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  • Money Supply

    Japan’s Revolving Door Tax

    Prime Minister Shinzo Abe is likely to increase Japan’s sales tax from 5 percent to 8 percent next year. Abe and his close ally Haruhiko Kuroda, head of the Bank of Japan, have long advocated for increasing Japan’s money supply by targeting a higher inflation rate in an attempt to … More

    A Band-Aid for Derivatives Trading

    American regulators yesterday agreed, both internally and with the European Union, on how to deal with the trading of financial derivatives beyond U.S. shores. The EU and U.S. essentially decided to treat each other’s rules as “close enough.” While the decision has some value, it continues to miss the point. … More

    Will the Currency Zombie Eat the Trans-Pacific Partnership?

    Currency manipulation is the issue that never dies. No matter how many times the link between exchange rates and American jobs is shown to be tenuous, the matter rises again like a zombie. In this case, it is Japan that has brought exchange rates back into the spotlight, as the … More

    Supply and Demand, Part II: The Money Supply

    My recent post explained why President Obama’s newly proposed $447 billion spending package aimed at boosting total demand is doomed to fail. Some commenters offered a challenge to that assertion. The basis for assessing the spending package: Economic growth is determined by the supply side of the economy, beginning with … More