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The Economy: Latest News
The Federal Reserve is a Private Bank
Rothschild, Morgan and Rockefeller
Meet the Banker Brains Behind the Fed:
Rothschild, Morgan and Rockefeller. Credit: ColtonsPointTimes

20 November 2009. The Federal Reserve is a private bank. While this is not new - it has been this way since 1913 - it is certainly news to most people. The Fed is owned 100% by shareholders, who are all private banks. It controls the creation of money, and then uses that to buy US Treasuries. In other words, it lends the money it has just created to the US Government, and secures a revenue stream in the form of interest payments from that. It pays a guaranteed 6% return to bank shareholders, who also get to borrow money more cheaply than anyone else, and create their own money through leverage. The express purpose of the Federal Reserve Act was and is to protect private banks, not the government. That is why great figures such as Jefferson and Lincoln bitterly opposed the bankers and their financing systems, fearing them more than standing armies.

18 November 2009. There is an elephant in the room, and it is hard to write about anything else while that is the case. The financial system in the US and Europe needs to be reformed. Not in the way that the regulation currently going through the House and Senate calls for. That is not real reform - it entrenches Too Big to Fail and still allows hundreds of trillions of dollars - more than the entire GDP of the world - to be traded in secret. Lets just say that with the banks financing politicians campaigns, they are getting their money's worth, and driving the US into ever deeper debt. Real reform is based on transparency, increased capital requirements, transaction taxes and the break up of Too Big to Fail firms.

Did Osama Bin Laden Help Cause the Financial Crisis?
Osama Bin Laden and George Bush
Was Osama Bin Laden more successful than we realised? Credit:Xixarel1

17 November 2009. When Osama and Al-Qaeda launched the 9/11 attacks, they aimed to shake the foundations of western capitalism. Although the official line is that they failed to do that - and, indeed, that he is now somewhat irrelevant since we have 'won' the War on Terror - the measures used to contain the negative effects of the attacks involved pumping the system with cheap money. That liquidity helped to build up the asset price bubbles, bank leverage levels and global trade imbalances that imploded so successfully (from Osama's point of view) in the Financial Crisis. Now, we not only have to ask ourselves whether he planned this or got lucky; our more pressing question is what happens next, since the problems in the system have not been fixed.

13 November 2009. Despite its economic successes, India leads the world in hunger. The monsoon failure, followed by torrential rains at the end of the season that destroyed more crops, has led to growth in the numbers of food insecure to an estimated 220 million. While the government has done will to increase access to funds, the key is technology. A second Green Revolution is needed to take advantage of less thirsty crop varieties, sprinklers to reduce water usage, and even lasers to level fields.



Kremlin Intrigues: Russian Economic Reforms or Clan Purges?
Kremlin Wars
Kremlin Wars: Political Infighting with an Economic Twist. Source:Satbir

12 November 2009. Sweeping economic reforms have been announced in Russia, that could see the major state-supported companies restructured. Western media have trumpeted this as President Medvedev going after former President Putin and his allies, but they are wrong. It is a factional clan fight happening beneath them, between the FSB (KGB) linked siloviki who control those companies, and the rising technocrats of the civiliki. The outcome of this fight will shape Russian politics and economics for years to come.

The 12 Worst Economic Crashes in 2010
Ireland - The Worst Economy in the World
Ireland - The Worst Economy in the World? Credit:TheLizardQueen

11 November 2009. What will are expected the worst economic crashes that happen in 2010? The list is dominated by European countries, so much so that we must stop talking about the sick man of Europe. Now we need to talk about Europe as the sick continent of the world. Indeed, out of the top 12 countries on the disaster list, only one - Equatorial Guinea, scene of corruption, embezzled oil money and attempted coups - is not European. Leading the pack are Ireland, a microcosm of the US - but without their own reserve currency to fall back on, and Lithuania, once a proud Baltic Tiger but now struggling with debt and a lack of export orders.

