Great Scott!

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What guys think is hot vs. Employees are increasingly choosing to work in the public sector as it offers competitive salaries, flexible working patterns, generous pensions and a good work-life balance. Education, Social Work, Economic Development and Regeneration. More about Local Government NHS The National Health Service Scotland is responsible for the provision of healthcare to residents of Scotland.

Police The 8 Police Forces in Scotland are responsible for maintaining law and order, preventing crime and to detect criminals. In addition to police officers, detectives, traffic officers and specialised experts, the police force employs a large number of support staff in a range of roles. Fire The Fire and Rescue Service in Scotland is primarily made up of Firefighters but is supported by legislative and administrative staff who are essential to the day to day operation of the Service. Justice The justice service in Scotland provides administration of criminal and civil laws.

The department is made up of a vast number of staff employed in a variety of roles, from Judges and Sherrifs to clerks and domestic staff . Universities and Colleges Scotland has a number of high profile higher and further education providers in Scotland. Universities and Colleges employ teaching, research and administrative staff across a huge number of subjects to educate over 700,00 Students in Scotland. Scotland including leisure and tourism, environmental issues and economic development. This blog is going to become inactive. Thanks to all who have read and commented.

We welcome all readers to follow and comment on our ongoing USC coverage here. Alex Stadthaus, a kicker from Austin, Texas, is joining the program as a preferred walk-on. Maybe USC needs some insurance as Michael Brown returns from knee surgery. USC held its groundbreaking today for the Coliseum renovation and announced the official name for the new Coliseum: United Airlines Memorial Coliseum.

If you were unsure who new USC quarterbacks coach Bryan Ellis is, you are not alone. Two USC football players wondered who Ellis was, which is a little unusual considering he was an offensive administrative assistant this past season and served as quarterbacks coach during bowl practices and the Cotton Bowl. With 10 players signed last month and four more commitments, who else will USC sign? Wide receiver Chris Olave of San Marcos committed to Ohio State tonight. USC offered him late in the recruiting process as insurance in case wide receiver Amon-Ra St.

Brown, of course, committed to USC. Traveler VII, who was USC’s horse mascot from 2003 to the 2017 Rose Bowl, passed away at age 23. Traveler VII retired after the Rose Bowl. Traveler IX took over for the 2017 season. Remember Tate Martell, the Pocket Quarterback, who committed to three schools and signed with Ohio State?

Well, according to the New York Times, Martell is among a list of athletes who purchased twitter followers. Would you rather be USC defensive line coach or San Francisco 49ers assistant defensive line coach? Kenechi Udeze interviewed with the 49ers earlier this week. It might seem like a no-brainer to stay at USC but Udeze has not always seen eye-to-eye with defensive coordinator Clancy Pendergast. Former USC quarterback Pat O’Hara has been hired as quarterbacks coach for the Tennessee Titans. USC Morning Buzz: Will This Recruiting Class Become Cornerback U. Comments policy We invite you to use our commenting platform to engage in insightful conversations about issues in our community.

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Enter the characters you see below Sorry, we just need to make sure you’re not a robot. Of course bubbles don’t actually exist, but low interest rates as far as the eye can see means that asset prices will look bubble-like unless artificially depressed by a tight monetary policy that drives the economy into recession. Of course we were told back in 2015 that this was all an artificial bubble due to QE, which is now being withdrawn as the Fed raises rates. And yet asset prices keep rising.

Because I’m an efficient markets-type, the only answer I can give is no. E ratio is relatively high by historical standards. And I have no idea where stocks are going from here. Of course I was careful not to predict rising stock prices, as if I had been successful it would lower my reputation. I’m an EMH guy who claims it’s impossible to forecast stock prices.

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E ratios were too high in 2011. That judgement may have been valid in the 20th century, but performance in past centuries is no guarantee of performance in the current century. Ryssdal: Let me ask you then about inflation and about prices which are as you say starting to tick up to where the Federal Reserve wants it to be. I’ll note here that we’re talking at 8:24 in the morning on the day that consumer prices come out. They come out in six minutes. With the caveat that this is going to air now in five, six hours from now, whatever it is, you have the number in your back pocket, you know what the number is. Powell: Well, let’s just say that I do get a look in advance at these things.

Ryssdal: Score one for the chairman’s adherence to the rules. Powell: Not going to say anything that would suggest what it might be. If the FOMC thinks the market knows more about what it’s going to do than what it knows about what it’s going to do, we’re all in trouble. FOMC thinks it knows more than the market about what it will do to rates in the future.

Great Scott!

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Back in late 2015, the Fed began raising their target interest rate. At the time, they anticipated another 4 rate increases in 2016. Markets were skeptical, expecting only about one rate increase in 2016. In fact, rates were not raised again until the very end of 2016. That’s because economic growth and inflation during 2016 were below Fed expectations. The dot plots are primarily useful as a measure of how deluded FOMC members are in their appraisal of the economy. Because they were too optimistic in late 2015, they set rates too high.


