Rather than opening up to debate and scrutiny like the rest of the digital establishment, the Five Star Movement has locked itself in its leader's weltanschauung. Grillo's project is reminiscent of Google and Facebook's one-way system of navigation. Grillo has more than one million Twitter followers, but he exclusively follows representatives of the movement who, in turn, use the mediu...Read More
The Great Portuguese Hollowing Out … With every passing day Portugal has less and less economy left, while fewer and fewer people remain to try to pay down the debt. As Portuguese President Aníbal Cavaco Silva once put it, "A country without children is a nation without a future." He was, of course, referring to his country's ultra-low birth rate, which is just over 1.3...Read More
House Democrats demand Obama release 'full legal basis' for drone strikes … In a letter sent Monday, Lee said a leaked Department of Justice memo showed an "increasing devolution of accountability, transparency, and Constitutional protections in U.S. counterterrorism operations." The 16-page memo provided an outline of the Obama's administration legal justification of t...Read More
Greek Prime Minister Antonis Samaras on Saturday promised his recession-weary nation that there would be "no more austerity measures" as international creditors prolonged an audit of crisis reforms. "There will be no more austerity measures," Samaras said in a televised speech to his conservative party's political committee. "And as soon as growth sets in, relief measu...Read More
Seth Klarman Goes Nuts On The Fed In His Latest Investor Letter … Seth Klarman, the legendary head of Boston based hedge fund Baupost Group, sent out his letter to investors this week. He reports that his fund is up for the month, quarter, and year, but is sending out specifics in separate quarterly reports. That said: The juicy part of this letter has nothing to do with specific investments...Read More
Close to 15,000 people took the streets of Thessaloniki, Greece's second largest city, on Saturday to protest a planned gold mine by Canada's Eldorado Gold Corp. (TSX:ELD) (NYSE:EGO).Opponents believe the project represents a high environmental risk. But the company's vice-president, Nancy Woo, told Canadian Press on Monday their concerns are unfounded, as the mine will follow the essential Europ...Read More
Most of the unorthodox steps Mr Bernanke has taken since 2008, such as the galaxy of lending windows he set up after the Lehman bankruptcy, or the various quantitative easings, may seem obvious in retrospect. But it is not clear any of his former rivals for the job would have responded the same way … Mr Bernanke's grounding has given him the authority to dismiss those who view the meltdo...Read More
Business leaders press for measures to boost construction … Business has called for "radical" measures to boost growth and restore confidence in the Budget, with tax cuts for companies and a push on infrastructure. Business wants the Government to push on with building projects … Employers group the CBI, the British Chambers of Commerce (BCC), and manufacturers organisation t...Read More
Ghana … Golden Opportunities Africa: Investing in the Cradle of Civilization … This year could prove an interesting one for Africa's west coastal country, Ghana. Presidential and parliamentary elections are slated to be held by year-end, the results of which are almost sure to impact the shape of the country's future. President John Atta Mills has stated in the press that he wi...Read More
Most of the unorthodox steps Mr Bernanke has taken since 2008, such as the galaxy of lending windows he set up after the Lehman bankruptcy, or the various quantitative easings, may seem obvious in retrospect. But it is not clear any of his former rivals for the job would have responded the same way … Mr Bernanke's grounding has given him the authority to dismiss those who view the meltdo...Read More
Business leaders press for measures to boost construction … Business has called for "radical" measures to boost growth and restore confidence in the Budget, with tax cuts for companies and a push on infrastructure. Business wants the Government to push on with building projects … Employers group the CBI, the British Chambers of Commerce (BCC), and manufacturers organisation t...Read More
Ghana … Golden Opportunities Africa: Investing in the Cradle of Civilization … This year could prove an interesting one for Africa's west coastal country, Ghana. Presidential and parliamentary elections are slated to be held by year-end, the results of which are almost sure to impact the shape of the country's future. President John Atta Mills has stated in the press that he wi...Read More
Recovery in U.S. Is Lifting Profits, but Not Adding Jobs … A Growing Divide: As federal budget cuts begin, high productivity and low interest rates help corporations but not job seekers. … "So far in this recovery, corporations have captured an unusually high share of the income gains," said Ethan Harris, co-head of global economics at Bank of America Merrill Lynch. "The...Read More
The Dow Isn't Really At A Record High (And It Wouldn't Matter If It Were) … Just a quick, cranky reminder: Despite what you may have read, the Dow Jones industrial average did not hit a new high today in any meaningful sense. After adjusting for inflation, the Dow was higher in 2000 than it is today. It was also higher in 2007. It would need to rise another 10 percent or so to hit an...Read More
Platform … Comedian Beppe Grillo, the surprise, true winner of Italy's inconclusive February 24-25 elections, has a secret card up his sleeve: an economic 'guru' with close ties to Nobel laureate Joseph Stiglitz. For his economics policies the Genoese comedian turns to Mauro Gallegati, an economics professor at the Polytechnic University of the Marche region who has taught at Cam...Read More
Recovery in U.S. Is Lifting Profits, but Not Adding Jobs … A Growing Divide: As federal budget cuts begin, high productivity and low interest rates help corporations but not job seekers. … "So far in this recovery, corporations have captured an unusually high share of the income gains," said Ethan Harris, co-head of global economics at Bank of America Merrill Lynch. "The...Read More
The Dow Isn't Really At A Record High (And It Wouldn't Matter If It Were) … Just a quick, cranky reminder: Despite what you may have read, the Dow Jones industrial average did not hit a new high today in any meaningful sense. After adjusting for inflation, the Dow was higher in 2000 than it is today. It was also higher in 2007. It would need to rise another 10 percent or so to hit an...Read More
Platform … Comedian Beppe Grillo, the surprise, true winner of Italy's inconclusive February 24-25 elections, has a secret card up his sleeve: an economic 'guru' with close ties to Nobel laureate Joseph Stiglitz. For his economics policies the Genoese comedian turns to Mauro Gallegati, an economics professor at the Polytechnic University of the Marche region who has taught at Cam...Read More
Italy's Bersani on collision course with Germany and ECB over austerity … Italy's Pier Luigi Bersani vowed to break free of the country's austerity regime as he laid out plans for a centre-Left government, risking a serious clash with Germany and the European Central Bank. Mr Bersani's Democrats (Pd) and its allies control the lower house but failed to win the senate. He is h...Read More
Hyperinflation! The Libertarian Fantasy That Never Occurs … While it is probably true that no one has ever gone broke underestimating the intelligence of the public, it is also true that many who try to turn a profit from stupidity often become the victims of their own nonsense. As we have discussed previously, the fear industry that has grown up since 2008 – mainly centered on the gol...Read More