Tag Archives: Clueless

Top Federal Reserve economist slams ‘incoherent’ European Central Bank

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“A paper by the Richmond Fed said the ECB is hamstrung by institutional problems and acts on the mistaken premise that excess debt is the cause of the eurozone crisis when the real cause is the collapse of growth. ‘The ECB lacks a coherent strategy for creating the monetary base required to sustain the money creation necessary for a growing economy,’ said the paper, written in July by Robert Hetzel, the bank’s senior economist. It called for direct action to buy ‘bundles’ of small business loans, as well as ‘packages of government debt’ across EMU states, including German Bunds.”

http://www.telegraph.co.uk/finance/economics/10217395/Top-Fed-economist-slams-incoherent-ECB.html

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India Pledges Rupee Action as Currency Nears Fresh Low

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“On Tuesday, traders were rattled after Subbarao said the central bank would return to a pro-growth monetary stance only once the currency stabilised. Separately, Finance Minister P. Chidambaram said the government was looking into liberalising foreign direct investment rules, attracting funds from non-resident Indians and clamping down on the import of non-essential items such as electronics. ‘There’s no rocket science in manufacturing basic electronic hardware … So we can manufacture electronic hardware goods here,’ he told a news conference in New Delhi.”

http://www.nytimes.com/reuters/2013/07/31/business/31reuters-india-economy.html

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Would A Higher Minimum Wage Help McDonald’s Workers?

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“It’s tempting to think that the higher wages for workers is worth it, but it isn’t. The minimum wage shifts the margins on which people compete with one another from wages to wasteful competitive endeavors like waiting or investing in too many quality signals. Competition in a price-controlled market can erode the entire value of the difference between the minimum workers are willing to accept and the minimum they are allowed to accept. The cruel irony is that a policy designed to pick the pockets of employers for the benefit of workers ultimately leaves everyone worse off.”

http://www.forbes.com/sites/artcarden/2013/07/30/would-a-higher-minimum-wage-help-mcdonalds-workers/

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Judge: Merchants owed millions in credit card fees ‘inappropriately’ inflated by Fed

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“The 2010 Dodd-Frank law called for the Fed to cap such fees, which banks charge to retailers when their customers use debit cards to make purchases. Judge Richard Leon of the U.S. District Court for the District of Columbia sided with retailers, who argued the Fed’s 21 cent cap was higher than Congress intended. The so-called Durbin amendment to Dodd-Frank, named for its sponsor, Democratic Senator Richard Durbin of Illinois, was intended to reduce burdens on retailers and hopefully trickle down to consumers in the form of lower prices.”

http://www.rawstory.com/rs/2013/07/31/judge-rejects-limit-on-debit-card-swipe-fees-passed-in-dodd-frank-legislation/

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IMF finds $11 billion ‘black hole’ in Greece’s finances

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“The International Monetary Fund warned the eurozone yesterday that it may be forced to write off a chunk of Greece’s debt after identifying an $11bn black hole in the finances of the recession-stricken country. In its regular update on the programme of financial austerity and structural change agreed to by Athens in return for financial help, the Washington-based IMF said weak growth and a sluggish pace of reform had opened up a funding gap in both 2014 and 2015.”

http://www.rawstory.com/rs/2013/07/31/imf-finds-11-billion-black-hole-in-greeces-finances/

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Obama’s Next Big Blunder

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“Many believe Janet Yellen, the Fed’s current vice chairman, is the best option because she’s been involved in all major recent monetary policies.  But I won’t be taken aback if Obama picks Summers. He’s perfectly qualified for the job.  If you have a terrible track record of predicting the economy and like to favor big banks at the expense of everyone else, then you’ve got a good shot at becoming the Fed chief.  Because that’s precisely what the Fed does. It punishes savers and helps make bankers rich. And it fails to predict all major economic developments. That’s why Obama is considering Summers.”

http://sovereign-investor.com/2013/07/29/obamas-next-big-blunder/

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U.S. Students Sign Petition to Legalize 4th Trimester Abortion

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U.S. Students Sign Petition to Legalize 4th Trimester Abortion

“Once again, MRCTV’s Dan Joseph went to a college campus and asked students to sign a petition. This time the goal was to get people to show their support for legalizing 4th trimester abortion.”

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8 arrested in Huntington Beach as surfing crowd trashes porta-potties after event

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“Eight people were arrested Sunday night in Huntington Beach, California after a rash of mob violence following the conclusion of a surfing competition, KABC-TV reported. Local police told KABC the unrest began around 7:15 p.m. local time, about two hours after the end of the annual U.S. Open of Surfing event, when large fights broke out among the crowd of spectators, with the disturbances moving into the city’s downtown area as police moved in to disperse the revelers. Departments from nearby cities were called in for assistance, forcing streets to be closed down until the crowd was cleared out around 10 p.m.”

http://www.rawstory.com/rs/2013/07/29/8-arrested-as-surfing-crowd-trashes-porta-potties-after-event/

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Hundreds of fast food workers strike in New York for a ‘living wage’

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“Hundreds of workers at McDonald’s and other fast food outlets across New York went on strike Monday for higher wages in a movement organizers hope will spread nationwide. Sporadic walkouts left managers to serve customers at flagship McDonald’s outlets on Times Square and 5th Avenue in Manhattan. Organizers said the strike had hit around 60 restaurants operated by McDonald’s, Wendy’s, KFC and Burger King across the New York area. The striking workers are demanding the introduction of a standard wage of $15/hour, more than twice the $7.25 minimum wage that many fast food employees earn here.”

http://www.rawstory.com/rs/2013/07/29/hundreds-of-fast-food-workers-strike-in-new-york-for-a-living-wage/

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U.S. Postal Service hopes to be the ‘cutting edge of functional fashion’

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“Watch out Versace and Chanel. Next year the US Postal Service plans to start selling its own clothing range, based on its uniforms. There was a time when your local post office would mainly sell stamps and deliver letters. No longer.  According to the Universal Postal Union (UPU), global letter- and light parcel delivery volumes dropped by 3.7 percent in 2011 from a year earlier, and by 5.1 percent when just counting Europe and the former Soviet Union.  USPS tripled its losses in 2012, losing $15.9 billion as the state-owned enterprise faces tough competition and what it calls onerous and unfair retirement funding requirements.”

http://www.rawstory.com/rs/2013/07/28/u-s-postal-service-hopes-to-be-the-cutting-edge-of-functional-fashion/

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