Off the bike again. The little dots are hot air balloons out there sunning to the north. The world’s central banks are acting in concert, the markets remain unconvinced. The estimable Steve Keen says worse case is 20% out of work and a 10 year haul back to sanity, liquidity and the next fetishistic, amnesiac [...]
Monthly Archives: October 2008
Lambchop bubbles
October 8, 2008 – 4:49 pm
I’ve still read much that was a better take on the underlying issue than this piece from Eric Janszen in February’s Harpers.
Nowadays we barely pause between such bouts of insanity. The dot-com crash of the early 2000s should have been followed by decades of soul-searching; instead, even before the old bubble had fully deflated, a [...]
1% cut! This is serious mum
October 7, 2008 – 2:37 pm
If you’d been quick this morning you would have made double figure money from the bookies on a RBA cash rate cut of 1%. Surprise, surprise … Glenn Stevens you old fox. The commentary seems to have been a bit slow off the mark. The usual gaggle of spotty herberts in bad, fat ties on [...]
The Dow is a root vegetable
October 7, 2008 – 7:18 am
Nothing that has happened in the last few weeks has done anything to change my mind on this … pet theory, offered only half in jest: markets should only be reported once a month. Thus: “The Dow went up and down on an almost hourly basis over the past month, the net result has been [...]
Morning commute 3.10.08
October 3, 2008 – 8:13 am
By train this morning. Dep 7.25 Auburn. Flinders St by 7.40. Coffee Flinders Lane. Dow down 3 and a bit. US House defers vote on Bailout Bill to Friday their time. Biden v. Palin cage death match hours away. The glaciers of the Ruwenzori range in Uganda are water. The black thing running up and [...]
Wall St, madmen and martinis
October 1, 2008 – 2:51 pm
I’m trying not to think about it. About Wall St, and profligacy, and just how big $700 billion might be, and the leveraging of greed into something so consuming. It’s depressing, as is the prospect of calibrating a global response to climate shift disaster against this sort of thinking. It’s otherworldy, disconnected. This distant implosion [...]
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