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The Daily Reckoning
London, England
Tuesday, 11 May 2004
The Daily Reckoning PRESENTS: The Fed issued a 'deflation
scare' to harness Wall Street's awesome speculative
firepower. The E-Z credit gushed. But if you play with
fire, sooner or later, you'll get burned...
IMBALANCES AND DISLOCATIONS
By Kurt Richebächer
Attempting to assess the U.S. economy's further
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Archive The Daily Reckoning
Paris, France
Thursday, 15 April 2004
The Daily Reckoning PRESENTS: Mr. Greenspan, revealed... but
will anyone take note?
THE GREAT DELUDER
By Kurt Richebächer
For us, Mr. Greenspan is the great deluder of the American
public, flatly deceiving it about the economy's true
situation and prospects. His speeches always convey the
impression of extraordinary sophis
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Archive The Daily Reckoning
London, England
Wednesday, 24 March 2004
The Daily Reckoning PRESENTS: The good doctor on what's in vogue
among wonks in Washington.
POLICY TRACTION
By Kurt Richebacher
"Policy traction" is an expression that lately has come into
fashion. In essence, it is about the relationship between the
size of the monetary and fiscal stimulus injected into an
eco
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Archive The Daily Reckoning
Tuesday, 24 February 2004
The Daily Reckoning PRESENTS: Sir Alan applauds himself for
his success in preventing all but "an exceptionally mild
recession." But what exactly was "exceptionally mild" about
the recession - and is it a good thing? The good doctor has
his doubts.
VINDICATION FOR THE FED?
by Kurt Richebächer
Manifestly, there is general
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Archive The New Growth Euphoria
Source
"...Apparently, it was the burst in U.S. real GDP growth during the third quarter of 2003, hitting an annual rate of 8.2%, that has played a key role in kindling the new growth euphoria. There was an economic upturn, for sure, but a very weak one in comparison to the postwar cyclical norm. But has the huge combined monetary and fiscal stimulus injected int
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Archive COVER STORY
THE REBEL ALLIANCE
An unlikely army of hacker hippies, geek visionaries, idealistic teachers and corporate giants is making Portland ground zero of a digital revolution.
BY ZACH DUNDAS
Source
Tux the Penguin is a fat little thing. He's google-eyed and sports a grin that suggests a recent lobotomy.
Weird symbol for a revolution. Yet Tux is the mascot of a movement that's r
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Archive The Daily Reckoning PRESENTS: Through stocks and bonds to
housing and mortgages, the unparalleled U.S. credit machine
keeps chugging along, spinning illusions...
CORRUPTED THINKING IN A MONEY CULTURE
By Kurt Richebächer
It is the general view that the U.S. economy has outperformed
the rest of the world in the past several years. Judging by
real GDP growth rates, this is true. Ye
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Archive The Daily Reckoning PRESENTS: All asset bubbles and bubble
economies have their highly visible and also compelling
trademark in exploding credit.
HOW TO IDENTIFY A BUBBLE
by Kurt Richebächer
In the old days, central bankers were always mindful of the
necessary balance between available domestic savings and
credit expansion. For them an early indicator of a
developing imbalance between the
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Archive The Daily Reckoning PRESENTS: The widely heralded sharp
upturn in business fixed investment - and the advent of
self-sustaining economic growth in the U.S. - is merely so
much statistical smoke and mirrors, reports the good doctor
below...
A BULLISH MIRAGE
By Kurt Richebächer
Good news about the U.S. economy is proliferating. The
international media is littered with articles stating that
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Archive Jolly Misperceptions
"...Recent reports about the U.S. economy’s recovery have turned from optimistic to outright euphoric. But disputing the existence of a genuine U.S. economic recovery, we focus on inherent key ingredients and conditions: Job creation, income growth, investment spending, corporate balance sheets and profits. They continue to display familiar weakness. No recovery wil
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Archive The Daily Reckoning PRESENTS: Four strong reasons why the
recovery is bogus and cannot last.
THE EMPEROR HAS NO CLOTHES
by Kurt Richebächer
"The deficit country is absorbing more, taking consumption
and investment together, than its own production; in this
sense, it is drawing upon savings made abroad. Whether this
is a good bargain or not depends upon the nature of the use
to which
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Archive The Daily Reckoning PRESENTS: The strong, compelling
evidence of an economy that is as far away from a recovery
as its disastrous job numbers.
EMPLOYMENT DISASTER
By Kurt Richebächer
There has been much talk to the effect that America has
just had its slightest recession in the whole postwar
period. That is measured in real GDP growth, being
bolstered by many statistical tricks. Measured
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Archive PONZI ECONOMY
By Kurt Richebächer
Hope and hype are again triumphing over reality.
