Posts Tagged ‘economics’

Priceless: How The Federal Reserve Bought The Economics Profession

A new article "Robert Johnson: Economists As Marketeers for the Monied Interests" reminded me of this article from 2009. Here, Ryan Grim examines how the economics profession became essentially a servant to the Federal Reserve. ~ Ilene 

*****

Ryan Grim is the senior congressional correspondent for the Huffington Post and former staff reporter with Politico.com and Washington City Paper. He's the author of the book, "This Is Your Country on Drugs" and won the 2007 Alt-Weekly Award for best long-form news-story. – Ilene

Intro by Tom Burger:

alchemist

Here is a good article to consider when you are pondering how it is that nearly all mainstream economists toe the line with respect to monetary economic dogma.  

As I have so often asserted: there is a darn good reason why these people have gone to such great lengths to nail down support from economists and government: their business is extremely lucrative. They have quite literally achieved the alchemist's dream of converting lead to gold (i.e. money). The only difference is that the Fed doesn't need even a lead mine. They can convert "nothing at all" to "gold."

This article, however, might lead one to believe that this Fed influence is a recent development; the author cites people who say this is how it has been since about the 1970s. Well, maybe the Fed's total dominance of academia is that recent, but their campaign began at least 15 years before the legislation that founded the Fed.

The big city bankers of that turn of the century era put together a comprehensive program involving a blizzard of articles for the public and for economists. They founded university chairs for "right thinking" economists, they lobbied legislators. The activities described by Rothbard and others went on and on. In my opinion, none of this — then or now — was done because these people thought it would be good for the public or for the economy. They did it because it opened the door to unlimited theft. Okay … the perpetrators probably didn't admit to themselves they were thieves. They probably just believed that unlimited wealth was their destiny because they were just so much smarter than everybody else.

If you doubt the Fed's destructive control over economic thought, please read this article. – Tom
 

Priceless:
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How Brazil Can Defend Against Financialization

How Brazil Can Defend Against Financialization

and Keep Its Economic Surplus for Itself

restorer works in the undergrounds of the Colosseum in Rome, Italy on June 2010. Rome's Colosseum, soon to open its arena, underground and highest level after extensive restoration. For the first time tourists will be able to visit the underground, where gladiators once prepared for fights and lions and tigers were caged before entertaining a bloodthirsty public. Restorers have been hard at work cleaning and restoring travertine columns and ancient bricks. Rome's Colosseum, the largest ever built in the Roman Empire was completed in 80 AD with a capacity of up to 75,000 spectators. It was mainly used as a venue for gladiatorial contests and public spectacles. Photo by Eric Vandeville/ABACAPRESS.COM Photo via Newscom

Courtesy of Michael Hudson

CDES Conference, Brasilia, September 17, 2010

I would like to place this seminar’s topic, ‘Global Governance,’in the context of global control, which is what ‘governance’ is mainly about. The word (from Latin gubernari, cognate to the Greek root kyber) means ‘steering’. The question is, toward what goal is the world economy steering?

That obviously depends on who is doing the steering. It almost always has been the most powerful nations that organize the world in ways that transfer income and property to themselves. From the Roman Empire through modern Europe such transfers took mainly the form of military seizure and tribute. The Norman conquerors endowed themselves as a landed aristocracy extracting rent from the populace, as did the Nordic conquerors of France and other countries. Europe later took resources by colonial conquest, increasingly via local client oligarchies.

The post-1945 mode of global integration has outlived its early promise. It has become exploitative rather than supportive of capital investment, public infrastructure and living standards.

In the sphere of trade, countries need to rebuild their self-sufficiency in food grains and other basic needs. In the financial sphere, the ability of banks to create credit (loans) at almost no cost on their computer keyboards has led North America and Europe to become debt ridden, and now seeks to move into Brazil and other BRIC countries by financing buyouts or lending against their natural resources, real estate, basic infrastructure and industry. Speculators, arbitrageurs and financial institutions using “free money” see these economies as easy pickings. But by obliging countries to defend themselves financially, their predatory credit creation is ending the era of free capital movements.

