Nice job. I would have liked a longer overall shot of the piece of art right at the end of the broadcast.
When is the next article please?
Tony Brogan
11 years ago
Hi David Good job. One comment about gold going down like oil. As you know gold is money and oil is not. All markets are manipulated. As c Chris Powell of GATA says “there is no such thing as a free market”. The world price of gold is manipulated downward just when it should be rising as result of economic coinditions. The PTB do not want gold making their currencies look worse than they already are. Of course the price of oil is manipulated upward by OPEC. The Libor scandal is the tip of the iceberg re financial fixing. The… Read more »
Excellent. Germany (plus NL, FI, AT) will have to make a choice. The Finns are saying that they will leave the Euro, rather than get dragged into any more money sucking schemes. Because of Dick Roche’s diplomacy skills in 2007, they all know that corporate tax rate policy is an Irish vulnerability. Spain is getting more “support” in an effort to contain Spain. http://www.telegraph.co.uk/finance/debt-crisis-live/9388273/Debt-crisis-live.html Ultimately Germany will have to evaluate it’s firewall position. The problem is that everything is heavily interconnected – part of the legacy of political aspirations combined with banks having liberal lending policies between each other. I… Read more »
george
11 years ago
Absolutely brilliant analysis and production!!! Congratulations to all of you.
Puschkin the Black and White Cat
11 years ago
Emmm, well it seems to me there is some sort of a Catch 22 here (or is there?), the Chinese economy is slowing therefore Europe cannot export to them, in turn the Chinese economy cannot export to a weaker Europe. I guess the real problem may be that people have a much reduced appetite for the rubbish on sale, why replace a car every 3 years? Why go on holidays three times a year? Why get a new phone? In my own case I consider my time the only asset I have so I just don’t want to waste it… Read more »
mediator
11 years ago
Think a read of this might be interesting at this point in our time for many contributors. It steps outside the current authority paradigm and points out some root causes of our problems
I had thought about many of these things myself but she writes it very well.
Essentially she breaks up the world into productive and non-productive and if you look at our quasi communist and increasingly bureaucratic state you can see that in each generation the number of real unemployed (non productive citizens) including those in so called work, is increasing dramatically.
It is too late for repectable blog discussion. time has past for economic recovery of any kind. One is left with the only option to protect oneself as best you can. Be aware and react. 15 years ago I forecast negative interest rates as a logical result of people living beyond their means to the point of debt satuation.Eventually nobody has the means of payment and so can borrow no more. Demand for credit dries up and interest rates will fall to the point where one is begged to borrow more when it is not possible to even repay principal… Read more »
bonbon
11 years ago
As pointed out above this is not anymore an economics problem, rather of leadership and specific action. The UK has made an astounding call for Glass-Steagall, starting on Jul-4, now reaching flood proportions, an amazing opportunity for political change, an assertion of leadership which is having major repercussions in the USA. Reich Says LIBOR Crimes Will Reach Wall Street, Repeats Demand for Glass-Steagall July 9, 2012 (EIRNS)–Robert Reich warns that the LIBOR case will hit Wall Street which he hopes will generate support for Glass-Steagall reform. Writing yesterday in Britain’s {Guardian} under the title “Wall Street’s Link to LIBOR,” Reich… Read more »
Tony Brogan
11 years ago
The coming chaos will be cataclysmic–John Embry, investment analyst for Sprott asset Management.
Well….we all should be outside palying instead of being at a computer….but…here’s a great graphic depicting Hollande’s vs. Merkels ‘World’….in today’s FAZ
Hope the FAZ gets in line, as Financial Times Again Calls for Glass-Steagall July 10, 2012 (EIRNS)–In one of its three leading editorials, today’s {Financial Times} criticized Labour Party leader Ed Miliband’s policy statement in reaction to the LIBOR scandal, clearly stating, “Sadly Mr. Miliband reamins to vague on one of the biggest questions: Whether to force an outright Glass-Steagall type separation of retail from investment banking. This would go further than what was advocated by the Vickers Commission and has been adopted by the government. It is now clear that ringfencing is not enough. “The LIBOR scandal demonstrates that… Read more »
We see some of the comments here about the suburban lifestyle ethic, with a life centred around the mall, persistent distraction from the flat screen TV, endless credit driven trajectories to absurdity, escapism, and nostalgia.
