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The Folly of Federal Reserve Stabilization Policy: Part II 1985-2023

D.W. MacKenzie March 4, 2024 SNB & CHF

Many economists think the Federal Reserve can use Phillips Curve tradeoffs between inflation and unemployment to guide Fed macro stabilization policy. Inflationary Fed policies may act as a monetary stimulus, to regulate unemployment. Data from 1948 to 1985 indicates that the Phillips Curve doesn’t actually exist. Does the data since 1985 reveal stable Phillips Curve tradeoffs- estimates of the effects of inflation on unemployment that may guide...

Sound Individualism vs Toxic Collectivism

Claudio Grass March 4, 2024 SNB & CHF

Share this article Part II of II by Claudio Grass, Switzerland When it comes to the State, however, and all its ministries, branches and institutions, a very different set of rules seems to apply – a much more lenient, flexible and liberal one. For example, the core pledge of security, protection and stability has yet to be fulfilled: no government has ever delivered on any of these promises socially, economically, geopolitically, or monetarily for any...

Narrowly Mixed Dollar to Start the Big Week for Europe and North America

Marc Chandler March 4, 2024 SNB & CHF

Overview: The dollar is narrowly mixed against the G10 currencies to begin the week that features a Bank of Canada and ECB meetings, US jobs data, Federal Reserve Chair Powell's two-day testimony before Congress, and US President Biden's State of the Union address. Most emerging market currencies are firmer. The Turkish lira is a notable exception. Higher than expected took a toll, knocking it down by around 0.5%. On the other hand, the Malaysian ringgit is up...

Elon’s Boring Line of Bull

Douglas French March 4, 2024 SNB & CHF

Something’s rotten under the Las Vegas Convention Center and it turns out it’s a chemical sludge with the “consistency of a milkshake,” reports Bloomberg Businessweek. This sludge is a byproduct of Elon Musk’s Boring Company tunneling from the Las Vegas Convention Center to the Encore and Westgate hotels. These tunnels don’t feature rapid transit but instead individual Teslas ferrying carloads of convention goers at just 40 mph. Workers are being burned by the sludge...