As always, we take their numbers with a grain of salt, but a new report by the Beijing-based World Luxury Association holds that Chinese consumers spent a relatively spare US$830 million on luxury items domestically from January 20 – February 20, a 53 percent drop from last year’s spending spree, but a whopping $8.5 billion overseas, an 18 percent increase year-on-year.
Price considerations remain the key driver of overseas luxury spending, with 93 percent of [...]
Steve Schwarzman, Chairman and CEO of Blackstone, sat down with Bloomberg News’ Jason Kelly and said that election scrutiny of private equity may pay off: “There’s a point of view that these business have performed very well for institutions…Ironically, it gave the public and other people a chance to think through these arguments.”
Schwarzman also said, “We have not seen any of the blow back that you might expect.”
Schwarzman on [...]
As speculation mounts over who Mitt Romney will select as his 2012 running mate, one of the favorite contenders insisted today that he may not want the job.
Ohio Senator Rob Portman, whose name most often tops potential V.P. lists, said today that he plans to remain in the Senate for the rest of his term, and hinted that, contrary to popular belief, he is not on Romney’s shortlist.
“I am happy where I [...]
Ryan W. McMaken
June 2, 2012
Another one of the positive side effects of the current economic crisis is that even the government’s statistics, once accepted uncritically by the media, are now faced with some skepticism. As someone who examines government statistics often, I can say that government stats definitely have their uses, assuming you consider the methods used, and take it all with a grain of salt. But for years, [...]
A little headline might be the cause of a steep drop in the euro recently, courtesy of the European Central Bank’s latest weekly statement.
It’s all about the money central banks are borrowing from the ECB and how they’re going about it.
Essentially, the thinking goes that a large European bank is no longer capable of borrowing directly from the ECB because it no longer has creditworthy collateral. Instead this bank has [...]
Now that the Greek exit is back to being topic #1 of discussion, just as it was back in the fall of 2011, and the media has been flooded by groundless speculation posited by journalists who have never used excel in their lives and are merely paid mouthpieces of bigger bank interests (long live access journalism and the book sales it facilitates), it is time to rewind to a step by step [...]
The Economic Collapse
Rampant silver manipulation? Rampant gold manipulation? Rampant LIBOR manipulation? Hiding MF Global client assets? These are all happening at JP Morgan according to an open letter reportedly written by an anonymous employee of the firm. The whistleblower also warns of a “cascading credit event being triggered” by derivatives related to Greek government debt. Unlike Greg Smith at Goldman Sachs, this whistleblower has chosen to remain anonymous for now. [...]
Executive Order- National Defense Resources Preparedness.
I think this bill covers national resource allocation in peacetime and wartime. So it is more than martial law preparation, it covers much more.
“Sec. 102. Policy. The United States must have an industrial and technological base capable of meeting national defense requirements and capable of contributing to the technological superiority of its national defense equipment in peacetime and in times of national emergency. The domestic industrial and technological base [...]
by Jay Yarow, BI
The letter that took down Mark Hurd as CEO of HP has leaked after a court said it was going to be made public.
Arik Hesseldahl of All Things D got a copy of the letter, and made it available for embed. We’ve embedded it below.
Ken Glueck, who works at Oracle, where Hurd is now a co-president told All Things D, “This letter was recanted by Ms. Fisher. She admitted it was full of inaccuracies,” so read everything [...]
Yeah, we’ve heard this rumor a billion times, so why not once more?
The Sunday Times (London) is reporting (behind a paywall) that China made an offer to inject oodles of money into Europe.
Gerry Davies at ForexLive summarizes it in a sentence: “Quotes sources close to G20 talks as saying China is willing to pump billions into the euro zone by buying infrastructure assets. Report also says Chinese banks [...]
Funny how much can change in a month. After everyone was making fun of David Rosenberg as recently as June, not a single pundit who owns a suit and can therefore appear on CNBC dares to mention the original skeptic. Why? Because he has was proven correct (once again) beyond a reasonable doubt (and while we may disagree as to what asset class is best [...]
I know some of you think Mother Jones magazine is a “liberal” publication. However, I think this is an interesting article (admittedly written from that slant, but also poking fun at some liberals with it’s mention of Whole Foods and vaccine-autism link believers) about why we as human beings tend to deny any facts that don’t fit with our line of thinking. It happens to [...]
by John Michael Greer
Iâ€™ve commented more than once in these essays on the gap in perception between history as it appears in textbooks and history as itâ€™s lived by people on the spot at the time. Thatâ€™s a gap worth watching, because the foreshortening of history that comes with living in the middle of it quite often gets in the way of figuring out a useful [...]
Here is my opinion. It’s mine alone; take it with a grain of salt but I encourage you to do your own research as there are many factors weighing on all aspects of the market.
From economic perspective – it’s not a disaster at this time. Unfortunately it would only take some very small bad news items to run it into the disaster column again. Unemployment is not great. Earnings [...]