Finance
Let’s say there is a big hole in the solvency of a banking system. Left unaddressed, that is radically deflationary. Demand (and other) deposits will disappear, crushing aggregate demand. Cascading financial failures will occur elsewhere, again with negative demand effects. If…
By Tsvetana Paraskova of OilPrice.comThe world’s biggest international oil and gas firms continue to pledge lower-emission operations to supply the world with the hydrocarbons it needs and will need in the future. Unfortunately for Big Oil, not all basins and areas…
Since the COVID-19 pandemic, Americans have taken on significantly more debt to buy vehicles. This is especially true for Gen Z and Millennials, who the Federal Reserve believes may have borrowed beyond their means.In this infographic, Visual Capitalist's Marcu Lu visualizes…
by Calculated Risk on 3/18/2023 02:11:00 PM At the Calculated Risk Real Estate Newsletter this week:• Pandemic Economics, Housing and Monetary Policy: Part 2• Current State of the Housing Market; Overview for mid-March • Lawler: Early Read on Existing Home Sales…
Authored by Mark Jeftovic via BombThrower.com,The Elites are bailing out their own banks, not yoursThe systemic banking and financial crisis I’ve been warning about for years has arrived. (In fact, the report I put out in January seems to be playing out in spades).The…
It looks like those robotaxis that were promised years ago are finally making their way onto the roads. The only problem is they aren't Teslas - instead, they are products of Beijing's internet search giant, Baidu.The company, akin to Google in…
Authored by Steve Watson via Summit News,A study has revealed new lows in terms of trust Americans have in the establishment media.The study by pollster Gallup and the Knight Foundation found that only a quarter of Americans have some level of favourability…
So much can change in just 48 hours.Late on Thursday, just hours after the SNB had launched the first (of many) bailout attempts of Swiss banking giant Credit Suisse, Bloomberg blasted the following headline:*UBS, CREDIT SUISSE SAID TO OPPOSE IDEA OF…
A grocery store located in Manhattan's Upper West Side uses facial and voice recognition technology to combat a surge in shoplifting, reported Patch NYC. "This Business collects, retains, converts, stores, or shares customers' biometric identifier information, which is information that can be used…
Authored by Alasdair Macleod via GoldMoney.com,Our proprietary gold price model has done a very good job tracking gold prices since we introduced it to our readers for the first time in 2016. As we have explained before, the intent of our…
As the banking crisis and the Hunter Biden laptop scandal continues to unfold, the potential indictment of former President Trump on felony falsification charges could be the only headline that really matters next week. Fox News anchor John Roberts informed viewers on Friday…
Authored by Mike Shedlock via MIshTalk.com,We don't need to up the FDIC limit, we need to eliminate the need for FDIC and create a safekeeping bank...Creating a Safe BankHow many times do we have to go down the duration mismatch road…
This week, we speak with Cliff Asness, co-founder and managing partner at AQR Capital Management. The firm has ~$100 billion in assets under management. An active researcher, Asness contributes to numerous publications and has received a variety of accolades, including the…
BMW has announced it's going to stop raising prices on its premium vehicles after 2023, marking what could be a top in auto prices as global supply continues to swell and the average consumer is tapped with debt.Price hikes as a…
Authored by John Tammy via RealClear Wire,John Paulsen made his name and immense fortune with a well-timed purchase of securities that would soar if mortgages declined. His billions hopefully remind readers that huge fortunes are made not by doing as other…
Did you know that nearly one-fifth of all the gold ever mined is held by central banks?As Visual Capitalist's Govind Bhutada details below, besides investors and jewelry consumers, central banks are a major source of gold demand. In fact, in 2022, central banks snapped up gold at…
by Calculated Risk on 3/18/2023 08:11:00 AM The key reports this week are February New and Existing Home Sales.The FOMC meets this week, and there is some uncertainty on rate hikes due to the recent banking issues. ----- Monday, March 20th…
