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“Draghi Day” yesterday was something of an anti-climax as far as precious metals were concerned: though the European Central Bank is now prepared to buy unlimited amounts of troubled eurozone governments’ short-term debt, these purchases will be “sterilized”. This is similar to what the Fed has been doing ...
The assessment of economic growth based on Gross Domestic Product is a fallacy, because GDP is merely a measure of the amount of money in an economy. The one thing it does not measure, which is central to economic progress (note progress, not growth), is the level of entrepreneurial activity. This has important implications for the ...
At the beginning of the month the US Bureau of Labor Statistics reported that the American economy gained just 69,000 jobs in May. Investor attention is slowly being drawn to the flat-lining US recovery, with many asking how Ben Bernanke and the Federal Reserve will respond. With global markets again teetering on the verge of collapse ...
The French have spoken: they want socialism. But instead of speaking, the French should have been listening – listening to history, that is. It might perhaps have given them pause for thought. In Grand Illusions: Francois Mitterrand and the French Left, Joseph P. Morray describes how the French people turned to socialism by ...
Mario Draghi, the head of the European Central Bank, is in Barcelona today and the ECB will announce its latest decision on interest rates later today. Analysts expect the bank of maintain rates at 1%, but with news out that eurozone unemployment now stands at a record 10.9% (up from 9.9% the year before) and bad news from Spain ...
Encouraging new US manufacturing data helped industrial commodities move higher yesterday, and pushed the Dow Jones and S&P 500 to their highest closes since May 2008. The silver price was the standout performer among the precious metals, gaining around 2.4%, with platinum and palladium also outperforming gold as traders bought ...
At the circus, you are sometimes treated to the spinning plate act where a performer tries to keep an improbable number of plates spinning at once, racing from one plate to the next as their wobbles indicate the need for another dose of momentum. Considering the number of spinning and wobbling plates that our central planners are ...
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