Hawkish Warsh Hammers Barbarous Relic: Gold Crashes Back Below $4000 As Rate-Hike Odds Rise

Friedman Was Right, Just Mostly Misquoted... Authored by Lance Roberts via RealInvestmentAdvice.com, Milton Friedman’s famous one-liner that anchors half the inflation debates on financial television leaves out the part where the actual economics live. Once you put it back in, the doomist case gets a lot smaller. Per Bylund recently wrote a sharp piece for The Daily Economy arguing that CPI and GDP have become Goodhart’s Law in action. When a measure becomes a target, it ceases to be a useful measure. He has a point, and we’ll come back to it....

Paris Deputy Mayor Blames US Air Conditioning For French Heat Wave The peasantry is not allowed to have creature comforts, otherwise, they might start thinking like free men.  So, let them eat cake (and fight each other over the last few box fans).   As we covered last week, over 1.2 million tourists have traveled to each US city hosting a World Cup game, and the resulting culture shock has gone viral across social media.  Notably, European visitors have been surprised by American infrastructure, hospitality and, strangely, air conditioning.  Apparently, European media and...