Does Brazil really need inflows of foreign credit for domestic spending when it can create this at home? Foreign lending ends up in its central bank, which invests its reserves in US Treasury and Euro bonds that yield low returns and whose international value is likely to decline against the BRIC currencies. So accepting credit and buyout “capital inflows” from the North provides a “free lunch” for key-currency issuers of dollars and Euros, but does not help local economies much.

The natural history of debt and financialization

Today, financial maneuvering and debt leverage play the role that military conquest did in times past. Its aim is still…
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Breaking the Guild of Macroeconomists

Tim at The Psy-Fi Blog compares the science of economics, or actually the pseudo-science, with medical theory in the days of Galen, the ancient Greek physician:Galen

Galen contributed a substantial amount to the Hippocratic understanding of pathology. Under Hippocrates’ bodily humors theory, differences in human moods come as a consequence of imbalances in one of the four bodily fluids: blood, yellow bile, black bile, and phlegm. Galen advanced this theory, creating a typology of human temperaments. An imbalance of each humor corresponded with a particular human temperament (blood-sanguine, black bile-melancholic, yellow bile-choleric, and phlegm-phlegmatic). Individuals with sanguine temperaments are extroverted and social. Choleric people have energy, passion and charisma. Melancholics are creative, kind and considerate. Phlegmatic temperaments are characterized by dependability, kindness, and affection.

While that theory proved wrong, Galen made some interesting contributions to medical science:

Galen’s principal interest was in human anatomy, but Roman law had prohibited the dissection of human cadavers since about 150 BCE. Because of this restriction, Galen performed anatomical dissections on living (vivisection) and dead animals, mostly focusing on pigs and primates. This work turned out to be particularly useful because in most cases, the anatomical structures of these animals closely mirror those of humans. Galen clarified the anatomy of the trachea and was the first to demonstrate that the larynx generates the voice. Galen may have understood the importance of artificial ventilation, because in one of his experiments he used bellows to inflate the lungs of a dead animal.

Among Galen’s major contributions to medicine was his work on the circulatory system. He was the first to recognize that there were distinct differences between venous (dark) and arterial (bright) blood. Although his many anatomical experiments on animal models led him to a more complete understanding of the circulatory system, nervous system, respiratory system and other structures, his work was not without scientific inaccuracies. Wikipedia. 

- Ilene

Breaking the Guild of Macroeconomists

Courtesy of Tim at Psy-Fi Blog 

Playskool's Mrs. Potato Head and Jeep, portraying Marmaduke, cross paths at the BlogHer '10 conference in New York, August 6, 2010. Hasbro and Fox Home Entertainment are both participating sponsors at this year's blogger conference. REUTERS/Ray Stubblebine/Hasbro/Handout  (UNITED STATES - Tags: SOCIETY)

Economic Entertainment

In an entertaining piece Economics is Hard. Don’t Let Bloggers Tell You Otherwise Kartik Athreya of the Fed in Richmond has suggested that financial bloggers are a mentally incontinent bunch, pathologically incapable of stopping themselves from opining on financial matters on which they actually offer no insight. Now, leaving aside the question of whether we want our professional economists to be entertaining, this opens up the question of whether untrained commentators can…
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58 out of 58 Economists Overoptimistic on Philly Fed Manufacturing Estimate; Median Forecast +7 Actual Result -7.7, a “Veritable Disaster”

58 out of 58 Economists Overoptimistic on Philly Fed Manufacturing Estimate; Median Forecast +7 Actual Result -7.7, a "Veritable Disaster"

Courtesy of Mish 

Pencil popping balloon

They may call economics the "dismal science" but it would be hard pressed to find a more optimistic lot than economists, anywhere in private industry.

Fresh on the heels of a perfect 42 of 42 overoptimistic predictions on weekly claims (Please see Weekly Unemployment Claims Hit 500,000, Exceed Every Economist’s Estimate; No Lasting Improvement for 9 Months), a perfect 58 out of 58 Economists were overoptimistic regarding the Philly Fed Manufacturing survey.

