Angst in America, Part 7: The Angst of the Millennial Generation

May 12th, 2017
in demographics, employment, macroeconomics

by John Mauldin, Thoughts from the Frontline

“There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt.”– John Adams, 1826

“The problem with fiat money is that it rewards the minority that can handle money, but fools the generation that has worked and saved money.”– Adam Smith

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The US Has Been Running a Huge Trade Deficit for Years: How Can This Happen Without the Dollar Weakening?

May 10th, 2017
in trade data, macroeconomics

by Elliott Morss, Morss Global Finance

Introduction

Many bemoan the large US trade deficit which represents the difference between the export and import of certain goods and services. Since 2000, the US has run an annual deficit ranging between $362 Billion (2001) and $762 billion (2006). Imports require Americans to spend dollars thereby increasing global dollar supplies while US exports reduce dollar supplies. That means imports should weaken the dollar while exports should strengthen it. It follows that such large deficits (net imports) should also weaken the dollar.

dollar.global.currencies

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The Fading American Dream: Trends in Absolute Income Mobility since 1940

May 9th, 2017
in demographics, history, macroeconomics

 by Raj Chetty, David Grusky, Maximilian Hell, Nathaniel Hendren, Robert Manduca and Jimmy Narang, Voxeu.org

Posted originally at Voxeu.org 05 May 2017

One of the defining features of the ‘American Dream’ is the ideal that children have a higher standard of living than their parents. This column examines rates of ‘absolute income mobility’ – the fraction of children who earn more than their parents – to assess whether the US is living up to this ideal. Rates of absolute mobility have fallen from approximately 90% for children born in 1940 to 50% for children born in the 1980s. Most of this decline is driven by the more unequal distribution of economic growth rather than the slowdown in aggregate growth rates.

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Angst in America, Part 6: Middle Class Blues

May 6th, 2017
in demographics, macroeconomics

by John Mauldin, Thoughts from the Frontline

“We of the sinking middle class may sink without further struggles into the working class where we belong, and probably when we get there it will not be so dreadful as we feared; for, after all, we have nothing to lose.”– George Orwell

“A strong, educated middle class is what made America the greatest country in the world.”– Lincoln Chafee

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Misdirection: Galbraith on Piketty’s Book on Capital

by Philip Pilkington

Article of the Week from Fixing the Economists

Note:  This article was written in April 2014.

I’ve been waiting for this for some time but now Jamie Galbraith has come out and provided an extensive discussion of Thomas Piketty’s new book Capital in the Twentieth Century. While I haven’t yet read Piketty’s book its difficult not to have heard about it given how much of a response it is getting among economics types.

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