Saturday, November 17, 2018

Smacking Trump: Pfizer to Raise Prices on 41 Drugs

The idea that a president can successfully centrally plan drug prices or prices of any kind is absurd.

There will be workarounds if possible. Otherwise, market distortions will take place, such, as shortages or over supplies.

President Trump recently took credit for a decline in drug prices. It was a fool's braggadocio.

Tell Me Again Why Brexit Open Trade Would Be Bad for Britain

This is solid analysis:


CIA Four-Dimensional Chess?

By Robert Wenzel

The Trump-hating CIA has put out an accurate report for the first time since it was founded. It has reported that the Saudi Crown Prince Mohammad bin Salman was directly behind the murder of Jamal Khashoggi.

To what do we owe this leap into truth?

Notes the Washington Post:
The CIA’s assessment, in which officials have said they have high confidence, is the most definitive to date linking Mohammed to the operation and complicates the Trump administration’s efforts to preserve its relationship with a close ally.
What is curious is this point:

Friday, November 16, 2018

Trump is a Cartoonish Protectionist

Here’s a Don Boudreaux letter to the Wall Street Journal:
All that is mistaken about Donald Trump’s understanding of international trade is summed up by this short passage in your report on his long-standing hostility to trade (“Trump Forged His Ideas on Trade in the 1980s – And Never Deviated,” November 15): “Asked in a recent Wall Street Journal interview about the origin of his views on trade, Mr. Trump said, ‘I just hate to see our country taken advantage of. I would see cars, you know, pour in from Japan by the millions.’”

Bernie Sanders Goes Off-the Wall Central Planning

Bernie Sanders
Bernie Sanders has introduced a bill, titled the Stop Walmart Act, that would prevent large companies from buying back stock unless they pay all employees at least $15 an hour, allow workers to earn up to seven days of paid sick leave and limit CEO compensation to no more than 150 times the median pay of all staffers.

It is just remarkable as to how much bad economic policy can be included in one bill.

The Absolutely Mad Proposed Brexit Agreement

By Robert Wenzel

Britain's Prime Minister Theresa May has reached a proposed agreement with the European Union on Brexit. It is 585 pages long and maintains a £39 billion ($50.7 billion) so-called "divorce bill."

It is causing an uproar throughout the United Kingdom.

Two of the Prime Minister's top cabinet members have quit her government, Dominic Raab, her chief negotiator on withdrawal from the European Union and Esther McVey, the work and pensions secretary. Two junior members also resigned.

Thursday, November 15, 2018

A Great Explanation on Why Trade is Good

Catherine Rampell

The below clip, by Catherine Rampell of the Washington Post, is an excellent explainer on why trade is good and trade deficits don't matter.

It correctly labels President Trump as a 17th-century mercantilism.

Mercantilism should have died with wooden teeth.

Sorry, Stiglitz: It’s Socialism That’s Rigged — Not Capitalism

Joseph Stiglitz
By William L. Anderson

Ever since winning the Nobel Memorial Prize in “Economic Science” in 2001, Joseph Stiglitz has been a one-man advocacy band for growth of the state.

Krugman Launches Masterclass

Now, this is an interesting coincidence.

Paul Krugman is launching a Masterclass.

Federal Reserve Chairman Powell Responds to Attacks From Trump

The money printer has spoken.

Federal Reserve Bank Chairman Jerome Powell addressed President Trump's repeated attacks on the central bank on Wednesday, though not directly, when Dallas Federal Reserve President Robert Kaplan asked him about criticism from "political leaders":

A Double Blow From Trump's Economic Nationalist Policies

President Trump simply doesn't get that the central planning of parts of the economy to help steelworkers is a negative for the entire economy.

He tweets:

Wednesday, November 14, 2018

Bitcoin Breaks Below $6,000

Bitcoin has broken below the $6,000 price level to $5,500.

It is down over 12% in the last 24 hours.

Scientist Finds Major Mathematical Error in New Climate "Warming" Paper

In a paper published just two weeks ago, on Oct. 31, in the well-respected journal Nature, researchers reported finding that ocean temperatures had warmed 60 percent more than outlined by the United Nation’s Intergovernmental Panel on Climate Change.

IT'S BAD: US Budget Deficit 60% Higher Than Last Year

The U.S. recorded a $100.5 billion budget deficit in October, an increase of about 60 percent from a year earlier.

According to Bloomberg, the deficit widened from $63.2 billion in the same month last year.

The Big Factor:

A Trump-Pelosi Budget Deal is a Recipe for the Worst Kind of Tax Increase

By Daniel J. Mitchell

The most disturbing outcome of the recent mid-term election isn’t that Alexandria Ocasio-Cortez will be a Member of Congress. I actually look forward to that because of the humor value.

Tuesday, November 13, 2018

The Crony Part of Amazon's Deal With New York State and New York City Officials

Ok, here is the down and dirty of what Amazon squeezed out of New York State and New York City officials as part of their move to Long Island City in the New York City borough of Queens:

Alexandria Ocasio-Cortez‏ Launches Her First Post-Election Hate Campaign

Word is out that Amazon has chosen Long Island City as one of two locations for its new second headquarters.

Thank You, Federal Reserve: Golden State Warriors' Newest Ticket Deal: $100 Monthly Pass — But No View of the Court

New plan, watch the game o television from the bars in the corridors of the arena.
This what happens when a city has a winning team and a Fed money spigot sits right underneath the region pumping out oodles of funny money.

Two Senators Blast Trump for Criticizing Fed

Coons and Flake monetary policy lightweights
In a letter to President, Trump, Sens. Chris Coons (D., Del.) and Jeff Flake (R., Ariz.) called on the president to stop publicly criticizing the Federal Reserve and warned his comments could jeopardize the central bank’s credibility and hurt the economy, reports the Wall Street Journal.