Unexpected Shrinkage

Bloomberg reports Factories in Philadelphia Area Unexpectedly Shrink

Manufacturing in the Philadelphia region unexpectedly shrank in August for the first time in a year as orders and sales slumped, a sign factories are being hurt by the U.S. economic slowdown.

The Federal Reserve Bank of Philadelphia’s general economic index fell to minus 7.7 this month, the lowest reading since July 2009, from 5.1 in July. Readings less than zero signal contraction in the area covering eastern Pennsylvania, southern New Jersey and Delaware.

Economists forecast the measure would rise to 7, according to the median of 58 projections in a Bloomberg News survey. Estimates ranged from minus 6 to 10.

The Philadelphia Fed’s survey was in sync with a report this week from the Fed Bank of New York. The bank’s so-called Empire State Index increased less than forecast, as orders and sales cooled.

Forecast for "More Modesty"!

“We expect the recovery that we’ve seen in our business to continue, but in a more moderate pace than we’ve experienced in the first half,” Chief Financial Officer Nicholas Fanandakis said on a conference call with analysts.

Fed policy makers last week voted to keep the benchmark interest rate at a record low and made their first attempt to shore up a recovery they said was likely to be “more modest” than earlier anticipated.

Philly Fed Business Outlook Survey

With that undoubtedly overoptimistic "modest recovery" out of the way, please consider actual results from the Philly Fed Business Outlook Survey.

Results from the Business Outlook Survey suggest that regional manufacturing activity weakened in August, after two months of slowing activity. Indexes for general activity, new orders, and shipments all registered negative readings this month.

Firms also reported declines in employment and work hours. The survey’s broad indicators


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About that recovery you ordered

About that recovery you ordered

Courtesy of James D. Hamilton at Econbrowser 

"We have met the enemy and he is us," Pogo used to say. Well, we’ve also now met the recovery, and he is ugly.

The Bureau of Economic Analysis reported today that U.S. real GDP grew at an annual rate of 2.4% during the second quarter. The latest GDP numbers bring our Econbrowser Recession Indicator Index for 2010:Q1 down to 5.4%. This index is based on a very simple pattern-recognition algorithm for characterizing economic recessions. It is not a prediction of where the economy is headed, but rather a backward-looking assessment of where the economy stood as of the first quarter, using today’s 2010:Q2 data release to help inform that assessment.

University of Oregon Professor Jeremy Piger maintains a related index which has been at or below 1% for each month so far of 2010, while the most recent value calculated by U.C. Riverside Professor Marcelle Chauvet‘s algorithm is 7.8%. All three approaches agree that the economy remains in a growth phase that began in the third quarter of last year. A subsequent economic downturn would be described as the beginning of a new recession rather than a continuation of the previous recession.

 GDP-led Recession

*The plotted value for each date is based solely on information as it would have been publicly available and reported as of one quarter after the indicated date, with 2010:Q1 the last date shown on the graph. Shaded regions (with the exception of 2007:Q4-2009:Q2) represent dates of NBER recessions, which were not used in any way in constructing the index, and which were sometimes not reported until two years after the date. The most recent recession is shown on the graph as ending in 2009:Q2 as implied by the index; as of this writing the NBER has not yet assigned an end date for this recession.

But a pretty recovery it’s not. The economy has grown by 3.2% in real terms over the last year, about the average annual historical growth rate since World War II. But since recessions are characterized by below-average growth, expansions should typically exhibit above-average growth, and particularly in the first year of an expansion we often see very strong growth as a result of the positive contribution…
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John Taylor Vomits All Over Zandi And Blinder’s Cover Letter For Modestly Paid Treserve Posts

John Taylor Vomits All Over Zandi And Blinder’s Cover Letter For Modestly Paid Treserve Posts

Courtesy of Tyler Durden

Businessman sitting on toilet with feet up, writing list on paper

Yesterday’s "paper" (more in the napkin sense than as a synonym for "intellectual effort") by Mark Zandi and Alan Blinder, which was nothing more than a glorified cover letter for selected perma-Keynesian posts in the administration’s Treserve complex, was so outright bad we did not feel compelled to even remotely comment on its (lack of any) substance. A man far smarter than us, Stanford’s John Taylor (the guy who says the Fed Fund rates should be -10%, not the guy who says the EURUSD should be -10), has taken the time to disassemble what passes for analysis by the tag team of a Princeton tenurist (odd how those always end up destroying the US economy when put in positions of power), and a Moody’s economist, who is undoubtedly casting a nervous eye every few minutes on the administration’s plans for EUCs and other jobless claims criteria. Below is his slaughter of dydactic duo’s demented drivel.

