According to Mexico’s Instituto Nacional de Estadística y Geografía (INEGI), the production of light automobiles rebounded in May 2020. Up more than 494% from April, the country managed to piece together 22 thousand units last month. And that was still 93.7% fewer than had been assembled during May 2019.Auto production had been down almost 99%, so the rebound to -93.7% [...]
If there’s been one small measure of progress, and a needed one, it has been the mainstream finally pushing commentary into the right category. Back in ’08, during the worst of GFC1 you’d hear it all described as “flight to safety.” That, however, didn’t correctly connote the real nature of what was behind the global economy’s dramatic wreckage. Flight to [...]
From a monetary policy perspective, smooth is what you are aiming for. What central bankers want in this age of expectations management is for a little bit of steady inflation. Why not zero? Because, they decided, policymakers need some margin of error. Since there is no money in monetary policy, it takes time for oblique “stimulus” signals to feed into [...]
He called it “unfair competition.” That’s one way to describe it, surely not the proper way. But who could blame the guy? After all, these were not normal times though at the time hardly anyone had yet realized it.James J. Davis was the second person to hold the title Secretary of Labor. Appointed by Warren Harding, he began his tenure [...]
Toward the end of March 2012, then-Federal Reserve Chairman Ben Bernanke was busy with so many things. It wasn’t supposed to have been that way, not after two “massive” QE’s launched in the wake of the Great “Recession.” After all, V-shaped recoveries provide their own momentum upon which central bankers might piggy-back. In short, there shouldn’t have been any questions [...]
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