In this era of monetary fiction, one tends to read all types of undocumented and misguided views on monetary policy. However, if there is one that really is infuriating is the MMT science fiction.
Problem: Many places of planet Earth are so hot, at least during significant portions of the year, that it has adverse effects on human health and productivity.
Emerging market stocks have stabilised, helped by the strength of US equities. Rising emerging market bond yields are beginning to attract investor attention. US tariffs and domestic tax cuts support US economic growth. US$ strength is dampening US inflation, doing the work of the Federal Reserve.
In a report called “A report card for unconventional monetary policy,” Deutsche Bank has analyzed the impact on the economy of “unconventional” monetary policies, quantitative easing and negative interest rates.
Jackson Hole is not going to rescue the bad decisions of investors and politicians from other countries because everyone in the Federal Reserve knows they have something more important to do.
Why do students have summer vacation? One common answer is that it's a holdover from when America was more rural and needed children to help out on the farm, but even just a small amount of introspection suggests that answer is wrong. Even if you know very little about the practical side of farming, think for just a moment about what are probably the most time-sensitive and busiest periods for a farmer: spring planting and fall harvest. Not summer!
Most of the fuss about international trade focuses on goods and services that cross international borders. But a number of major US multinational companies--GM, Ford, Starbucks, Nike, and others--have both production facilities and large sales in China. For example, GM sells more cars in China than in the United States. Overall, US exports of goods and services to China in 2016 were $170 billion; but total revenues of US multinationals producing and selling in China that year was twice as high at $345 billion.