Archives for April 2013

Unburnable Carbon Bubbles

Courtesy of The Automatic Earth. Artwork: Ilargi for The Automatic Earth A report came out in Britain 10 days ago that deserves more attention than it got. If only because it uses the great term "unburnable carbon", great even before it's defined. It makes me ponder the popular and somewhat crazy claims about shale and […]

Mish Interview With “Bitcoin Jesus”

Courtesy of Mish. Of all the topics that readers have pleaded me to write about for months but I never did until now, “bitcoins” are at the top of the list. In private emails, I stated on many occasions “bitcoins are a scam”. I now take that back, “scam” is not the correct word. Others […]

Here’s Why Everybody Is Wrong About The Second Quarter Being Weak

Courtesy of Lee Adler of the Wall Street Examiner With the quarter now one third complete just about all the pundits are predicting a sharp slowdown in the economy for the April-June period. Today Jamie McKeever of Rheuters reported that Barclays and Morgan Stanley expect GDP growth of just 1% to 1.5% for the quarter. […]

Who Won? the 93% or the 7%? Why?

Courtesy of Mish. Economic trends since 2009 show A Rise in Wealth for the Wealthy; Declines for the Lower 93%. During the first two years of the nation’s economic recovery, the mean net worth of households in the upper 7% of the wealth distribution rose by an estimated 28%, while the mean net worth of […]

As Trust Evaporates…

Courtesy of John Rubino. Rolling Stone’s Matt Taibbi has once again put the world’s major hard news organizations to shame by describing, in comprehensible terms, the pervasive corruption at the heart of the financial system. Below are his concluding paragraphs from a much larger article that everyone with money at risk in a bank, brokerage […]

Gun Control Advocates Have Scored A Major Victory That Nobody Is Talking About

Okay, let's talk about it. What does this show? Maybe individual self-interest in those controlling corporations can go both ways? Maybe violent crimes are so much more horrific than property crimes that there is a line at which basic decency gets pulled out of most people? (Perhaps this doesn't apply to a large enough majority […]

REPUBLICANS ACCUSE OBAMA OF USING POSITION AS PRESIDENT TO LEAD COUNTRY

Ignores complex legal issues (the side of which you are on depends on your feelings about the particular executive order). REPUBLICANS ACCUSE OBAMA OF USING POSITION AS PRESIDENT TO LEAD COUNTRY By Andy Borowitz WASHINGTON (The Borowitz Report)—Responding to reports that President Obama is considering signing as many as nineteen executive orders on gun control, […]

Is Capitalism Killing Our Morals and Economy?

Courtesy of Mish. In one of the most hopelessly incorrect collections of drivel that I have ever seen, Paul Farrell of MarketWatch writes Capitalism is killing our morals, our future. Yes, capitalism is working … for the Forbes 1,000 Global Billionaires whose ranks swelled from 322 in 2000 to 1,426 recently. Billionaires control the vast […]

Humiliating Viral YouTube Interview To Cost Job Of Argentina’s Economy Minister

Lesson: If you don't want to talk about a subject, e.g., inflation, don't agree to being interviewed about the subject. Cannot turn out well. Humiliating Viral YouTube Interview To Cost Job Of Argentina's Economy Minister Courtesy of ZeroHedge. Two days ago we first posted a Youtube clip in which a Greek reporter asked Argentina's Economy Minister […]

Terror in Boston: Photos of “Good and Evil”

Courtesy of Larry Doyle. The photos to which I link in this post are truly graphic in nature. I offer this note of precaution as some may find them too disturbing. On September 11, 2001 I was working in midtown Manhattan. I will never forget the unease and anxiety that ran throughout the city that […]

Durable Goods Orders Show US Manufacturing Continuing Secular Decline

Courtesy of Lee Adler of the Wall Street Examiner New orders for manufactured durable goods in March decreased $13.1 billion or 5.7 percent to $216.3 billion, the U.S. Census Bureau announced today.  This decrease, down two of the last three months, followed a 4.3 percent February increase.  Excluding transportation, new orders decreased 1.4 percent.  Excluding […]

Reinventing Bretton Woods

Reinventing Bretton Woods: Global Finance In Transition – Currency Wars – Exorbitant Privilege Courtesy of Jesse's Cafe Americain As you may recall, Bretton Woods was the name of the conference, taken from its location, that set up the post World War II international currency arrangement with the US dollar as the reserve currency of the […]

Spain’s Unemployment Rate Rises Full Percentage Point to Record 27.2%; Unemployment Tops 6.2 Million

