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 2018-01-22 05:15 

Economic Policy Journal

WOW: Axios Hit Job on Wilbur Ross...

This is juicy.Axios is reporting that President Trump has said of Commerce Secretary Wilbur Ross:Wilbur has lost his step. Actually, he's probably lost a lot of steps.I remind readers this was my take on Ross on Friday: Ross is a Compsognathus brain. ...

 2018-01-22 05:15 

Economic Policy Journal

MUST READ: An Open Letter to Congressional Leaders...

21 January 2018Rep. Paul Ryan, Rep. Nancy Pelosi, Sen. Mitch McConnell, Sen. Charles SchumerCapitol HillWashington, DCCongressional Leaders:The theory (one to which you undoubtedly subscribe) is that the United States government bestows real and vital ben...

 2018-01-21 18:13 

Economic Policy Journal

Trump's Brand Value Crashing...

...at least in Chicago.Chicago Crain's reports:Condos in Trump International Hotel & Tower sold for an average of $747 a square foot in 2017...That's down almost 12 percent from 2016...In the same period, prices in the downtown condo market overal...

 2018-01-21 18:13 

Economic Policy Journal

Reflections at 70...

By Henry HazlittWhen I look back on my life, what strikes me is that I have been on the whole a very lucky man — and, above all, lucky in my friends.My luck began, perhaps, in the year in which I was born, 1894. I have the advantage over most of you...

 2018-01-21 05:50 

Economic Policy Journal

Williams Cagey About Possibly Being Nominated as Federal Reserve Vice-Chairman...

San Francisco Federal Reserve President John Williams on Friday did not comment on reports Thursday that he is under consideration by the White House to be the Fed Board's vice-chairman. "I'm not going to comment on that at all," he told r...

 2018-01-21 05:50 

Economic Policy Journal

Feds Sue Three E-Currency Operators for Fraud...

The Commodity Futures Trading Commission said on Friday that it has filed charges against three separate virtual currency operators alleging the defendants had defrauded customers and broken other commodity trading rule, reports Reuters.The CFTC charged N...

 2018-01-20 18:03 

Economic Policy Journal

Amazon Raises Price of its Prime Membership...

An indication of accelerating price inflation?Amazon has announced it has raised the price of its monthly Prime membership for the first time since 2014.The fee for those who pay monthly will rise from $10.99 to $12.99, with the annual price remaining at ...

 2018-01-20 18:03 

Economic Policy Journal

Nobel Prize-Winning Economist: Bitcoin Is Likely to 'Totally Collapse and Be Forgotten'...

Robert Shiller, a Nobel Prize-winning Yale economist, , says that he is mystified by the rise of Bitcoin—but ultimately regards the cryptocurrency as a speculative bubble that is likely to burst, reports Time magazine.Shiller, during a CNBC intervie...

 2018-01-20 05:06 

Economic Policy Journal

Government Shutdown: What to Expect...

The Senate has failed to pass a short-term spending bill, it appears a federal government "shutdown" will begin at midnight east coast time.But much of government will continue to run and President Trump will still fly on government money, with hi...

 2018-01-20 05:06 

Economic Policy Journal

Yet Another Open Letter to Trump...

18 January 2018Mr. Donald Trump1600 Pennsylvania Ave., NWWashington, DC 20500Mr. Trump:This morning you tweeted the following: "The Wall will be paid for, directly or indirectly, or through longer term reimbursement, by Mexico, which has a ridiculous ...

 2018-01-19 18:03 

Economic Policy Journal

People Flocking to Low-Tax States...

By Jonathan WilliamsJust a month ago, as friends and families prepared to gather for the holiday season, the men and women at the U.S. Census Bureau were busy releasing their latest annual estimates of population changes across the United States.With the ...

 2018-01-19 18:03 

Economic Policy Journal

REPORT National Economic Adviser to Leave the White House...

National Economic Council Director Gary Cohn is expected to resign his position shortly in the White House after the president and his economic team return from the World Economic Forum in Davos, Switzerland, later this month, several administration sourc...

 2018-01-19 06:14 

Economic Policy Journal

San Francisco Fed's John Williams is Being Considered as the Fed's No. 2...

SF Federal Reserve President John Williams and EconomicPolicyJournal.com's Robert Wenzel A local guy is being considered for the vice-chairmanship of the Federal Reserve.The White House is considering John Williams, the president of the Federal Reserv...

