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Video: On the third round of quantitative easing and the US economy

Edward Harrison — Tue, 03 Apr 2012 14:51:48 +0000

The video below is from On the Edge with Max Keiser. I speak to Max during this show from 31 March about the US economy, Federal Reserve policy, financial repression and more. On the issue of financial repression, I think my view is pretty clear from this video. However, I should note that analysts like Marshall Auerback take issue with the whole notion. He wrote me just yesterday on the topic

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[Premium] Daily Commentary: On defined contribution pension plans

Edward Harrison — Wed, 28 Mar 2012 00:49:38 +0000

Some thoughts on defined benefit and defined contribution in today's world of negative real rates plus today's links

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On Homeric Similes And Spanish Debt

Edward Hugh — Tue, 06 Mar 2012 18:00:00 +0000

Spain is on a bad course, with recognised debt about to surge rapidly, while investor confidence in the current administration is slipping. Time for another “game changer” I think, since otherwise this car is about to crash

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Chart of the Day: International Manufacturing Compensation Costs Compared

Global Macro Monitor — Fri, 23 Dec 2011 16:30:36 +0000

Great data from the BLS comparing hourly compensation for manufacturing. The second chart looks at the benefits component of the hourly cost

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Welcome to Amazon Town

Edward Harrison — Wed, 21 Dec 2011 14:21:31 +0000

The Wall Street Journal's Stu Woo reports on how Amazon ramps up for the Christmas selling season in a much-read write-up for the paper with a focus on the thoughts of holiday season workers like 75-year old Ray Williams and his wife Sarann. Is this what retirement looks like in the

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Italian minister breaks down in tears over austerity budget

Edward Harrison — Mon, 05 Dec 2011 14:00:00 +0000

Italy's government has come forward with an aggressive 30 billion euro austerity package to prevent the country's bankrupcty and pave the way for the fiscal integration that Angela Merkel is pushing as the key to solving the European debt crisis. In the video below, Elsa Fornero, the Italian welfare minister, broke down in explaining the provisions. The package also increases taxes on housing, luxury items and via a 23 percent VAT, a measure Ireland is also taking. Approval is expected before Christmas

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Ignore Egan-Jones at Your Peril

Niels Jensen — Tue, 08 Nov 2011 13:00:00 +0000

If you are still inclined to give Greece the benefit of the doubt, I suggest you study the works of Egan-Jones, a credit rating company located in Haverford, Pennsylvania. Contrary to most other rating companies, Egan-Jones does not receive any compensation from bond issuers (a huge conflict of interest in the world of credit rating agencies) and, unlike most of its competitors who haven’t exactly covered themselves in glory in recent years, Egan-Jones has a formidable track record (see it here). Sean Egan, co-head of Egan-Jones, predicts the eventual haircut on Greece to be close to 90%. He has done his homework and believes that Greece can support no more than €40 billion of debt through tax revenues. That amounts to only 10-15% of outstanding Greek sovereign debt. Sean put his case forward brilliantly in an interview in Barron’s earlier this year

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Berlusconi Cuts Deal: Et Tu Brute

Marc Chandler — Wed, 26 Oct 2011 12:51:55 +0000

Controversial Italian Prime Minister Berlusconi appears to have finally capitulated to international and domestic pressure. Press reports indicate that he has agreed to step down by January. This in turn will bring forward elections, probably to March 2012, a year earlier than Berlusconi had previously insisted

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Federal Notice to ALL Working Citizens

Edward Harrison — Tue, 18 Oct 2011 22:45:01 +0000

A friend sent this to me. It’s a note making the rounds by e-mail. If I get a source, I will link to it

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On State and Local Governments

Edward Harrison — Tue, 04 Oct 2011 18:27:27 +0000

The bottom line is this: Forget about Meredith Whitney. State and municipal governments are carrying a load in operating and pension costs that cannot be sustained through downturns in a secular bear market as the US population ages. These downturns will not be ordinary recessions. They will increase automatic stabiliser spending, decrease tax revenue and crystallise shortfalls in pension programs in a way that is existential for these governments. And that means a spate of defaults will occur

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