Posts Tagged ‘NEOLIBERALISM’

Austerity for Prosperity

Austerity for Prosperity

Courtesy of Michael Hudson

Part 2

Part 3 


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Trouble in Europe, China

Terrific weekend reading with Eric at iTulip interviewing Michael Hudson.

Michael Hudson is Distinguished Research Professor of Economics at University of Missouri, Kansas City (UMKC), a Wall Street Analyst, consultant, and president of The Institute for the Study of Long-term Economic Trends (ISLET). He is also Chief Economic Advisor to the Reform Task Force Latvia (RTFL) and author of America’s Protectionist Takeoff and Super Imperialism – New Edition: The Origin and Fundamentals of U.S. World Dominance . His website is michael-hudson.com.

Trouble in Europe, China

Michael HudsonBased on an interview with Eric Janszen of iTulip

Courtesy of Michael Hudson

On April 10, 2010 I caught up with Michael Hudson and he was in rare form. Readers know that my personal view is that much of the right wing of the political spectrum doesn’t know what the problem is and all of the left wing, while nailing the problem, doesn’t know how to solve it. No one is too left wing or too right wing to get an interview here.

Interviewer (EJ): Thank you for your time this morning.
Hudson (MH): Glad to be here.

EJ: It’s been a while since I’ve interviewed you so let’s have a wide-ranging discussion today. I want to include your Thursday Financial Times article on the fate of the ex-Soviet debtor nations, the Bank of International Settlement report I sent you on New Europe and other industrialized debtors, and China, and see where it goes. Let’s start with the BIS report.

MH: I skimmed through it quickly, and it’s the same class war junk economics that the Peterson Institute for International Economics (the lobbyist for international banks) and other neoliberal (that is, anti-labor and pro-financial) lobbying organizations have mounted against public obligations to any parties but the Finance, Insurance and Real Estate (FIRE) sector. The aim is to prepare the ground for President Obama’s recently appointed “bipartisan” commission to scale back Social Security and Medicare.

The argument is that these two programs need to be pre-funded, with savings levied regressively in advance, to promote a balanced federal budget. The effect would be to prevent fiscal policy from providing the growth in money and credit that economies need. This would all be provided by private-sector banks – at interest. So recent focus…
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Iceland Voters Reject Bank Bailouts in Crushing Electoral Defeat; Neo-Liberalism In Context

Iceland Voters Reject Bank Bailouts in Crushing Electoral Defeat; Neo-Liberalism In Context

Courtesy of JESSE’S CAFÉ AMÉRICAIN

Iceland, Jokulsarlon Lagoon with icebergs

"Voters rejected the bill because ordinary people, farmers and fishermen, taxpayers, doctors, nurses, teachers, are being asked to shoulder through their taxes a burden that was created by irresponsible greedy bankers."

"Is there any reason why the American people should be taxed to guarantee the debts of banks, any more than they should be taxed to guarantee the debts of other institutions, including merchants, the industries, and the mills of the country?" Senator Carter Glass (D-Va), author of the Banking Act of 1933 and of Glass-Steagall

It is interesting that the government of Iceland had already declared the vote of the people as ‘obsolete.’ One has to wonder when the voters will declare their current government and their representatives as obsolete. One would give the government credit for at least allowing a vote on a referendum, but to then disregard and circumvent it through political devices is seems like a base hypocrisy.

Iceland is a victim of the neo-liberal economic deregulation of the 1990′s, in which a few bankers can buy the government, and rack up enormous profits for themselves in Ponzi like leverage, and then attempt to socialize the debt back to the people when their schemes collapse.

Neo-Liberalism is a system of economic thought embracing the efficient markets hypothesis, the inherent good of deregulation and the natural impediment of government regulation, the necessity of free trade and globalization, the supremacy of the corporation over the individual person in the social economy, and supply side economics. It most likely favors a one world currency and consolidation of production into large corporate combinations or ‘trusts’ under the principle of laissez-faire.

Neo-liberalism may degenerate into crony capitalism, or even corporatism, as its theoretical idealism of perfect rationalism and virtue falters against the reality of human behaviour. In times of financial crisis, for example, neo-liberalism ironically turns to centralized economic planning by allegedly private banks which appropriate public funds and the power of the monetary license to socialize private debts, and, in a strikingly Orwellian twist, eviscerate the discipline of the markets and the individual to preserve their freedom, and the well being of the private corporations. Although now largely repudiated, neo-liberalism has strong roots in the public consciousness, and its adherents hold considerable power in Western governments and among the…
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Zero Hedge

Amazon Sells $10 Billion In Bonds At Record Low Yields

Courtesy of ZeroHedge View original post here.

Yesterday morning we reported that the news of Amazon's massive, 6-part bond issuance - which came just as Morgan Stanley upgraded the company's price target to $2,800 - was enough to push Treasury yields to session high following a flurry of rate locks. Little did we know that just a few hours later demand for the offering would overflow dealer books, and the result as announced late on Monday, was the sale of $10 billion in a more than 3x-oversubscribed offering (led by DB, GS, HSBC, JPM) that included three-year notes carrying an interest rate of just 0.4%.

This means that just days af...



