Wednesday, April 26, 2017

Tag: Economy

Dutch Regulator Accidentally Posts Soros’s Short Positions

Some of hedge fund billionaire George Soros's short positions dating back to 2012 were published on the Dutch financial market regulator’s website this week due to “human error,” according to the regulator AFM. The short positions, bets on a stock declining, were “between 0.2 percent and 0.5 percent,” of shares...

Trump Reverses Obama’s Mortgage Fee Cuts on First Day

Soon after Donald Trump was sworn in as president, his administration undid one of Barack Obama's last-minute economic-policy actions: a mortgage-fee cut under a government program that’s popular with first-time home buyers and low-income borrowers. The new administration on Friday said it’s canceling a reduction in the Federal Housing Administration’s...

China’s Xi Jinping At Davos, World’s Most Powerful Beggar

Xi Jinping will address the World Economic Forum on Tuesday in Davos, the first time a Chinese leader has done so. Chinese state media tells us he will speak strongly in favor of globalization. That message will be difficult to accept, however, as his country is closing off its market,...

Xi Jinping’s Swiss visit to present positive Chinese message: ambassador

Chinese President Xi Jinping's upcoming Swiss visit will present a confident, open, responsible and positive Chinese voice to the world, Ma Zhaoxu, China's Permanent Representative to the United Nations Office at Geneva (UNOG) and Other International Organizations in Switzerland, wrote in a signed article published on People’s Daily on...

China’s Xi to promote globalization at Davos, not war and poverty

China's President Xi Jinping will promote "inclusive globalization" at this month's World Economic Forum (WEF) in Davos and will warn that populist approaches can lead to "war and poverty", Chinese officials said on Wednesday. This year's forum, from Jan. 17-20, is expected to be dominated by discussion of a surge...

Summers Warns of Financial-Crisis Risk From Trump Economic Plans

Former U.S. Treasury Secretary Lawrence Summers attacked the policy proposals of Donald Trump on several fronts, saying the president-elect’s plans for deregulation were setting the stage for the next financial crisis. “The deregulation in some areas like finance is hugely dangerous,” Summers said Sunday in an interview on Fox News Channel....

China Reserves Hover Above $3 Trillion on Government Support

China's foreign currency holdings remained above $3 trillion in December even as the yuan capped its steepest annual decline in more than two decades. Reserves fell $41.08 billion to $3.01 trillion, the People’s Bank of China said in a statement Saturday. That matched a $3.01 trillion estimate in a Bloomberg survey...

China Considers Options to Back Yuan, Curb Outflows

China has studied possible scenarios for the yuan and capital outflows this year and is preparing contingency plans, according to people familiar with the matter. The offshore yuan surged the most in a year. The authorities have used stress tests, models and field research, said the people who asked not...

SoftBank’s First U.S. Investment After Trump Talk Generates 3,000 Jobs

SoftBank Group Corp. Chief Executive Officer Masayoshi Son told President-elect Donald Trump this month he would create 50,000 jobs in the U.S. Money for the first 3,000 positions was announced on Monday. Satellite startup OneWeb Ltd. said it raised $1.2 billion from SoftBank and existing investors, with the Japanese technology...

Can Corporate Raider Wilbur Ross Deliver on Trump’s Blue-Collar Promises?

Trump's pick for commerce secretary has a track record of saving American jobs. Whether he can bring many back to the Rust Belt remains to be seen. A decade ago, cheap Chinese cloth was hammering American textile makers. Companies like Burlington Industries and Cone Mills, two big U.S. makers of...

Swamp or no swamp, Goldman swims on

The investment bank’s network reaches the White House, again. Consider just this very partial list: Henry Fowler, Robert Rubin, and Hank Paulson, former US Treasury secretaries. Mark Carney, governor of the Bank of England. Mario Draghi, European Central Bank president. Malcolm Turnbull, prime minister of Australia. Bill Dudley, president of...

Lagarde Says Globalization Needs to Have a More Inclusive Face

Supporters of globalization need to develop a new way to promote open markets that relies on smaller trade deals and helps people who are feeling left out, International Monetary Fund Managing Director Christine Lagarde said. “I certainly hope there is not a move toward deglobalization,” Lagarde said Friday in an...

Apple in line of fire if trade wars start

Trump's decision to scrap Trans-Pacific Partnership is a lost opportunity for tech. There aren’t many politicians in the US right now who are prepared to shed public tears over abandoned trade deals. So when president-elect Donald Trump declared this week that the US, under his administration, would drop its support for...
video

Mark Blyth: Global Trumpism and The Revolt Against The Creditor Class

Mark Blyth is a Scottish political scientist and a professor of international political economy at Brown University. At an event on November 9 at Brown's Watson Institute for International and Public Affairs, he spoke about "Global Trumpism" -- a worldwide working-class backlash against harmful macroeconomic trends. "What we have everywhere...
video

Michael Hudson on the Orwellian Turn in Contemporary Economics

Michael Hudson is President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City and author of Killing the Host (2015), The Bubble and Beyond (2012), Super-Imperialism: The Economic Strategy of American Empire...

