Give Thanks

We call them “terrorists” because their goal is to inflict terror. Fear – a blinding fear that overcomes us and makes us set aside everything we value.

When we surrender to terror we surrender to the terrorists. Victory comes when we reach inside ourselves and develop bravery. That is what happens when resolve matches fear. Such bravery has defined us and given us everything we have – and is something for which we must be truly thankful.

Continue reading

Black Friday

This poem is an old favorite from 2011.  Enjoy!

‘Twas a long time ago, longer now than it seems,
That the holiday season was crafted from dreams.
There were visions of friendship and light through the land
As if darkness itself had been thoroughly banned.
But the times closed around as the blackness enveloped
And the victory of dark very slowly developed.

Continue reading

Curtain Rises on Kashkari

Who is the man behind the curtain? The selection of Neel Kashkari as the new President of the Minneapolis Federal Reserve is fascinating for a lot of reasons. It’s especially important to those of us who live in the district, of course, but this is not any ordinary position. Kaskkari is taking over for Kocherlakota, the outgoing President who resigned last June – leaving the Fed with one less relentlessly “dovish” member of the Fed Open Market Committee (FOMC).

Who is this new guy? How was he chosen?

The whole process gives us a peak behind the curtain and raises a series of questions about the new, more politically active Fed. Kashkari also brings a new personality and well documented series of biases as an data-loving engineer who is, by all accounts, a genuinely nice if hard-driving guy.

Continue reading

A Thanksgiving Deliverence

Thanksgiving is a truly great American holiday. It is a time when people from all over the world blend their traditions into one religious holiday celebrated by Christians, Jews, Moslems, and every other faith alike. To give thanks is universal, and what better way to celebrate deliverance to a land that to many is indeed the Promised Land.

But why is it in November? The very first day of Thanksgiving was held right after the harvest, on a day very similar to the Canadian Thanksgiving on October 12th. Why is it on a Thursday? The answer is that the nation itself was delivered from the horrors of war and recognized by the Treaty of Paris, owing a bit of time for the time it takes to cross the Atlantic and bring the joyous news. It was indeed a time to be thankful – but the story has the Hand of Providence all over it.

Continue reading

Failing “Facts”

As I prepare for a seminar on economics for today’s progressive, this particular post has come back to haunt me.  It’s a bit subtle but hurts like a sledgehammer if you think about it.  The bizzy whirl of my life as I prepare to announce my plans requires a repeat – and this one is standing out.  Enjoy!

Back in the 1950s, people who studied complex things like economies felt they were making real progress. The general belief was that by understanding how it all worked we could even things out and usher in a new era of continuous prosperity that would benefit everyone.

Some of the underlying “facts” that were identified at this time have been accepted as simple truths. Growth is always good, and economic growth always flows to workers, making their lives better generation by generation. There’s only one problem lately – some of the “facts” appear to not be as true as they used to be. That means that the underpinnings of modern economic theory are all being questioned and, perhaps, if we don’t keep our eyes open the new era of prosperity will be far more elusive than anyone thought.

Continue reading

Too Much Credit?

If you’re like most people, you probably think that you can never have too much access to credit. After all, you never know what might go horribly wrong or when an opportunity to really follow your dream might come up. A little scratch ready in the background might be the difference between the good life and something much less.

Then again, a lot of credit has a corrosive effect. In a world saturated with borrowing everything is judged against the expected return if the money was simply loaned out at market rates. It seems reasonable that where a little credit is a good thing a lot of credit, defining everything in the world, is the biggest enemy of both long-term thinking and a society looking to maximize happiness and human potential.

Logic says that where a little credit is good a lot could be bad, meaning there is an optimal point. Where is that? Where are we with respect to a good level of credit? It turns out that train left the station a very long time ago – and this may explain a lot of the problems in this economy.

Continue reading