Karim writes:
Details firm-especially new orders and employment (highest level since Oct 2007)
| Nov | Oct | |
| Composite | 55.0 | 54.3 |
| Prices Paid | 63.2 | 68.3 |
| New Orders | 57.7 | 56.7 |
| Employment | 52.7 | 50.9 |
| Export orders | 59.5 | 55.5 |
| Imports | 54.5 | 54.0 |
- “Business remains steady; outlook for fourth quarter is good.” (Information)
- “Trending favorable — see more activity toward additional staff and capital expenditures for 2011.” (Finance & Insurance)
- “Business is stable. Customers are exerting a lot of pressure to lower prices.” (Agriculture, Forestry, Fishing & Hunting)
- “Slight uptick in orders, but nothing to indicate sustainability.” (Professional, Scientific & Technical Services)
- “This business cycle is cause for continued caution for the foreseeable future. We would like to see some settling of unemployment, retail and home sales — none of which appear to be either forthcoming or predictable. We anticipate continued uncertainty and retrenchment.” (Retail Trade)
James Galbraith attacks the Fiscal Commission’s report
http://www.newdeal20.org/2010/12/03/casting-light-on-%E2%80%9Cthe-moment-of-truth%E2%80%9D-28850/
James Galbraith condemns the Deficit Commission and it’s pre-ordained outcomes at:
http://www.newdeal20.org/2010/06/30/why-the-fiscal-commission-does-not-serve-the-american-people-13742/
The Commission invited expert testimony and then ignored the information presented.
A link to an excellent Stephanie (Bell) Kelton paper is posted in the ND 2.0 comments. The link was posted as a rebuttal to widely held misperceptions about how the federal government’s finances actually work:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=115128
“After carefully considering the complexities of reserve accounting, it is argued that the proceeds from taxation and bond sales are technically incapable of financing government spending and that modern governments actually finance all of their spending through the direct creation of high-powered money.”
It is encouraging to see some people are “getting it” and citing the technical analysis of experts.
yes, some very good, but unfortunately so much of what Galbraith has been saying is way out of paradigm
Le Monde via Truthout: Peak Oil Happened in 2006