All posts by Jeff Haymond

Same Sex Marriages: Are they inevitable?

Mark Smith has offered some excellent political and constitutional analysis of the same sex marriage debate before the Supreme Court (see here and here).  But one of the most often heard arguments in favor of same sex marriage is its inevitability.  As reported in NPR by Republican strategist (and same sex marriage supporter Ana Navarro): “If we are to build a big-tent party, and we are to start winning elections, what we have to stop being is exclusive,” says Ana… Continue Reading ››

Texas Gold going home: the latest body blow to Federal Reserve credibility?

A few months ago the big revelation to gold bugs was Germany wanted its gold back from the Federal Reserve.  What’s the world coming to when central banks don’t trust each other?  Further, with central banks net buyers of gold for the last few years, something seems afoot in the global currency markets.  In perhaps a move of political theater, Texas is the latest to jump in the fray by introducing a bill to bring $1B in gold bars stored… Continue Reading ››

Please Mr. Federal Reserve, stop worrying about income inequality!

CNBC reports today that the Federal Reserve is increasingly considering income inequality as a consideration for monetary policy.  The basic idea seems to be that monetary policy ought to be kept easy as long as those in the lower income groups are unable to gain jobs.  As CNBC reports Some on the FOMC, they said, assert that inequality “undermines the ability of the economy to grow sustainably and efficiently” and could lower the long-term growth rate. This is suspect for… Continue Reading ››

Are deficits really good for our economy?

They are; at least according to Charles DuBois in his letter to the editor in the Wall Street Journal. Mr. DuBois says, In brief, the near-term impact of deficit spending is for the private sector to incur one debit (to buy the bonds) and two credits—one for receiving the bonds and one for receiving the deficit payment. Of course, there must be a debit for every credit, so the “missing” debit is the increase in the federal debt. However, over the… Continue Reading ››

Marriage; the best financial investment you can make?

The institution of marriage is one of God’s great gifts to humanity, and it will certainly be under great debate over the next few weeks as the Supreme Court looks at challenges to the Defense of Marriage Act.  Nevertheless, in today’s post, I simply want to point to the economic benefits of marriage, courtesy of this article published on CNBC back on Valentine’s Day.  The article notes Couples who get and stay married can have as much as four times… Continue Reading ››

Paul Krugman on Cults and Economics

 “But woe to you, scribes and Pharisees, hypocrites, because you shut off the kingdom of heaven from people; for you do not enter in yourselves, nor do you allow those who are entering to go in. When I think about this verse from Matthew 23 of the Eight Woes, I can’t help but see some applicability to economists such as Nobel Laureate Paul Krugman.  Not only will Professor Krugman not embrace good economics, but he’s doing his best to ensure… Continue Reading ››

President Obama: There Is No Debt Crisis!

That’s the headline of this report from ABC News.  Today, the U.S. National Debt is $16.7T, whereas our 2012 GDP was $15.6T, or our debt/GDP ratio is 107%.  Economists Carmen Reinhart and Ken Rogoff  have shown that when debt levels are greater than 90% of GDP (for advanced economies), economic growth slows. EDIT Jun ’13:  There has subsequently been much controversy over a spreadsheet error in R&R’s calculations for the 90% # highlighted above.  Despite this error, the general conclusion… Continue Reading ››

Janet Yellen: Has she ever met an inflation she didn’t like?

Janet Yellen, the current Vice-Chair of the Federal Reserve is rumored to be next in line to replace “Helicopter” Ben Bernanke.  This is troubling because, as a committed Keynesian, she is a big fan of inflation as a way to lesson the pain of unemployment.  Indeed, she is–as many others are–convinced that inflation causes small harms to society in comparison to the evils of unemployment.  While she undoubtedly doesn’t support all levels of inflation, she has a history of calling… Continue Reading ››

Income Inequality: Should it be an issue for Christians?

Steve Horwitz has a great counter to the income inequality debate, see here: HT to Don Boudreaux over at Cafe Hayek. For Christian thinkers, is there a biblical justification for concern over income inequality per se?  I’m not talking about the poor here; simply does the Bible have anything to say in a negative sense about some being very rich because they are very rich, while others are significantly less wealthy?  To be more clear, imagine an America of no… Continue Reading ››

Faulty moral arithmetic–Brooks nails the political economy issue of our time

Arthur Brooks produced yet another masterpiece in today’s WSJ, The key is here: Conservatives are fighting a losing battle of moral arithmetic. They hand an argument with virtually 100% public support—care for the vulnerable—to progressives, and focus instead on materialistic concerns and minority moral viewpoints. The irony is maddening. America’s poor people have been saddled with generations of disastrous progressive policy results, from welfare-induced dependency to failing schools that continue to trap millions of children.” How do conservatives compete with… Continue Reading ››