Posts Tagged ‘Globalization’

Federally Faked Thursday – The Unhappy Median

Look at this chart:

LOOK AT IT!!!!  This is America, damn it!  We peaked out in earnings in 2000 and it's been downhill ever since.  Even worse, this is America AFTER the Federal Reserve spent $4 TRILLION to boost the economy.  This is America AFTER our Government plunged another $6 TRILLION into debt – supposedly to save jobs and support the economy.  

This is a DISASTER!  If this were the chart of a company you owned – you'd be selling.  If there were a board of directors, we'd be looking to make changes, right?  Actually, there is a sort of board of directors and, as is often the case with Corporate Management – they're the only ones making any money!  

Only in Washington DC and Dick Cheney's Wyoming are people in this country still making as much money as they were in the good old days (Clinton years).  The rest of the country is in various states of decline – some of it fairly drastic – and in big states like Ohio, Michigan and Illinois, where people are earning about 20% less now than they did 14 years ago.  

Our standard of living is in decline, especially when you consider that inflation is chewing into those lower wages from the other end as well.  How much more evidence can we possibly need that the Bush Tax cuts were a complete and utter policy failure?  Yet you will hear none of that in the MSM.  What TV station owner or newspaper & magazine publisher is going to tell you that they should be paying 20% more taxes than they are paying now?

There's a reason that, despite the BS Employment Numbers put up by the Administration, that the #1 concern of US voters is JOBS!  People may HAVE jobs (actually 20% of the families in our country have NO ONE employed at the moment) but, clearly, from an economic perspective – the jobs suck!  Even people lucky enough to keep their jobs through the crisis haven't had raises in a decade but, of course, they are too afraid to leave because we all know people who lost their jobs and didn't find…
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STIGLITZ: WHY THE CURRENT FED POLICY IS MAKING THINGS WORSE

STIGLITZ: WHY THE CURRENT FED POLICY IS MAKING THINGS WORSE

Courtesy of The Pragmatic Capitalist 

Nobel Prize winner http://globaleconomicanalysis.blogspot.com  explains why the global imbalances will continue to cause problems in the global economy and why the Fed’s policy of dollar devaluation will have unintended consequences. Ultimately, he sees the Fed making matters worse:

Stiglitz’s thoughts on a possible trade war:

“I think there is this concern. The interesting thing is the United States was one of the first countries to say that of the sources of our recovery would be exports. The problem is that the unintended consequences of economic turmoil, bad economic policies, is what we’re seeing.”

“When the U.S. lowers interest rates, when the U.S. floods the world with liquidity, the effect of it is to try to lower the dollar and cause other countries currencies to appreciate.”

On whether Stiglitz would blame the U.S. for causing other countries’ currencies to appreciate:

“I don’t know if I want to blame [the U.S.] It’s the unintended consequence. But it is the consequence of our policies. What is happening now is this curious thing is that Fed policy was supposed to re-ignite the American economy, but it’s not doing that. And so the flood of liquidity is going abroad and causing problems all over the world.”

Stiglitz on his previous comments that Germany should abandon the euro and that the euro should be devalued:

“There’s a lot of currency misalignments. There are large surpluses on the part of Germany, for instance, and those have to be corrected. There are two problems going on. One of them is a problem of a flood of liquidity that’s causing bubbles, causing turmoil in many of the more successful emerging markets. And then there’s the other problem of the global imbalances. They’re related. But they are really two distinct problems.”

“The worry is that the flood of liquidity is going to cause what is sometimes being referred to an emerging market bubble. Money is going in. The worry is that it will cause a real estate bubble, in one developing country or another.”

“The problem is very easy to understand. There’s a flood of money into the financial sector. It’s asking, Where is the best place in the world to go? In a world of globalization, the answer is not in the United States.  So U.S. Fed policy is causing an excess inflow into…
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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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Winners And Losers

Winners And Losers

Courtesy of Michael Snyder at Economic Collapse 

When you mention the word "globalism" to most people, they think of something that is going to happen someday in the future.  But the truth is that globalism is already here.  At this point we essentially already have a one world economy.  Goods and services flow across national borders more freely today than at any other point in human history.  A major economic event on one side of the world instantly affects financial markets on the other side of the world.  Labor has become a truly global commodity.  You can go to the exact same fast food restaurant or buy the exact same iPod on six different continents.  A whole host of international trade agreements are making national borders economically irrelevant. 

