Tag Archives: Economics

In Gold We Trust 2014

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“The In Gold We Trust 2014 report takes a sober look at the big picture in the monetary system and offers a holistic analysis of the gold sector. This is the eighth edtion of the report. It is written by Ronald Stoeferle who is the managing partner at Incrementum AG in Liechtenstein. He manages a global macro fund, focusing on a proprietary management approach, heavily influenced by the Austrian School of Economics.  Probably the most important of the ongoing trends is the frightening observation that we arrrived in terra incognita when it comes to our monetary world. This is the result of continuing monetary interventions by central banks around the world.”

http://www.incrementum.li/en/research-analysis/in-gold-we-trust-2014/

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Econ 101 for Panama: New Price Controls Bring Rampant Shortages

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“During the last couple of weeks, Panama — with expected annual economic growth of 7 percent this year — has faced what hardline socialist nations such as Cuba and Venezuela experience every day: food shortages. As many experts warned, and only 15 days after newly elected President Juan Carlos Varela announced the price-control law, the empty shelves are everywhere.  On July 7, Varela’s administration selected 22 retail products from Panama’s basic food basket for the ‘Pocket First’ program. The implementation of price caps is supposed to save families up to US$58 per month, and ‘rectify speculation.’  The productive sector is already feeling the pain.”

http://panampost.com/marcela-estrada/2014/07/21/econ-101-for-panama-new-price-controls-bring-rampant-shortages/

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The Logical Conclusion of the Modern, Monetary Argument

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“One of the most terrible things about the globalization of finance, money and industry is that it homogenizes booms and busts. There is literally nowhere to go. As economic centralization continues, these cycles will only worsen. These days in the West – and certainly in Washington – Republicans are sure they can mandate a technocratic interest-rate rule that will restrain the Fed from doing inordinate damage to the economy. Ironically, Democrats argue for more flexibility and less government interference regarding money. This would be admirable from a free-market standpoint except that they are arguing on behalf of a MONOPOLY facility. As usual, both parties get it wrong.”

http://www.thedailybell.com/news-analysis/35494/The-Logical-Conclusion-of-the-Modern-Monetary-Argument/

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Fed Hawks Want Rate Hikes Soon

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“A trio of inflation hawks at the Federal Reserve — Richard Fisher, Esther George and Charles Plosser — believe it’s about time to take the punch bowl away.  The three regional Fed bank presidents are on a mission to urge their colleagues to take a tougher monetary policy stance, CNNMoney reported.  If they are successful, Americans would be hit with higher rates on mortgages, small business loans and credit cards, and many on Wall Street fear bonds and stocks would also suffer. But the Fed hawks believe the alternative to tighter policy could be high inflation and more dangerous asset bubbles.”

http://www.moneynews.com/StreetTalk/Federal-Reserve-rates-Plosser-inflation/2014/07/17/id/583292/

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Denver unemployment sharply lower after marijuana legalization

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“Metro Denver’s unadjusted unemployment rate stood at 5.4 percent in April, sharply lower than a year earlier, according to raw county jobs estimates Friday from the Colorado Department of Labor and Employment.  Unemployment in metro Denver was 6.5 percent in April 2013 and 6.4 percent in March of this year, according to the CDLE numbers.  The 5.4 percent unadjusted jobless rate is for a 10-county area that includes Denver, Aurora, Lakewood, Broomfield and Centennial, but not Boulder County.  Boulder County’s unemployment rate was 4.2 percent last month. The rate for metro Denver combined with Boulder was 5.3 percent.”

http://www.bizjournals.com/denver/news/2014/05/16/metro-denver-unemployment-rate-sharply-lower.html

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How to Get Paid $28/Hour for Delivering Pizzas

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“Even notoriously stingy Walmart is starting new hires at $17 an hour.  Why are these businesses so eager to hire? Because business is booming. And business is booming because they’re near the Bakken, which is at the heart of America’s energy resurgence.  Oil companies, sensing an opportunity to profit, are luring workers to North Dakota by paying them top dollar. These workers then eat pizza and shop at Walmart. The result is a booming local economy.  Notice what is not part of this equation: the government.  Contrast North Dakota to the growing list of US cities that are attempting to force wages higher via minimum-wage increases.”

http://www.caseyresearch.com/cdd/how-to-get-paid-28-hour-for-delivering-pizzas

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Sweden’s deflated economy: Sub-zero conditions

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“Sweden’s economy, which it oversees, grew three times faster than the euro zone’s in 2010 and dodged Europe’s double-dip recession in 2012-13. The Riksbank felt confident enough in recovery to start raising interest rates in 2010. The Riksbank worried that rising household borrowing and soaring house prices could lead to trouble down the road. It therefore opted to ‘lean against the wind’, in central bankers’ parlance, and deflate the credit boom before it burst catastrophically.  It seems instead to have taken the air out of everything but exuberant markets. Unemployment in Sweden has held steady, while Swedish private-sector debt as a share of GDP is higher now than it was in 2010.”

http://www.economist.com/news/finance-and-economics/21606895-interest-rates-are-back-crisis-lows-sub-zero-conditions

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When Zero’s Too High: Time preference versus central bankers

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“Central banking has taken interest rate reduction to its absurd conclusion. If observers thought the ECB had run out of room by holding its deposit rate at zero, Mario Draghi proved he is creative, cutting the ECB’s deposit rate to minus 0.10 percent, making it the first major central bank to institute a negative rate.  Can a central-bank edict force present goods to no longer have a premium over future goods?  Armed with high-powered math and models dancing in their heads, modern central bankers believe they are only limited by their imaginations.  More than half a decade of zero interest rates has not lifted anyone from poverty or created any jobs—it has simply caused more malinvestment.”

http://www.fee.org/the_freeman/detail/when-zeros-too-high

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U.S. Budget Deficit Narrows as Economy, Jobs Boost Tax Revenue

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“The U.S. posted a $130 billion budget deficit in May and the smallest shortfall for the first eight months of a fiscal year since 2008, as a stronger economy and rising employment bolster revenue.  The deficit last month was about $9 billion less than the $139 billion shortfall in May 2013, the Treasury Department said today in Washington. The median estimate in a Bloomberg survey of 20 economists called for a $130.5 billion gap.  During the first eight months of the fiscal year, individual tax receipts, the single largest revenue item, were up 3.3 percent from the same period in fiscal 2013. Corporate income-tax receipts increased 15.6 percent.”

http://www.bloomberg.com/news/2014-06-11/budget-deficit-in-u-s-narrows-as-economy-jobs-bolster-revenue.html

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Europe counts the value of prostitution, drugs to bolster GDP

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“As of September, all European Union countries will be required to take fuller accounting of trade in sex, drugs and other underground businesses as part of an overhaul of economic measurements by Eurostat, the European statistics agency.  Because GDP is such an important number one that can sway national policies and make or break politicians the European Union wants numbers ‘better reflecting the economic environment’, said Vincent Bourgeais, a Eurostat spokesman.  With EU governments obliged to reduce debt as a percentage of their economies, the changes are also expected to make growth rates look better, possibly also making debt ratios seem rosier.”

http://www.afr.com/p/world/europe_counts_the_value_of_prostitution_IpOxFOYSD6lXb4JVCl9buK

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