May 2014 Payroll Employment
After 76 months, we finally got back to the prerecession level of payroll employment.
Click on the image to get a bigger version.
The best summary of the state of our economy is the graph (below) of employment as a fraction of population for people over 16 years old. The decrease is large, but the most troubling feature of the graph is the flat trend .
Donald Marron likes European interest rates. Click on the image to get a bigger version. Can you find three distinct subperiods?
Brad DeLong favors the U.S. gdp gap.
Money Supply M1 growth is now over 20% per year over a 12 month lag. M1 growth has touched 20% before, but not with excess reserves of $1.6 trillion. Where is M1 headed?
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Newmark’s Door (Craig Newmark)
. . . and they'll be no new posts until Monday.
(If you're disappointed about that, please note that this blog currently has over 17,000 posts and over 16,000 comments. Have you read them all?)
"If history is the gauge, then we should be preparing for a record hurricane season in the summer and fall of 2016 . . ."
Long Vanity Fair piece especially interesting for fans of the Man in the White Suit.
Something the world has needed.
Nice brief exposition of how the public employees' union and everybody else can take two very different views.
One of the many, many examples of why many people don't trust our federal government.
Take a wild guess.
John Tamny energetically criticizes Akerlof and Shiller's recent Phishing for Pfools.
(And Tamny doesn't even discuss probably the biggest objection, known since at least the Roman Empire: even if there really are smart people like Akerlof and Shiller who could potentially improve our welfare by telling us what to do, Quis custodiet ipsos ...