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<blockquote>"In the view of the bullish consensus, Mr. Greenspan has done a brilliant job in preventing a deeper and longer recession than might have been expected. This assessment, of course, ignores the protracted employment and income disaster. In our view, America's Great Deluder has done a miserable job: he has papered over existing maladjustments from the boom through even b
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ProjectC
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Project C <blockquote>"In hindsight, the U.S. economy in the 1980s already had the key features of a bubble economy, though at a much more modest scale than in the late 1990s. While profit margins fell, stock prices on average more than trebled. Yet American economists preferred to focus their attention on the "productivity miracle" and other fictitious explanations for America's
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ProjectC
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Project C <blockquote>"It is the great merit of the proponents of Austrian theory to have uncovered and shown that the borrowing and spending excesses driving a boom may, with or without inflation, exert harmful economic and financial effects other than just a rising inflation rate - actually, more harmful effects."
-- Dr. Kurt Richebächer, The Great Depression of today, 01 Mar, 2006</b
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Archive <blockquote>"The indispensable first condition for proper resource allocation at a national as well as global scale is avoidance of excessive money and credit creation. In many countries, and in particular in the United States, they are excessive as never before."
-- Dr. Kurt Richebächer, An Unprecedented Speculative Spree, March 20, 2007 ( A Tribute )</blockquote>
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Archive <blockquote>"But New York’s Gordon Gekkos played a crucial role in reinventing New York in the 1970s, when even the city’s champions wondered if the nearly bankrupt city was going to go the way of Detroit, said Kurt Andersen, the writer and a co-founder Spy magazine at the height of the 1980s Wall Street boom.
“If you look at two things, other than the ineffable spirit of New York
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Archive By Kurt Kasun
September 03, 2008
Source
Kurt Kasun is a contributing writer to GreenFaucet.com. The following is excerpted from the 08/10/08 Global MegaTrends Portofolio's Newsletter:
Things are about to get really bad. Rotating bubbles are now becoming rotating sector recessions as the positive feedback loops, created as money and credit growth ballooned over the last 25 years, hav
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Archive <blockquote>"But after the final crisis plays itself out, the mantra "We are all Keynesians now," will be replaced by "We are all Austrians now."
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So things are bad, but how bad? Nouriel Roubini, Chairman of RGE Monitor and Professor of Economics at the NYU Stern School of Business, is now being recognized by the financial media for having correctly predi
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Archive <blockquote>"It is the great merit of the proponents of Austrian theory to have uncovered and shown that the borrowing and spending excesses driving a boom may, with or without inflation, exert harmful economic and financial effects other than just a rising inflation rate - actually, more harmful effects."
-- Dr Kurt Richebächer, The Great Depression of today, Wed 01 Mar, 2006 &l
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ProjectC
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Project C Avoiding a 'Mega-Catastrophe' - By Warren Buffett (March 3, 2003), A Critical Juncture - By Kurt Richebächer (March 03, 2003)
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"The fact is, derivatives have become the world's biggest "black market," exceeding the illicit traffic in stuff like arms, drugs, alcohol, gambling, cigarettes, stolen art and pirated movies. Why? Because like all black markets, d
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Archive By Rob Lever
Dec 26, 2007
Source
WASHINGTON (AFP) - Few people knew at the start of 2007 the meaning of "subprime" real estate loans or how they might affect the US and global economies.
Today, worries are growing that the crisis that began with mortgage failures and spread to banks and brokerages may push the US economy into a downturn and put the entire global economy at risk.
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Archive Vendors fight for work, cut costs Caught between rising costs at home and low-cost pressure abroad, some firms decide to cut corners
By Michael Oneal
Tribune staff reporter
November 8, 2007
Source
SHENZHEN, China
Sitting in a windowless conference room surrounded by the remote-control toy Ferraris and Mercedes he sells the world over, factory owner Kuma Gu summed up what it's lik
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Archive INTERVIEW WITH DR. KURT RICHEBACHER -- Weekly Commentary
Investment Rarities ^ | 12/24/02 | DR. KURT RICHEBACHER
By arete
12/25/2002
Source
Dr. Kurt Richebacher has shown an uncanny ability to spot future economic problems. This former chief economist of the Dresdner Bank warned about the recession and the NASDAQ crash months before they happened. He forecast the collapse of the Asian Ti
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Archive By Wilfred Hahn
08/29/2007 (01:22 PM)
Source
It doesn't seem just: The patriarch of the current "anti-bubble" camp," Dr. Kurt Richebächer, has died at age 88. He did not live to see his long-running warnings come to be vindicated. Just as he fell ill, events began to cascade into the vicious credit crash that erupted this past August.
Kurt Richebächer was well known ar
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ProjectC
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Project C By Tiffany Kary
August 27, 2007 (Update4)
Source
Aug. 27 (Bloomberg) -- A federal judge refused to grant permanent protection from U.S. lawsuits for Bear Stearns Cos.' two bankrupt hedge funds, questioning whether the Cayman Islands should be the principal site of their liquidation.
U.S. Bankruptcy Judge Burton Lifland in New York today said he ``will issue a decision in the next wee
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Archive GOT A SPARE BILLION?
Money Problems Continue for Munich Maglev Plan
Der Spiegel
August 21, 2007
Source
For years, Bavaria has been looking for money for its planned Transrapid line to the airport. But despite political support for the project, the hefty price tag has many turning their back on the technology.
