By now most people are aware of the events unfolding in Cyprus. The financial world was rocked by the announcement that the “Troika” of the European Central Bank (ECB), International Monetary Fund (IMF), and European Commission (EC) decided to give the tiny island of Cyprus an ultimatum – either pay a 9.9 percent wealth tax on deposits over 100,000 euros, or leave the EU. Continue reading
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The G7 issued a rare statement on exchange rates that is intended to calm growing fears of an international currency war, then immediately started bickering amongst themselves about what it really meant. Continue reading
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“I bought a down jacket from L.L. Bean four years ago for $100. Today, that same jacket is $250. You know you have inflation when even the price of down is up!” noted a participant in Miller’s online inflation survey. Continue reading
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Venezuela, South America’s biggest oil producer, devalued its currency for the fifth time in nine years, a move that may undermine support for ailing President Hugo Chavez and his allies. Continue reading
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What a debacle! The G7 issues a rare statement on exchange rates that is intended to calm growing fears of an international currency war. Then they immediately turn around and start bickering amongst themselves about what it really meant. Gordon Pape writes in Forbes that a currency war would drive up the value of bullion like nothing else and he spoke with BMG’s CEO Nick Barisheff. Continue reading
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“Spurious rumors, small substantiating facts, incontrovertible evidence, and finally, undeniable conclusions. We’re now at the undeniable conclusions stage. The build up has been slow, but steady, the dots, sometimes slow to connect, are now doing so, and the only question remains how many more sets of eyes will be opened before the inevitable happens?” Continue reading
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Why the European situation is so important may not be obvious to those who don’t live there. However, the global economy is extremely integrated, and what happens in one location readily leads to financial contagion in other areas. Continue reading
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The Fed will continue its monthly asset purchase of $85 billion, and will do so until the unemployment rate remains above 6.5 percent, inflation is no more than a half percentage point above the Committee’s 2 percent longer-run goal, and longer-term inflation expectations continue to be “well anchored.” Continue reading
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Overlooked amongst all of the talk about the “fiscal cliff” is the looming debt ceiling. While the collision course to come to an agreement on the “fiscal cliff” would have a negative impact on the US (and world) economy, failure to come to an agreement to raise the debt ceiling could in theory push the US into bankruptcy. Continue reading
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With concern over chaos in the Middle East spreading and effecting bigger energy producers in the region, such as Iran or Saudi Arabia, its worth taking a look at which nations lead the wold in terms of oil exporting. Continue reading
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Niall Ferguson gives a historical perspective on the current financial crisis at the Peterson Institute’s ninth annual Niarchos Lecture.
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