I am much more a philosopher than an economist, and I might ever be able to draft any financial report like Secured Party, but I have acknowledged that Economy is seriously linked to Philosophy... and even spirtuality.
INTERVIEW WITH ECONOMICA:
THE MORALITY OF GOLD
MARCH 2002
Q: I am glad to finally meet you in person, you seem so busy lately...
A: Yeah, I know, but I am running two jobs right now. I am doing french translations for the Canadian market research and work with corporate event planners - aside leading a career as aspiring screenwriter with different collaborators whom I desperately need to revise my poor english grammar. [LAUGHS]
Q: But you do quite well, rest assured. Would you tell me a little bit about yourself? [SMILE]
A: Thanks... I grew up in Brussels but rather see me as a self-made Citizen Of the World, you know. As a teen, I was much too "wilde" to accept being told what I had to do, and also somewhat frightenened by the adult world. Like I already knew there was a "global horror" going on but was not willing or ready to face it. Call this intuition if you wish. I studied sciences in high school in order to become a zoologist because back then I found more rational to rescue animals than humans... but ironically landed in Philosophy where I was unable to find any deep interest. Libertarinism still is not [fully] recognized as a scholar discipline, but I hadn't heard anything of Libertarianism back then. I wish I had. So, I shifted gear and became an art gallerist and started my writing endeavors as a novelist. For some reasons too long to explain, I met my first Mentor at 27 years of age who is a famous French Publisher: Pierre Belfond. Instead of publishing my work, he became my teacher because he felt that I had an incredible potential but two years later,The European Script Fund allocated me a grant to develop a project. That was a poisned gift so to speak, because the ESF got cancelled and I lost their support. It was at the time EU was willing to fight the invasion of Hollywood. But failed. The Fund had granted thousands of aspiring writers but quickly became unable to promote them in the end. Millions were lost. Fithteen years ago, the French and Belgian movies were much more depending on the State to get produced than now. Socialism clearly explains the failure of the ESF. So here am I today, living in New York, still writing screenplays which have been read by some "big shots", and still are, but comeptition is harsh. Today I also realize that my connections in the biz need some improvement and I am working on that.... In the near future I plan to restart studying philosophy. In fact I rather am much more of a philosopher than an economist, you know. Though, a few years ago, I found out that philosophy, biology, physics and economics are inherently linked. Hence the quest for rational thinking I am going through today. My knowledge isn't so impressive but I have the ability to synthetize quickly, so I directly can see where things are getting at... Um-um.
Q: Would you then say the same about "spirituality"?
R: Sure, spirituality is as much rational as money if you see what I mean.
Q: I am somewhat confused here...
A: Well I for one believe that everything gets down to the right mathematical equation. Please understand that I don't know "it" yet, still seeking... so more spiritual wellness in the world first starts with the right existential premises and monetary system.
Q: But earlier you told me something about bad politicians... right?
R: Indeed: "we get/got the politicians we deserve".... rings so true, isn't it?
Q: I agree with you here -- And what is your political orientation if I may ask?
A: Let's say 30% objectivist and 70% libertarian. I do not agree with Rand on everything, especially her take on wars for instance. So far I have not seen one Objectivist voicing anti-war concerns. It is clear that today events are the results of governments' unethical actions, so why should we take the bait? I call this stupidity. I do not entirely agree with Bob Wallace who trashs Rand, you know. Let's also do not forget that Rand was a Gold Advocate. She is entirely right to argue in favor of self-interest, since a while Executives and CEOs seem to acknowldge it finally. For years, I have dismissed political matters, what I sincerely regret... today, as a result, I have come to a realization that my attitude could no longer last... I feel somehow responsible regarding the global terror threat and the shift toward global dictatorship the world is taking. I have a 20 year old son and his future -- as well as mine -- concerns me highly.
Q: Should Libertarians have been more assertive?
A: Although there is an impressive number of libertarian activists out there, I should have been much more involved -- but now have changed -- yeah... I do think we live interesting times though. "Laissez-faire capitalism" ruled by any Fiat Monetary System is the most criminal scheme ever. Throughout history, Fiat Money has disastrous records. It is a open-conspiracy because it operates legally, with the approval of world governments. There is no reason to see it as a necessary evil. [SIGH]... So here are we dealing with the greatest paradox ever. The merging between Capitalism and Communism is so obvious: the banking monopoly is the 5th Plank of the Communist Manifesto. The United Nations is the most dangerous entity ever because of this. There is no sustainable development possible in a bankrupted world, but wealth transfers than can be organized with deflation and inflation whenever "they" want. The boom and bust cycles are as well planed as the launching of the Shuttle!
Q: Sounds frightening...
