• Will François Hollande's big gamble with the French economy pay off? | Pierre Haski

    Updated: 2012-09-30 14:30:01
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  • 24 hours in pictures

    Updated: 2012-09-30 14:20:54
    A selection of the best images from around the world

  • Eyewitness: Belfast, Northern Ireland

    Updated: 2012-09-30 11:46:17
    Photographs from the Guardian Eyewitness series

  • Labour should nationalise the banks to get Britain working again | Jonathan White

    Updated: 2012-09-30 01:00:01
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  • Behind Spain's turmoil lies a cronyism that stifles the young and ambitious | John Carlin

    Updated: 2012-09-30 00:20:00
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  • On this week's agenda: the OFT and EU competition commissions get in each other's way – but there's still a shortage of candidates for Bank of England governor

    Updated: 2012-09-30 00:04:37
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  • The Campaign – review

    Updated: 2012-09-30 00:03:05
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  • Spain reels at violent tactics by riot police

    Updated: 2012-09-29 21:44:19
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  • Greece sure to get next aid tranche: German magazines

    Updated: 2012-09-29 18:51:52
    If that’s correct, who’s surprised?     I’m sure as heck not…..

  • Spain debt rises on aid to banks, regions

    Updated: 2012-09-29 18:38:55
    Well it would, wouldn’t it?

  • The next subprime crisis is here: over $120 billion in Federal student loans in default

    Updated: 2012-09-29 10:30:17
    Oh dear

  • Troika perusing package

    Updated: 2012-09-29 09:36:00
    ‘Foreign envoys due back in Athens Sunday to resume talks on cuts plan’

  • Alberta Faces $3B Deficit - Things are Going South up North

    Updated: 2012-09-29 01:58:55
    Subscribe About Michael Maloney The Company Hiring Opportunities Premium Content Current Analysis Classic Maloney Essays Fundamentals How-To Events Contact Search Login The Weekly Cycle Market Insights Every Wednesday Wealth Cycle Principle Start My Trial Home Premium Current Analysis Economics 101 How To Invest All Recent Articles Video Resources External Resources FAQ Glossary Visual Economy Blogs Market Commentary Chart Blog Login Register Home Blogs Alberta Faces 3B Deficit Things are Going South up North Sep 28 2012 The WealthCycles Staff In late August , Alberta’s Provincial Finance Minister Doug Horner shocked citizens with an announcement about the expected deficit for the 2012-2013 fiscal year . The announcement was shocking both because of its lack of substantive information and

  • Risk Support Holds, At Least For Now

    Updated: 2012-09-28 22:02:40
    Fortunate To Book European Profits Last Week We felt the risk-reward ratio in Europe had reached an unfavorable level late last week (9/20/12). We took some significant profits off the table on Thursday, September 20. The vertical charts caught up with Europe this week; FEZ was down 5.08% in the last five sessions, EWP [...]

  • Colombia’s central bank president says world economy weakening

    Updated: 2012-09-28 20:37:32
    Colombia held rates at 4.75% in a ‘majority’ decision Finance minister says govt ready to help cen bank with FX intervention Colombia is one of the better emerging markets to invest in, in my opinion, but Latin America is struggling with the weak USD and not happy about QE3.

  • Spain Bank Stress Tests Show Capital Need of $59.3 Bln

    Updated: 2012-09-28 19:10:02
    MADRID (MNI) – Stress tests of 14 major Spanish banking groups, conducted by an independent auditor, showed that half of them will need an aggregate total of E59.3 billion to shore up their balance sheets, The Spanish Economy Ministry said Friday. The ministry said the other seven banks, accounting for 62% of the Spanish banking [...]

  • Greek government reached an agreement

    Updated: 2012-09-28 17:26:18
    Before yesterday’s meeting between Greek Prime Minister Antonis Samaras and his coalition partners, Evangelos Venizelos and Fotis Kouvelis, there were no great expectations that they could reach an agreement. However, in the end, they managed to agree on the final package of 13.5 billion Euros. Some changes in the design of spending cuts and taxes [...]

  • "Mariano Rajoy is the Original Confidence Fairy" by David Lizoain

    Updated: 2012-09-28 15:38:38
    Paul Krugman has a great post on how Mitt Romney proclaimed himself as the confidence fairy. But he’s not the first candidate to have done so. Last November we already witnessed Mariano Rajoy campaigning as the confidence fairy in Spain. What is confidence, according to Rajoy? “It is not a decree, not a law, not a [...]

