The Federal Reserve is cooking up new plans for managing the economy. Nominal GDP targeting is the new tool in the Fed’s arsenal, but Charles Hugh Smith says it won’t result in real economic growth:

If we scrape away the econo-speak, we find that nominal GDP targeting is simply code for “let’s stop worrying about inflation and crank up the printing press, baby.” While its proponents are coy about exactly what they’re suggesting the Fed do after targeting nominal GDP growth of, say, 5 percent per year, the basic idea is to flood the economy with even more low-interest money.

Daniel Larison takes a look at neoconservatives and the GOP. While there was plenty of criticism lobbed at President Bush from the neoconservative camp during his time in office, they’re still the most ardent Bush loyalists around, because his Middle East policies closely followed their ideas.

Newt Gingrich is certainly no stranger to the Beltway, given his political history, his time as a healthcare “consultant,” and his affiliation with Freddie Mac. Rod Dreher says that for Gingrich to style himself as an “outsider” candidate is preposterous.

Philip Giraldi says despite whatever the official line is, the U.S. is already conducting a proxy war with Iran.

William Lind offers his predictions as to what the Pentagon may look like when America enters a new age of austerity. How will our foreign policy change as a result of drastic reductions in the defense budget?