Authored by Lorenz Duchamps via The Epoch Times (emphasis ours),Germany’s Minister of Health Karl Lauterbach, who once claimed that COVID-19 vaccination is free of side effects, admitted last week that he was wrong, saying adverse reactions occur at a rate of…
As Sweden looks to reorganize its embattled 1 trillion kronor ($90 billion) pension system following an embezzlement scandal, the office overseeing the process says it won't accept applications from asset managers that don't incorporate ESG (Environmental, Social and Governance) into their…
Tyler and I have a new paper, How to Learn and Teach Economics with Large Language Models, Including GPT: GPTs, such as ChatGPT and Bing Chat, are capable of answering economics questions, solving specific economic models, creating exams, assisting with research,…
Authored by Thomas Brooke via Remix News,The success of the Farmer-Citizen Movement (BBB) will further undermine the Dutch government’s plans to impose radical agricultural reforms campaigners say will destroy rural communities...Lawmaker Caroline van der Plas, leader of the populist BBB Farmer-Citizen…
90-year-old tortoise becomes father of three BBC Loneliness and the Trinity of Creativity: Ada Lovelace, the Poles of the Mind, and the Source of Her Imaginative Powers The Marginalian (Chuck L) Posed Riddles Drift Magazine (Anthony l) #COVID-19 What Worked Against…
Yves here. With the 20 year anniversary of sorts of the US invasion of Iraq, many analysts are focusing on why we launched the attack and what did it accomplish. If you were following the conflict closely at the time, it…
Yves here. If possible, this article understates how bad this nuclear submarine deal is for Australia. For instance, the US is making Australia buy three cast-off submarines. And it hopelessly ruptures Australia’s once-good relations with China. I recall when I live…
Banks failed. Rich men became publicly agitated, demanding protection. Regulators stepped in to try to stop the panic. Markets wobbled anyway.And now we everyday actors in the economy are supposed to do what, exactly?It’s not a rhetorical question. Too many people…
It is signed by many luminaries, and it opens with this: The governing coalition in Israel is considering an array of legislative acts that would weaken the independence of the judiciary and its power to constrain governmental actions. Numerous Israeli economists,…
He is harsh, but my view is not far from his: The AI-existential-threat discussions are unmoored from evolutionary biology, cognitive psychology, real AI, sociology, the history of technology and other sources of knowledge outside the theater of the imagination. I think…
Authored by Andrew Korybko via The Automatic Earth blog,Eurasia’s geo-economic integration took a great leap forward as a result of the Iranian–Saudi rapprochement, which unlocks the Gulf Cooperation Council’s (GCC) trade potential with Russia and China. Its wealthy members can now tap into…
Following this week’s release of GPT-4, OpenAI’s new multimodal model accepting image and text inputs rather than ChatGPT’s text-only prompts, people on social media have been marveling about the new engine’s results in performing a variety of tasks, such as creating a working…
Authored by Douglas Macgregor via TheAmericanConservative.com,America’s self-inflicted trouble in Ukraine aggravates our dangerous trouble at home...The crisis of American national power has begun. America’s economy is tipping over, and Western financial markets are quietly panicking. Imperiled by rising interest rates, mortgage-backed securities and U.S. Treasuries…
This Friday, March 17, is World Sleep Day, an annual event that aims to raise awareness of the importance of getting a good night's sleep.This year's campaign tagline is "Sleep is essential for health." As Statista's Anna Fleck reports, according to a study by…
Authored by Victor Davis Hanson via American Greatness,When Constantinople finally fell to the Ottomans on Tuesday, May 29, 1453, the Byzantine Empire and its capital had survived for 1,000 years beyond the fall of the Western Empire at Rome.Always outnumbered in…
John Arnold, a billionaire from Houston, is making a big bet on modernizing the outdated transmission infrastructure in the United States to transport electricity to areas where it is needed, including the distribution of wind and solar energy to towns and…