The primary preoccupation in economics worldwide is the U.S. economy's 'recovery', presently hyping the markets. We note three different views. First, a cocksure bullish consensus; second, doubtful voices, among them the Federal Reserve, stressing the lack of conclusive evidence; and third, a few l
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Archive The Daily Reckoning PRESENTS: It's nearing Fall 2003... and
economic indicators are promising. Will this year usher in
the fabled second-half recovery, after all? Alas, the devil
is in the detail.
WAITING FOR GODOT
by Kurt Richebacher
"There is no means of avoiding the final collapse of a boom
brought about by credit expansion. The alternative is only
whether the crisis should c
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Archive What Makes A True Recovery?
Source
"...The obvious lesson to draw is that an economic rebound with the necessary strength to pull the economy towards 3-4% real GDP growth again needs contributions from every single demand component: consumer spending on durable goods, nondurable goods and services; and business fixed investment, inventories and residential building. In other words, to h
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Archive The Daily Reckoning PRESENTS: Thus far, the current Fed
chief's "wily gamesmanship" has seen him through the
bursting of one bubble - the late '90s stock market mania -
relatively unscathed. But just how far can his words reach?
The good doctor reports, below...
AN OPEN MOUTH
By Kurt Richebächer
The people who expect a double dip or worse in the United
States certainl
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Archive How the Bush family made its fortune from the Nazis
Posted by Robert Lederman
robert.lederman@worldnet.att.net
February 9, 2002
Source
Note: This article's author, John Loftus, is a former U.S. Department of Justice Nazi War Crimes prosecu
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The Crucial U.S. Imbalance
Source
"...In essence, it is the task of central banks to keep new savings and new credit in equilibrium through their interest policy. Implicitly, any lending in excess of current savings essentially causes imbalances and distortions in the economy or in the financial system. It strikes us that Mr. Greenspan and American policymakers do not care in the least
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The Daily Reckoning PRESENTS: Far from creating wealth,
says economic gadfly Kurt Richebächer, the cult of
"shareholder equity" has ravaged corporate balance sheets
and is, in fact, impeding the recovery.
CORPORATE SELF-MUTILATION
By Dr. Kurt Richebächer
To create wealth through rising asset prices is the one
great fallacy and folly in America's shareholder value
model. To
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MACRO PROFIT-KILLERS
By Kurt Richebächer
In our opinion, the breaking of the U.S. economy's last
boom had one main cause: a sudden slump in business fixed
investment. But then, what exactly triggered this slump?
The short answer is a corporate profit carnage that has
been lingering for many years, and that has worsened
dramatically in the last few years.
While Wall Street celebrated
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The Daily Reckoning PRESENTS: Since when, asks Kurt
Richebächer, do rising share prices constitute wealth
creation? The answer may surprise you...or not.
PHANTOM WEALTH
By Kurt Richebächer
Strikingly, the late great bubble of 1996-2000 in the U.S.
stock markets represents the first time since economic
thinking started that this kind of wealth creation -
through rising asset prices rather
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Archive The Daily Reckoning PRESENTS: From time immemorial, busted bubbles have wreaked havoc on the economy which gave rise to them. The U.S.' current malaise, suggests Kurt Richebächer, traces its roots as far back as 1970s - when corporations first started undergoing the "profit carnage" so prevalent in late, degenerate capitalism.
A CRITICAL JUNCTURE
By Kurt Richebächer
March 3,
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Archive Computers, Paradoxes and the Foundations of Mathematics
Some great thinkers of the 20th century have shown that even in the austere world of mathematics, incompleteness and randomness are rife
By Gregory J. Chaitin
Everyone knows that the computer is a very practical thing. In fact, computers have become indispensable to running a modern society. But what even computer experts don't reme
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Archive August 12, 2002
How to Build a Time Machine
It wouldn't be easy, but it might be possible
By Paul Davies
source:
Time travel has been a popular science-fiction theme since H. G. Wells wrote his celebrated novel The Time Machine in 1895. But can it really be done? Is it possible to build a machine that would transport a human being into the past or future?
For decades, time travel
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Archive What if It's All Been a Big Fat Lie?
By Gary Taubes
FrontPageMagazine.com | July 8, 2002
If the members of the American medical establishment were to have a collective find-yourself-standing-naked-in-Times-Square-type nightmare, this might be it. They spend 30 years ridiculing Robert Atkins, author of the phenomenally-best-selling ''Dr. Atkins' Diet Revolution'' and
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