Economists Amar Bhidé and Edmund Phelps excoriate the Fed for its handling of the recovery in a recent Wall Street Journal editorial. Bhidé and Phelps say that neither of the Fed's intended goals of boosting wealth or confidence have likely been achieved. [I]n late 2008 the Fed began its policy of "quantitative easing"—repeated purchases of billions in Treasury debt—aimed at speeding recovery. "QE2" followed in late 2010 and "QE3" in autumn 2012. Fed Chairman Ben Bernanke said in November 2010 that this unprecedented program of sustained monetary easing would lead to "higher stock prices" … [Read more...]
VIDEO: Chanos: China ‘great place to be short’
Some good nuggets of information for you all in here following the 8 minute mark. CNBC: The world's largest short-sell, James Chanos of Kynikos Associates, weighs in on why he believes investors are "misled by Chinese GDP numbers," and how he is making money there. And Chanos provides his perspective on the Fed's asset-buying program. … [Read more...]
Where are the Jobs?
Mort Zuckerman's editorial in The Wall Street Journal outlines the feeble jobs recovery in America. Americans are facing fewer hours, lower pay, and less work in general after the financial crisis. The jobless nature of the recovery is particularly unsettling. In June, the government's Household Survey reported that since the start of the year, the number of people with jobs increased by 753,000—but there are jobs and then there are "jobs." No fewer than 557,000 of these positions were only part-time. The survey also reported that in June full-time jobs declined by 240,000, while part-time … [Read more...]
What We’re Reading 7-12-13
An Economics Lesson for Joe Biden, Michael Saltsman, The Wall Street Journal Gold Bulls Dominant as Portugal Stokes Debt Concern, Nicholas Larkin, Bloomberg How Fed’s 7% Jobless Avoids Deterring Bondholders Is Mystery, Matthews and Miller, Bloomberg France's triumphant 'Joan of Arc' vows to bring back franc and destroy euro, Ambrose Evans-Pritchard, The Telegraph … [Read more...]
IMF, BIS both See Risk in U.S. QE Policies
A couple weeks ago we told you about the Bank for International Settlement’s annual report that excoriated the Federal Reserve and other central banks for their risky stimulus policies. Now it appears that IMF chief economist Olivier Blanchard is joining them in the opinion that the QE policies lead to immense risk in the markets. In a recent CNBC interview Blanchard called Japan’s latest stimulus program (known as Abenomics) a very risky program, saying "Abenomics is a very ambitious program — but it's a very risky one. And it seems to us that at least two of the arrows haven't quite been … [Read more...]
VIDEO: Why the IMF Cut Its Global Growth Forecasts
CNBC: Olivier Blanchard, chief economist at the IMF, explains why it cut its global growth forecasts. … [Read more...]
VIDEO: Does Uncle Sam Pose a Risk to U.S. Companies?
July 5 (Bloomberg) -- On today's "Off The Charts," Scarlet Fu looks at the risk companies feel the U.S. Government poses to business. She speaks on Bloomberg Television's "Market Makers." (Source: Bloomberg) … [Read more...]
China: If You Don’t Like the Data, Change It
Just when data analysis of the steel industry became very important to determining its health, China has eliminated a PMI survey that could have shed more light on the industry's issues, as well as those of other industries. Bloomberg News reports: The disappearance of data on industries including steel adds to issues hampering analysis of the world’s second-biggest economy, after fake invoices inflated trade numbers this year. Neither the federation’s nor the statistics bureau’s statement on the manufacturing Purchasing Managers’ Index this week gave readings on export orders, imports and … [Read more...]
What We’re Reading 6-28-13
A collection of articles we found interesting this week. … [Read more...]
Dudley Unleashed: Catching a Tiger by the Tail
At a presentation billed as a speech on whether or not recent college graduates are finding good jobs, New York Federal Reserve Bank President William C. Dudley signaled his desire for continued stimulus in a strong way. Only a small portion of the speech talked about college or job opportunities, while the majority focused on national economic conditions and Dudley’s preferred policy prescriptions. Dudley places the blame for continued economic sluggishness directly on the so-called “sequester” cuts and less directly on the very large tax increases instituted earlier this year. He says the … [Read more...]
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