The Organization of the Petroleum Exporting Countries (OPEC) embargo on sales of crude oil from their member countries to the United States was a response to US support for Israel in the October 1973 Yom Kippur War against invading Egyptian and Syrian military forces. This
Scott Lincicome As I mentioned when introducing Cato’s new Defending Globalization project two weeks ago, we’ll be publishing new multimedia content throughout the fall and into 2024. Today we have three new essays and our first piece of interactive content: a 20‐question quiz on all things globalization. You can
The Federal Reserve’s Federal Open Market Committee (FOMC) on Wednesday left the target policy interest rate (the federal funds rate) unchanged at 5.5 percent. This "pause" in the target rate suggests the FOMC believes it has raised the target rate high enough to rein in price
The most recent edition of the US Army War College’s academic journal includes a highly disturbing essay on what lessons the US military should take away from the continuing war in Ukraine. By far the most concerning and most relevant section for the average American
The UAW's strike against US automakers will do long-term damage to the domestic auto industry. Unfortunately, unions and their advocates will learn nothing from this debacle. Original Article: Strikes Always Have Economic Consequences and the Latest UAW Strike Is No Exception
Marc Joffe As the Wall Street Journal recently reported, retirements and career changes are exacerbating a national shortage of Certified Public Accountants (CPAs). Those departing the profession could be replaced by new college graduates, but state licensing laws appear to be deterring some young people from pursuing
Daniel Raisbeck and Gabriela Calderon de Burgos In a recent article, The Economist assures that inflation‐ridden Argentina should not and cannot dollarize. The publication’s anti‐dollarization stance is part of a broader warning against free market economist Javier Milei, who gained a surprise victory in last month’s primary elections and
Recently, anyone who pays attention to current events has been assaulted with the news that both the Hollywood actors’ and writers’ unions are striking simultaneously for the first time since 1960. Workers for UPS also recently reached a deal with their employer after threats of
Fed policymaking is all about political expedience. When we see Fed policy, we must keep in mind that "managing the economy" is secondary to managing public debt service and public expectations. Original Article: August Price Inflation Accelerated, and the Fed Fears More Is in Store
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