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Market Oracle FREE Newsletter

Analysis Topic: Economic Trends Analysis

The analysis published under this topic are as follows.

Economics

Tuesday, March 20, 2007

The Root Cause Of Unemployment - Part 1: Destroying the Wage Fund / Economics / Money Making

By: Professor_Emeritus

A REVISIONIST THEORY AND HISTORY OF MONEY

Introduction
Economists have failed to find the root cause of unemployment. Keynesians have looked for it in the paucity of government debt. Friedmanites have tried to blame it on the inadequacy of central bank credit. Both orthodoxies were promoted, one after another, as state religion in the United States, with appalling results: destabilizing foreign exchanges, interest rates, prices; wiping out nine-tenth of the purchasing power of the dollar; even more of the value of bonds; not to mention the triggering of an avalanche of debt.

The Austrian school maintains that unemployment is the result of the high-wage policies of governments such as minimum-wage legislation and granting monopoly power to trade unions. However, this policy is more the effect than the cause. It prices less productive labor out of the market. We are looking for causes that hits the high-productivity end of the spectrum as well.

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Economics

Tuesday, March 20, 2007

US Recession Watch Perhaps, But Not Yet Warning / Economics / US Economy

By: Paul_L_Kasriel

Every recession commencing with the one in 1970 has been preceded by the combination of a negative spread between the Treasury 10-year yield and the federal funds rate and a year-over-year contraction in the CPI-adjusted monetary base (bank reserves plus currency). When both of these variables are calculated on a quarterly average basis, there have been no false recession alarms. To date, every recession has been preceded by at least two quarters of this combination. This is shown in Chart 1 in which the vertically-shaded areas represent recessionary periods.

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Economics

Monday, March 19, 2007

Forbidden Research - Re-emergence of the Gold Standard / Economics / Money Supply

By: Professor_Emeritus

In order to soften the coming blow of a credit collapse, a group of concerned citizens has decided to establish, in the year 2007, the Gold Standard University Live, home for the study of monetary issues placed under taboo by other institutions of higher learning. Here is a partial list of forbidden research topics.

1. What is a gold standard?
A gold standard is a mechanism whereby people exercise their God-given right to create or extinguish money, while denying monopoly power of money-creation to would-be crooks. The individual, if he thinks that money is scarce, or the rate of interest is too high, can do something about it.

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Economics

Wednesday, March 14, 2007

Mortgage Foreclosures and Housing Bust to result in US Interest Rate Cuts / Economics / Financial Markets

By: Jim_Willie_CB

A preface is in order, to honor Sir Alan Greenspan. The housing bust and the mortgage finance debacle have his signature on them. So far he is still revered, for some odd reason, probably basic ignorance. Some called Clinton the “Teflon Man” which more deservedly belongs to Greenspan. Heck, they both earned the title; they can wear it with the ignominy it so justly is associated with.

GREENSPAN SIGNATURE - The current mess of mortgage defaults and foreclosures testifies to the venerable and highly acclaimed serial bubble inflation engineer Greenspan's leadership and counsel as destructive in high order. Alan must be shuddering and cringing at the extreme damage to banking balance sheets, the spate of lending institution collapses, and the contagion within banks. He urged millions of US homeowners to rush into adjustable rate mortgages, so as to reduce their monthly costs. Here is an actual quote from Greenspan, extolling the virtues (vultures) of innovative mortgages.

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Economics

Wednesday, March 14, 2007

What's Down With Nominal US Retail Sales Growth? / Economics / US Economy

By: Paul_L_Kasriel

Asha will do her usual excellent job of synthesizing the February retail sales report and highlighting the important implications of it. But I wanted to call your attention to an interesting trend change in retail sales.

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Economics

Wednesday, March 14, 2007

World Liquidity Crisis Emerging as the Yen Carry Trade Unravels / Economics / Yen Carry Trade

By: Christopher_Laird

With the unraveling of the Yen carry trade, a sequence of events has been set in motion for a world liquidity crisis. Combining this with ongoing pressure from US sub prime deterioration will further harm confidence in US and consequently Asian stock markets.

As of this writing, Asian markets are again down 2 to 3%. I had written last week that confidence in financial markets were dealt a major blow in the first wave of Yen Carry unwinding a week or so ago in the article titled Damage Has Been Done.

This week, we are seeing the second phase of market declines, the US Dow down 230, and as I said Asian markets down 2 to 3% again. To say the least, market sentiment is getting crushed globally.

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Economics

Wednesday, March 14, 2007

US Housing recession increasing risks of US Economic recession as growth continues to slow / Economics / US Economy

By: Paul_L_Kasriel

Three quarters of below potential growth and counting.
As everyone knows, the housing recession is the biggest drag on the pace of economic activity right now. But is the housing recession at its bottom? And more importantly, are there negative multiplier effects emanating from the housing recession? With regard to whether the housing recession has hit bottom; it is doubtful. In an average housing downturn, real residential investment expenditures decline by about 25% peak to trough.