And I ask myself, are we not on the same trajectory.
Behaviour breeds results, and the east of the country spent ten years in the American dream, and maybe places like Cork or Galway had it for shorter time periods. Now we see the results.
1. James O’Reilly and his conflict of interests….seriouly WTF is he doing still in government????
2. Adam Clayton using our legal system for free ( he pays no taxes here ) to get his accountant sent down for 7 yrs.
3. Sean Quinn and co. off-shoring 500million euro to russian accounts…being held in contempt of court…..he walks free….again WTF???????
A seriously enraged citizen!!!!
Paul Ferguson
11 years ago
Excellently presented piece again. I wouldn’t blame the shoppers by the way since they can expect our economists to look after the macro economy the same was they can expect our structural engineers to ensure the shopping centre doesn’t fall down. If buildings collapsed periodically, engineers would look to the foundations and when economies collapse periodically economics should be no different. At the foundation of the economy is the creation and destruction of the lifeblood of the economy – Money. It is our commercial banks which create money, as accounting entries, through loans and we cannot ignore the fact that… Read more »
[…] This is well worth 8 minutes 9 seconds:Â http://www.davidmcwilliams.ie/2012/07/09/punk-economics-5-the-world-slows-euro-crisis-far-from-over […]
Tom
11 years ago
Great notes, David, on China, the US, and EU – Germany & France. One big thing missing: too much spending by gov’t. The problem of deficits is 100% too much spending over the business cycle. Related point: politicians who promise more responsible spending, i.e. less spending, do NOT usually get elected. This is because voters want, and vote for, the “free lunch” goodies the (lying) politicians promise them. With support of the big-gov’t media. Until voters choose responsible small gov’t leaders, the excess debt problems will continue festering and being such a big problem there is little economic growth. Finally,… Read more »
Nice job. I would have liked a longer overall shot of the piece of art right at the end of the broadcast.
When is the next article please?
Hi David Good job. One comment about gold going down like oil. As you know gold is money and oil is not. All markets are manipulated. As c Chris Powell of GATA says “there is no such thing as a free market”. The world price of gold is manipulated downward just when it should be rising as result of economic coinditions. The PTB do not want gold making their currencies look worse than they already are. Of course the price of oil is manipulated upward by OPEC. The Libor scandal is the tip of the iceberg re financial fixing. The… Read more »
Excellent. Germany (plus NL, FI, AT) will have to make a choice. The Finns are saying that they will leave the Euro, rather than get dragged into any more money sucking schemes. Because of Dick Roche’s diplomacy skills in 2007, they all know that corporate tax rate policy is an Irish vulnerability. Spain is getting more “support” in an effort to contain Spain. http://www.telegraph.co.uk/finance/debt-crisis-live/9388273/Debt-crisis-live.html Ultimately Germany will have to evaluate it’s firewall position. The problem is that everything is heavily interconnected – part of the legacy of political aspirations combined with banks having liberal lending policies between each other. I… Read more »
Absolutely brilliant analysis and production!!! Congratulations to all of you.
Emmm, well it seems to me there is some sort of a Catch 22 here (or is there?), the Chinese economy is slowing therefore Europe cannot export to them, in turn the Chinese economy cannot export to a weaker Europe. I guess the real problem may be that people have a much reduced appetite for the rubbish on sale, why replace a car every 3 years? Why go on holidays three times a year? Why get a new phone? In my own case I consider my time the only asset I have so I just don’t want to waste it… Read more »
Think a read of this might be interesting at this point in our time for many contributors. It steps outside the current authority paradigm and points out some root causes of our problems
I had thought about many of these things myself but she writes it very well.
