Animatronic short circuit (2) [with comment by Paul]

Featured image President Biden appeared last night in a half-empty auditorium for a live CNN town hall in Ohio. CNN concealed the empty seats. Steven Nelson includes the photo below via Bloomberg News reporter Jennifer Epstein’s tweet in his New York Post story “Biden speaks to half-empty room at CNN town hall.” What the Biden CNN town hall looks like from the back of the auditorium: — Jennifer Epstein (@jeneps) July »

Animatronic short circuit

Featured image The animatronic presidency featured Remarks by President Biden on the Economy (the link is to the White House transcript). The remarks appear to be intended to allay concerns about inflation. If you have a modicum of common sense or even if you have only been listening to his Secretary of the Treasury, you would have reasonable concerns about inflation. Speaking at the White House and staring vacantly into his prompter, »

The return of the misery index

Featured image The misery index is a back-of-the-envelope measure of how America is faring economically. It is derived by adding the employment rate and the inflation rate. The misery index was an oft-cited figure during the 1970s and 1980s. As Issues & Insights reminds us, it spiked during the stagflation presidency of Jimmy Carter, all the way to 21.9 percent. The economy thus accomplished what many economists had thought was impossible in »

You save 16 cents, what do you get?

Featured image The New York Post documents some of the hilarity occasioned by the lame White House tweet celebrating the saving of 16 cents for the food cost of a 2021 July 4 barbecue over last year. The Post story notes the pitifully stupid puns with which the White House advertised the Farm Bureau’s annual update on July 4 food costs (below). With an unprecedented humanitarian crisis at our border, soaring gas »

An hour with Paul Singer

Featured image Paul Singer is the incredibly successful founder, president, co-chief executive officer, and co-chief investment officer of Elliott Investment Management. Grant Williams invited him to share his thoughts on the current state of economic affairs on his January 22 End Game podcast. The podcast is posted here. I have embedded it below. According to the description provided: “Among the topics covered in this extremely rare and endlessly fascinating conversation are Paul’s »

Herman Cain for the Fed?

Featured image President Trump drew plenty of criticism when he nominated Stephen Moore to be a member of the Federal Reserve’s board of governors. Moore’s problem? He agrees with Trump about monetary policy. But why nominate someone to the Fed someone who doesn’t agree with the president about the issues the Fed deals with? To do so would be irresponsible, it seems to me. Now, however, Trump reportedly will nominate Herman Cain »

Modern Monetary Theory: An Age-Old Fraud

Featured image If you haven’t heard about “Modern Monetary Theory,” you will. Simply put, it holds that governments don’t need to worry about budget deficits. On the contrary, they can finance anything they want to do, simply by printing money. If you think that sounds stupid, you are right. Yet the theory is becoming popular on the American left. It has been espoused by, among others, Alexandria Ocasio-Cortez, who explains that we »

A Simple Solution, Favored the World Over

Featured image The big news in the upcoming Italian election is the rise of former comedian Beppe Grillo, whose party may finish as high as second in the voting. There is a lot about Grillo at The Corner. He sounds like a pretty typical bad-government populist; normally you would think it would be a disaster if he took power, but this is Italy, so things may or may not get worse. What »

Argentina: A Glimpse Into Our Future?

Featured image Scott noted earlier today that the currency war is underway, with countries around the world debasing their money to disguise the fact that they can’t control their spending. While the phenomenon is becoming worldwide, some countries are ahead of others. Like Argentina. ZeroHedge comments on Argentina’s utterly pathetic decision to freeze supermarket prices: Up until now, Argentina’s descent into a hyperinflationary basket case, with a crashing currency and loss of »