After analyzing how much developers were willing to spend to win land auctions in 10 major Chinese cities in which values are already up 23 percent year-over-year, the economist found that the business case for these bids evaporates unless property prices continue to increase.
The social contract on the home front is faltering badly. When the system started to fail in ’09, we stitched up a putrid wound without cleansing it. We needed reform of a highly flawed banking system corrupted by poor incentives. In the 1930s, the Pecora Commission rounded up scoundrels (including the head of the New York Stock Exchange) and threw them in prison. We should have hung a few in the town square, but instead the Obama Department of Justice punished shareholders and savers. A scandal at Wells Fargo emerging just this week, for example, led to a token fine while leaving some wondering if Wells Fargo is too corrupt to exist in its current form. It is not the government’s job to break up these institutions, nor should it save them.
The owner of this gold vault wants to remain anonymous for fear of compromising security, and he worries that even disclosing the name of his company might lead thieves his way. He’s quick to dismiss questions about how carefully he vets clients but says many who come to him looking for a safe haven for their assets don’t pass his sniff test. “For every client we take, we turn one or two away,” he says. “We don’t want problems.”
This line of argument, centring on the intrinsic nature of a market system, is persuasive, but although Smith’s commentary was made two years after the article he discusses it does not deal with the counter-argument Daly raised briefly in his 2008 statement. This is the possibility that technical advance will enable increasing dollar value to be got out of a stable amount of material and ecological inputs to the economy, thereby making it possible for sales and GDP to go on increasing. Daly says, “… the value of total production may still increase without growth in physical throughput – as a result of qualitative development. Investment in quality improvement may yield a value increase out of which interest could be paid.”
Newspapers across the country have been dealing with unprecedented turmoil for most of this century, but Post staffers can be excused for feeling like the past year has been exceptional for the pain they have had to endure. In addition to buyouts and layoffs and a substantial newsroom restructuring, this past March journalists at the Post saw their beloved editor, Gregory L. Moore, abruptly resign amid rumors he refused corporate orders to cut more jobs from an already gutted staff. Moore, who’d reached near-iconic status in his 14 years leading the paper, picked the newsroom to announce he was leaving, rather than the first-floor auditorium where big news—and frequently bad news—was often delivered. Though he’d soon be gone, Moore didn’t want his staff thinking they would be, too.
“[I’m] looking forward to the next 12 months, because we’re going to see the biggest financial collapse, probably ever!”
George acknowledged the Fed has been under increased scrutiny during the 2016 presidential campaign, as Trump repeatedly accused Yellen of keeping interest rates low to keep the economy stable to burnish President Barack Obama’s legacy and help Clinton slide into the White House.
What Lies Beneath (Cornelius9999)
Using the industry’s own figures, it shows that burning the oil, gas and coal in the fields and mines that are already either in production or being developed is likely to take the global temperature rise beyond 2°. And even if all coal mining were to be shut down today, the oil and gas lined up so far would take it past 1.5°. The notion that we can open any new reserves, whether by fracking for gas, drilling for oil or digging for coal, without scuppering the Paris commitments is simply untenable.
Gold & Silver
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