  • Benchmark Revisions and Nonfarm Payroll Employment since January 2009

    Updated: 2012-09-28 06:00:08
    : Econbrowser Analysis of current economic conditions and policy The Employment Situation in Governor Walker’s Wisconsin in 2012 : Grim” Main September 27, 2012 Benchmark Revisions and Nonfarm Payroll Employment since January 2009 The BLS released preliminary annual benchmark revisions for March 2012 Nonfarm payroll series and private nonfarm payroll series , in logs , normalized to 2009M01, are shown below adding on the revised levels for March 2012 yields the series shown in . red Figure : 1 Log nonfarm payroll employment blue and adjusted upward to account for benchmark revision at 2012M03 red both normalized 2009M01=0. NBER defined recession dates shaded gray . Source : BLS August release via FRED , BLS NBER and author’s . calculations Figure : 2 Log private nonfarm payroll employment

  • Greek Arithmetic

    Updated: 2012-09-28 01:09:00
    : Greek Default Watch A blog about Greece's need to create a sustainable economic path for itself and to do so quickly , in difficult circumstances , and under great . pressure Pages Home Greece in Figures Greek Crisis Timeline Q on the Greek Crisis The Big Picture Friday , September 28, 2012 Greek Arithmetic In my last post , I wrote that Greece has not really practiced austerity . This surprised people . Well , here are some more numbers . If you wonder what the hell does the troika want from us , 8221 the following table should answer your question . The top line shows primary government expenditure data from Eurostat which covers what the state spends on salaries , benefits , goods and services and investment but excludes interest In 2011, primary spending was 92.7 billion , which is

  • The Employment Situation in Governor Walker’s Wisconsin in 2012: “Grim”

    Updated: 2012-09-27 22:20:02
    : : Econbrowser Analysis of current economic conditions and policy China's economic slowdown Main September 27, 2012 The Employment Situation in Governor Walker’s Wisconsin in 2012 : Grim” From IHS-Global Insight , U.S . Regional Perspective Article : Swing States : Wisconsin , 9 24 : 2012 The employment picture in Wisconsin so far this year has been grim . Whereas the country has seen year-on-year y y job growth above 1.0 each month through July , the Badger State has seen y y declines every month . As of July , Wisconsin payrolls had shed 0.8 since the same time last year . Although the state's important manufacturing sector is creating jobs , expanding at a 1.3 pace since July 2011, many other sectors continue to decline . The already beleaguered construction sector continues to be

  • China, Spain Help Risk Near Key Support

    Updated: 2012-09-27 21:37:15
    The hope for more money printing allowed a key market ratio to hold at a bullish support zone Thursday. Using a familiar script, global markets shot higher primarily based on (A) news related to government debt, and (B) speculation that more stimulus is on the way. From The Sydney Morning Herald: Stocks advanced and the [...]

  • Markets Near Potential Support

    Updated: 2012-09-27 03:16:11
    It is always a good idea to have a weak market “prove it” by waiting for signs of strength. During the waiting period, it is also a good idea to identify potential areas of support, which keeps our minds open to a reversal in stocks. Thus far, the market has proven very little, but [...]

  • What Austerity?

    Updated: 2012-09-26 17:58:00
    : Greek Default Watch A blog about Greece's need to create a sustainable economic path for itself and to do so quickly , in difficult circumstances , and under great . pressure Pages Home Greece in Figures Greek Crisis Timeline Q on the Greek Crisis The Big Picture Wednesday , September 26, 2012 What Austerity Austerity is killing Greece . Or so we’re told . The politicians and the press have a clear narrative : to please foreign creditors , the Greek government is cutting spending to such low levels that the provision of basic services is being compromised . The Greek people , who suffer under these cuts , are rebelling . That’s the story that one reads on a daily basis and it sounds good . Too bad it’s not true . nbsp Yes , Greece is cutting spending . But to call what Greece is doing

  • Weakness Could Morph Into Stock Correction

    Updated: 2012-09-26 17:10:47
    Rising Spanish Yields Troublesome The recent strength in defensive assets, coupled with an uncertain bailout timetable in Spain, tell us to continue to manage risk closely. The “risk-off” trade may be returning to the Spanish bond market, which is not what the bulls want to see. According to CNBC: Worries about Spain increased as the Bank [...]

