Policy and Government

US Second Quarter GDP Drops to 1.1% Annualized Rate.

The Economist considers the Mundell-Fleming Trilemma: A fixed exchange rate, monetary autonomy and the free flow of capital are incompatible.

Monetary

In the WSJ, Jon Hilsenrath says Fed missteps have led to disillusionment.

Jim Grant argues the Fed is hostage to Wall Street.

Tax

The Las Vegas Journal Review reports Congress is scheming to raise taxes on Internet purchases.

In the New York Business Journal, David Arnott discusses the new proposal to change how internet sales are taxed.

Photo Credit: Don Hankins