"Activist government overreach and ongoing economic stagnation have shown us why Washington should not try to displace what is best left to civil society." Quoting Paul Ryan. Must be tough at Tea Party social occasions these days.

Mnuchin sees $1 trillion revenue growth from tax overhaul

I believe the concern expressed here is overblown. Of greater importance is the market's misjudgment of the degree to which the UK economy has already adjusted its attitude towards taking on world competition in the brave new post-Brexit ...

The founder of the world's largest hedge fund said investors must keep an eye on Jeremy Corbyn

Headline says opposite of story. I agree with the story.

Monetary-Policy Normalization in Europe in 2018

Not just a macro issue. Poor policy design gets into the micro foundations. At the margin am now more worried about Treasuries and US financial instability.

Why US Monetary Policy Will Cancel Out Fiscal Policy

How come fiscal 'reforms' in US always lower taxes and raise spending? We call it 'backsliding', 'wet rot' and sometimes just 'socialism' whichever party is in power. Does not feel like a brave new America (which I would welcome).

Senate passes spending bill, sets stage for tax cut signing

3 key points about China. They want to embrace the future not cement in the past. They welcome intelligent reforms political and economic, including more free trade. They see competition as healthy to allow living standards to rise within and ...

China criticizes EU's 'thoughtless remarks' on its economy

The Swiss TWI remains extremely overvalued on any objective assessment of 'normal'. Reasons include the global problem of broken money markets, the associated slow progress of healing and then the effect of that on investment confidence. Recall that ...

Swiss National Bank leaves expansionary monetary policy unchanged

Who needs enemies when Tories will not even support their own leader? Elbows being sharpened for the next episode of Survival.

Brexit, phase two (and beyond): The future of the EU-UK relationship

Protectionism in the end makes a country lose because industry does not compete in the global market. In the extreme all countries would be self sufficient which is plainly irrational.

Fears grow across the Atlantic over Brexit fallout

For 'gradual' read 'glacial', suitably adjusted for climate change. The reasons behind very low unemployment and very low inflation will continue to challenge us all. Several governors need to exit before Yellen in my opinion.

Here’s why the Fed will hike interest rates

Free trade creates potential gains for everyone. Realising the potential means getting away from all the ifs, buts, maybes, exceptions, time lags, sanctions, crystal balls and no balls - all of which brings us all down in a fug of uncertainty and ...

Fears grow across the Atlantic over Brexit fallout

The only issue of interest is why there is no sign of any inflation at all at 4% unemployment. The consensus has been hopelessly pessimistic for at least 6 years. We are miles away from 'normal'. The USA is in secular decline, in a leadership ...

Only one thing matters at the upcoming Fed meeting

Fails to mention his role as Deputy Governor at RBNZ which better explains the NZD 'soar' (0.8%). Journos will be searching for new words for Bitcoin increases. This appointment is a good one but is not a great support for NZD while dairy prices sag ...

New Zealand Dollar Soars as Adrian Orr Gets RBNZ Top Job

How such writers love to gloat about high debt and prospects for economic misery. Its a Dickensian script but without the empathy nor intelligent analysis. Australia will be led in due course through to higher commodity prices and sensible policies ...

Red alert: Australia's economy in trouble

Expectations are low. The declaration of war against Germany in 1939 was bad news but was expected due to clear evidence. Brexit was not expected. The evidence was vague. The proposition was hopelessly and distressingly vague. The outcome was close ...

Buy sterling on a 'Brexit breakthrough'? Not yet, say investors

Commodity booms always end badly - even when you understand the attributes of the specific commodity. In this case hope and greed are driving demand and the supply side is beyond my average brain.

Bitcoin pops above $14,000 for the first time

In other words marginal physical product of labor is not the same thing as the marginal cost of labor. At equilibrium marginal cost of labor is equal to the marginal physical product of labor times the unit value (price) of the product. Similarly ...

Wages and Productivity

Tax reform is not the same thing as tax cuts. Reform has the connotation that the new regime will be more efficient without introducing unfairness. Efficiency and fairness are a combination of science and judgment and some learned analysis would be ...

Equities sell-off and threat of US government shutdown hit sentiment

What is in the market is a long list of misery for the UK and Teresa May, trying to bring back and land the damaged bomber aircraft with one wing and a prayer. I still prefer long GBPCHF because the funding cost is zero and the value of sterling for ...

Buy sterling on a 'Brexit breakthrough'? Not yet, say investors

The lack of progress in implementing reforms (i.e. orthodox microeconomic reforms) is the biggest mistake to teach the West. And failure on this front explains most of the problems listed in the article. Its quite common these days for people who ...

The economic lessons Japan can teach the West