News analysis Market sentiment changes by the day and hour. But as I write, financial markets are starting to look just a bit better. The reason is embarrassing for believers in sound money. The prevailing sense—and this could change tomorrow—is that the Federal Reserve is getting cold feet in its stated mission to crush inflation…
The Only Real Solution Is Economic Growth
June 27, 2022
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BidenomicsBusiness & MarketsBusiness Columnistseconomic growtheconomic recoveryFederal ReserveinflationrecessionU.S. economy
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China’s May Export Surge Means Little for the Longer Term
June 27, 2022
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Business & MarketsBusiness ColumnistsChinaChina Business & EconomyexportOpinionShanghaiThinking About China
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Commentary May was a great month for Chinese exports. According to the General Administration of Customs, this most recent month for which data are available saw a 12.7 percent rise over April in the value of China’s exports. The administration notes that if this pace holds up, it will overcome the weakness of earlier months…
Inflation’s Other Causes
June 25, 2022
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Business & MarketsBusiness Columnistscontainer shippingcrisis in Ukraineeconomic policieseconomyFederal ReserveinflationOpinionViewpoints
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Commentary NEW YORK—The biggest economic news of the year, so far, has been inflation—the highest in 40 years—and the Federal Reserve’s (Fed’s) efforts to fight it. And while there have been lots of finger-pointing at causes—from President Joe Biden’s fossil fuel policies to the war in Ukraine—all of which are at least somewhat true—there are…
The Deadly Altruism of Economics
Commentary Many critics of mainstream economics believe that economists are in the pocket of Big Business: that they’re paid shrills who say what their corporate paymasters want them to say. With 50 years of experience of economists—and 30 years of that as an academic economist myself, though a decidedly non-mainstream one—I can categorically say that…
Crypto Winter is Here
Commentary It has been impossible to ignore crypto. From Bitcoin’s all-time high of $68,991.00 in November 2021 to the current price of $20,200.00 (as of 3:11pm June 22, 2022), the price volatility has only kept up the momentum of the cryptocurrency news cycle. The consistent volatility has led to an onslaught of speculation, with some…
Larry Summers as Biden’s Caulaincourt
Commentary When we hear President Joe Biden name-dropping that “I was talking to Larry Summers this morning and there’s nothing inevitable about a recession,” it might as well be Napoleon announcing to the assembled La Grande Armée that he was talking this morning to Armand de Caulaincourt, the famously close adviser who warned of the…
China’s Metaverse Is Dystopia
Commentary The metaverse, that virtual world that teens everywhere are entering with a headset and hand controllers, could eventually pull in $8 trillion. That so enthralls Mark Zuckerberg that he changed the name of Facebook (the parent company) to Meta and is developing haptic gloves that interact and give tactile sensations. Haptic suits that give…
In Defense of Defaulting on the National Debt
Commentary With the acknowledged national debt now a politically and economically unpayable $30 trillion (in reality, its unfunded liabilities are far greater), Americans should start to become acclimated to the realities of the United States’ eventual, inevitable default. While it may seem unfathomable, and the results too catastrophic to imagine, in fact, the likely damage to…
Little Help on Inflation
Commentary Recently, the White House released its plan to deal with inflation. Except for its commitment to off-load most of the effort onto the Federal Reserve (Fed), it offers little that can help except over the very long run, which means little for people paying to cool their homes this summer, bring home groceries, or…
The Deeply Dangerous Attack on Enterprises Such as Juul
Commentary One of many the major historical threats to prosperity goes by the name of regime uncertainty. This happens when the use of government power becomes predictably unpredictable. With legislative or court oversight, agencies lash out at commerce and civic life in general with edicts, pronouncements, impositions, mandates, and outright attacks motivated not by stable…
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