Over at Equitable Growth: Paul Krugman succumbs once again to shrill unholy madness: Ph'nglui mglw'nafh Friedman R'lyeh wgah'nagl fhtagn!! This time it is over the observation that, as I put it:
John Maynard Keynes has lots of disciples--people who believe that the macroeconomy can easily destabilize itself or be easily destabilized by inept policy rules (that should keep Nick Rowe quiet);
and Friedrich von Hayek has lots of disciples--people who believe that recessions are the market's judgment upon the feckless, and that it would be both impious and counterproductive to interfere with the market, blessed be its unholy name;
but Milton Friedman's halfway house has no occupants today. Well, Scott Sumner. And James Pethokoukis. But even Nick Rowe is more a Clower-Leijonhufvud kind of guy. And Friedman's wingpersons, like Allan Meltzer and Anna Jacobsen Schwartz, became more and more Hayekian as the tide of Friedman's influence began to ebb. READ MOAR
...which is slated for a May 25, 2018 release, will focus on the how the iconic character played by Harrison Ford in four 'Star Wars' movies 'became the smuggler, thief, and scoundrel whom Luke Skywalker and Obi-Wan Kenobi first encountered in the cantina at Mos Eisley.' Piloting the anthology flick will be 'LEGO Movie' co-directors Christopher Miller and Phil Lord, two of the most powerful nerds in this galaxy. This is the first film we've worked on that seems like a good idea to begin with,' the directors said in a joint statement...
...described a recent telephone call with Gov. Scott Walker of Wisconsin, in which he said Mr. Walker had assured him he had not completely renounced his earlier support for a pathway to citizenship for illegal immigrants. "I’m not going nativist, I’m pro-immigration," Mr. Walker said, according to Mr. Moore’s account.... On Sunday... Moore said... that the call had never actually taken place...
Crystal clear, right? Stephen Moore (whom I distrust immensely) is here a liar, right?
The British general Simon Fraser discovered early on July 6 that the Americans had abandoned Ticonderoga. Leaving a message for General Burgoyne, he set out in pursuit with companies of grenadiers (9th, 29th, 34th, and 62nd Foot) and light infantry (24th, 29th, 34th, 53rd, and 62nd), as well as two companies of the 24th Regiment and about 100 Loyalists and Indian scouts. Burgoyne ordered Riedesel to follow; he set out with a few companies of Brunswick jägers and grenadiers, leaving orders for the rest of his troops to come as rapidly as possible. Fraser's advance corps was only a few miles behind Colonel Ebenezer Francis' 11th Massachusetts Regiment, which acted as St. Clair's rear guard.
Over at Equitable Growth: Dean Baker once again marvels at the Washington Post's inability to figure out that the calculus of debts and deficits is fundamentally different today than back in the early 1980s. When long-term interest rates on government debt are 2%/year below the growth rate of the economy, things are very different from what they are when they are 3%/year above the growth rate of the economy. READ MOAR