Monthly Archive:: May 2011

latest conference slides

MMT and the Theory of the Monetary Circuit ...Read More

Valance Chart Review

Have we hit a soft spot? ...Read More

Hoenig Urges Fed to Raise Interest Rates

This from the Fed’s longest serving policy maker, who remains hopelessly out of paradigm. (The ‘encourage individuals to save’ bit is particularly telling.) Hoenig Urges Fed to Raise Interest Rates May 28 (CNBC) —Federal Reserve Bank of Kansas City President Thomas Hoenig, the central bank’s longest-serving policy maker, said the U.S. needs ...Read More

Alwaleed: Saudis Seek Oil Price of $70-$80

This is the second time he’s said this in the last couple of weeks. If he’s right about the Saudis wanting that price, that’s where the price will go. Alwaleed: Saudis Seek Oil Price of $70-$80 May 29 (CNBC) —Prince Alwaleed bin Talal said an oil price of $70 to $80 a ...Read More

G8: Deficit Terrorism Leads Agenda

In the land of the blind, the one eyed man gets his good eye poked out. While the statement regarding the US is perhaps a tad on the soft side, globally, political will and public support appears firmly in place for further stagnation and a too large output gap for the foreseeable ...Read More

Juncker, EU minister quoted

Juncker, EU minister and erstwhile unofficial IMF policy spokeman: >    >   (email exchange) >    >   Referring to questions about Greece’s prospects for restructuring in the absence of a >   stabilization course: >    “If the donkey were a cat it could climb a tree. But it is not a cat. Nevertheless, this is a question that ...Read More

Consumer Spending Cools More Than Estimated, Wages Gain Less, Profits and Manufacturing Decelerate

Not good for this part of the cycle, as we remain grossly overtaxed for the size govt we have Consumer Spending Cools More Than Estimated By Shobhana Chandra May 26 (Bloomberg) — Consumer spending cooled in the first quarter more than previously estimated as the jump in food and fuel costs held ...Read More

former President Clinton on the debt ceiling issue

Just in case you thought former President Clinton ever understood the monetary system: Bill Clinton: Brief Debt Default ‘Might Not Be Calamitous’ “We regret if there has been a misinterpretation of a comment President Clinton made about raising the debt limit. President Clinton did not in any way mean to suggest that ...Read More

ECB’s Smaghi quoted

*ECB’S BINI SMAGHI SAYS THERE’S NO `ALTERNATIVE’ TO REFORMS Yes there is *BINI SMAGHI: CENTRAL BANKS CAN’T SHORE UP CAPITAL IN BNK SYSTEM Yes they can *BINI SMAGHI SAYS CENTRAL BANKS CAN’T PROVIDE SOLVENCY SUPPORT Yes they can *BINI SMAGHI SAYS MON POLICY CAN’T TAKE UP FISCAL `SLACK’ Correct!!! *BINI SMAGHI: PRICE ...Read More

China

RBS: China: Where is the slowdown? Very good, tends to support some of my ongoing themes: China will produce more of its own resources. Higher rates don’t bring down demand, and probably increase it. It’s the fiscal tightening, directly or indirectly, proactive or via auto stabilizers, that ultimately cause the tree to ...Read More