Policy and Government
On Fox Business, Arthur Laffer says a trade deal with China could boost the Dow by 10,000 points.
In the Washington Times, Stephen Moore slams Democrats’ embrace of population control.
Will Hutton at The Guardian explores what we can learn from left-wing hero Robert Mugabe’s descent into tyranny.
“Good democratic governance is the precondition for prosperity, order, justice and freedom. Yet creating fit-for-purpose institutions of democracy is always a work in progress and always imperfect; no country possesses the utopian democratic system. The temptations of political power need constantly to be held in check by multiple and entrenched institutions of alternative power – an independent judiciary and press, a second chamber, a constitutional court and, above all, a culture of laws in which it is understood that respect for human rights is the glue that binds the entire democratic apparatus.”
At Forbes.com, John Tamny says Zimbabwe is another nail in the Keynesian coffin.
The Washington Post‘s Heather Long reports that hiring slowed sharply in August amid trade war concerns. Unemployment remained stable at 3.7%, creating a worker shortage.
Jeffrey Tucker, at AIER, observes how “Amazingly, even amid such a record of failure, the Washington Post last month referred to the administration’s “mixed success” on trade. What success? Even by the president’s own measure, the U.S. trade deficit, he’s losing. If the U.S. slides into recession, his policies will make conditions worse.”
Edward-Isaac Dovere in The Atlantic on The Enduring Mystery of Tulsi Gabbard:
“Gabbard’s supporters are a mix of old hippie peaceniks, cryptocurrency enthusiasts, people who obsess over American imperialism, and former Trump voters.”
Monetary
At Bloomberg, Director Kudlow says Bill Dudley went way over the cliff with his remarks.
David Beckworth at Mercatus.org in The Challenges of Dollar Dominance:
The dollar is now a truly hegemonic currency and, as a result, creates challenges not only for other countries but also for the United States.
The dollar’s dominance is evidenced by the 50 to 80 percent of international trade being invoiced in dollars, the $28 trillion of relatively liquid, dollar-denominated debt held outside the United States, and the 70 percent of the world economy’s currencies anchored in varying degrees to the dollar.
Steve Hanke, at Forbes.com, says that fears of a recession are overblown. “Money dominates, and at present, it’s not too hot, not too cold–about right. Indeed, the broad money growth rate (DM4) is right in line with the “golden growth” rate.”