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Thread: Trump's Last 100 Days

  1. #381
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    Quote Originally Posted by jyng1 View Post
    Yesterday EPA administer Scott Pruitt questioned whether warming temperatures are harmful to humans, and claimed that a hotter surface temperature for the Earth could beneficial.

    "Is it an existential threat, is it something that is unsustainable, or what kind of effect or harm is this going to have?" he said. "We know that humans have most flourished during times of, what, warming trends?"

    The US is now forecast to use most of the world's remaining carbon budget by itself by 2050.
    Fine, so long as the humans do not want to carry on eating the crops we are reliant on to have food security and a functioning global economy.

  2. #382
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    Why did the US stock market crash on Monday? Blame the central banks
    Published time: 6 Feb, 2018 22:40
    Edited time: 7 Feb, 2018 00:36
    by Steve Keen

    Everyone who’s asking “why did the stock market crash Monday?” is asking the wrong question. The real poser is “why did it take so long for this crash to happen?”

    The crash itself was significant—Donald Trump’s favorite index, the Dow Jones Industrial (DJIA) fell 4.6 percent in one day. This is about four times the standard range of the index—and so according to conventional economics, it should almost never happen.

    Of course, mainstream economists are wildly wrong about this, as they have been about almost everything else for some time now. In fact, a four percent fall in the market is unusual, but far from rare: there are well over 100 days in the last century that the Dow Jones tumbled by this much.

    So this is the first central bank-created stock market bubble in history, and central banks have just had the first stock market crash where the blame is entirely theirs.

    Were this a standard, private hysteria and leverage driven bubble, we could well be facing a further 50 percent fall in the market—like what happened after the DotCom crash. This would bring shares back to the long-term average of 17 times earnings.

    Instead, what I believe will happen is that central banks, having recently announced that they intend to end QE, will restart it and try to drive shares back to what think are “normal” levels, but which are at least twice what they should be.

    As I said in my last book ‘Can we avoid another financial crisis?’ QE was like Faust’s pact with the Devil: once you signed the contract, you could never get out of it. They’ll turn on their infinite money printing machine, buy bonds off financial institutions once more, and give them liquidity to pour back into the markets, pushing them once more to levels that they should never rightly have reached.

    This, of course, will help to make the rich richer and the poor poorer by further increasing inequality. Which is arguably the biggest social problem of the modern era. So, as well as being incompetent economists these mainstreamers are today’s Marie Antoinette. Let them eat cake, indeed.
    Steve Keen is an Australian economist and author. He’s professor and Head of the School of Economics, History and Politics at Kingston University in London. You can support his attempts to build a new economics https://www.patreon.com/ProfSteveKeen.
    https://www.rt.com/op-ed/418057-us-stock-crash-banks/

  3. #383
    Senior Member Senseye's Avatar
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    Quote Originally Posted by jyng1 View Post
    The US is now forecast to use most of the world's remaining carbon budget by itself by 2050.
    Not that I disagree with the tone of this post, but really? China gets a free pass?

  4. #384
    Senior Member Starjots's Avatar
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    Quote Originally Posted by mara View Post
    Why did the US stock market crash on Monday? Blame the central banks
    I was mystified why it has risen so steadily over the last year plus. However, a big tax cut did go through and I suppose the expectation of that even didn't hurt and now that's its come to pass it's back to ups and downs.

    /endhandwaving

  5. #385
    Homo siderius Sistamatic's Avatar
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    Quote Originally Posted by Starjots View Post
    I was mystified why it has risen so steadily over the last year plus. However, a big tax cut did go through and I suppose the expectation of that even didn't hurt and now that's its come to pass it's back to ups and downs.

    /endhandwaving
    nods. found this earlier:

    https://www.marketsandmoney.com.au/f...et/2018/02/09/

    The stock market has a lot of sleight of hand, always has, always will. The bubble created by the people who dress nothing up as something and sell it is always there, but it gets big every time some new scheme comes out because it takes people a while to figure it out. The schemes are getting more and more convoluted too. I don't worry too much about these things...I remember the stock market crash of 87 when the dow dropped 22 percent in one day...there were people jumping out of high rise windows in despair, etc. I was in high school at the time, and I remember everyone talking like it was the end of the world, but it wasn't. The stock market just does this sometimes. It's the nature of the game. If you aren't retiring soon, I wouldn't worry too much. The people who are cashing out right now, most are just playing the game....they are planning to buy back in the minute things hit bottom, and they'll probably buy a little smarter, at least for now, until they get cavalier again.
    They are gamblers at heart, and they aren't going to be able to keep their cash in their bank accounts for long, no matter how much of a scare they got today.
    Insults are effective only where emotion is present. -- Spock, "Who Mourns for Adonais?" Stardate 3468.1.

