Monroe&039;s economy

It's Official: President Obama Is The Best Economic President In Modern Times

It’s Official: President Obama Is The Best Economic President In Modern Times

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A new economic report, published by Forbes.comon September 6, 2014, clearly shows that President Obama is the best economic president in modern times. It’s not an opinion, it’s a fact, based on all of typical the economic indicators, including jobs, investments, growth and expansion, even the rate of inflation. In all of these areas President Obama’s record…

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A Very Short Fact: On this day in 1934, the steam locomotive, the Flying Scotsman becomes the first to officially exceed 100mph.

“Railroads undergirded the nation’s postwar economic boom, transporting coal and iron ore to Carnegie’s steel mills, farm equipment to rural America, livestock to Chicago’s slaughterhouses, grain to the mills of Minneapolis, machinery and consumer goods across the land, and immigrants to the vast interior. Rail tycoons like Collis P. Huntington and Leland Stanford in California, Cornelius Vanderbilt and Jay Gould in New York, and James J. Hill in Minnesota were among the best known, and most feared, figures of the age. Coal-fueled steam engines powered the era’s factories, locomotives, machinery works, and grain mills. Steam technology developed rapidly in the late nineteenth century, powering ocean liners and industrial turbines.”

[p. 61/62, American History: A Very Short Introduction by Paul S. Boyer]

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Image credit: Flying Scotsman in Doncaster by Rich@ard. Public domain via Wikimedia Commons.

Famous Economist DESTROYS Jeb Bush For 'Work Longer Hours' Comment – Here's Why

Famous Economist DESTROYS Jeb Bush For ‘Work Longer Hours’ Comment – Here’s Why

Jeb Bush has taken a lot of flack in recent days for saying that Americans need to work longer hours, so they can bring home more money to their families. He wants a four percent annual growth rate in the economy and says we need a lot more productivity to do it, which, of course, means making workers work longer and harder than they already do. Nobel Prize-winning economist, Paul Krugman, jumped…

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“It was during the reign of Kublai in the thirteenth century that Marco Polo visited China and discovered a new type of alchemy— one even better than turning base metals into gold. He learned, to his wonderment, of money that could be created with paper and without being backed by stores of precious metals. This alchemy took place in Kanbalu, also known as Khanbaliq, the capi­tal of the Yuan dynasty— now known as Beijing. The money that Marco Polo saw was printed on paper made from the bark of mulberry trees. The Yuan government used woodblocks and, later, bronze plates to print the paper money, which took the form of a variety of banknotes called Chao.”

Drawing on history, Eswar Prasad provides new perspectives on the RMB’s role in global finance.

Image credit: Marco Polo travelling, Miniature from the Book “The Travels of Marco Polo” (“Il milione”) by unknown. Public domain via Wikimedia Commons.