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Chart of the Day: Government Deficits as Far as the Eye Can See
The chart below from the blog Pragmatic Capitalism shows the U.S. Federal government deficit for each quarter since 1952. As you can see, almost the entire period is marked by deficits.
Here’s my take, using the same chart a year ago that Pragmatic Capitalism used above today:
The U.S. dollar is the world’s major reserve currency. Especially in the [...]
Gingrich’s Connection to the Supply-Side Revolution Confirmed
Newt Gingrich has taken a remarkable amount of flak for making claims that as a young Representative in Congress thirty some years ago, he was part of the group of supply-side revolutionaries that developed and pushed through the Reagan economic reforms, in particular the historic tax cut of 1981.
The criticism, oddly enough, has in the [...]
Our So-Called Recovery
Three recent articles (further) undermine the notion that we’re seeing a light at the end of the tunnel.
The first examines the so-called rebound in growth:
“Dial 911 If This Story Makes Your Eyes Bleed” (New York Post)
In order to get to [the] 2.8 percent growth [reported last Friday,] the Commerce Department used a very unrealistic level of [...]
The European Sovereign Debt Crisis, the US Savings and Loan Crisis and Regulatory Forbearance
This is me thinking out loud.
Now you know I explained a few months ago why questioning Italy’s solvency leads inevitably to monetisation, subsequently adding why Investors will buy Italian bonds after ECB monetisation. So far, this view of the sovereign debt crisis is accurate. But what about so-called moral hazard?
In the second post on why investors might buy [...]
Stephen Harper’s Pro-Growth Agenda
To boost economic growth in Canada, Prime Minister Stephen Harper will:
-Limit government spending.
-Make immigration policy more focused on immigrants that contribute to the economy.
-Increase free trade.
-Reduce regulatory delay for mines and energy production, thus increasing output of it.
China’s Economy To Surpass America’s By 2020-Or Earlier?
According to preliminary estimates, China’s GDP in 2011 was 47.156 trillion yuan, which at the current exchange rate of 6.3138 translates into roughly $7.47 trillion.
By comparison, tomorrow’s GDP report for the United States will likely show that 2011 GDP was roughly, or slightly over $15 trillion. That means that China’s economy is now nearly half [...]
The stark contrast between European economic policy and US economic policy
I was on CNBC yesterday ahead of Ben Bernanke’s speech explaining the FOMC’s recent decision to add an explicit inflation target to its decision to extend its rate easing/permanent zero policy. If I find a video, I will post it below. Here are some thoughts I have since put together on the US economy first.
I [...]
The Future of Economics
I was approached by Bloomberg to write an 800-word feature on “The Future of Economics” for the World Economic Forum, which starts today in Davos. I haven’t heard back as to whether they actually ran it in their newsletter, but hopefully the Davos participants had the following item in their breakfast reading this morning
For its [...]
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