Interest rates are now higher than in 2016, but monetary policy is actually more expansionary than two years ago. To Williamson’s credit, he is one of the few economists who seems to understand how this can be possible. Unfortunately, I don’t have enough paper or barrels of ink. One of my favorites is trade, where smart people think China is an outlier. Why don’t smart people know this?

Because they don’t bother looking at the data. Another misconception is that trade deficits are bad. Trump is right to push on trade. A simple return to anything resembling a balanced international trading system would result in massive gains for the United States. American economy by about 3 percent overall. That is to say, if international trade were balanced, the American economy would be 3 percent larger than it is now. I had to read this twice, to make sure my eyes weren’t deceiving me.

Great Scott!

Every time you buy an imported car, consumption rises by the amount of the purchase. Every time someone buys an imported truck, investment rises by the amount of the purchase. Yup, this is all just EC101. And yes, Trump’s top economic officials do not know this stuff.

Demand goes up so price rises. The higher price causes demand to fall. The fall in demand then lowers the price, which causes demand to increase . Eventually they give up and stop writing, hoping for the curve to allow them to pass the course. Irving Kristol, who was a supply-sider, founded The National Interest back in 1985. Perhaps it’s fortunate he passed away in 2009, and did not have to see what happened to his neoconservative journal.

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Trump’s policies are making the US trade deficit larger. In fairness, it’s not growing as fast as the budget deficit, which is now rising rapidly. The comment section after my previous post reminded me of an old joke. A guy tells his friend that he has an uncle who insists that there’s an alien from Alpha Centauri who wears a sport coat with pink polka dots, and that lives in a tiny teapot on his fireplace mantle. Oh come on, how likely is it that someone from Alpha Centauri would rear pink polka dots. Commenters thought the best way to respond to Trump’s latest outrage was to discuss the merits of breastfeeding. A resolution to encourage breast-feeding was expected to be approved quickly and easily by the hundreds of government delegates who gathered this spring in Geneva for the United Nations-affiliated World Health Assembly.

Based on decades of research, the resolution says that mother’s milk is healthiest for children and countries should strive to limit the inaccurate or misleading marketing of breast milk substitutes. When that failed, they turned to threats, according to diplomats and government officials who took part in the discussions. Ecuador, which had planned to introduce the measure, was the first to find itself in the cross hairs. The Americans were blunt: If Ecuador refused to drop the resolution, Washington would unleash punishing trade measures and withdraw crucial military aid. What happened was tantamount to blackmail, with the U.

In the end, the Americans’ efforts were mostly unsuccessful. It was the Russians who ultimately stepped in to introduce the measure — and the Americans did not threaten them. I wonder why we didn’t threaten the Russians? This is a follow up to my recent post on the tech bubble. In my view, 3-month T-bills are the best asset for estimating nominal risk-free returns that can be earned at various moments in time. During other periods, nominal risk-free returns are depressed by a variety of factors.

During these challenging periods, other investments may or may not struggle to earn high nominal returns. Nasdaq stocks  compared to long term investments into a series of T-bills. As I mentioned earlier, the excess returns earned by stocks from 1926 to 2000 were probably excessive, in retrospect, even accounting for risk. In 2002, the consensus view was that 2000 had obviously been a bubble, and that Nasdaq stocks were obviously grossly overpriced at that time. I tried to find total returns on Nasdaq, but could only find them for the past 10 years. During that period, 10,000 invested in Nasdaq, with dividends reinvested, rose to 36646. Thus 10,000 invested 10 years ago would now be 32750, if you ignore dividends.

The total return figure of 36,646 is about 11. It ranged from 1100 to 1500. More importantly, why isn’t there even a word for negative bubbles? Even more importantly, why isn’t there even a word for big plunges in NGDP growth? Happy 4th of July to my American readers. You’ll quickly notice that I am not a natural blogger, yet I feel compelled by recent events to give it a shot.

I earned a BA in economics at Wisconsin and a PhD at Chicago. My research has been in the field of monetary economics, particularly the role of the gold standard in the Great Depression. I had just begun research on the relationship between cultural values and neoliberal reforms, when I got pulled back into monetary economics by the current crisis. Adam: I recently had reason to look back on historical mortgage rates. Laughing SquidA daily dose of unique art, culture and technology.

Great Scott!

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There was a great crowd outside the door. Fuori dalla porta c’era una grande folla. He had a great love for the Scottish Highlands. Aveva una grande passione per le Highlands scozzesi. The party was a great success. Il party è stato un grande successo.

Her death was a great blow to him. La morte di lei è stata un grande colpo per lui. Beethoven’s Ninth is one of the great pieces of music of its era. La Nona di Beethoven è uno dei grandi pezzi musicali della sua epoca. Churchill was one of Britain’s great leaders.

Churchill fu uno dei grandi leader britannici. The ball will be held in the Great Hall. Il ballo si terrà nella sala grande. A tsunami is a great wave, often caused by an earthquake or volcano. He came from a great family. That was a great speech you gave. Describes a verb, adjective, adverb, or clause–for example, “come quickly,” “very rare,” “happening now,” “fall down.