The decline in US GDP reported for the first quarter is not a big deal, and it is very possible that it will be reversed when the data is revised over the next two months. But it is the wrong direction. If Donald Trump envisions that we will surpass China and retake the leadership as the world’s dominant economy, we are so far going the wrong way.
Economics
Bill Mitchell – US Federal Reserve statement signals a new phase in the paradigm shift in macroeconomics
For macroeconomics, we might think of progress as occurring one crisis at a time Read here
EU politics
Eliane Glaser: Belgium’s experiment in a new kind of democracy
As Britain goes to the polls, the Belgians are turning to randomly-chosen representatives. Could they do any better? Read here
Geopolitics
Reuters: Iran cannot participate in World Cup, minister says
US, Canada and Mexico hosting 48-team tournament Iran minister says ‘under no circumstances can we participate’ Iranian team scheduled to play all three group games in US Read Article HERE
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