A: Still, we may easily conceive that everything in the Universe falls back into place after a while. Take an atom, or a cell for example, they grow according to their biological properties defined by genetics. The same can be observed in the Universe: if planets remain separated from one another, there is a specific reason... and the assertion is valid for human beings too, we cannot escape Rationality. In fact what is currently perceived in our society [and here again because of a huge media bias branding Libertarians as anarchists] as "decentralization" is in fact about "ethical centrism". The fight between Right and Left is doomed by one way or another, because they always tend to become the tyrany of the majority. In that respect, Democracy ends up comitting suicide too. A growing group cannot overcome a size defined by specific natural laws without damaging the society. Directly or not. And that's the real issue with Big Goverments: they always end up lying to their citizens because of conflict of interests. There have been more deaths by governments than street crimes, let's face it.
more:
http://www.moneyfiles.org/economica.html
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Global: The Perils of Competitive Currency Devaluation
Stephen Roach (New York)
Guns are blazing on the anti-deflation front. Policy makers in Japan and the United States have elevated deflation to their number one concern. Even European authorities have finally joined the game, as evidenced by an aggressive 50 bp ECB easing, with the euro-zone inflation rate still above the so-called price-stability threshold. The full force of the global policy arsenal now seems aimed at arresting deflation. And that’s very good news.
The bad news is that there’s no guarantee the medicine will work. Policy traction is most difficult to achieve at low levels of inflation and nominal interest rates. Just ask Japan. In the case of the US economy, stabilization policies typically work their charm on three sectors – consumer durables, homebuilding, and business capital spending. With all three sectors having gone to excess in recent years, any response to policy stimulus could be surprisingly muted. In Europe, monetary stimulus is being offset by the combined headwinds of fiscal consolidation and lingering structural rigidities, especially in the labor market. History tells us that deflationary remedies must be administered early and aggressively. Only time will tell if it already isn’t too late.
MORE:
http://www.morganstanley.com/GEFdata/digests/20021206-fri.html
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Six dirty secrets of home equity loans
Borrower beware: before you take out a home equity loan, watch for these red flags.
December 5, 2002: 10:56 AM EST
By Annelena Lobb, CNN/Money Staff Writer
NEW YORK (CNN/Money) – Rapidly appreciating real estate has been the saving grace in a brutal bear market that's now gone on almost three years. And homeowners have taken notice: they've been tapping those growing pots of gold to cover expenses like home improvements, new cars and college tuition.
In a typical home equity loan, you borrow cash against the equity in your home and repay it over a fixed term. You pay most of your fees and closing costs upfront and choose a fixed or variable interest rate. Sounds simple, right?
It usually is. But some home equity loans harbor dirty little secrets. They trap consumers into paying more than they should and can even force them to foreclose on their homes if they get in over their heads. Remember: All home equity loans put your house on the line since your property is used as collateral. And that's the last thing you want to lose.
Before you sign on the dotted line, make sure you know about these six dirty secrets.
The balloon payment Beware the home equity loan that tempts you with unrealistically low payments. Look carefully at the terms: payments might be that low because borrowers pay only interest each month.
........
Negative amortization If you think that's bad, it could be worse. Sometimes, your monthly payments on a home equity loan don't even cover all of the interest you owe, said Margot Saunders, a lawyer at the National Consumer Law Center.
........
Thanks, but no thanks When it comes time to put your John Hancock on a home equity loan, make sure you recognize every document placed in front of you. If the lender asks you to sign papers that include monthly charges for insurance premiums or other 'services' that weren't mentioned before, that's questionable. The FTC calls it 'credit insurance packing'.
........
Prepayment penalties Paying debt early should be a good thing. Watch out for loans that charge steep penalties for 'overpaying' each month and wiping out your debts before your term is up, said Saunders. A predatory penalty might be 10 percent of the amount borrowed or a sum equal to three months' worth of payments.
.........
"Home improvement" loans Dishonest lenders sometimes issue unwitting consumers home equity loans with high rates and fees to finance repairs and home improvements, according to the FTC.
........
You have three days Okay, it's not exactly a dirty secret – it's a legal right. But it's crucial information for anyone who wishes to borrow against their home equity.
MORE:
http://money.cnn.com/2002/12/03/pf/banking/q_equity/index.htm
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Saturday, December 07, 2002
Burning Down the House
by Sean Corrigan
[Posted December 5, 2002]
Corrigan heads Capital Insight, a financial consultancy. He was interviewed at the Mises Institute prior to his lecture on the "What Happened to Recovery?" You can listen to the audio of his speech here, and follow his charts and research here.
MISES.ORG: It seems like the Austrian story of the boom is getting out there.
CORRIGAN: My sense is that many Austrians have described the process of the boom very well. The literature deals very elegantly with how unwarranted credit expansion leads people en masse to misjudge the capabilities of an economy. The result is malinvestment which leads to overbuilding in capital-intensive industries. In today's modern institutions, this leads to a share price boom, company floatation, and all the symptoms we saw in the upswing of the late 1990s.
