Wrap Up for October 2026

The AI boom intersects more with globalisation and geopolitics than people realize.

What does stronger growth actually mean for rural counties? Access to metropolitan areas makes a big difference.

Just as a demand collapse was missed in 2008, the opposite circumstance of demand excess is being missed today.

Even a basic level of financial literacy remains a problem for many.

Perhaps it's not surprising when the elderly prefer robots to humans for activities they can no longer perform for themselves.

What happens when AI means fewer specialists are needed? I would question the proposed solution of "more comprehensive training", given the already exorbitant costs of knowledge acquisition, especially since only so many individuals with advanced knowledge can be highly compensated (monetarily) in the first place. Much of what I advocated years earlier, included reducing the costs of knowledge acquisition by individuals.

Despite this being a time of numerous strategic defeats, Greenland has been a strategic win.

Sometimes, models that aren't quite right, or are even completely wrong, can be wrong in useful ways. Scott  Sumner adds that even NGDP targeting is "usefully wrong" in its own way, especially now.

What makes rural areas different from metro areas?

A closer look, with graphs, at five eras of wage growth in the U.S.

Medical debt has become a big part of the affordability crisis.

China's manufacturing has become cheaper relative to the world average.

It has been too easy to forget how important monetary policy is, for public debt.

Real incomes for Americans in the post-pandemic period, aren't quite what people expected.

People in the U.S. stopped falling in love, but that's only the beginning of the story.

When will profitability catch up to investment in AI?

NPR highlights the more recent approach that Hall and Woodford brought to macroeconomics.

Timothy Taylor reflects on a decades-long macroeconomic journey, from its earlier beginnings to the latest economic Nobel.

"The Committee was united in raising rates but divided on why."

Warsh unfortunately finds it advantageous to be "a chairman without an anchor".

A visual comparison of home values by state.

Vehicle production around the world in 2025.

Cost-of-living concerns are the president's biggest problem right now.

How might selfishness matter, for the level of inequality that a country is willing to tolerate?

A surprising number of countries live under old leaders.

There is a variable that could separate the two inflations, if only the Fed were willing to use it.

How to think about China's growth model, in relation to the West?

This inflation report will be hard for the Fed to ignore. Justin Wolfers notes that it was worse than expected.

EVs are only part of the picture for China's massive production gains.

Warsh claims the Fed has left forward guidance behind, as if that were an achievement. He is quickly spending what credibility he has, without attempting to earn any further.

What if martial law is deemed "necessary"?

In present day macroeconomic theory, the role of money remains unclear.

Economic concerns in France are more important for global markets than some realize.

Upside risks to inflation over the coming year, have only grown.

A visual for differences in marriage and divorce rates among states.

Each of the last six years has brought another supply-side shock to the global economy.

There have been real wealth gains in many parts of the U.S. since 2000.

How big were the two global Chinese production surges? Even though the second shock represented slower growth, it resulted in more output.

Local land use rules are making it difficult to build many starter homes.

The U.S. came in low on the rankings of best countries to live in in 2026.

Our debt problems are no longer in the future in the U.S. for they have already arrived.

Cyril Morong highlights Jason Furman's new Econvitals website.

Marcus Nunes explains where fiscal risk actually lies.

Visualizing the most and least trusted professions of 2026.

Have people in the U.S. become more or less happier in the last two years? It partly depends on where one lives.

Why didn't the Fed get the rate hike it needed, now?

"the Baumol effect makes the scope of the welfare state unsustainable": This unfortunate reality is why I sought a sustainable approach to time based services - one which could have reduced governmental debt loads. If only I had the stamina to continue such advocacy! But - at least for now - my earlier writings remain on this blog. Alas, as Cyril Hedoin noted, the new paradigm is going to be with us for a while.

Growth has slowed considerably in the most democratic areas.

How does inflation presently compare across the globe?

Markets are preparing for a return to "hot" war.

Seven of these ten "boomtowns" are in Texas

Wrap Up for September 2026

How does the cost of living compare in different states?

Finally, more clarity from Kevin Warsh at Jackson Hole.

Did Trump's tariffs even achieve his own stated goals?

What if recycling doesn't work as well as we thought?

Fossil fuels still account for 81 percent of primary energy use in the U.S.

Nurses could be the near future fastest growing job in at least 42 states.

Rental housing is no longer a one size fits all story.

It has become impossible for the Fed to return to the operating system it used prior to 2008.

This has been an unfortunate summer for statistical integrity in the U.S.

