War and Time Preference: The American Army in Australia

During the Second World War, over 120,000 American troops were stationed in Australia; hundreds of thousands more visited the country on furlough or passed through during transit to battle zones in the Southwest Pacific. In all, around one million American servicemen spent time in Australia during the war. Australia was garrisoned and transformed into a supply base when it became clear the Japanese were going to overrun the Philippines.

Fed Liquidity and the World Economy

Noah, commenting on “For More Jobs and Stability, Set the Economy Free”, points to second important observation in the linked commentary by Kevin Warsh – the spillover effect of Fed Policy, with significantly negative long run consequences, on the world economy. From his comment:

The piece by Kevin Warsh that was linked in the article (“Finding Out Where Janet Yellen Stands”) included this important observation: