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Economic and and financial news and analysis

ISM New Orders Unadjusted Index Suggests Major Stock Market Top May Be Forming

This report is an excerpt from the permanent ISM and factory orders charts page, which is updated whenever new data becomes available. You can bookmark that page for future reference.   The ISM not seasonally adjusted (in other words, actual) new orders index had been diverging from the stock market as the growth rate of…

Banks laundering drug money- It’s Huge, Endemic, and Essential to the System | Golem XIV – Thoughts

A recent study on the Colombian drug trade reported in The Guardian found …that 2.6% of the total street value of cocaine produced remains within the country, while a staggering 97.4% of profits are reaped by criminal syndicates, and laundered by banks, in first-world consuming countries. If that study is anywhere near accurate then the…

Social Media is Bullshit- CNBS Video

I suspect that $FB is little more than an annoying fad that will eventually collapse. Twitter is different I think. It’s useful in getting a message out, but true that it’s difficult to achieve large numbers of followers without a boost from established major media. It takes both talent and luck, sometimes just luck.

Pros and Cons of Gold Standard Weigh Against It – David Weidner- Marketwatch

Look, let’s acknowledge what adopting a gold standard would do: • It would guard against inflation by linking currency to something in fixed supply. • In doing so, it would lessen government’s ability, through the Fed, to manage wealth. That’s because inflation effectively shifts wealth from citizens, who can’t print money, to the government, which…

ECB faces moment of truth on bond-buying plan | Reuters

Spain and Italy have been sucked deeper into the crisis as investors increasingly doubt their capacity to repay their debt. Yields on their bonds have risen to near-unsustainable levels. Draghi responded in late July by saying the ECB would do “whatever it takes” to preserve the euro, and last month he signaled it was ready…

A trip to Greece « The Prodigal Greek

Another visit to my homeland came to an end in the weekend and as much as I would like to take back with me only memories of family and friends, it is impossible to ignore the broken spirit of many Greeks.  Having spoken to people from all types of economic activity – employers, employees, young…

Young and without a future – The Washington Post

More than 5.5 million young people across Europe are unemployed, the European Commission reports, part of what scholars are dubbing a lost generation. The youth unemployment rate in Greece and Spain has climbed to a staggering 53 percent. That rate is 36 percent in Portugal, 34 percent in Italy and 23 percent in France, according…