Essentially she breaks up the world into productive and non-productive and if you look at our quasi communist and increasingly bureaucratic state you can see that in each generation the number of real unemployed (non productive citizens) including those in so called work, is increasing dramatically.
http://mises.org/document/3197/The-Discovery-of-Freedom
Enjoy
It is too late for repectable blog discussion. time has past for economic recovery of any kind. One is left with the only option to protect oneself as best you can. Be aware and react. 15 years ago I forecast negative interest rates as a logical result of people living beyond their means to the point of debt satuation.Eventually nobody has the means of payment and so can borrow no more. Demand for credit dries up and interest rates will fall to the point where one is begged to borrow more when it is not possible to even repay principal… Read more »
As pointed out above this is not anymore an economics problem, rather of leadership and specific action. The UK has made an astounding call for Glass-Steagall, starting on Jul-4, now reaching flood proportions, an amazing opportunity for political change, an assertion of leadership which is having major repercussions in the USA. Reich Says LIBOR Crimes Will Reach Wall Street, Repeats Demand for Glass-Steagall July 9, 2012 (EIRNS)–Robert Reich warns that the LIBOR case will hit Wall Street which he hopes will generate support for Glass-Steagall reform. Writing yesterday in Britain’s {Guardian} under the title “Wall Street’s Link to LIBOR,” Reich… Read more »
The coming chaos will be cataclysmic–John Embry, investment analyst for Sprott asset Management.
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/7/9_Embry_-_Hang_On_Because_The_Chaos_is_Going_to_Accelerate.html
Well….we all should be outside palying instead of being at a computer….but…here’s a great graphic depicting Hollande’s vs. Merkels ‘World’….in today’s FAZ
http://www.faz.net/aktuell/wirtschaft/europas-schuldenkrise/eu-gipfel-zur-schuldenkrise-merkels-welt-hollandes-welt-11760892.html
Hope the FAZ gets in line, as Financial Times Again Calls for Glass-Steagall July 10, 2012 (EIRNS)–In one of its three leading editorials, today’s {Financial Times} criticized Labour Party leader Ed Miliband’s policy statement in reaction to the LIBOR scandal, clearly stating, “Sadly Mr. Miliband reamins to vague on one of the biggest questions: Whether to force an outright Glass-Steagall type separation of retail from investment banking. This would go further than what was advocated by the Vickers Commission and has been adopted by the government. It is now clear that ringfencing is not enough. “The LIBOR scandal demonstrates that… Read more »
http://maxkeiser.com/
[KR312] Keiser Report: From Tommy Guns to Credit Guns
from July 10 2012….all good, but just under 10mins in, goes to Ireland: IMF says banking bailout most expensive ever…lost in the Libor news….
ok…back outside to play now..:):)
James Howard Kunstler, social and economic commentator in the Us has a book out.
http://peakoil.com/generalideas/review-of-j-h-kunstlers-too-much-magic/
We see some of the comments here about the suburban lifestyle ethic, with a life centred around the mall, persistent distraction from the flat screen TV, endless credit driven trajectories to absurdity, escapism, and nostalgia.
And I ask myself, are we not on the same trajectory.
Behaviour breeds results, and the east of the country spent ten years in the American dream, and maybe places like Cork or Galway had it for shorter time periods. Now we see the results.
[…] a new way of looking at global economic trends, look at Punk Economics 5 on YouTube. tweetmeme_url = […]
Three points:
1. James O’Reilly and his conflict of interests….seriouly WTF is he doing still in government????
2. Adam Clayton using our legal system for free ( he pays no taxes here ) to get his accountant sent down for 7 yrs.
3. Sean Quinn and co. off-shoring 500million euro to russian accounts…being held in contempt of court…..he walks free….again WTF???????
A seriously enraged citizen!!!!
Excellently presented piece again. I wouldn’t blame the shoppers by the way since they can expect our economists to look after the macro economy the same was they can expect our structural engineers to ensure the shopping centre doesn’t fall down. If buildings collapsed periodically, engineers would look to the foundations and when economies collapse periodically economics should be no different. At the foundation of the economy is the creation and destruction of the lifeblood of the economy – Money. It is our commercial banks which create money, as accounting entries, through loans and we cannot ignore the fact that… Read more »
[…] This is well worth 8 minutes 9 seconds:Â http://www.davidmcwilliams.ie/2012/07/09/punk-economics-5-the-world-slows-euro-crisis-far-from-over […]
Great notes, David, on China, the US, and EU – Germany & France. One big thing missing: too much spending by gov’t. The problem of deficits is 100% too much spending over the business cycle. Related point: politicians who promise more responsible spending, i.e. less spending, do NOT usually get elected. This is because voters want, and vote for, the “free lunch” goodies the (lying) politicians promise them. With support of the big-gov’t media. Until voters choose responsible small gov’t leaders, the excess debt problems will continue festering and being such a big problem there is little economic growth. Finally,… Read more »