Archives for: depression

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EU’s future plunges into uncertainty after Italian elections

by Mitch Feierstein about 5 years 10 months ago

Italy’s recent election was not that much of a shocker for Italians who have endured over 16 years of zero economic growth and youth unemployment around 27% or more, without much hope in sight. In fact, Italy’s underlying economic and employment problems are the same now as they were 16 years ago—too much debt and […]

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Systemic banking fraud means next crisis will be worse

by Mitch Feierstein about 6 years 6 months ago

Remember him?: The risks have not gone away since Hank Paulson was US Treasury Secretary Henry Paulson. Hank. Remember him? Of the crisis in 2008, he said: “Where I come from, if someone takes a risk and they’re going to make the profit from that risk, they shouldn’t have the taxpayer pay for the losses.” […]

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Central Banks – An explosion heard round the world

by Mitch Feierstein about 6 years 8 months ago

Why global central bankers’ great monetary experiment is about to explode. During the past eleven years, we have witnessed unprecedented manipulation of stock, bond, and property prices by global central banks. The inflation of these grotesque asset bubbles will not end well as indicators in the USA point towards an economic recession. For the past […]

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We put out one fire but now Mark Carney wants to start another

by Mitch Feierstein about 7 years 4 months ago

Mervyn King’s decade at the Bank of England was a disaster. The Bank was too slack during the long and indisciplined boom, under prepared for the crash and playing catch-up thereafter. The legacy of Lord King’s (and Gordon Brown’s) career has been an economy still limping along far below peak output, real wages caught in […]

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Capitalism Without Bankruptcy is Like Catholicism Without Hell

by Mitch Feierstein about 7 years 10 months ago

Barack Obama was recently on the stump, defending the latest set of lackluster jobs figures. Obama blamed ‘serious headwinds’ including higher gas prices and, more recently, the developing crisis in the Eurozone. Having handed much of the blame to foreign oilfields and European crises, he returned to more familiar ground, bashing a Republican-controlled House for blocking some of the proposals in […]

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An America divided against itself: US debt is way past the ceiling

by Mitch Feierstein about 7 years 11 months ago

Barack Obama made a speech recently pledging his opposition to (yet another) game of chicken over America’s debt ceiling. “This is the United States of America,” he told his audience. “We’re not some banana republic. This is not a deadbeat nation. We don’t run out on our tab. We’re the world’s bedrock investment – the […]

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The dual mandate of the Federal Reserve is a good one. It is charged with ensuring stable prices and maximum employment. That’s a good basic recipe, one which served the country well. And notice what isn’t there. The Fed is not charged with distorting natural market pricing mechanisms to the point of perverting risk. It […]

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Cyprus: Rules for Sanctioned Deposit Confiscations

by Mitch Feierstein about 10 years 11 months ago

THE ENFORCEMENT OF RESTRICTIVE MEASURES ON TRANSACTIONS IN A SITUATION OF EMERGENCY DIRECTIVE OF 2013 Order under articles 4 and 5 WHEREAS there is a substantial lack of liquidity and a significant risk in the outflow of deposits which are likely to endanger the survival of the credit institutions with a chain reaction that could […]

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Currency Wars Have Begun: Central Banks in Denial or Worse

by Mitch Feierstein about 11 years 2 weeks ago

Here’s a piece of recent news that you almost certainly missed: A large consumer products company, Johnson & Johnson, announced a one-off loss owing to a 32 percent currency devaluation in Venezuela. The reason I expect you missed that less-than-seismic piece of news is that, unless you happen to be particularly fascinated in Johnson & […]

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How nice of you: that gift you just made to charity. No one asked you if you wanted to make the gift. No one asked you which charities you’d want to support. But still. You made it. So thanks. Well done.  If you’re confused – if, by chance, you don’t remember authorising anyone to pick […]

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