photo credit: TheeErin Some A$2 trillion has been pumped into banks globally. Last night saw a record amount of commercial paper sold in the US, with the Fed buying some US$60 billion in debt. A record day in the US sharemarket followed. How many more days like that will last until the Fed’s kitty needs to be replenished? The Republican … Read More
Reserve Cuts Interest Rates by a Whopping 1%
photo credit: azrainman Will it ever be learnt? The Greenspan playbook of cutting interest rates pushed the asset bubble ever higher and higher in the early to mid 90’s. Now Australia’s Reserve Bank governor Glenn Stephens is endeavouring to do the same. And gee whizz the markets rally. Surely this is an act of panic. Yet again a central bank … Read More
Renegade Economists Show 56
photo credit: thelastminute Summary The Earth Belongs to Everyone – that’s the title of the new book by last week’s guest, UN rep Alanna Hartzok. She discusses why wage/ rent slavery is no different, if not worse than outright slavery. US dramas and a touch of Garnaut fill the show. Below are the notes host Karl Fitzgerald scurries through as … Read More
Pumped Money Supply – No Wonder Oil Peaks
With oil surging $15 overnight to record levels for a single day’s trading, one wonders if economic theory is understood by Paulson’s panickers. With US$247 billion pumped into the global banking system over the last week by the world’s central banks to assist liquidity in the short term money market, one wonders why the US Fed now jumps to the … Read More