Fed’s Mary Daly Misses a Labor Component in Price Rises

It fell to me to ask the obligatory question about the strong dollar at this appearance of San Francisco Federal Reserve president Mary C. Daly at the Council on Foreign Relations today, and she gave the obligatory response that the currency’s forex value is not one of the Fed’s mandates. She elaborated a bit in

If Only Your 401(k) Was in the NFL

Trillions of dollars of nominal global wealth have been wiped out in the current bear market for stocks and bonds. But, as this Bloomberg item notes, there’s at least one major exception to the asset-price declines: pro sports franchises. For reasons Gerry Smith describes here–and others such as Mike Ozanian and his crew at Forbes

Price of Practicing Journalism Is a Narrow ‘Social’ Window

Yesterday (9/8/22) I attended a panel discussion at the International Press Institute’s “World Congress” on the escalating dangers to journalists, including social-media assaults. The group at Columbia University included Washington Post editor Sally Buzbee and others from international publications, and none was too sure how to combat what all agreed were increasingly organized attempts to

A Yen to Visit Japan? But Wait

Tourism has taken off again in Southeast Asia, post-pandemic, offering economic relief in particular to Thailand. But it remains stricken in nervous Japan, where Covid rates have recently spiked. Japan has bumped up the total admissions to 50,000 daily and broadened the entry beyond tour groups, but is still requiring individual visas from the U.S.

Maybe the NY Times Is Enough for Its Ilk

The New York Times must be self-conscious about covering, as it does in this piece today, the seeming troubles of the Washington Post. That’s because the two media giants are essentially selling a similar product–international news and opinion aimed at an established if left-of-center audience. Thus they are direct rivals. This article’s target is Fred

Climate Push Has But Marginal Utility for Economics

Another Zeitgeist piece from the New York Times today denigrates traditional economics, which is to say the price mechanism for allocating resources. This time, it’s about climate and carbon, and the target of sorts is Nobel laureate William Nordhaus, long a favorite among left-of-center economists. Nordhaus, you see, early on proposed a carbon tax to

Across the Peconic, It’s Not Just a Wine Story

Most of my reporting on the recent history of land preservation on the East End of Long Island has dealt with the South Fork, or “The Hamptons.” But on the other side of Peconic Bay, similar if somewhat later stories could be told. This item from Patch spotlights one man’s efforts in New Suffolk that

When Pine Barrens Were Cleared for Walmart

I’m reminded it’s been 25 years this summer since this article in the New York Times caught the inception of a “regional shopping center” on the Long Island Expressway approach to the Hamptons. The center, such as it is, finally is coming together, based on my drive-by tour a few months ago. A huge Walmart

Argentines Live Off of Mattress Money

Hyperinflation caused by venal government is a commonplace in backward nations, especially those terrorized by war or ruthless rulers. When the affliction approaches in established or “civilized” countries, it can be of special significance to those of us blessed with better experiences. This weekend’s New York Times story from Buenos Aires describes how ordinary businesspeople

No Red Side in Congress When It Comes to China

In speaking to small audiences in Chinese Asia where I formerly made business trips, I’d sometimes note that whatever qualms they had about White House policy toward Beijing, they’d best consider where Congress would take things. This was true, for instance, during the early stages of President Trump’s trade war. A distant observer might have