The loss of the Bahrain Navy Base is proving to be more profound than was first realized.

Brad Delong highlights some perspectives on Warsh's Jackson Hole speech.

Three risks for the likelihood of continued inflation.

A graph for countries with the highest debt ratios.

Scott Bessent confidently declared that "I am the House now" and, well, this song comes to mind.

Maybe we have been teaching music for the wrong reasons.

Work holds more meaning for people than is often recognized.

There's a chance we could lose the ability to glean accurate stories about what is actually happening in the U.S.  But for now the numbers are still okay.

Comparing utility costs by state. 

Each possible map of the world has its own distortions.

Auto parts suppliers are especially having a difficult time with the uncertainties of tariffs.

Which states will feel the most impact from Canada's counter tariffs?

Supplements have become an important part of our daily routines.

For years, candy prices didn't go up much. What happened?

How does macroeconomics factor into the AI boom?

"The U.S. created a system where it rejects its own talent, then acts shocked when it runs out of personnel."

How useful is the theory of low growth correlating with political dissatisfaction?

Which countries depend on the U.S. the most for their exports?

It seems the hoped-for shift to male breadwinners didn't quite work out as planned.

Even though a rate hike is the best option, it is still costly.

Warsh held the line this time. Will he still hold it next time?

The customer's time preferences are also important for the price of a product.

Even after land use reforms, Nimbys are more motivated than ever to block new housing.

Which is worse: protectionism for sale, or protectionism for show?

The Fed had a good meeting, but the monetary policy that Warsh believes in, still isn't clear.

For Germany, post war politics was always about moderation. "That's over."

James Marriott and Russ Roberts discuss Marriott's new book about the decline of reading.

Gasoline prices in the U.S. are higher than one might expect, in relation to global comparisons.

Why have Arab armies struggled on the battlefield?

A visual for the world's largest oil importers in 2025.

When calculating changes in total immigrant numbers, it helps to consider the level of U.S. population as a whole.

Becoming a lame duck president could prove difficult for Trump.

Supply chain resilience also means higher prices in the future.

The U.S. tops the list for the most interest on government debt payments.

Main Street millionaires have been flying under the radar as they've gradually become part of crony capitalism.

A visual for the countries which exported the most oil in 2025.

Banning diesel exports would not guarantee cheaper diesel prices in the U.S. by any means.

Saudi Arabia has a stronger position in this war than some realize.

Will Warsh become more specific about his preferred monetary aggregate? 

The broad effects of AI in the creative class are still underway.

Long term yields in France and Italy are getting out of control.

"Until 1975, half of Americans said they entertained guests at their home every month."

The blockade on Iran has been quite effective.

Wrap Up for August 2026

The Fed has ample ability to control inflation. However, it's the unpopular aspects of inflation that the Fed cannot control.

Which countries produce the most coffee?

Not many countries feel like they are doing really well.

Contrary to popular opinion, manufacturing workers have become more secure in their jobs. Nevertheless, regional impact remains a valid concern.

A visual for economic power transitions over the past 200 years.

Fiscal dominance is no longer a theoretical possibility.  Neil Irwin also provides details for the yen intervention.

There are few obvious answers for the lack of fluidity in today's low-hire, low-fire economy.

How much positive impact might the 21st Century Road to Housing Act have?

What happens to urban services and infrastructure, now that federal funds are starting to dry up?

Perhaps not surprisingly, trade-linked jobs that take place in offices, pay considerably more than those on factory floors. However, the difference isn't near as pronounced in richer parts of the world.

Even though AI is transformative technology, its growth potential is likely to remain modest, at least for now.

Fed discretion without a nominal anchor, is hardly the panacea that Warsh would like it to be. When the stock market and the bond market widely diverge, it is ultimately the bond market that prevails.

Perhaps the relevant question isn't so much how AI will automate work patterns. There are deeper issues at stake. How will AI change the production, circulation and validation of knowledge? AI will ultimately impact how organizations learn, remember, deliberate and decide.

Despite the bravado of Iran's hardliners, their economy continues to be threatened by the reimposed U.S. naval blockade.

Neil Irwin takes a closer look at Kevin Warsh's early days at the Fed. But, among other things, are Warsh's bots being given too much credit?

Conor Sen takes a look at the end of the housing recession.

Iran wants the war to end, but not on the terms demanded by the U.S.

Scott Sumner responds to the monetarist section in John Cochrane's recent online book, Inflation. 

There's been more progress in medicine than people often realize.

Few noticed what happened to real wages this time.

