Imploding Pensions Take The Rest Of US Down With Them
It’s the same story pretty much everywhere: Cities and states promised ridiculously generous (by today’s standards) pensions to teachers, cops and firefighters, failed to sufficiently
It’s the same story pretty much everywhere: Cities and states promised ridiculously generous (by today’s standards) pensions to teachers, cops and firefighters, failed to sufficiently
In that deservedly-famous 2006 CNBC debate between Peter Schiff and economist Arthur Laffer (in which the latter manages to be both arrogant and wrong about
It’s just about official: With corporate sales and profits shrinking and consumer spending flatlining, the US economy will grow hardly at all this year while
Europe is the birthplace of Western civilization and the source of most of the trends and bodies of knowledge that define modernity. The average European
If easy money has stopped working, then what’s left? Massive deficits, of course. Pressure is building on governments around the world to increase spending and
Savers are the obvious victims of the past few years’ plunge in interest rates. But there are other casualties, including money market funds, which have
The Bank of Japan and European Central Bank eased recently, which is to say they stepped up their bond buying and/or pushed interest rates further
Not so long ago the financial world viewed certain numbers as limits beyond which lay trouble. Interest rates near zero, for instance, were thought to
Anyone who doubts that the global financial system has run out of (good new) ideas has only to track the recent words and deeds of
ECB chair Mario Draghi delivered big-time this morning by announcing lower interest rates and a new round of debt monetization. Historically, this kind of thing
When historians sort out this era of once-a-decade financial bubbles, they’ll marvel at how dissimilar the drivers of each boom were. The junk bonds of
It appears that Great Britain might actually do the until-recently-unthinkable, and leave the European Union. The reasons for this dramatic break-up are many, and can
So far, each financial crisis in the series that began with the junk bond bubble of 1989 has been noticeably different from its predecessors. New
Once upon a time, falling interest rates were great for banks. A lower cost of capital gave lenders access to cheap raw material while causing
Another Monday, another set of “surprisingly” bad economic numbers. A few representative headlines: China manufacturing prices decline for 18th straight month Oil prices fall 5%
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