John A. Parnell, Ph.D.
Andrew Wilkow and I discussed currency wars on his radio show Friday. I received a couple of emails asking for more on how a currency war could affect the U.S., so I decided to post more info here. Last month Japan’s central bank started buying Japanese bonds to devalue the yen; as with most devaluation […]
Read MoreAs anticipated, the Department of Justice is now suing S&P over its alleged contribution to the mortgage crisis. http://online.wsj.com/article/SB10001424127887324445904578284064003795142.html The details surrounding the mortgage debacle has been well chronicled in previous posts. While it’s obvious that S&P’s risk assessment models were flawed, there is no evidence to suggest that the rating agency deliberately misled anyone. […]
Read MoreWhenever the stock market has a good run the mainstream media always cite it as evidence that Obamanomics is actually working, the $16 trillion national debt isn’t all that bad, and that Keynesian economics really makes sense. When it declines, they refer to it as a readjustment, or a response to the European crisis or some […]
Read MoreThe immigration issue has resurfaced, and the most recent “bipartisan” proposal sounds a lot like the last one. The pathway to citizenship for those who violated U.S. law and crossed the border is proffered as a practical solution for the 11 million (or more) illegal immigrants, mostly from Mexico and other parts of Latin America. […]
Read MoreAfter selling 200 million shares of GM stock in December, the U.S. government owns only 19% in the carmaker and plans to sell the remaining 300 million shares by early 2014. This shouldn’t come as a surprise to those who’ve followed the GM saga. The December sale cemented a loss to taxpayers of around $12-13 […]
Read MoreI had the opportunity to spend last week at a conference in South Africa. The people there generally like Americans, but this was a conference with diverse representation from the US, Europe, Africa, and a few from Asia and Australia. Discussions were global in nature, with an emphasis on development of the African continent. The […]
Read MoreThe proverbial can has been kicked down the road again. We have officially averted the so-called fiscal cliff by raising taxes. Any spending cuts in the deal are meaningless and will be forgotten when the next stimulus bill is proposed. The next “crisis” on the docket is raising the debt ceiling so we can continue […]
Read More2012 was a disappointing year for those of us committed to promoting the ideas of personal and economic liberty. As the year comes to a close, I am offering a few predictions for 2013. I’m not suggesting that I have any special insight here; I’ll let you be the judge. 1. The “fiscal cliff” will […]
Read MoreThe outrage over the right-to-work legislation in Michigan is easy to understand from a political perspective, but it makes little sense philosophically. Companies should be permitted to establish wage rates and working conditions, and individuals should be free to accept or reject what companies offer. A “market wage” occurs when companies raise wages and benefits […]
Read MorePrinceton economist and former Fed vice chairman Alan Blinder posted an op ed in today’s Wall Street Journal. Blinder is a quintessential Keynesian. He always presents a smooth “all economists agree” type of argument in favor of more government intervention and tax-and-spend policies. Today’s piece is entitled, How to Get a Budget Deal Instead of a […]
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