No Matter How You Look at It, the Big Beautiful Bill is a Monstrosity
Here are three views of the bill's horrific distributional consequences.
1 min read
On China's stimulus, by a (sort-of) insider. Interesting how the author faces up to some serious problems, but disconcerting insamuch as no mention is given to the likely environmental impact of the massive infrastructure-building program, especially in its more extravagantly wasteful aspects (dirty airports to nowhere, etc).
The FT's Krishna Guha on the future of central banking. Substitute class analysis at a couple of major points and you could be getting somewhere...
Ambrose Evans-Pritchard on Bernanke's re-appointment. He makes several of the points other commentators, like Stephen Roach have, but with a wider perspective, and more style:
His reflex is to see any fall in demand as an outside shock to be corrected by extra stimulus. What he does not accept is that the adrenal glands of the economic system have been depleted by perpetual credit stimulus, giving the world a form of Addison's Disease.