Sufficient Time Accumulated For Judgment About The Industrial Economy
Industrial production in the United States fell by 1.1% year-over-year in August, a slightly larger decline than the -0.6% estimated for each of the two months prior. August’s negative was the twelfth consecutive, marking a [...]
In His Own Words
For some reason Alan Greenspan’s opinions are still taken seriously. No one single person has done more to damage the economic long run that his Keynesian training told him would never matter. We are living [...]
The ‘Nightmare Scenario’ Eurodollar: Even When Things Go Right They Go Wrong
In many ways it is surprising the bond selloff hasn’t been bigger. After all, the recovery narrative of the unemployment rate has had almost everything going for it since February, at least in terms of [...]
When The ‘Risk-Free’ Rate Is Risk…
Treasury bill rates have been trading notably higher of late, with the 3-month bill equivalent yield as much as 37 bps this week. Though it was the highest rate since November 2008, a true reading [...]
‘Trust Us’
There is validity in (not “to”) the myth of central banking, one that has important and very serious implications right down the smallest and most immediate terms. The first task of every central bank was [...]
More Bad Economic News From The Oil Patch
At the end of August, the US Energy Information Administration reported that it had been overstating domestic demand for oil and energy products to a considerable degree. Using imprecise and lagging data, the calculations for [...]
China’s State Sector Activity Clarifies The Global Economy
The US is not alone in its corporate profit slump. In China, profits at State-Owned Enterprises fell a further 6.5% year-over-year in the January to July period. Estimated to have been RMB 1.31 trillion (about [...]
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