In the wake of the economically disastrous covid-19 shutdowns, the political class has desperately tried to save the failing euro system. On July 21 European leaders agreed on what they called a “historic” deal. It was nothing more than a multitrillion euro stimulus package. However, it is more probable that the “recovery fund” will delay any chance of a much-needed economic restructuring taking place.
James Tift Champlin (1811–82) was born in Colchester, Connecticut. He enrolled at Brown University in 1830, where the president, Francis Wayland, greatly impressed him.
Wayland was a staunch defender of private property, the free market, and classical liberalism. His book The Elements of Political Economy (1837) is based on sound and insightful economic principles with an emphasis on human action.
The Federal Reserve has potentially had the most memorable year in its more than a century–long history.
[Review of Stephen Kinzer, Poisoner in Chief: Sidney Gottlieb and the CIA Search for Mind Control (New York: Henry Holt and Company, 2019)]
The US Dollar Index has lost 10 percent from its March highs and many press comments have started to speculate about the likely collapse of the US dollar as world reserve currency due to this weakness.
These wild speculations need to be debunked.
The US dollar year-to-date (August 2020) has strengthened relative to 96 out of 146 currencies in the Bloomberg universe. In fact, the US Fed Trade-Weighted Broad Dollar Index has strengthened by 2.3 percent in the same period, according to data compiled by Bloomberg.
In August of 1963, Human Events published an article written by Howard Buffett entitled “’Thou Shalt Not Steal!’ But Government Confiscation Has Been Legalized.”1
Day 1 of the Economic Policy Symposium at Jackson Hole saw the release of the revised Statement
The level of Fedspeak last week tells us something peculiar happened at the Fed. After the Jackson Hole meeting, and with the release of the new goals and strategy updates, members of the Fed are providing detailed explanations about the new framework. Perhaps by design, each explanation raises more questions than provides answers.
