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China’s ‘Marshall Plan’ Will Not Solve Overcapacity in China’s Economy
China’s ‘Marshall Plan’ Will Not Solve Overcapacity in China’s Economy The majority of industries in China face severe overcapacity, which seriously threatens the smooth functioning of China’s economy. Despite China’s high hopes, “the road map for launching an Asian Investment Bank” remained only a plan at the APEC summit this year. In addition, the Mexican […]
Cheaper oil will not boost global growth, says Moody’s
Cheaper oil will not boost global growth, says Moody’s Lower oil prices will fail to give a “significant boost” to global growth in the next two years, Moody’s has said. The ratings agency said any boost from cheaper oil would be offset by the eurozone’s economic woes as well as slowdowns in China, Japan and […]
Even When the Sociopaths Lose They Win
Even When the Sociopaths Lose They Win How exactly do you cook a nutritious meal if all you have are spoiled ingredients? The answer depends upon your definition of nutritious and who is eating the meal……and, of course, your level of hunger and growing desperation. It is telling how much less discerning we become when […]
A Very Pernicious Partnership: Keynesian Money Printers And Wall Street Gamblers
A Very Pernicious Partnership: Keynesian Money Printers And Wall Street Gamblers No sooner was the January jobs report released than the Wall Street Journal posted a succinct headline: “Hiring, Wages Pick Up as Job Market Nears Full Health”. Whether the job market is actually as red hot as the BLS’ headline numbers is a debatable topic, but it […]
Greece Exposes The Global Economy’s Achilles Heel
Greece Exposes The Global Economy’s Achilles Heel Countries that can’t repay their debts — won’t The new Greek political party, known as Syriza, the Coalition of the Radical Left, has done the unthinkable: they’ve dared to speak the truth. In this case, the truth is perfectly captured by the blunt assessment by the new Greek […]
Charts showing the long-term GDP-energy tie (Part 2 – A New Theory of Energy and the Economy)
Charts showing the long-term GDP-energy tie (Part 2 – A New Theory of Energy and the Economy) In Part 1 of this series, I talked about why cheap fuels act to create economic growth. In this post, we will look at some supporting data showing how this connection works. The data is over a very long time […]
The Beauty of Deflation
The Beauty of Deflation Deflation Paranoia The euro zone’s consumer price inflation rate declined below 1% in early 2014, getting closer to zero during 2014, nowhere near the ambitious 2% benchmark set by central banks. A further small downward adjustment in the inflation rate has put it into negative territory, so harmonized euro area consumer […]
The Wreck Of The Monetary Hesperus
The Wreck Of The Monetary Hesperus For 73 months running the Fed has lashed the money markets to the gross financial anomaly of ZIRP. Never before in the history of the world has any central bank or other monetary authority decreed that overnight money shall be indefinitely free to gamblers or that liquid savers should have their […]
Could the U.S. Become the Unrivaled Superpower Again?
Could the U.S. Become the Unrivaled Superpower Again? That Grand Narratives based on short-term trends are often wrong should not surprise us. Two of the most durable and least-questioned narratives of the past 15 years are: 1. The world is becoming multipolar, meaning that rising power centers such as the BRIC nations (Brazil, Russia, India […]
A new theory of energy and the economy – Part 1 – Generating economic growth
A new theory of energy and the economy – Part 1 – Generating economic growth How does the economy really work? In my view, there are many erroneous theories in published literature. I have been investigating this topic and have come to the conclusion that both energy and debt play an extremely important role in an […]
Oh, Greece!
Oh, Greece! Greece’s bailout program is not working. After receiving hundreds of billions of Euros in new loans to stave off a sovereign default, Greeks are on the verge of electing a new government that may throw Eurozone politics into turmoil. From the outset, this was always going to be a tricky one for European […]
Even Central Bankers Now Admit QE Doesn’t Work
Even Central Bankers Now Admit QE Doesn’t Work Even As European Central Bank Is Set to Unleash a Massive Round of Quantitative Easing, Central Bank Heads Admit QE Doesn’t Work The former head of the Bank of England – Mervyn King – said today that more QE will not help the economy: We have had the biggest […]
Macro Digest: Endgame for central bankers
Macro Digest: Endgame for central bankers The Swiss National Bank’s removal of the franc’s peg to the euro last week had far-reaching consequences because we were all taken by surprise. The fact that it would (and should) happen eventually was not lost on the market, but the SNB was as late as last week end […]
Look Who’s Dragging Down the Global Economy Though No One Is Allowed to Say it
Look Who’s Dragging Down the Global Economy Though No One Is Allowed to Say it “A bit of inequality is good as it creates incentives for hard work and rewards entrepreneurship,” explained Mohamed El-Erian, Chief Economic Advisor of Allianz and former CEO of PIMCO. “Lots of inequality is bad, disenfranchises segments of society, and erodes […]