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Kimble Charting Solutions

Aussie Dollar Suggesting Much Higher Commodities And Yields On The Way???

Courtesy of Chris Kimble

Is the Aussie Dollar about to jump higher and signal that Commodities and interest rates are about to do the same? Possible!

This chart looks at the Aussie Dollar on a monthly basis over the past 16-years.

The AU$ created a bottoming pattern over several months in late 2008/early 2009 at (1). While creating the bottom, a couple of monthly bullish reversal patterns formed. What did commodities and yields do following the bottoming process in the AU$? Both were creating bottoms as well!

The 9-year decline in the AU$ has it testing triple support a...



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The Technical Traders

Comparing Bitcoin and Ether During the Coronavirus Pandemic

Courtesy of Technical Traders

You don’t need a crystal ball — or an economics degree — to notice the pandemic is having a historic impact on the stock market and commodities.

Gold initially went down (like all assets) in the mid-March meltdown, but is up 14% YTD. Oil bid negative, for the first time ever, as May futures traders dumped contracts to avoid taking delivery amid a lack of storage. It has since rebounded partially due to production cuts and the lifting of lockdowns. Orange juice is up over 26% YTD on adverse weather than impacted Brazil’s crop and increased consumer demand.

The most surpris...



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Phil's Favorites

Police officers accused of brutal violence often have a history of complaints by citizens

 

Police officers accused of brutal violence often have a history of complaints by citizens

Police work to keep demonstrators back during a protest in Lafayette Square Park on May 30, 2020 in Washington, D.C. Tasos Katopodis/Getty Images

Courtesy of Jill McCorkel, Villanova University

As protests against police violence and racism continue in cities throughout the U.S., the public is learning that several of the officer...



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ValueWalk

Strategy Chain Interviews ValueWalk CEO And Founder Jacob Wolinsky

By Jacob Wolinsky. Originally published at ValueWalk.

Thank you to Michael Robertson of The Strategy Chain podcast for interviewing me. See below for the episode timestamps and the full audio. TX – Jacob Wolinsky

Jacob Wolinsky worked in investing and financial journalism before founding ValueWalk, a site that curates information about investing, hedge funds, asset management, and the broader world of finance. We explore Jacob’s journey as an investor and an entrepreneur. This episode was a real treat for me because our guest was (and continues to be) instrumental to my growth as a value investor. Jacob gave us a ton ...



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Biotech/COVID-19

Antibody injections could fight COVID-19 infections - an infectious disease expert explains the prospects

 

Antibody injections could fight COVID-19 infections – an infectious disease expert explains the prospects

Antibodies (pink) attacking a virus particle (blue). STEVEN MCDOWELL/SCIENCE PHOTO LIBRARY

Courtesy of Dimiter Stanchev Dimitrov, University of Pittsburgh

Antibodies are part of us – literally.

We have billions of them in our bodies with a combined weight of about 100 grams, or about the weight of a bar of soap. If there are so many antibodies inside our b...



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Chart School

Silver volume says something is near boiling point

Courtesy of Read the Ticker

Fundamentals are important, but they must show up in the chart. And when they do and if they may matter, it is a good sign if price and volume waves show a change of character.

The Point and Figure chart below is readtheticker.com version of PnF chart format, it is designed to highlight price and volume waves clearly (notice the Volume Hills chart).

Silver ETF volume is screaming at us! The price volatility along with volume tells us those who have not cared, are starting to, those who are wrong are adjusting, and those who are correct are loading up. Soon the kettle will blow and the price of silver will be over $20. 

Normally silver suffers in a recession, maybe this time with trillions of paper money being creat...

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Lee's Free Thinking

US Southern States COVID19 Cases - Let's Give Credit Where Due

 

US Southern States COVID19 Cases – Let’s Give Credit Where Due

Courtesy of  

The number of new COVID 19 cases has been falling in the Northeast, but the South is not having the same experience. The number of new cases per day in each Southern state has been rangebound for the past month.

And that’s assuming that the numbers haven’t been manipulated. We know that in Georgia’s case at least, they have been. And there are suspicions about Florida as well, as the State now engages in a smear campaign against the fired employee who built its much praised COVID19 database and dashboar...



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Digital Currencies

Blockchains can trace foods from farm to plate, but the industry is still behind the curve

 

Blockchains can trace foods from farm to plate, but the industry is still behind the curve

App-etising? LDprod

Courtesy of Michael Rogerson, University of Bath and Glenn Parry, University of Surrey

Food supply chains were vulnerable long before the coronavirus pandemic. Recent scandals have ranged from modern slavery ...



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Members' Corner

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

 

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

No matter the details of the plot, conspiracy theories follow common patterns of thought. Ranta Images/iStock/Getty Images Plus

Courtesy of John Cook, George Mason University; Sander van der Linden, University of Cambridge; Stephan Lewandowsky...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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Promotions

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Feb. 26, 1pm EST

Click HERE to join the PSW weekly webinar at 1 pm EST.

Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

This week, we also have a special presentation from Mike Anton of TradeExchange.com. It's a new service that we're excited to be a part of! 

Mike will show off the TradeExchange's new platform which you can try for free.  

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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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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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