  • Ποια Λιτότητα;

    Updated: 2012-09-26 17:00:00
    : Greek Default Watch A blog about Greece's need to create a sustainable economic path for itself and to do so quickly , in difficult circumstances , and under great . pressure Pages Home Greece in Figures Greek Crisis Timeline Q on the Greek Crisis The Big Picture Wednesday , September 26, 2012 Ποια Λιτότητα Η λιτότητα σκοτώνει την Ελλάδα . Ή τουλάχιστον έτσι μας λένε . Οι πολιτικοί και ο Τύπος παρουσιάζουν μια σαφή εικόνα : για να ικανοποιήσει τους ξένους πιστωτές , η ελληνική κυβέρνηση μειώνει τις κρατικές δαπάνες σε επίπεδα που θέτουν σε κίνδυνο τη παροχή βασικών υπηρεσιών . Οι πολίτες , που υποφέρουν κάτω από αυτές τις συνθήκες , επαναστατούν . Αυτά διαβάζει κανείς σε καθημερινή βάση . Λογικά ακούγονται . Αλλά δεν είναι αλήθεια . Όντος η Ελλάδα κάνει περικοπές . Αλλά αν αυτό πού κάνει

  • "Income Inequality in the Eurozone: What are the effects on Growth?" by Carlo Milani

    Updated: 2012-09-26 11:24:30
    In his last book Stiglitz (2012) remarks that the increase in income inequality is one of the most important reasons of the US economic and financial troubles in the last twenty years. In 2007, the top 0.1 percent of American income earners had an income that was 220 times larger than the average of the [...]

  • Weekly Stock-Bond Ratio Concerning

    Updated: 2012-09-26 04:03:51
    The chart below (via link) could improve before the end of the week, but as it sits now, it is concerning for risk: CLICK HERE for CHART.

  • One more story showing the application possibilities of Prosperity Unbound: untangling bounds to reach prosperity in Kenya’s slum dwellers

    Updated: 2012-09-25 09:10:36
    http://www.economist.com/node/21563338 Kenya’s slum dwellers Tangles over tenure Deciding who owns shantytowns would help their residents Sep 22nd 2012 | NAIROBI | from the print edition   So who’s the real owner?   EVANS OMONDI JACK was born 60 years ago in a labour camp in Nairobi, Kenya’s capital, a precursor to a present-day slum known as Mukuru [...]

  • Are the proposed austerity measures enough for Greece?

    Updated: 2012-09-25 07:57:09
    The Greek government tries very hard to agree with the Troika’s officials on a package of austerity measures that will allow Greece to receive the bailout of 130 billion Euros. This amount of money is funded by the country’s international lenders. These lenders are the International Monetary Fund, the European Central Bank and the European [...]

  • Germany May Throw Markets Bearish Curve

    Updated: 2012-09-25 01:08:05
    According to the Wall Street Journal (WSJ), Germany wants to delay Spain’s formal request for aid. If Spain continues to drag its feet, stocks, commodities, and precious metals could slip into correction mode. Below are the potentially bearish points from the September 24 story: Progress on two of the euro zone’s most pressing concerns—containing [...]

  • Nouriel: Indonesia Still a Compelling EM Story

    Updated: 2012-09-24 20:45:32
    In Indonesia to speak at the NYSE, Nouriel noted Indonesia’s continuing strong performance among emerging markets. In the two years since Nouriel loudly advocated Indonesia’s status as a major EM, Russia has indeed suffered numerous macro and political setbacks, while Indonesia has continued a process of solid fiscal and macro policy, for laudable growth. The [...]

  • Will The Banker Bashing Never End?

    Updated: 2012-09-24 16:25:44
    In last Sunday’s New York Times (9/23/12), columnist Thomas L. Friedman, whom I admire and usually agree with, gave President Obama credit for daring to lead without fearing the politics. Among his examples of such leadership was “. . . saving the banks rather than throwing all the bankers in jail, which they deserved.” Leaving [...]

  • Greek Government – Troika: More talks are needed

    Updated: 2012-09-24 07:43:43
    During the last meeting between the Greek Finance Minister, Yannis Stournaras, and the official of the International Monetary Fund, Poul Thomsen, there was a lot of tension. The reason was the fact that the representatives of Troika expressed their disappointment for the Greek government’s inability to reach an agreement over the 13,5 billion Euros austerity [...]

  • Are Stocks Beginning To Peak?

