Category Archives: Economics

Former Federal Reserve Official Apologizes for Quantative Easing

CNBC: “My argument is not that QE was not at all useful,” he said on CNBC’s “Fast Money.” “I believe that at the time, it was just one more tool that the Fed introduced to try to help the economy,” … Continue reading

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This Is Your Train on Drugs – Sydney and Minnesota Zoos Mothball Monorails

Wired – Another ‘Outdated’ Monorail Bites the Dust: First, the pylons of Sydney’s monorail came tumbling down. Now, the Minnesota Zoo in Apple Valley, MN has shuttered its aging monorail for good. The troubled traincars took their last loop around … Continue reading

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Poland Seizes Half of Private Pensions

Zero Hedge – Poland Confiscates Half Of Private Pension Funds To “Cut” Sovereign Debt Load: While the world was glued to the developments in the Mediterranean in the past week, Poland took a page straight out of Rahm Emanuel’s playbook … Continue reading

Posted in Economics, European Union | 2 Comments

This is Your Train on Drugs, UK and Detroit Editions

High speed rail scheme cost to double to £80bn, economists warn: HS1, the high-speed rail line that connects the Channel Tunnel with London, was initially expected to cost £1billion. The final bill was around £11billion. The London Underground’s Jubilee Line … Continue reading

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Good and Evil, and Commerce and Capitalism as a Way to Cure Poverty

“In fact, Bono, C. S. Lewis has a great quote which I love: ‘When a man is getting better, he understands more and more clearly the evil that’s left in him. When a man is getting worse, he understands his … Continue reading

Posted in Economics, Political Survival Kit, Quotes | 1 Comment

Detroit Files for Bankruptcy

Trying to pay for stuff you can’t afford will do that to you: It’s the largest municipal bankruptcy in U.S. history, dwarfing Jefferson County, Ala.’s $3.1 billion sewage district restructuring. In June 2012, the City of Stockton became the largest-ever … Continue reading

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Rio Tinto Mine Landslide – US Just Lost 17% of Copper, 10% of Silver Production

A billion ton landslide at Utah’s Rio Tinto mine has shut down mining. Rio Tinto is the world’s biggest copper mine and produces 17% of US copper. Tam points out that ammo, already hard to get, will just get that … Continue reading

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Gold and Silver Hit Multi-year Lows

Massive $20 Billion Paper Gold Sell Orders Trigger Stop Loss Selling And Unfounded Panic I had staggered stop loss orders in place that sold almost all of holdings on the way down, so I’m still in the black, but it’s … Continue reading

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Stockton, CA Declares Bankruptcy

Stockton bankruptcy can move forward, judge rules: The $900 million Stockton owes to the California Public Employees Retirement System to cover pensions is its biggest debt -– as is the case with many cities in California. Stockton slashed its police … Continue reading

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Infographic: All the World’s Gold

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“Why Most Rappers are Broke”

Some of it is bling. Some of it is the lifestyle. Some of it is that most artists in any genre don’t make money off of their records, due to record companies being pretty much pure evil. Part 1: Part … Continue reading

Posted in A&E, Economics | Tagged | 2 Comments

Central Banks Buy Most Gold Since 1964

But remember, gold is a barbarous relic with no function in the modern world of finance: Worldwide gold demand in 2012 was another record high of $236.4 billion in the World Gold Council’s latest report. This was up 6% in … Continue reading

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Quote of the Day

“Preposterous Keynesian fallacy at work. It presupposes that money allocated to some project via the political process is more likely to create a ‘multiplier’ than market driven uses of that money… and it assumes that the money taken by the … Continue reading

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Russia Biggest Gold Buyer in Past Decade, China #2

Bloomberg – Putin Turns Black Gold Into Bullion as Russia Out-Buys World: Not only has Putin made Russia the world’s largest oil producer, he’s also made it the biggest gold buyer. His central bank has added 570 metric tons of … Continue reading

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Matt Yglesias’s Very Bad, No Good Idea for Perpetual Government Bonds

Matt Yglesias in Slate – Don’t Repay the National Debt – It’s time to revive a British financial innovation from the 18th century: perpetual bonds. In 1752, Prime Minister Henry Pelham converted the entire outstanding stock of British debt into … Continue reading

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