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According to official US economic data, the US Gross Domestic Product (GDP) has expanded for 22 quarters, raising real GDP 12.1% above its high prior to the 2008-09 economic contraction. Yet, US manufacturing output and US industrial production have not recovered to their pre-contraction high. So what is driving the real GDP growth? In my... Read More
One of the least discussed, but potentially most significant, provisions in President Obama’s budget is the use of the “chained consumer price index” (chained CPI), to measure the effect of inflation on people’s standard of living. Chained CPI is an effort to alter the perceived impact of inflation via the gimmick of “full substitution." This... Read More
Another Bubble-Making Farce
Ben Bernanke has an inflation problem. There isn't any inflation and that's a problem. In the last 12 months, consumer prices have risen a mere 1.1 percent which--according to Bloomberg--"matches the smallest increase since records began in 1960". At the same time, the velocity of money (how fast money changes hands) has slowed to a... Read More
Don't Invest in Wheelbarrows for Toilet-Paper Greenbacks
The Federal Reserve is not going to push the economy into Zimbabwean hyperinflation. That's pure bunkum. The Fed's plan is to weaken the dollar to boost exports and to force China to let its currency appreciate to its fair-market value. By purchasing $600 billion in US Treasuries (QE2), the Fed effectively reduces the supply of... Read More
Bye Bye Recovery
In June, the Fed's bond-buying binge (QE2) will end and the economy will have to muddle through on its own. And, that won't be easy, because QE2 provided a $600 billion drip-feed to ailing markets which helped to lift the S&P 500 12 per cent from the time the program kicked off in November 2010.... Read More
Hanging By a Thread
The Republicans are convinced that hyperinflation is just around the corner, but don't believe it. The real enemy is deflation, which is why Fed chief Bernanke has taken such extraordinary steps to pump liquidity into the system. The economy is flat on its back and hemorrhaging a half a million jobs per month. The housing... Read More
The Chinese government fired a shot across the bow of the Obama administration this week, with pointed statements by Chinese Premier Wen Jiabao at the World Economic Forum in Davos, and a coordinated backgrounder in the Wall Street Journal. Without directly naming the United States, Wen accused you-know-who of fouling its own economic nest, endangering... Read More
Inflation and all of its repercussions for wage and salaried workers, fixed income middle classes, as well as manufacturers and transport industries is splashed all over the financial pages of the major newspapers throughout the world. Introduction Inflation is the great solvent that dissolves paternalistic ties between employers and workers, landowners and peasants, clientele-patronage regimes... Read More
Post-Keynesian Conference Kansas City Summary The exponential growth of savings and debt takes the form mainly of loans to finance the purchase of real estate, stocks and bonds. These loans extract interest and amortization charges that divert revenue away from being spent on goods and services. The payment of debt service by the economy’s non-financial... Read More
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PastClassics
The unspoken statistical reality of urban crime over the last quarter century.
The “war hero” candidate buried information about POWs left behind in Vietnam.
The major media overlooked Communist spies and Madoff’s fraud. What are they missing today?
What Was John McCain's True Wartime Record in Vietnam?