“No country facing enormous budget deficits, rapid growth in the money supply and the prospect of a sustained currency devaluation as we are has ever experienced deflation. These factors are harbingers of inflation.” Allan H. Meltzer, May 3rd 2009 In Allan Meltzer’s excellent New York Times op-ed piece from May 3rd, we are taken back…
Unemployment
Welcome To El Centro, CA – The Unemployment Capital of America
The Wall Street Journal dug into the just-released stats from the Labor Department, including March unemployment figures for 310 metropolitan areas. From WSJ: El Centro, Calif., is again at the top of the list, as unemployment there hit a jaw-dropping 25% in March. Where and what is El Centro, California? Its the county seat for…
Why 10% Of Us Are Unemployed, Exhibit A
Hey Kids, I’m an ardent patriot and as American as apple pie, or the apple-flavored pie they serve at McDonalds. That said, I came across the below video, not exactly flattering to Americans in general, and thought I’d pass it on. For my friends who don’t feel like reading the Wall Street Journal, here’s a…
When Its Time To Raise Rates, Will Bernanke Have The Stones?
An article in Bloomberg raises some very interesting questions and I though I’d open up the discussion on these three: 1. Since Bernanke has clearly chosen Keynes over Friedman, pumping in liquidity with the belief that inflation will be held in check, will this “end in tears” as Fed historian Dr. Allan Meltzer believes? 2. …
TGIF: 8.5% Unemployment…Here's the Anthem
In honor of another horrific Non-Farm Payroll number, here is the ultimate anthem for the unemployed, George Thorogood & The Destroyers with a live version of “One Bourbon, One Scotch and One Beer“. Take it away, George… [youtube=http://www.youtube.com/watch?v=kgxhLJKMDsc] From the Bureau of Labor Statistics: Nonfarm payroll employment continued to decline sharply in March (-663,000), and…