    Updated: 2012-09-23 21:27:14
    The five fundamental drivers that could spark a stock market correction are: Spain may choose to delay a formal request for aid. An increasing demand for safe-haven assets. Global growth is slowing. Earnings may disappoint. The approaching ‘fiscal cliff’ Just as more money is coming off the sidelines, stocks appear increasingly susceptible to a reversal. An intermediate-term peak in global [...]

  • VIDEO: Are Stocks Beginning To Peak?

    Updated: 2012-09-23 21:00:34
    Just as mathematics helps us understand the spirals in a seashell, financial markets tend to rise and fall in parallel and symmetrical patterns, which is why something as simple as a trendline can provide valuable insight to investors. The video below examines the current patterns in global stocks (VEU) and an easy to understand risk-on/risk-off [...]

  • Are Stocks Starting to Peak? - VIDEO SOON

    Updated: 2012-09-22 17:49:49
    UPDATE SUNDAY: Video still due today…..in final edit now…. We will post a new video either late Saturday or relatively early on Sunday. Check back soon.

  • Why QE3 Won’t Jumpstart the Economy—and What Would

    Updated: 2012-09-21 18:02:30
    The economy could use a good dose of “aggregate demand”—new spending money in the pockets of consumers—but QE3 won’t do it.  Neither will it trigger the dreaded hyperinflation.  In fact, it won’t do much at all.  There are better alternatives. The Fed’s announcement on September 13, 2012, that it was embarking on a third round [...]

  • India: Booking Gains On Good News

    Updated: 2012-09-21 17:18:20
    We mentioned in one of our June videos (see CCM Channel) that some excellent bullish set-ups were forming. We also noted that it was a good time to invest cash. One of the bullish set-ups came on the chart of the India ETF (EPI). India had some positive policy news today. EPI is [...]

  • "Do we need a Eurozone Budget?" by Henning Meyer

    Updated: 2012-09-21 09:04:15
    If you have read my article from two days ago you’ll know that my answer is yes. And it seems like not just the idea of a Eurozone Parliament has made it into the political realm but also the related idea of a Eurozone budget. Euractiv reports: The idea of a special budget for the [...]

  • "Four Reasons Why Romney Might Still Win" by Robert Reich

    Updated: 2012-09-21 08:49:39
    Can Romney possibly recover? A survey conducted between Sept. 12 and Sept. 16 by the Pew Research Center — before the “47 percent victim” video came to light – showed Obama ahead of Romney 51% to 43% among likely voters. That’s the biggest margin in the September survey prior to a presidential election since Bill Clinton [...]

  • "Stop the slide! A modest proposal" by Andrew Watt

    Updated: 2012-09-20 20:50:35
    The Guardian’s Larry Elliot has a useful round-up of a slew of new data from around the world which all point in the same direction. Down. It underlines that the recent decisions in Europe, and especially the ECB’s nascent bond-buying programme (OMT), are only a necessary condition for avoiding a renewed and probably catastrophic crisis. [...]

  • Greek Government under pressure

    Updated: 2012-09-20 08:05:20
    Today it will take place another crucial meeting between the Prime Minister Antonis Samaras and his coalition partners, Evangelos Venizelos and Fotis Kouvelis. But the expectations to reach an agreement are not so high. It seems that the whole pressure that the Government faces and its efforts to find a way to agree about the [...]

  • Student Loan Debt — The Third Bubble

    Updated: 2012-09-19 23:11:42
    Subscribe About Michael Maloney The Company Hiring Opportunities Premium Content Current Analysis Classic Maloney Essays Fundamentals How-To Events Contact Search Login The Weekly Cycle Market Insights Every Wednesday Wealth Cycle Principle Start My Trial Home Premium Current Analysis Economics 101 How To Invest All Recent Articles Video Resources External Resources FAQ Glossary Visual Economy Blogs Market Commentary Chart Blog Login Register Home Features Current Analysis Student Loan Debt The Third Bubble Sep 19 2012 The WealthCycles Staff The size , scope , and impact of this problem the student loan debt bubble is an enormous anchor weighing down our next generation and our nation's economy , according to Business . Insider As of the writing of this article the student loan debt clock

  • Two Nice Items on Romney on “the 47%”

    Updated: 2012-09-19 22:29:25
    Item 1:  Hat-tip to Peter W.: From the blog Squashed, a great riposte to Romney’s claim that if your income isn’t high enough to pay federal income taxes, you are irresponsible.  The blogger looks at how many hours a day … Continue reading →

