegedly been practiced. Of course, austerity, as modernly defined by a certain segment of the economics profession, has nothing at all to do with the definition from Merriam-Webster cited above. [...]
There is definitely a higher cost of living in certain areas of the United States. This can be because an area is geographically desirable, the beauty and climate of the California coast or the cosmopolitan setting of Manhattan; it can be because an area is economically desirable, Silicon Valley or Cambridge, MA. Everyone has their own marginal utility function. How [...]
This week, one particular article sparked an intense internal dialogue about some of the global economic realities that have us concerned. The article is from Peking University’s Professor Michael Pettis. Prof. Pettis opines that Chinese citizens would rather save than spend and that Japan, who has recently run a current account deficit, would prefer to run a surplus. In China, [...]
Thinking Things Over March 4, 2012 Volume II, Number 9: Romney and Obama Agree on Progressive Taxation: Are They Correct? By John L. Chapman, Ph.D. Washington, D.C. Do we want to keep these tax cuts for the wealthiest Americans? Or do we want to keep our investments in everything else - like education and medical research, a strong military, and [...]
We gather tonight knowing that this generation of heroes has made the United States safer and more respected around the world. (Applause.) For the first time in nine years, there are no Americans fighting in Iraq. (Applause.) For the first time in two decades, Osama bin Laden is not a threat to this country. (Applause.) Most of al Qaeda’s top [...]
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