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Most Recent Posts

What We Read Today 27 January 2015

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.

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From The Guardian:

Click to see full-size image at The Guardian.
syzira-monster-600x402





What We Read Today 26 January 2015




What We Read Today 26 January 2015

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.

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To become a GEI Member simply subscribe to our FREE daily newsletter.


Who Will Rule the Oil Market? (Daniel Tergin, The New York Times)  Saudi Arabia and OPEC (Organization of Oil Exporting Countries) have abdicated the throne and so the headline question pertains.  For 40 years Saudi Arabia's huge oil production, "backed by the Persian Gulf Emirates", placed it in a position to determine how to balance global surpluses and shortages.  Now that role has passed to the U.S., although The NYT says "changes in American production will now, along with that of Persian Gulf producers, also have a major influence on global oil prices", which implies a shared role, perhaps ultimately even shared formally, although The NYT doesn't explicitly say that.  The conclusion of Yergin's article is quite significant in that it articulates a factor discussed here before:  It is not clear at this point where the fracking and horizontal drilling technology is on its production costs learning curve.  This production may be evolving to much lower costs than those widely quoted which have been based on the past couple of years' experience.  Yergin:

Even at prices well below $100, American shale oil producers will find ways to drive down costs and output will start rising again. And the world’s new swing producer will find itself back in the swing of things.




What We Read Today 25 January 2015

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.

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Syriza stretches poll lead as Greek election campaign ends (Helena Smith, The Guardian)  The polls are already open for three hours as this is written but it will be a long day before any sense of how the final vote in the historic Greek election will turn out.  According to The Guardian, last minute opinion polling showed the leftist party Syriza with a 6% lead over the incumbent conservative New Democracy Party, headed by Prime Minister Antonis Samaras.  Leading the Syriza party is a young (age 41) Alexis Tsipras, a former Communist youth member.  If Syriza fails to gain at least 101 seats in their victory (the winning party gets an additional 50 at-large seats) they will need to form a coalition to gain a majority in the 300 seat parliament.  Most likely would be the centrist Potami (River) Party which is in a battle for third place in the balloting with the extreme right-wing Golden Dawn.  The only other possible partner would be the once-leading opposition party, the PASOK Socialists, who now seem doomed to run a poor fifth. For more see Radical Left Set To Win Crucial Election In Greece (AP, The World Post)





What We Read Today 24 January 2015

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.

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Draghi Dodges QE Disappointment With Plan That Might Work (Jeff Black and Scott Hamilton, Bloomberg)  If the value of the euro can be depreciated enough then maybe inflation can be increased as people will spend what they have before it will buy less.  And of course imports will cost more if they come from countries with  less weak currencies.  And the euro is depreciating:  Just 36 hours ago the EUR/USD was $1.162;  about 12 hours before this was being written (1:20 am EST) the exchange was at $1.137; at 7:27 am EST it was $1.117; and at 1:20 pm EST it was slightly firmer at $1.124.  Get the latest at EUR/USD Overview, Investing.com.  There is more about the euro below.  Sign up for free newsletter to become an Econintersect member with access to the latest on what we find important around the internet today.

eurusd-2015-jan-16-22





What We Read Today 23 January 2015

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.

SPECIAL ANNOUNCEMENT

We have a new "free wall".  Premium content will be available at no charge for daily newsletter subscribers.  The newsletter is also free.  Access to each day's 'behind the wall' content will be made with sign-in codes delivered with the newsletter sent every day at 6:06 pm EST (New York time).   Our goal is to make WWRT our readers' first source for news, finance and economics review daily and to reward our newsletter "members" with additional valuable and interesting content.


Europe to print €60bn-a-month to fight deflation and euro crisis - but why is it happening and will QE work? (Simon Lambert, This is Money.co.uk)  ECB (European Central Bank) president Mario Draghi announced a QE (quantitative easing) program Thursday for the Eurozone that will see €60 billion of bonds purchased per month for 20 months, ending in and including September 2016.  The €1.2 trillion expansion of the ECB has the objective of inflation inflation towards the 2% target it has set.

The size of the program is at the upper end of the range that had been rumored (€50 billion per month, for up to 24 months).  The total involved is the maximum but the rate of growth is faster (21 months vs. 24).

The structure of the ECB purchase plan was not revealed, but it will definitely include government bonds.  What other types of securities may be included were not disclosed.  In the final (so far) and largest QE in the U.S. involved similar amounts of government securities and MBS (mortgage backed securities).

As with all QE programs to date, this will put money into the financial system.  In general that results in asset inflation and the ECB objective of 2% inflation applies to consumer prices.  This somehow seems like trying to fatten hogs by feeding the cows.  But that is what these genius "farmers" seem to believe in.

Drahi said that a large majority of the ECB directors approved the new program but it was not unanimous.  Sadly Econintersect does not think those objecting were of the mindset of hog farmers but were actually thinking of not feeding any of the animals.

There is more about the euro below.  





Full list of posts:

What We Read Today 27 January 2015
What We Read Today 26 January 2015
What We Read Today 26 January 2015
What We Read Today 25 January 2015
What We Read Today 24 January 2015
What We Read Today 23 January 2015
What We Read Today 22 January 2015
What We Read Today 21 January 2015
What We Read Today 20 January 2015
What We Read Today 19 January 2015
What We Read Today 18 January 2015
What We Read Today 17 January 2015
What We Read Today 16 January 2015
What We Read Today 15 January 2015
What We Read Today 14 January 2015
What We Read Today 13 January 2015
What We Read Today 12 January 2015
What We Read Today 11 January 2015
What We Read Today 10 January 2015
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What We Read Today 08 January 2015
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What We Read Today 01 January 2015
What We Read Today 31 December 2014
What We Read Today 30 December 2014
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