Daily Archive: Monday, December 31, 2007

2007-12-31 US Economic Releases

Existing Home Sales (Nov) Survey 4.97M Actual 5.00M Prior 4.97M Revised 4.98K Existing Home Sales MoM (Nov) Survey 0.0% Actual 0.4% Prior -1.2% Revised -1.0% Could be bottoming. Affordability is up nicely, employment is reasonably strong, income holding up nicely. And on a per capita basis, housing is at forty year lows. ...Read More

China – Passing higher food prices to Asia

It makes political sense to use export taxes as a form of a domestic subsidy for basic necessities, and from a macro economic point of view, it a good way to express the political desire as well. A negative is this will give domestic producers an incentive to ‘cheat’ to avoid the ...Read More

A Rescue Plan for the Dollar

A Rescue Plan for the Dollar By Ronald McKinnon and Steve H. Hanke The Wall Street Journal, December 27, 2007 Central banks ended the year with a spectacular injection of liquidity to lubricate the economy. On Dec. 18, the European Central Bank alone pumped $502 billion — 130% of Switzerland’s annual GDP ...Read More