John McCain has the Republican nomination wrapped up, but Ron Paul isn’t going anywhere.
In fact, in Tuesday’s little-noticed Republican primary in Idaho, the iconoclastic Texas congressman had his best showing so far, grabbing 24 percent of the vote, nearly 30,000 votes in all. more…
A TOP-SECRET DEAL being ironed out by G8 nations will give the Music and film industry a state-paid force of copyright cops with the same powers of customs officials.
The copyright police can seize your mp3 player or laptop to see if it contains pirated content and can order ISPs to turn over personal data without the need for proof. more…
You might wonder why a central banker would be concerned with fiscal matters. Fiscal policy is, after all, the responsibility of the Congress, not the Federal Reserve. Congress, and Congress alone, has the power to tax and spend. From this monetary policymaker’s point of view, though, deficits matter for what we do at the Fed. There are many reasons why. Economists have found that structural deficits raise long-run interest rates, complicating the Fed’s dual mandate to develop a monetary policy that promotes sustainable, noninflationary growth. The even more disturbing dark and dirty secret about deficits—especially when they careen out of control—is that they create political pressure on central bankers to adopt looser monetary policy down the road. I will return to that shortly. First, let me give you the unvarnished facts of our nation’s fiscal predicament.
Add together the unfunded liabilities from Medicare and Social Security, and it comes to $99.2 trillion over the infinite horizon. Traditional Medicare composes about 69 percent, the new drug benefit roughly 17 percent and Social Security the remaining 14 percent. more…
The BRIC nations (Brazil, Russia, India, China) are emerging as the new powers destined to inherit world economic leadership by the middle of the 21st century. more…
DOW Jones Industrials 12638.32
Wilshire 5000 14260.76
S&P 500 1400.38
Oil/bbl (Brent) 127.78
Wheat/bu (CBT) 7.614
Rough Rice 19.10
Dollar/ Braz. Real 0.6165
Prime Rate 5.00
Fed Target Rate 2.00