🚨Holy Moly🚨 We're on course to spend $𝟎.𝟗 𝐭𝐨 $𝟏.𝟒 𝐭𝐫𝐢𝐥𝐥𝐢𝐨𝐧 on debt cancellation. That's more than we spent ALL higher education spending before 2020, and as much as we are on course to appropriate for TOTAL education over the next decade.

crfb.org/blogs/total-co…

Rent Control Rhetoric. Comments on a lovely old essay by Friedman and Stigler.
grumpy-economist.com/p/rent-control…

John Cochrane Great new blogpost! As always, appreciate the use of basic economics throughout...and so does Claude.ai. I asked whether this post was similar to other writings on 'A Grumpy Economist'. Here's the answer:

Supply, demand, AI, and humans at Grumpy Economist. Will I be displaced by AI? grumpy-economist.com/p/supply-deman…

If anyone wonders how to do it legally, listen to the world's too expert on sovereign debt, Lee Buchheit: issue a syndicated loan to Ukraine; as collateral UKR pledges its entitlement to reparations. When Russia does not pay, cancel what Russia owes with Russia's assets.

On #GoodFellows , Reihan Salam joins John Cochrane, Niall Ferguson, H.R. McMaster, & Bill Whalen to discuss a smarter approach to welcoming newcomers to #America .

Monetary policy does not affect risk premiums. An interesting paper by Stefan Nagel and Zhengyang Xu at NBER
grumpy-economist.com/p/the-fed-and-…

Increasingly the paper is a poster for the appendix. Motivation, literature review, policy implications, some intuition, simple cases, directions for research. Maybe statement. Proof in appendix. But the paper is the proof, nothing else -- the logic connecting if to then!

Grumpy Economist: Inflation Confusion
grumpy-economist.com/p/inflation-co…

Opportunity vs progressivism, california.

Adam Smith Award remarks at the Association for Private Enterprise Education. On the wonders of free markets and good economics.
grumpy-economist.com/p/adam-smith-r…

L’Italia, per quanto imperfetta, è e rimane una grande democrazia. Una democrazia, ci piaccia o no, figlia di una guerra terribile e devastante. Una democrazia che appena 80 anni fa era considerata un valore così importante e universale, che decine di migliaia di uomini,

Nice review of 'Getting Monetary Policy Back on Track' by Tom Hogan
independent.org/publications/t…

Like Rep. Brian Fitzpatrick 🇺🇸 , I call for the immediate and unconditional surrender of Hamas. It is the fastest way to end the suffering on the West Bank. The #ceasefire begins, when Hamas stops firing.

On #GoodFellows , The New York Times' Bret Stephens joins John Cochrane, Niall Ferguson, H.R. McMaster, Bill Whalen to discuss the war’s possible expansion into southern #Lebanon and Stephens’s vision of a rebuilt #Gaza as a Mediterranean version of #Dubai .

Reassurance granted. It's like we had lots of internet startups in the second half of the 1990s. Except that AI is generating a stifling regulatory backlash about like nuclear power in the second half of the 1970s. Communication doesn't blow things up but invites censorship.

“Hellmouth” fireplace in the Villa Della Torre in Fumane, Italy. Designed by Venetian architect Michele Sanmicheli, c. 1550.⁠

Inflation and the value of money. Comments on Bolhuis, Cramer, Schulz, and Summers
grumpy-economist.com/p/inflation-an…

Simple. Chicago in the 80s- 90s was wonderful. Great ideas, serious economics, great faculty and students. The supposedly harsh culture is really egalitarian. Ideas matter, not titles.

Also available undated here. One of my favorite papers, that I am glad to see has one reader!
johnhcochrane.com/research-all/s…