Summary: Mainstream economists have recommended additional rounds of stimulus as the economies slow in Japan, the EU, and USA. Instead the Austerians have won the political debate, recommending the liquidationist policies of Hoover in 1929-30. Brad DeLong (Prof Economics, Berkeley) asks "How Is It That We Have Lost the Argument?" -- It's the triumph of dingbat … Continue reading Why have mainstream economists lost the argument about the need for more economic stimulus?
President Bush in an interview with CNN's Candy Crowley (broadcast 16 December on Lou Dobb's Tonight) -- Excerpt: I feel a sense of obligation to my successor to make sure there is not a, you know, a huge economic crisis. Look, we're in a crisis now. I mean, we're in a huge recession, but I … Continue reading President Bush: “I’ve abandoned free market principles to save the free market system”
Much of the material posted on the FM site serves, I hope, to provide thought and discussion. Most I agree with to some extent. Most feature clear expression of original -- or extreme thinking (often the latter is the best available substitute for the very scarce former). In that spirit, here is today's offering. I recommend … Continue reading “End of Empire” by David Roche