The Dark Magic of Promotio Competitio
Promotio Competitio is a magic spell, more potent than many others. Neither Harry Potter’s Expecto Patronum, which drives away horrifying Dementors, nor Hermione Granger’s Obliviate, which made her parents forget that they ever had a daughter, can compare to the power of Promotio Competitio. Promotio Competitio gives the government the power to justify any intervention […]
What Reagan Would NOT Do
America should violate international law to begin World War III, or as Senator Lindsey Graham worded it: “We should hold [Russia] accountable and say that if you ever get near another U.S. asset flying in international waters, your airplane would be shot down.” Graham suggested last year that we simply assassinate President Putin, so this […]
One year after the first rate hike, the Fed stands at policy crossroads
U.S. Federal Reserve Chair Jerome Powell responds to a question from David Rubenstein (not pictured) during an on-stage discussion at a meeting of The Economic Club of Washington, at the Renaissance Hotel in Washington, D.C., U.S, February 7, 2023. REUTERS/Amanda Andrade-Rhoades Amanda Andrade-rhoades | Reuters The Federal Reserve is one year down its rate-hiking path, […]
Long-awaited Fed digital payment system to launch in July
The Marriner S. Eccles Federal Reserve Board Building in Washington, D.C. Sarah Silbiger | Reuters The Federal Reserve’s digital payments system, which it promises will help speed up the way money moves, will debut in July. FedNow, as it will be known, will create “a leading-edge payments system that is resilient, adaptive, and accessible,” said […]
Lagarde announces new 50bps hike
Christine Lagarde, president of the European Central Bank (ECB), pauses during a rates decision news conference in Frankfurt, Germany, on Thursday, March 16, 2022. Alex Kraus | Bloomberg | Getty Images The European Central Bank on Thursday announced a further rate hike of 50 basis points, signaling it is ready to supply liquidity to banks […]
Failing Market Failure – Econlib
In my previous post, we saw how George Akerlof’s argument can persuade us that markets fail- from the perspective of microeconomics. This brings us to the “window” of price theory, from which we can observe that instead of demonstrating the case of market failure, Akerlof is also illustrating the exact opposite in the very same […]
