Monthly Archives: May 2012

‘Failing dismally’: Nobel prize-winning economist Paul Krugman says austerity isn’t working Paul Krugman, a Nobel Prize-winning economist and writer for the New York Times, is in London at the moment telling us that we’ve got things wrong. On Tuesday, he gave a lecture at the London School of Economics entitled, ‘Austerity Thy Name is Vanity’. [...]

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A Hundred Billion Here A Hundred Billion There

by Mitch Feierstein about 1 year 10 months ago

Earlier this week, on 21 May, the Financial Times ran a short piece which opened thus: ‘There has been no official announcement. No terms or conditions have been disclosed. But Greece’s banking system is being propped up by an estimated €100bn or so of emergency liquidity provided by the country’s central bank – approved secretly [...]

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About four weeks ago, I wrote on my blog that Facebook was heading for a ridiculous valuation when it was launched on the stockmarket. That wasn’t because I think it’s a bad company – pretty clearly a company that makes a billion dollars in profits after only a few years of life is a remarkable [...]

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A Short Note to Obama, Romney, and the Mainstream Media

by Mitch Feierstein about 1 year 10 months ago

Summer’s coming. An election campaign’s pending. Obama’s in favor of gay marriage. Mitt Romney’s trying to figure out his vice presidential pick. The mainstream media is trying to second-guess his choices even before they’re even made. But, guys, there are some big issues out here. You know, real ones that affect real things in the [...]

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Lessons from the Eurozone: Some Banks Will Fail

by Mitch Feierstein about 1 year 10 months ago

You know those summer thunderstorms we used to have? You’d be sitting out in a warm garden somewhere, sipping something cold and white, looking at lightning flashing on the horizon and counting the seconds until you could hear the thunder. Well, it’s like that now, only the gap between the flash and the rumble is [...]

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The Death of The Euro: What Next?

by Mitch Feierstein about 1 year 10 months ago

I don’t want to crow, but I’ve been predicting this for years: the writedowns of Greek debt, accompanied by swingeing austerity conditions, popular unrest, and (shortly) Greek exit from the Euro. You don’t have to take my word for that: my book, Planet Ponzi, pretty much mapped out the course we’re now taking. But although [...]

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The View From the Rooftops

by Mitch Feierstein about 1 year 11 months ago

              A day at Wimbledon This week, Mervyn King, the long-standing Governor of the Bank of England, said about the 2008 financial crisis, ‘We should have shouted from the rooftops that a system had been built in which banks were too important to fail, that banks had grown too [...]

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Yesterday mortgage rates rose. In normal times, that wouldn’t really be news. Sometimes interest rates rise, sometimes they fall. Sometimes savers lose, sometimes borrowers do. Swings and roundabouts. Only – have you noticed? – these aren’t normal times. The Bank of England’s main lending rate has been glued to 0.5% for more than three years [...]

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