Saudis, China Dump Treasuries; Foreign Central Banks Liquidate A Record $375 Billion In US...

One month ago, when we last looked at the Fed's update of Treasuries held in custody, we noted something troubling: the number had dropped sharply, declining by over $22 billion in one week, one of the the biggest weekly declines since January 2015, pushing the total amount of custodial...

Trump Allies Urge Fed to Cut Balance Sheet and Revive Credit

Bond investors may have another reason to worry after Donald Trump's election last week: Some of his allies are not fans of the Federal Reserve’s big balance sheet of bonds and want the central bank to shrink it. They argue that the Fed's debt portfolio has damaged the economy by...

The Nation’s Biggest Banks Have Gotten a $130 Billion Boost from Trump Win

Biggest winner: Bank of America. Donald Trump and the big banks appears to be this year’s biggest story of unrequited love. While Trump has accused Wall Street of trying to ruin the country on the election trail, investors banking on the fact that the next president will be good for nation’s...

Bonds bloodied as Trump spending plans spur dollar

Routs in global bonds and emerging markets intensified, while the dollar climbed with base metals as investors positioned for the wave of fiscal stimulus that Donald Trump has pledged to unleash. The yield on 30-year Treasuries rose to the highest since January, with last week’s record debt selloff bleeding into...

Obama Administration Gives Up on Pacific Trade Deal

Congressional GOP leaders indicated they wouldn’t consider Trans-Pacific Partnership in lame-duck session. A sweeping Pacific trade pact meant to bind the U.S.and Asia effectively died Friday, as Republican and Democratic leaders in Congress told the White House they won’t advance it in the election’s aftermath, and Obama administration officials acknowledged...
video

Chris Hedges: The Surrender of the Liberal Left to Neoliberalism Gave Us Proto-fascism

With Trump, you get “the naked fist of a very frightening police state come down upon us,” warns Chris Hedges. Sharmini Peries: What is your reaction to having Trump as a president? Chris Hedges: Depression, that Trump won, followed by anger at the left for failing, after the passage of NAFTA...

Trade, Not Immigrants, May Have Been Key Motivator of Donald Trump’s Voters

A deeper look at election results suggests his victory may have come more from his stand against free trade. From the day he rode down an escalator at Trump Tower to launch his campaign, Donald Trump's candidacy was identified most often with one issue: fighting illegal immigration. A deeper look into...

Trump Team Promises To Dismantle Dodd-Frank Bank Regulations

During his presidential campaign, Republican Donald Trump said he would "get rid of" Dodd-Frank — the sweeping legislation passed in 2010 to address problems underlying the 2008-2009 financial crisis. Many Republicans hate the 2,300-page law, saying it is layered with far too many regulations. But Democrats say it provides valuable...

Defense Industry Stocks Surge Following Donald Trump Victory

Donald Trump’s upset victory Tuesday has brought joy to the defense industry. Here’s a snapshot from Google Finance. General Dynamics: Raytheon: Lockheed Martin: Boeing: Trump campaigned on maintaining a strong military, but also voiced some skepticism about overseas military engagements and overpayments to defense contractors. The defense stocks surging is a sign that investors believe...

With Trump’s election, is stimulus spending back on Washington’s agenda?

Has John Maynard Keynes just won a ticket back to the White House? Keynes was the British economist who advocated government deficit spending to stimulate moribund economies. And that seems to be the principle undergirding the $1-trillion infrastructure construction plan that President-elect Donald Trump proposed shortly before election day. Trump...

Copper Price Climbs to One-Year High

Gains based on rise in U.S. infrastructure spending after Trump triumph and optimism over China demand. Copper rose to a fresh one-year high on Wednesday, boosted by bets on a rise in infrastructure spending and continued optimism over China demand. Copper for December delivery settled up 2.9% at $2.4480 a pound...

James Rickards: The Petro Dollar Is Dead, Dollar Devaluation, Pensions Lost, World Currency

James Rickards is the Editor of Strategic Intelligence, a financial newsletter, and Director of The James Rickards Project, an inquiry into the complex dynamics of geopolitics + global capital. He is the author of The New Case for Gold (April 2016), and two New York Times best sellers, The...
video

Michael Hudson on Hillary Clinton and the US Elections

In this clip from our extended interview, Prof. Michael Hudson, economist and author of ‘Killing the Host – How Financial Parasites and Debt Destroy the Global Economy‘, speaks to Ross Ashcroft about the difficult choice faced by Americans in the upcoming US elections. If Hillary Clinton is more capable than...
video

Meet the Renegades: Michael Hudson

With every major financial recovery since the second World War beginning in a place of greater debt than the one before it, how could we not have foreseen the financial crisis of 2008? In this episode of Meet the Renegades, economics professor and author, Michael Hudson argues we did. How could...

Five Reasons You Should Blame The Economics Discipline For Today’s Problems

This ended up being a pretty long piece so, for the “tl;dr” people, here is a quick summary: We are experiencing deep economic problems and it is the fault of the economics discipline. Their macro theories suck. But, there is no mechanism forcing it to alter its models when they...

Article Filter Options