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☆ It does feel like perceptions are changing around the economy, says Brookings' Ben Harris
▼ + stars: | 2024-01-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt does feel like perceptions are changing around the economy, says Brookings' Ben HarrisLanhee Chen, Hoover Institution fellow, and Ben Harris, Brookings Institution economic policy director, join 'Squawk Box' to discuss the state of the 2024 race, how big of a factor the economy will play, and more.

Persons: Brookings, Ben Harris Lanhee Chen, Ben Harris Organizations: Hoover Institution, Brookings

☆ The Fed will lose its political independence if it cuts rates prematurely, says Kevin Hassett
▼ + stars: | 2024-01-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed will lose its political independence if it cuts rates prematurely, says Kevin HassettKevin Hassett, former CEA chair and Hoover Institution distinguished visiting fellow, joins 'Squawk Box' to discuss the Fed's rate decision, why he believes the central bank may cut rates prematurely under pressure from Federal Reserve staffers, and more.

Persons: Kevin Hassett Kevin Hassett Organizations: CEA, Hoover Institution, Federal Reserve

☆ Opinion: The repercussions from Taiwan’s election will continue for years
▼ + stars: | 2024-01-16 | by ( Opinion Lanhee J. Chen | ) edition.cnn.com time to read: +7 min

CNN —For the US, Saturday’s Taiwan election results signal the continuation of heightened tension with China over the issue of Taiwan’s sovereignty. This will be the case regardless of who wins the US presidential election in November. In fact, support for Taiwan is one of the few policy issues on which there is agreement between Republicans and Democrats. Overall, Taiwan’s voters chose continuity over change by delivering a victory to Lai and the incumbent DPP. Taiwan's President-Elect, Lai Ching-te (left), celebrates with his running mate, Hsiao Bi-khim, during a rally outside the headquarters of the Democratic Progressive Party (DPP) in Taipei on January 13, after winning the presidential election.

Persons: J, Chen, David, Diane Steffy, Romney, Ryan, Lai Ching, Lanhee J, Chen Lanhee J . Chen, Lai, Hsiao Bi, Joe Biden, Donald Trump, Biden, Hsiao, Yasuyoshi Chiba, China’s, Xi Jinping, Elect Lai, —, ” Xi, Xi, ”, ” Lai Organizations: CNN, Public Policy Studies, Hoover Institution, California State, Republican, Democratic, Democratic Progressive Party, Republicans, Democrats, Taiwan’s, Taiwan's, Getty, Communist Party, Nationalist, Taiwan People’s Party, Beijing’sTaiwan, Chinese Communist Party Locations: Taiwan, China, Taipei and Washington, Taipei, People’s Republic of China, PRC, AFP, Nauru, Beijing, Taiwan Strait

☆ Millennials and Gen Z are giving up on one of their core values and investing more like boomers
▼ + stars: | 2024-01-11 | by ( Cork Gaines | ) www.businessinsider.com time to read: +9 min

Preference for environmental, social, and governance — or ESG investing plummeted in 2023 among millennials and Gen Z. The survey examined the support for environmental, social, and governance (ESG) issues and investing across different age groups. Investments receive an ESG rating, and ESG investors pick assets that align with their views on these subjects. AdvertisementIn the survey, preference for ESG investing among millennials and Gen Z — aged between 18 and 41 — plummeted significantly compared to the year before. Tim Paradis and Alex Nicoll of Business Insider explained in December just how controversial the topic of ESG investing has become.

Persons: Z, Gen Zers, Tom Grill, Amit Seru, Seru, David F, Tim Paradis, Alex Nicoll, ESG, Paradis, Nicoll, Sara Eisen, Eisen Organizations: Service, Stanford University, Hoover Institution, Rock Center, Corporate, Investments, Stanford Graduate School of, Stanford Graduate School of Business, United, Investment, Republican, Business, Europa Press Locations: United States

☆ Fed's Bowman says she still expects another interest rate hike
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +3 min

U.S. Federal Reserve Governor Michelle Bowman poses at a conference on monetary policy at The Hoover Institution in Palo Alto, California, U.S., May 3, 2019. Earlier this month, the Fed kept its benchmark overnight lending rate unchanged in the 5.25%-5.50% range for the second consecutive policy meeting. However, Bowman has repeatedly been among a small minority of policymakers who have said they don't think the Fed's job is yet done. Likewise, some signs of interest rate insensitivity among businesses could dull the effects of tighter monetary policy and financial conditions on economic activity and inflation, Bowman said, and overall longer-term economic conditions might mean the Fed's policy rate may need to be higher than pre-pandemic norms. Earlier on Tuesday, Fed Governor Christopher Waller said he is "increasingly confident" the central bank's current policy setting will prove enough to return inflation to the Fed's target.