5 November 2009. Forget what the Happy Clappy Fed is saying, and ignore the frothing talking heads on TV. The US stimulus has had a positive impact, but it is not enough. Paul Krugman does the math - if you don't want to see high unemployment for the next decade, and that is the real generational theft going on here, then the US needs a second stimulus.

Internet Entrepreneurs are Re-Wiring the Global Economy
4 November 2009. Too Big To Fail. Government Bailout. Protectionism. 2009 was the Year of Big. It seems we have forgotten about entrepreneurialism. It is therefore refreshing to read the op ed of Jack Ma, founder of Alibaba.com, calling for greater support for entrepreneurs, the innovation engine of the economy. While we agree with his vision of a world where 1 billion people buy products and services online daily, we can't help but question his motives for regulatory support.

3 November 2009. World trade collapsed in 2009 - but China dropped less than Germany, Japan and the US, thanks to aggressive price cutting, and it has now become the world's largest exporter. With its focus on the 'Walmart Gang' and with growing unemployment and stagnating wages in the US, that lead is only going to grow, despite an increasing number of trade spats.

30 October 2009. Some of the best returns for investors over the coming years will be in the Frontier Markets, tomorrow's version of the 'Asian Tigers'. And while markets like Kazakhstan carry risk, we would argue that there might well be more risk in the low-growth/ high-debt developed economies than a well managed and diversified frontier fund.

28 October 2009. The press have been complaining about the Reserve Bank of India's latest policy moves, and the stock market tanked. But the analysts have failed to see the bigger picture; the RBI is essentially declaring the end of the Financial Crisis in India, and taking moves to strengthen the long term fundamentals the economy and particularly the banks, who are in much ruder health than their western counterparts.



Real US Unemployment is Already Over 20%
27 October 2009. US consumers are the demand engine of the global economy. The whole world is therefore waiting on tenderhooks to see if and when the official US unemployment level crosses the 10% threshold. The shocking truth is that the real unemployment level is already more than 20%, but has been manipulated by politically motivated tampering to show smaller figures.

Four Reasons Why This is Still a Sucker's Rally
26 October 2009. Crisis? What crisis? That seems to be the message for investors nowadays. Naysayers are labelled permabears and the boosters point to many mistaken forecasts of market collapse during the last few months as evidence not to listen to sceptics. Fundamentals still matter, however, and the fundamentals say that the US economy, and most of the G7s for that matter, is still in crisis. Here are four reasons why this still is a Sucker's Rally.

23 October 2009. The United Nations has said that, for the first time in history, there are more than 1 billion people going hungry. This number has jumped by 100 million as a direct result of the Financial Crisis. Hunger is no longer a result of natural disaster; it is a man-made problem.

21 October 2009. Like me and four million others, you may have read the first 'Freakonomics' book and felt it was a refreshing new take full of contrarian insight. In the sequel, 'SuperFreakonomics', the authors have taken on global warming. Sadly they seem more focused on shock - with an article in the Times of London called Everything You Thought You Knew About Global Warming Is Wrong- than accuracy. The resulting controversy has over-shadowed and possibly even derailed a crucial point that they raise.

The Top 12 Sovereign Wealth Funds - And How They Change World Finance
19 October 2009. Although Sovereign Wealth Funds, or SWFs, still represent a small percentage of total world finance, with the Top 12 alone holding close to $3.2 trillion in assets they are big, and you can rest assured they plan on getting bigger. We analyze the top SWFs and what impact they are having on world finance.

How the Banks Control US Policy
(Includes Shocking Figures)

16 October 2009. Banks control US policy by funding the campaigns of both parties and by hiring lobbyists. The returns they achieve are astronomical. Take Citigroup for example. If it was a normal company, it would be out of business by now. Instead it has invested $11 million - and received a $50 billion bailout. That is a staggering ROI of 401,194%.

