Latest Stories
Electronic Frontier Foundation
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Is Your State’s Child Safety Law Unconstitutional? Try Comprehensive Data Privacy Instead
October 03, 2023
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EFF And Other Experts Join in Pointing Out Pitfalls of Proposed EU Cyber-Resilience Act
October 03, 2023
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The State of Chihuahua Is Building a 20-Story Tower in Ciudad Juarez to Surveil 13 Cities–and Texas Will Also Be Watching
October 03, 2023
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GAO Report Shows the Government Uses Face Recognition with No Accountability, Transparency, or Training
October 03, 2023
The Intercept
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White House Faces Calls to Stop Ex-Guantánamo Detainee’s Forced Return to Russia
October 03, 2023
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Rep. Josh Gottheimer Headlines No Labels Call While Eyeing Run for Higher Office
October 02, 2023
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Amazon and Google Are Finally Facing the Music
October 01, 2023
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New Group Attacking iPhone Encryption Backed by U.S. Political Dark-Money Network
October 01, 2023
VTDigger
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Ex-Brattleboro police officer banned from working in Vermont law enforcement
October 03, 2023
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‘The chickens coming home to roost’: Balint and fellow Dems join hardline Republicans in ousting Speaker McCarthy
October 03, 2023
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7 sentenced in connection with 2019 fatal shootout in Burlington
October 03, 2023
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2 days of food, music in Montpelier will celebrate businesses’ return after floods
October 03, 2023
Mountain Times -- Central Vermont
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October’s eclipse
October 03, 2023
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Your weekly horoscope, Oct. 4-10, 2023
October 03, 2023
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Your weekly horoscope, Sept. 28 – Oct. 3, 2023
September 28, 2023
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Great Gulf announces design team for village at Killington Resort
September 28, 2023
NEW YORK – The world economy is undergoing a radical regime shift. The decades-long Great Moderation is over.
Coming after the stagflation (high inflation and severe recessions) of the 1970s and early 1980s, the Great Moderation was characterized by low inflation in advanced economies; relatively stable and robust economic growth, with short and shallow recessions; low and falling bond yields (and thus positive returns on bonds), owing to the secular fall in inflation; and sharply rising values of risky assets such as U.S. and global equities.
This extended period of low inflation is usually explained by central banks’ move to credible inflation-targeting policies after the loose monetary policies of the 1970s, and governments’ adherence to relatively conservative fiscal policies (with meaningful stimulus coming only during recessions). But, more important than demand-side policies were the many positive supply shocks, which increased potential growth and reduced production costs, thus keeping inflation in check.
During the post-Cold War era of hyper-globalization, China, Russia, and other emerging-market economies became more integrated in the world economy, supplying it with low-cost goods, services, energy, and commodities. Large-scale migration from the Global South to the North kept a lid on wages in advanced economies, technological innovations reduced the costs of producing many goods and services, and relative geopolitical stability allowed for an efficient allocation of production to the least-costly locations without worries about investment security.
READ MORE: Project Syndicate