Persons: Michelle Bowman, Ann Saphir, Bowman, Jerome Powell, Christopher Waller, Lindsay Dunsmuir, Paul Simao Organizations: Federal, Hoover Institution, REUTES, Fed, Thomson Locations: Palo Alto , California, U.S, Salt Lake City , Utah

SAN FRANCISCO (AP) — President Joe Biden and other global leaders have spent the past few days melding minds with Silicon Valley titans in San Francisco, their discussions frequently focusing on artificial intelligence, a technology expected to reshape the world, for better or worse. “The world is at an inflection point — this is not a hyperbole," Biden said Thursday at a CEO summit held in conjunction with APEC. None were more bullish than Microsoft CEO Satya Nadella, whose software company has invested more than $10 billion in OpenAI, the startup behind the AI chatbot ChatGPT. That is, we finally have a technology that understands us, not the other way around,” Nadella said at the CEO summit. Musk had been scheduled to discuss his hopes and fears surrounding AI during the CEO summit with Salesforce CEO Marc Benioff, but canceled Thursday because of an undisclosed conflict.

Persons: Joe Biden, Biden, Satya Nadella, ChatGPT, Nadella, “, ” Nadella, Sundar Pichai, ” Pichai, we’ve, Pichai, ”, State Condoleezza Rice, ” Robert Moritz, Moritz, Elon Musk, Musk, Marc Benioff Organizations: FRANCISCO, Valley titans, Economic Cooperation, APEC, Microsoft, Google, Inc, State, Hoover Institution, Stanford University, “, PricewaterhouseCoopers Locations: San Francisco, Asia, OpenAI

☆ America's cities are vying for a hot new title: best place to ride out the coming dystopia
▼ + stars: | 2023-11-02 | by ( Matthew E. Kahn | ) www.businessinsider.com time to read: +14 min

For decades, cities have duked it out for titles like "best city for business" or "healthiest city in America," but now they're starting to compete for a new title: best place to ride out dystopia. While Sun Belt cities are working to mitigate these challenges, the increased risks also create an opportunity for once forgotten cities. The declaration has been followed up with investments in key areas — climate resilience was one of the four pillars that made up the city's four-year strategic plan released at the start of 2023. And the cities that could become climate havens have their weather downsides — Buffalo will still have some harsh winters, too. If Buffalo, Detroit, Pittsburgh, and other cities succeed in their climate-resilience agendas, they will grow, attracting residents from more at-risk areas of the country.

Persons: Tesla, Byron Brown, Redfin, Matthew E, Kahn Organizations: Los Angeles, Fortune, Sun, National Oceanic, Atmospheric Administration, Association of Environmental, Federal Emergency Management Agency, FBI, Street Foundation, Pittsburgh, The New York Times, University of Southern, Hoover Institution Locations: America, West, Midwest, Dallas, Houston, Atlanta, Buffalo , New York, Detroit, USA, Florida, California, South, Baltimore, Cincinnati, Phoenix, Angeles County, Miami, Dade County, Lake Erie, Buffalo, Duluth , Minnesota, Grand Rapids , Michigan, Chicago, Northern, Pittsburgh, Rust, Los Angeles, University of Southern California

Despite considerable progress, she said, "inflation continues to be too high, and I expect it will likely be appropriate for the (Fed) to raise rates further and hold them at a restrictive level for some time." The Fed targets 2% inflation. Given that progress, U.S. central bankers last month opted to keep the policy rate in its current 5.25%-5.50% range even as most signaled another rate hike would likely be needed before year's end. Speaking at a separate event in New York on Monday, Fed Vice Chair for Supervision Michael Barr said he believes rates are now "at or very near" a sufficiently restrictive level. The same Fed forecasts also show policymakers as a group expect stronger economic growth and a stronger job market than they had expected just three months earlier.

