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Yesterday we got the news that the Egyptian central bank had devalued the pound and announced that the country is moving closer to a freely floating exchange rate.
I am a regular contributor to Geopolitical Information Service (GIS). This is from my latest article at GIS:
Believe it or not – one of my favourite books on the Great Depression is not about monetary policy, but rather wage stickiness in the US labour market and failed labour market policies during the Roosevelt administration. The book is Richard Vedder and Lowell Gallaway’s “Out of Work: Unemployment and Government in Twentieth-Century America”.
The are few policies as damaging as the global War on Drugs.
Bernie Sanders has often praised Denmark and now CNN has visited Denmark to have a look at the country.
In 2009 Scott Sumner wrote an article – The Real Problem was Nominal – in which he explained – was later became known as the Market Monetarist explanation for the causes of Great Recession.
It is no secret that I am quite fascinated by the the idea that social media data might be very useful as early/leading indicators of macroeconomic variables. Said in another way I think that social media activity can be seen as a form of prediction markets.
Some have recently suggested that Ted Cruz has been inspired by Market Monetarist thinking. I have no clue about that, but at least it seems like Cruz understands now that the Great Recession - as the Great Depression - was caused by too tight monetary policy.