 2018-01-19 06:14 

Economic Policy Journal

Why Do We Need Profit?...

Zach B. emails:In my engineering class (grades 9-11), I was showing them how to calculate CPU so we could determine if their process was profitable.Some students were asking why profit is needed and if there ever would be a scenario where profit wouldn...

 2018-01-19 06:14 

Economic Policy Journal

Robert Wenzel YouTube Broadcasts Now Available as Podcasts...

For those of you who don't have the time to watch my "Robert Wenzel Talks Economics" youtube broadcasts, they are now available as podcasts at:Podbeanand iTunesYou won't get my magical blackboard work, but you'll get the gist of it. -R...

 2018-01-18 17:17 

Economic Policy Journal

Apple and Google Buses Attacked in Silicon Valley...

There are some serious anti-economic progress radicals in the Silicon Valley/San Francisco Bay Area.Buses that bring tech workers on a daily basis from San Francisco to Silicon Valley have experienced regular attacks. Buses have been stopped, egged and pa...

 2018-01-18 17:17 

Economic Policy Journal

This is What You Need to Know About the World Economic Forum That Trump Will Be Attending Later This Month in Davos, Switzerland...

Gary North provides the background:Every January, the elite gather in Davos, Switzerland to do business deals and listen to boring lectures by people who don't have either money or power. It's called the World Economic Forum...The World Economic F...

 2018-01-18 17:17 

Economic Policy Journal

Amazon Narrows List of Cities for "Second" Headquarters...

Here's the latest on Amazon's planned escape from socialist Seattle.Amazon has narrowed the list of cities for a "second" headquarters to 20 cities: -RW...

 2018-01-18 17:17 

Economic Policy Journal

Trump's Homeland Security Dept Bans Haitians From Applying For Low-Skill Work Visas...

The Department of Homeland Security has removed Haiti from a list of countries whose citizens are permitted to apply for low-skilled work visas, Reuters reports.How idiotic! This is what, to protect low-skilled menial jobs for Americans?I discussed the ec...

 2018-01-18 17:17 

Economic Policy Journal

U.S. Treasury Sees Virtual Currencies as 'Evolving Threat'...

The U.S. Treasury views virtual currencies such as Bitcoin as an "evolving threat" and is examining dealers to make sure they aren't being used to finance illegal activities, the undersecretary for terrorism and financial intelligence said, ac...

 2018-01-18 05:58 

Economic Policy Journal

Continuing My One-Way 'Correspondence' with Trump...

Mr. Donald Trump1600 Pennsylvania Ave., NWWashington, DC 20500Mr. Trump:Reports are that, in your telephone conversation today with Chinese President Xi Jinping, you complained that Americans' trade deficit with the Chinese is growing.Why are you comp...

 2018-01-18 05:58 

Economic Policy Journal

Tech Recruiting on Steroids...

Corey B, an EPJ reader and subscriber to the EPJ Daily Alert, emails:Granted that I'm a sample size of one, however I'm in the tech industry and have about 20 years of experience under my belt. The level of recruitment is starting to reach a pace ...

 2018-01-18 05:58 

Economic Policy Journal

A Report on an Experience with a Self-Driving Car on the Streets of San Francisco...

It is not uncommon to see self-driving cars being tested on the streets of San Francisco. I probably see one every other day. There are usually two people in the car, one on the driver's side in case of an emergency.The other day, a self-driving car w...

 2018-01-18 05:58 

Economic Policy Journal

Paul Krugman Gains Top Spot in Trump's Just Announced 2018 Fake News Awards...

President Trump has tweeted out winners of the "2017 Fake News Awards".And the FAKE NEWS winners are...https://t.co/59G6x2f7fD— Donald J. Trump (@realDonaldTrump) January 18, 2018And without further ado... here are the winners, as provided b...

 2018-01-17 17:59 

Economic Policy Journal

Martin Feldstein Warns About Stock Market...

Martin FeldsteinMy favorite Keynesian economist, Martin Feldstein, writes in the Wall Street Journal:Year after year, the stock market has roared ahead, driven by the Federal Reserve's excessively easy monetary policy. The result is a fragile financia...

 2018-01-17 17:59 

Economic Policy Journal

An Opportunity For Austrian School Economists To Do a Little Target Shooting...

