nakedcapitalism.com - 2/2/2009
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A reader chided me for not making note of the truly dreadful factory output figures released last Thursday, which showed a fall of 9.6%. I have to confess that I have fallen into "Japan bad news" syndrome, in that I expect bad news out of Japan and therefore did not focus enough on the ...
online.wsj.com - 2/2/2009
american.com - 1/29/2009
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american.com —
The history of socialism is the history of
failure and so is the history of capitalism, but...
in a different sense. For the history of socialism is one of fundamental failure, a failure to provide incentives and an inability to coordinate information ...
(more)
Our Epistemological Depression
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delong.typepad.com - 2/3/2009
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delong.typepad.com —
David Beckworth asks a question: Macro and Other
Market Musings: The Latest Installment in the New Deal...
Debate : Harold Cole and Lee Ohanian... move beyond the unemployment numbers discussion and present data on hours worked, consumption per ...
(more)
Understanding the Great Depression Blogging: Labor Input ...
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己丑
FT Alphaville —
... or less in line with what some economists are predicting, but some fortune tellers are throwing in other dire predictions - massive earthquakes, rising U.S.-Russian tensions and trouble for U.S. President Barack Obama. And lo and behold — today China says 20m migrant workers have lost their jobs — about 15 per cent of the total migrant labour pool. The PRC’s $4,000bn yuan stimulus package has also pushed the government into a 111bn yuan deficit for 2008. Meanwhile, production in Japan , one of China’s biggest trading partners is dropping faster than you can ...
the crisis in japan
Decline and Fall of Western Civilization —
via naked capitalism, the comments of frank veneroso on what is transpiring in japan, a massive exporter and trade surplus nation which is seeing its currency -- long the preferred basis of carry trading worldwide -- strengthened beyond all expectation by the unwinding of those trades (and possible more, as veneroso notes). ...
Readings 01/03/09
Paul Kedrosky's Infectious Greed —
Default swap spreads increase markedly on Japanese electronics names, led by Toshiba (DW) Fitch downgrades California 2008/09 RANs (Fitch) Foreclosing the Crisis (TNR/Glaeser) Pershing Square's Annual Investor Presentation (Dealbreaker) Debt detox, purging and parasite cleansing. (Debtonation) Veneroso: Japan on the Edge of the Abyss (Naked Capitalism) Market, Malthus & the Moneymen (Satyajit Das) Reasons for optimism during ...
Land of the rising sun: Closer to the precipice?
FT Alphaville —
... and February down another 5 per cent. In all, that knocks almost a third off output since September, putting it back, as Macquarie notes, at 1983 levels. In other words, it took a quarter of a century to reach levels that were unwound in the space of five months. For carmakers, it is even worse: production may halve from last year. According to long-time Japan-watcher Frank Veneroso, the “land of the rising sun apparently risks falling off the face of the earth”. In a grim paper ( posted by Yves Smith on NakedCapitalism ), Veneroso, who heads an investment research firm, says: ...
Lunchtime Links 2-6
Rolfe Winkler —
... ) The primary one is that it didn’t work, though the NYT won’t come out and say that explicitly. Yeah Japan probably averted a more serious contraction, but for how long? Now they’ve dug themselves an impossibly deep debt hole and the economy has little to show for it. In fact, the Japanese economy is imploding faster than our own. Industrial production dropped nearly 10% between November and December and was off over 20% from the prior year. As one intelligent observer put it: “there has never been data this bad for any major ...
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The Not-So-Great Depression
online.barrons.com 2/28/2009 — THE GREAT DEPRESSION. THOSE CHILLING WORDS HAVE BECOME something of a staple of economic utterance these days, enjoying promiscuous use by both those dour souls who cry out that the end of the world is nigh and those determinedly smiley types eager to ...
World Economy Falling Faster Than in 1929-1930
nakedcapitalism.com 4/7/2009 — Barry Eichengreen, an expert on the Great Depression, and Kevin O'Rourke, take issue with the notion that the current downturn is less severe than the Great Depression. While the slump in the US is not as bad, that mis-states the global picture. ...
Not the Great Depression 2.0
dmarron.com 5/29/2009 — UPDATE: Please see two related posts: “The Long U” and “A Plane Crash Averted?”
The Great Depression was an unspeakably bad time for the U.S. economy. I know that sounds obvious, but it seems necessary to say given all ...
Paul Krugman: Fighting Off Depression
economistsview.typepad.com 1/5/2009 — Will Congress do what's needed to stop the economy's downward spiral? (Related:
Obama
Plan Includes $300 Billion in Tax Cuts "to win over Congressional skeptics
worried that he was too focused on government spending." Guess who the ...
My Senior Seminar on the Great Depression
austrianeconomists.typepad.com 1/20/2009 — In what was either blind luck or remarkable foresight, over a year ago, I agreed to teach a senior seminar this spring, and I decided to do it on the Great Depression. With the events of the last few months, that has turned out to be a very timely ...
"From Bubble to Depression?"
economistsview.typepad.com 4/6/2009 — Steven Gjerstad and Vernon L. Smith argue that the "events of the past 10
years have an eerie similarity to the period leading up to the Great
Depression." More specifically, their argument is that contrary to the usual
explanation that ...
"A Second Great Depression is Still Possible"
economistsview.typepad.com 10/14/2009 — Let's hope Thomas Palley, who says "a second Great Depression remains a real
possibility," is wrong. My best guess is that he is (though I don't expect a quick recovery, particularly for labor). But I suppose I " should
never ...
Depression analogies
krugman.blogs.nytimes.com 11/23/2008 — Zero bound worries
Daniel Gross pushes back against analogies with the Great Depression:
Instead of workers with 5 o'clock shadows asking, "Brother, can you spare a dime?" we have clean-shaven financial-services executives asking congressmen if they ...
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