Andy Xie: Why One Bubble Burst Deserves Another
• English CaijingThe financial crisis taught crucial lessons about the dangers of bubbles, loose regulation and debt. It's a pity we didn't learn.
Contents Pages by Subject
Economy - International
Daily Presidential Tracking Poll
• RasmussenForty percent (40%) Strongly Disapprove giving Obama a Presidential Approval Index rating of -10 (see trends).
What If Everyone in the World Wanted a 1-ounce Gold Coin?
Jeff ClarkIf we’re right about where the price of gold is headed, the general public will someday clamor to buy all things gold. While gold stocks will be where the real leverage is, the rush will start with gold itself. As a gold editor, I have a very natural
World central banks trimming U.S. dollar infusions
• ReutersMajor world central banks announced they planned to scale back massive injections of U.S. dollars into their banking systems as financial markets stabilize after a devastating crisis. The U.S. Federal Reserve said it would begin to scale back shor
Dollar under scrutiny at G20 summit
• Yahoo NewsPITTSBURGH, Pennsylvania (AFP) – The embattled US dollar is expected to come under scrutiny at a summit of developing and industrialized nations following China-led calls to review its role as a reserve currency.
Brazil after new world order in economy
• Press TVThe Brazilian president calls for a new world order in global economy, which gives developing countries more control over the World Bank and the IMF.
Reform: One Central Banker That "Gets It"?
• The Market TickerActually, the challenge is to lock up the malefactors, liars and thieves, of which there have been and are many.
EXCLUSIVE: Former Moody's Insider Says "Moody's Should Be Liquidated"
• The Business InsiderAsked about why Moody’s-–which has come increasingly under fire in recent weeks--is still in business, Raynes says: "It’s like prostitution. It’s a crime but it's feeding a need."
TED Video - Talks Juan Enriquez shares mindboggling science
• TEDAbout this talk Even as mega-banks topple, Juan Enriquez says the big reboot is yet to come. But don't look for it on your ballot -- or in the stock exchange. It'll come from science labs, and it promises keener bodies and minds. Our kids are goin
West Timmins Gold
• arcleinA major discovery market is developing around the recent West Timmins deep gold intersection published during the summer. There will be plenty more information to come but the thick intersection and solid grade makes the tenor of the mine.
Jim Rogers: Investing in China and Commodities
• Bradley Gardner for LewRockwell.comRogers made his name in the 1970s as one of the co-founders of the Quantum Fund – one of the most successful hedge funds in history – along with George Soros. He retired from the fund in 1980, but has kept himself busy, traveling around the world, tw
International Monetary Fund to sell over 403 tons of gold
• AFPThe International Monetary Fund said its executive board endorsed the sale of 403 tons of gold, worth an estimated 13 billion dollars, to boost its lending capacity to poor countries. The IMF said in a statement the sales would be “in a volume str
Obama Says Financial Regulations Must Be Strengthened Globally
• Bloomberg.comSept. 19 (Bloomberg) -- President Barack Obama said tougher financial regulations are needed worldwide to protect consumers, provide economic stability and prevent future crises. With the leaders from the Group of 20 nations set to meet next week
No Folks, It's Not Over... (Junk Bonds)
• The Market TickerAbout 40 percent of all U.S. junk bonds outstanding in late 2008 will likely default by 2013 as government aid measures end and a wall of corporate debt comes due, Bank of America Merrill Lynch said on Thursday. By contrast, the cumulative five-ye
Could China Push to the Moon?
David GallandSome analysts now contend that China can no longer afford to let the gold or silver price slump. The rationale behind that contention is that with the Chinese government now telling the general populace to buy precious metals, it would be highly prob
Obama to reassure G20 on Wall Street reform
• ReutersThere must be "a consistent approach to regulation across jurisdictions" to avoid a "race to the bottom" in which financial players flock toward countries with more lenient oversight. Obama used a high-profile speech on Wall Street on Monday to tr
The World After the Fall of Lehman
Bill BonnerThis week marks the one-year anniversary of the Lehman bankruptcy. The media struggles to say something meaningful about it. Here at The Daily Reckoning we will not even attempt meaningfulness. We’ll be satisfied with a few snide remarks.
Are We Still in a Gold Bull Market?