Mainstream macroeconomists are experiencing an unusual degree of self-doubt at the present time. They know they didn't see the 2008 financial crisis (though Austrians did). And they don't seem to understand the current, what they consider, sluggis...

 2018-01-17 05:43 

Economic Policy Journal

Lies, Damn Lies and Government Poverty Statistics...

I am getting inundated with emails pointing me to a Los Angeles Times op-ed, Why is liberal California the poverty capital of America? The essay reaches this conclusion by using data from the Census Bureau's Supplemental Poverty Measure. In other word...

 2018-01-17 05:43 

Economic Policy Journal

It's On!: Walter Block Takes on the Wage Gap Controversy and...

Loyola University-New Orleans Professor Walter Block sent this email out to his students:Dear Students:Since this is about our textbook author, and, also, about one of the subjects we'll be studying in class, I thought you'd be interested:http://w...

 2018-01-16 18:12 

Economic Policy Journal

Bitcoin Price Breaks Below $12,000...

In volatile trading, the bitcoin price has dropped under $12,000 this morning and is down more than 18% in the last 24 hours.The immediate driver of the price break in the e-currency was overnight comments made by South Korea Finance Minister Kim Dong-yeo...

 2018-01-16 18:12 

Economic Policy Journal

Higher Price Inflation Ahead...

Michael S. Rozeff gets it right when he writes:The price movements in financial markets are often difficult to interpret, but recently they are acting as if higher inflation lies ahead. It's the uniformity of reactions in several markets that suggest ...

 2018-01-16 17:53 

Economic Policy Journal

The Wall Street Journal Warns That Interest Rates Are Headed Higher...

Justin Lahart, in the high profile Wall Street Journal column Heard on the Street, writes in the article titled, "Trouble Ahead for the Treasury Market":The most important question in the financial markets today is whether bond yields will keep ri...

 2018-01-16 05:07 

Economic Policy Journal

The Experiences of an 80-Year Old Man in the Early 21st Century...

Bread and Coca By Robert WenzelThe New York Stock Exchange is closed today for Martin Luther King Day and since I don't publish the EPJ Daily Alert when the NYSE is closed, it is a relatively lazy day for me.I slept in an extra couple of hours and put...

 2018-01-16 05:07 

Economic Policy Journal

Government Shutdown Looms...

Chances of a government shutdown grew Monday as Republicans concluded that they would be unable to reach a long-term spending accord by the Friday deadline. GOP leaders are now turning to a short-term funding measure in hopes of keeping agencies open whil...

 2018-01-16 05:07 

Economic Policy Journal

Researchers Find Bitcoin Price Manipulation...

Tech Crunch reports:Researchers Neil Gandal, JT Hamrick, Tyler Moore, and Tali Oberman have written a fascinating paper on Bitcoin price manipulation. Entitled "Price Manipulation in the Bitcoin Ecosystem" and appearing in the recent issue of the ...

 2018-01-15 18:05 

Economic Policy Journal

Venezuela's Price Inflation Hits 5,067%....

...a new high.This means one thing, a central bank money printer on steroids.(via Steve Hanke)The former Socialist Party lawmaker Ricardo Sanguino is head of the central bank. Blame it all on him: Ricardo Sanguino -RW...

 2018-01-15 18:05 

Economic Policy Journal

Trump Considering a Multi-Billion Dollar Hike in the Federal Gas Tax...

The stable genius is trying to figure out he will raise $200 billion.Chris Edwards writes:The Trump administration will release its long-waited infrastructure plan in coming weeks. The plan is expected to include $200 billion over 10 years of federal fund...

 2018-01-15 18:05 

Economic Policy Journal

Double Whammy Trouble for the US Dollar...

The US dollar has fallen to its lowest level against the Chinese yuan in the last two-years.The US dollar against the Chinese yuan.At the same time, Japanese purchases of US Treasury securities are collapsing.The Nikkei reports that Japanese investors'...

 2018-01-15 02:57 

Economic Policy Journal

Social Justice Warriors Attack Top Harvard Economist Greg Mankiw...

Perhaps the greatest economics textbook salesman ever, Harvard professor Greg Mankiw took to his blog page to defend the fact that he mostly references men in his best selling textbooks:The above graphic, from today's NY Times, is intended to show bia...