Too many young adults remain stuck at home and unable to afford housing.

The same institutions that are inclusive, still create divisions as well.

If no one is losing factory jobs to China, what is actually happening?

What really killed offshore wind?

Dependence in Chinese suppliers hasn't changed.

Vance-Bessent thinking bears an uncanny resemblance to MMT. Yet, some curses aren't that easy to undo.

Scott Sumner creates an imaginary dialogue with a "skeptic of monetarism".

Which countries have already passed peak population?

Will his Jackson Hole speech bring further clarity to his vision? "We're turning the first few pages of the fiscal dominance book."

Property rights also played a role in England's Industrial Revolution.

The Treasury's buyback announcement is only temporary relief.  These minimal gains were bought at a high cost.

There has been some progress getting oil through the Strait of Hormuz.

Some weren't comfortable with the Fed holding rates in July.

Not everyone is happy identifying with either of the two major political parties.

Mortgage lending standards are simply too tight for home buyers.

Are data centers as bad as they've recently been made out to be?

Governments were caught quite unprepared for the normalization of bond markets.

The "debt scolds" were wrong in 2010. But does that mean they are wrong now?

High income countries are playing games when it comes to debt avoidance.

Diesel is where the energy shock was really happening.

What if poor U.S. leadership makes the rest of the world stronger? And, despite recent setbacks, the world is a lot more democratic than it was only a half century ago.

Cities need municipal wealth funds that states cannot raid.

How many adults live in the state where they were born?

To what extent is nominal GDP affecting today's fiscal position?

On Ukraine's Independence Day, a parade like no other.

"The Social Security trust fund deficit has more than doubled since last year."

The notion of "falling in line" could be one of the most lame negotiation tactics ever.

This bond market was hardly being a tough guy. All it was doing was clearing its throat a little, and Treasury wouldn't even tolerate that!

Canada is the first to absorb tariff pain. Will others follow?

"total world trade has moved sideways as a share of GDP"

Yet another federal debt warning from the GAO. Will anyone pay attention?

Fiscal dominance was on everyone's minds at Jackson Hole this year.

Wrap Up for July 2026

Despite the benefits of forward-guidance, it still turned out to be a false precision.

Purchasing power parity makes the difference for China.

Even though Britain is experiencing economic decline, the U.S. isn't all that far behind.

Screwworm eradication is being taken seriously. But it might take at least a decade to be successful.

Many things people were concerned about 100 years ago, still hold relevance today.

China's GDP manufacturing share has actually been falling for 15 years.

A visual for state manufacturing GDP comparisons in the U.S.

There's plenty of wishful thinking about shrinking the Fed balance sheet. But who has the stomach for what is involved?

Poland had the fastest immigration growth between 2019 and 2024.

Freedom to choose work hours is starting to become an option for blue collar workers. There are other aspects of greater work flexibility as well.

Adam Tooze describes the extent to which global dollar usage has changed.

Who captures the benefits, rewards, and returns of AI?

There's more than meets the eye in comparing deindustrialisation between the U.S. and the EU.

The new task force is reasonably well chosen, except for one problem: There's no one who openly advocates for a level NGDP target.

Land values have increased so much, that land reclamation might (once again) become a reasonable option.

A visual for states which are considered the most dangerous in the U.S.

There's a good reason why many people in the U.S. avoid ambulance rides whenever possible.

Financial repression is a "quiet tax" that is more harmful than many realize.

Both the left and right have largely abandoned free market thought.

A Taliban ban on smartphones could make life even more difficult for citizens in Afghanistan.

Those FOMC minutes provided more information than expected.

Which countries are considered to be the most powerful?

Witchcraft as the dark side of kinship. Who knew there was an economic rationale or component to witchcraft accusations? Consider how this matters for the present. The authors understandably argue for societal institutions to protect citizens, in part so families might remain more considerate of their own. 

What really accounts for "greedflation"?

Some believe the blockade of the Strait of Hormuz could be more effective. Nevertheless, companies and countries alike are becoming more inclined to simply bypass the waterway.

"The most common use of AI is to find information."

Our world changed, once people started seeing its many aspects in a single context.

Alas, Warsh showed a level of certainty to Congress that was not at all warranted. 

There's no single model for the workplace ten percent that is left after automation. It's important to distinguish tasks from jobs, as a place to start.

Greg Mankiw recommends Liaquat Ahamed's new book 1873.

Plenty of America's top private companies by revenue are food, grocery, and beverage related.

