Surprisingly Strong Sanctions

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March 21, 2022 — The surprising strength of economic sanctions deployed multilaterally against Russia this month has been exceeded only by the surprising strength of the heroic Ukrainian resistance to the invasion of their territory.  True, it is hard to imagine sanctions bringing the Russian economy to its knees faster than Russian troops are able to complete the hundred-mile advance to Kyiv from the border.  But sanctions have gone macroeconomic.  Ultimately, the Russian economy will suffer severely and lastingly. read more

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Fighting the Last Inflation War

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February 27, 2022 — When Fed Chairman William McChesney Martin delivered his famous line about central banks, his key point was that it is their job to take away the punch bowl just when the party really gets going, rather than waiting until revelers have turned drunken and raucous. In the aftermath of the 1970s inflation, it became an item of faith that monetary authorities shouldn’t wait until elevated inflation shows its face, before reining in an overheating economy.  They are currently developing a renewed appreciation for the wisdom of this old metaphor. read more

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Vaccination Mandates Are Not Government Over-reach

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January 28, 2022 — The US Supreme Court on January 13 blocked President Joe Biden’s attempt to mandate that businesses must require their employees to be vaccinated against the coronavirus or else wear masks and be tested regularly.  This “emergency standard” was to have been applied by the federal Occupational Safety and Health Administration, carrying out its responsibility under long-standing legislation to protect workers facing serious danger in the workplace.

In some countries, governments have imposed vaccine mandates on their entire populations, or at least on all workers.  They include Austria, Ecuador, and Indonesia.  Germany is currently deciding on a mandate.  Many more, like Italy, have imposed the requirement on subsets of the population, such as health workers or those over 50. read more

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