Archives for: Inflation
You know that scene in Mr. Smith Goes to Washington? The one where the good guy, Jimmy Stewart, stands up in the Senate protesting the graft and corruption he sees all around him. He’s not as smart as the other Senators. He was only elected by accident and knows that he’s not properly qualified to […]
How Central Bank Asset Bubbles and Currency Wars Destroy Emerging Markets
by Mitch Feierstein about 6 years 7 months ago
Has the out-of-control cabal of central banks inflated grotesque asset bubbles in global property, stock, and fixed-income markets? Or are we to believe traditional media’s “fake news” mantra of “it’s different this time?” Well, bad news, folks. It’s never different, not this time, not anytime, NEVER. Capitalism is being destroyed The US Federal Reserve, […]
Currency Wars Have Begun: Central Banks in Denial or Worse
by Mitch Feierstein about 10 years 6 months 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 & […]
The Fed’s Nuclear Balance Sheet. Stand Back: This Baby’s Going to Explode
by Mitch Feierstein about 10 years 9 months ago
Over the coming weeks, we’re going to be hearing a lot about the ‘fiscal cliff’: the threat that some 5% of GDP is going to be ripped out of the economy in a combination of tax hikes and spending cuts. A fiscal slow-down on that scale will almost certainly trigger recession. The CBO thinks so, though their numbers look […]
WE ARE A NATION OF LIONS LED BY DONKEYS IN THIS ECONOMIC TRENCH WARFARE
by Mitch Feierstein about 10 years 11 months ago
A hundred years ago, a generation of men – many of them volunteers – fought an unprecedently bloody war for almost invisible gains. The men were heroes, but the generals commanding them were too often blunderers, too little conscious of the ever-mounting casualties. David Cameron is right to demand that our schoolchildren are reminded of […]
by Mitch Feierstein about 11 years 1 week ago
Last week, the Bank of England declared its intention to print another £50 billion. Hardly anyone noticed. That £50 billion will bring the Bank’s total money printing to around £425 billion, or about one quarter of British GDP. No one cares. This evening, the U.S. Federal Reserve will announce its own plans for another […]
Over the next few years, George Osborne might not be Mr Popular, but he may be Mr Right
by Mitch Feierstein about 11 years 1 month ago
Accountable: A letter in the Sunday Times called for Osborne to begin spending cuts a year earlier than planned In February 2010, twenty economists published a letter in the Sunday Times calling on George Osborne to begin spending cuts a year earlier than planned. The key sentence of that letter stated that, ‘In order to be credible, […]
The Bureau of Lies and Spin: A Guide to Understanding the Unemployment Statistics
by Mitch Feierstein about 11 years 2 months ago
Last week I wrote a piece about Congress: its failure to take responsibility for problems, the way its un-shining example has a tendency to corrupt all our other national institutions. The post garnered a remarkable number of comments, the majority of which agreed strongly with the view I expressed. Just one thing disturbed me, however, which […]
This Time It’s Different: Why It’s Time to Fire Bernanke
by Mitch Feierstein about 11 years 3 months ago
Two bits of news in the last couple days. One, Ben Bernanke, Chairman of the Federal Reserve, has decided to extend Operation Twist, a policy whereby the Fed sells short-dated government paper in order to buy the longer-dated sort. It sounds boring but it involves $267 billion, so it’s kind of consequential all the same. […]
Who’s to blame for the euro crisis? Let the Planet Ponzi Rating Agency help you decide
by Mitch Feierstein about 11 years 3 months ago
Jose Manuel Barroso, the President of the European Commission, got snappish when asked about the Eurozone crisis by a Canadian journalist. ‘Frankly, we are not here to receive lessons in terms of democracy or in terms of how to handle the economy,’ he said. ‘This crisis was not originated in Europe; seeing as you mention […]