The idea that there’s a trade-off between inflation and unemployment seems embedded in the Federal Reserve’s psyche. The Fed has not increased its benchmark federal funds target rate since 2006. It’s waiting to see if a tighter labor market will push up wages and prices, so the Fed can achieve both full employment and its inflation target of 2 percent.
Media outlets love to highlight the next big thing. Trend spotters love to say they know about it, and investment bankers love to bet on it. As a twenty five year Silicon Valley veteran, I’m always astonished on how often they miss what’s big. That’s probably why, when the next big thing comes out, most of us are shocked since we think the technology came out of nowhere.
America’s “secret sauce” has provided tremendous advantages that no other country can. The “secret sauce” includes the U.S. system of free market capitalism, capital markets, rule of law, separation of church and state, entrepreneurialism, balance of power, the welcoming of immigrants, and a brilliant Constitution. Combined, these factors have promoted stability and created an environment empowering people to unleash their creativity to achieve their dreams.
The Obama Administration's announcement that it is sending several hundred additional advisors to Iraq is consistent with America's failed policy in the country. The premise of the Obama Administration's policy — that sending "advisors" and some military equipment will enable the Iraqi government to 'man up' — is flawed. It fails to acknowledge the foundation of the problem and the dramatically altered dynamics on the ground.
Our nation was founded by risk takers who dared to take on a challenge without any guarantee of success. They failed, time and again, but somehow found the courage to pick themselves up, dust themselves off and get right back into the fight. This is the essential American story and, as a recent commencement speaker, one I shared with 350 graduating MBA students.
The skepticism was evident in conservative talk-show host Laura Ingraham’s voice when she referred to the working relationship between President Obama and Senate Majority Leader McConnell as a “burgeoning bromance.” Her sentiment is shared by a number of Republicans in Congress, who are unhappy that Senate and House leadership is working with the president to secure Trade Promotion Authority.
French economist Thomas Piketty’s best-seller Capital in the Twenty-First Century has given widespread attention to the rising gap between the world’s rich and poor, and to populist calls for government action that lead to more equal distributions of income and wealth. That rhetoric, however, overlooks the reality that any major state role in leveling income-wealth differences risks eroding economic freedom, which is the true engine of economic progress for all people.
On Christmas Eve 1968, NASA astronaut Bill Anders, orbiting the moon on board Apollo 8, took the first photo of Earth rising over the horizon of another celestial body. Known as Earthrise, that photo is widely regarded as one of the most iconic photos of the 20th Century and is believed by many to have been the impetus for launching the environmental movement.
While many people around the world are counting America out, I'm not one of them. My message to America: it's time to re-establish ourselves as a global powerhouse of trade and industry. That includes the creation of millions of good-paying jobs, a sound energy policy, access to capital for small business and, most of all, embracing one powerful tenet: America must believe in itself again.
Google just dodged a bullet. But their Achilles heel still can be exposed by the European Union’s monopoly litigation. Ninety five percent of Google’s revenue comes from Ad Words. They are a brilliantly successful revenue generator. The profit in Ad Words comes from Search. However, this amazing revenue generator is also Google’s Achilles heel.
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