The Federal Reserve Bank of New York tweeted this out this morning:
Yeah well, economics is awesome and fun but not the money-manipulative business cycle-creating type of economics promoted by the Federal Reserve.Economics is awesome! Economics is fun! Economics helps good things happen! Hooray for economics!#econoME pic.twitter.com/vSTG8en5E4— New York Fed (@NewYorkFed) August 20, 2018
SEE: The Fed Flunks: My Speech at the New York Federal Reserve Bank
-RW
MMTers are in ecstasy. From Mike's [Mike Norman] latest:
ReplyDeleteTotal spending for the fiscal year thus far thru August 24, $4.3T, up $158 bln over last year and growing at 3.82%. This is the largest y-o-y positive gap so far and growing at the fastest year-o-y rate.
Corporation Taxes, $206 bln, down $53.5 bln...down from the tax cuts...
Bank credit up $12.4 bln to $12.795T, the highest in 3 weeks. The growth rate held steady at 3.7% y-o-y. Loans and Leases in Bank Credit, up $5 bln to $9.382T. The growth rate ticked up to 4.7% y-o-y. Commercial and Industrial loans were up $5.4 bln to $2.224T. This is the highest level in 3 weeks. The growth rate accelerated to 5.7% y-o-y.
Not too shabby...
https://mikenormaneconomics.blogspot.com/2018/08/reality-check.html