“There needs to be an array of numbers but we need to understand the role of each number. We may not be able to aggregate everything together.”, Joseph Stiglitz, the Nobel Prize-winning economist said, reminding the weakness of the GDP figures in assessing the wealth and the well-being of societies, specifically by not including some challenging issues such as the climate change, environmental sustainability, or the role of national debt in exaggerating the GDP number.
“Ripping the stimulus out prematurely would only pull the rug out from under the recovery, undermine confidence and threaten jobs.”, Australia’s Treasurer Wayne Swan said in a weekly economic note. In recent days, policymakers around the world have showed their concerns that it may still be too soon for cutting back in stimulus efforts.
September 13, 2009
September 11, 2009
Quotes of the Day
“The system is essentially unchanged, except that post-Lehman, the survivors have ‘too big to fail’ tattooed on their chests.” , Niall Ferguson said, when the author of “The Ascent Monday” was pointing to the fact that the current regulatory structure could lead to another “Lehman Monday”, referring to the aftermath of the Lehman Brothers bankruptcy on September 15, 2008.
September 10, 2009
Quotes of the Day
“The classic mistake people make is they declare victory too soon”, U.S. Treasury Secretary Timothy Geithner told to a Congressional panel when he was suggesting that some of the measures, introduced to restore stability to the system, are still needed to be in place.
Bank of England Avoids Expanding its Purchases
The Bank of England (BOE) decided to keep the size of its assets purchase unchanged. Pounds rose against the Euro and the US dollar after the bank announced its decision as it was in contrast with some analysts’ expectation who suggested the possibility of 25 billion pounds increase. The following charts show the market reaction to the decision.
Forex Responses to Australian Employment Change
Australian employers cut 15000 jobs in August. Aussie depreciated in response to the report. The following chart shows the market reaction.
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