Like Allan Meltzer, I received my Ph.D. from UCLA. He and his major professor, Karl Brunner, had both left by the time I arrived. UCLA is an important intellectual connection. At the time, UCLA was informally known as “Chicago West,” for its intellectual affinity to the University…
In March, the Federal Open Market Committee (FOMC) signaled it could begin shrinking the Fed’s balance sheet sometime later this year. However, with limited official details about what that means and none forthcoming from last week’s FOMC press release, many questions remain: How will the Fed decide…
The post Shrinking the Balance Sheet: Where Fed Officials Stand appeared first on Alt-M.
Paul Craig Roberts: “In America Today, Facts Cannot Compete With Lies”
by Tyler Durden
Mar 23, 2017 10:15 PM
Unable to provide an ounce of evidence that a Trump/Putin conspiracy stole the presidential election from Hillary Clinton, the corrupt US “intelligence” agencies are shifting their focus to social media and to Internet sites such as Alex Jones and Breitbart. Little doubt the FBI investigation will trickle down to Glenn Greenwald at The Intercept, Zero Hedge, the Ron Paul Institute, Nomi Prins, Naked Capitalism, Lew Rockwell, Global Research, antiwar.com, and to others on the PropOrNot, Harvard Library, and Le Monde lists, such as top Reagan administration officials David Stockman and myself. It is extraordinary that the FBI is so desperate to protect the budget of the military/security complex that it brings such embarrassment to itself. Who in the future will believe any FBI report or anything a FBI official says?
Those behind this “investigation” understand that it is so ridiculous that they must give it gravity and credibility. They selected two reporters, Peter Stone and Greg Gordon, in the McClatchy News Washington Bureau, who fit Udo Ulfkotte’s definition of “bought journalists.” Hiding behind anonymous sources—“two people familiar with the inquiry” and “sources who spoke on condition of anonymity”—the presstitutes fell in with the attack on independent media, reporting that one former US intelligence official said: “This may be one of the most highly impactful information operations in the history of intelligence.” http://www.mcclatchydc.com/news/politics-government/white-house/article139695453.html
Of the many questions reporters asked Janet Yellen on Wednesday, at her press conference following the FOMC’s decision to raise the Fed’s policy rates, my favorite was the very first, posed by the Financial Times’ U.S. Economics Editor, Sam Fleming. Here is Mr. Fleming’s question: [You’ve stated that…
FORT SUPPLY, Okla. (KOKH) — Residents in Northwest Oklahoma are being asked to evacuate immediately due to large grass fires spreading. A fire warning has been issued for the towns of Fort Supply, Laverne and Buffalo in Harper County. Residents of Fort Supply have been asked to evacuate south toward Woodward, where a shelter is available at the Woodward Pioneer Room, located at 1212 9th Street. (see rest of the story here via OKCFox)
From the Tapp family in Cimarron County further west:
Rachael Tapp (March 6th)
I have witnessed dawn at night, driving through Buffalo. Massive fire line moving southeast. Much loss for friends of ours.
David Andolfatto has thoughtfully replied to my critique of his “A public finance case for keeping the Fed’s balance sheet large.” Here I respond to his reply (despite his Twitter plea to me not to!). I thank him for taking the time to address my criticisms. I…
It is well known that the Federal Reserve System expanded its assets more than four-fold during and after the 2007-09 financial crisis by making massive purchases of mortgage-backed securities and Treasuries. The balance sheet has not returned to normal since. Total Fed assets stand today at $4.45…
The post Why there is no Fiscal Case for the Fed’s Large Balance Sheet appeared first on Alt-M.
Our Oklahoma Governor and State Legislature appear to be in violation of the U.S. Constitution with their action in taxing us with online purchases.
Article I Section. 10 of the U.S. Constitution:
“No State shall, without the Consent of the Congress, lay any Imposts or Duties on Imports or Exports, except what may be absolutely necessary for executing it’s inspection Laws: and the net Produce of all Duties and Imposts, laid by any State on Imports or Exports, shall be for the Use of the Treasury of the United States; and all such Laws shall be subject to the Revision and Control of the Congress….”
In a classic account of why prohibitions and other economic restrictions harmful to consumers arise and persist, economist Bruce Yandle noted that such restrictions are often promoted by a coalition between two groups. The first group are morally motivated do-gooders (“Baptists”) who think that the restrictions will…
The post Baptists and Bootleggers in the Organized Effort to Restrict the Use of Cash appeared first on Alt-M.
Whenever a government agency gains a new power, there’s a risk that, whatever the power’s original intent, it will end up being put to other uses, perhaps good, but often bad. Such is the case for the Fed’s power to pay banks interest on their Federal Reserve…
The post Interest On Reserves: A Secret Fiscal Weapon We’re Better Off Without appeared first on Alt-M.
News accounts and analyses on other blogs have usefully described and critically assessed the “demonetization” shock that Prime Minister Narendra Modi gave the Indian economy on November 8. Here we emphasize two features of Modi’s initiative that have been little noticed. First, the combination of demonetization followed…
The post India’s Currency Cancellation: Seigniorage and Cantillon Effects appeared first on Alt-M.