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The Planet’s Imminent Plunge into Recession - China Buying Gold

June 19th, 2013
in Op Ed

by LEAP/Europe 2020, Leap2020.eu

Despite a feeling of relative calm given by both the media and the American and Japanese financial markets going from record to record, the world economy is slowing down badly and a widespread recession is looming. The various players are fully aware of it and, in the face of the challenges of an imminent collapse, countries or regions are putting various strategies in place to try and limit the consequences. Whilst some seem dictated by desperation or last chance solutions, others on the contrary bear witness to a real adaptation to the world’s current changes. And it’s no surprise that, in the first category, we find the “powers of the world before” which no longer have any real options.

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Taleb Does Not Understand Money/Sovereign Debt

June 19th, 2013
in Op Ed, syndication

by Dirk Ehnts, Econoblog101

I was going through Taleb's book on anti-fragility last weekend, noting that he doesn't understand money/sovereign debt. His main idea that there are things which benefit from volatility is interesting. However, the way he writes about sovereign debt implies that he does not understand it. Since I have only been reading the German version I will have to translate the quote. Page numbers will be those of the German version as well. Let us start with the table on p. 52. Sovereign debt is listed as fragile, unsecured private debts as robust, and convertible bonds as antifragile. That is not how things played out in the crisis. Except for those countries using foreign currencies (like euro zone countries), sovereign bonds did exceptionally well:

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France's Great Chance to Be European Leader

June 18th, 2013
in Op Ed, syndication

Written by

France's President, Francois Hollande, is probably a man who thinks clearly, but as a wise politician he is careful not to let people know too clearly just what he thinks. Perhaps a man after the heart of the character in a novel by Benjamin Disraeli, who was asked which party he supported:

"The party of all wise men."

"And which party is that?"

"Wise men never tell."

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Out of Thin Air

June 18th, 2013
in Op Ed

Special from Daily Reckoning

by Ron Paul, Daily Reckoning

When I talk to many teenagers and grade schoolers, they seem to have no problem comprehending the fact that if you just create a lot of money, it’ll be like Monopoly money and it won’t have value. Governments do that for all kinds of reasons, especially to enhance political power to fight wars we shouldn’t be fighting or to pass welfare programs that aren’t deserved.

money-printing-bernanke

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The Irrelevance of Equilibrium Economics

June 17th, 2013
in Op Ed

by Dirk Ehnts, Econoblog101

The title of this post refers to a paper by Nicholas Kaldor from 1972. He starts his article on p. 1237:

I should go further and say that the powerful attraction of the habits of thought engendered by “equilibrium economics” has become a major obstacle to the development of economics as science – meaning by the term “science” a body of theorems based on assumptions that are empirically derived (from observations) and which embody hypotheses that are capable of verification both in regard to the assumptions and the predictions.

disequilibrium-girl

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