Peter Schiff Warns: “The Whole Economy Has Imploded… Collapse Is Coming” – Link sent in by B.B.
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First GM China-Made Import to U.S. Scheduled to Begin Sale in 2016 – RBS
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Items from Professor Preponomics:
U.S. News
Beleagured Wal-Mart Sues Broke Puerto Rico (Zero Hedge) Article Quote: “It’s always amusing when unforeseen circumstances conspire to bring two previously disparate stories together in one hilarious boondoggle.”
No, “Big Data” Can’t Predict the Future (Mises Institute) Article Quote and a Thought: “In the social sciences we’re dealing with complex phenomena. Action and, especially, its outcome is the result of a complex system of social interaction, psychology, and much more.” …and hence the reason that economics is, at once, so important and so challenging.
GE Terminates Deal with Electrolux After Anti-Trust Hurdles(Market Watch) Notes: Given all the recent news of mergers and acquisitions, we may see a lot more conversation as well about antitrust economics. Reader Resource: Antitrust: The Concise Encyclopedia of Economics (Fred McChesney)
It’s Time for the Federal Reserve to Give Back Taxpayer Dollars (New York Post) Article Quote: “In addition to the Fed’s surplus account, it has been lining the pockets of banks by paying above-market dividends to them each year.”
Fed Made Choices Designed to Keep Employment Low (Washington Examiner) Commentary: An interesting statement by the outgoing president of the Federal Reserve Bank of Minneapolis. It calls on us to engage more deeply in conversation about the degree to which our economy should be controlled by policymakers (no matter how well-intentioned) rather than by free market capitalism.
International News
Finland Wants to Give All Citizens, Rich or Poor, a Monthly Payment (Christian Science Monitor)
The Middle East’s Two Great Powers are Heading for a Showdown Over Oil Prices (Business Insider) Spoiler Alert: This is a story of economic rivalry, the pursuit of power and oil.
ECB Lowered Stimulus Ambitions After Hitting Opposition Sources Say (Reuters) Article Quote: “Draghi raised expectations too high, on purpose, and attempted to paint the Governing Council into a corner,” the source said.”
Italy’s Economy Slows Making Return to Sustainable Growth Harder (Bloomberg)
Personal Economics and Household Finance
Why the Holidays Make Us Dumb About Spending (Reuters)
FTC: Financial Readiness is as Critical as Fully Charged Batteries (FTC) Suggestions: From a household inventory to a fireproof file box, this resource provides excellent suggestions for ways to prepare and organize financial records in case of emergency.