Stories >> All

Category: Stories - Topic: All

Select more of our Stories from this list:
Stories : All


Arthur Brooks: Mindfulness Hurts. That’s Why It Works.
Posted: May 19, 2022 at 06:00 AM (Thursday)

Facing the painful parts of life head-on is the only way to feel at home with yourself. Some years ago, a friend told me that his marriage was suffering because he was on the road so much for work. I started counseling him on how to fix things–to move more meetings online, to make do with less money. But no matter what I suggested, he always had ...


Review & Outlook: How Inflation Taxes the Poor
Posted: May 18, 2022 at 06:32 PM (Wednesday)

A lesson for Americans from Britain’s dismal price data. The United Kingdom on Wednesday reported its highest inflation rate since 1982, and welcome to the 40-Year Club alongside the U.S. A new generation on both sides of the Atlantic is learning how erratic price swings can wreck an economy. And in that spirit, a brief research note from a ...


Richard Epstein: All The Wrong Moves On Energy Markets
Posted: May 18, 2022 at 12:56 PM (Wednesday)

In a world of sane energy policy, the following three precepts would take pride of place: (1) the forces of supply and demand would allocate scarce energy resources to their best possible use; (2) constant competitive pressures should lead energy suppliers to reduce their costs of extraction, refinement, and sales, just as it should ...


Marc Joffe: The true depths of our debt crisis
Posted: May 18, 2022 at 12:30 PM (Wednesday)

For over 50 years, both political parties have run up the national debt while ignoring warnings about the long-term unsustainability of federal budgets. Now, the Federal Reserve has quietly turned to inflation to lighten the nation's debt burden through a policy of negative real interest rates. Unfortunately, this policy path is reducing the ...


Michael Strain: Will US Inflation Lead to Recession?
Posted: May 18, 2022 at 09:50 AM (Wednesday)

WASHINGTON, DC – While some economic indicators suggest that the recovery remains on track, others show that consumers may be stalling out, and that households and businesses are becoming increasingly pessimistic. The US Federal Reserve will have to respond more nimbly to economic softening than it did to strengthening in 2021. Rapid ...


Conor Sen: Remote Working Boom Is Huge for College Towns Like Knoxville
Posted: May 18, 2022 at 06:30 AM (Wednesday)

With the home becoming an increasingly acceptable office for white-collar employees, new graduates won't have to make a beeline for the big city to find high-paying jobs. It's now been two years since the rise of remote work enabled people to start moving out of the big cities, transforming the geographic demography of the United States. And ...


Peter Morici: Biden needs some Republicans on his foreign policy team
Posted: May 18, 2022 at 06:00 AM (Wednesday)

The White House is too much a hot house of economic isolationism and left-wing statism to champion a strong defense and free markets in a dangerous world. Since World War II, U.S. foreign policy has promoted human rights and democracy by maintaining a superior military, offering security commitments to friends in Europe and Asia, and ...


Judy Shelton: Congress Has a Stake in the Dollar’s Integrity
Posted: May 17, 2022 at 06:15 PM (Tuesday)

The Fed’s independence gives Americans no democratic recourse when the currency is debased. Who is responsible for the value of the U.S. dollar? A cardinal rule among American practitioners of fiscal and monetary policy is that Treasury officials don’t discuss monetary policy and Federal Reserve authorities don’t discuss exchange rates. So ...


Allison Schrager: Inventory Shortages: A Growing Concern
Posted: May 17, 2022 at 03:34 PM (Tuesday)

During the pandemic many companies burned through their inventories. Now years later between shortages and high demand, means they still have not recovered. Industrial production may be up, but inventories still have a long way to go before they reach pre-pandemic levels. This suggests the US economy is still prone to shortages if anything ...


Jeanna Smialek: Powell says the Fed is watching for 'clear and convincing’ signs of inflation fading.
Posted: May 17, 2022 at 03:25 PM (Tuesday)

Jerome Powell, the Fed chair, said the central bank is prepared to raise rates more quickly and higher if price pressures fail to fade. Jerome H. Powell, the chair of the Federal Reserve, said that the central bank is focused on getting rapid inflation under control and that it is ready to intensify its efforts to tamp down price pressures if ...


