JoNova

A science presenter, writer, speaker & former TV host; author of The Skeptic's Handbook (over 200,000 copies distributed & available in 15 languages).

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The Skeptics Handbook II

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GoldNerds

The nerds have the numbers on precious metals investments in Australia and North America

Blogger’s speech to the NY Fed tells it like it is

Joint Post: David Evans and Jo Nova Robert Wenzel says to Federal Reserve: “Leave the Building to the Four-Legged Rats”

Finally a speech with attitude tells it like it is, at the US Federal Reserve. The speech was given by blogger Robert Wenzel in late April to the New York Federal Reserve Bank, because they invited him to speak. It deserves a read — a man who knows the details tallies up the score, and politely lays out the contradictions of the Federal Reserve at point blank range.

But it is much more than that. For the US Federal Reserve to invite Wenzel to explain Austrian economics to them is like “the team” in Australia inviting me along for lunch at the Department of Climate Change to explain why the CO2 theory ain’t too hot. If that happened (as if), what would I say? This is the nature of the choice that Wenzel faced. A slam-dunk, in the nicest possible way.

The convergence of common sense: Austrians are the skeptics of economics

Wenzel is an Austrian economist, which is like being a climate skeptic in climate change. In the 1930s, Keynesian economics took over from classical economics among the central [...]

May 10th, 2012 | Tags: , , , | Category: Global Warming | Print This Post Print This Post | Email This Post Email This Post | Comments (168)

Murdoch tweets about money printing and inflation, reality won’t be far behind

The game is up when everyone knows the only way out is printing money, because then everyone knows inflation is coming, and the bun-fight begins. Everyone wants the wage rise, the payment now, and to buy the commodities that they won’t be able to afford tomorrow. Price tags begin that rising spiral. I don’t think we are on the verge just yet, but it can’t be that far when someone like Murdoch is broadcasting it.

Rupert Murdoch tweets:

‏ @rupertmurdoch

Governments worldwide have borrowed 100 trillion last ten years. Defaults inevitable sometime soon. Means crash, hurting rich and poor.

‏ @rupertmurdoch Of course markets stay high with central banks printing huge sums, inflating everything except jobs.

The only question that matters then, is are they “printing”, and how long have we got?

US Money Base Figures

This is the US money base, starting in 1918.

You can see the moment Lehman Brothers went under. It’s that “bend”.

 

..

That graph again, logarithmically, so we can put the last 90 years in perspective. Remember the oil crisis, the Vietnam War, the 1987 crash, LTCM, and the dot com burst? They don’t [...]

May 2nd, 2012 | Tags: , , | Category: Monetary History | Print This Post Print This Post | Email This Post Email This Post | Comments (97)

Helicopter Ben at work

Not many people realize just how utterly unprecedented the Global Financial Crisis was.

To see just how singularly anomalous those months were, let’s revisit an article I wrote for 321 Gold in November 2008.

The graphs below are extraordinary, jaw-dropping plots. At the time I was watching them grow week by week, and was amazed that they were not “everywhere”. I still remember the chill I got in mid October when I first saw the ballistic spike. We’re talking about the money supply of the worlds largest economy. The rescue package blew away the scale — the second graph below covers 90 years. It’s not often you see any graph which is a true hockey stick. This was originally published at 321Gold on Nov 25th 2008. Remember this money (your money if you hold US dollars) was “injected” as a temporary fix (in theory), the plan was to neutralize it, or sterilize it, or insert-your-favourite-euphemism-here-for-getting-it-back-to-normal.

So where does the Money Base graph stand now? It’s not back down to $900 billion (where it was in August 2008), it’s not even stable at $1500 billion, it’s $2000 billion. Our markets run on ever increasing injections of new money. The people [...]

June 7th, 2010 | Tags: , , , | Category: Monetary History, Science of Money | Print This Post Print This Post | Email This Post Email This Post | Comments (54)
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