Rogers is long dollar and commodities
Tepper: No more Fed easing until stocks drop more
Russian privatisation: this time, it’s about governance
Prechter on births
FT: Groupon is at a loss to justify itself. $500 million in buybacks?!?
WOMEN IN CHINA: A SOCIAL REVOLUTION
'Melt-through' at Fukushima? / Govt report to IAEA suggests situation worse than meltdown
Emmy,
ReplyDeleteThanks for the linkfest. Good reading on a foggy and cold Saturday morning.
Denise - Too bad you are not having more pleasant weather, it is very nice over here low 70's and a slight breeze.
ReplyDeleteGot a 5 mile walk in this morning, so I guess that means I can eat a box of donuts now :)
Mutt
Emmanuel,
ReplyDeleteThank you for the linkfest.
Re "Golden age for natural gas", three North American companies plan to cash in on the Asian boom(need for energy).
Encana, EOG Resources and Apache have submitted a proposal to the Nat. Energy board to build an export hub in Kitimat, B.C.
Here is a link. "Golden age for gas to benefit Canada". http://www.financialpost.com/opinion/columnists/peter-foster.html
I know for a fact, India is in a huge energy deficit. LNG is rationed and in winter it's worse.
ICan
Kitco in trouble.
ReplyDeleteTax fraud allegations - $150 million in sales taxes on $2billion of sales.
Gold dealer in crosshairs of Quebec tax agency-The Globe and Mail
ICan
Hey Thor or Denise - I've written my blog post for tomorrow and saved it but for some reason blogger isn't allowing me to publish it for tomorrow. Can one of you give it a try when you get the chance?
ReplyDeleteScrap that, Denise & Thor. I changed computers and was able to post it. Weird though.
ReplyDeleteManny,
ReplyDeleteThat happened to me once and I think that I needed the clear the cache.
Larry Summers NOW calling for fiscal stimulus. A day late and a dollar (or many) short if you ask me.
ReplyDeletehttp://www.zerohedge.com/article/larry-summers-welcome-non-recovery-or-fiscal-stimulus-or-another-us-bust
Let the revisionist history begin by those former (and current) Obama admin!
This is fantastic from Steve Keen. The money quote:
ReplyDeleteIn all the post-WWII recessions on which Lazear’s regression was based, the downturn ended when the growth of private debt turned positive again and boosted aggregate demand. This of itself is not a bad thing: as Schumpeter argued decades ago, in a well-functioning capitalist system, the main recipients of credit are entrepreneurs who have an idea, but not the money needed to put it into action:
[I]n so far as credit cannot be given out of the results of past enterprise … it can only consist of credit means of payment created ad hoc, which can be backed neither by money in the strict sense nor by products already in existence…
It provides us with the connection between lending and credit means of payment, and leads us to what I regard as the nature of the credit phenomenon… credit is essentially the creation of purchasing power for the purpose of transferring it to the entrepreneur, but not simply the transfer of existing purchasing power.” (Joseph Alois Schumpeter, 1934, pp. 106-107)
It becomes a bad thing when this additional credit goes, not to entrepreneurs, but to Ponzi merchants in the finance sector, who use it not to innovate or add to productive capacity, but to gamble on asset prices. This adds to debt levels without adding to the economy’s capacity to service them, leading to a blowout in the ratio of private debt to GDP. Ultimately, this process leads to a crisis like the one we are now in, where so much debt has been taken on that the growth of debt comes to an end. The economy then enters not a recession, but a Depression.
http://www.nakedcapitalism.com/2011/06/steve-keen-dude-where%e2%80%99s-my-recovery.html
Manny - Great article!
ReplyDeleteEmmie thanks!
Japan machine orders slip
ReplyDeleteCore machinery orders fall 3.3% during April, even as economists had expected a 1.2% rise.
Thor,
ReplyDeleteThe Japanese nuclear accident is impacting them still.