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A New Era of Stagflation?
“The creditors of the United States will not accept negative returns on an ever-expanding mountain of US debt indefinitely. At some point, perhaps not long from now, the US will face sharply higher interest rates and the type of budgetary constraints that were typical of profligate Third World borrowers.” ~ David P. Goldman
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Weekly Initial Claims for Unemployment Benefits Fall Again
“Weekly initial claims for unemployment benefits fell again, hitting the lowest level of the recovery. The tight labor market and strong demand will likely keep claims at low levels.” – Robert Hughes
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Three Minutes in Fort Worth
“Heading down to the bar for a celebratory drink–it was a great conference–I thought to myself: ‘If that is the depth of common understanding, and the full extent of their imagination: how is any of the morass the world is descending into surprising?'” ~ Peter C. Earle
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The General Welfare
“I reject the notion that most of the Framers would have supported the constitutionality of any policy that Congress enacted simply because it falls within the federal government’s purview. To be constitutional, a federal law or other policy must be in scope but also at least a Kaldor-Hicks improvement.” ~ Robert E. Wright
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