An email correspondent sent the above graph. The title is [Federal Reserve] Liabilities and Capital: Liabilities: Earnings Remittances Due to the U.S. Treasury. The Treasury pays the Fed interest on the Fed's asset holdings.…

I was researching the European Stability Mechanism this morning for a paper on the evolution of the euro, and I ran across this gem of economics art on the ESM webpage .   Put on your mechanical engineer hat for a moment. This is…

Nobel Prize season is around the corner. Last year, I blogged in favor of Tom Sowell . I update, with some edits.  Dear Nobel Committee: How can you  not  give the prize to  Tom Sowell  this year?  Tom's work evidently merits…

Policy Tensor on the consequences of a Russian nuke ( HT Marginal Revolution ) was very interesting:  Consider the least escalatory option, that of a “demonstration detonation”: Russian forces air-burst (to avoid the nuclear fal…

While the rest of the Fed climbs on the maybe-anvils-might-fall-from-the sky climate financial risk fantasy,  Chris Waller has the courage in Haiku-simple prose to state that the emperor has no clothes.  I cannot support this i…