Today our "big box" stores and shopping malls are jammed full with products that have been made overseas and it is becoming increasingly difficult to find American-made products.  The reality is that it has now become undeniable that globalism has arrived and we are now part of a world economy that is integrating at lightning speed.  Unfortunately, all of this globalism has created some very clear winners and losers.  But most middle class Americans are in such a deep sleep that they don’t even realize that they are the losers.

The sad truth is that as work has become a global commodity, middle class American workers have been placed in direct competition with the cheapest labor in the world.  For years the U.S. economy was so strong that nobody really noticed that it was bleeding thousands of jobs every single month.  But now that 14 million Americans are unemployed and the U.S. economy is literally hemorrhaging jobs people are starting to sit up and take notice.

Let’s take a look at one recent example.  Ford Motor Company has just announced the closure of a facility that produces the Ford Ranger in St. Paul, Minnesota.  Approximately 750 good paying jobs are going to be lost.

But isn’t Ford doing better these days?

Sure.

Don’t people still need Ford Rangers?

Of course they do.

Minnesota Governor Tim Pawlenty even offered Ford a multi-million dollar incentive package full of tax cuts…
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Death By Globalism

Interesting article discussing the failings of economists on both sides of the "Great Stimulus Debate," who a stimulus will really benefit (not us), inflation and deflation, and how globalization has proven ruinous for the U.S. – Ilene 

Death By Globalism

By PAUL CRAIG ROBERTS writing at CounterPunch 

A man rides a bicycle in front of the construction site of a residential complex in Kolkata August 31, 2010. Tuesday's data showed annual rate of growth picked up to 8.8 percent from 8.6 percent in the previous quarter, underscoring continued growth momentum in Asia's third-largest economy amid a slowing pace of global recovery. REUTERS/Rupak de Chowdhuri (INDIA - Tags: BUSINESS CONSTRUCTION)

Have economists made themselves irrelevant?  If you have any doubts, have a look at the current issue of the magazine, International Economy, a slick publication endorsed by former Federal Reserve chairmen Paul Volcker and Alan Greenspan, by Jean-Claude Trichet, president of the European Central Bank, by former Secretary of State George Shultz, and by the New York Times and Washington Post, both of which declare the magazine to be “ahead of the curve.”

The main feature of the current issue is “The Great Stimulus Debate.” Is the Obama fiscal stimulus helping the economy or hindering it? 

Princeton economics professor and New York Times columnist Paul Krugman and Moody’s Analytics chief economist Mark Zandi represent the Keynesian view that government deficit spending is needed to lift the economy out of recession. Zandi declares that thanks to the fiscal stimulus, “The economy has made enormous progress since early 2009,” an opinion shared by the President’s Council of Economic Advisors and the Congressional Budget Office. 

The opposite view, associated with Harvard economics professor Robert Barro and with European  economists, such as Francesco Giavazzi and Marco Pagano and the European Central Bank, is that government budget surpluses achieved by cutting government spending spur the economy by reducing the ratio of debt to Gross Domestic Product. This is the “let them eat cake school of economics.”

Barro says that fiscal stimulus has no effect, because people anticipate the future tax increases implied by government deficits and increase their personal savings to offset the added government debt. Giavazzi and Pagano reason that since fiscal stimulus does not expand the economy, fiscal austerity consisting of higher taxes and reduced government spending could be the cure for unemployment.

If one overlooks the real world and the need of life for sustenance, one can become engrossed in this debate. However, the minute one looks out the window upon the world, one realizes that cutting Social Security, Medicare, Medicaid, food stamps, and housing subsidies when 15 million Americans have lost jobs, medical coverage, and homes is a certain path to death by starvation, curable diseases, and…
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Mass Delusion – American Style

Mass Delusion – American Style

Courtesy of Jim Quinn of The Burning Platform

“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.” – Charles Mackay - Extraordinary Popular Delusions and The Madness of Crowds

 

The American public thinks they are rugged individualists, who come to conclusions based upon sound reason and a rational thought process. The truth is that the vast majority of Americans act like a herd of cattle or a horde of lemmings. Throughout history there have been many instances of mass delusion. They include the South Sea Company bubble, Mississippi Company bubble, Dutch Tulip bubble, and Salem witch trials. It appears that mass delusion has replaced baseball as the national past-time in America. In the space of the last 15 years the American public have fallen for the three whopper delusions:

