News
WSJ | Europe at Crossroads
Sarkozy, Merkel Issue Ultimatum; S&P Alerts Euro Nations.
Fox News | U.S. on Pace to Become Net Fuel Exporter Despite High Gasoline Prices at Home
Data released last week by the U.S. Energy Information Administration shows that the U.S. sent abroad 753.4 million barrels of gasoline, diesel and other oil-based fuels in the first nine months of 2011, while taking in only 689.4 million barrels.
CNN: Money | When a boomtown goes bust: 'Sudden desertion'
For the past few years, the northwestern corner of North Dakota has been viewed as a rare pocket of opportunity in an otherwise dismal national economy: oil is flowing and jobs are plentiful.
NYT | Economic Troubles in Europe and U.S. Start to Affect Asia
A rate cut in Australia and lowered economic growth estimates by the Asian Development Bank on Tuesday highlighted the extent to which the economic woes of Europe and the United States are spilling over into this part of the world.
CNN: Money | S&P puts 15 eurozone governments on notice
The blanket warning applies to AAA-rated nations such as Germany, France, the Netherlands, Austria, Finland and Luxembourg, the U.S.-based credit rating agency said in a press release.
Econ Comments
Politico | Wealth gap widening in U.S., globally, report says
The gap between the rich and the poor isn’t just widening in the United States - it has hit its highest level in more than 30 years in the world’s wealthiest countries.
Market Watch | What happens in Europe won’t stay in Europe
European summits – more than 20 at last count — have produced little. The planned summit on Dec. 9 may well be the last chance for euro leaders and Euro-crats to avoid financial disaster.
WSJ | The 'Financial Repression' Trap
In capitals world-wide, policy makers deliberately obscure market prices and prevent informed judgments.
Forbes | Europe, Systemic Risk And The Governing Elite
Europe’s governing elite are at the heart of the sovereign debt crisis, and have become the source of systemic risk to the global financial system.
WSJ | If the Lights Go Out
Regulators are letting EPA compromise U.S. electric reliability.
Blogs
Greg Mankiw's Blog | 15 Years Later
It was fifteen years ago today that Fed Chairman Alan Greenspan gave his famous "irrational exuberance" speech, which suggested that U.S. equities were overvalued.
NRO: The Corner | Milton Friedman on Wealth Redistribution
Friedman explains that the only effective way to redistribute wealth is to destroy the incentive to have wealth.
AEI: The American | Is the U.S. economy already downshifting?
I think Team Obama wants the election to be about each party’s vision for tomorrow, with Democrats promoting “shared prosperity” or whatever. Second, many analysts expect the economy to slow next year, which could mean the unemployment rate will climb right back to 9 percent.
Marginal Revolution | Hayek and Modern Macroeconomics
It is true that many of Hayek’s specific ideas about business cycles vanished from the mainstream discussion under the Keynesian juggernaut but what Krugman and Warsh miss is that Hayek’s vision of how to think about macroeconomics came back with a vengeance in the 1970s.
AEI: The American | Under Obama, America finally has become like Europe
There really is no politically feasible route back to sustained economic growth through monetary and/or demand stimulating policies for the EA, the UK, the U.S., and Japan, for many years to come.
Café Hayek | A primer on the European mess from Tyler Cowen
The latest EconTalk is Tyler Cowen talking about the European crisis–how it happened and what might happen next.
Reports
AEI: The American | The United States and the PRC: Macroeconomic Imbalances and Economic Diplomacy
The People's Republic of China (PRC)'s current account surplus, its growing foreign exchange reserves, and its shifting policies on exchange rate adjustment have become a central preoccupation of United States (US) trade policy.
