Charlie’s month-end reading list
As the dog days of summer dwindle away, there’s still time to catch up on some of the articles we’ve been reading here at Fort Pitt:
“Latest job data: The worst expansion in 30 years continues” by Ryan McMaken at the Mises Institute looks beyond recent employment data from the US Bureau of Labor Statistics to get a better sense of the jobs situation. The BLS reported 225,000 new jobs created in July, which beat expectations of 180,000. However, the actual number of unemployed individuals in the US shows little change over the past year.
Next, “Zen and the art of 401(k) maintenance” by Ron Lieber at The New York Times addresses the performance and maintenance of a 401(k), and how often individuals should make changes. Bottom line: Pay less attention, make more money.
Frank Shostak authors the piece “Deflation is always good for the economy,” from The Mises Institute, which outlines the problem with popular definitions for inflation and deflation. The common misconception that inflation is a generalized increase in price, rather than an increase in the money stock, creates most of the confusion regarding these concepts.
Lastly, we went again to Zero Hedge to find “Stockman rages ‘The only way to restore honest capital markets is to abolish the FOMC’”. Former OMB Director David Stockman suggests that a true free-market regime can only be achieved by abolishing the Federal Reserve’s Open Market Committee. He gives us three reasons why capitalism’s task of setting the price of money can only be entrusted to the free market.