Authored by Emily Miller via The Epoch Times (emphasis ours),The federal government has been using Americans’ income and gun purchases to conduct warrantless tracking and deny Second Amendment rights. Agents from the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) gave…
The White House is already condemning any possible China-brokered peace plan initiative related to Ukraine before it even gets off the ground. Following Beijing confirming on Friday that Chinese President Xi Jinping will travel to Moscow on Monday through Wednesday to hold talks…
Authored by Bill Pan via The Epoch Times (emphasis ours),The last remaining members of an ethics and society team within Microsoft’s artificial intelligence (AI) department didn’t survive a recent round of mass layoffs, according to a report.Screens displaying the logos of…
The Chinese government suspended operations at the western-linked auditor Deloitte Touche Tohmatsu Ltd.'s Beijing office for three months after finding "deficiencies" in its auditing work for China Huarong Asset Management. According to Bloomberg, the Chinese finance ministry carried out a thorough assessment of…
Authored by Ryan Morgan via The Epoch Times (emphasis ours),About 60 percent of Americans surveyed in a new Quinnipiac University Poll have listed China as a bigger threat to the United States over Russia.The Chinese regime’s flags and American flags are…
by Calculated Risk on 3/17/2023 08:45:00 PM Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.On COVID (focus on hospitalizations and deaths). Data is now weekly.The winter surge was much smaller in 2023 than for the previous two…
U.S. President Joe Biden is welcoming Irish Taoiseach Leo Varadkar to the White House today as part of a Saint Patrick’s Day tradition, celebrating the two countries' strong ties.As well as taking part in several St. Patrick’s Day events together, including…
Authored by John Haughey via The Epoch Times (emphasis ours),The United States military is facing recruitment shortfalls with only the Marine Corps and the newly created Space Force meeting 2022 enlistment quotas, an issue that could undermine the Pentagon’s readiness to…
As part of the West's attempt to ramp up the pressure on President Vladimir Putin, the International Criminal Court (ICC) on Friday issued an arrest warrant for the Russian leader. It's a largely symbolic step, given detaining Putin remains entirely unenforceable, but is…
Authored by Dave DeCamp via AntiWar.com,South Korean President Yoon Suk-yeol met with Japanese Prime Minister Fumio Kishida in Japan on Thursday as Tokyo and Seoul seek to thaw relations, an initiative backed by the US as it seeks to rally its allies in…
In the past week, DoubleLine CEO and founder Jeffrey Gundlach has had a lot to say as the US banking system collapse and bailout enjoins Europe's banking crisis leaving central banks' inflation-fighting plans in question.The ECB was clear - hiking 50bps…
Authored by Julie Kelly via AmGreatness.com,As we approach the third anniversary of “15 Days to Slow the Spread” there remains no accountability and no assurances that it couldn’t happen again...Three years ago this week, our vibrant, noisy country went silent.Or, I…
The Chinese Foreign Ministry has confirmed in a statement on its website that President Xi Jinping's much anticipated state visit to Russia will be held from March 20-22, marking the first such in-person visit with President Putin since the Ukraine war started in February…
Authored by Simon Black via SovereignMan.com, You know the old joke – “Predictions are hard… especially about the future.” And it’s true, nobody has a crystal ball.But it’s astonishing to see just how horribly wrong the people in charge can be…
The US Virgin Islands hit back against JPMorgan's claim earlier this month that CEO Jamie Dimon had no clue that Jeffrey Epstein was breaking the law."Jamie Dimon knew in 2008 that his billionaire client was a sex trafficker," argued US Virgin…
Slovakia is following Poland in preparations to transfer Soviet-made jets to Ukraine, announcing plans to deliver 13 MiG-29 fighter jets. This comes a day after Polish President Andrzej Duda announced his country will send around a dozen MiG-29 fighter jets, or possibly up…
That’s economist Trump in 2018, as cited in Coy (2018). Now, from USITC “Economic Impact of Section 232 and 301 Tariffs on U.S. Industries” (page 22), a conflicting assessment. The Commission’s econometric model estimates that tariffs under sections 232 and 301…