OPEC doesn't suffer from money illusion. It decided they want an honest dollar for an honest barrel of oil.
More Quotes from Paul Kasriel:
Economists are notoriously bad at predicting turning points. They're like credit ratings agencies, they don't anticipate things very well.Paul Kasriel
We're not in a recession. We're not going to be in a recession. Recovery is on the horizon. The decks are clear. The economy is in direct drive,
Paul Kasriel
A recession is in the eye of the beholder, and the eye of the NBER, but clearly we're struggling here. We're at stall speed and it's not clear what, in the short term, is going to get the economy's nose up.
Paul Kasriel
The Fed is a price fixer it fixes the price of short-term credit. If there's an increase in demand for credit, interest rates want to rise. But because the Fed is fixing the price of credit to keep rates from rising, it has to create more reserves or allow banks to create more money, and that's what leads to bubbles.
Paul Kasriel
What the Fed has done in the past two years has driven us deeper into debt, ... and since I think that is one of the issues ailing the economy now, I don't see going deeper into debt as a cure.
Paul Kasriel
In a longer-run sense, I would view it as marginally unproductive, a worsening of the trade-off between growth and inflation. But will we be able to detect that I doubt it.
Paul Kasriel
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Based on Topics: Honesty & Integrity QuotesPainting, n.: The art of protecting flat surfaces from the weather, and exposing them to the critic.
Ambrose Bierce
Once you understand the foundations of cooking - whatever kind you like, whether it's French or Italian or Japanese - you really don't need a cookbook anymore.
Thomas Keller
But I listen to everything, I listen to all artists that come along.
Skitch Henderson