From John Taylor’s Economics One:

Yesterday the New York Times published an article about simulations of the effects of fiscal stimulus packages and financial interventions using an old Keynesian model. The simulations were reported in an unpublished working paper by Alan Blinder and Mark Zandi. I offered a short quote for the article saying simply that the reported results were completely different from my own empirical work on the policy responses to the crisis.

I have now had a chance to read the paper and have more to say. First, I do not think the paper tells us anything about the impact of these policies. It simply runs the policies through a model (Zandi’s model) and reports what the model says would happen. It does not look at what actually happened, and it does not look at other models, only Zandi’s own model. I have explained the defects with this type of exercise many times, most recently in testimony at a July 1, 2010 House Budget Committee hearing where Zandi also appeared. I showed that the results are entirely dependent on the model: old Keynesian models (such as Zandi’s model) show large effects and new Keynesian models show small effects. So there is nothing new in the fiscal stimulus part of this paper.

Second, I looked


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Labor Fights Back

Labor Fights Back

WASHINGTON - MAY 19: Members of the United Steelworkers union demonstrate to protest Mexican President Felipe Calderon's state visit to Washington outside the Mexican Embassy May 19, 2010 in Washington, DC. The group gathered to protest Calderon's position on labor unions and show support to the striking mineworkers at Grupo Mexico SA de CV's Cananea copper mine. (Photo by Brendan Smialowski/Getty Images)

Courtesy of SHAMUS COOKE writing at CounterPunch 

If the U.S. economy eventually recovers and current trends continue, U.S. workers won’t be celebrating in the streets. The corporate establishment has made it clear that a “strong recovery” depends on U.S. workers making “great sacrifices” in the areas of wages, health care, pensions, and more ominously, reductions in so-called “entitlement programs” — Social Security, Medicare, and other social services.

These plans have been discussed at length in corporate think tanks for years, and only recently has the mainstream media begun a coordinated attack to convince American workers of the “necessity” of adopting these policies. The New York Times speaks for the corporate establishment as a whole when it writes:

“American workers are overpaid, relative to equally productive employees elsewhere doing the same work [China for example]. If the global economy is to get into balance, that gap must close.”

and:

“The recession shows that many workers are paid more than they’re worth…The global wage gap has been narrowing [because U.S. workers’ wages are shrinking], but recent labor market statistics in the United States suggest the adjustment has not gone far enough.”

The New York Times solution? “Both moderate inflation to cut real wages [!] and a further drop in the dollar’s real trade-weighted value [monetary inflation to shrink wages] might be acceptable.” (November 11, 2009).

The Atlantic magazine, agrees:

“So how do we keep wages high in the U.S.? We don’t…U.S. workers cannot ultimately continue to have higher wages relative to those in other nations [China, India, etc.] who compete in the same industries.”

President Obama speaks less bluntly about the wage subject for political purposes, but he wholeheartedly agrees with the above opinions, especially when he repeatedly said:

“We must lay a new foundation for growth and prosperity, where we consume less [as a result of lower wages] at home and send more exports abroad.”

So how will Obama implement his economic vision that inspired Wall Street to give him millions during his Presidential campaign? Much of the work is happening automatically, due to the Great Recession. Bloomberg news reports:

“More than half of U.S. workers were either unemployed or experienced reductions in hours or wages since the recession began in December 2007… The worst economic slump since the 1930s has affected 55 percent of


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The Root of Economic Fragility and Political Anger

The Root of Economic Fragility and Political Anger

Courtesy of Robert Reich 

a road sign saying career change ahead

Missing from almost all discussion of America’s dizzying rate of unemployment is the brute fact that hourly wages of people with jobs have been dropping, adjusted for inflation. Average weekly earnings rose a bit this spring only because the typical worker put in more hours, but June’s decline in average hours pushed weekly paychecks down at an annualized rate of 4.5 percent.