 2018-01-14 17:45 

Economic Policy Journal

EXPOSED: The World Bank Manipulated and Distorted Its Competitiveness Rankings; Political Motivations...

Paul RomerThe oh so fun World Bank chief economist Paul Romeris at it again.I have featuredhim here in EPJ in the past. I reported last year, Romerhad been stripped of his management duties after researchers rebelled against his efforts to make them commu...

 2018-01-14 17:45 

Economic Policy Journal

More on the Delusional Bitcoin Fanboys Who Think Bitcoin is Saving Venezuela...

The latest on Venezuela from The Washington Post:Amid severe scarcities of basic goods, some hotels here have begun rationing toilet paper. Crisis-battered Venezuelans on local escapes, meanwhile, have graduated from stealing towels to pocketing lightbulb...

 2018-01-14 06:05 

Economic Policy Journal

Chinese Bitcoin Mining Firm Raises Fees 733% Amid Bitcoin Crackdown...

Bitcoin mining, the computing process that makes transactions with the cryptocurrency possible, is about to become more expensive for some after China ordered mining facilities to close, reports Bloomberg.ViaBTC Technology Ltd., which runs the fourth-bigg...

 2018-01-13 18:02 

Economic Policy Journal

This is What Happened When I Took a Course Taught by Friedrich Hayek...

By David GordonIn 1969, Friedrich Hayek taught at UCLA; he was Flint Professor of Philosophy, a visiting position of great prestige which had in past years been held by Bertrand Russell and Alfred Tarski. I was then a senior and enrolled in his only under...

 2018-01-13 18:02 

Economic Policy Journal

Simple Supply and Demand Economics...

At the post,Corporate America Warns the Stable Genius, the Lab Manager comments:I would like RW to prove me that the unemployment rate is really single digits and we truly need more people from these poop hole countries to allegedly fill jobs Americans wo...

 2018-01-13 18:02 

Economic Policy Journal

The Africans Among Us...

Tyler Cowen writes:One of the most striking facts about immigration to the U.S., unbeknownst even to many immigration advocates, is the superior education of Africans coming to this country. If we consider adults age 25 or older, born in Africa and living...

 2018-01-13 18:02 

Economic Policy Journal

Krugman Slams Mnuchin: As Dumb as He Looks...

I had thought that Mnuchin couldn't be as dumb as he looks. But sometimes looks don't deceive. https://t.co/dhxMAOvZjz Paul Krugman (@paulkrugman) January 13, 2018Only the Trump Administration could make Krugman appear sound.-RW...

 2018-01-13 02:57 

Economic Policy Journal

Did Hayek Really Say that Free Markets Make Consumers Better Informed?...

By George PickeringIts interesting how often the most memorable and thought-provoking parts of a given discussion are to be found in the tangents away from it.Yesterday I was in a seminar on the history of economic thought in which we were supposed to be ...

 2018-01-12 17:24 

Economic Policy Journal

Mnuchin Warns Against Bitcoin Becoming the Next 'Swiss Bank Account'...

U.S. Treasury Secretary Steven Mnuchin said he will work with the Group of 20 nations to prevent e-currencies such as bitcoin from becoming the digital equivalent of an anonymous Swiss bank account, reports Bloomberg.Speaking to the Economic Club of Washi...

 2018-01-12 17:24 

Economic Policy Journal

Miami Bitcoin Conference Stops Accepting Bitcoin...

Next week the popular e-currency event, The North American Bitcoin Conference will be hosted in downtown Miami at the James L Knight Center, January 18-19. However, bitcoin proponents got some unfortunate news this week as the event organizers have announ...

 2018-01-12 17:24 

Economic Policy Journal

Senate Panel to Vote January 17 on Powell Nomination for Fed Chief (For the Second Time)...

The U.S. Senate Banking Committee will hold a second vote on Jan 17 over the Trump administrations nomination of Fed Governor Jerome Powell to lead the Federal Reserve, accordingto the committees calendar, reports Reuters.The committee already backed Powe...

 2018-01-12 04:14 

Economic Policy Journal

The GOP's Tax Reform Offers No Relief from the Inflation Tax...

ByBrendan BrownThe Tax Cuts and Jobs Act (TCJA) signed into law on December 22, 2017 promises no relief from one big tax on income the inflation tax. Quite the contrary, there are strong grounds to expect this burden to increase as new and unannounced me...

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