10/11/2021
Today
Rob Smith, RCM Dennis came to work for one of my companies in 1994. I owned a chain of fried chicken and biscuit restaurants and needed someone to run them. I sure as hell didn't know how to. Dennis had worked for Chick-Fil-A. He moved from Atlanta to Richmond. We became fast friends and I handed him the keys and trusted his judgment. Dennis was a regular guy, interested in guy things, like college football and the Braves. Real men like to dis each other and play stupid childish tricks on one another. Dennis had these skills in spades. One day I was back in my office and one of my secretaries knocked on my... |
Zeeshan Aleem, MSNBC Manchin's criticism of Biden's reconciliation bill betrays a misunderstanding of good principles and policy. |
Paul Krugman, New York Times Biden should do whatever it takes to avoid default. |
John Tamny, Forbes Government can print dollars, but it can't create demand. |
Chuck Collins, The Hill The Pandora Papers show how the super-wealthy play shell games to elude their tax obligations. |
Drew Allen, RCM Since 1960, the federal government has increased its tax revenue over the previous fiscal year 54 times. Only 7 times has the federal government's tax revenue decreased over the previous fiscal year. In other words, nine times out of ten, the government gets a raise. But since 1960, the federal government has spent more than it takes in ten times out of ten. For 61 consecutive years, the national debt has increased over the previous year. Nine times out of ten, the federal government confiscates more of our money each year through taxation, but ten times out of ten, they spend even more than... |
Market Minder, Fisher Investments A couple of widely watched political developments advanced this week. |
Charles Gasparino, New York Post There was a time when it didn't matter what school you went to or whether you had a fancy MBA. If you were smart and hungry, you could have a career on Wall Street — and even run a big firm. |
Matt McFarland, CNN Tesla CEO Elon Musk has said the company will roll out the latest beta version of its 'full self-driving' software to 1,000 owners this weekend. |
Michael Hiltzik, LAT A new op-ed claims to have verified the lab-leak origin of COVID-19, but it's a mess. |
Lionel Shriver, City Journal Why the United Kingdom will never be the same |
Jeffrey Tucker, Brownstone There were some spooky data points in the latest jobs number. The headline was worrying enough: only 194,000 new jobs added, which is the slowest pace of job growth this year. It feels like an emergent recession, not that we ever left the last one created by government shutdowns. |
Liz Ann Sonders, Charles Schwab September's end brought some key winning streaks to an end courtesy of elevated risks associated with myriad economic, inflation and policy related uncertainties. |
Duncan Weldon, Value Added Inflation is the biggest debate in macro. The models don't work. |
Ironman, Political Calculations September 2021 closed out a strong quarter for dividend paying stocks in the U.S. stock market. |
Neil Shearing, Capital Economics Fuel shortages, tax increases and a whiff of stagflation have prompted comparisons between the economic situation today and that of the 1970s. But for the UK at least, the similarities with the period immediately following the Second World War are arguably more striking. |
Carrie Schwab-Pomerantz, Charles Schwab Cryptocurrency can yield big gains, but equally big losses. |
Drumetz Françoise & Pfister Christian, Banque de France In the last few years in the U.S. and especially since the publication of Stephanie Kelton's book, The Deficit Myth (Kelton, 2020) in Europe, the so-called Modern Monetary Theory (MMT) has been gaining prominence in the media and the public. This paper exposes the main proposals of MMT in the light of their doctrinal sources, also confronting them with economic facts and with other currents of economic thought. |
Richard M. Ebeling, AIER What is needed is a repeal of government regulations and restrictions, ending any and all government control over consumption and production, lowering taxes, the end to budget deficits, and working with a balanced budget. |
David Runciman, LROB Peter thiel is known for so many different things it can be hard to keep up. |
Steven Hill, Project Syndicate The free market has never been a free-for-all, yet tech companies have long operated with few constraints on their business models. Perhaps the latest Facebook scandal will finally provide the impetus governments need to take effective action – beginning with the implementation of digital operating permits. |
Barry Ritholtz, The Big Picture These days, the labor market is even more unusually dynamic than usual. It is not an exaggeration to suggest it is in the midst of a radical transformation. |
Neil Irwin, New York Times They fell far short of analyst expectations, but they reflect a steady expansion that is more rapid than other recent recoveries. |
Rivka Galchen, The New Yorker Amid an escalating crisis, the power source offers a dream—or a pipe dream—of limitless clean energy. |
Mark Harris, TechCrunch An environmental document that needs U.S. Federal Aviation Administration approval before SpaceX can begin testing the world's largest rockets is missing key details about where its fuel will come from, experts say. |
Jennifer Liu, CNBC Zoom, which ranked No. 1 for happiest employees in 2019 and 2020, slipped in this year's ranking. |
Christian Britschgi, Reason A month after the Supreme Court struck down the CDC's eviction moratorium, eviction filings remain well below pre-pandemic averages. |
Emily Stewart, Vox Think you're investing ethically? You might be surprised. |
David Hay, Evergreen Gavekal As I have written in past EVAs, it amazes me how little of the intense inflation debate in 2021 centered on the inflationary implications of the Green Energy transition. Perhaps it is because there is a built-in assumption that using more renewables should lower energy costs since the sun and the wind provide "free power". |
Cullen Roche, Pragmatic Capitalism Why is it so hard to be civil? |
Seth Godin, Seth's Blog We'd rather not claim luck. Good luck feels like something was unearned. And bad luck sounds like an excuse. The false promise of meritocracy decries luck in all its forms. And yet… Amo… |
Scott Sumner, The Money Illusion The economy is currently beset by all sorts of problems, mostly related to supply-side problems. And yet, I see no evidence that monetary policy is significantly off course. |
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