TED Talks: Over the past few centuries, Western cultures have been very good at creating general prosperity for themselves. Historian Niall Ferguson asks: Why the West, and less so the rest? He suggests half a dozen big ideas from Western culture -- call them the 6 killer apps -- that promote wealth, stability and innovation. And in this new century, he says, these apps are all shareable. … [Read more...]
VIDEO: Niall “Hit-the-Road” Ferguson on Obama’s Record
(Bloomberg) -- Niall Ferguson, a history professor at Harvard University and a Bloomberg Television contributing editor, discusses his Newsweek magazine cover story about President Barack Obama's performance. Ferguson, speaking with Erik Schatzker and Sara Eisen on Bloomberg Television's "Market Makers," also talks about the potential impact of a Mitt Romney presidential victory on the economy. (Source: Bloomberg) … [Read more...]
What We’re Reading 8-17-12
How Ethanol Causes Joblessness, Review & Outlook, Wall Street Journal Where Is Oil Produced?, EIA A Comprehensive List of Hyperinflations in History, Ian Vasquez, Cato Institute Fed 'Hawks' Weigh In Against More Action, Jon Hilsenrath, Wall Street Journal … [Read more...]
India: BRIC Broken
India, one of the much hyped BRIC countries (Brazil, Russia, India and China) has seen its currency plunge in recent months. Over the last 12 months the Indian rupee has lost 20% of its value (chart 1) compared to the U.S. dollar. If you have been one of the unfortunate investors who have owned Indian stocks over the last year, you are down 23% (chart 2). For much of the last decade the hucksters and promoters on Wall Street have pushed BRIC stocks as a growth story. But what your broker likely failed to mention during his pitch was the currency risk of investing in a … [Read more...]
Will the Fed Hold its Fire?
Core inflation (chart 1) registered a year-over-year growth rate of 2.1% in the BLS report released today. The reported rate of inflation is slightly above the Federal Reserve’s 2% target for core CPI growth. The Fed has recently hinted that it may begin another round of monetary stimulus. But with inflation above the Fed’s target, and capacity utilization nearing 80% (chart 2), the wisdom of new monetary stimulus must be questioned. … [Read more...]
What We’re Reading 8-10-12
UN urges US to cut ethanol production, Blas and Meyer, Financial Times American Hero, Thomas G. Donlan, Barron’s Coming to a State Near You, Review & Outlook, The Wall Street Journal … [Read more...]
VIDEO: Shilling: Fed Action Won’t Make a Big Difference
Bloomberg View Columnist Gary Shilling says we are in a "global recession" and talks about what the Fed can do. … [Read more...]
High Corn Prices Threaten Consumer Spending
Stockpiles of grains are dwindling across the globe as droughts take hold in the U.S., Europe and Asia. Bloomberg reports: Combined inventories of corn, wheat, soybeans and rice will drop 1.8 percent to a four-year low before harvests in 2013, the U.S. Department of Agriculture estimates. Crops in the U.S., the biggest exporter, are in the worst condition since 1988, heat waves are battering European crops and India’s monsoon rainfall already is 20 percent below normal. The International Grains Council began July by forecasting record harvests. It ended with a prediction for a 2 percent drop … [Read more...]
VIDEO: Fisher: More Stimulus May Overburden Central Banks
Bloomberg: Dallas Fed President Richard Fisher says "we have done our job" and adequate economic stimulus is in place … [Read more...]
VIDEO: Pimco’s El-Erian on U.S. July Jobs Data, Fed Policy
Aug. 3 (Bloomberg) -- Mohamed El-Erian, chief executive officer and co-chief investment officer of Pacific Investment Management Co., talks about the July U.S. employment report and the outlook for Federal Reserve policy. El-Erian also discusses the outlook for the U.S. economy and Europe's debt crisis. He speaks with Betty Liu and Joshua Lipton on Bloomberg Television's "In the Loop." (Source: Bloomberg) … [Read more...]
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