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Yet Another Krugman Kontradiction?
Help me out here, Krugman sympathizers: For a while now he has been making two different arguments that seem in conflict. On the one hand, he has been savaging that “austerians” for pointing to historical examples of an expansionary episode of government budget cutting, by saying that all of these cases are inapplicable to our […]
Read moreThings Not Looking Good
Here’s the CNBC headline: Jobless Claims, Inflation, Trade Deficit Each Surge Higher As far as the inflation, they are referring to the fact that in the Producer Price Index, prices for finished goods this September were 4.0 percent higher than in September 2009, and they rose at a (seasonally-adjusted) 0.4 percent from August 2010 to […]
Read moreThe Dollar’s Demise?
Robert Wenzel has recently started the EPJ Daily Alerts. I try to check it out everyday; it reassures me to know Wenzel is out there, scouring the internet for new developments. (He’s not paying me to say that, but he’s also not charging me for the subscription.) In today’s Alert, Wenzel mentioned that the dollar […]
Read morePete Boettke Fulfills My Prophecy
UPDATE: Be sure to read the Sumner/Murphy exchange in the comments. Folks, I may have to put the Google ads back up. This is easily a $19.95 value, yours free if you act now. –RPM Sometimes I feel like the Barack Obama of econoblogging. I understand all sides in a dispute; I am the aloof […]
Read moreAnswering Scott Sumner’s Questions About Austrians
Scott Sumner asks some great questions about the Austrian view of the financial crisis. I’ll do my best to balance brevity against comprehensiveness in my answers. 1. Why did NGDP collapse late last year? I’m not saying this is the whole story, and someone might plausibly say I’m confusing cause with effect, but I think […]
Read moreSusan Lee Demolishes Greenspan
David Henderson (disapprovingly) links to Susan Lee’s Forbes piece where she deals a death blow to the “savings glut” theory of the housing boom. Assuming her data are correct, I think hers is the single best indictment of Greenspan I’ve read, including my own articles. My favorite part of the article is her chart of […]
Read moreIs Home Equity a Form of Saving?
In a recent NYT article Tyler Cowen wrote: The fundamental problem in the American economy is that, for years, people treated rising asset prices as a substitute for personal savings. The thinking went something like this: As long as your home’s value rose every year, you didn’t have to set aside so much from your […]
Read moreWill Dollar Fall Another 40 Percent?
“Jurg Kiener, CEO of Swiss Asia Capital, expects the dollar to lose another 30% – 40% on the dollar index over the next 3 – 4 years.” See the full story. I’m not sure about the specific magnitude of his prediction, but I definitely agree that the dollar still has to slide significantly, in order […]
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