  • Global Imbalances

    Updated: 2012-09-19 07:58:05
    : Econbrowser Analysis of current economic conditions and policy Effects of QE3 Main September 18, 2012 Global Imbalances Some observations on the difficult tasks of identifying and explaining such imbalances I've just attended a conference on the subject of imbalances , both global and intra-Europe , where I discussed the roles of China and the US the agenda for Intra-European Imbalances , Global Imbalances , International Banking , and International Financial Stability organized by Gunther Schnabl and Ansgar Belke of the University of Leipzig , and University of Duisberg Essen , respectively is here The Peterson Institute yesterday held a session focusing in on imbalances and spillovers , with special reference to the IMF's new approach , EBA to identifying imbalances see this post The

  • Greek Government: Reaching the point of no return

    Updated: 2012-09-19 07:23:43
    The last days of this week will by crucial for the Greek government, because decisions must be taken in order Greece to remain within the Eurozone. The Greek Prime Minister and his coalition partners will meet tomorrow and, through this last attempt, they will try to agree on a common line on the proposed austerity [...]

  • Doves, Hawks, and Transparency

    Updated: 2012-09-19 00:27:45
    The latest tragedy in my neighborhood proves that, sometimes, transparency is more dangerous to doves than are hawks. A dove flew hard into our across-the-street neighbor’s too-clean plate-glass window. The stunned—most likely fatally stunned—dove fell to the patio unable to fly while a hawk—possibly the same one that recently killed a live rabbit in my [...]

  • New Co-editor! plus: Palast Excerpt!

    Updated: 2012-09-18 21:01:44
    (1) New Co-Editor!  First things first:  Dollars & Sense has a new co-editor!  Or to be precise, our former magazine co-editor, Alejandro Reuss, has returned to the  staff, again as magazine co-editor.  Alejandro has worn many hats at D&S, having … Continue reading →

  • "DG Internal Market and Worker Involvement: Where’s the Beef?" by Sigurt Vitols

    Updated: 2012-09-18 08:00:09
    With the halftime of the “new” European Commission rapidly approaching, more and more observers are asking “where’s the beef?” with regard to DG Internal Market’s approach to worker involvement. The expression “where’s the beef?” first became popular in the US in the 1980s in a TV commercial made by the fast food chain Wendy’s, where [...]

  • IMF: Its practices are the right ones?

    Updated: 2012-09-18 07:37:01
    A few years ago, when the debt crisis in Eurozone appeared for the first time, everybody believed that the intervention of the International Monetary Fund would be an important step in combating the deep recession. The IMF was a part of what is called Troika. Troika’s parties are the IMF, the European Commission and the [...]

  • "Mitt Romney reveals his true Colours?" by NewsWatch

    Updated: 2012-09-18 00:10:16
    The US website Mother Jones published a secretly filmed video of what looks like Mitt Romney talking to wealthy donors. What he has to say sounds like a slap in the face of almost half the American people: All right, there are 47 percent who are with him, who are dependent upon government, who believe that [...]

  • Million Dollar Jobs

    Updated: 2012-09-15 18:30:41
    The other day, one of my favorite talking heads, who knows better, made a point along the following lines:  Since the financial crisis the FOMC has spent about $2 trillion (the approximate increase in Fed assets) to increase employment by about 2 million jobs (apparently Bernanke’s estimate in his recent press conference). His conclusion was [...]

  • Fiddling at the Fire

    Updated: 2012-09-14 17:13:08
    Financial markets have rallied since July on the hope that the global economic and geopolitical outlook will not worsen, or, if it does, that central banks stand ready to backstop economies and markets with additional rounds of liquidity provision and quantitative easing. So, not only has good – or better-than-expected – economic news boosted the [...]

  • Rise of the retirement age: the easy way?

    Updated: 2012-09-14 07:25:47
    The Greek government tries hard to find ways and solutions that will lead to an agreement with the Troika’s officials on the austerity package of the 11.5 billion Euros, that is demanded from the European lenders. Greece may have already reviewed the whole pension system two years ago, but it seems that a further rise [...]

  • Again no agreement under the Troika’s pressure

    Updated: 2012-09-13 08:13:40
    Troika has already made clear that if Greece wants to receive the next bailout, its coalition government is obliged, firstly, to reach an agreement on the austerity package of the 11.5 billion Euros. This is a very difficult task because the two coalition partners, Evangelos Venizelos and Fotis Kouvelis, are hardly opposed to layoffs in [...]