In other words, Americans are keeping their jobs or finding new ones only by accepting lower wages.

Meanwhile, a much smaller group of Americans’ earnings are back in the stratosphere: Wall Street traders and executives, hedge-fund and private-equity fund managers, and top corporate executives. As hiring has picked up on the Street, fat salaries are reappearing. Richard Stein, president of Global Sage, an executive search firm, tells the New York Times corporate clients have offered compensation packages of more than $1 million annually to a dozen candidates in just the last few weeks.

We’re back to the same ominous trend as before the Great Recession: a larger and larger share of total income going to the very top while the vast middle class continues to lose ground.

And as long as this trend continues, we can’t get out of the shadow of the Great Recession. When most of the gains from economic growth go to a small sliver of Americans at the top, the rest don’t have enough purchasing power to buy what the economy is capable of producing.

Newly Unemployed Man

America’s median wage, adjusted for inflation, has barely budged for decades. Between 2000 and 2007 it actually dropped. Under these circumstances the only way the middle class could boost its purchasing power was to borrow, as it did with gusto. As housing prices rose, Americans turned their homes into ATMs. But such borrowing has its limits. When the debt bubble finally burst, vast numbers of people couldn’t pay their bills, and banks couldn’t collect. 

Each of America’s two biggest economic downturns over the last century has followed the same pattern. Consider: in 1928 the richest 1 percent of Americans received 23.9 percent of the nation’s total income. After that, the share going to the richest 1 percent steadily declined. New Deal reforms, followed by World War II, the GI Bill and the Great Society expanded the…
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Austerity is stupid, stimulus is dangerous, lying is optimal, economic choices are not scalar

As usual, Steve presents a very balanced view of economic matters.  Always worth reading. – Ilene  

Austerity is stupid, stimulus is dangerous, lying is optimal, economic choices are not scalar

Courtesy of Steve Randy Waldman at Interfluidity

Globes Floating Against Red and Purple Sky

I’ve been on whatever planet I go to when I’m not writing. Don’t ask, your guess is as good as mine.

When I checked out out a few weeks ago, there was a debate raging on “fiscal austerity”. Checking back in, it continues to rage. In the course of about a half an hour, I’ve read about ten posts on the subject. See e.g. Martin Wolf and Yves SmithMike Konczal, and just about everything Paul Krugman has written lately. While I’ve been writing, Tyler Cowen has a new post, which is fantastic. Mark Thoma has delightfully named one side of the debate the “austerians”. Surely someone can come up with a cleverly risqué coinage for those in favor of stimulus?

Here are some obvious points:

Austerity is stupid. Austerity is first-order stupid whenever there are people to whom the opportunity cost of providing goods and services that others desire is negative. To some economists, that sentence is a non sequitur. After all, nothing prevents people from providing goods and services for free, if doing the work is more beneficial to them than alternative uses of their time right? Economists who make this argument need to get out more. Doing paid work has social meaning beyond the fact of the activity, and doing what is ordinarily paid work for free has a very different social meaning. It is perfectly possible, and perfectly common, that a person’s gains from doing work are greater than their total pay, so that in theory you could confiscate their wages or pay them nothing and they would still do the job. But in practice, you can’t do that, because if you don’t actually pay them, it is no longer paid work. The nonmonetary benefits of work are inconveniently bundled with a paycheck. Under this circumstance, having the government pay for the work is welfare improving unless the second-order costs of government spending exceed both the benefits to the worker in excess of pay and the benefit to consumers or users of the goods and services purchased.

