by Derryl Hermanutz
The two centuries referred to in the title are not consecutive. I refer to the nineteenth and twenty-first centuries. The article by Michael Pettis in Foreign Policy that was highlighted by a GEI News article yesterday (Sept. 9) gave an excellent review of current account balance issues in a light that is not understood by the mass of citizenry, most media and definitely not by politicians. The world reserve currency status of the U.S. dollar, which is a source of pride to most Americans and those in government in particular, is actually a curse in many regards rather than a blessing.
by Frank Li
In a previous post, I published Pyramid Theory I, which is primarily intended for America. In this article, I will expand it into Pyramid Theory II, in the context of the world economy, and spell out its implication for America.
Human beings are earthly global by definition. Isn’t it true that we human beings all originated in Africa many million years ago? Do you know of the existence of the Silk Road a few thousand years ago? What’s the point? We human beings are earthly global by definition!
by Nassim Nicholas Taleb and Mark Spitnagel
Reposted with written permission from Project Syndicate.
For the American economy – and for many other developed economies – the elephant in the room is the amount of money paid to bankers over the last five years. For banks that have filings with the US Securities and Exchange Commission, the sum stands at an astounding $2.2 trillion. Extrapolating over the coming decade, the numbers would approach $5 trillion, an amount vastly larger than what both President Barack Obama’s administration and his Republican opponents seem willing to cut from further government deficits.
by Guest Author Derryl Hermanutz
“Rick Perry, the governor of Texas, recently made headlines by dismissing evolution as 'just a theory,' one that has 'got some gaps in it' -- an observation that will come as news to the vast majority of biologists. But what really got people's attention was what he said about climate change: 'I think there are a substantial number of scientists who have manipulated data so that they will have dollars rolling into their projects. And I think we are seeing almost weekly, or even daily, scientists are coming forward and questioning the original idea that man-made global warming is what is causing the climate to change.” - Paul Krugman NY Times OpEd.
by Elliott Morss
The US Bureau of Labor Statistics employment numbers are closely watched. If they are up, the economy is recovering. If they are down, look out for a double-dip. But there is more to be learned from them than just what happens to the monthly totals.