    I'm not avoiding socializing I'm helping socializing avoid me! --MoneyJungle

  6. #386
    Senior Member jyng1's Avatar
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    Quote Originally Posted by Senseye View Post
    Not that I disagree with the tone of this post, but really? China gets a free pass?

    Rick Perry has been proposing to subsidise coal... meanwhile here's six enormous and ambitious Chinese renewable energy projects.

  7. #387
    Senior Member Senseye's Avatar
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    Still, last time I checked China's gross emissions are about double that of the US, and still growing faster I believe. So that bit about the US using up the remaining budget by itself may be true, but then, China will also use up double the budget by itself. So we are hooped regardless, if the climate doomsayers have it right.

  8. #388
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    Quote Originally Posted by Starjots View Post
    I was mystified why it has risen so steadily over the last year plus. However, a big tax cut did go through and I suppose the expectation of that even didn't hurt and now that's its come to pass it's back to ups and downs.

    /endhandwaving

  9. #389
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    Peter Schiff Warns "Trump's The Fall Guy... There's No Way To Stop This"
    by Tyler Durden
    Thu, 02/08/2018 - 16:26

    Peter Schiff, a market analyst who had accurately predicted the 2008 recession and the recent stock market plunge says more is coming. Wait until you hear what he says is on the horizon for America and the global economy in the Trump era.

    In an interview with Infowars‘ Alex Jones, Schiff details what we can all expect from the economy. And even though Trump has fought to save the economy, the federal reserve is working against the president. “Unfortunately, he is the fall guy. There’s no way to stop this,” Shiff begins.

    “The problem is so big that the minute the Fed has to try to solve it, it’s gonna unleash a much bigger one [problem],” Shiff says. Jones begins his intro by not sugar coating the problem the economy is in thanks to government interference. The economy is a giant bubble and it will pop at some point, not just deflate.

    “The Fed were dragging their feet in raising rates while Obama was president. They talked about raising rates but at the end of the day, they barely moved them up. The pace of hikes has increased since Trump was elected, but part of the reason for that…I mean, the media is not talking down the economy; if anything they’re overhyping the economy. Everybody’s talking about how strong the economy is, how everything is great. Everybody is taking credit for this great economy. The Fed wants to take credit for it, Trump wants to take credit for it, so if everybody wants to talk about how great the economy is, the Fed doesn’t have any excuse if it doesn’t raise rates…in order to keep up the pretense that the economy is as strong as everybody thinks, the Fed is in this box where it has to raise rates.

    But they [the Fed] can’t tell the truth that it’s really a bubble, and if we raise rates, we’re gonna prick it, so they’re kinda in this bind. And they are still telegraphing that they’re gonna raise rates three or four times this year. And that is the problem.“

    Schiff then goes on to explain some of the problems Trump inherited from Obama that will be difficult, if not impossible to solve without a crisis.

    “One of the things the happened under Obama, is he inherited a massive deficit from Bush. The deficit skyrocketed in 2008/2009 and so, after a couple of years, the deficits were slowly falling while Obama was president. Now, they were falling from a very high level, but at least they were going down. All of a sudden, deficits are skyrocketing and they’re about to explode out of control. Yet, we have no way to finance them. So interest rates have no place to go but way up. Not just a little up.”

    Jones then wanted to know if Shiff thought there was a way for Trump to help America get out of this mess. Schiff says Trump should come clean on how the economy is really looking.

    “The sooner he tells the truth, the better…I don’t think this market is going to roar back and make new highs.”
    The other problem is Americans have the lowest savings rate in ten years. There is no money for the public to buy undesirable bonds that not even the Chinese will buy. Schiff also says that the social justice warriors need to take a break and focus on the bigger picture.

    “Social issues need to take a backseat. If the economy crashes, if the market crashes, if we have a worse economy than the one that Bush left Obama, then none of the other stuff matters. Because we’re paving the way for somebody worse than Hillary Clinton.”

    Trump is going to get blamed when the economy tanks because the media has already decided that they are on the side of socialism. When all of this happens, prepare for the free market (which we don’t have) to be blamed and prepare for the tax cuts to be blamed.

    This will pave the way for Communism. “I don’t think Trump can get out of dodge in time,” Schiff said.
    https://www.zerohedge.com/news/2018-...es-no-way-stop

  10. #390
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    Quote Originally Posted by jyng1 View Post
    Rick Perry has been proposing to subsidise coal... meanwhile here's six enormous and ambitious Chinese renewable energy projects.
    Quote Originally Posted by Senseye View Post
    Still, last time I checked China's gross emissions are about double that of the US, and still growing faster I believe. So that bit about the US using up the remaining budget by itself may be true, but then, China will also use up double the budget by itself. So we are hooped regardless, if the climate doomsayers have it right.
    The Chinese government is making huge investments in becoming more sustainable. It has a long way to go, but has started the journey and is gathering momentum. Their government is decisive and effective. The contrast with the USA which is rapidly going backwards in this area under Trump is stark.

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