This past week we celebrated the 50th anniversary of the Apollo 11 moon landing. Remarkably, only 1/3 of Americans today were alive when that happened. As a 12-year-old kid I was riveted by the space program and tried to digest the minutia of every flight. Like a lot of kids, we watched the moon landing […]
In the wake of the turmoil in Washington, DC, over his performance in Helsinki, President Trump also took a sideswipe at the Federal Reserve, criticizing the FOMC’s recent efforts to normalize policy.
Most presidents – though not all – have understood that Fed independence ensures separation from the Treasury and serves as a check on fiscal excesses. When a central bank takes orders from the fiscal side of government, history shows that inflation and economic decline soon follow.
To no one’s surprise, the FOMC left its target range for the federal funds rate constant at 1.5 to 1.75%. This decision maintains the Committee’s record of no rate hikes at meetings where no SEP forecasts were available and also spaces out its gradual normalization of policy. There is virtually no information in the statement […]
Excerpt below: Stocks moved firmly higher after the latest monthly jobs report showed wage growth had eased, tamping down concerns among investors that bigger paychecks could lead to a rise in inflation and force the Federal Reserve to hasten its pace of short-term interest rates to tame it. “It’s a fantastic report for the economy,” […]
The drachma, the Greek currency, is over 3000 years old. It was the most widely circulated coin in the world prior to the time of Alexander the Great. Readers may enjoy a few minutes of study about Alexander the Great. His Macedonian army conquered Persia and much of the rest of the ancient world. His […]
Look at a US $100 bill. Ben Franklin stares at you from one side; Philadelphia’s Independence Hall decorates the other side. British 10-pound notes depict the Queen on one side and Charles Darwin on the other. Twenty-euro notes have no pictures of people, only a map of Europe. Ten thousand Chilean peso notes feature Captain […]