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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Ludwig von Mises Institute Articles
Public accommodation laws that prohibit discrimination render property rights moot and create a legal system designed to force agreement with the state's official moral code.
The terms “quid pro quo” has been twisted to now include government handouts and state-mandated exchanges, so long as the value of goods trading hands are deemed to be of “equal value.” True voluntary exchange, on the other hand, is something quite different.
With 100 years having passed since the start of the First World War, the view of the war among historians and the public has evolved in many ways. Historian Hunt Tooley examines the turning points in how the world sees the Great ...
David Gordon and Jeff Deist discuss Rothbard’s life from an insider’s perspective, his relationship with Mises and the areas where they disagreed, and more.
The Fed has created a new measure of employment that it says it will use to guide monetary policy. Unfortunately, simply knowing employment trends tells us little about whether or not real wealth is being created in the economy. ...
Efficient banks have many options for lenders and credit when banking crises hit. It's the inefficient and insolvent banks that must turn to a central bank. But do we really want central banks that reward insolvency and encourage inefficiency? ...
In this review of Radley Balko's Rise of the Warrior Cop Aaron Tao examines the history of government policing, rights that have been lost, and the symbiotic relationship between the police state and the war on drugs.
Once interest rates begin to rise — and rise they must, whether as a result of Fed policy or not — the end of the asset price inflation will be at hand. The result will be another financial crisis and accompanying recession.