  1. Buy stocks for the long run
  2. Homes are always a great investment
  3. Globalization will benefit all Americans

Bill Bonner and Lila Rajiva ponder why people have always acted in a herd like manner in their outstanding book Mobs, Messiahs, and Markets: Surviving the Public Spectacle in Finance and Politics:

“Of course, we doubt if many public prescriptions are really intended to solve problems. People certainly believe they are when they propose them. But, like so much of what goes on in a public spectacle, its favorite slogans, too, are delusional – more in the nature of placebos than propositions. People repeat them like Hail Marys because it makes them feel better. Most of our beliefs about the economy – and everything else – are of this nature. They are forms of self medication, superstitious lip service we pay to the powers of the dark, like touching wood….or throwing salt over your shoulder. “Stocks for the long run,” “Globalization is good.” We repeat slogans to ourselves, because everyone else does. It is not so much bad luck we want to avoid as being on our own. Why it is that losing your life savings should be less painful if you have lost it in the company of one million other losers, we don’t know. But mankind is first of all a herd animal and fears nothing more than not being part of the herd.”

Stocks for the


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With Stocks, It’s Not the Economy

Decoupling between stock prices and the domestic economy – and Zachary Karabell explains why he believes this trend will continue. – Ilene 

With Stocks, It’s Not the Economy

By Zachary Karabell, courtesy of TIME 

 

Illustration by Harry Campbell for TIME

From the beginning of May until late June, stock markets worldwide declined sharply, with losses surpassing 10%. The first weeks of July brought only marginal relief. Ominous voices began to warn that the weakness of stocks was a direct response to the stalling of an economic recovery that has lasted barely a year. Anxiety over debt-laden European countries — most notably Greece — combined with stubbornly high unemployment in the U.S. to create a toxic but fertile mix that allowed concern to blossom into full-bloom fear.

The most common refrain was that stocks are weak because global economic activity is sagging. A July 12 report by investment bank Credit Suisse was titled Are the Markets Forecasting Recession? With no more stimulus spending on the horizon in the U.S., Europeans on austerity budgets and consumer sentiment best characterized as surly, the sell-off in stocks was explained as a simple response to an economy on the ropes. 

It’s a good story and a logical one. But it distorts reality. Stocks are no longer mirrors of national economies; they are not — as is so commonly said — magical forecasting mechanisms. They are small slices of ownership in specific companies, and today, those companies have less connection to any one national economy than ever before.

As a result, stocks are not proxies for the U.S. economy, or that of the European Union or China, and markets are deeply unreliable gauges of anything but the underlying strength of the companies they represent and the schizophrenic mind-set of the traders who buy and sell the shares. There has always been a question about just how much of a forecasting mechanism markets are. Hence the saying that stocks have…
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Shipping Our Economy, Our Jobs And Our Prosperity To China

Shipping Our Economy, Our Jobs And Our Prosperity To China

Courtesy of Michael Snyder of The Economic Collapse

As the U.S. economy continues to implode, large American corporations are investing billions upon billions of dollars in China.  But all of this investment comes at a price.  Over the past several decades, hundreds of factories and manufacturing facilities that would have been constructed in the United States, along with millions of decent paying jobs, have ended up going to China instead where labor is so much cheaper.  In the process, China has become a massive economic powerhouse, while once thriving manufacturing cities in the United States such as Detroit are now rusted-out corpses.  In fact, China’s economy has grown so rapidly that it is being projected that in 2010 China will replace Japan as the world’s second-largest economy.  Not only that, but China has already overtaken Germany and is now the biggest exporter of goods in the entire world.

But none of this growth in communist China would have been possible without all of the globalism and free trade that U.S. politicians from both parties have been pushing on us for the last 40 years.  When they were selling us on the benefits of "free trade" they didn’t tell us that we would end up shipping our economy, our jobs and our prosperity over to China. 

American consumers never seemed to be able to put two and two together.  As we were busy running out and filling up our shopping carts with cheap plastic crap made in China, we didn’t seem to realize that a "global economy" meant that we would be competing for jobs and wages with workers on the other side of the world.

