As a quick review: Narrow banks take your money and invest it 100% in interest-paying reserves at the Fed. They are completely immune from runs, failures, and financial crises. You would get a lot higher interest than the big banks currently pay. The Fed should be giving them a non-systemic medal. Instead, the Fed is fighting them tooth and nail.
Last week BP and Shell both pledged support for the Climate Leadership Council’s (CLC) proposal for a revenue-neutral “carbon fee and dividend” plan, under which extractors of carbon-based fuels would be charged a fee, and all of the money collected would be distributed to the public as a dividend. While conservatives have a wide variety of views on how, or even whether, to address climate policy, this initiative is perhaps the most genuinely bipartisan attempt so far to move forward on a famously contentious issue.
Joe Biden didn’t leave his heart in San Francisco. Nor has he taken leave of his senses, which may explain why Biden’s not taking part in this weekend’s California Democratic Party convention in the fabled “city by the bay.”
In the department of genuinely terrible, and terrifying, ideas, I just got the a request from Simon Youel, the Media and Policy Officer at Positive Money, regarding the appointment of Mark Carney's successor as Governor of the Bank of England. Positive money is organizing a "joint letter to the Financial Times, calling on the Chancellor to appoint someone who’ll foster a pluralistic policy-making culture at the central bank."
In his inimitable way, Donald Trump has gored yet another sacred cow—this one in the Levant. First, consider this. For nearly seventy years, the United States was the principal source of funds for the United Nations Relief and Works Agency for Palestinian Refugees in the Near East (UNRWA)—an outfit which not only provided (and still provides) support for Palestinians who fled from their homes in 1948 and found, after the first Arab-Israeli War, that they could not return, but which also provides for those of their patrilineal descendants who still reside in the refugee camps situated in Jordan, Lebanon, Syria, the Gaza Strip, the West Bank, and East Jerusalem.
Continental elections last weekend gave anti-nuclear Green Parties a huge boost, installing the Greens into a European Parliament kingmaker role. As a result, the rest of Europe is likely to follow the lead of Germany’s environmental party and movement, turning further against civilian nuclear energy and, especially, against coal-fired plants.
There are actually two very different phases in Romer’s work on endogenous growth theory. Romer (1986) and Romer (1987) had an AK model. Real output was equal to A times K, where A is a positive constant and K is the amount of physical capital.
In a rich and varied career that has included roles as U.S. secretary of state, secretary of the treasury and secretary of labor, George P. Shultz has aided presidents, confronted national and international crises, and argued passionately that the United States has a vital stake in promoting democratic values and institutions. In speeches, articles, congressional testimony and conversations with world leaders, he has helped shape policy and public opinion on topics such as technology, terrorism, drugs and climate change. The result is a body of work that has influenced the decisions of nations and leaders and impacted the lives of ordinary people.
Democrats are in love with their own indignation. That is clear to anyone who reads headlines. Less obvious is that renowned left- and right-leaning legal experts are fighting among themselves over the Robert Mueller report, with the “no obstruction” camp getting the better of the argument.
When the Adam Goodes documentary The Final Quarter begins in 2012, he is a universally lauded indigenous footballer speaking happily to Mike Sheahan about his achievements and eyeing off one more AFL premiership with the Sydney Swans to round off the picture.
Were I required to pick an intellectual hero, it would be the economist, author, and columnist Thomas Sowell. One of his periodic features was "Random Thoughts on the Passing Scene." Here are some of mine, as an homage. Or a ripoff. I'll let you be the judge.