President Biden’s recent move to ban U.S. investment in “sensitive” Chinese companies will not work. As is, U.S. investment funds all sorts of Chinese innovations despite all manner of rules in China that dis-allow foreign investment. Capital moves faster than government, obviously. Assuming Biden could ban U.S. investment into China, what a shame. When it comes to innovative companies, they generally get to choose their investors.
Cato Institute co-founder Ed Crane and I have been discussing mark-to-market accounting for banks in the aftermath of SVB’s troubles. Crane is not seeking force on the matter, but does think mark-to-market would render bank balance sheets credible where they’re presently not. My response is that regardless of what banks do, investors strive to mark to market.
What machines and automated minds can do for us doesn’t replace us as much as it frees us to pursue all manner of new advances.
The simple truth is that if the Fed were as powerful as the various religions want it to be, the U.S. economy would always be in decline. Yield-curve obsession is powerful on the score of nothingness.
Parkinson was spared becoming a 3rd generation miner by progress, which is what global trade embodies.
The late Jude Wanniski once observed about Spain that its headline rate of unemployment had little to do with actual unemployment. Wanniski’s point was that the 20% official rate was merely a sign of Spaniards aggressively hiding their work from tax collectors. Wanniski’s analysis from decades ago was hard to forget while reading Michael
In the technology sector, poorly-run businesses don’t last long. They fail quickly only for their assets to be acquired by better stewards. The paradoxical truth is that the technology sector gains strength from periods of weakness. It’s something to think about with banking top of mind. Failure in banking has become a dirty
Every dollar the federal government taxes or borrows away is an extra dollar of control that Congress has over the economy. This is why Republicans should cheer any uncapping of the SALT deduction. Instead, they’re fighting against it. They claim it would be a tax cut for the rich (why that’s bad has never
Senator Schumer thinks orange juice costs too much, while Senator McConnell thinks chocolate milk has become too pricey. Jerome Powell fears the cost of eggs. All of the above is hypothetical, but what might your response be to laments about prices from political higher-ups? Hopefully it would be disdain. Prices in market economies are
In the early 1920s, radios were the pricey, must-have gadgets of the day. And as all transformative market goods are, they started out expensive only for RCA (the Apple of its time) to render common what was once a luxury. One hundred years later, those with internet access can listen to radio stations around the