Larry’s Blog

World Series Preview

October 20, 2013

This will be the fourth meeting of Cards and Sox since 1946 when the Red Birds won after Enos Slaughter scored from first base on a single.  Maybe Jacoby Ellsbury can return the favor.  I saw the Sox clinch Al pennant in 1967 from the right field bleachers, beating the twins.  They then lost in […] More

Policy Crime and Punishment

October 15, 2013

A frequent question today on business talk radio and television asked about the likely financial and economic consequences if a U.S. default, even one in only a technical and brief sense, is not averted after Thursday, and the answers varied but for the most past were kept vague with good reason.  This is uncharted territory […] More

Greed, Anger, and Unhappiness

September 11, 2013

In Oliver Stone’s 1987 movie Wall Street, Gordon Kekko famously proclaims that “Greed is good.”  Greed is the emotion behind the desire to maximize profit, income and wealth, and the maximization of such things lies at the core of a capitalist price system for allocating and distributing products, services, and returns to factors of production.  […] More

Getting Well

July 12, 2013

A nasty bout of bronchitis has come between me and the reliably useful steady flow of timely information that can be found on Currency Thoughts.  Doing the heavy work required by this blog and restoring health are not a realistic combination of priorities.  For now, getting well will have to take precedence, and Currency Thoughts […] More

Four Concerns

April 22, 2013

The Mounting Reliance of Developed Economies on Intelligence-Intensive Growth.  A developing economy can accelerate its rate of growth by combining under-employed labor with imported technologies that boost their productivity (the amount of product or service that can be made in a finite period of time worked).  More workers using the same tools produce more output.   […] More

Currency Thoughts Passes Fifth Anniversary

April 8, 2013

The first two postings on this blog, My Background and Analytical Philosophy, were screened on April 8, 2008.  The site now has 4,307 articles and over 2.279 million words, which is large enough to envelope four copies of Tolstoy’s War and Peace.  The inspiration for the blog came from a phone call several weeks beforehand […] More

U.S. Jobs Growth and Equities

February 2, 2013

The Dow Jones Industrials (DJIA) closed at 14,010 on Friday, February 1, 2013, which was only the seventh time ever with a close above 14,000.  All six other instances were grouped tightly in early October 2007, including the record of 14,165 on October 9 that year.  Friday’s extended rally was triggered by the Labor Department […] More

America’s Overstated Inflation Scare

November 13, 2012

Just about everyone knows that the Federal budget deficit soared in the Great Recession when revenues plunged.  Less widely understood is the fact that the gap has been subsequently grinding downward by about a percentage point per year and is now hovering around 7% of GDP.  Monetary policy has accommodated America’s weak economic environment.  Three […] More

Fact Check: Has U.S. Employment and GDP Growth Been Abnormally Poor Under Obama?

October 23, 2012

The U.S. economy had experienced recession already for thirteen months when Barack Obama became the 44th U.S. president on January 20, 2009, and the rate of contraction was then in its most virulent stage at 8.9% in the final three months of 2008 and 5.2% in the first quarter of 2009.  With such a self-feeding […] More

Some Pre-Debate Thoughts

October 16, 2012

In a town hall format from 21:00 to 22.30 EDT tonight, President Barrack Obama will debate his Republican challenger and former Massachusetts Governor, Mitt Romney.  This debate is critical to Obama’s reelections prospects, just as their first debate on October 3 was essential to Romney’s chances. Candidate debates constitute a job interview with American voters. […] More