Persons: Michelle Bowman, Ann Saphir, Michael Barr, Barr, Jerome Powell, John Williams, Bowman, Thomas Barkin, we've, Dan Burns, Pete Schroeder, Anna Driver, Andrea Ricci Organizations: U.S . Federal, Hoover Institution, REUTES, . Federal Reserve, Fed, New, New York Fed, Richmond Fed, Thomson Locations: Palo Alto , California, U.S, New York, York , Pennsylvania

☆ Biden’s Gulf allies want an ‘ironclad’ security pact with the US. Here’s what it might look like
▼ + stars: | 2023-10-02 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +8 min

“They (the Americans) don’t want to see Saudi Arabia shifting their armament from America to another place,” Saudi Crown Prince Mohammed bin Salman (MBS) told Fox News’ Bret Baier in an interview last month. Gulf states have over the past few years faced attacks they have blamed on Iran and its proxies, and have found the US’ response to them inadequate. Among the Gulf states, Bahrain, which hosts the US Navy’s Fifth Fleet, was the first to be declared a MNNA in 2002. It is however unclear if the US would commit to a treaty that would require it to come to the Gulf states’ defense in case of attack. The president can offer some concessions without Senate ratification, he said, but that won’t meet Gulf states’ requirements.

Persons: Biden, don’t, Prince Mohammed bin Salman, Bret Baier, Anwar Gargash, ”, ” Ali Shihabi, Saudi Arabia’s, Israel –, Joe Biden, Jean, Loup, David Des Roches, ” Des Roches, Washington’s, Gargash, Des Roches, Samaan, “ Organizations: UAE CNN, United, United States ’, United Arab Emirates, Fox News, US, Hoover Institution, Stanford University, Saudi, Washington, MBS, Gulf, NATO Allies, NATO, Fifth, US Central Command, Middle East Institute of, National University of Singapore, “, Autonomy, East South Asia Center for Security Studies, Pentagon, Senate, ”, CNN Locations: Abu Dhabi, UAE, United States, Washington, East, Saudi Arabia, America, Saudi, New York, Iran, U.S, Israel, Japan, South Korea, Tokyo, Seoul, Bahrain, Qatar, China, Russia, Gulf

☆ Opinion: These GOP candidates are key to Zelensky’s fate
▼ + stars: | 2023-09-23 | by ( Jessica Chia | Opinion Lanhee J. Chen | ) edition.cnn.com time to read: +8 min

It’s no surprise, then, that three of the leading Republican presidential contenders — including former president Donald Trump, businessman Vivek Ramaswamy and Florida Gov. Ron DeSantis — have expressed skepticism or outright opposition to additional US funding for or involvement in the Ukraine war effort. Given these political headwinds, it’s perhaps more surprising that a number of GOP presidential candidates seeking to be the alternative to Trump, including former UN Ambassador and South Carolina Gov. It is ultimately the GOP presidential candidates who favor continued support for Ukraine who are in the best position to make the case to Republican voters. Less time has been spent on the campaign trail explaining to voters why support for Ukraine is crucial to our national interests.

Persons: J, Chen, David, Diane Steffy, Romney, Ryan, Volodymyr Zelensky, Biden, Lanhee J, Chen Lanhee J . Chen, Kevin McCarthy, —, Vladimir Putin’s, Xi Jinping, It’s, Donald Trump, Vivek Ramaswamy, Ron DeSantis —, Nikki Haley, Mike Pence, Chris Christie, Haley, Trump, Pence, Vladimir Putin, ” Christie, Putin ”, Christie, Zelensky — Organizations: CNN, Public Policy, Hoover Institution, California State, Republican, Democratic, Republicans, Russia, Ukraine, Florida Gov, Trump, UN, South Carolina Gov, New, New Jersey Gov, GOP, Republican Party, Senate Republican, Kyiv Locations: Washington, Ukraine, Europe, United States, America, China, Kyiv, Florida, New Jersey, New Hampshire, Congress

CNN —Justice Clarence Thomas disclosed Thursday that Republican megadonor Harlan Crow paid for private jet trips for Thomas in 2022 to attend a speech in Texas and a vacation at Crow’s luxurious New York estate, as ethics questions continue to rock the Supreme Court. Thomas made the disclosures after receiving an extension to file the yearly reports that were originally due in May 2023. In a statement after the ProPublica report, Thomas acknowledged the friendship but stressed that Crow did not have business before the court. In addition, he said that he should have disclosed a 2014 private real estate deal between Crow, Thomas and members of Thomas’ family. According to the disclosure, Thomas flew down to be the keynote speaker of the event in February, but returned via private jet “due to an unexpected ice storm.”The talk was rescheduled in May and Thomas rode round trip on Crow’s plane.

