Critics of so-called “isolationism” claim a desire to stay out of conflicts like Ukraine are rooted in veneration for Donald Trump and/or Tucker Carlson, partisan disdain for Joe Biden, fear that the U.S. is too weak for global involvement, too broke, or that non-interventionists want to save money, bombs and bullets for the supposedly inevitable war with China over Taiwan.
At the Wall Street Journal, Fed-watcher Timiraos writes that with government measures of inflation having “fallen much faster than expected,” nominal interest rates “adjusted for inflation” have “risen and might be restricting economic activity too much.” He worries that the nothing of notion of “rising real rates” signals great peril for the U.S. economy, and the Fed that allegedly plans it. The good news is that rates aren’t uniform because people aren’t.
AI is going to render exponentially more of us really stupid as we get to shed even more formerly essential knowledge. The deep in thought of today and tomorrow will go nuts, but people will be incredibly prosperous and happy.
That James Dolan is the money behind Las Vegas Sphere is a pretty loud reminder that few initially thought the idea worthy. To attend a concert there is to see what a miracle Dolan backed. Love or hate Las Vegas, no one would say it lacks entertainment options. Yet the Sphere experience manages to pull 20,000+ each concert night away from all the other options. With good reason.
As always there are no price controls, there are just shortages. Place President Biden’s rhetorical attacks on “junk fees” in the price control category, along with the CFPB’s regulatory attacks. Nothing is free. Yet the CFPB wants to bring down the $32 charged for late payments on credit cards to $8. Someone will pay for this. Readers can guess who.
This will cause some heads to explode within the various free-market and interventionist religions, but market forces born of production decide which currencies circulate, not central banks or presidents. Which means Javier Milei is wise to not dollarize.
If a recession is coming, or for that matter growth, money in circulation will reflect either scenario without regard to the central plans of economists and those who revere them.
Bruce Springsteen’s mother scrimped and saved to get him his first electric guitar. Which hardly makes him unique. His story is like most for the musicians of his era.
When banks acquire capital expensively, they don’t just acquire cash. They put it to work, albeit in securities approved of by regulators. Highly liquid securities. Think government bonds, or more specifically U.S. Treasuries.
Americans who drive all progress are too busy creating all-new knowledge to bother with what’s known now, and this new knowledge will similarly free the proverbial man-on-the-street from having to waste time learning things that, even if they were once useful are surely not useful now.