Category: economics

america’s rags-to-riches dream an illusion

(Reuters) – America may still think of itself as the land of opportunity, but the chances of living a rags-to-riches life are a lot lower than elsewhere in the world, according to a new study published on Wednesday. From Reuters.com Yet more proof that 20+ years of GOP rule has lead us backwards a hundred… Continue reading america’s rags-to-riches dream an illusion

economics

If you get your economic information from Brookings, you’re a Liberal. If you get your economic information from AEI you’re a conservative. If you get your economic information from Heritage you’re an idiot. I read Brookings, AEI and The Hoover Institution on a regular basis. I like to think of myself as being pretty comfortable… Continue reading economics

debt and stimulus

Bush supporters credit the President with cutting taxes (and, mumble mumble, boosting spending) in order to stimulate economic growth and dig us out of recession. “Works every time!” they say. Well, duh. Borrowing $1.9 trillion and injecting it into the economy should certainly provide some stimulus. The real question is: does the extra economic growth… Continue reading debt and stimulus

Iranian Oil Bourse

The Internet is suddenly alive with chatter about an “Iranian Oil Bourse,” supposedly scheduled to open for business in March 2006. Right now, the two leading oil exchanges in the world are the New York Mercantile Exchange and London’s International Petroleum Exchange. In both exchanges, trades for oil are denominated in U.S. dollars. But in… Continue reading Iranian Oil Bourse

Buffett Sounds Warning On U.S. Trade Deficit–Again

Don’t count on a soft landing for the country’s deficit-addicted economy, Buffett reiterated Tuesday. The U.S. trade deficit is a bigger threat to the domestic economy than either the federal budget deficit or consumer debt and could lead to “political turmoil”, the decorated investor warned. Buffett’s bearishness is understandable: Fixing the trade deficit–which soared to… Continue reading Buffett Sounds Warning On U.S. Trade Deficit–Again

cant and recant

“Milton Friedman’s latest research on the Federal Reserve challenges key assumptions of a very prominent economist: Milton Friedman.” More than any other individual, Milton Friedman was the intellectual inspiration of the conservative counterrevolution against activist government as an engine of economic efficiency and social justice. In his scholarly work contending that government intervention invariably makes… Continue reading cant and recant