Economics

Why sales is a hot new job

"In theory, people were all going to start doing their buying directly online. No need for legions of salesclerks. Instead, in some ways the Internet is expanding the need for salespeople – particularly those who sell scientific and technical products and services, which can be lucrative. In 2010, the US Bureau of Labor Statistics (BLS) reports, these sales engineers earned a median annual salary of $87,390 (including base pay, bonuses, and commissions), making that the highest paid of all sales categories. In second place were sales reps in wholesale and manufacturing, specifically for technical and scientific products, who earned a median yearly income of $73,710." Continue reading →

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Liberty Is Making the World Richer. You’re Included.

"In China and India, the pain has been minimal. That is because the economic effects of the earlier systems created such devastation. Think of the phrase, 'I've been down so long, it looks like up to me.' Think of China today and China in 1973 under Mao. The positive change has been greater than any seen in recorded history, and on a scale that was inconceivable in 1980. Every month, urban living space sufficient to house the population of Philadelphia gets built: 1.5 million people. When we are talking China and India, we are talking something in the range of 35% of the world's population moving out of either Communism or Fabian Socialism." Continue reading →

Continue ReadingLiberty Is Making the World Richer. You’re Included.

Tripling in Chinese Debt to $1.7 Trillion Drags on Economy

"Chinese companies are spending more than ever to service debt after their borrowing almost tripled over five years, prompting strategists to warn of rising default risk and a threat to economic growth. Total short- and long-term borrowing by 3,895 publicly traded non-financial companies rose to almost $1.7 trillion in their latest filings, from $604 billion at the end of 2007, data compiled by Bloomberg show. Financing costs, including interest, on all forms of debt climbed to the highest level as a percentage of gross domestic product last year, according to Sanford C. Bernstein & Co." Continue reading →

Continue ReadingTripling in Chinese Debt to $1.7 Trillion Drags on Economy

At Bank of England, Carney to put growth at top of list

"The new Governor of the Bank of England has signalled that he will put growth at the heart of his approach to the job and is willing to see higher inflation for longer in order to support the economy. Using the US as an example, Mr Carney said economies needed to be allowed to reach an 'escape velocity' in which they were out of danger of slipping back into recession. That would suggest keeping interest rates lower for longer while considering further quantitative easing, indirect provision of monetary stimulus via the financial system." Continue reading →

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Why Your Town Is Going Broke

"Cook County’s Treasurer has created a website where citizens can find out how far in the hole their governments are. They are all so far in debt that future taxpayers will lose their homes, she says: 'In May, 2012, the collective debt reported by the local primary taxing agencies in Cook County was more than $140 billion! To put that in context, the total debt-per-household in the City of Chicago was $87,720, and $35,774 in the suburbs. Homeowners might be able to give their homes to their children, but that future generation won’t be able to afford to keep them because of the property taxes, which have doubled over a 10-year period.'" Continue reading →

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Illinois’ credit rating downgraded; state drops to worst in the nation

"A warning came Saturday morning from state treasurer Dan Rutherford (R) IL State Treasurer. The Standard and Poor’s downgrade from A to A-minus puts Illinois last on the list– and means a higher cost to borrow money. On Wednesday, the state will issue $500 million in new bonds to pay for roads and other transportation projects. Rutherford says the credit downgrade will cost taxpayers an additional $95 million in interest, when compared to a perfect triple-A bond rating enjoyed by other 11 states including neighboring Indiana, Iowa and Missouri." Continue reading →

Continue ReadingIllinois’ credit rating downgraded; state drops to worst in the nation

U.S. GDP Shrinks. WSJ Says ‘No Reason to Panic.’

"According to the feds, the US GDP shrank 0.1% (annualized) in Q4. These are preliminary figures, of course, and recent revisions have been mostly down. This also comes on the heels of recent news from the UK where the economy shrank, and where, according to The Telegraph, the economy is headed for a 'triple dip.' Most alarmingly, all of this contraction comes as central banks continue to print money like there's no tomorrow, underlying the true weakness in the economy." Continue reading →

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Zimbabwean Finance Minister Says the Country Has Just $217 In The Bank

"After paying public workers' salaries last week, the balance in cash-strapped Zimbabwe's government public account stood at just $217, Finance Minister Tendai Biti said Tuesday. Zimbabwe's economy went into free-fall at the turn of the millennium, after President Robert Mugabe began seizing white-owned farms. The move demolished investor confidence in the country, paralysed production, prompted international sanctions and scared off tourists. Zimbabwe's government has warned it does not have enough money to fund a constitutional referendum and elections expected this year." Continue reading →

Continue ReadingZimbabwean Finance Minister Says the Country Has Just $217 In The Bank

France ‘totally bankrupt’, says labour minister Michel Sapin

"'There is a state but it is a totally bankrupt state,' Mr Sapin said. 'That is why we had to put a deficit reduction plan in place, and nothing should make us turn away from that objective.' The comments came as President Hollande attempts to improve the image of the French economy after pledging to reduce the country’s deficit by cutting spending by €60bn (£51.5bn) over the next five years and increasing taxes by €20bn. Data from Banque de France showed earlier this month that a flight of capital has already left the country amid concerns that France’s Socialist leader intends to soak the rich and businesses." Continue reading →

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