Stimulus is dangerous. The second-order costs of government spending are real, and we are very far…
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Laplace’s Hammer: The End of Economics

Laplace’s Hammer: The End of Economics

Courtesy of Tim at The Psy-Fi Blog 

Clever Man, Stupid Idea

Simon-Pierre LaplaceSimon-Pierre Laplace was a Very Clever Man who did many Very Clever Things. Unfortunately, like many clever men, having got hold of a Brilliant Idea he was rather inclined to go off and use it on everything in sight, which led to a number of Very Odd Conclusions. In fact as far as science goes, he may well have been the original man with a hammer; taking aim at every problem as though it was a nail.

As is the way of these things economists got hold of Laplace’s ideas, converted them to their own and started developing delicate and intricate webs of theories and practices. Unfortunately, over the succeeding three hundred years they’ve failed to keep up with advances in physics and biology, rather leaving economists as the only believers in an approach that suggests we have no free will, a position from which they’re having to be dug out and defused, one unexploded theorist at a time.

Newton’s Error

When Isaac Newton published his theory of gravity he knew it contained a serious flaw; his equations didn’t exactly match what was observed. He reckoned, correctly, that the differences between his theory and the observations were down to the gravitational effect on the planets of other planets – so called perturbations, which he didn’t know how to mathematically model. He said:

“But to consider simultaneously all these causes of motion and to define these motions by exact laws admitting of easy calculation exceeds, if I am not mistaken, the force of any human mind.”

And, of course, he was mistaken. The force of Laplace’s mind successfully solved the problem. Having achieved this, though, Laplace went a stage further. Because he could exactly calculate the position of any planet he could compare this with the results of observations from astronomers. What he discovered changed human history.

Observer Bias

It turned out that observers made errors, but they made them in a particular way – their observations fell about the actual position of the planet in a very distinctive pattern. This pattern, of course, was the ultra-familiar Bell curve or normal distribution. Laplace realised that human error was statistically quantifiable and, therefore, could be effectively eliminated from the data. This…
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Phil's Favorites

Trump's rejection of national climate report would do more damage than exiting the Paris Agreement

 

Trump's rejection of national climate report would do more damage than exiting the Paris Agreement

Courtesy of Gary W. YoheWesleyan University

One of the impacts of climate change is an increase in the frequency of heavy rain events. AP Photo/David J. Phillip

A scientific report done every four years has been thrust into the spotlight because its findings directly contradict statements from the president and various Cabinet officials.

If the Trump administration chooses to reject the pending ...



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ValueWalk

Q2/H1 Hedge Fund Letters - Letters, Conferences, Calls, And More

By Jacob Wolinsky. Originally published at ValueWalk.

The Q2 / H1 hedge fund letters page is now up – as mentioned last time this will be more of a hedge fund news resource page. While the bulk and majority of the content will be about letters, we will also have links to conferences, feature stories and related hedge fund resources that may be of interest.

This post was started on July 1st 2017 as we like to get the hedge fund news up right away, but as the quarter just ended and we frequently update posts even six months after a time period has passed make sure to check back.

As always, before getting into the nitty gritty of hedge fund news and material we must state to protect ourselves from trolls that the links are not an endorsement whatsoever nor does any omission mean anything, besides for the fact that we do not find the letter interesting/n...



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Zero Hedge

Gavekal On The Coming Clash Of Empires: Russia's Role As A Global Game-Changer

Courtesy of Charles and Louis-Vincent Gave of Gavekal Research

Carthago Est Delenda

Carthage must be destroyed”. Cato the elder would conclude his speeches in the Roman Senate with the admonition that salt should be spread on the ruins of Rome’s rival. Listening to the US media over these summer holidays from Grand Lake, Oklahoma, it is hard to escape the conclusion that most of the American media, and US congress, feels the same way about Russia. Which is odd given that the Cold War supposedly ended almost 30 years ago.

But then again, a quick study of history shows that clashes between land and sea-based empires have been a fairly steady constant of Western civilization. Think of Athens versus Sparta, Greece versus Persia, Rome versus Carthage, England versus Napoleon, and more recently the US vers...