Persons: Clarence Thomas, Harlan Crow, Thomas, Dobbs, Roe, Wade, “, Crow, Samuel Alito, ProPublica, Thomas ’, ” Thomas, Virginia Thomas, Leola Williams, Williams, VII, –, Elliot S, Berke, Thomas “, ”, Sen, Sheldon Whitehouse, Chip Somodevilla, Elena Kagan, Alito, ” Alito, Gabe Roth, he’s, ” Roth, Rome Alito, Duke Organizations: CNN, Republican, Judicial Conference, Old Parkland Conference, Hoover Institution, Manhattan Institute, American Enterprise Institute, Black Americans, Crow Holdings, Democrats, Supreme, Capitol, Rhode Island, Wall Street, Notre Dame, School’s, Liberty Initiative, Religious Liberty Summit, Regent University School of Law, Duke Law School Locations: Texas, New York, Georgia, Savannah , Georgia, Washington ,, Rome

☆ Kevin Hassett: We're going to see another inflation wave stimulated by high growth and energy prices
▼ + stars: | 2023-08-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailKevin Hassett: We're going to see another inflation wave stimulated by high growth and energy pricesKevin Hassett, former CEA chair and Hoover Institution distinguished visiting fellow, joins 'Squawk Box' to preview this week's key inflation data and monthly jobs report, the impact on the Fed's rate hike campaign, and more.

Persons: Kevin Hassett, We're Organizations: CEA, Hoover Institution

What young investors wantRecent survey data indicates that Cohen isn't alone. And active young investors are willing to give up returns to see that goal through. Nearly a fifth of the Gen Z investors said they would accept returns between 9% and 11.8%, rather than the full 12% average return. The data comes as accountability measures and standards for ESG investing are hotly debated. "What we see with ESG investing is that it creates something that you can signal to other people."

Persons: Hannah Cohen, Cohen, Cohen isn't, X, Gen, boomers, Matthew Ivler, I'm, Ivler, Joe Biden, Julie O'Brien, O'Brien Organizations: Energy ETF, Global, Autonomous & Electric Vehicles ETF, U.S . Bank, Chevron, Edison International, Resources ETF, Stanford Graduate School of Business, Rock Center, Corporate Governance, Hoover Institution, U.S . Department of Labor, Republicans Locations: Washington

☆ Last night's GOP debate won't change the fundamentals of this race: Hoover Institution's Lanhee Chen
▼ + stars: | 2023-08-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLast night's GOP debate won't change the fundamentals of this race: Hoover Institution's Lanhee ChenLanhee Chen, Hoover Institution senior fellow, joins 'Squawk Box' to discuss the key takeaways from last night's GOP debate, why Trump is still the presumptive nominee, whether Biden is a lock for the Democratic nomination, and more.

Persons: Hoover, Lanhee Chen Lanhee Chen, Trump, Biden Organizations: Hoover Institution, GOP, Democratic

☆ Fed's Bowman says more US rate hikes likely will be needed
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +3 min

REUTES/Ann Saphir/File PhotoAug 5 (Reuters) - The U.S. Federal Reserve will likely need to raise interest rates further to bring down inflation, Governor Michelle Bowman said on Saturday. Bowman said she supported the Fed's quarter-point increase in interest rates last month, given still-high inflation, strong consumer spending, a rebound in the housing market and a labor market that is helping to feed higher prices. In forecasts published in June, most Fed policymakers expected to end the year with the Fed policy rate at 5.6%, one quarter-point hike above the setting established at the Fed's late-July meeting. Bowman's use of the plural "rate increases" in her remarks on Saturday indicates she thinks the Fed will need to go higher than that. "I will also be watching for signs of slowing in consumer spending and signs that labor market conditions are loosening."