"The brain in lonely mode doesn't add darkness. It subtracts light."

Does he really think he's going to achieve inflation goals by redefining inflation? 

Once societies start to envision progress as zero-sum games, real progress becomes progressively more difficult to achieve and maintain. Borrowing Joel Mokyr's terms, for years I'd hoped for "Northian" growth gains via the skills coordination of time arbitrage, and "Shumpeterian" growth opportunities via local resource realignment for housing and building construction.

Corporate tax planning can sometimes make economic data look like a "hall of mirrors". Ireland as an example.

International tourists have changed their travel preferences considerably in the last six years.

"Places built around private convenience look lonelier than places where daily routines force people to bump into one another."

A visual for countries with high government debt loads.

The biggest problem for data center energy use, is high levels of concentration in specific areas.

Kevin Erdmann notes a useful addition to measuring home ownership from the Minneapolis Fed, which is another way to track how many individuals own their homes.

Florida and Texas have gained the most people from abroad.

"When you're running out of fiscal space, the last thing you need is war."

Slowly but surely, we are using fewer words in spoken conversation.

How do China's manufacturing gains compare to other countries?

With some exceptions, tariffs have failed to provide  real manufacturing gains.

Mini cities as more spontaneous and meaningful forms of education at a young age.

Quality of life perceptions: The U.S. isn't positioned as well as some might expect.

A nominal path is becoming more important than ever. But who is really paying attention?

Will those off-grid data centers be able to work as advertised?

New apartment housing is being built in Texas, despite lingering restrictions.

A visual for countries by income groupings.

Price stability from the Fed? "You cannot miss a target you have not specified." And, Warsh actually criticized the work the Fed had done in the last five years, even as many of those participants were still in the room! Here's an apt line from Fed governor Chris Waller, "Sternly staring at inflation until it melts before our withering gaze is not an option". Alas, Warsh assures everyone that PCE inflation remains the proper Fed yardstick...oh wait maybe not really. It concerns me that Warsh is also willing to use monetarist reasoning, not because of any apparent belief in nominal stability, but as one of various foils to destroy confidence in normal Fed policy methods. In other words, anything it takes to ensure he doesn't properly deal with inflation so long as Trump remains in office. Despite the fact Fed credibility will likely have to suffer the consequences.

How long does it take to become a U.S. citizen? It's complicated.

Paul Krugman provides further background on the FOMC meeting, and like others, reminds us that Warsh would likely be problematic in the event of an economic crisis. Plus, Warsh's new "no framework" strategy is not a tenable position.

Even though there's plenty of advice not to keep scrolling online before bedtime, I often find myself at the computer anyway. At the very least, what's better than worrying about the state of the world? Nature videos with music are a good option. Here's one I particularly enjoyed.

Wrap Up for June 2026

There's a wide variance in nursing home costs, depending on the state. Surprisingly, Texas has the lowest costs.

Political polarization is making it more difficult to determine what consumer sentiment consists of.

Cyril Hedoin's book, Social Choice and Public Reason, will soon be out. Also, some pictures from his London trip.

Press freedom is strained in many parts of the world.

What societies believe in, also helps to determine the nature of their institutions.

Have men really become excessively lonely?

What if AI can help reverse the negative impacts of social media?

School enrollment declines will matter more than many realize.

A visual for some prices that have gone up the most.

The screwworm border closure is only making things more difficult for raising and processing beef in the U.S.

Even though the May jobs report looks superficially good, it's not quite as strong as it appears.

Migration within the red state blue state divide is about more than just politics.

Recent currency growth "bodes well for the Fed's balance sheet".

Does Kevin Warsh have the diplomatic skills to successfully lead the Fed? Perhaps.

Timothy Taylor notes some highlights from the Romer and Romer summary of Powell's time in the Fed.

Fortunately, energy markets are far more diverse today, than was the case in the seventies.

Goods prices inflation is actually similar now to where it stood during the pandemic. Even so, nominal spending is still more important than the distribution of prices.  

Unemployment really depends on the state where one lives.

White collar workers in particular are having to deal with a changing economy.

Long Covid as an identity is still not well defined at all.

How useful is the Friedman rule today?

Alas, the Fed is "rerunning a milder version of 2021 in real time". The nominal GDP lesson has still not been learned.

The dollar remains the world's dominant currency.

The fact there might be some problems with sugar free diets, is one of the more surprising things I've read recently.

An interesting and overdue book on the pros and cons of sun exposure.

