The fundamental and largely invisible shift in Western economies from the markets to central management.
Politicians and Eurocrats have already taken credit for the recovery, and a whirlwind of backslapping has ensued – prematurely, it turns out.
It always starts with a toxic mix: Home sales plunged and inventories jumped in May. The housing market is buckling under its own inflated weight.
I was interviewed by Jorge Nascimento Rodrigues for "Janela na web" (a Portuguese site) and the printed edition of Expresso. After what I said, he might never interview me again :-]
Executive Report, ISA Intel: OPEC’s 2nd largest producer has the 5th largest reserves in the world and is one of the last places with enormous amounts of underexplored low-cost oil.
By Don Quijones: When it comes to creative accounting, few can hold a candle to Spain's finance minister Cristobal Montoro, who unveiled his latest scheme to “grow” the economy: adding prostitution and illegal drugs to GDP to solve a host of urgent problems.
By Michael Gorback, M.D.: When you buy health insurance, you only think you know what you’re buying. You know parameters such as the deductible, coinsurance, and other nonspecific things. But the devil doesn’t lurk in nonspecific things.
“Recently, the billionaire venture capitalist Vinod Khosla went hunting for one-bedroom apartments in San Francisco....” And then he opened his mouth.
By Nick Cunningham: OPEC’s second largest oil producer, Iraq, is in severe disarray just as the world has come to rely on its oil for greater energy supplies.
State and city pension plans have been in a heap of trouble for years. What they need in order to be there in the future is a booming economy year after year and endlessly inflating asset bubbles. Otherwise, forget it. And even then, there's a $1.1 trillion hole.
By Alex Hillsberg and David Adelman: The tricks that ads use to fools us would be hilarious, if it weren’t so serious. These photos of ads and reality will make you laugh, squirm, and gnash your teeth all at the same time.
Wiping out in one fell swoop six years of carefully orchestrated propaganda, St. Louis Fed President James Bullard admitted the Fed had dropped the ball during the prior bubble that blew up the financial system, and that it's dropping the ball again during the current bubble.
There comes a time when risk just disappears, when nothing can go wrong, when there are no dark clouds on the horizon. The Fed has a measure for it: the Financial Stress Index.
Executive Report with ISA Intel: The EPA’s proposed rule to reduce greenhouse gases from power plants is a colossal move for the electric power sector and strikes at the heart of the coal industry. But there are big winners.
By Don Quijones: The establishment, both inside and outside Spain, is alarmed at the scale and intensity of public anger in the country.
The European economy has been on a phenomenal roll since 2012, according to the soaring Stoxx 600 stock index. Recessions, unemployment fiascos, toppling banks, collapsing auto sales... they didn’t exist. But what the heck is wrong with this picture?
Record bullishness about the S&P 500! But beneath the largest stocks, volatility has taken over ruthlessly, the market is in turmoil, people are dumping stocks wholesale, dreams and hopes are drowning in red ink, and Wall Street doesn't want you to see it.