From this post: his op-ed conflates legitimate academic debates with Trump’s crude power grabs, lending unwarranted credibility to positions that threaten central bank independence and economic stability
This sentiment applies to almost every single "Trump is right about ___" article I see. It's infuriating.
Years earlier, Cochrane's focus on the fiscal theory of the price level was interesting but not particularly relevant to the times. Alas it has become too relevant now, and not in a good way. Your post highlights what really needed to be said about the flawed rationale of an otherwise respected economist. Maybe some wouldn't consider it a total sell out on his part, but it's close enough. Thanks for saying what some economists notice, but can be reluctant to call out when it needs to be done.
Thank you for explaining how the comparison to colonialist era Spain & Portugal doesn't apply to modern U.S. currency flows. I had been wondering for a while if that was a valid analogy. I supposed Trumpian policies could start to resemble recent policies from Turkey--should he manage to saturate the Fed with compliant governors.
I think you wrote this post before Trump doubled down on his desire/directive to send us all $2,000 tariff "rebate" checks. A move that demonstrates his absolute indifference to responsible monetary or fiscal policy. I don't suppose that Cochrane, or any economist, could spin that action as sensible.
From this post: his op-ed conflates legitimate academic debates with Trump’s crude power grabs, lending unwarranted credibility to positions that threaten central bank independence and economic stability
This sentiment applies to almost every single "Trump is right about ___" article I see. It's infuriating.
Years earlier, Cochrane's focus on the fiscal theory of the price level was interesting but not particularly relevant to the times. Alas it has become too relevant now, and not in a good way. Your post highlights what really needed to be said about the flawed rationale of an otherwise respected economist. Maybe some wouldn't consider it a total sell out on his part, but it's close enough. Thanks for saying what some economists notice, but can be reluctant to call out when it needs to be done.
Thank you for explaining how the comparison to colonialist era Spain & Portugal doesn't apply to modern U.S. currency flows. I had been wondering for a while if that was a valid analogy. I supposed Trumpian policies could start to resemble recent policies from Turkey--should he manage to saturate the Fed with compliant governors.
I think you wrote this post before Trump doubled down on his desire/directive to send us all $2,000 tariff "rebate" checks. A move that demonstrates his absolute indifference to responsible monetary or fiscal policy. I don't suppose that Cochrane, or any economist, could spin that action as sensible.