business cycle

Let’s reflect on the course of the US economy. Not a pretty picture.

Summary: The monthly employment report provides the opportunity to look at the New America being built on the ruins of the own. While seldom remarked, it clearly appears in the data. Also, we take a moment to reflect on the purpose and operation of the FM website. “Big industry constantly requires a reserve army of …

Let’s reflect on the course of the US economy. Not a pretty picture. Read More »

Economic theory as a guiding light for government action in this crisis

Economic theory as a guiding light for government action in this crisis. But which theory? The dominant Keynesian economic theory, or that of the Austrian School?  (see the links at the end for background information about each). Here is an excerpt from the Drobny Global Monitor of 5 March 2009, by Andres Drobny (see his bio …

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Consequences of a long, deep recession – part III

Summary:  this series speculates about the consequences of a deep and long recession over the next few years.  How might we react?  How might this change America?  The first post examined our alternatives.  The second discussed possible changes in our financial system.  This chapter looks at the effect on Americans, and America.  Our next President will face these challenges, so your vote …

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Making us dumber, chanting “Dude, where’s my recession?”

Summary:  The Internet can make us smarter — or dumber.  Google “Dude, where’s my recession” for a splendid example.  Thousands of hits for what might be the dumbest tagline of 2008.  This post discusses why accurate economic forecasting is so difficult, what we know about current conditions, and recent warnings from one of our top economists. A …

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Diagnosing the Eagle: the housing bust

Summary:  The first in a long series of posts about one of our most serious problems, one that results from other and deeper problems — which makes it difficult to fix.  Links to other chapters in the series appear at the end. Something is wrong with America, rendering our society incapable of connecting effectively to reality.  The late USAF Colonel John …

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