Persons: Michelle Bowman, Ann Saphir, Bowman, Jerome Powell, Banks, Tom Hogue Organizations: Federal, Hoover Institution, REUTES, U.S . Federal Reserve, Kansas Bankers Association, Market Committee, Labor, Thomson Locations: Palo Alto , California, U.S

☆ Opinion: The Supreme Court rewrites American society once again
▼ + stars: | 2023-06-30 | by ( Opinion Cnn Contributors | ) edition.cnn.com time to read: +25 min

But learning the facts - that affirmative action is critical for fostering equal access and opportunity in our academic institutions -cemented my belief that affirmative action is necessary if we want to create an equitable nation. The court’s decision Thursday is consistent with its view that race-based preferences should and would have a limited shelf life. Jon Wang, who revealed himself as a plaintiff in this Supreme Court case, was rejected by Harvard but was accepted at and is now attending Georgia Tech. Affirmative action enabled my ability to experience different ways of thinking and to form the lasting friendships I have made. Affirmative action has been a tool used by many countries to ensure underrepresented communities are included in areas they normally are not.

Persons: who’d, Tan, ”, Ana Fernandez, Richard Kahlenberg, Peniel Joseph, Peniel Joseph Kelvin Ma, Kelvin Ma, retrenchment, Bakke, Shelby, Holder, John F, Barry Goldwater, Richard Nixon, Ronald Reagan, Peniel, Joseph, Barbara Jordan, “, ” Lanhee Chen, Bollinger, Sandra Day O’Connor, Lanhee Chen Lanhee J . Chen, J, Chen, David, Diane Steffy, Romney, Ryan, Roxanne Jones, Andrew Johnson, Jones, WURD, Richard Sander, –, Richard Sander Fiona Harrison, Jeff Yang, Ed Blum’s, Jon Wang, Michael Wang, Williams, Jian Li, Bruce, Hudson Yang, Natasha Warikoo, Ketanji Brown Jackson, ” Natasha Warikoo Alonso Nichols, John Roberts, Brayden Rothe, Biden, can’t, Joe Biden, Brayden Rothe Patrick O'Leary, Pell Organizations: CNN, Fellows of Harvard College, Harvard, Harvard College, Cuban, American Council, Education, Wellesley College, Renaissance Studies, Black, Tufts University, Blacks, Ivy League, Federalist Society, John Birch Society, Trump, Democratic Party, GOP, Center, LBJ School of Public Affairs, University of Texas, Racial Justice, University of North, University of North Carolina Chapel, Public Policy, Hoover Institution, California State, Republican, Democratic, White, Fair, Supreme, ESPN The Magazine, ESPN, New York Daily News, Philadelphia Inquirer, The University of California, UCLA, University of California, UC, Georgia Tech, Department of Education, Princeton, Yale, Stanford, Princeton University, Institute for, Digital Intelligence, Harvard University, College, Social Sciences, of Sociology, Equity, University of Minnesota Locations: today’s, Philippines, Taiwan, Los Angeles, Portland, White, American, United States, West Linn , Oregon, Cuban American, Miami, Havana, Cuba, Miami , Florida, America, Austin, University of North Carolina, California, lockstep, Berkeley, Asian America, Florida, Texas

☆ Fmr. Fed Governor Kevin Warsh explains why the Fed needs to strengthen the banking system
▼ + stars: | 2023-06-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr. Fed Governor Kevin Warsh explains why the Fed needs to strengthen the banking systemKevin Warsh, former Federal Reserve Governor and Hoover Institution visiting fellow, joins 'Squawk Box' to discuss the recent bank failures, the Fed's rate hike campaign, and more.

Persons: Kevin Warsh Organizations: Fed, Federal Reserve Governor, Hoover Institution

☆ Fmr. Philadelphia Fed president on May jobs report: I'd go for another 25 basis point rate hike
▼ + stars: | 2023-06-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr. Philadelphia Fed president on May jobs report: I'd go for another 25 basis point rate hikeCharles Plosser, former Philadelphia Fed president and CEO and visiting fellow with Stanford’s Hoover Institution, joins 'Squawk Box' to react to May's job report, and what it means for the Fed's rate hike campaign.