15 October 2009. After big outflows at the end of last year and the start of this, both FDI and FII investment in India is on a tear. While at first sight this looks like a great thing, is it really? We take you through the reasons for optimism - and the dangers lurking.

13 October 2010. You probably know that growth in the West will be miniscule, and that China and India will lead in Asia - but did you know that global economic growth in 2010 will be led by Qatar, Botswana, Azerbaijan and Congo?

Five Reasons Why Gold is the New Black - But Could Be Bad For Your Health
10 October 2010. Gold is the New Black for traders, but not all of the reasons are sound & some of them are downright dangerous. Here are 5 reasons why.


8 October 2009. We have just been through the worst Financial Crisis in living memory - but you need to know now that there will be another Financial Crisis, and the next one is likely to be even worse. When will it hit? And what will it mean in terms of growth, jobs, houses, stock markets and trade? How can we get prepared? To help you understand what is going to happen to the world economy in 2010, we have prepared reports on the two economies that count - the US and China.

China/ Japan: China Overtakes Japan, But Real Lesson May Be For the US
5 October 2009. By David Caploe PhD, Chief Political Economist. Economists are getting excited about China overtaking Japan as the second largest economy in the world, within the next year or so. Although the Chinese would do well to look at the export-oriented growth policies - and mistakes - of the Japanese, it is perhaps the US that really needs to heed the lesson of decline in Japan, with its zombie banks, Lost Decade and continued lack of growth. For the US appears hell-bent on following the same path, and that will have disasterous consequences for all of us.

Bank Bonuses: UK Leads Regulatory Charge, Bankers Meow in Agreement
1 October, 2009. The five largest banks in the UK have voluntarily agreed to limit their bonuses for 2009. This could become a moral victory for embattled Prime Minister Gordon Brown, who has gone back to the traditional Labour policy of fighting for the little person against the fat cats. This is in stark contrast to Obama, who has become the 'Why Change?' President as far as the banks are concerned.


30 Septmber 2009. 400 million Indians still don't even have electricity, yet India is already the world's third largest polluter. This an environmental crisis all of its own. India's controversial answer: nuclear power on an unprecendented scale, using technology that does not even exist yet.

US Unemployment Now Key to Future of the Global Economy
29 September, 2009. By David Caploe PhD, Chief Political Economist. The global economy has been built around the US consumer since 1947. US consumers, however, won't resume buying until they have jobs and can keep them. Since US Unemployment won't drop any time soon, the world economy is still mired in difficulty.

Economic Leadership: From Pittsburg to Copenhagen Via Two "Dissenting" Blue Bloods
25 September, 2009. By David Caploe PhD, Chief Political Economist. The global economic leadership needed to get us out of our current mess seems absent - with the possible exception of China. In both the US and UK, liquidity and the big banks have become a quasi-religion - despite the warnings of two establishment blue bloods. True leadership seems elusive until that "faith" changes.

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News Archive

Educating Asia: English-Language Higher Ed Spurs East Asian Growth

Strange Brew: China International Inc. and the Third World

China Growth:
Can the Chinese Keep Upturn Going ???


Oil, Sex and
Corporate/ Government Corruption


The Man Who SHOULD Head Treasury

First, Kill All the Accountants A Tale of Two Wall Streets

Wall Street Crash: One Year After Meltdown,
Has Wall St Changed?


The Political Economist: David Caploe PhD to Lead EconomyWatch.com Editorial Team

Obamacare is Coming: Reforming the $2.3 Trillion US Healthcare Industry


United Nations: Drop the US Dollar as World Reserve Currency


MSCI Emerging Markets Index Back at Pre-Lehman Highs, But for How Long?

Economic Recovery: The Shape of Things to Come

September - not October - is the Worst Month for Stocks

Japan Elections: After DPJ Landslide, can the Japanese Economy be Reformed?

