Lots of people now understand that the euro was a very serious mistake. But most still don’t understand just how badly the project was botched. Let’s start with the obvious. If you are going to launch a grand experiment in monetary policy (like NGDP targeting for instance) you need a back up plan if it […]
Thoughts on the New Jersey Turnpike.
Gold has bounced slightly on Monday after edging below the June low of 1162 on Thursday. But it still has a way to go to prove that it is out of danger of another downleg. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition Precious Metals Pro Report…
Rumors of the demise of American well-being may have been greatly exaggerated.
New version of the venerable cookie isn't meant to be twisted or dunked; will customers bite?
Among all the mindless blather served up by the talking heads of bubblevision is the recurrent claim that “its all priced-in”. That is, there is no danger of a serious market correction because anything which might imply trouble ahead—-such as weak domestic growth, stalling world trade or Grexit——is already embodied in stock prices. Yep, those soaring averages are…
Wall Street looked set for a rough start: S&P futures were down 0.7 percent and Dow futures declined 0.8 percent
The Wall Street Journal’s Daily Report on Global Central Banks for Monday, July 6, 2015. Brian Blackstone sees Mario Draghi facing another challenging summer as a July 20 deadline looms for a Greek debt repayment.
The Obama administration is back in the role of prodding the Greeks and their European neighbors to reach a deal, but struggling to sway the deeply entrenched sides.
If the ECB does not give Greek banks more funds under the ELA today, the Greek economy is going to start to suffer lasting damage.
Obama and Treasury Secretary Jack Lew have been far more quiet than you'd expect given their attentiveness to the needs of the investing classes and the threat that protracted wrangling with Greece might pose to that. Of course, they...Show More Summary
With the problems in Greece now leading the news, this old article by the great Milton Friedman is worth (re)reading. (Martin Feldstein made similar arguments at the time in this article.)
Nobel Laureate Alvin Roth of Stanford University talks with EconTalk host Russ Roberts about his work on matching markets. Examples include marriage, matching kidney donors to kidney recipients, and students to schools in cities that allow choice in their public school systems. Show More Summary
Lawyer for industry groups says city's finance authorities may be overstepping their authority in taxing Netflix users
Neil Irwin generally has insightful economic analysis in his NYT Upshot pieces, however he strikes out in his turn to power politics today. He tells readers: "German leaders genuinely believe that a new deal along those lines would be bad economic policy for Greece. Show More Summary
These literary palaces don't just have a lot of shelf space for books -- they're expressly designed with reading in mind
We've been giving some attention to the Bernie Sanders campaign because it is serving the important function of moving what the media regards as acceptable political discourse to the left. And as a sign that Sanders is moving up in the world, the Grey Lady has published an oh-so-carefully dismissive profile
The overheated Shanghai and Shenzhen markets have lost 29 and 32 per cent respectively over the past three weeks following 7-year highs reached on June 12. Instead of welcoming a much needed correction, Chinese brokerages and the Bank of China agreed to prop up the market.Stimulus Short-LivedThe stimulus act has failed already. Show More Summary
Greek voters draw the line on more austerity, but potentially at the cost of finding themselves expelled from Europe