The first FOMC meeting for Kevin Warsh isn't an easy one. And after the fact: Warsh is going to need greater transparency than he delivered the first time around.

The Commerce Department banned noise infusion in statistical data, but it was there for an important reason.

Richard Baldwin takes a closer look at declining manufacturing in the U.S.

Why isn't it enough to promise price stability?

In Mexico, there are still many incentives for workers and businesses to remain in the informal sector.

The Covid pandemic was the defining moment of the Fed under Jerome Powell.

Alan Greenspan was the first to make it obvious that low inflation was the Fed's most important job. Even though Greenspan didn't identify it as such, he consistently maintained a steady nominal income level. Also, Greenspan's legacy: The Great Moderation.

What happens when new jobs aren't the ones that a town really wants?

No one can definitively say what constitutes a healthy gut microbiome.

A visual for cities in the U.S. with the highest income levels.

It's too easy to forget what really matters. Fortunately, there's a method for remembering from centuries earlier.

People still want to volunteer, but more spontaneous forms of doing so are needed. In France, communities are making this happen. 

It really feels as though everyone lost in the Iran war.

Grid connectivity was designed for an era that was far less dependent on energy, than is the case today. The first-come first-serve queue is the main problem.

If you limit favourite Beatles song selections to just one, there's an interesting result for a top 100 song list of the sixties.

The role of experts in information gathering.

As the U.S. deindustrialised, the rest of the world did things a bit differently.

A visual for the best selling albums in the U.S.

If it feels difficult to find good jobs in America, only imagine what that challenge must be like in developing countries.

For now at least, the Fed remains independent, and responsible for where monetary policy is headed.

Which states are the largest food producers?

Wrap Up for May 2026

Ryan Avent talks with Brink Lindsey about the power of faith and culture.

American dads have changed considerably since the fifties.

The economic blockade campaign is about more than just Iran.

What does access for a new retirement plan, consist of? 

Part of what makes life more expensive now in the U.S. is a weaker dollar.

Electricity supply is rising, as demand rises even faster. Texas is rising to the challenge, but more rapid energy build out is needed across the U.S.

Aircrafts are a prominent export in multiple states.

A 100% debt-to-GDP level isn't necessarily a deal breaker. But the way a debt trajectory actually rises, can be.

"Most good ideas are born as twins."

Robin Brooks explains why the blockade is working.

Hannah Ritchie takes a closer look at near future AI electricity demand.

When it comes to home affordability, income levels matter. (A visual)

Tautologies are more useful than they are often given credit for.

Embodied human labour is a lot more complex than what AI is actually performing. "When a dollar is saved, where is it redirected?"

Will the nominal anchor continue to hold?

Even though the labour market is stabilising, it is doing so with higher prices.

Some charts which illustrate how debt is becoming a global problem.

Minnesota has the highest home ownership rates for young adults.

Most countries remain sold on free trade, even if the U.S. no longer is. However, economists were right about the economic pain the tariffs would cause.

What might the changing California job market imply for the rest of the country?

It hasn't been long since pancreatic cancer was practically a death sentence, but much has changed.

In war, a nation's ability to survive shouldn't be confused with victory. Iran isn't quite as strong as some like to imagine.

Betting on future risks has its useful qualities, but doing so can also corrupt.

The 21st century is also the time of the "Great Forgetting".

Saying goodbye to a dependable and trustworthy Fed chair.

Tariffs haven't helped the U.S. economically. And trading partners have dramatically changed in the past 25 years.

Neil Irwin reflects on Jerome Powell's chairmanship.

Trump and Xi went into the summit with the same modest expectations.

What if an AI bust wouldn't really hurt that much?

"The number of children on the planet has been going down since around 2012. It's just that their grandparents have not died yet."

History will likely be kind to Jerome Powell.

China has retained a longer than expected lock on low-skilled goods production, to the detriment of emerging economies.

A visual for world fertility rates.

Have Republicans basically given up on free markets?

Pediatric surgeons have the highest wages.

One can only hope that data centers will take a strong interest in water recycling. After all, they are being built in some places where water is already in short supply.

Is vicemaxxing the new normal?

The Secular Stagnation theory turned out to be not so compelling.

There's a price for exorbitant privilege that is seldom considered.

A visual for the world's largest food exporters.

The Fed has not been offsetting excess fiscal demand.

Both Medicare and Medicaid have become reliant on private health insurance.

Hiring demand really depends on one's home state.

Independent bookstores are actually doing better than many realize.

For the Fed, it's actually easier to move the road than to steer the car. Even so, "moving the road" doesn't always guarantee a positive outcome.