Chart 1

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Economics

Wednesday, March 07, 2007

US and Global Economy Strong and inflation under control - Henry Paulson / Economics / Strategic News

By: Sarah_Jones

U.S. Treasury Secretary Henry Paulson expressed confidence in the global economy - "We have a very strong global economy," Paulson said after a meeting with South Korean Finance Minister Kwon O-kyu. "We have a global economy with low inflation, high levels of liquidity and I feel very comfortable with the global economy."

US and Global Economy Strong and inflation under control - Henry Paulson

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Economics

Friday, March 02, 2007

Crash Proof: How to Profit from the Coming Economic Collapse / Economics / Investing

By: Peter_Schiff

With the recent sharp decline in the stock market, the timing of the official release of my new book "Crash Proof" this Monday could not have been better. Ironically the media and Wall Street are assuring investors that the fundamentals have not change and that all is well. Of course what these market cheerleaders do not understand is that the fundamentals are just as lousy now as they have always been. In fact, they are about to get a whole lot worse!

Despite the upbeat tone coming out of Washington and Wall Street, the U.S. economy is only a shadow of its former self. The country has gone from being the world's largest creditor to its greatest debtor; the value of the dollar is sinking; domestic manufacturing is winding down -- and none of these trends seem to be slowing down.

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Economics

Friday, March 02, 2007

Yield Curve Inversion and Inflation - Consumer Price Index (CPI) / Economics / Analysis & Strategy

By: Adam_Oliensis

While many argue that the Consumer Price Index is a flawed indicator (some claim it understates inflation and others claim it overstates inflation), it does generate heated debate and can act as a catalyst for stock-market activity. In the context of Fed Chairman Bernanke's relatively dovish comments before both houses of Congress last week, a surprise on the CPI data could easily spur market volatility this coming week.

Currently the consensus estimate is for a +0.1% M/M on the CPI, which is below trend, and would be bullish for stocks. The most recent Y/Y reading stands at +2.61%...

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Economics

Thursday, March 01, 2007

Stock Market Shocks, Money Supply Liquidity and the US Dollar / Economics / Analysis & Strategy

By: Jim_Willie_CB

Events in the last week have certainly caused a stir. Just what precipitated the broad global selloff. Was it the unwind of the Yen Carry Trade, a week delayed? Was it only attributable to the Chinese and their more stern stance against adolescent credit abuses in the Middle Kingdom?

Was it Al Greenspan's comments on an economic recession looming near on the horizon? Was it caution on risk pricing in view of the insane Iran vs USA posturing in the Persian Gulf? Was it Goldman Sachs orchestration with collusion from Beijing, after massive short positions were put in place? Were the GSax powers motivated by the alarms going off in the gold and silver markets, as gold neared $700 and silver passed $14? Methinks all the above, never just one factor in an increasingly complex financial world. The global markets have become a tangled web.

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Economics

Thursday, March 01, 2007

First Inflation then Deflation? - Financial Markets Crash / Economics / Analysis & Strategy

By: Christopher_Laird

With gold up at $680, it looks like $700 is around the corner. So then, if a big gold surge is around the corner, one may ask, what is a longer term prognosis for not only gold but financial markets? Answer: first inflation and then deflation.

Right now, the world is inflating like mad. Money growth in most of the major world economies is near or exceeding 10% a year, and China is the biggie at 18% plus. That, combined with historically low interest rates is causing huge finance and asset bubbles. Central banks are way behind the inflation/interest rate curve right now, and are basically stuck in that rut because if any of them combat inflation by raising interest rates, they find their currencies strengthen, and lose market share.

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Economics

Thursday, March 01, 2007

US Economy and Dollar Balancing Act / Economics / Analysis & Strategy

By: Michael_Pento

Economists are now arguing over whether it will be a hard or soft landing for the U.S. economy. The fact that a landing will occur is no longer debatable. Empirical evidence demonstrates that the fragile U.S. economy is growing weaker with each passing piece of government data. Anemic GDP, durable goods, Chicago PMI, ISM-Manufacturing, and Factory orders, along with rising unemployment claims are suggesting that the Fed will stimulate the economy with yet more liquidity this year. The Fed and the economy/market may find itself in a box next year—a Bernanke Box—one that puts the economy squarely at odds with the dollar.

The Fed's mandate is to maintain dollar stability. However, they may have to decide whether to rescue a falling currency by hiking rates or to lower rates in order to stave off a recession. Which posture they take will have major ramifications for the bond, stock market and the economy. 

