Monday, June 10, 2013
Global Economic Issues,Geopolitics, and Financial Markets
Joseph Schumpeter, the originator of the phrase “creative destruction,” authored a less well-known corollary at some point in the 1930s. “Profit,” he wrote, “is temporary by nature: It will vanish in the subsequent process of competition and adaptation.” (Bill Gross)
Canada
Canada Housing Crash Could Take Economy Down With It, Analyst Says
Canadian Housing Bubble 'Set To Burst,' The Economist Says
Debt In Canada
'Race to the bottom' that sank the U.S. better not happen here, Canada's finance minister warns banks
(He's shutting the barn door after he has already allowed the horses to bolt.)
CMHC Seeks CEO With Risk Management Experience
(Bad omen? Bank of Canada governor and CMHC CEO leave in the same month.)
Rest of the World
The True Chinese Credit Bubble: 240% of GDP, and Soaring
China braces for capital flight and debt stress as Fed tightens
Risk of Bank Failures Is Rising In Europe, E.C.B. Warns
Has The Next Crisis Begun? (Japan)
Kyle Bass: "The Next 18 Months Will Redefine Economic Orthodoxy For The West"
World Bank warns on Fed tightening shock for emerging markets
Albert Edwards: "One of the biggest economic bubbles is going into the Minsky Masher" (Australia)
Risk of Bank Failures Is Rising In Europe, E.C.B. Warns
The "War on Savers" Myth
World Faces Lost Decade of Joblessness - ILO Warns
America's Most Profitable Export Is Cash
For Those Wondering If The Unemployment Situation Is Cyclical or Structural
Federal disability trust fund on the brink (U.S.)
Lack of Character?
Capitalism Might Be Making Us Evil
Would Thatcher Succeed Now?
We have already tried Libertarianism - It was called Feudalism
Change to come slowly after election of Iranian moderate
Iran is using the exact same political system as the U.S. (good cop / bad cop) . Obama vs. Congress, Rohani vs. Supreme Leader Ayatollah Ali Khamenei
Canada
Canada Housing Crash Could Take Economy Down With It, Analyst Says
Canadian Housing Bubble 'Set To Burst,' The Economist Says
Debt In Canada
'Race to the bottom' that sank the U.S. better not happen here, Canada's finance minister warns banks
(He's shutting the barn door after he has already allowed the horses to bolt.)
CMHC Seeks CEO With Risk Management Experience
(Bad omen? Bank of Canada governor and CMHC CEO leave in the same month.)
Rest of the World
The True Chinese Credit Bubble: 240% of GDP, and Soaring
China braces for capital flight and debt stress as Fed tightens
Risk of Bank Failures Is Rising In Europe, E.C.B. Warns
Has The Next Crisis Begun? (Japan)
Kyle Bass: "The Next 18 Months Will Redefine Economic Orthodoxy For The West"
World Bank warns on Fed tightening shock for emerging markets
Albert Edwards: "One of the biggest economic bubbles is going into the Minsky Masher" (Australia)
Risk of Bank Failures Is Rising In Europe, E.C.B. Warns
The "War on Savers" Myth
World Faces Lost Decade of Joblessness - ILO Warns
America's Most Profitable Export Is Cash
For Those Wondering If The Unemployment Situation Is Cyclical or Structural
Federal disability trust fund on the brink (U.S.)
Lack of Character?
Capitalism Might Be Making Us Evil
Would Thatcher Succeed Now?
We have already tried Libertarianism - It was called Feudalism
Change to come slowly after election of Iranian moderate
Iran is using the exact same political system as the U.S. (good cop / bad cop) . Obama vs. Congress, Rohani vs. Supreme Leader Ayatollah Ali Khamenei
Manufactured Consent (How Politics and the Economy Really Work)
You Don't Know What You Don't Know
Noam Chomsky
BBC Series - Century of the Self
BBC - The Trap:
Entire 4-Part Series Can Be Found On YouTube
BBC - Pandora's Box
(Entire 6-Part Series Can Be Found On YouTube)
Education Related
Sympathy for the Luddites
The Once (but no longer) Golden Age of Human Capital
In one chart; we have a demand problem, not a skills problem
Let Them Make Their Own Jobs
A Brand New Report Shows Just How Wrong Silicon Valley Is About A Tech Worker Shortage
Does Expanding School Choice Increase Segregation?
What Does It Take For Traumatized Kids To Thrive?
The Thin Envelope Crisis
America's Higher Education Problem
Sukh's Thoughts:
Hate
to say it but the education system is set up to provide a limited number of
graduates because 80% of the jobs in an economy do not need anything more than
a good high school education. And the best way to fill this large number of
jobs is to have people blame themselves for not having done better in school.
Even if we provided all the resources necessary to ensure that everyone had a realistic chance of graduating with a post-secondary education of value, 80% of the jobs the economy needs filled would then be filled with disgruntled, "over-qualified/educated" people. It is much more effective to have people blame themselves for not having worked harder in high school and thankful for the low-paying job they have (but a job which the economy needs someone to do).
As a society, we almost intentionally throw as many distractions as we can at kids to distract them from attaining the goal of not just getting an education, but of the ability to think critically. Most kids, are not mature enough to do what is in their long-run best interest, so unless they have a strong support system at home, the number needed to fail is easily achieved.
I think in South Korea, 60% of high school kids go onto complete a university degree. Then there are not enough jobs for all these highly educated individuals. I think China runs into the same problem.
Even if we provided all the resources necessary to ensure that everyone had a realistic chance of graduating with a post-secondary education of value, 80% of the jobs the economy needs filled would then be filled with disgruntled, "over-qualified/educated" people. It is much more effective to have people blame themselves for not having worked harder in high school and thankful for the low-paying job they have (but a job which the economy needs someone to do).
As a society, we almost intentionally throw as many distractions as we can at kids to distract them from attaining the goal of not just getting an education, but of the ability to think critically. Most kids, are not mature enough to do what is in their long-run best interest, so unless they have a strong support system at home, the number needed to fail is easily achieved.
I think in South Korea, 60% of high school kids go onto complete a university degree. Then there are not enough jobs for all these highly educated individuals. I think China runs into the same problem.
Who
wants to get a university degree and then have to take a job where you are
peers with someone with a limited education? It's too much to take for most
people. The resentment, and social unrest, that builds can be very destructive
for society.
Economic Possibilities For Our Grandchildren
What Middle-Class Canadians Need To Know
A Must-Watch, One Hour Economics Seminar
Keynes - What He Got Right, What He Got Wrong
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