Government Funded Businesses: Going Where the Money Is

It’s always been true, over and over, that corruption is always at its maximum at the end of long booms powered by an expansion of money.

In the old days, before America lost its collective mind and allowed a fiat currency, government spending was pretty much fixed because the money supply was fixed by . . . → Read More: Government Funded Businesses: Going Where the Money Is

Today’s Economic Events

At 8:30 AM EDT, the GDP growth rate figure for the fourth quarter of 2009 will be released.  The consensus estimate is an increase of 5.9% in real GDP growth and an increase of 0.4% in the GDP price index.

At 9:55 AM EDT, the latest Consumer Sentiment Index will be released.  The index . . . → Read More: Today’s Economic Events

UK Economy Under the Labour Party

Daily Telepgraph collected a few interesting graphs (link) depicting the UK economic performance and discussing the economic legacy of the Labour Party.

Retail Sales Results Are Strongest of this Recovery Thus Far

On Tuesday Redbook reports indicated the strongest retail results of the recovery thus far. The results posted a plus 3.6% year-on-year same-store sales rate in the March 20 week. That rate was right in line with the ICSC-Goldman’s 3.7% rate also reported on Tuesday.

Redbook also offers a month-to-month comparison which is also at . . . → Read More: Retail Sales Results Are Strongest of this Recovery Thus Far

Today’s Economic Events

An updates on new jobless claims will be released at 8:30 AM EDT.   These claims have been slowly decreasing over the last few weeks, and the consensus forecast is that there will be 450,000 new jobless claims, compared to 457,000 in the last period.

Ben Bernanke speaks to the House Committee on Financial Services . . . → Read More: Today’s Economic Events

Lessons from Chile

Hernan Buchi, former minister of finance in Chile, recently published a new book called “The Economic Transformation of Chile” (link) where he outlined comprehensive economic reforms that boosted economic growth, lowered unemployment, reduced poverty and set the stage for more than two decades of robust growth and an economic turnaround which has been unprecedented . . . → Read More: Lessons from Chile

Don’t Repeal/Litigate, Nullify/Interpose!

Well, they’ve gone and screwed it up — 14 state attorneys general have filed lawsuits against ObamaCare.

If the states really want to beat ObamaCare, litigation isn’t the way to go about it. Nullification/interposition is.

In litigation, the parties accept that the courts have jurisdiction over this or that issue, and walk away with . . . → Read More: Don’t Repeal/Litigate, Nullify/Interpose!

Today’s Economic Events

Durable Goods Orders will be announced at 8:30 AM, and the consensus is a gain of 1.0% over January.  Last month, orders were up by 2.6%, and regional surveys indicate that demand for durables is still on the rise.

The monthly new home sales report will be reported at 10 AM, and the consensus . . . → Read More: Today’s Economic Events

Taxi Companies in Bombay: an Episode in India’s Urban Transportation

The problem

The best thing that you can ask for, in getting around a city, is a comprehensive underground metro system, where a tube station is at worst 200m away from wherever you might be. There is no city in India that has this. While the Delhi Metro is very impressive, it is still . . . → Read More: Taxi Companies in Bombay: an Episode in India’s Urban Transportation

The IMF, the EMF and All the Worthless Money In Between

There are those (me) who think that the International Monetary Fund (IMF) is a huge load of worthless, corrupt crap, not only because their dismal record pretty much shows that they are miserable failures, but because that is the way things always end up when someone is given power and money in huge amounts, . . . → Read More: The IMF, the EMF and All the Worthless Money In Between