  • Greece putting islands up for sale to save economy

    Updated: 2012-09-12 14:33:29
    <pNow Greece is making it easier for the rich and famous to fulfill their dreams by preparing to sell, or offering long-term leases on, some of its 6,000 sunkissed islands in a desperate attempt to repay its mountainous debts. read more

  • "German Constitutional Court decides not to provoke a major economic crisis after all" by Andrew Watt

    Updated: 2012-09-12 14:27:53
    That would be the accurate headline in tomorrow’s papers given today’s verdict by Germany’s Constitutional Court. But it is unlikely that any newspaper concerned about its circulation will print it. Whatever the pre-verdict media frenzy, the simple fact is that a verdict from Karlsruhe that would have seriously threatened the introduction of the ESM would [...]

  • "If your Neighbor's House is on Fire, you don't haggle over the Price of your Garden Hose" by Fabian Lindner

    Updated: 2012-09-12 01:25:13
    The TV show “The West Wing” tells the story of the Democratic president Josiah Bartlett and his staff. In the second season there was an interesting dialogue between one of the senior White House staffers, Josh Lyman, and his assistant Donna Moss – not about Greece, Ireland and Portugal, but about Mexico – which also [...]

  • Nouriel on Draghi’s Plan: It Could Weaken EUR in Longer Run

    Updated: 2012-09-11 20:24:23
    Nouriel speaks on Bloomberg about Mario Draghi’s bond-buying plan, the future of the euro and the Fed’s plans this week and ahead of the election. Roubini: Here’s My Blueprint for the Future

  • China’s Trade Surplus

    Updated: 2012-09-11 18:50:13
    : Econbrowser Analysis of current economic conditions and policy Influencing the internets Main September 11, 2012 China’s Trade Surplus The August numbers are in . From MarketWatch China posted a wider-than-expected trade surplus in August as imports unexpectedly contracted from the year-ago period , suggesting anemic domestic demand , according to data released Monday . Exports exceeded imports by 26.7 billion during the month , beating expectations for a 17.2 billion surplus in a Dow Jones Newswires survey of economists . Monthly exports rose 2.7 from a year earlier , indicating relatively weak overseas demand , with the gain missing a 3 projection from a Reuters poll of economists . But imports surprised by dropping 2.6 from August 2011, failing expectations for a 3.4 increase from the

  • Killing Time In Detroit City

    Updated: 2012-09-06 19:34:01
    “I wanna go home I wanna go home Ohh how I wanna go home” Detroit City, written by Mel Tillis and sung by Bobby Bare, is one of my favorite oldies. Actually, all my favorites are oldies. Like the father of one of my first grade classmates, this lament came from a good old Southern [...]

  • Representative Ryan on Conditional Macroeconomic Prediction

    Updated: 2012-09-06 15:28:31
    : Econbrowser Analysis of current economic conditions and policy The gold standard and economic growth Main September 06, 2012 Representative Ryan on Conditional Macroeconomic Prediction The Marathon Man 0 channels Ed Lazear 1 2 From CNN : yesterday Usually when we have a deep recession in America , we come bounding out of it with fast economic growth and job creation . We did that after the 81 82 recession with Ronald Reagan . We did that after the tough 70's recession we had , he tells the Piers Morgan Tonight host . We're limping out of this recession right now . Economic growth is stagnant . Job creation is stagnant . The labor force participation rate is stagnant . Representative Ryan and the Heritage Foundation have in the past demonstrated a belief in out-of-consensus to say the

  • Spanish alarm bells

    Updated: 2012-09-06 10:22:19
    While the world eagerly awaits the details of Draghi’s sovereign bond-buying scheme, of arguably equal import is the alarming deterioration in Spain’s financial situation. Not to put too fine a point on it, capital is flooding out of the country. Nomura has just compiled an excellent note which shows that portfolio and direct investment outflow from Spain (adjusted for central bank flows) represented over 50% of GDP in the three months ended July.read more

  • Back To Jackson Hole

    Updated: 2012-09-04 02:47:16
    I went back to Jackson Hole again this summer, twice actually. I took family the first time since most had never been. My second trip, I took alone. My objectives were to get out of the unbearable Dallas heat, take long bike rides and moderately long hikes to lose a few pounds. The local scales [...]

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