“We do not target the level of stock prices. That is not an appropriate thing for us to do.” …
To the Back of the Queue
If I go there will be trouble And if I stay it will be double So come on and let me know Should I stay or should I go? The…
Theater of the Absurd
Vladimir: “Well? What do we do?” Estragon: “Don’t let’s do anything. It’s safer.” From “Waiting for Godot” In Waiting for Godot, two men spend more than an hour talking nonsense…
The Job Creation Snow Job
Consider this headline from the U.S. Bureau of Labor Statistics: Unemployment rate declines to 4.7% in May; payroll employment changes little (+38,000). Great news, right? The unemployment rate fell to…
Inflation: The Fed’s Red Herring
If you wanted to boost economic growth, which of the following would you focus on? U.S. corporate taxes, which are the world’s highest and are driving businesses to relocate abroad…
The Flim-Flam Economy
The absurdity of today’s flim-flam economy can be summarized when the events of the past week are considered together: The U.S. economy grew at an annualized rate of just 0.5%…
Upending the World
Logic has taken a 180-degree turn, running at full sprint in the opposite direction from where it should be. As one small example, consider the good fortune of Hans Peter…
Fed Family Feud
Is it a mutiny? A family feud? Sibling rivalry? Or an attempt to provide more accurate estimates of economic growth? Greater accuracy would certainly be a good thing, but that…
Let’s Ignore the Central Banks
What if we all decided to ignore the central banks? Granted, they have provided material for this blog non-stop from the day it started. They keep financial journalists, economists, analysts,…
Something’s Rotten …
“That it should come to this!” Hamlet, Act I, Scene II Any student…