naked capitalism

Anonymous says:

Yves, given the discussion re Japan, this article may be worthy of a link. Thanks for the fantastic site.

–Jay

http://www.bloomberg.com/apps/news?pid=20601087&sid=aq0Je8ySdG3A&refer=home

bena gyerek says:

a couple of weeks old, but very entertaining. gets funnier as it goes along:

http://uk.youtube.com/watch?v=lWDdcD-1xoo

http://uk.youtube.com/watch?v=ScwGBNMH428&feature=related

willem buiter has an ultra-long piece about the risk of a triple crisis (banking/currency/fiscal) in the uk. a lot of the same risks apply in the usa, although the dollar has been moving rapidly in the opposite direction. how many more icelands are there out there?

River says:

Yves, que pasa? Here is a link that might be of interest to readers:

The Dollar Trap: Michael Hudson’s Incisive Characterization of Our Global Economic Dilemma

http://jessescrossroadscafe.blogspot.com/

mft says:

It sounds like Volcker is not sure government can control the situation much longer.

Here is a new addition to the select club of those who think the really really really bad news may eventually come out of China. Denis Snower is the head of the Institute for World Economics in Kiel, Germany, one of the top German economic institutes. I quote from the report in Eurointelligence:

“Denis Snower, writing in FT Deutschland, does some math on Chinese growth. Investments account for a massive 45% of growth. In the view of the global downturn, China would suffer from an investment overhang that might lead to a 50% drop in investments, some 22% of GPD. Even the 16% of GDP stimulus is not going to be sufficient to bridget that gap. The result is a much deeper than expected economic crisis – which might be the next shock the world economy has to confront.”

Fred says:

Courtesy of a post at RGE

CNBC this morning when a guest speaks the unspeakable – The PPT was responsible for some of the recent market gyrations – the talking heads had a group conniption.

CNBC & the PPT (Plunge Protection Team)[video]

Anonymous says:

"the total (pay and benefits for GM autoworkers comes) to $41 an hour. That's decent pay, but still a long way from $70 an hour." That's about the same as that of Toyota's employees.
http://www.prospect.org/csnc/blogs/beat_the_press_archive?month=11&year=2008&base_name=gm_auto_workers_are_not_paid_7

I find it interesting that an awful lot of Americans are incensed that some fellow Americans still make decent wages. I am no friend of Detroit's big three, and I hate bailouts, but here are two reasons we should not penalize workers and retirees:

(1) The health care system in the US is screwed up. It is no fault of the average worker that it costs 1K a month to subsidize a malfunctioning health care industry.
(2) The companies should have been forced to fund (that is, put money aside for) the retiree liabilities when they occurred and not leave them as legacy costs. The administrations of the last 25 years are responsible for this outrage that is unacceptable in a civilized country!

Anonymous says:

Fred, thanks for the link to squeek blab discussing the PPT. Interesting, to say the least. The talking heads did not want to admit that the PPT even exists!

This sort of MSM non coverage is why I do not watch the talking heads. They immediately labled their guest as ‘promoting a conspiracy’…and shouted down any attempt at explanation.