Courtesy of Mish. Spain’s budget deficits are out of control, home prices are still falling, GDP is down 2% annualized in the first quarter, production is down, the unemployment rate soared a full percentage point to 27.16%, and a record 6.2 million are out of work. Here are some stats from Spain’s National Statistics Office […]

Washington Exempts Itself from Obamacare, Airport “Sequester” Delays

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. The uncomfortable effects of government actions are being felt everywhere. Obamacare concerns are, anecdotally, delaying hiring, causing firms to change benefits for the people, and increasing taxes on the great majority. On the other hand, in the context of the "sequester", which is merely […]

The Promise of Abenomics

The Promise of Abenomics  By Joseph E. Stiglitz TOKYO – Japanese Prime Minister Shinzo Abe’s program for his country’s economic recovery has led to a surge in domestic confidence. But to what extent can “Abenomics” claim credit? CommentsInterestingly, a closer look at Japan’s performance over the past decade suggests little reason for persistent bearish sentiment. […]

Robotic Outsourcing; Food Preparation Robots Invade China, Japan, US; Who is to Blame, and What Can be Done About It?

Courtesy of Mish. From hamburgers to sushi to noodles, food robots replace workers in the US, Japan, and China. Today’s spotlight is on China where Restaurant Owners Praise Robot Noodle Makers for Doing “A Good Job!” Noodle peelers should probably start looking for other things to do around the kitchen – there’s just no competing […]

Top 3 Technical Tools Part 2: Relative Strength Index (RSI)

(Video) Top 3 Technical Tools Part 2: Relative Strength Index (RSI) EWI senior analyst Jeffrey Kennedy shows you how to identify quality trade setups with supporting technical indicators. By Elliott Wave International “There are many different forms of technical analysis. A completed Elliott wave pattern supported by additional evidence allows for more confident forecasts and […]

Tamerlan Tsarnaev and Family Received Welfare

Tamerlan Tsarnaev and the Tsarnaev brothers' parents had received welfare benefits during their stays in Mass. At the time of the bombing, Tamerlan, his wife Katherine, and daughter were off welfare, no longer meeting income eligibility requirements due to Katherine's working.  Tamerlan Tsarnaev and Family Received Welfare BY DANIEL HALPER "Marathon bombings mastermind Tamerlan Tsarnaev […]

Abnormalcy Bias

Courtesy of Jim Quinn of The Burning Platform “The real hopeless victims of mental illness are to be found among those who appear to be most normal. Many of them are normal because they are so well adjusted to our mode of existence, because their human voice has been silenced so early in their lives that […]

The Case Against Dzhokhar Tsarnaev: A Guide

THE CASE AGAINST DZHOKHAR TSARNAEV: A GUIDE BY JEFFREY TOOBIN On Monday, the government filed formal charges against Dzhokhar Tsarnaev in the terrorist attack on the Boston Marathon last week. He is charged with use of a weapon of mass destruction and malicious destruction of property resulting in death, and could face the death penalty. […]

Mirabile Dictu! Someone (Bankruptcy Trustee Freeh) Finally Sues Jon Corzine Over MF Global

So maybe the civil courts will do what the criminal justice system won't – attempt to hold Corzine accountable for at least some of his alleged reckless conduct as head of MF Global.  Mirabile Dictu! Someone (Bankruptcy Trustee Freeh) Finally Sues Jon Corzine Over MF Global Courtesy of Yves Smith of Naked Capitalism  The great […]

Crashing the 90 Percent Club

Crashing the 90 Percent Club: The Importance of the Reinhart-Rogoff Error By Dean Baker, CEPR Originally published: Caixin Online, April 23, 2013 See article on original website Few academic papers have ever received as much attention or had as much influence on public policy as “Growth in a Time of Debt,” a paper put out […]

Instability may not be optional

capitalism is inherently flawed,.. ~ Hyman Minsky Instability may not be optional  By Steve Keen Sydney Morning Herald commentator Gareth Hutchens commented that the Rogoff and Reinhart affair shows how slow economists are to realise that their data may be dodgy, but to my mind that is insignificant compared to how slow they are to realise that their theories are dodgier […]

Utopian Union Fantasy: What If Every California Worker Made What City of Irvine Workers Make?

Courtesy of Mish. This is a guest post written by Ed Ring, editor of UnionWatch, a project of the California Public Policy Center. Ed Ring asks What If Every Worker Made What City of Irvine Workers Make? Everything that follows is from Ed Ring. “Jennifer Muir, a spokeswoman for the Orange County Employees’ Association, which […]