“Planet Ponzi” by Mitch Feierstein
"In this video Luke Rudkowski talks to Mitch Feierstein, economist and author of Planet Ponzi." Continue reading →
Wanted: A Boring Leader for the Fed
"Quantitative easing has amounted to an audacious experiment in trickle-down economics. Among other things, it has artificially boosted the stock market in the hope that enriching a few — the top 1 percent of American households owned 42 percent of the nation’s financial assets in 2010 — will help the many. Meanwhile, retirees who don’t dare buy stocks have seen their modest bank deposits stagnate with interest rates near zero. Economists hate to admit it, but the profession is as much faith as science. Counting on monetary policy to secure full employment is like attempting vascular surgery with a dull ax." Continue reading →
Greece will need third bailout, German minister says
"A month before general elections in Germany, finance minister Wolfgang Schaeuble has broken the taboo of admitting that Greece will need a third bailout when the current one runs out, in 2014. 'There will have to be another programme in Greece,' Schaeuble said on Tuesday during a campaign rally in the northern-German town of Ahrensburg. As part of a third programme, he mentioned another lowering of the interest rates on the loans the eurozone has given to Greece. So far, the German government has steered clear of admitting that the current bailout, worth €130 billion, will not suffice to get Greece out of the vicious spiral of deficit and debt." Continue reading →
Demography is Destiny, Hold On To Your Wallet
"Already, the media drumbeat about 'America’s retirement crisis' — laying further groundwork for a mandatory savings plan — is becoming deafening. Into this void the academics and fund managers have stepped with what you might call 'the Australian Solution.' Fair warning: The politicians won’t be far behind. We won’t let our guard down on the 401(k) confiscation issue, but all the same, we find the Australian Solution comforting in its own awful way. Mandatory retirement savings are a terrible idea. But all else being equal, it’s a better idea than forcing you to convert some of your existing 401(k) account into U.S. Treasury debt." Continue reading →
Demography is Destiny, Hold On To Your Wallet
"Already, the media drumbeat about 'America’s retirement crisis' — laying further groundwork for a mandatory savings plan — is becoming deafening. Into this void the academics and fund managers have stepped with what you might call 'the Australian Solution.' Fair warning: The politicians won’t be far behind. We won’t let our guard down on the 401(k) confiscation issue, but all the same, we find the Australian Solution comforting in its own awful way. Mandatory retirement savings are a terrible idea. But all else being equal, it’s a better idea than forcing you to convert some of your existing 401(k) account into U.S. Treasury debt." Continue reading →
Summers vs. Yellen: Tweedledumb vs. Tweedledee
"The media are doing their best to create interest in who will be Bernanke’s replacement: Lawrence Summers or Janet Yellen. Summers is a dove. The media have re-defined 'exit.' Any reference to an exit these days means merely a reduction of the rate of increase in the present rate of $85 billion a month. The FED is buying over $500 billion of the Treasury’s estimated annual deficit of $650 billion. It is buying almost $500 billion in Fannie-Freddie bonds. What happens to interest rates if the FED stops buying? What happens to Wall Street? What happens to the housing recovery? No one asks Yellen what she thinks would happen. No one asks Summers." Continue reading →
Wis. Restaurant Gives 1965 Prices to Customers Who Pay With Pre-1965 Coins
"How about a hamburger for 12 cents, or 10 of them for $1. Like fries? 10 cents. Chicken? 100 pieces for $4.55. And you can nab a Perch sandwich for 20 cents. The sign went up about three months ago. So far, Tikalsky says they’ve made a 'couple dozen' sales with the special. 'You know, it’s the older clientele that come in here,' he explained. 'They think that’s pretty neat, you know, older coins.' He added later, 'We get a lot of older clientele here in the morning who drink coffee for a couple hours at a time and that gave them something to talk about for a week or two.'" Continue reading →
Harvard’s Rogoff: Next Fed Chief Must Have ‘Tolerance for Inflation’
"Harvard University Professor Kenneth Rogoff, whose influential 1985 paper endorsed central bankers focused more on securing low inflation than on spurring employment, is highlighting the benefits of a Fed led by either Janet Yellen or Lawrence Summers precisely because they fail his old litmus test. President Barack Obama said Aug. 9 that they are 'outstanding' and 'highly qualified' candidates to replace Ben S. Bernanke, whose term as chairman runs out in January. What qualifies them in Rogoff’s view is their dovishness, a refusal to place too much weight on stable inflation at a time when unemployment is far above its longer-run level." Continue reading →
Bernanke’s Bubble: A Counterfeit Boom Based on Counterfeit Money
"A lot of people on Wall Street think this stock market is a bubble. And a lot of people don’t. A lot of people think this market will fall sharply if the FED stops inflating. And a lot of people don’t. I think the people who blame the FED are right. I also think the FOMC thinks so, too. That is why it has no intention of tapering. Nothing it has said in print since last December indicates otherwise." Continue reading →
How the Fed Goes Bust With Richard Ebeling
"Little ink has been spilled about the Austrian economists, such as Friedrick Hayek, Ludwig von Mises and Murray Rothbard. So we've taken it upon ourselves to interview someone who knew two of them personally. Bob speaks with Richard Ebeling, economics professor at Northwood, about quantitative easing and the future of Bernanke's so-called 'exit.' Then Perianne explores US aid to Egypt and the problems with doling out money to foreign groups. Finally Bob duels Prime Interest regular, Sam Sacks on the BP oil settlement and intellectual property rights." Continue reading →
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