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Chumps: QE Will Lower Living Standards Long Term

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An interesting article appeared in the Financial Times arguing that Central Bank quantitative easing will lower living standards long term. “…the prospect of improvement in economic growth is largely a monetary illusion. No one needs to explain how policy makers have made painfully little progress on the structural reforms necessary to increase global productive capacity […]

A Tale Of Two Streets: Main Street Lagging, Wall Street Booming

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The most important number in today’s GDP revisions for Q4 was $16.20 trillion. That’s the annualized constant dollar (2009 $) value of final sales during the quarter and, naturally, it was not mentioned in any of the media reports. But its important because the final sales figures strains out the noise of quarterly inventory fluctuations, and thereby provides a reasonable benchmark for where…