Tomorrow afternoon I have an econ test that I still haven't studied much for, and then in calc we do continuous random variables all week, and then next week it's exam time.
In addition, my employer has seen their stock price tank 10% since I last worked there, so they're begging me back now. I do a bit this Friday, a bit next Friday, then full-time til Labour Day doing what I love most: tearing a new hole in McCormick Rankin's shitty preliminary design and showing it can be built for half the price if you just use some common fucking sense.
So basically I'm going to be busy for a couple weeks. Buy S&P when the fear is at its highest, that's my only advice. Oh, and hope that gold doesn't go to $800.
In the meantime, here's some news:
BI - Goldman Sachs says commodities selloff is part of global cycle. Translation: someone at Goldman Sachs just read Jim Rogers' "Hot Commodities", synthesized its main point with some first year economics, and is passing it off as new and original thinking. So Goldman, what are you going to say when this fad passes and it turns out China continues growing after all?
Gavyn Davies - lowflation forever in the US? Some panty-piddling from an Englishman this time. I say "Englishman", Gavyn, because no true Welshman would be such a fwcllyng syssy. Cerys Matthews is more man than you FFS.
Joe Stiglitz - Greece, the sacrificial lamb. Oh sure, those "structural reforms" are all being pursued with Greeks' best interests at heart, oh no they're not an attempt to bleed Greece dry:
The rationale behind many of the key structural reforms has not been explained well, either to the Greek public or to economists trying to understand them. In the absence of such an explanation, there is a widespread belief here in Greece that special interests, in and out of the country, are using the troika to get what they could not have obtained by more democratic processes.Kruggers is a teddy bear compared to The Stig.
Consider the case of milk. Greeks enjoy their fresh milk, produced locally and delivered quickly. But Dutch and other European milk producers would like to increase sales by having their milk, transported over long distances and far less fresh, appear to be just as fresh as the local product. In 2014 the troika forced Greece to drop the label “fresh” on its truly fresh milk and extend allowable shelf life. Now it is demanding the removal of the five-day shelf-life rule for pasteurized milk altogether. Under these conditions, large-scale producers believe they can trounce Greece’s small-scale producers.
Economist's View - on goldbugs and silverbugs. Including some Krugman:
The basic mindset of the kind of people who pay Ron Paul for his economic advice is pretty clear: they’ve made some money over the course of their lives, they believe that all of it reflects their own virtue, and they think they know from that experience what it takes to create wealth. They hear that the Fed is printing money, and it sounds to them like a violation of both the laws of economics and morality — and they surely think of it as a plot to take away their completely earned gains and give them to Those People (hence the whiteness issue).It's almost too easy to make fun of these clowns. Nevertheless, capitalism demands that we beat up on the retarded, so let's start with the retards of capitalism, no?