In retrospect, this process has become better understood by the masses. Even the Wall Street Journal has picked up on this. They still miss the key element, namely that it has to be the elastic credit which fuels this process. It is this elasticity that brings about an asset-credit spiral that sucks more and more people in. It becomes effectively a firestorm in the end. More credit is available, prices go up, that makes more collateral available, that makes the asset look more attractive, the banks lend more money, and round and round we go.
MORE:
http://www.mises.org/fullstory.asp?control=1108
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World Bank warns India on fiscal deficit, slow reforms
PTI[ FRIDAY, DECEMBER 06, 2002 05:56:30 PM ]
WASHINGTON: World Bank has warned India that its growth prospects are weakened by high fiscal deficits and slow reforms, and the country needs to accelerate poverty reduction efforts, especially in UP, Bihar and MP, to meet the Millennium Development Goals.
"India's growth prospects are weakened by excessive high fiscal deficits, resulting in one of the highest levels of public debt in its history, a slowdown in the implementation of structural reforms and a financial system that is successful at mobilising savings but not in efficient allocation," the World Bank said in its mid-term progress report for 2001-04.
Depicting a "mixed picture" on reforms, it said external liberalisation has continued but the pace of domestic liberalisation has been inconsistent, privatisation has moved faster, there have been banking reforms but the system remains inefficient.
"However, incentives for states and cities to undertake reforms have been strengthened," it added.
MORE
http://timesofindia.indiatimes.com/cms.dll/xml/comp/articleshow?artid=30474825
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The Generations of American History
Colonial Cycle
Era Era Type years* Generation Gen. Type
Renaissance Outer Driven (1584-1614) Puritan Idealist
Puritan Awakening Awakening (1615-1647) Cavalier Reactive
Religious Intolerance Inner Driven (1648-1673) Glorious Civic
Glorious Revolution Crisis (1674-1700) Enlightenment Adaptive
Revolutionary Cycle
Era Era Type years* Generation Gen. Type
Age of Enlightenment Outer Driven (1701-1723) Awakening Idealist
Great Awakening Awakening (1724-1741) Liberty Reactive
French/Indian War Inner Driven (1742-1766) Republican Civic
American Revolution Crisis (1767-1791) Compromise Adaptive
Civil War Cycle
Era Era Type years* Generation Gen. Type
Era of Good Feeling Outer Driven (1792-1821) Transcendental Idealist
Transcend. Awakening Awakening (1822-1842) Gilded Reactive
Pre Civil War Inner Driven (1843-1843) _none_ civic
Civil War Crisis (1843-1859) Progressive Adaptive
World War Cycle
Era Era Type years* Generation Gen. Type
Reconstruction Outer Driven (1860-1882) Missionary Idealist
Missionary Awakening Awakening (1883-1900) Lost Reactive
World War I Inner Driven (1901-1924) G.I. Civic
World War II Crisis (1925-1942) Silent Adaptive
Present Cycle
Era Era Type years* Generation Gen. Type
Superpower America Outer Driven (1943-1960) Boom Idealist
Boom Awakening Awakening (1961-1981) Thirteenth** Reactive
Information Revolution Inner Driven (1982-now) Millennial Civic
??????? Crisis (2002?-2222?) ????? Adaptive
ALL OF THESE STATEMENTS HAVE HYPERLINKS
http://www.timepage.org/time.html
================================================================
Gold gains ground as O'Neill resigns
Metal's supporters hope for critical test of $330 an ounce
By Thom Calandra, CBS.MarketWatch.com
Last Update: 10:46 AM ET Dec. 6, 2002
SAN FRANCISCO (CBS.MW) -- Spot gold is making a seventh attempt at surpassing $329 an ounce this year, and the metal's supporters are keeping their fingers crossed.
ON THE MAIN PAGE FOR NOW, OTHERWISE CLICK ON COMENTARIES
http://cbs.marketwatch.com/news/default.asp?siteid=mktw
===============================================================
Thursday, 5 December, 2002, 23:40 GMT
Argentine bank chief offers to quit
Argentines are suffering soaring rates of poverty
The head of Argentina's Central Bank, Aldo Pignanelli, has presented his resignation in the midst of the country's worst economic crisis in history.
Correspondents say his decision was taken following repeated disagreements with the economy minister over policy issues and talks with the International Monetary Fund.
http://news.bbc.co.uk/2/hi/americas/2548165.stm
================================================================
Bush patience snaps at US jobs debacle
Tax cuts in, strong dollar out, as president fights for reputation
Larry Elliott and Heather Stewart
Saturday December 7, 2002
The Guardian
Paul O'Neill's short and ill-fated tenure as treasury secretary ended last night as a sharp and unexpected rise in the US jobless total underlined growing fears that the world's biggest economy could lurch back into recession.
MORE:
http://www.guardian.co.uk/business/story/0,3604,855573,00.html
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