Mark Mills: Sourcing Energy-Transition Metals And Minerals In A Not-So-Friendly World
Posted: May 17, 2022 at 01:56 PM (Tuesday)

Since the first OPEC oil embargo nearly a half-century ago — and more recently with Russia’s invasion of Ukraine — energy producers and consumers alike have learned important lessons about the significance of energy commodity sourcing. It all comes down to this, really: (1) know what you’ll need going forward; (2) diversify your sources of ...


Paul Krugman: Crashing Crypto: Is This Time Different?
Posted: May 17, 2022 at 01:45 PM (Tuesday)

Last week TerraUSD, a stablecoin – a system that was supposed to perform a lot like a conventional bank account but was backed only by a cryptocurrency called Luna – collapsed. Luna lost 97 percent of its value over the course of just 24 hours, apparently destroying some investors' life savings. The event shook the crypto world in general, but ...


Veronique de Rugy: Greedflation Is A Witch Hunt, Not Real Economics
Posted: May 17, 2022 at 11:22 AM (Tuesday)

Dominic Pino had a good post on how hard it is to defend the nonsensical soundbites pushed by Democrats, including the president, on inflation. They are incredibly busy looking for imaginary witches to blame for their irresponsible policies of excessive spending. While there is plenty of blame to go around for the terribly accommodating ...


Andrea Felsted: Walmart Flashes a Warning Sign to the Entire Consumer Economy
Posted: May 17, 2022 at 10:17 AM (Tuesday)

The world’s biggest retailer is known for being careful about costs. But that’s harder to do when prices for everything are going up. Walmart Inc. just highlighted the dark side of inflation. The world's biggest retailer on Tuesday reported profit that fell short of Wall Street expectations and downgraded its outlook for full-year earnings ...


Marc Joffe: Have We Reached Peak China?
Posted: May 17, 2022 at 06:30 AM (Tuesday)

If so, some may need to reconsider their admiration for autocratic technocracies and learn to love the untidiness of competing ideas. China’s ascension to world domination may not be as inevitable as many of us think and fear. Events of the last year have revealed significant vulnerabilities within the country, which could foreshadow a period ...


Norbert Michel: Congress Should Repeal The Durbin Amendment, Not Expand It To Credit Cards
Posted: May 17, 2022 at 06:21 AM (Tuesday)

Americans have been using credit to buy things for just about as long as America has existed, but the consumer goods market has undergone massive changes. So, it’s very easy to forget how the plastic cards that we rely on became so prevalent. Unfortunately, forgetfulness won the day in last week’s Senate Judiciary Committee hearing. Supposedly ...


Karl Smith: Bezos, Not Biden, Is Right on Taxes and Inflation
Posted: May 17, 2022 at 06:00 AM (Tuesday)

Raising corporate rates may be politically appealing to Democrats, but it doesn’t make much sense economically. The Twitter spat between Jeff Bezos and Joe Biden over tax policy and inflation has attracted the attention of no less an authority than Larry Summers, who says that the Amazon founder is "mostly wrong." I hesitate to disagree ...


Jim O'Neill: Another Global Recession?
Posted: May 17, 2022 at 05:24 AM (Tuesday)

LONDON – Between falling real incomes in advanced economies, China’s weakening outlook, and the uncertainties stemming from Russia’s war in Ukraine, there is more than enough reason to worry that the post-pandemic recovery is giving way to a downturn. But there is still much that policymakers could do to mitigate the blow. At the start of ...


John Tamny: If You Think 'Pain' Is Needed to Beat Inflation, Go Back to School
Posted: May 17, 2022 at 12:15 AM (Tuesday)

Last week Federal Reserve Chairman Jerome Powell warned of looming "pain" from the Fed's fight against inflation. Such an assertion, or observation, or excuse is foolish (and wrongheaded) on too many levels to count. What makes it sad is the consensus from Left and Right about the alleged truth of Powell's comments. The Paul Volcker myth ...


Javier Blas: The Oil Market Needn’t Fear a Calamitous US Recession
Posted: May 17, 2022 at 12:02 AM (Tuesday)

A quick history lesson suggests that an economic slowdown might not be too terrible. Rising US interest rates, sky-high oil prices, soaring inflation, a foreign war. Then, naturally, a recession. The trajectory may sound awfully familiar, but I'm not describing the present-day American economy. Instead, this is what the US looked like in ...


