News
Market Watch | IMF on Japan: stimulus first, then austerity
The executive board of the International Monetary Fund backed plans by the Japanese government to spend money to repair the damaged country but noted that an ambitious budget- cutting program would soon be needed to tackle the nation’s deficit.
Bloomberg | China Signals More Yuan Gains After Enabling 17-Year High Against Dollar
China said that it can allow more yuan moves without jeopardizing its foreign-exchange reserves after letting the currency rise today to a 17-year high against the dollar.
Econ Comments
Washington Times | EDITORIAL: Treasury: Stop the presses
The Obama administration has only one answer to bad economic news: more spending. It’s no surprise, then, that there’s now talk of printing up billions in currency to accommodate the reckless fiscal policies that have already sent the economy on a downward spiral.
Financial Times | Let Europe pay for its policy failures
The run-up to the summit, which was supposed to design a second and much larger bail-out for Greece, has been sadly typical of Europe’s shambolic and convoluted policy process.
Bloomberg | Treasuries Decline Amid Optimism on European Crisis, Concern on U.S. Debt
Treasuries fell on speculation European leaders are approaching an accord on the region’s debt crisis and concern U.S. lawmakers have further to go before agreeing to cut the deficit and raise the borrowing ceiling.
Blogs
Political Calculations | Teens and the U.S. Federal Minimum Wage
What percentage of employed teens make the minimum wage? And what percent of all minimum wage workers are teens?
Free Banking | Free banking and the historical gold standard
Over at his recently established blog “Uneasy Money,” David Glasner has a post on “Gold and Ideology.” He claims that “the gold standard never managed itself; in its classical period from 1870 till World War I it was under the constant management of the Bank of England with the occasional assistance of the Bank of France and other major banking institutions.”
