Debt Ceiling Breached
Below is the text from the letter from US Treasury Secretary Timothy Geithner to Congress via Harry S. Reid, Majority Leader of the Senate, informing Reid that the debt ceiling has been breached.
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Felix Zulauf turns bearish, expects major correction and QE3
Barron's Roundtable member Felix Zulauf spoke to the German-language Handelsblatt about the European sovereign debt crisis and financial markets in an article published today. Like Jeremy Grantham, he has turned bearish. Below is my…
Ron Paul on Liberty
Here's Ron Paul on Chris Matthews' show talking about giving people greater liberty and freedom on a number of different issues. I agree with much of what he says. But here's the part I want to focus in on: property rights. I am all for…
And in other news…
Funny pictures of Prince William, his bride Kate Middleton and two royals juxtaposed to Disney cartoon characters
Talking Large Cap Tech, Bonds, and Commodities on Stock Twits TV
I spoke to Tadas Viskanta of Abnormal Returns on StockTwits TV about a lot of different issues this past week. We discussed commodities, bond market, QE, tech stocks, and a lot more. Here's the video below.
China losing competitiveness
As labour costs in China rise, economists are beginning to think about replacing labour with capital, something we have already seen as a major factor in suppressing wage gains in developed economies. This is also in line with what…
More on the Upside-Down World of MMT
I ran across a post by Robert Murphy over at the Mises Institute blog on Modern Monetary Theory. Since I have been pushing the idea that the centrality of secular debt accumulation makes some ideas from MMT and Austrian Economics…
Speculators at risk as IEA confirms demand destruction has set in
A fall in commodity prices increases the potential for financial market disruption and non-performing loan problems in China.
Grantham: “Lighten up on risk-taking now and don’t wait for October 1 as previously…
Jeremy Grantham is seriously bearish again. In part 2 of his latest quarterly newsletter, he departs from the peak resources argument he made in part 1 and focuses on the overvaluation in stocks. His advice: sell!