The Wall Street Journal has been running a series of articles on the impact of US dollar weakness on Asia-Pacific economies. In today’s edition, I write about New Zealand Labour’s abandonment of the consensus on inflation targeting:
Mr. Goff’s criticism of this dynamic misses the important benefits inflation [...]
Here’s a letter that I sent to the Wall Street Journal:
Peter Navarro asserts that “China mops up vast sums of export dollars through sterilization efforts that are tantamount to forced saving. In the process, Chinese consumers lose significant purchasing power because of the undervalued yuan – and Americans lose millions [...]
I have a new commentary posted at Reason Online looking at how Sen. Dodd's new Agency for Financial Stability would be the financial equivalent for the FBI seeking to take down La Cosa Nostra:
Perhaps Senate Banking Committee Chairman Chris Dodd (D-Conn.) thinks of himself as a modern day John Sherman. [...]
The WSJ’s Greg Zuckerman has a new book out titled, The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History.
Here is an excerpt from his recent WSJ column on lessons on the subject:
1 Don’t Rely on [...]Evan Newmark writes a regular column on the WSJ’s Deal Journal. His stock in trade is contrarian takes on the markets and politics. To the extent that he represents an extreme version of the Wall Street world view, he’s a bellwether.
Yesterday, he may have run the bell a bit too [...]
The Federal Aviation Administration (FAA) announced today that a computer glitch would cause delays and cancellations of flights nationwide. The Wall Street Journal has more:
The problem involved the FAA computer system that files automated flight plans, forcing air traffic controllers to revert to the much [...]
Here’s a letter that I sent yesterday to the Wall Street Journal:
John Micetich argues that “if we add up the bailouts to all financial firms, we’re well over $1 trillion, at least 10 times more than the Fred/Fan bailout. Therefore, let’s put most of the blame where it belongs: Wall [...]
Some interesting reads:
• Recovery Can Only Go So Far Without Jobs (Market Talk)
• Paul Farrell: Wall Street’s 2012 meltdown sweepstakes (Marketwatch)
• Lessons from the crisis: Re-educate the geeks (Reuters) British quant seeks to reform financial risk-takers
"Could there be a more efficient way to kill our halting recovery'" [...]
As part of an effort to step up consumer protection against things like excessive fees, the Fed announced a final rule, beginning in mid-2010, that will prohibit banks and credit unions from charging overdraft fees unless their customers agree to overdraft protection. As reported by the Wall Street [...]
Here’s a letter that I sent yesterday to the Wall Street Journal:
Thomas Frank worries that, if Uncle Sam creates “One Big Regulator” for financial markets, this czar will be an industry insider who does more harm than good (”The Real Danger of ‘One Big Regulator’,” Nov. 11). Frank is [...]
Andrew Ross Sorkin confirms what most of us have long suspected:
One of the frustrating parts of researching my book came when I finally got to ask the question of Wall Street chief executives and board members that you just raised: Do you have any remorse? Are you sorry? The [...]
Frederick Sheehan is the co-author of Greenspan’s Bubbles: The Age of Ignorance at the Federal Reserve.
His next book, Panderer for Power: The True Story of How Alan Greenspan Enriched Wall Street and Left a Legacy of Recession, will be published by McGraw-Hill in [...]
Is China building itself into excess capacity purgatory?
TYLER COWEN is worried about excess capacity in China. He quotes the Wall Street Journal: Most of China's growth this year has been unsustainable, driven by stimulus. China's money supply has risen 29% in the past year. At the government's behest, [...]
The Wall Street Journal polled its readers as to where the Dow Jones Industrial Average would be at the start of 2010.
I wonder if the polling results were somewhat skewed by yesterday’s market action? Human Psychology suggests that most people are not comfortable bucking the crowd, and might be [...]
Dealbook, New York Times:
Fewer Harvard M.B.A. graduates took jobs on Wall Street this year than in the past as a result of the sharp contraction in the financial services industry. But for Ray Soifer, a former banking analyst and Harvard Business School alumnus, the reduced number of graduates flocking [...]
Kraft Foods Inc. formally launched a hostile takeover bid for British candymaker Cadbury today. The Wall Street Journal has more:
Cadbury Sept. 7 rejected Kraft’s initial cash-and-share offer, worth 745 pence per share at the time and at around 722 pence at current values. Cadbury said [...]
Randall Forsyth steps in occasionally for the Up and Down Wall Street column when Alan Abelson is on vacation or otherwise indisposed. He writes with a similar skepticism, perhaps not as dark as Abelson’s, his prose sparer, a tad less purple.
Beyond the literary mechanics, however, Forsyth’s grasp of all that [...]
Here’s a letter that I sent this morning to the Wall Street Journal:
Kudos to Mark Spitznagel for drawing attention to the important but neglected work of the late Ludwig von Mises (”The Man Who Predicted the Depression,” Nov. 7).
But while Mr. Spitznagel is correct that Keynesians ignored Mises’s [...]
From last evening in the Wall Street Journal, a very good piece. Nothing new for readers of Mises.org but still very encouraging.
The Man Who Predicted the Depression
Ludwig von Mises explained how government-induced credit expansions led to imbalances in the economy.
By MARK SPITZNAGEL
Ludwig von Mises was snubbed [...]
Money hacker: The wealthiest kids in the world (via Wall Street Fighter).
The Big Picture has a scary US unemployment map (2004-present).
Alice Schroeder analyzes Buffett’s Burlington purchase–and claims he’s not as all-out bullish on the economy as he sounds.
EcoSalon has the stories behind [...]
Unemployment continued to rise in October, a sign that the highly touted recovery isn't all the administration and Wall Street would like us to believe. From Reuters via Yahoo! finance:
The U.S. jobless rate unexpectedly jumped to a 26-1/2-year high of 10.2 percent last month, adding to pressure on the' [...]
