On the blogs

Making America Great Again!

Rex Tugwell of FDR's Brain Trust -- by Tony Wikrent, with a paper by Tugwell on the New Deal. Tugwell was the guy responsible for taking Eccles from Utah to DC, to the Treasury, before he moved to the Fed

AD/AS: a suggested interpretation -- Nick Rowe on how you must start with Aggregate Demand and Supply to explain macro, to do it right. More on this soon, if I have time

Chart of the day -- h/t to David Ruccio, after all it's sometimes true that a chart (reproduced above) is worth a thousand words