So now the U.S. economy, with its high wages and repressive government regulations, is suffering while China’s economy is thriving.…
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The New Perspective

"At Davos, the Globalizers Are Gone," is an excellent article by Ian Bremmer, and in sharp contrast to another excellent article I posted yesterday by George F. Smith writing at Mises Daily, By the Way, Free Markets Are Free. I would submit that the ideals of a truly free market are an illusion because we do not have the political system and laws framed in such a way as to support a truly free market system. We cannot go straight to free market remedies because we cannot dispense with the need for a functional, non-corrupted, political and legal system – laws constraining freedom – to provide the framework in which a free market can operate.  And hence, "free" is not completely free and it can’t be. – Ilene

The New Perspective

Woman Standing on Globe Beach Ball

Courtesy of Michael Panzner at When Giants Fall

Say what you will, but one reason why globalization has had the traction it has up until recently, despite anecdotal and other evidence that it has not lived up to many of the promises of its proponents, is because of the support of the movers and the shakers. In America and elsewhere, corporate executives and other powerful interests have used their money and influence to ensure that policymakers were not swayed to move in a different direction. But the times are a-changin’. As foreign policy expert Ian Bremmer notes in a commentary for the Washington Post, "At Davos, the Globalizers Are Gone," some of the biggest supporters of unfettered cross-border trade and free markets, no doubt shaken by the events of the past two years, seem to have lost their mojo.

For 40 years there’s been a consensus view at the Davos World Economic Forum that globalization’s increasingly free cross-border flow of ideas, information, people, money, goods and services is both irreversible and a powerful force for prosperity. As with meetings of the G7 group of industrialized nations, there was broad agreement on the proper role for the state in the performance of markets. Sure, a French cabinet official and an American investment banker might spar over the relative merits of state paternalism and Anglo-Saxon labor laws, but the bargaining table was still reserved for champions of Western-style free market capitalism.

Davos has always had its critics. For those who believe globalization empowers the rich at


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Triple Digit Oil and Economic Change

In the video, Jeff Rubin, former Chief Economist of CIBC World Markets and author of Why Your World Is About To Get A Whole Lot Smaller, discusses the far reach of triple digit oil prices – how it will change our cities, our economy, our lives. – Ilene

Triple Digit Oil and Economic Change

Courtesy of Jesse’s Café Américain

Oil derrick at work in desert

Triple digit oil and the economic change that it would bring is something that intrigues, and will have a cascading impact on the real economy and globalization.

It is not that we will be running out of oil. Rather, we will be running out of cheap oil, light sweet Arabian crude, to be replaced eventually by synthetic oil rendered from tar sands and shale. The implication is $200 per barrel oil and $7.00 per gallon gasoline.

Demand for oil is peaking in developed nations like the US and Canada, and may never exceed the levels of the past few years. But demand growth in the developing nations is increasing, and perhaps dramatically.

World gasoline production has not grown in the past four years.

The oil shock may hit the economy within 12 to 15 months according to Jeff Rubin.

There are several things with which I do not necessarily agree, but his talk his interesting and thought-provoking. We do need to start thinking about how to make sure that peak oil does not translate into peak GDP.

This may require a shift from a global economy to more local economies. And I have been thinking about this for the past five years. It is coming. The only question is when.

Jeff Rubin is a former Chief Economist of CIBC World Markets and the author of Why Your World Is About To Get A Whole Lot Smaller.

 


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Zero Hedge

China Responds To Trump's "Barbaric" Tariffs: Vows To Fight "Until The End" And Have "The Last Laugh"

Courtesy of ZeroHedge View original post here.

After Friday's blitz of reciprocal trade war escalations, which saw a furious Trump slam the two "enemies of the state", Fed Chair Powell and China president Xi, following China's widely expected tariff hike retaliation and Powell's uneventful Jackson Hole speech, and further raise tariffs on virtually all Chinese imports after stocks suffered another major selloff, we said that the next steps were clear.

And now China has to retaliate and so on

— zerohedge (@zerohedge) ...

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Phil's Favorites

S&P 500 Index Must Bounce Here Or Hold On Tight!

Courtesy of Technical Traders

The fragility of the markets can not be underestimated for investors at this time.  Our research has continued to pick apart these price swings in the US stock markets and our July predictions regarding a market top and an August 19...



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The Technical Traders

S&P 500 Index Must Bounce Here Or Hold On Tight!

Courtesy of Technical Traders

The fragility of the markets can not be underestimated for investors at this time.  Our research has continued to pick apart these price swings in the US stock markets and our July predictions regarding a market top and an August 19...



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Biotech

The Big Pharma Takeover of Medical Cannabis

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

 

The Big Pharma Takeover of Medical Cannabis

Courtesy of  , Visual Capitalist

The Big Pharma Takeover of Medical Cannabis

As evidence of cannabis’ many benefits mounts, so does the interest from the global pharmaceutical industry, known as Big Pharma. The entrance of such behemoths will radically transform the cannabis industry—once heavily stigmatized, it is now a potentially game-changing source of growth for countless co...