Anyone who has ever flown into Munich is familiar with the problem: You ma
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Archive By GERALDINE FABRIKANT
August 20, 2007
Source
Two years ago, William Stout lost his home in Allentown, Pa., to foreclosure when he could no longer make the payments on his $106,000 mortgage. Wells Fargo offered the two-bedroom house for sale on the courthouse steps. No bidders came forward. So Wells Fargo bought it for $1, county records show.
Despite the setback, Mr. Stout was relieved t
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Archive "And the very innovation that made mortgages so easily available — an assembly line process known on Wall Street as securitization — is creating an obstacle for troubled borrowers. As they try to restructure their loans, they are often thwarted, lawyers say, by strict protections put in place for investors who bought the mortgage pools."
Mortgage Maze May Increase Foreclosures
B
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Archive Tanta: MMI: Gamma Deltas the Alphas With a Beta
- Debt, Delusion, Deception - By Dr. Kurt Richebächer
- A Credit Machine Running Amok - By Dr. Kurt Richebächer
- The U.S. Consumption Bias - By Dr. Kurt Richebächer
- Past Bubble Experience Was Different - By Dr. Kurt Richebächer
- Monetary Anarchy - by Dr. Kurt Richebächer
- An Unprecedented Speculative Spree - by Dr. Kurt Rich
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Archive By Francesco Guerrera and David Wighton in New York
July 26 2007 22:00
Source
US executives have been able to secure more favourable research ratings for their companies from investment banks by bestowing professional favours on Wall Street analysts, according to new academic research to be published on Friday.
The study found that by offering analysts favours, ranging from recommending t
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Archive Here is a politician who has failed in everything he has ever tried to do in the Middle East
By Robert Fisk
Published: 23 June 2007
Source
I suppose that astonishment is not the word for it. Stupefaction comes to mind. I simply could not believe my ears in Beirut when a phone call told me that Lord Blair of Kut al-Amara was going to create "Palestine". I checked the date - no, i
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Archive By Robert Fisk
15 June 2007
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So the old rogue is dead. That is all I could say when I heard yesterday that Kurt Waldheim had reached the end of his days at 88.I spent months, years, investigating his dark past in what we now call Bosnia, when he - let us not be coy about this - was part of the Bosnien-Kampfgruppen of Wehrmacht Army Group E of General Löhr, fighting "terroristen&q
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Archive By JAN M. ROSEN
April 8, 2007
Source
THE bears burst out of hibernation on Feb. 27, erasing the stock markets’ year-to-date gains and raising investors’ fears that the road ahead would be rough.
“I’m very pessimistic and very convinced that there will be very hard times — equal to the 1930s,” said David W. Tice, perhaps the most prominent bear fund manager. “This has been an incredibly long bul
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Archive The Daily Reckoning
London, England
Tuesday, March 20, 2007
The Daily Reckoning PRESENTS: Last year set new records everywhere:
records in stock prices, records in mergers and acquisitions, records in
private equity deals, record-low spreads, record-low volatility.
Manifestly, there is not the slightest check on borrowing for financial
speculation. Dr. Richebächer wonders, what can stop this spe
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Archive - The Great Depression II
- 2006 - The Second Great Depression
- Lets Play – The Endgame
J.
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US Housing Market Crash to result in the Second Great Depression
By: Mike_Whitney
Feb 23, 2007
Source
Economics
This week’s data on the sagging real estate market leaves no doubt that the housing bubble is quickly crashing to earth and that hard times are on the way. “The slump in home prices f
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Archive The Daily Reckoning
London, England
Thursday, February 1, 2007
The Daily Reckoning PRESENTS: The Good Doctor is back - and still wondering why our friends at the Fed seem to think that the U.S. economy is "sound" - even though all the signs seem to be saying otherwise. Read on…
CORPORATE AMERICA TO THE RESCUE?
by Dr. Kurt Richebächer
Source
With some consternation, we have been rea
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Archive By Linda Young
February 2, 2007
Source
In response to Bush’s threat of using nuclear force against Iran, a nation which does not have nuclear weapons nor is seeking to develop any, 22 physicists have petitioned Congress to restrict the president’s power. The group is comprised of 12 Nobel laureates. In their petition, the physicists say it should be up to Congress to decide “which course of acti
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Archive The Daily Reckoning
Melbourne, Australia
Wednesday, December 13, 2006
"The Daily Reckoning PRESENTS: It is an old wisdom that the scale of the
boom excesses essentially determines the severity of the following process
of economic and financial readjustment. But what will the coming
correction hold for the U.S. economy after the fall of the housing market?
Dr. Richebächer explores...
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Archive The Daily Reckoning
Boston, Massachusetts
Tuesday, November 14, 2006
The Daily Reckoning PRESENTS: Looking into 2007, the greatest uncertainty is whether the U.S. housing bubble will end in a hard or a soft landing. A bust would have severe adverse implications for the world economy, given that the U.S. economy has been the key engine of global economic growth in recent years. Dr. Richebacher ex
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Archive The Daily Reckoning
Madrid, Spain
Thursday, October 26, 2006
The Daily Reckoning PRESENTS: After yesterday’s announcement that the Fed will not be raising rates for the third straight month, everyone assumes it’s because the economy is in such great shape. But Dr. Richebächer recommends that Americans remove the rose-colored glasses to see the U.S. economy for what it really is...
RESTRUC
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Archive The Daily Reckoning
London, England
Wednesday, September 27, 2006
The Daily Reckoning PRESENTS: When bubbles burst, a ripple is sent through the whole economy - and the bubbles of today are much further-reaching that those of twenty or thirty years ago. Dr. Richebacher explains...
PAST BUBBLE EXPERIENCE WAS DIFFERENT
by Dr. Kurt Richebacher
Source
What is the difference between those housing
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