USA Today discusses the rise of private cities in a fascinating article today. [all italic emphasis below mine]
“These fast-growing unincorporated areas reflect a national shift toward turning some government functions over to private companies and away from multiple layers of government. For people in these areas, becoming a traditional city is unnecessary.”
We wrote in today’s Capital Letter that, half a century ago, the US was subjected to the combination of an unbacked tax cut sponsored by the Republicans, the largest export subsidy in history – in the shape of that not-entirely altruistic exercise known as the Marshall Plan – and the explosion of an avowed policy of counter-insurgency and pre-emption against a global ideological foe, known as the Truman Doctrine, into a debt-financed hot war in Korea.
Does any of this seem to have a certain ring to it?
“’Boom or bust’ may take on new meaning as researchers theorize a link between U.S. economic conditions and subtle changes in Playboy centerfold physiques. According to researchers, a comparison of the faces and figures of Playmates of the Year from 1960 to 2000 suggests men may prefer stronger-looking women in hard times, and softer, more vulnerable types when bull markets resume,” says E.J. Mundell in Reuters.
Daily Commentary
By Rockefeller Treasury Services
http://www.rts-forex.com
“Given all this, finding Austrian economics and libertarian theory (about four years after my visit to Dachau) had great meaning for me,” writes Stephen W. Carson. “I began to see the order in the seeming chaos of society. I began to see the beautiful ways in which society could yield harmony, peacefully navigate through conflict and even improve the conditions of human life.”
Clear, careful communications with the investing public is the Fed’s “new Big Gun” in the battle to manage the American economy, writes Peter Gosselin in the Los Angeles Times (free registration required). Nonetheless, a growing number of economists have begun expressing doubts about the Fed’s latest moves, especially its unexpected focus on the dangers of deflation, or a general price decline. “They’ve let themselves get swept up in the deflation delir
Sour Grapes in the Golden State (BBC): “California’s wine industry is weathering the worst downturn in the industry’s history after a string of bumper crops and a souring economy has led to plunging prices and financial problems for some vineyards. The seeds of the oversupply were sown in the 1990s when demand skyrocketed and a booming economy prompted growers to plant more vines. During the late 1990s, plantings soared by 45%.
