16 | January | 2013

Wednesday, June 19, 2013

As the Fed celebrates its centennial, Milton Friedman explains why the Federal Reserve should be abolished

Mark J. Perry | January 16, 2013, 10:20 pm

The Federal Reserve Act that created the US Federal Reserve Bank was passed almost 100 years ago on December 23, 1913. As the Federal Reserve prepares to celebrate its centennial this year, what would Milton Friedman say? In the 1994 … read more >

Carpe Diem

California real estate market is hot, hot, hot!

Mark J. Perry | January 16, 2013, 9:48 pm

For those of you who haven’t yet been convinced that the US housing market is in a robust recovery, you should check out what’s happening in California, where the real estate market is hot, hot, hot! 1. California home sales … read more >

Carpe Diem

What’s to like about ethanol? It can ruin car engines, it’s bad for the environment, and it raises taxes, gas and food prices

Mark J. Perry | January 16, 2013, 5:41 pm

Except for a small minority of corn growers and ethanol producers, corn ethanol is a bad deal for everybody else: it damages automobile engines and fuel systems, it’s bad for the environment, it requires billions of dollars extracted from US … read more >

Economics, Pethokoukis

Is the US trade deficit with China a lot smaller than we think?

James Pethokoukis | January 16, 2013, 4:38 pm

The above chart from The Economist is one that sticks in my brain. I love how counterintuitive it is, showing that as China’s currency has strengthened, China’s trade deficit has widened. Perhaps the supposed undervaluation of the renminbi isn’t such … read more >

Image Credit: jpmueller99 (Flickr) (CC BY 2.0)

Economics, Pethokoukis

You haven’t seen America ’til you’ve seen it from a subsidized train

James Pethokoukis | January 16, 2013, 3:42 pm

If you’re losing millions every year selling cheeseburgers and sodas, the rest of your business probably isn’t a model of efficiency, either. Amtrak’s food and beverage cars have lost $833.8 million over the last decade, including $84.5 million in 2011. But … read more >

Image Credit: Gage Skidmore (Flickr) (CC BY-SA 2.0)

Pethokoukis

Thoughtful Rubio plan leads the way forward on immigration

James Pethokoukis | January 16, 2013, 11:57 am

Those 11 million illegal immigrants — what’s the policy sweet spot between outright amnesty and deportation? A smart National Affairs piece tries to split the difference. It suggests granting the undocumented a new status as ”permanent non-citizen residents.” Unlike legal … read more >

Carpe Diem

Today’s industrial production report: the automotive and energy sectors lead growth in the ‘plow horse’ economy

Mark J. Perry | January 16, 2013, 11:30 am

A few highlights from today’s report from the Federal Reserve on industrial production in December: 1. Automakers in the US assembled 10.74 million units in December (seasonally adjusted annual rate), the highest production level for the month of December since … read more >

Foreign and Defense Policy, Middle East and North Africa

Chemical attack in Syria? Whatever

Danielle Pletka | January 16, 2013, 10:55 am

Yesterday evening, Josh Rogin over at FP’s The Cable dropped a bombshell of a story: The Assad government, US government investigators have concluded, likely used chemical weapons in Homs on December 23, 2012. Josh has the entire tick-tock of the … read more >