A powerful defense of free trade by Ed Dolan, before Trump attacks it

Summary: Trump and other opponents of free trade make many bold claims about its harmful effects. Here Ed Dolan looks at the facts to see if they agree with Trump. That is nice to know before Trump attacks the global trade system, a pillar of the world order that has brought unprecedented prosperity to the world. … Continue reading A powerful defense of free trade by Ed Dolan, before Trump attacks it

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Wolfgang Streeck explains how to reform capitalism for a better 21st century

Summary: We have hundreds of ideas for small reforms of America, but few for radical reform of the capitalist system that runs it. As a demonstration of this problem, Wolfgang Streeck gives a profound critique of capitalism and Adam Tooze  one of the most powerful essays I have seen in a long time. This is part … Continue reading Wolfgang Streeck explains how to reform capitalism for a better 21st century

The Red Warning Flags In Today’s Employment Report

Summary: the key things to know about today's job report.  (Second of two posts today.) The December job numbers show that nothing has changed. The US economy remains locked in slow gear, slowly slowing. The exciting stories about growth are mostly noise or cherries picked from the flood of economic numbers. Combined with a hawkish … Continue reading The Red Warning Flags In Today’s Employment Report

Wolfgang Streeck asks “How will capitalism end?”

Summary: Lost in the trivia of the daily news, we can easily lose sight of the great issues shaping our times.  Such as the future of capitalism, tested by demographic change, slowing growth, rising inequality, and political turmoil. Here is the first of two posts with insights by Wolfgang Streeck and Adam Tooze; one of … Continue reading Wolfgang Streeck asks “How will capitalism end?”

One of the 20th century’s top minds sees a great 21st century for humanity

Summary: As part of our holiday festivities, here's an article by one of the great intellects of the 20th century.  John Maynard Keynes made seminal contributions in statistics, risk management, and (above all) macroeconomics. Here he looks at our future, seeing things already happening yet about which we remain unaware -- with even better news … Continue reading One of the 20th century’s top minds sees a great 21st century for humanity

Trump forced the Fed to raise rates. The results could be ugly.

Summary: Trump's unexpected election forced changes in the forecasts and plans of the Fed's leaders. Today's decision to raise rates is their first result. Janet Yellen was quite candid about this. The implications of the rate rise are complex. The effects might prove calamitous. Janet Yellen's remarks at the press conference She clearly pointed to Trump's … Continue reading Trump forced the Fed to raise rates. The results could be ugly.

Three important things to see in today’s jobs report

Slow Economic Growth

The monthly jobs report creates a flood of exciting news stories.  Most of these discuss small fluctuations in its many numbers, most of which are just statistical noise. Here are three things you need to know about job and wage growth. They are the key trends seldom mentioned in the news. See my full report … Continue reading Three important things to see in today’s jobs report