Previous month:
June 2016
Next month:
August 2016

July 2016

Procrastinating on July 22, 2016

NewImage

Over at Equitable Growth: Must-Reads:

Continue reading "Procrastinating on July 22, 2016" »


Shorter Mitch McConnell: Support Trump--If Necessary, We Can Always Have a Military Coup

Worst picture of mitch mcconnell Google Search

Live from the Cleveland Republican Dumpster Fire: The very sharp Brian Buetler points us to the Senate Majority Leader:

Mitch McConnell: Trump 'Wrong' on NATO:

I disagree with [Donald Trump]. NATO is the most important military alliance in world history. I want to reassure our NATO allies that if any of them get attacked, we'll be there to defend them.... I think he's wrong on that. I don't think that view would be prevalent or held by anybody he might make secretary of state or secretary of defense...

U.S. Constitution: Art. II: §2:

The President shall be Commander-in-Chief of the Army and Navy of the United States, and of the militia of the several states, when called into the actual service of the United States...

The President. Not the Secretary of State. Not the Secretary of Defense. Not the Chief Officer of the Praetorian Guard Secret Service. Not the Commander of Joint Base Andrews.

Continue reading "Shorter Mitch McConnell: Support Trump--If Necessary, We Can Always Have a Military Coup" »


Must-Read: The very sharp Dan Wang sends me to the several-screws-loose Peter Thiel. He has, apparently, not marked his beliefs to market over the past eight years. He has not drawn the lesson that Ben Bernanke and company might know more than he does about some things:

Peter Thiel (2008): The Optimistic Thought Experiment: "In every possible future, all of today ’s bubbles will burst...

...their ideological scaffolding will prove to be

Continue reading "" »


Weekend Reading: Donald Trump: Transcript: NATO, Turkey’s Coup Attempt, and the World

Major NATO affiliations in Europe NATO Wikipedia the free encyclopedia

Live from the Cleveland Dumpster Fire: Donald Trump: Transcript: NATO, Turkey’s Coup Attempt and the World:

SANGER: So what we want to do is pick up where we left off in March. We were listening to Speaker Ryan last night, and he presented a much more traditional Republican, engaged internationalist view of the world. One in which he said that the United States would never lead from behind. In our conversation a few months ago, you were discussing pulling back from commitments we can no longer afford unless others pay for them. You were discussing a set of alliances that you were happy to participate in.

TRUMP: And I think, by the way, David, I think they will be able to afford them.

Continue reading "Weekend Reading: Donald Trump: Transcript: NATO, Turkey’s Coup Attempt, and the World" »


Weekend Reading: Ezra Klein: Donald Trump Is the first time American Politics Has Left Me Truly Afraid

IMHO, Ezra Klein should be scared of Trump. But he should be more scared of America's press corps, that reports politics not as a horse race--horse-race reporters know about the fundamentals that are tracks and jockeys and bloodlines and so forth--but as a WWE match. And he should be most scared of the Republican Party--80% of its core members and 90% of its activists will vote and work for Trump.

Ezra Klein: Donald Trump Is the first time American Politics Has Left Me Truly Afraid: "Tonight, Donald J. Trump will accept the Republican Party’s nomination for president of the United States...

Continue reading "Weekend Reading: Ezra Klein: Donald Trump Is the first time American Politics Has Left Me Truly Afraid" »


Must-Read: As I say: labor is actually six dimensions: (1) backs, (2) fingers, (3) brains as routine cybernetic controls for mechanisms, (4) brains as routine cybernetic mechanisms for accounting operations, (5) smiles, and (6) creative ideas. (1) has been--slowly--becoming less valuable since the domestication of the horse. (2) has been--more rapidly--becoming less valuable since the start of the British Industrial Revolution. But diminished value in (1) and (2) has, so far, always, within a generation, been offset by greatly increased value in (3), (4), (5), and (6) as capital complements those other dimensions of labor. Now (3) is falling to the robots and (4) is falling to the 'bots--leaving us with only (5) and (6). This is qualitatively different from previous episodes of technological change. Will it have different consequences for overall capital-labor complementarity? How can anyone know yet?

Nick Bunker: Technological change and Future Labor Demand: "How concerned should we humans be about the impact of future technological change on our economy and society?...

Continue reading "" »


Procrastinating on July 21, 2016

NewImage

Over at Equitable Growth: Must-Reads:

Continue reading "Procrastinating on July 21, 2016" »


Heidi Cruz rushed out by security after crowd turns on Ted Cruz

Live from the Cleveland Dumpster Fire: Well, well, well: a Ted Cruz endorsement of Hillary does not look totally impossible any more:

Ted Cruz: "We deserve leaders who stand for principle, who unite us all behind shared values, who cast aside anger for love...

...That is the standard we should expect from everybody. And, to those listening, please don't stay home in November. If you love our country, and love our children as much as you do, stand, and speak, and vote your conscience, vote for candidates up and down the ticket who you trust to defend our freedom, and to be faithful to the constitution...


Трамп любит Россию!

Live from the Cleveland Dumpster Fire: Donald Trump rejects the North Atlantic Treaty.

And, Maggie Haberman and David Sanger: it's not "extend the security guarantees"; it's "honor the promises and obligations":

Maggie Haberman and David Sanger: Donald Trump Plays Down Role of U.S. in Global Crises: "He even called into question whether, as president...

