Morning Journal---modern monetary theory

Economics

   This Week’s Data

            The International Council of Shopping Centers reported weekly sales of major retailers up 0.7% versus the prior week and up 1.8% versus the comparable period a year ago: Redbook Research reported month to date retail chain store sales up 2.7% on a year over year basis.

            Weekly mortgage applications fell 4.7% while purchase applications dropped 3.0%.

            http://www.calculatedriskblog.com/2013/03/mba-mortgage-applications-decrease.html

            February retail sales rose 1.1% versus expectations of an increase of 0.2%; ex autos and gas, they were up 0.4% versus estimates of up 0.3%.

            http://www.calculatedriskblog.com/2013/03/retail-sales-increased-11-in-february.html

   Other

            Modern monetary theory---a bit long and in the weeds.  But you are going to be hearing a lot more about; so you might as well understand it now:

            http://www.nakedcapitalism.com/2013/03/what-is-modern-monetary-theory-or-mmt.html

            How green are electric cars (short):

            http://www.aei-ideas.org/2013/03/th-dirtly-little-secret-of-electric-cars-theyre-not-very-green/

            Additional information on the small business sentiment survey (short):

            http://www.bespokeinvest.com/thinkbig/2013/3/12/nfib-washington-is-the-problem.html

Politics

  Domestic

How likely is it that Obama and the GOP can reach a budget deal?: (medium):

http://www.weeklystandard.com/author/stephen-f.-hayes

In desperate need of adult supervision (medium):

http://www.nationalreview.com/articles/342707/littlest-perps-rich-lowry