Monthly Archives: May 2014

Oil Nations Put Out Welcome Mat for Western Companies

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“For years, Mexico, Iran, Iraq, Algeria and Libya—most of them among the top 10 producers world-wide—were fiercely nationalistic when it came to oil. They either offered Western companies punitive terms to develop their reserves or didn’t do business with them at all, controlling their supplies tightly with state-owned companies.  Now, facing a range of problems, these nations are offering Western companies generous deals to win their help.   In Iran, Libya and Algeria, the population is addicted to low energy prices and high oil-funded social spending. All of that is in jeopardy as countries struggle to boost production—and new revenue is needed to quell potential unrest.”

http://online.wsj.com/articles/SB10001424052702303663604579503920995245090

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Turkey mine collapse: Erdogan told protesters they would be slapped

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“Recep Tayyip Erdogan, Turkey’s prime minister, faced fresh allegations on Saturday over his conduct following the country’s worst mine disaster after he was heard telling protesters they would be ‘slapped’ for booing him. A recording of the threat was made public after the Turkish leader allegedly punched a man in a supermarket in the western town of Soma as crowds voiced anger over the tragedy.  Criticism of his behaviour intensified further when Evrensel, a Turkish newspaper, reported that he repeatedly punched a teenage girl who had shouted at him: ‘What is the murderer of my father doing here?'”

http://www.telegraph.co.uk/news/worldnews/europe/turkey/10838212/Turkey-mine-collapse-Recep-Tayyip-Erdogan-told-protesters-they-would-be-slapped.html

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Lessons from the Great Austrian Inflation

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“One of these tragic episodes that is worth recalling and learning from was the disintegration of the Austro-Hungarian Empire and the accompanying Great Austrian Inflation in the immediate postwar period in the early 1920s.  For those who say that such things as a hyperinflation, economic chaos, capital consumption and political tyranny ‘can’t happen here,’ it is worth remembering that a hundred years ago, in 1914, few in prewar Vienna could have imagined that it would happen there.”

http://www.thedailybell.com/editorials/35298/Richard-Ebeling-Lessons-from-the-Great-Austrian-Inflation/

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Are you part of the ‘pay-as-you-live’ generation?

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“In late 2012 the venture capitalist and digital analyst Mary Meeker was among the first to identify what she labelled ‘the asset-light generation’, who access documents, music, film and other media digitally, rather than in some material form. Meeker also alluded to the sharing economy – also known as the ‘pay-as-you-live’ market – as evidence that consumers are increasingly preoccupied with ‘access’ rather than ‘ownership’. And it is everywhere, manifest in the success of companies such as Zipcar, Spotify, Girl Meets Dress and Airbnb, where individuals rent out spare rooms or their homes to total (albeit ID-vetted) strangers via a central search engine.”

http://www.telegraph.co.uk/women/womens-life/10810304/Are-you-part-of-the-pay-as-you-live-generation.html

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Peak Real Median Income In USA = 1999; Washington DC = 2012

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“Real Median household income peaked way back in 1999 at $56,000 and by 2012 it was down 9%—an unprecedented decline. It goes without saying that Washington’s Keynesian ministrations on the money printing and national debt front didn’t much help.  In fact, the Fed’s balance sheet has expanded from $450 billion  to $4.4 trillion during that period or by nearly 10X. Likewise, the national debt has nearly quadrupled  to $17 trillion during the same period.  Well, all this monetary and fiscal profligacy did apparently help in one precinct: Namely, the Washington beltway where median household income reached its all-time high in 2012 and undoubtedly continues to rise.”

http://davidstockmanscontracorner.com/the-keynesian-economy-in-one-chart-peak-median-real-income-in-usa1999-30-states-2004-or-earlier-washington-dc2012/

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Former Fed Employee Charged With Felony For Threatening To Kill Boss

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“After reading an article about the psychotic behavior of a former Federal Reserve employee, I would be reluctant to criticize the Fed in the presence of an employee of the world’s most powerful banking cartel. Zero Hedge has some stellar coverage about a former San Francisco Fed employee, and current employee at the Federal Housing Finance Agency (FHFA), that threatened to kill his boss and then take his own life.  Richard Hornsby, Chief Operating Officer of the FHFA, was arrested and charged with a felony for threatening to kill Edward J. DeMarco. Mr. DeMarco was Hornsby’s superior at FHFA.  The death threat was supposedly the result of a poor job performance rating.”

http://lionsofliberty.com/2014/05/09/felony-friday-former-fed-employee-is-charged-with-felony-for-threatening-to-kill-boss/

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Lightning-Like Transformation

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“Suddenly, the old cold-war divide between East and West has burst onto the scene, with new fault lines appearing very near where the old ones were before.  And now, with equal speed, emerging market countries are backing off from unbridled support of Western democratic principles, many shifting back into a neutral zone (gray areas.)  Like lightning, the world has been transformed.  For investors, the biggest and most immediate impact will come from flight capital — massive amounts of money seeking what’s perceived to be the most stable regions, the safest companies and the countries least threatened by their own desperate governments.”

http://www.moneyandmarkets.com/lightning-like-transformation-61414

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Lew Rockwell: Speaking Truth to Monetary Power

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“We have every reason to expect governments to exploit their positions as monopolists of the production of money in ways that increase their power and benefit favored constituencies. We do not need ‘monetary policy’ any more than we need a paintbrush policy, a baseball bat policy, or an automobile policy. We do not need a monopoly institution to create money for us. Money, like any good, is better produced on the market within the nexus of economic calculation. Money creation by government or its privileged central bank yields us business cycles, monetary debasement, and an increase in the power of government.”

http://www.thedailybell.com/editorials/35335/Llewellyn-H-Rockwell-Jr-Speaking-Truth-to-Monetary-Power/

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Are there major mistakes in the bombshell economics book of the year?

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“Thomas Piketty’s Capital in the 21st Century has been at the center of the economic conversation this year, raising questions about inequality and what to do about it. While disagreements over his conclusions abounded, nearly everyone agreed that collecting the historic data underlying the work was an important accomplishment.  Now, the Financial Times’ Chris Giles reports errors and strange practices in Piketty’s spreadsheets. Piketty collected historical data from numerous wealthy countries to assemble his accounting of centuries worth of national wealth.  Giles, examining his spreadsheets, finds transcription errors, adjustments that don’t add up, and unexplained assumptions.”

http://news.msn.com/are-there-major-mistakes-in-the-bombshell-economics-book-of-the-year

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The Lie of Moral Mercantilism

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“The use and the abuse of the force of the state to advance personal and corporate agendas is perhaps the most significant challenge the West faces in the 21st century. Every other abuse can be seen as flowing from it.  Under the guise of democratic activism, an agenda is surely being advanced that inevitably and consistently supports an ever more centralized sociopolitical and economic environment worldwide. What we call mercantilism is constantly used to advance this agenda, and the objective for the most part is to drain away freedom of choice.”

http://www.thedailybell.com/editorials/35334/Anthony-Wile-The-Lie-of-Moral-Mercantilism/

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