Global Market Commentary, Analysis and Investments
“Watch out for false prophets. They come to you in sheep’s clothing, but inwardly they are ferocious wolves. By their fruit you will recognize them.”
The Nazarene borrows from Aesop’s fable, as relayed in the Gospel of Matthew (7:15-16)
It’s a strange freedom indeed when the cost of attainment is freedom itself.
[Read more...]Since 1946, at least in the US, the skies got a little bluer every day. Consumer spending increased nearly every year. At first, consumers spent what they earned. And then came the wonder years…when they spent more and more money they hadn’t earned yet.
Then, in the 20 years leading up to 2007, incomes scarcely rose. But standards of living went up anyway. How was it possible? Easy. Instead of saving 8% of their incomes, as they had for the previous 5 decades, they spent the money. The savings rate fell to near zero. Debt increased. Of course, you can only take a thing like that so far. In this case, the end of the credit expansion came three years ago. All of a sudden consumers were faced with a grim prospect. They could no longer spend money they didn’t have. Now they had to NOT spend money they DID have. It was pay back time…time to return the money they had borrowed during those carefree years.
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US Recession: What’s Really Behind the Economic Data
You just can’t keep a good economy down. At least, that’s what you think upon reading the headlines this weekend.
“Fears of double-dip recession recede,� was the headline in The Financial Times.
Why the receding fear?
The private sector created 235,000 new jobs in the past three months, the paper explained.
[Read more...]Click for detailed story