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[Premium] On helicopter drops and wealth confiscation in Europe

Edward Harrison — Wed, 09 May 2012 19:18:01 +0000

Hugh Hendry made some remarks about confiscation last week that I addressed in my TV appearance on RT's capital account (see video here). The gist of his comments was that he fears government's ability to confiscate wealth as a means of dealing with the economic crisis in Europe. On RT, I said that I didn't think the situation had reached that point in Europe and so I was not overly concerned. But I do want to flag comments by a major bank economist that touch on these issues

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On helicopter drops aka free money and other links 31 Aug 2010

Video: Ron Paul vs Paul Krugman

Edward Harrison — Tue, 01 May 2012 11:50:14 +0000

Here is the video everyone is talking about, Ron Paul and Paul Krugman debating the economy and economic policy. Enjoy

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Debts that can’t be paid, won’t be

Michael Hudson — Tue, 10 Apr 2012 12:40:04 +0000

A common denominator runs throughout recorded history: a rising proportion of debts cannot be paid. Adam Smith remarked that no government ever had repaid its debt, and today the same can be said of the overall volume of private-sector debt. One way or another, there will be defaults – unless debts are paid in an illusory fashion, simply by adding the interest charges onto the debt balance until the sums finally grow to so fictitious a magnitude that the illusion of viability has to be dropped

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Steve Keen on a Double Dip and Private Debt 26 May 2011

The Silver Anniversary of the “Keating Five” Meeting — Citizens United’s Precursor

William Black — Tue, 10 Apr 2012 01:00:02 +0000

April 9, 2012 is the twenty-fifth anniversary of the most infamous savings and loan fraud, Charles Keating’s, successful use of five U.S. Senators to escape sanction for a massive violation of the law. The Senators were Alan Cranston (D. CA), Dennis DeConcini (D. AZ), John Glenn (D OH), John McCain (R. AZ), and Donald Riegle (D. MI). They became infamous as the “Keating Five.” I was one of four regulators who attended the April 9, 1987 meeting. I took the notes of the meeting, in transcript format, that were so detailed and accurate that the Senators testified that they were sure I had tape recorded the meeting. Reviewing my (near) transcript of the April 9 offers a large number of important lessons that would have allowed us to avoid future crises

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Dutch Update: Problem Unresolved, Pressure Mounts

Marc Chandler — Thu, 29 Mar 2012 17:00:46 +0000

One of our thematic points for Q2 is the increased importance of political factors for the investment climate. Dutch developments are consistent with this and the risk that the government collapses is rising

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[Premium] Daily Commentary: Highest US March Gas Prices on Record

Edward Harrison — Tue, 20 Mar 2012 18:00:43 +0000

This daily commentary is a bronze level members-only post. I wonder how the oil issue is going to play out in this particular election since everyone seems to be talking about how high the price of gasoline/petrol is. In the US, we are seeing record numbers. here are some thoughts on the issue plus the links

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[Premium] Daily Commentary: On Financial Repression 19 Mar 2012
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[Premium] Daily Commentary: The macro surprise index is mean-reverting 14 Mar 2012

Government’s role in the subprime crisis

Guest Author — Tue, 20 Mar 2012 00:50:48 +0000

Could a new paper published by researchers from the Federal Reserve Bank of St. Louis finally answer the question of whether affordable housing laws caused the subprime crisis? Yes

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Tough medicine and a hard landing for China

Michael Pettis — Sun, 11 Mar 2012 22:00:30 +0000

Michael Pettis predicts a hard landing in China. How much will growth slow? The World Bank report apparently doesn’t say, but the consensus has been slowly moving down towards 5-6% annual growth over the next few years. That’s better than the crazy numbers of 8-9% most analysts were predicting even two years ago (and some still are), but it is still too high. GDP growth rates will slow a lot more than that. I still maintain that average growth in this decade will barely break 3%. It will take, however, at least another two or three years before a number this low falls within the consensus range

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The Tragedy that is Spain

Marc Chandler — Mon, 05 Mar 2012 16:30:44 +0000

The devolution in Spain is particularly troubling. The new fiscal compact had just been signed last week, which includes somewhat more rigorous fiscal rule and enforcement, when Spain's PM Rajoy revealed that this year's deficit would come in around 5.8% of GDP rather the 4.4% target. This of course follows last year's 8.5% overshoot of the 6% target. The problem that for Spain is that the 4.4% target was based on forecasts for more than 2% growth this year. However, in late February, the EU cuts its forecast to a 1% contraction. This still seems optimistic. The IMF forecasts a 1.7% contraction, which the Spanish government now accepts

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The Giant 21st Century Asset Grab

Michael Hudson — Fri, 02 Mar 2012 13:56:11 +0000

The financial plan is basically an asset grab. They want to load the whole economy down with debt. A consumer will come in and say, I’d like to take out a loan. They’ll say, how much do you earn? Everything over subsistence they’ll want as a loan

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