marketoracle.co.uk / By Andrew McKillop / January 06, 2013 – 12:42 PM
WHAT GOES UP, GOES DOWN
Offically released on Jan 1, 2013 the Boston Consulting Group’s “shock report” by Daniel Stelter and his colleagus on what 3 decades of Ponzi finance has done to real wealth in the developed-OECD group of countries has been available since mid-December but not widely commented. The title says it all: “Ending the Era of Ponzi Finance”
Nassim Taleb: Don’t Be Fooled By The Fiscal Cliff, Stabilization Won’t Save Us From Economic Turmoil
THE fiscal cliff is not really a “cliff”; the entire country won’t fall into the ocean if we hit it. Some automatic tax cuts will expire; the government will be forced to cut some expenditures. The cliff is really just a red herring.
Likewise, any last-minute deal to avoid the spending cuts and tax increases scheduled [...]
Over an early-morning coffee with the chief executive of an FTSE 100 business last week, talk turned to the outlook for 2013. Where I had expected some guarded optimism, instead I heard a chilling analysis.
The CEO said he had been reading a new paper from Boston Consulting Group headed “ Ending the era of Ponzi finance ”. The lessons he had taken from it were miserable.
The West was not going to find [...]
Google shares dropped nearly 10 percent over the course of two days, wiping out more than $24 billion from the company’s value
Plunge in share prices followed weak earnings report showing a 20 percent decline in profits compared to the same quarter last year
Analysts say the drop in earnings is driven by a an advertising problem that will continue to worsen for Google
As Google suffers a catastrophic nose-dive in its market [...]
New York’s biggest investment houses are shifting jobs out of the area and expanding in cheaper locales in the United States, threatening the vast middle tier of positions that form the backbone of employment on Wall Street.
The shift comes even as banks consider deeper staff cuts here, which could undermine the state and city tax base long term.
“Places like New York or London will remain financial centers, but most of [...]
heir wardrobes are packed with haute couture and designer accessories but for the world’s super-rich shopping is no longer enough: lavish one-of-a-kind travel adventures are the latest status symbol.
Helicopter skiing in Alaska or a getaway to luxury goods group LVMH’s exclusive hideaway in the Maldives are the current trends for the growing number of millionaires, according to a report.
It predicts that, despite the eurozone crisis, spending on luxury goods will [...]
America’s millionaire population declined last year for the first time since the financial crisis, according to a new report.
The population of U.S. millionaire households (households with investible assets of $1 million or more) fell to 5,134,000 from 5,263,000 in 2011, according to The Boston Consulting Group’s Global Wealth study.
Total private wealth in North America fell by 0.9 percent, to $38 trillion.
The ultra-rich were the largest losers in dollar terms. Households in [...]
From The Reformed Broker:
… “Ten years ago, everyone thought Mexico would be the place for expansion,” says Pete Selleck, who heads Michelin’s North American operations. “But we can’t tolerate the level of instability there.”
As for China, labor costs are rising quickly, he says, and “there’s still concern about protecting intellectual property.”
A new survey of 106 big U.S. manufacturers by the Boston Consulting Group, to be released Friday, picked up a [...]
(Reuters) – Large U.S. manufacturers are much more likely than their smaller peers to move production to the United States from China, according to a survey.
Labor costs and the quality of goods are the top reasons for companies to consider so-called “re-shoring,” with some companies considering the United States a de facto low-cost country because of its high unemployment, according to the survey by the Boston Consulting Group.
It found that [...]
by John Mauldin, Thoughts From The Frontline
“Whoever cannot seek the unforeseen sees nothing for the known way is an impasse.”
? Heraclitus, Fragments
Which path will we take? If we could only grow our way out of our sovereign debt problems. But growing debt creates even more problems if not dealt with, making it even more difficult to deal with; yet getting the debt and deficit under control brings its own form of pain.
The making of computers, electrical equipment, machinery, autos and other goods may shift back to the US from China. Photo: AP
Assumptions that the Great Republic must inevitably spiral into economic and strategic decline – so like the chatter of the late 1980s, when Japan was in vogue – will seem wildly off the mark by then.
Telegraph readers already know about the “shale gas revolution” that has turned America into the world’s [...]
workers assembling an engine at a Volkswagen factory in Tennessee.
FORTUNE – Until the end of World War II, America’s economy was almost completely self-sufficient. Everything it consumed it also produced. The big shift away from manufacturing came as the U.S. sought to speed the recoveries of war-ravaged Europe and Asia. Trade barriers fell significantly and soon American companies were sending emissaries abroad, looking to do [...]
Denial. Denial is safe. Comforting. Religiously and relentlessly abused by politicians who don’t want nor can face reality. A word synonymous with “muddle through.” Ah yes, that “muddle through” which so many C-grade economists and pundits believe is the long-term status quo for the US and the world just because it worked for Japan for the past three decades, or, said otherwise, “just because.” [...]
At the Beijing Sports Car Club, a $220,000 Porsche SE 911 counts as an entry-level model. Members are competing with counterparts who race $3.9 million Tramontanas and $4.3 million Bugatti Veyron 16.4s.
The number of millionaires in China jumped 31 percent last year to more than 1.1 million, and with an average age of 39, they are 15 years younger than their U.S. and European peers. Car clubs, nonexistent in the [...]
The United States exported more goods and services in March than in any single month in its history: $172.7-billion (U.S.) worth. It was the country’s 21st consecutive month of rising exports, pushing the year-over-year increase to 20.9 per cent. In these 12 record-setting months, exports reached within one-tenth of 1 per cent of $2-trillion – more than four times the cost of the country’s imports [...]
Despite being at the epicentre of the global financial meltdown, the United States had by far the most millionaires last year / File
JUST one per cent of the world’s households holds more than a third of the world’s wealth, a new study suggests.
The number of millionaire households increased 12 per cent last year, increasing millionaires’ share of the world’s wealth two percentage points to 39 per cent.
The study [...]