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Bankers Will Stop at Nothing to Keep Their Grip on the Global Economy

Bankers Will Stop at Nothing to Keep Their Grip on the Global EconomyCentral bankers are out of ammunition. Mark Carney, the soon-to-be-retiring head of the Bank of England, admitted as much in a speech at the annual meeting of central bankers in Jackson Hole, Wyo., in August. “In the longer-term,” he said, “we need to change the game.” The same point was made by Philipp Hildebrand, former head of the Swiss National Bank, in a recent interview with Bloomberg. “Really, there is little if any ammunition left,” he said. “More of the same in terms of monetary policy is unlikely to be an appropriate response if we get into a recession or sharp downturn.” “More of the same” means further lowering interest rates, the central bankers’ stock tool for maintaining their targeted inflation rate in a downturn. Bargain-basement interest rates are supposed to stimulate the economy by encouraging borrowers to…


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How Did The New York Times Botch the Brett Kavanaugh Story?

How Did The New York Times Botch the Brett Kavanaugh Story?Criticism of The New York Times’ botched story on a previously unreported sexual misconduct allegation against Supreme Court Justice Brett Kavanaugh prompted the paper to answer questions about the editorial process—though not the most important one. James Dao, deputy editorial page editor, said the story—an excerpt from Robin Pogrebin and Kate Kelly’s new book, The Education of Brett Kavanaugh: An Investigation—appeared in the Sunday Review section (part of the Opinion pages) rather than the news section because “The Sunday Review is the Opinion section’s platform for longer essays as well as excerpts or adaptations from books. Sometimes those books are by Times writers, whose submissions go through the same review process as outside writers. In recent months, the Review has published essays adapted from books by Times news writers like Carl Hulse and Jason DeParle, and opinion writers like Bari Weiss and Binyamin Appelbaum.” Vanity Fair reports that news…


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The Atlantic Politics Daily: Eat Food, Not Too Much, Mostly Plants

The Atlantic Politics Daily: Eat Food, Not Too Much, Mostly PlantsWe’re trying something new with The Atlantic’s signature politics newsletter. Comments or questions? Send us an email anytime. Were you forwarded this email? Sign yourself up here. We appreciate your continued support for our journalism. Today in PoliticsCory Booker eats a tamale while visiting a home in Las Vegas in April of 2019. (John Locher / AP)The Beef Over Meat“You are a vegan, and that’s obviously a personal choice …. So should more Americans, including those here in Texas, and in Iowa … follow your diet?”At the latest Democratic debate, moderator Jorge Ramos asked Senator Cory Booker of New Jersey a sprawling question—vegetarianism and the environment, Brazil, the Amazon, Trump and Bolsonaro, regulation—that stood out from the expected policy back-and-forths. Booker quickly said no, but that Ramos brought up the issue at all goes to show how eating meat may…


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Elizabeth Warren nabs 2020 backing of Iowa’s state treasurer

Elizabeth Warren nabs 2020 backing of Iowa’s state treasurerPresidential candidate Elizabeth Warren “can address the biggest problems we have, and that is the hollowing out of the middle class,” said state Treasurer Michael Fitzgerald.         ….. Read More.DES MOINES REGISTER – Politics | Politics & GovernmentWed, September 18, 201923 hours ago


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Trump’s New National Security Adviser Is Another Iran Hawk

Trump’s New National Security Adviser Is Another Iran HawkEight days after ousting John Bolton as national security adviser, President Donald Trump named the State Department’s top hostage negotiator, Robert C. O’Brien, to the job. A former colleague of Bolton’s during the George W. Bush administration, O’Brien shares many of his hawkish views on China, Russia, and, especially, Iran, which has emerged as a central foreign policy concern since Trump left the 2015 nuclear deal negotiated by the Obama administration and installed a “maximum pressure” policy on the Islamic republic.  O’Brien, a defense attorney who advised Mitt Romney and Scott Walker’s presidential campaigns before joining the Trump administration, has compared Iran to Nazi Germany and sharply criticized Obama’s deal, which set limits on Iran’s nuclear production in exchange for sanctions relief. “There is simply no evidence to support the idea that we can trust revolutionary Iran to give up its long-term…


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Federal Reserve Cuts Interest Rates After Trump Calls for Zero Interest Rates

Federal Reserve Cuts Interest Rates After Trump Calls for Zero Interest RatesLast week, President Donald Trump tweeted that the “boneheads” at the Federal Reserve should reduce the federal funds interest rate that the Fed tries to control to zero, or even less, in an attempt to goose the economy. Today, in what is surely a complete coincidence, given the Federal Reserve’s much-vaunted political independence, the Federal Reserve Board announced a quarter percentage point cut in their target interest rate, getting it down to the 1.75-2 percent range. This is the second cut since July and they hint there might be another one before the year is over. There better be, in the opinion of the president, who reacted to the news with another tweet that Federal Reserve Chief Jerome Powell (a Trump appointee!) and his institution “Fail Again. No “guts,” no sense, no vision!” Scott Sumner, a monetary economist of…


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