August 4, 2011

Macroeconomics and the Entitlement State

It is high time to judge macroeconomics -- the pseudo-economics of "aggregates" -- as a disaster.  We must challenge both the premises of the macroeconomists and their "policy" alternatives.  Let us recognize them for what they are, namely,...

December 22, 2010

The Federal Reserve: Aging Magician of the Welfare State

Almost two years ago, still in the early months of the financial crisis, money supply growth started to falter, frustrating Federal Reserve Board policy.  Soon, this turned into tenacious rates of decrease.  This little-discussed developmen...

June 28, 2009

The Fed: Our economy's protector?

Some Wall Street analysts suggest investors now plan for "an economic recovery in a post-bubble environment."  Encouraged by the recent stock market rebound, they are convinced the economic downturn will sooner or later be over but are...

June 8, 2009

A Revised Government Economic Glossary

Can we all agree to add these alternate usages to our government's economic glossary?    help  vt : hurt    stimulus  n :  suppression    jumpstart  vt : jinx (syn see jolt)But how abou...

May 4, 2009

The Top Ten Reasons Obamanomics Won't Work

A brute inflationary monetary policy of the kind we are experiencing today can hardly avoid leading to a growth in GDP that, after all, is largely a record of consumer spending.  But we cannot judge an economic policy to be "working" s...

April 27, 2009

Can Layoffs, Bankruptcies and Scared Consumers Bail Out Obama?

FDR's dictum "The only thing we have to fear is fear itself" may have been the 20th century's most inadequate piece of economic analysis.  Did you ever wonder how acting on such a fantastic premise halts a financial collapse?  Or ...

December 18, 2008

What is American business afraid of?

In less than three months recently (from August 30 to November 19), the Federal Reserve System increased bank reserves in U.S. banks to more than $650 billion from under $50 billion.  To remark that this was both a large and an unprecedented act...