Chart of the Day: It’s a Small, Small World

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Politico reports that the Obama administration, in the person of Jan Eberly, Treasury’s new assistant secretary for economic policy, is pushing back on the Republican notion that “regulatory uncertainty” is damaging the economy. It’s sort of sad that she has to waste valuable neurons on this, when she could instead be doing actual useful work, but I guess that’s politics for you.

Anyway, her case is here. And part of her case is that the American economy isn’t actually suffering from any more uncertainty than the rest of the world, which suggests that American regulations can’t really be having much of an impact. The chart below shows two measures of stock market volatility, one for the U.S. and one for Europe, and as you can see, they’ve moved pretty much in lockstep during the Obama era.

Which, to make a separate point, is an impressive demonstration of the fact that we live in a global economy, not just an American one. When stuff happens, it affects us all. Keep that in mind when American bankers and Treasury officials keep telling us that “we aren’t very exposed” to a possible eurozone disaster. My guess is that we’re pretty exposed after all, which is a good reason for all of us to hope that Europe gets its act together soon.

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FACT:

Mother Jones was founded as a nonprofit in 1976 because we knew corporations and the wealthy wouldn't fund the type of hard-hitting journalism we set out to do.

Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation today so we can keep on doing the type of journalism 2020 demands.

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