John Makin

Wednesday, May 22, 2013

Japan’s GDP report isn’t as great as it looks

John Makin | May 16, 2013, 11:26 am

Less noticed in Japan’s GDP report is the fact that the GDP deflator inflation measure fell at 2% SAAR, so that nominal GDP growth of just 1.5% resulted in the reported 3.5% real growth rate. Deflation remains alive and well … read more >

Economics, Taxes and Spending, U.S. Economy

President Obama’s budget: Dread on arrival

John Makin | April 10, 2013, 3:04 pm

For those hoping to avoid another debt ceiling fiasco like that witnessed in the summer of 2011, the president’s new budget is dread on arrival. It virtually guarantees a total impasse on budget negotiations that will end in a debt … read more >

Economics, Monetary Policy

The Bank of Japan goes big for QE !

John Makin | April 4, 2013, 10:42 am

Overnight, the Bank of Japan announced that it will increase Japan’s monetary base by 50 percent a year over the next several years while purchasing longer term government bonds. That’s QE big time, far in excess of anything the Fed … read more >

Economics, International economy

EU, ECB, and IMF: The Three Amigos rob depositors

John Makin | March 25, 2013, 9:43 am

Last night the Three Amigos pulled off a bank heist, without firing a shot. The expropriation of over 5 billion euros of deposits in Cypriot banks was deemed a “bank restructuring” instead of a deposit tax so the the Cypriot … read more >

Economics, International economy

Cyprus bailout: Raising the stakes

John Makin | March 18, 2013, 9:34 am

The tax on deposits in Cyprus – especially the tax on “insured” deposits -sends very bad messages. 1. It telegraphs how tone deaf Merkel-Asmussen really are. Does it make any sense to to spook bank depositors-assurances to the contrary notwithwithstanding-in … read more >

Hindsight Isn’t 20/20
Many lessons should be drawn from the U.S. experience in Iraq. Unfortunately, we’re not learning what we should. […]
The Uses of Scandal
One of the greatest uses of scandal is to vividly demonstrate what new laws are needed and to create the political conditions to get them enacted. […]
Lean In… to Government?
Sheryl Sandberg's runaway best-selling book Lean In has managed to offend both the Left and the Right. Sandberg touts female hard-headedness, yet also calls for an elaborate government- and employer-supplied support system for women. […]
Are American Voters Racist?
Racial prejudice plays a very small role in American politics, but a highly disciplined sense of self-interest on the part of one group may play a very large role in the way the federal government functions. […]