A careful look at US economic conditions supports the view that inflation was driven mainly by supply-side disruptions and shifts in the pattern of demand. Given this, further interest-rate hikes will have little to no effect – and will cause far-reaching problems of their own.
The post How Not to <span class="dewidow">Fight Inflation</span> appeared first on Roosevelt Institute.
Lula's visit to Argentina, during the Community of Latin American and Caribbean States (CELAC) meeting, brought about a brief discussion of the possibility of a common currency. I have discussed here (as well as many guest bloggers) both currency unions, in particular the euro, and it's consequences. Note that the FT piece linked suggested that the common currency was the first step in a long process. I doubt it, in part because, if the end goal is a real currency union, it would be a terrible idea. The actual proposal by the current finance minister, Fernando Haddad, and one of his collaborators, Gabriel Galípolo, falls short of a common currency area. It is still a bad idea....
In my view, the point of this announcement was purely political, and to suggest that the integration between the two countries, one with a threatened economy [Argentina], the other with a threatened democracy [Brazil], is a priority. Both left of center presidents stand together.… There is no circumstance in which a movement in the direction of a common currency makes any sense.
McSweeney’s mourns the passing of Paul La Farge, a brilliant writer, teacher, and scholar. We were lucky to publish an early novel by Paul called The Facts of Winter, and he contributed often to our Quarterly and The Believer. He was one of the most gentle and genuine of colleagues, and we miss him dearly.
My favorite memory of Paul is when we were all very young, and he lived in San Francisco in an apartment of artistic friends they called Paraffin House. I forget why—a sign they stole somewhere? It was the kind of generous, joyous bohemian life I’d come to San Francisco to find. And Paul brought me into it. His intelligence and talent were evident to the world, but his kindness is what everyone will remember.
— Andrew Sean Greer, author of Less is Lost
With apologies to Gillian Flynn. And Jim Henson.
Cool Pig. Frogs always say that’s what they want. Cool Pig is cold. Cold-blooded, that is. A feat managed by sheer willpower overriding her mammalian biology and also regular ice baths. Cool Pig never gets embarrassed by the way her Frog dances, flailing his arms in the air as if he’s experiencing a grand mal seizure. She simply smiles and karate chops the bejeezus out of the evil fast-food chain owner chasing him down for his delectable frog legs.
A big spender on right-wing causes, investor Andrew Intrater gave seed money to a group formed to oust a reform-minded district attorney.
The post George Santos Benefactor Bankrolled Group Opposing LA’s Progressive Prosecutor appeared first on The Intercept.
Hovertext:
I just worry kids will never know the pleasure of convincing your exhausted mother that you'll shut up in exchange for the king size candy bar and 6 pounds of Ninja Turtles episodes.
NATO support for the war in Ukraine, designed to degrade the Russian military and drive Vladimir Putin from power, is not going according to plan. The new sophisticated military hardware won't help.
The post Chris Hedges: Ukraine: The War That Went Wrong appeared first on MintPress News.
Alex Williams recently wrote “What Is ‘Core PCE Services Ex-Housing’ Anyway?,” which dissects the measure that the Fed is using to get a handle on “underlying” inflation. The most interesting bit (for me) is that about 1/4 of this measure is an imputed price index, based on wages. This means that this component will track wages (giving a convenient analytical relationship) by definition.
The logic of following this measure is that the Fed convinced itself that the core (ex-food and and energy) personal consumption expenditure is the best measure of “underlying” inflation, but it turns out that the housing part of that has construction issues (too smoothed to pick up current events), and so they wanted to strip that out of the measure.