Continue reading "Трамп любит Россию!" »


Today's Economic History: The Vineyard of Copanis

Avroman Parchment I Google Search

Jake Nabel: Parthian Sources Online: The Vineyard of Copanis:

1 During the reign of the king of kings Arsaces, the Benefactor, the Just, the Mani-
2 fest, and the Lover of Greeks, and of the queens Siake, his agnate
3 sister and wife, and Aryazate who is surnamed
4 Automa, daughter of the great king Tigranes and his [i.e. Arsaces’] wife,
5 and of Azate, his agnate sister and wife, in the year 225,

Continue reading "Today's Economic History: The Vineyard of Copanis" »


Procrastinating on July 20, 2016

NewImage

Over at Equitable Growth: Must-Reads:

Continue reading "Procrastinating on July 20, 2016" »


Liveblogging the American Revolution: July 20, 1778: Alexander Hamilton to George Washington

Alexander Hamilton: To George Washington:

Black Point, New Jersey,
July 20, 1778

Sir,

Inclosed I transmit your Excellency a letter from the Count Destain. He has had the River sounded and finds he cannot enter. He will sail for Rhode Island tomorrow evening; in the mean time he is making demonstrations to deceive the enemy and beget an opinion that he intends to operate in this quarter.

Continue reading "Liveblogging the American Revolution: July 20, 1778: Alexander Hamilton to George Washington" »


Liveblogging Postwar: July 19, 1946: Eleanor Roosevelt

Eleanor Roosevelt: My Day:

NEW YORK, Thursday—I was somewhat saddened this morning when I saw in the paper that Gen. Draja Mihailovich of Yugoslavia had been executed. The man next to me in the subway pointed it out to a friend and said, 'That's the Russian way of handling things. He wasn't a traitor to his country. He fought the Germans at the start, but he didn't agree to the kind of government the Yugoslavs now have, and that's what happens to the opposition.'

Continue reading "Liveblogging Postwar: July 19, 1946: Eleanor Roosevelt" »


Liveblogging Postwar: July 18, 1946: Letter from R. R. Wright

R. R. Wright: Letter to President Truman:

July 18, 1946

To The President
Honorable Harry S. Truman
White House
Washington D.C.

Dear Mr. President:

I am now enclosing to you herewith clippings which I have taken out from the PM which tells how Southern policeman 'gouged out both eyes' of a returned Negro veteran. This was done by means of their clubs.

Continue reading "Liveblogging Postwar: July 18, 1946: Letter from R. R. Wright" »


Doesn't Any Trump Know How to Play This Game?: Paying Bespoke Prices for Used Off-the-Rack Metaphors

Live from the Cleveland Dumpster Fire: No. No Trump knows how to play this game:

Donald Trump, Jr. (July 19, 2016): "Our schools used to be an elevator to the middle class. Now they are stalled on the ground floor. They are like Soviet-era department stores, run for the benefit of the clerks and not the customers..."

F.H. Buckley (May 2, 2016): "What should be an elevator to the upper class is stalled on the ground floor. Part of the fault for this may be laid at the system's entrenched interests: the teachers' unions and the higher-education professoriate. Our schools and universities are like the old Soviet department stores whose mission was to serve the interests of the sales clerks and not the customers..."

Merdedith McCaw (July 19, 2016): "I just got off the phone with Buckley: 'I was one of the principal speechwriters. It's not a problem..."

So F.H. Buckley is the grifter here, and Donald Trump, Jr., is the mark. F.H. Buckley couldn't be bothered to ghostwrite an original speech. Trump, Jr., was too naive to check.hire a speechwriter willing to do bespoke work rather than recycle, and was too naive to check.


The Trump Campaign Is Now Claiming That Michelle Obama Plagiarized Twilight Sparkle!

Live from the Cleveland Dumpster Fire:

Melania Trump: "We want our children in this nation to know that the only limit to your achievements is the strength of your dreams and your willingness to work for them…"

Continue reading "The Trump Campaign Is Now Claiming That Michelle Obama Plagiarized Twilight Sparkle!" »


The Wayback Machine: From Ten Years Ago: July 16-July 19, 2006

Peabody and sherman original Google Search

  • Lies from Colin Powell http://www.bradford-delong.com/2006/07/lies_from_colin.html 2006-07-16: "But that's not what happened, is it? Powell and his chief-of-staff Wilkerson knew very well that what they were presenting to the U.N. was 'anything but an intelligence document'. It's no accident that Wilkerson calls his role in preparing the Feb. 14, 2003 U.N. speech 'the lowest point of my life'...

Continue reading "The Wayback Machine: From Ten Years Ago: July 16-July 19, 2006" »


Procrastinating on July 19, 2016

NewImage

Over at Equitable Growth: Must-Reads:

Continue reading "Procrastinating on July 19, 2016" »


Live from Cleveland: Norm Ornstein and Tom Mann are '90ers--they believe that the roots of Republican Party dysfunction and the current danger to our Republic began in 1990 when Newt Gingrich persuaded Republican office holders in Washington that breaking as much of the government as they could and delegitimizing the rest was the right road to power and influence. Paul Krugman is an '80er--he believes that the roots lie in 1980, with the Reagan campaign's capture by those whom Greg Mankiw used to call "charlatans and cranks" and the adoption of "Voodoo Economics". (There are also '64ers, like Rick Perlstein, who say: "Goldwater".) I tend to be a 90er myself...

Paul Krugman: The GOP's Original Sin - The New York Times: "Norm Ornstein... the GOP... off the rails... a radical party... little regard for truth...

Continue reading "" »


The Bond Market and Expectations: A Parthian Shot

Parthian shot Google Search

In my The Need for Expansionary Fiscal Policy I quote Greg Ip:

policy makers are rightfully wary about acting in the face of so many contradictory signals. In the U.S., unemployment is moving lower and stocks are hitting new highs. Bonds could be pricing in secular stagnation, or merely a greater bias toward hyper-stimulative monetary policy by central banks...

If bond markets were pricing in a a greater bias toward hyper-stimulative monetary policy by central banks, the yield curve would be very steeply sloped indeed. Just saying.