This story illustrates how far some companies are willing to go to preserve their bottom lines and assert their right to operate in an unfettered manner, even when that includes breaking the law and violating contracts. Huffington Post, via its daily political newsletter Huffington Post Hill, does some additional reporting on the very peculiar case […]
Read more...No formal announcement yet, but some presumably well-sourced rumours about the size of the Irish bailout (EUR 85Bn), and the rate (7%, via the redoubtable Twitterer on all matters Irish @LorcanRK). While we await the budget statement, there are reasons to suspect, or hope, that the bailout, like Godot, will never come, because it’s failing […]
Read more...From the folks at Versus. Enjoy!
Read more...Yves here. Normally I put up cross posts without additional commentary, but I wanted to offer a couple of observations about this post. While this piece is admittedly a bit heavy on economist-speak, and readers may differ with the policy recommendations, = it gives an even-handed account of the early rebound during the Great Depression […]
Read more...The media has been so preoccupied with acute symptoms of the debt crisis – sliding home prices, foreclosure abuses, ongoing Euromarket bank/sovereign debt stress, ongoing battles over financial regulation implementation, unhappiness over the Fed’s QE2 – that lingering problems are not getting the attention they deserve. High on the list is the how the weak […]
Read more...Following up on my last, John Dizard takes a different line from Ambrose. What Dizard wants is a sovereign default system, and he wants it now, not in 2013. The starting point is last week’s Eurobungle: Last week’s crisis in “peripheral” euro area bond markets was the consequence of a series of own goals by […]
Read more...Various Eurosceptics are piping up this morning, and no wonder. Unfortunately some of the interesting stuff is behind the FT’s magnificently unstable subscription firewall, which, in an attack of paranoia, or megalomania, has decided today, as it occasionally does, to deny access to everything, even the free bits, subscriber or not. It is like something […]
Read more...As far too diffidently implied in this post on Friday, looking out for an Irish bailout over the weekend turned out to be a mug’s game. There was a splendid swirl of authoritative reports about bailout talks and rebuttals by various Irish spokesmen, sampled here. But here we are: no bailout, with the Irish government […]
Read more...As an article in today’s New York Times makes clear, Robert Shiller has joined a group of behavioral economists that is advocating the use of propaganda and the sublter forms of manipulation of the public that Walter Lippmann famously called “the manufacture of consent.” In one sense, this ugly development is coming full circle. Lippmann […]
Read more...A cross-post courtesy of market veteran (and occasional robust NC commenter) Bruce Krasting I wish I could get a penny for every dollar that is going to be paid to lobbyist to fight the various recommendations of the Fiscal Commission. As advertised, they basically took no prisoners save a small portion of the older population […]
Read more...Hope you enjoy the second part of our discussion on Real News Network. Part 1 is here. More at The Real News
Read more...By Richard Alford, a former economist at the New York Fed. Since then, he has worked in the financial industry as a trading floor economist and strategist on both the sell side and the buy side. In reaction to the OPEC-engineered oil price spikes of the 1970s, which economists would depict as external negative supply […]
Read more...I was tight on time for this interview, and as a result I spoke at an even more rapid clip than usual. Hope you enjoy it nevertheless! More at The Real News
Read more...John Hussman is always worth reading, and his current missive is a hum-dinger. I’m extracting some key bits below, and urge you to read it in full. Note that Hussman is far from alone in chiding the Fed for encroaching on Constitutionally-mandated budget processes, including former central bankers. From Willem Buiter: As regards democratic accountability […]
Read more...The Fed’s announcement of $600 billion of intermediate and long Treasury purchase, informally dubbed QE2, teed off a peppy rally in stocks, and led to further weakening of the dollar. These trends were already well in motion thanks to the central bank’s winks and nods that it was going to embark on another round of […]
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