• Bill Bonner via LewRockwell.comGold closed at $999 on Tuesday. Then, yesterday, it closed down $2. There’s a time to buy gold; and there’s a time to sell it. Which time is it? The question rose with the gold price itself. It needs an answer. The price of gold today, adju
Revealed: The ghost fleet of the recession
• Mail OnlineThe tropical waters that lap the jungle shores of southern Malaysia could not be described as a paradisical shimmering turquoise. They are more of a dark, soupy green. They also carry a suspicious smell. Not that this is of any concern to the lon
Britain maybe forced to bail out tax havens
• GuardianBritain could be forced to bail out one or more of its offshore tax havens at huge cost, according to early drafts of a Treasury report, because the economic crisis has wrecked their finances. (How could a tax haven get into financial troubles)
China Probes ‘Unfair Trade’ in U.S. Chicken and Auto Products
•Sept. 14 (Bloomberg) -- China announced dumping and subsidy probes of chicken and auto products from the U.S., two days after President Barack Obama imposed tariffs on tires from the Asian nation. Chinese industries complain that they’re being hu
The Boomers are Out of Time – And Out of Money
Bill BonnerClowns to the left of us…jokers to the right… The Simpleton’s Analysis: Consumers cut back. The economy sank. Now, government must take action. It must help people out and take up the slack.
Dollar Slumps to Lowest Level in Almost a Year
• Wall Street Journal (via Slate)The dollar fell against most major currencies and is at the same level
as it was before it became a safe haven for investors who became
jittery after Lehman Bros. collapsed. The dollar is "falling victim to a kind of double whammy"
that was the result of the government's efforts to pump more dollars
into the economy. Investors seem to be convinced that the efforts had
the desired effect and the global economy will soon get out of
recession, so they're willing to take on more risk. When combined
with the high supply of dollars and low interest rates, that has made
the dollar quite unattractive. Instead of dollar-based securities,
investors are snapping up gold and other commodities.
UN wants new global currency to replace dollar
• www.telegraph.co.uk
Although a number of countries, including China and Russia, have suggested replacing the dollar as the world's reserve currency, the UNCTAD report is the first time a major multinational institution has posited such a suggestion.
In essence, the report calls for a new Bretton Woods-style system of managed international exchange rates, meaning central banks would be forced to intervene and either support or push down their currencies depending on how the rest of the world economy is behaving.
The proposals would also imply that surplus nations such as China and Germany should stimulate their economies further in order to cut their own imbalances, rather than, as in the present system, deficit nations such as the UK and US having to take the main burden of readjustment.
China Alarmed by US Money Printing
• Ambrose Evans-Pritchard via LewRockwell.comCheng Siwei, former vice-chairman of the Standing Committee and now head of China's green energy drive, said Beijing was dismayed by the Fed's recourse to "credit easing".
"We hope there will be a change in monetary policy as soon as they have positive growth again," he said at the Ambrosetti Workshop, a policy gathering on Lake Como.
"If they keep printing money to buy bonds it will lead to inflation, and after a year or two the dollar will fall hard. Most of our foreign reserves are in US bonds and this is very difficult to change, so we will diversify incremental reserves into euros, yen, and other currencies," he said.
China's reserves are more than – $2 trillion, the world's largest.
Is Buffett Worried About An Upcoming Stock Plunge?
• SlateWarren Buffett lost about $25 billion during the financial crisis, but
he still managed to make the most out of the situation by attempting to
profit from the downturn. His picks could reap huge rewards, but right
now, Berkshire Hathaway appears to be taking a more cautious approach,
buying fewer stocks than it is selling, suggesting that Buffett is
getting worried. At the same time, "Buffettologists" say that as his
inevitable retirement approaches Buffett is also thinking about his
legacy and is more concerned about making investments that will give
out profits in the long-term.
Today... Another Day to Watch
Ernest HancockGold now over $1200. Does $1500 look so far away now? Look for more talk of "Bank Holidays" and new currency and civil unrest and hunger and... solutions that people come up with for themselves... and governments will not be consulted.
China Leads Global Credit Reform
• arcleinChina began the long journey to a new international reserve currency with a single step - agreeing to buy $50 billion in notes from the International Monetary Fund. Another proverb, less distinguished than a quote from Daoist philosopher Laozi, also applies here: China put its money where its mouth is.
"Capitalism is evil," says new Michael Moore film
• ReutersCapitalism is evil. That is the conclusion U.S. documentary maker Michael Moore comes to in his latest movie "Capitalism: A Love Story."
Blending his trademark humor with tragic individual stories, archive footage and publicity stunts, the 55-year-old launches an all out attack on the capitalist system, arguing that it benefits the rich and condemns millions to poverty.
"Capitalism is an evil, and you cannot regulate evil," the two-hour movie concludes. [Actually you can't regulate capitalism, or it isn't capitalism.]
Global Poverty Decline
• arcleinMuch of what we think we know in terms of living conditions in the most backward countries is terribly anchored in the past. That is why it is a good idea to pore over related statistics from time to time to get a sense of what might actually be happening. This tells us that the news is rather good.
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