I watched much of the Republicans' and Democrats' conventions, as my long-suffering wife can ruefully attest to, so that you didn't have to. What both conventions should have been negative about is something that was scarcely mentioned: the large and growing U.S. federal government budget deficits ahead and the resulting large and growing U.S. federal government debt, debt that will grow as a percentage of GDP.

Both co-blogger Scott Sumner and blogger David Beckworth argue that the Brexit vote is a large monetary shock. To be a monetary shock, it has to be either (1) a shift in the supply of money or (2) a shift in the demand for money.

If you're interested in policy rather than politics, the package of legislative proposals coming out of Congress are a lot more interesting than the Presidential race at the moment. Speaker Paul Ryan is rolling out "A Better Way" package and Rep. Jeb Hensarling has just announced a "financial choice act" to fundamentally reform Dodd-Frank.