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  • China's official PMI rose more than anticipated, up 0.2 from April to 50.8 in May and raising optimism that the world's second-largest economy may be stabilizing. The reading is 0.3 higher than expected. The picture should get rounded out on Monday with the release of the HSBC survey of small and private firms. Related ETFs: FXI, MCHI, GXC, PEK[View news story]
    In the present context, strong data => lower gold price.
    Jun 1, 2013. 08:18 AM | Likes Like |Link to Comment
  • "Explain to me why there would be an economic catastrophe," asks Marc Faber regarding Greece leaving the euro. He notes many countries have given up pegs and lived (prosperously) to tell the tale. "The public has been brainwashed that the breakup of the euro would be a complete disaster, when in fact, it may be a solution." Are the Greeks figuring this out?  [View news story]
    It is not about the Greeks. Mr. Faber. They will live happily ever after, once the stifling yoke comes off their necks. Of course, there will be a tidal wave of pain at the time of separation, but after that they will have a chance to recover and craft their own economic future.

    But it is about their creditors and the global contagion that they will unleash that the world is seriously worried about.
    May 10, 2012. 02:53 PM | 2 Likes Like |Link to Comment
  • In a relatively brief (23 min.) and somewhat wonkish presentation, economist Steve Keen continues his assault on Paul Krugman and neoclassical economics. Keen says economists' obsession with public debt is a mistake, and that only private debt - whose bubble has yet to burst - matters.  [View news story]
    I don't know who Keen is. But I did look up his presentation. He makes a huge fuss about better known names and comes up with some blindingly obvious conclusions, which any market practitioner would know like the back of his hand. I am surprised he even found a mention in this forum!
    Apr 22, 2012. 12:20 AM | 1 Like Like |Link to Comment
  • "Vastly overblown," is how Stephen Roach (formerly MS, now a Yale prof) describes fears of a hard landing in China. A big fan of China's central planners, Roach says they've done yeoman's work controlling inflation and the next task is to wean the country off of a reliance on fixed-income investment at the expense of consumption.  [View news story]
    Folks like him have been consistently wrong in their ferocious criticism of US. Now it appears that their loving admiration of China is starting to look wobbly as well!
    Mar 8, 2012. 02:24 PM | 1 Like Like |Link to Comment