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Chart School

Gold steps formation is bullish

Courtesy of Read the Ticker

Making a clear judgment on price trend that's is correct is critical, after all the most common advice from the large heads on Wallstreet is to follow the trend. This means your trend tools must provide the clear and correct answer, readtheticker.com members are encouraged to consider RTT Steps as their preferred trend tool.

These chart examples should prove our point. RTT Steps is much better than moving averages, hands down!

Gold example



Apple Inc example

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Investing Q...



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Insider Scoop

Things To Like, Things To Watch At The Gap

Courtesy of Benzinga.

Related GPS 20 Stocks Moving In Friday's Pre-Market Session A Peek Into The Markets: U.S. Stock Futures Edge Higher Ahead Of Consumer Sentiment Repor...

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Digital Currencies

Ukrainian Lawmakers Disclose $45 Million In Bitcoin Holdings

Courtesy of ZeroHedge. View original post here.

As Ukraine's crackdown on corruption continues, three lawmakers from Ukraine’s ruling party revealed this week that they own a combined $45 million in bitcoin, according to a report by RIA Novosti, a Russian foreign news service.

Their holdings came to light during mandatory financial disclosures by members of the Ukrainian parliament, part of an IMF-approved strategy to tamp down corruption in Ukraine. The country's democratic institutions, which were never very robust to begin with, have been further destabilized by...



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OpTrader

Swing trading portfolio - week of August 14th, 2017

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Biotech

Editing human embryos with CRISPR is moving ahead - now's the time to work out the ethics

Reminder: Pharmboy and Ilene are available to chat with Members, comments are found below each post.

Editing human embryos with CRISPR is moving ahead – now's the time to work out the ethics

Courtesy of Jessica BergCase Western Reserve University

There’s still a way to go from editing single-cell embryos to a full-term ‘designer baby.’ ZEISS Microscopy, CC BY-SA

The announcement by researchers in Portland, Oregon that they’ve successfully modified the genetic m...



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Members' Corner

Why we need to act on climate change now

 

Why we need to act on climate change now

Interview with Jan Dash PhD, by Ilene Carrie, Editor at Phil’s Stock World

Jan Dash PhD is a physicist, an expert at quantitative finance and risk management, and a consultant at Bloomberg LP. In his thought-provoking book, Quantitative Finance and Risk Management, A Physicist's Approach, Jan devotes a chapter to climate change and its long-term systemic risk. In this article, Ilene interviews Jan regarding his thoughts on climate change and the way it can affect our futu...



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Mapping The Market

The App Economy Will Be Worth $6 Trillion in Five Years

Courtesy of Jean-Luc

This would be excellent news for AAPL and GOOG to a lesser extent although not inconsequential:

The App Economy Will Be Worth $6 Trillion in Five Years 

In five years, the app economy will be worth $6.3 trillion, up from $1.3 trillion last year, according to a report released today by app measurement company App Annie. What explains the growth? More people are spending more time and -- crucially -- more money in apps. While on average people aren't downloading many more apps, App Annie expects global app usership to nearly double to 6.3 billion people in the next five years while the time spent in apps will more than double. And, it expects the...



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NewsWare: Watch Today's Webinar!

 

We have a great guest at today's webinar!

Bill Olsen from NewsWare will be giving us a fun and lively demonstration of the advantages that real-time news provides. NewsWare is a market intelligence tool for news. In today's data driven markets, it is truly beneficial to have a tool that delivers access to the professional sources where you can obtain the facts in real time.

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Kimble Charting Solutions

Brazil; Waterfall in prices starting? Impact U.S.?

Courtesy of Chris Kimble.

Below looks at the Brazil ETF (EWZ) over the last decade. The rally over the past year has it facing a critical level, from a Power of the Pattern perspective.

CLICK ON CHART TO ENLARGE

EWZ is facing dual resistance at (1), while in a 9-year down trend of lower highs and lower lows. The counter trend rally over the past 17-months has it testing key falling resistance. Did the counter trend reflation rally just end at dual resistance???

If EWZ b...



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All About Trends

Mid-Day Update

Reminder: Harlan is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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FeedTheBull - Top Stock market and Finance Sites



About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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About Ilene:

Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

Market Shadows >>