For starters there is no recovery. Secondly, there is every reason for eurozone exports to slump; there is no reason to believe hiring will pick up, and no reason for imports or internal demand to pick up in the absence of hiring.
Do not expect any government or central bank to learn much from history, especially Japan and especially now.
"All is well," the public bankers at the central banks around the world are saying to the private bankers on the Wall Streets around the world, even as the central banks distribute their Get-Well-Soon cards disguised as dollars, pounds, francs, lire and renminbi.
I recently indulged in some wistful, year-end nostalgia, but now that 2013 is underway, let’s turn our attention to a time more crucial to our well-being: the future in which we will live.
Everything you ever wanted to know about the Obama economy is in a single sentence about the Federal Reserve Board's attempts this week to deal with unacceptably high unemployment.
It may have been one of the strangest moments in the history of modern presidential politics.
The only plank remaining under notable discussion from either national convention platform of 2012 is the GOP platform’s call for a national monetary commission.
The fear for Japan- and the US- should be rising interest rates not deflation. If interest rates rise a mere 2%, interest on the national debt will consume 100% of government revenues.
Next week America will decide whether to gamble on the economic prosperity prescription being offered by Republican presidential candidate Mitt Romney, or on the social equity model presented by the incumbent president Barack Obama.
Are central bankers about to embrace the real world? The events at most central banking conclaves are a total, excruciating, bore. The recent gathering of the Federal Reserve’s tribes at Jackson Hole, however, produced an elegant, compelling, presentation by rising star central banker Andy Haldane. Finally, a youth in the banquet hall declaring that the Emperor has no clothes.
One of the latent issues of the 2012 presidential race is a referendum on the Bernanke Fed. If Romney is in, Bernanke is out.
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