Ed Dowd: The Fed Hiked Interest Rates Into A Supply Shock

No, AI Won't Make Money Obsolete Authored by Peter Earle via the American Institute for Economic Research, The notion that artificial intelligence (AI) at full bloom might eliminate the need for money reflects a deep confusion about what money is and does. Money is not merely a barter-avoiding convenience layered onto an otherwise frictionless world. It is a solution to fundamental problems of exchange, profound difficulties in coordination, and comparison of alternatives under scarcity. Even in a hypothetical future defined by extraordinary productivity gains and broadly collapsing prices, those underlying problems do not disappear. Instead, they...

US Southern Command said on Sunday that its forces bombed another alleged drug-running boat in the Eastern Pacific Ocean, killing at least three people, as the Trump administration has ramped up the bombing campaign in recent weeks. SOUTHCOM offered no evidence to back up its claims that the boat was carrying narcotics, something the Pentagon […]

Ukrainian President ​Volodymyr Zelensky said Russian forces were increasing the scope of their attacks, and he would respond by striking Russian energy infrastructure. Moscow threatened it would escalate attacks on Ukrainian military facilities, defense industry sites, and related infrastructure.  Zelensky told Reuters in an interview on Saturday, “We saw documents, and we know that they […]