. . . said Mario Draghi, ECB president, in a speech to Wall Street investors in New York Friday. Only the day before, the ECB had announced its QE plans for the Eurozone, which investors immediately deemed insufficient and stocks declined. Rushing to defend his plan for further money creation and asset buying, Draghi made
“First they ignore you, then they laugh at you, then they fight you, then you win.” — Mahatma Gandhi Mahatma Gandhi successfully sought the overthrow of tyrannical British rule in India via non-violent civil protests. In doing so, the above quote became synonymous with his name. Basically, Gandhi’s quote outlines how new ideas are received
Wednesday the Federal Open Market Committee (FOMC) gave no date for an interest rate hike, leaving analysts and economists speculating as to when the long anticipated .25 percent increase in the federal funds rate, which now officially stands at “zero to .25 percent,” will come. Following the Fed’s official statements issued after FOMC meetings has
If there is anything that haunts the Fed chairpersons it’s the fear that they will be blamed for causing another Great Depression. Ben Bernanke, noted for his studies of the era, has said that the Fed did not do enough to prevent the calamitous 1930s depression. That position, undoubtedly, led to the Bernanke Fed implementing
In the scheme of things, Greece’s problems are small potatoes compared with China’s. What makes the possibility of a Grexit (Greece exit from the Eurozone) significant is that it would call into question the concept of a unified Europe. If Greece exits, what about Portugal, Spain and Italy, which are also struggling with massive debt?
Greece remaining in the eurozone monetary system and keeping the euro as its currency appears less likely at the end of every marathon meeting of eurozone prime ministers and Greek representatives. Many analysts are of the opinion that dumping the euro and going back to the drachma would alleviate some of Greece’s pain. Of course,
Reaching an agreement on Greece’s bailout is beyond the 11th hour. It’s striking midnight. Monday all eurozone presidents and prime ministers have been summoned to meet in Brussels in a final attempt to resolve Greece’s bailout stand-off. This confab is necessary because the finance ministers of the currency union failed to reach an agreement earlier
Belatedly, Zimbabwe recently declared its currency, the Zimbabwe dollar, worthless. The marketplace recognized the worthlessness of the Z$ in 2009, when the Zimbabwe government adopted the US dollar as its main currency. Account holders with Z$ balances of zero to Z$175 quadrillion will be paid a flat US$5. A “quadrillion” has fifteen zeros.
In a statement that could not have been more blunt, last week the IMF told Japan that it needs to print more money to ensure that its economy will not slip into recession. Specifically, the IMF wants the Bank of Japan to push inflation to 2 percent. Japan’s inflation rate is near zero.
Despite our constant attention to news, we listen and view with disdain, knowing full well that what we hear and see is often distorted to get us to react and think in specific ways. In short, the news is slanted. Sometimes, slanted news coverage is exposed, but rarely is it exposed as was the case
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