Snyder wouldn't find this hard to explain, would he? "As a dictator, you only want problems that are already solved", he would say, "then you can take credit for their solution." And the most solved problems are those that do not exist.
The Soviets had a name for things like the Timiraos column: "Aesopian." I guess that our economic press is going down the same route as our political press: informing the elect, while bamboozling the censors.
I always get a good chuckle when I hear Old Orange Head calling for lower oil prices. He really does not understand the American oil industry at all. The want high prices as they can never get oil out of the ground cheaper than all the Middle Eastern petro-countries. I guess Harold Hamm needs to spend more time with him to apprise him of this fact.
Disclosure: I'm a Chevron shareholder and they are shutting down some production in the Permian Basin because of low prices!!!!
Assuming Trump will be president in 2026, I am very concerned about who he will appoint as Fed chairman. I base this fear on his cabinet appointments and my belief that mental illness will not cure itself. It wouldn't surprise me if he found someone who thought we should return to the gold standard or replace the dollar with cryptocurrency.
A flat-out loon isn't the problem. The Chair has only one vote out of 12 on the FOMC. Volcker (no loon!) had to resign when the (loony, at the time) Board of Governors rebelled against him. The problem is more of an Arthur Burns, a supple tool of the Presidency.
But when a serious journalist reports that X opines Y, should they not inform the reader that the opinion is incorrect (if they know that to be the case)?
But the more fundamental error is the WSJ's apparent belief that inflation is something that Administrations can affect, except in the sense of forcing the Fed to choose between inflation to facilitate the adjustment to a fiscal shock and underemployment of total resources.
Whose fault is THAT widespread belief? Generations of sloppy "mainstream macro" never well refuted by macroeconomists.
"Hermeneutic of Inversion" is my new band name.
Snyder wouldn't find this hard to explain, would he? "As a dictator, you only want problems that are already solved", he would say, "then you can take credit for their solution." And the most solved problems are those that do not exist.
The Soviets had a name for things like the Timiraos column: "Aesopian." I guess that our economic press is going down the same route as our political press: informing the elect, while bamboozling the censors.
I always get a good chuckle when I hear Old Orange Head calling for lower oil prices. He really does not understand the American oil industry at all. The want high prices as they can never get oil out of the ground cheaper than all the Middle Eastern petro-countries. I guess Harold Hamm needs to spend more time with him to apprise him of this fact.
Disclosure: I'm a Chevron shareholder and they are shutting down some production in the Permian Basin because of low prices!!!!
Someone wrote an essay some time ago about the press entitled "In the Context of no Context."
Fits the present stories re Trump.
Allen amp
Assuming Trump will be president in 2026, I am very concerned about who he will appoint as Fed chairman. I base this fear on his cabinet appointments and my belief that mental illness will not cure itself. It wouldn't surprise me if he found someone who thought we should return to the gold standard or replace the dollar with cryptocurrency.
A flat-out loon isn't the problem. The Chair has only one vote out of 12 on the FOMC. Volcker (no loon!) had to resign when the (loony, at the time) Board of Governors rebelled against him. The problem is more of an Arthur Burns, a supple tool of the Presidency.
Remember why Nick has this job? Because Pedro da Costa does not.
https://finance.yahoo.com/news/tried-ask-yellen-fed-leak-195702678.html
But when a serious journalist reports that X opines Y, should they not inform the reader that the opinion is incorrect (if they know that to be the case)?
Speaking of Izzy Stone, « Polemics & Prophecies: 1967-1970 » does just that (« inform the reader »).
But the more fundamental error is the WSJ's apparent belief that inflation is something that Administrations can affect, except in the sense of forcing the Fed to choose between inflation to facilitate the adjustment to a fiscal shock and underemployment of total resources.
Whose fault is THAT widespread belief? Generations of sloppy "mainstream macro" never well refuted by macroeconomists.