==> I wish Mises happy birthday.
==> In this post (and comments) David R. Henderson seems to agree with Jeffrey Rogers Hummel that the Fed’s ability to control interest rates is very exaggerated. Then you’ve got Larry Summers criticizing the Treasury for offsetting the Fed’s moves to cut long-term interest rates. Are David and Jeffrey saying Summers, Bernanke, and 75% of the investors are totally wrong for thinking the Fed can influence rates by, say, adding $2 trillion in bonds to its balance sheet? If the Fed announces, “We are going to raise the fed funds rate to 0.75% in February,” are David and Jeffrey saying they will fail? (I’m not being sarcastic, I am honestly trying to understand what their position is.)
==> Incidentally, the best line from that Summers story: “[Cummings] recounted the story of President Johnson’s summoning the Fed’s chairman, William McChesney Martin, to his Texas ranch, slamming him against the wall and telling him, “Martin, my boys are dying in Vietnam, and you won’t print the money I need.””
==> Can’t remember if I posted this? Dan McCarthy, after further review, says the invasion of Normandy stands.
==> Yet more evidence that the Canadian fiscal turnaround in the 1990s did NOT rely on loose money.
==> Joe Salerno on the bubble economy.