
Daniel Griswold
Being a big believer in the lessons taught by history, I’m inclined to think that the current ‘love fest’ between China and Russia probably will have a limited shelf life. Natural resource acquisition and the gyrating geopolitical chess board are the primary reasons why both countries are enjoying a bilateral rapprochement. This is unlikely to last.
President Obama will soon announce an executive action to defer the deportations of somewhere between 1 million and 4.5 million unauthorized immigrants. Those whose deportations are deferred will be eligible for a temporary work permit through a 1987 provision in the Code of Federal Regulations.
The curious drop in gasoline prices, which recently dipped below $3 for the first time since December 2010, may be welcome by consumers. But the accompanying dive in crude oil prices has some U.S. producers concerned. Though typical economic stressors of higher supplies and weaker global demand are in play, the current slump is indicative of a crude oil price war being waged by Saudi Arabia.
William McChesney Martin, former chair of the Federal Reserve Board, famously stated that “the job of the Fed is to take away the punch bowl when the party is still going.” A quote from the 1960s, but very relevant today as the Fed voted in October to end the third quantitative easing (QE3) program. What is the impact?
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