A visual for foreign investment in 100 nations.

Not all forms of attention are the same, and the differences are important.

Services are almost half the value of U.S. exports, but that important factor has been completely missed in Trump's tariff calculations.

In the past ten years anger has been on the rise.

It turns out that once immigration stalls, something odd occurs: Just because job numbers turn negative doesn't necessarily mean a downturn is underway.

What point was there in putting tariffs on musical instruments, when few were being made in the U.S. to begin with? "Imports of musical instruments are cratering."

Which states have experienced the most population growth since 1970?

Paul Krugman answers his critics concerning discussions about standards of living in Europe and the U.S.

Wrap Up for April 2026

The chickens are coming home to roost for the U.S. debt trajectory

India's services sector continues to be a strong part of its economy.

When the largest importer decided to weaponize imports, the largest exporter responded  by weaponizing exports. Yet other countries decided not to participate in the trade war.

NAFTA vulnerability was greatest in eastern portions of the U.S.

Progress in battery storage is one of the good news stories of our times.

AI may change what is deemed most useful and valuable in knowledge at a fundamental level.

Even EV production is getting stuck at the Strait of Hormuz.

Leadership has been sorely missing and could get worse.

Manufacturing jobs are not the panacea that some make them out to be.

Where has manufacturing growth taken place?

A visual for global population growth in the last 25 years.

More cities are essentially being built around the needs of the elderly.

One of the most telling trends that highlights the extreme housing shortage.

Affordability is an important factor in the elections this time around.

The Iran war will change energy markets in the years to come.

Baumol's cost disease is a big part of the explanation for today's excessive levels of solitude. 

The Fed is gradually shifting its framework towards shrinking the balance sheet.

Ukrainian drone attacks have also concentrated on a Baltic choke point.

Nursing has become a path to prosperity, yet the difficult nature of the work helps explain why.

The many benefits of green spaces.

Helium supplies have also been reduced with the closure of the Strait of Hormuz.

Has price theory really become irrelevant? Not so fast.

Self-cleaning toilets are part of the public amenities in Paris.

Some areas along the Texas border remain determined to nix the border wall.

Both parties have lost patience with the excessively high costs of healthcare. Also, the cost shift myth has been busted.

Encouraging men to go where the jobs really are, isn't always a simple matter.

Dollar dominance is no longer as certain as it was even a few years earlier.  And one of the reasons why?There's little if any political will, to return to a path of fiscal responsibility.

The safe haven status for gold may be temporarily compromised.

How does war compare to other macroeconomic impacts? It is often the strongest and the most difficult to manage.

What makes Japan's railway companies so strong?

Most countries remain quite dependent on food sources from other countries.

The president is not the person responsible for macroeconomic outcomes.

Ryan Avent has recently published his new book, In Good Faith.

Austin is a great supply side example of what is possible with adequate housing construction.

Marcus Nunes examines different currents of thought regarding dollar dominance.

Is today's main economic problem the level of prices, or is there more to the story?

That "whiplash economy" feeling is more than just a data problem.

A visual for global production of natural gas.

There are plenty of reasons for the big drop in the crime rate.

Washington's humility certainly helped this country get off to a good start.

It remains to be seen, whether Kevin Warsh is not a problematic pick for the Fed.

Spending per student varies considerably, depending on the country.

Grid battery manufacture has been the main U.S. success story, even as EV battery capacity is further delayed.

Kevin Warsh wants to change many aspects of Fed communications. To what extent may that happen?

Not everyone is on board with his nomination.

The Iran war has essentially been a stress test for Beijing.

What are the main drivers of today's global imbalances?

Population loss is not a problem with easy answers.

English speaking countries have experienced the largest decline in well being in the last decade.

Timothy Taylor provides highlights from a recent essay by Richard Baldwin. And the trade war between the U.S. and China holds its own lessons for the Iran war.

Both parties have turned to overnight sessions just to get legislation passed.

Recommendations for books on Taiwan and US-China relations.

This year's shocks feel more serious than what occurred last year.

Housing policy logic has become more complex than ever.

How much is left after basic expenses are met? A visual for the wide divergence between states.

Is this the "end of an era" for the Fed, or only a test?

Not many states actually benefit much from global investment.

Currency swap lines may be used a bit differently this time around.

It's not just the Fed that is paralyzed by the Iran war, other central banks are as well.

Will the world be able to limit the weaponisation of shipping?

The blockade could be having its desired effect.