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Economics

Thursday, March 01, 2007

Gross Analysis - How to create an even bigger mess of the US Economy / Economics / Analysis & Strategy

By: Michael_Pento

When the most esteemed market strategists espouse questionable economic theories, they should not be able to do so without being exposed to critique. Recently, two revered men of finance, Bill Gross and John Rutledge, made some pretty extraordinary comments, remarks which haven't gotten the attention they deserve.

Let's Make Nothing!

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Economics

Wednesday, February 28, 2007

US Inflation - The Medical Care Component of Personal Consumption Expenditure Price Index (PCE) / Economics / Analysis & Strategy

By: Paul_L_Kasriel

Among the several economic reports due for publication this week -- new home sales, existing home sales, consumer confidence measures, durable goods orders, preliminary estimate of fourth quarter real GDP, and ISM manufacturing survey results for February, construction outlays for January, and the personal income and outlays report for January-- the Fed's preferred inflation measure will garner a great deal of attention.

The core personal consumption expenditure (PCE) price index, which excludes food and energy, advanced 2.22% in December, representing a deceleration from the 2.44% peak seen in August. This improvement is important because core inflation is heading in the direction of the FOMC's comfort zone of 1%-2%. However, after the January Consumer Price Index (CPI) was reported, there were concerns about the January core PCE price index because it is largely based on the CPI.

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Economics

Tuesday, February 27, 2007

Why there has been No US Recession / Economics / Analysis & Strategy

By: Michael_Pento

Following up on today's lackluster durable goods report, tomorrow's 4th quarter GDP report may be significantly lower than the 3.5% advanced number due to inventory and trade data revisions. The new figure will be closer to my assessment that today's economy remains anemic.

Some market pundits -- myself included -- had predicted the U.S. economy would be in recession by the second half of 2007. It now appears unlikely the economy will reach recessionary levels by the predicted timeline since a recession is defined by two consecutive quarters of negative G.D.P. growth. Despite the lower figure we're likely to see today (which could be revised down to near 2%), it is my view that the economy would have shown as being even weaker if not for two factors: the war in Iraq and increased stimulus from the Fed.

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Economics

Sunday, February 25, 2007

Investment flow defict New threat to the Dollar - The Mike Tyson Economy / Economics / Analysis & Strategy

By: Jim_Willie_CB

Don't look now, but a new emergent monster is growing, this one a close cousin to the trade gap. We have all been subjected to the steady deterioration in the trade gap, from gargantuan imported product sales from Asian (mostly Chinese, but also Pacific Rim) finished goods, worsened by oil imports (MidEast, Canada, and Mexico).

The source of trade deficits used to be primarily electronics from the Pacific Rim and oil from the MidEast. Now it is a cornucopia of finished products from China like furniture, housewares, furniture, garden items, and a mix of pirated products like car parts.

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Economics

Saturday, February 24, 2007

US Federal Reserve Study points to 51.9% Chance of Recession this year / Economics / Analysis & Strategy

By: John_Mauldin

What are the odds of a recession? According to a recent Fed study, they may be 51.9%. Close enough to 50-50 for government work. We analyze this study, look at a few graphs which show a major disconnect between the housing market and the US manufacturing and services sectors, and then close with some comments on yet another proposed rule change. But let's start with a few housekeeping items.

The latter half of this letter will be written primarily to my colleagues in the financial services area, and to managers, entrepreneurs, and businesses who anticipate the need to raise capital in the future. There are some proposed rule changes at the NASD that will significantly limit the ability of a registered representative to communicate with clients about private offerings, ETFs, venture capital, DPPs, and other offerings. In some cases, it will effectively prohibit communication on the items. This is not just about hedge funds. I think these rule interpretations will have the unintended consequence of the potential to severely impact capital formation in this country. This is under the radar screen of 99% of my colleagues.

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Economics

Saturday, February 24, 2007

Positive Outlook for Euro-zone and German Economic Growth / Economics / Analysis & Strategy

By: Victoria_Marklew

As generally expected, German business sentiment slipped a little further in February, with the Ifo research institute's business climate index dipping to 107.0 from 107.9 in January. As Ifo's economists pointed out, some fall was expected after the three percentage point hike in the VAT rate that took effect in January (taking it to 19%), and a slide of less than a point is hardly dramatic. Overall, the level remains well above the long-term average.

As generally expected, German business sentiment slipped a little further in February

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Economics

Saturday, February 24, 2007

A Dangerous Central Bank Party - The World is Awash with Easy Money / Economics / Analysis & Strategy

By: Money_and_Markets

Mardi Gras 2007 just wrapped up. The revelers have gone home. The garbage is being swept up. The Big Easy won't be hosting another one of its famous parties until next year …

But the world's central bankers? They aren't putting away the party beads or the booze. Instead, they're still doling out the easy money and saying, “Laissez les bon temps rouler!” (“Let the good times roll!”)

Now, there's nothing inherently wrong with a party. But there's also a time and place for a celebration. And in a moment, I'll tell you how the parade could careen out of control.

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