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Free trade is dead: victim of a poor economy
The World Trade Organization has called al any renewed discussions about expanding free trade. No one wants it now that the global economy is sick. Stephen Roach has been warning for months that this would be the likely result of global…
U.S. initial jobless claims fall 21,000 to 554,000
The U.S. Department of Labor reported a fall from a revised 575,000 jobless claims don to a still very elevated 554,000 this past week. On the whole these numbers demonstrate that many jobs are being lost and that the December unemployment…
Canada: how much of a slowdown should we expect?
I am going to post a BBC article here that gives an anecdote about western Canada and how the boom in oil and commodities is causing economic problems there. Make of it what you will, but my bottom line is that Canada is neither immune from…
Rio Tinto: all kinds of trouble
Just months ago, Rio Tinto was a behemoth swaggering from the huge run up in commodity prices. This is a company that had revenue of nearly $30 billion and net income of nearly $8 billion in 2007. It was worth over $160 billion by May as…
Links: 2008-12-17
After yesterdays melt-up on the Fed's decision to go ZIRP and introduce quantitative and qualitative easing, things are a bit calmer today. Here's what I have.
Enjoy.
Ed
U.S. Dollar: Cliff Diving Again
Is this an unorderly decline for the dollar?
These last two days have been bad for the dollar. We are seeing heavy losses against the Swiss Franc, the Euro, the Australian Dollar, and The Japanese Yen.
Jamie Dimon on the economy
It's interesting to hear a chief executive of a major Wall Street firm speak openly and on the record about the economy. So, it's refreshing to watch this video and see Jamie Dimon's take on a number of economic issues ncluding house prices…
Quote of the day: “The cash has to go somewhere”
With Treasury securities at all time lows you get the feeling fundamentals is not the only thing driving the rally in U.S. government bonds. After all, the Fed has been lowering interest rates and showering the financial sector with money.…
Morgan Stanley’s writedowns bring us to a cool $1 trillion
Morgan Stanley released a dismal earnings report one day after Goldman's. Obviously this is shaping up to a be a very bad quarter for financial institutions. Morgan's $2.2 billion loss was certainly less than Goldman's but very large…
Inflation explained
This video from the 1930s is a timeless piece of work, giving an explanation of what inflation and deflation are and how they work. (hat tip Tim Iacono)