Mohamed El-Erian: The dollar’s rapid rise increases risks for global economy
Posted: May 17, 2022 at 12:00 AM (Tuesday)

Dangers are particularly acute for developing countries already facing number of crises. With so much going on in the global economy and financial markets, the dollar’s strong recent appreciation has attracted less attention than what would have been expected given the historical experience. On paper, the appreciation of the currency of ...


Larry Kudlow: Now’s the Time: Save America. Balance the Budget.
Posted: May 16, 2022 at 06:41 PM (Monday)

The balanced budget, if done properly, would produce rapid economic growth and low inflation. That's right – strong growth, low inflation. It may seem far-fetched, but it occurs to me that now would be a good time to talk about a return to a balanced budget in Washington, D.C. That's right. A balanced budget. Amid uncontrolled federal ...


Review & Outlook: Biden’s Dance With a Latin Dictator
Posted: May 16, 2022 at 06:30 PM (Monday)

Democrats want to help Venezuela’s Maduro sell oil, while restricting U.S. drillers. Is the Biden Administration preparing to ease sanctions on Venezuela to increase the global supply of oil? The State Department denies it, but this is a potentially damaging U.S. policy shift that bears watching in Congress. Mexican President Andrés Manuel ...


Willem Buiter: Fiscal Capture at the ECB
Posted: May 16, 2022 at 10:55 AM (Monday)

LONDON – By using all the means at its disposal to support potentially debt-distressed member states, the European Central Bank is not merely serving as a market maker of last resort. Rather, it is engaged in fiscal-support operations, potentially to the detriment of its mandated objectives. Since the second quarter of 2021, inflation in ...


Thomas Baker: The Sussmann Trial Is a Mueller Legacy
Posted: May 15, 2022 at 03:45 PM (Sunday)

An FBI agent would have figured out what Hillary Clinton’s lawyer was up to in September 2016. Special counsel John Durham’s case against Michael Sussmann is scheduled for trial on Monday. On April 25, Judge Christopher Cooper barred the government from using the bulk of the Central Intelligence Agency’s information related to Mr. ...


Julian Lee: How Russian Is It?: A Very Crude Question
Posted: May 15, 2022 at 01:00 AM (Sunday)

New EU rules are coming into effect but oil from the country is going to continue to flow because it’s going to be very hard to separate crude by geography. Sunday is the day when European Union regulations prohibiting dealings with Russian state energy companies come into effect. That should trigger a further decline in the volume of crude ...


Komal Sri-Kumar: Hawkish Fed Pivot, But Will it Stick?
Posted: May 14, 2022 at 09:07 AM (Saturday)

Jerome Powell spent several months during 2021 claiming that the rise in inflation was "transitory," justifying the sharp increase in the Federal Reserve's balance sheet. Repeated statements in SriKonomics writeups (for example, here) that the Chairman was wrong in his assessment did little to persuade him or his colleagues to tighten last ...


Jesse Jenkins: We Can’t Drill Our Way to Energy Security
Posted: May 14, 2022 at 05:00 AM (Saturday)

Thanks to a remarkable oil and gas boom, the United States has achieved the long-sought goal of energy self-sufficiency: We now produce more oil and refined products, natural gas and coal than we consume. In particular, horizontal drilling and hydraulic fracturing – fracking – transformed the United States from the world's largest oil importer ...


Ed Yardeni: More on Inflation & Stocks
Posted: May 14, 2022 at 12:02 AM (Saturday)

This is an excerpt from our May 11, 2022 Morning Briefing. Strategy I: 1987-Style Bear Market? I've recently been asked when was the last time we had a P/E-led bear market while earnings continued to increase. The obvious answer is 1987. Our monthly Blue Angels framework, which starts in late 1978, shows that the S&P 500 dropped 33.5% from ...


Review & Outlook: Does Biden Want Higher Gas Prices?
Posted: May 13, 2022 at 07:05 PM (Friday)

The Administration cancels offshore oil lease sales, despite surging global prices. Another week, another example of the Biden Administration’s energy incoherence. On Tuesday the President blamed record gasoline prices on Vladimir Putin. The next day the Interior Department announced the cancellation of three offshore oil and gas lease ...