Persons: I'd, Charles Plosser Organizations: Philadelphia Fed, Stanford’s Hoover Institution

☆ Central bankers face a balance sheet reckoning
▼ + stars: | 2023-05-26 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

LONDON, May 26 (Reuters Breakingviews) - Central banks’ balance sheets have exploded in size since 2008. That’s not a problem, we’re told, since central banks are not bound by ordinary accounting rules. Ferguson and his colleagues examined fourteen central bank balance sheets over a period of 400 years. Central bank hawks on the other hand, are typically slow to expand their balance sheets during crises. Central banks with weak balance sheets are less credible bastions of a fiat currency.

☆ Fed's Bullard: disinflation prospects 'good' but not guaranteed
▼ + stars: | 2023-05-13 | by ( ) www.reuters.com time to read: +1 min

"Monetary policy is now at the low end of what is arguably sufficiently restrictive given current macroeconomic conditions," Bullard said in remarks prepared for delivery to a monetary policy conference at the Hoover Institution. Inflation expectations, which had risen last year, are now back down to levels Bullard said is consistent with the Fed's 2% inflation target. Accordingly, he said, "the prospects for continued disinflation are good but not guaranteed." Bullard said earlier this month he has an open mind about June, though rates may need to rise further. He did not specifically address the June meeting in his prepared remarks on Friday.

Indeed a third U.S. central banker speaking early in the day, Governor Michelle Bowman, signaled she feels further policy tightening may yet be appropriate, unless inflation drops more convincingly. The Fed has raised its benchmark interest rate five full percentage points over the past 14 months - the fastest pace of tightening in 40 years. Yes," Fed Governor Philip Jefferson said at a monetary policy conference at the Hoover Institution. That's notable from a policymaker who was among the first and most vocal to push for sharp rate hikes to fight inflation, back in mid-2021. But since then, he said, the Fed's rate hikes have helped bring down what had been a worrying rise in inflation expectations that, if left unchecked, could have sent actual inflation spiraling out of control.

☆ Fed's Jefferson: inflation 'insidious,' need to bring it down
▼ + stars: | 2023-05-13 | by ( ) www.reuters.com time to read: 1 min

PALO ALTO, Calif., May 12 - Federal Reserve Governor Philip Jefferson said on Friday he is just as serious about the central bank's goal of full employment as about its mandate for stable prices, but emphasized that bringing high inflation down is critical. "I care very much about how the labor market performs because for most people in the U.S. economy, their standing in the labor market will very much determine their station in life, so that's something I'm very mindful of," Jefferson said in answer to a question at conference at the Hoover Institution. "But I also am aware that inflation is the most insidious of social diseases, and so it's important to try to get it down," he said. Reporting by Ann Saphir; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Opinion: Taiwan could teach a master class in preparing for the worst
▼ + stars: | 2023-04-20 | by ( Opinion Lanhee J. Chen | ) edition.cnn.com time to read: +8 min

I visited Taiwan in late March as part of a US delegation that met with senior Taiwanese leaders in government and civil society, including Tsai. Nonetheless, several senior Taiwanese officials expressed disbelief when I told them that Trump might actually be the Republican nominee for president again, particularly given his recent legal troubles. President Joe Biden is also viewed favorably in Taiwan, particularly because of promises that the US would defend Taiwan if it was attacked by China. But senior administration officials have repeatedly stressed that, notwithstanding Biden’s statements, US policy toward Taiwan has not changed. Taiwanese officials must deal with the reality that with each passing day, an attack from China may be drawing near.

☆ A flawed but useful economic model for a bleak age
▼ + stars: | 2023-04-14 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

Modern Monetary Theory, which endorses unlimited government spending, was all the rage during the years of ultra-low interest rates. John Cochrane’s fiscal theory fits the bill. Cochrane, a senior fellow of the Hoover Institution at Stanford University, recently published “The Fiscal Theory of the Price Level”. Not only are high interest rates incapable of arresting inflation, fiscal theory suggests they actually make the problem worse. Nor do bondholders operate with rational expectations, as fiscal theory suggests.

WHO IS HARLAN CROW? Crow, 74, is the chairman and former CEO of Crow Holdings, a Texas-based family real estate firm established to manage the capital of the Trammell Crow family. While his net worth is unclear, Crow Holdings had $19.6 billion in assets under management in 2020. Harlan Crow was pivotal in restructuring the company’s debt in the 1980s, saving it from bankruptcy, according to media reports. HARLAN CROW'S POLITICAL LEANINGSCrow has a history of donating to conservative causes.

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