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What is it like to live in a steady state economy? Miss Hokusai in Edo Japan
What is it like to live in a steady state economy? Miss Hokusai in Edo Japan “Miss Hokusai” is a delicate and beautiful movie set during the late Edo period in Japan. It may give us a feeling of what it is like to live in a steady-state economy. In the picture from the movie, […]
Why is the MSM Covering Up Recessionary Data?
WHY IS THE MSM COVERING UP RECESSIONARY DATA? The Census Bureau put out their monthly retail sales report this morning. During good times, the MSM would be hailing the tremendous increases as proof the consumer was flush with cash and all was well with the economy. Considering 70% of our GDP is dependent upon consumer […]
This Will Be Largest Evaporation of Wealth in Modern History
This Will Be Largest Evaporation of Wealth in Modern History It’ll devastate China’s economy and reverberate around the world Only a handful of countries have a higher savings rate than the Chinese do. For a still relatively poor emerging country with GDP per capita about a fifth of that in the U.S., the Chinese get […]
Can We Grow Out Of Our Problems If We’re Not Actually Growing?
Can We Grow Out Of Our Problems If We’re Not Actually Growing? The rationale for today’s easy money policies is pretty straightforward: Falling interest rates and rising government deficits will counteract the drag of excessive debts taken on in previous stimulus programs and asset bubbles, enabling the developed world to create wealth faster than it […]
Western Mistakes, Remade in China
Western Mistakes, Remade in China SHANGHAI – The Chinese economy faces an enormously challenging transition. To achieve its goal of joining the world’s high-income countries, the government has rightly urged a “decisive role for the market.” But, while market competition works well in many sectors, banking is different. Indeed, over the last seven years, China’s […]
Canada due for debt crisis and recession, economist argues
Canada due for debt crisis and recession, economist argues Credit growth has to stop at some point, and then economy shrinks, argues Steve Keen Finance Minister Bill Morneau has just delivered a budget that will put Canada deeper in debt. A Forbes columnist argues that puts Canada on track for a credit crisis. (Sean Kilpatrick/Canadian […]
Bad — But Better Than What’s Coming
Bad — But Better Than What’s Coming Talk about diminished expectations. This morning’s estimate of 1.4% Q4 GDP growth is being hailed as a pleasant surprise. Which is odd, considering that for most of the past century a number this low would have been seen as weak enough to require emergency action. And that’s just […]
What Killed the Middle Class?
What Killed the Middle Class? If the four structural trends highlighted below don’t reverse, the middle class is heading for extinction. Everyone knows the middle class is fading fast. I’ve covered this issue in depth for years, for example: Honey, I Shrunk the Middle Class: Perhaps 1/3 of Households Qualify (December 28, 2015) and What Does It Take To […]
Remember the people involved
Remember the people involved When I was in University, I vividly remember one of my economics professors telling students to always remember the people involved when analyzing a policy change. I was reminded of this sage advice upon reading Matthew McCaffery’s Mises Daily article titled, “Who will pay for it?” is the wrong question to ask […]
Ed Butowsky: Calculating The True Cost of Living
Ed Butowsky: Calculating The True Cost of Living Why it’s much higher than we’re told/sold Over the past decade, we’ve been told that inflation has been tame — actually below the target the Federal Reserve would like to see. But if that’s true, then why does the average household find it harder and harder to […]
Why This Sucker Is Going Down——The Case Of Japan’s Busted Bond Market
Why This Sucker Is Going Down——The Case Of Japan’s Busted Bond Market The world financial system is booby-trapped with unprecedented anomalies, deformations and contradictions. It’s not remotely stable or safe at any speed, and most certainly not at the rate at which today’s robo-machines and fast money traders pivot, whirl, reverse and retrace. Indeed, every day there are new ructions […]
The End of Globalization?
The End of Globalization? BRUSSELS – China has just announced that last year, for the first time since it began opening up its economy to the world at the end of the 1970s, exports declined on an annual basis. And that is not all; in value terms, global trade declined in 2015. The obvious question […]
Will Italian banks spark another financial crisis?
Will Italian banks spark another financial crisis? In the 14th century, the Medici family of Florence began its rise to prominence, investing profits from a thriving textile trade to fund what would become the largest banking institution in Europe. The success of the legendary banking family helped to usher in the Italian Renaissance and thus change […]
Alan Greenspan’s Pickled Economy
Alan Greenspan’s Pickled Economy Winter of Discontent Former Federal Reserve Chairman Alan Greenspan resurfaced this week. We couldn’t recall the last time we’d heard from him. But, alas, the old fellow’s in desolate despair. Unexpectedly rising from the crypt: Alan Greenspan Photo credit: AP On Tuesday, for instance, he told Bloomberg he hasn’t been optimistic for “quite […]
Why Globalization Reaches Limits
Why Globalization Reaches Limits We have been living in a world of rapid globalization, but this is not a condition that we can expect to continue indefinitely. Figure 1. Ratio of Imported Goods and Services to GDP. Based in FRED data for IMPGS. Each time imported goods and services start to surge as a percentage of […]