Bank Failures: 1,000 Banks to Fail, FDIC Running out of Money

The World's Largest Companies in 2009

Sugar Prices: The Next Bull Market

Most and Least Expensive Cars to Insure

India Drought: Will it Affect Indian Economic Growth?

Ending Now: The World Recession

China Trade Surplus: The Great (Re-) Balancing Act

High Frequency Trading (HFT): Wall Street's Latest Scam

Oil Prices Could Hobble Global Economic Recovery


Brazil: The Samba Economy

Singapore GDP Rockets Up 20.7 Per Cent in Q2 2009 - Is the Boom Back?

European Economic Geography

Chinese Economic Geography

Russian Economic Geography

US Economic Geography

The Nabucco Pipeline: Turkey, Russia and Petro-politics

The Future of Economic Reforms in Indonesia

Mexico's Arms Trade Economics

World Trade Shrinks 10 Percent, Asia Leading the Recovery

Why Legalising - And Taxing - Marijuana Is Great Economics

India's Anomalous Media Industry sees Go-Go Growth

Coming Soon: The Great Bubble of China

Asia Leads Recovery - in Global Consumer Confidence

Canada: The Best Advanced Economy in the World

DIY House Price Forecasting

Need a Kidney? NJ Rabbis can give you a Good Deal

AAA Auto Insurance

Europe to Invest $560 Billion in Middle East Solar Energy

New Healthcare Reform Plan Critical to Obama


Total Solar Eclipse Presents Unique Investment Opportunity


The Free Economy is a Pipe Dream

Governments Need to Borrow $5 Trillion in 2009: Who Foots the Bill?

Latvian Hooker Index: No Recovery in Sight

Old Media is Dying

Civil War Threatens Nigeria - and Global Oil Supplies

Rio Tinto: Industrial Espionage in China

Of Goldmans, Bonuses and Taxpayers

Indian Infrastructure: The Same Old Story

A History of World Financial Crises Emerging Markets Fund: How to Buy the Recovery

Second Stimulus: Too Soon to Discuss or Too Late to Implement?

Economic Forecast 2009 - 2010: IMF Raises GDP Growth Expectations



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The Economy

Our finances, our children's future, even our happiness seems to be defined by the state of the economy.

The Economy is the sum total of all economic activity within a defined set of boundaries.

When we talk casually about the economy we are usually referring to our country's economy, such as the US Economy or the Indian Economy.

The total value of the economy is normally measured in GDP or Gross Domestic Product, which is the sum total of all buying and selling in an economy measured either by exchange rate to the US dollar, or in the effective purchasing power of the local currency.

However the economy can also be used to define theories and systems, such as the Free Market Economy, where prices are defined by supply and demand, the Command or Planned Economy, where prices are dictated by the government, or the Mixed Economy, which includes elements of both.

We can also define an economy for specific sectors or categories, such as the Black Market Economy, the Green Economy, the New Economy or the Knowledge Economy.

Economy also has an alternative meaning, indicating the minimum amount of effort needed to achieve an end result. We talk about economy as efficiency, as in Fuel Economy, and also in terms of preserving value, as in going for the economical choice.
Economics

There is no such thing as economics in Heaven.

Heaven, or so we are told, has unlimited supplies of milk, honey, young maidens and anything else your heart could desire. In Heaven, therefore, you do not have to make painful choices between competing wants.

Life on earth is a bit different. Frankly, there is not enough of the good stuff to around.Should I buy these really expensive clothes and rack up my credit card bills? Or should I go for the cheaper, economical choice, and save up for my kids education?

That fact that things are scarce makes them valuable. That includes tangible items like houses, cars and diamonds, and intangibles such as time, respect and fame.

Every day we make choices that we think will get us more of those valuable, scare items, and have less of those unpleasant things that seem to exist in abundance.

This is economics in action - or more precisely, this is microeconomics, economics on a human scale. When lots of people get together and make decisions like this collectively, as industries, countries or trading blocks, then we call this macroeconomics, the economics you read about in the economic news every day.