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Obama’s Economic Legacy: Thirdworldizing America

The New York Times colluded with Obama, presenting the illusion of economic recovery, twisting reality, ignoring cold hard facts. Interviewed by its financial columnist Andrew Sorkin, a false picture of his economic record was presented. America’s 1% never had things better. Protracted Main Street Depression conditions affect most others. One out of four working-age Americans have no jobs. Most others lucky to have work are underemployed – stuck in ...Read full article...

U.S. Jobs Report Blues

On Friday the Bureau of Labor Statistics reported that there were 215,000 new jobs in March. John Williams of ShadowStats.com reports that these “new jobs” result from the the Birth-Death model that “artificially inflates headline month-to-month payroll gains with add-factors that currently average well in excess of 200,000 jobs per month.” In other words, the jobs are the product of a model’s assumption that unreported new start-ups created 200,000 ...Read full article...

The Public is being Looted by Privatisation and Deregulation

The privatization movement and the deregulation movement have turned out to be failures. Privatization in Britain under the Thatcher government had its origin in the belief that the absence of incentivized managers and shareholders with a stake in the bottom line resulted in nationalized companies operating inefficiently, with their losses covered by government like the big private banks’ losses today. Thatcher’s government believed that privatizing socialized firms would reduce ...Read full article...

US On Road To Third World

n January 6, 2004, Senator Charles Schumer and I challenged the erroneous idea that jobs offshoring was free trade in a New York Times op-ed. Our article so astounded economists that within a few days Schumer and I were summoned to a Brookings Institution conference in Washington, DC, to explain our heresy. In the nationally televised conference, I declared that the consequence of jobs offshoring would be that the US would ...Read full article...

Brazil warming up for a new March against Rousseff

Millions of people are scheduled to protest President Dilma Rousseff all over the country today. Dilma’s popularity has fallen to a mere 8% amid the growing political and economic crisis. The demonstrations called for this Sunday will be the third since Rousseff started her second term to which she was re-elected in October 2014. In the seven and a half months since the start of her new term, support ...Read full article...

Venezuela’s Savage Scarcity

Although not recognized by the Maduro administration, Venezuela’s inflation rate reached almost 100% in the first quarter of 2015. In Venezuela the government controls the body responsible for publishing real inflation data. That is why it is impossible to know the official inflation rate in the country. However, it is estimated that in early 2015, Venezuelans already had a 90% inflation rate on basic food items. In a statement ...Read full article...

The Socialist party is over in Brazil

The Brazilian gravy train has stopped to a halt as Dilma Rousseff announces a R$ 70 billion cut in government spending. The government of President Dilma Rousseff of the Workers Party (PT), will make an adjustment of 70 billion reais in 2015. The measure is aimed, Dilma says, at adjusting government expenses but that economy experts believe are more of a sign to reassure markets. The figures of the ...Read full article...

Heading Toward Financial Maidan in Ukraine?

Ukraine’s economy is a sinkhole of economic Depression. It’s teetering toward collapse. Its Q I GDP plunged 17.6% year-over-year. It’s down 6.1% from Q IV 2014. Ten of the last 11 quarters saw economic contraction. Kiev depends on outside aid to keep operating. Inflation is out-of-control. The Financial Times reported it reaching 61% in April. Its hryvnia currency is headed toward becoming worthless toilet paper. It’s worth less than ...Read full article...

The slowdown in Latin America threatens the rise of the Middle Class

Most of Latin Americans who have entered the middle class in the last decade remain vulnerable. According to the United Nations Program for Development (UNDP), although 56 million Latin Americans have moved out of poverty between 2000 and 2012, about 200 million, a third of the total population, could again be poor in case of a major economic crisis. The UN, which provided the data in August, has now ...Read full article...

Venezuela has the Highest Inflation in the World

The Central Bank of Venezuela (BCV ) unveiled Tuesday the scarcity index, which measures the total absence of assets and the inability to replace the equivalent of another brand in 2014. The report revealed the low supply of all goods in the domestic market. The index showed a total of 28%, the highest figure since the agency began to show that indicator, which confirmed an increase of 5.8% compared ...Read full article...

What Is Supply-Side Economics?

Supply-side economics is an innovation in macroeconomic theory and policy. It rose to prominence in congressional policy discussions in the late 1970s in response to worsening Phillips Curve trade-offs between inflation and unemployment. The postwar Keynesian demand management policy had broken down. The attempts to stimulate employment brought higher rates of inflation, and attempts to curtail inflation resulted in higher rates of unemployment. In other words, the Phillips curve ...Read full article...

Brazil sacrifices growth to ‘control’ inflation

The Brazilian finance minister, Guido Mantega, said in an interview published today that the Government will endeavor to keep inflation under control “even if it means reducing the rate of growth.” “The government will never let inflation get out of control,” said Mantega, head of the economic team of the cabinet of President Dilma Rousseff, in an interview to the magazine Veja. Mantega said that inflation is “the worst ...Read full article...

The Rational Market Myth: “Financial Armageddon” without Nukes

One of the myths of economics is that markets are rational. Theories are based on this assumption, and the belief that markets are rational fuels the argument against regulation.  The market response to the Federal Reserve’s June 19 statement that it will taper off its bond purchases if its forecast comes true is unequivocal proof that markets are irrational. The Federal Reserve’s statement that it “currently anticipates that it ...Read full article...

Brazilians rapidly reaching worrisome indebtedness level

The Brazilian Household debt has reached a record in March since the Central Bank began measuring this index, says a report from the bank. In the first quarter of this year the debt reached 43.99%, which means that families owe financial institutions almost half of what they earn each year. In 2009, this rate was 18.39% and since then it has not stopped growing. Over 60% of families began ...Read full article...

Europe to experience economic contraction in 2012 and 2013

A new report issued by the European Central Bank forecasts a downward trend in growth and similar inflation. By LUIS MIRANDA | THE REAL AGENDA | AUGUST 9, 2012 The “let’s do the same thing and expect better results” crowd is getting what they wanted in the Euro zone. The latest analysis issued by consultants hired by the ECB explains that the European economy is bound to contract n ...Read full article...
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