Federal Reserve Chair Janet Yellen just introduced a new term into Fed Speak', "pent-up wage deflation". This seems to be an effort to explain away the problem of stagnant wages in the US economy that are not allowing the Fed to meet its 2% inflation goal by blaming it on the "inability or unwillingness of US firms to drastically cut wages" after the Bush collapse in 2008.
This, according to the Fed, is making it possible for companies to now expand employment without raising wages. Ms. Yellen did acknowledge that real wages had been declining for some time prior to the crash (real wages have been declining for 33 years, but who's counting).
Editorial Glance
On Monday, August 6, 1945, after six months of intense firebombing of 67 other Japanese cities, the United States dropped a nuclear weapon nicknamed "Little Boy" on the city of Hiroshima , Japan. This attack was followed on August 9 by the detonation of the "Fat Man" nuclear bomb over the Japanese city of Nagasaki. To date, these are the only attacks with nuclear weapons in the history of warfare.





