Robert Hughes: Inflation Fears Send Consumer Sentiment Sharply Lower in Early May
Posted: May 13, 2022 at 03:22 PM (Friday)

The preliminary May results from the University of Michigan Surveys of Consumers show overall consumer sentiment fell sharply in early May (see top of first chart). The composite consumer sentiment decreased to 59.1 in early May, down from 65.2 in April, a loss of 6.1 points or 9.4 percent. The index is now down 41.9 points from the February ...


Phillip Magness and Alexander William Salter: The zombie economics of inflation and unemployment
Posted: May 13, 2022 at 03:00 PM (Friday)

Bad economic ideas can have a frustratingly long shelf life. Amid surging consumer and producer prices, the apparent tradeoff between inflation and unemployment has become a hot topic. There's just one problem: the tradeoff doesn't exist. Economists have known this for 40 years. Policymakers and commentators asserting otherwise should get with ...


Allison Schrager: Elizabeth Warren’s Price-Gouging Bill Flunks Basic Economics Price Controls?!
Posted: May 13, 2022 at 02:16 PM (Friday)

Democrats look to resurrect a completely discredited economic policy. Senate Democrats, led by Elizabeth Warren, just released a bill that would make price-gouging unlawful. The proposal gives further life to price controls, one of the worst policy failures from the last period of high inflation, decades ago. According to the bill, "It shall ...


Joel Naroff: How the roots of inflation were laid at every step during the pandemic
Posted: May 13, 2022 at 01:05 PM (Friday)

Huge stimulus, China’s COVID policy and the slow re-opening of firms started the fire. Supply chain issues and labor shortages added fuel. The Fed slumbered too long and a war in Ukraine broke out. Many people have theories about who is at fault for high inflation but few have presented ideas about how to ease the pain – and for good reason. ...


Mohamed El-Erian: Beware a Global Economy with Little Fires Everywhere
Posted: May 13, 2022 at 07:55 AM (Friday)

CAMBRIDGE – Rich countries have shown impressive unity in helping Ukraine counter the Russian invasion. They now need to demonstrate the same level of resolve to prevent the global economic fallout from the conflict from destroying the lives or livelihoods of many of the world's most vulnerable people. Big shocks to the global economy, such ...


Douglas Feith: How to Strengthen Our Economy against Foreign Threats
Posted: May 13, 2022 at 06:30 AM (Friday)

The federal government should once again assess which industries require regulation or subsidies for national-security reasons. American industry’s role in making computer chips is not what it used to be, and the shrinkage has created national-security vulnerabilities. America still designs the most advanced silicon semiconductors, but it ...


Ed Yardeni: Inflation Boosts Earnings & Depresses Valuation
Posted: May 13, 2022 at 02:28 AM (Friday)

This is an excerpt from our May 10 Morning Briefing. Over the past year, inflation has been having a positive impact on analysts' consensus forecasts for earnings in 2022 and 2023 but a negative impact on the valuation multiple that investors are willing to pay for those earnings estimates. Needless to say, the former positive effect has ...


Stephen Moore: When the people tasked with protecting our children are the villains
Posted: May 12, 2022 at 11:00 PM (Thursday)

The evidence shows that school closures during COVID were an epic public policy blunder. The school lockdowns in many states were arguably the most significant episode of government-sponsored child abuse in American history. You don't have to take my word for it. Last week, the liberal New York Times came to the same conclusion after an ...


Review & Outlook: Why the Budget Deficit Is Falling
Posted: May 12, 2022 at 06:47 PM (Thursday)

Tax revenue is booming, with individual tax receipts rising 68%. President Biden has been taking credit for the falling federal deficit, but what he won’t tell you are the real reasons. Allow us to fill in his blanks. Spending has fallen sharply this fiscal year, but the reason isn’t Congressional restraint. The explanation is “the net result ...


Farhad Manjoo: BlackRock, Vanguard and State Street Control a Piece of Nearly Everything
Posted: May 12, 2022 at 04:22 PM (Thursday)

When I got on the phone with Vivek Ramaswamy on Tuesday afternoon, I was not expecting to find common cause. Ramaswamy is a tech entrepreneur, a frequent contributor to conservative outlets including The Wall Street Journal's editorial page and the author of a book whose very title sounds as if it were formulated in a lab at Fox News to ...