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Kimble Charting Solutions

Bearish Divergences Similar To 2000 & 2007 In Play Again!

Courtesy of Chris Kimble

Does history at important junctures ever repeat itself exactly? Nope

Do look-alike patterns take place at important price points? Yup

This chart looks at the S&P 500 over the past 20-years.

In 2000 and 2007 bearish momentum divergences took place months ahead of the actual peak in stocks.

Currently, momentum has created a bearish divergence to the S&P 500 for the past 20-months, as the seems to have stopped on a dime at its 261% Fibonacci extension level of the 2007 highs/2009 lows.

Joe Friday Just The Fact Ma’am; A negative sign for the S&P 500 with the divergence in play, would take place if support b...



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Insider Scoop

Earnings Scheduled For August 22, 2019

Courtesy of Benzinga

Companies Reporting Before The Bell
  • Hormel Foods Corporation (NYSE: HRL) is estimated to report quarterly earnings at $0.36 per share on revenue of $2.29 billion.
  • BJ's Wholesale Club Holdings, Inc. (NYSE: BJ) is projected to report quarterly earnings at $0.37 per share on revenue of $3.38 billion.
  • DICK'S Sporting Good...


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Chart School

Gold Gann Angle Update

Courtesy of Read the Ticker

Everything awesome? Gold over $1500. Central banks are printing money to generate fake demand. Germany issues first ever 30 year bond with negative interest rate. Crazy times!

Even Australia and New Zealand and considering negative interest rates and printing money, you know a bunch of lowly populated islands in the South Pacific with no aircraft carriers or nuclear weapons. They will need to do this to suppress their currency as they are export nations, as they need foreign currency to pay for foreign loans. But what is next, maybe Fiji will start printing their dollar. 

Now for a laugh, this Jason Pollock sold for more than $32M in 2012. 
 


 

Ok, now call ...



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Lee's Free Thinking

Watch Out Bears! Fed POMO Is Back!

Courtesy of Lee Adler

That’s right. The Fed is doing POMO again.  POMO means Permanent Open Market Operations. It’s a fancy way of saying that the Fed is buying Treasuries, pumping money into the financial markets.

Over the past 6 days, the Fed has bought $8.6 billion in T-bills and coupons. These are the first regular Fed POMO Treasury operations since the Fed ended outright QE in 2014.

Who is the Fed buying those Treasuries from?

The Primary Dealers. Who are the Primary Dealers?  I’ll let the New York Fed tell you:

Primary dealers are trading counterparties of the New York Fed in its implementation of monetary policy. They are also expected to make markets for the New York Fed on behalf of its official accountholders as needed, and to bid on a ...



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Digital Currencies

New Zealand Becomes 1st Country To Legalize Payment Of Salaries In Crypto

Courtesy of ZeroHedge View original post here.

Bitcoin and other cryptocurrencies have been on a persistent upswing this year, but they're still pretty volatile. But during a time when even some of the most developed economies in the word are watching their currencies bounce around like the Argentine peso (just take a look at a six-month chart for GBPUSD), New Zealand has decided to take the plunge and become the first country to legalize payment in bitcoin, the FT reports.

The ruling by New Zealand’s tax authority allows salaries and wages to b...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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Members' Corner

Despacito - How to Make Money the Old-Fashioned Way - SLOWLY!

Are you ready to retire?  

For most people, the purpose of investing is to build up enough wealth to allow you to retire.  In general, that's usually enough money to reliably generate a year's worth of your average income, each year into your retirement so that that, plus you Social Security, should be enough to pay your bills without having to draw down on your principle.

Unfortunately, as the last decade has shown us, we can't count on bonds to pay us more than 3% and the average return from the stock market over the past 20 years has been erratic - to say the least - with 4 negative years (2000, 2001, 2002 and 2008) and 14 positives, though mostly in the 10% range on the positives.  A string of losses like we had from 2000-02 could easily wipe out a decades worth of gains.

Still, the stock market has been better over the last 10 (7%) an...



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Promotions

Free eBook - "My Top Strategies for 2017"

 

 

Here's a free ebook for you to check out! 

Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

Some other great content in this free eBook includes:

 

·       How 2017 Will Affect Oil, the US Dollar and the European Union

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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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