Balance sheet growth takes a breather, as Reserve Bank credit (the sum total of interest bearing assets at the Fed) edged lower by $14.6 billion to $7.11 trillion, just off the high-water mark set last week. The three-month annualized growth rate rose to 11.8% from 10.1% a week ago, while the year-over-year uptick slipped below 80%.
A repeated pattern of close elections accompanied by threats of violence (or actual violence) is a sign that something is wrong with a nation's political system.
The winner doesn’t represent “the nation.” There is no consensus. We’re not coming together “as a people.” These tired slogans should now strike every intelligent person as nonsense.
Bizarrely, people from Paul Krugman to Tyler Cowen seems to think that libertarians rule the world and that everything that has gone wrong is libertarians’ fault.
Economic realities mean the socialist state would need to utilize the same method of discounting wages as capitalists do. The only difference is that under socialism, bureaucrats would do the "exploitation."
"Countries threaten to split apart when their people seem hopelessly divided….We’re less united today than we’ve been at any time since the Civil War."
If democracy is so fundamental, shouldn’t we all have a vote in every place we set foot, from Sunbury, Alaska, to Monaco?
A very close or contested election would remind us that elections do not demonstrate "the will of the people" and that national unity is founded on some very fragile myths.
As we face a second wave of coronavirus outbreak in Europe, we know that the March measures and aggressive lockdowns were a grave mistake.
If you take all the machinery in the world and dump it in the ocean, within months more than half of all humanity will die and within another six months they’d almost all be gone; if you took all the politicians in the world, put them in a rocket, and sent them to the moon, everyone would get along fine.
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