Veronique de Rugy: A Global Tax Cartel Would Be as Bad as It Sounds
Posted: May 12, 2022 at 03:27 PM (Thursday)

Several studies have found that the vast majority of costs incurred by increased corporate taxes are passed along to workers in the form of lower wages. When all you have is a hammer, everything does indeed look like a nail. This is the best way to describe government officials' unoriginal and often destructive thinking. No matter the problem ...


David Stockman: April's CPI Codifies the New Age of Inflation
Posted: May 12, 2022 at 01:20 PM (Thursday)

April was the seventh straight month in which the Y/Y CPI rose by more than 6%, and on that high plateau household budgets and savings can get pulverized. If sustained for three years, 6.0% inflation results in a 17% loss of purchasing power, after five years the loss is 27% and after 10-years the loss is 46%. So what today's report really ...


Ezekiel Emanuel: Stop dismissing the risk of long covid
Posted: May 12, 2022 at 01:13 PM (Thursday)

The covid-19 pandemic is over. That is what most Americans seem to believe as they cram together for Formula One in Miami, sell out basketball stadiums and fill restaurants without masks. This conventional wisdom is gravely wrong. I will continue to wear my N95 mask, limit my air and train travel, and avoid eating at indoor restaurants. When ...


Stephen Moore: It’s not too late to avoid a recession — here’s how
Posted: May 12, 2022 at 11:30 AM (Thursday)

American shareholders – and that's almost all of us with a 401k or another retirement account – have lost trillions so far this year on our stock holdings. This massive sell-off, combined with the cancer cell of 8 percent inflation, is said by many prominent economists to be the trigger for an unavoidable recession. Maybe they're right. In ...


Steve Rattner: Has Inflation Peaked?
Posted: May 12, 2022 at 09:00 AM (Thursday)

On MSNBC's Morning Joe today, Steven Rattner discussed April's inflation report, noting that while headline figures declined for the first time in months, underlying data suggests that the outlook for price growth remains uncomfortably high. Prices rose more slowly in April than the previous month but still by 8.3% over last year. And ...


Allison Schrager: A Recession Won't Be as Scary as It Sounds
Posted: May 12, 2022 at 08:30 AM (Thursday)

While the Fed’s inflation fight could throw the economy into reverse, a mild slowdown now might help avoid a deeper downturn later. Inflation like this can't last forever. How it will end is now the more salient question. Often it takes a recession to break inflation. Economist Lawrence Summers observed that this has been the case every other ...


Adam Millsap: California’s Energy Policy Shows Us What Not To Do
Posted: May 12, 2022 at 08:29 AM (Thursday)

Energy prices in America are on a tear. Energy inflation was 30% over the previous 12 months and U.S. retail gasoline prices hit a new high of $4.37 per gallon this week. Gasoline futures are up 9.4% since March, a signal that prices are unlikely to fall soon. Electricity prices are rising nationwide as the price of natural gas increases ...


Greg Ip: Inflation Is Headed Lower—but Maybe Not Low Enough
Posted: May 12, 2022 at 08:28 AM (Thursday)

While supply disruptions are subsiding, without slower demand, inflation will still be too high for Fed to stop raising rates. The bad news is that in April, for the second month in a row, inflation clocked in above 8%. The good news is that sometime in the next 12 months, it will very likely fall to around half that. This isn’t exactly a ...


Arthur Brooks: The Key to a Good Parent-Child Relationship? Low Expectations.
Posted: May 12, 2022 at 06:00 AM (Thursday)

Imperfect people can still enjoy a satisfying and healthy bond. Young people "are high-minded, for they have not yet been humbled by life nor have they experienced the force of necessity," Aristotle wrote in Rhetoric. "They think they know everything, and confidently affirm it." When people my age complain about "kids these days," they are ...


Gary Shilling: The Rising Dollar Is Wreaking Havoc With US Trade
Posted: May 12, 2022 at 06:00 AM (Thursday)

A strong currency may be in America’s national interests over the long term, but right now the hit to exports is a concern. In 1995, Treasury Secretary Robert Rubin asserted that a strong dollar is in the US national interest, a mantra repeated by each of his successors. They're partially correct since the effects of the robust buck, which ...