Fitch Downgrades Viability Ratings Of Eight Global Trading And Universal Banks (21/12/11) PDF Print E-mail
Administrator   
Wednesday, 21 December 2011 12:20

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50 Economic Numbers From 2011 That Are Almost Too Crazy To Believe - By theeconomiccollapseblog.com (20/12/11) PDF Print E-mail
theeconomiccollapseblog.com   
Tuesday, 20 December 2011 09:48

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The Pure Time-Preference Theory Of Interest - By Doug French (20/12/11) PDF Print E-mail
Doug French   
Tuesday, 20 December 2011 09:37

Mises Daily 

[Foreword to The Pure Time-Preference Theory of Interest (2011)]


Consumers and entrepreneurs often speak of "the cost of money" when referring to interest rates. Modern lenders also refer to the interest they charge as "loan pricing." Viewed this way, interest is viewed as if it were any other good. The cheaper a good the more affordable it is. And so the lower the interest rate, the more affordable. By dictating key interest rates, modern central bankers are believed to be alchemists, lowering interest rates to magically transform scarcity into prosperity.

As the world struggles to deleverage, with the market constantly forced to clear malinvestments of a continuous string of asset bubbles and crashes, central bankers continue their faith in the ancient tradition. All the economy needs is more monetary elixir. If the patient hasn't yet responded, it must mean larger doses are needed: Interest rates must be too high.

The mainstream view has devolved to the belief that zero is too high. In the spring of 2009, Harvard economist, and former adviser to President George W. Bush, N. Gregory Mankiw seriously wrote in the New York Times, "It May Be Time for the Fed to Go Negative." But who would lend money to only receive less in return?



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Supply Explosion Will Lead To Accelerating Inflation - By Alasdair Macleod (19/12/11) PDF Print E-mail
Alasdair Macleod   
Monday, 19 December 2011 13:27

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Argentina Tango Lessons: Europe’s Turn For Financial Danse Macabre? - By Adrian Salbuchi for RT (19/12/11) PDF Print E-mail
Adrian Salbuchi for RT   
Monday, 19 December 2011 13:22

Exactly ten years ago Argentina suffered a full-scale financial and governmental collapse. That was the end-result of over a decade of doing exactly what the IMF, international bankers, rating agencies and global “experts” told us to do.

Then President Fernando de la Rúa kept applying all IMF recipes to the very last minute, making us swallow their poisonous “remedies”.

It all began getting really ugly in early 2001 when De la Rúa could no longer service Argentina’s “sovereign debt” even after driving the country into full “deficit zero” mode, slashing public spending, jobs, health, education and key public services.

By March 2011, he had brought back Domingo Cavallo as finance minister, a post Cavallo had already held for six years in the nineties under then-President Carlos Menem, imposing outrageous IMF deregulation and privatization policies that weakened the state and led straight to the 2001 collapse.



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