Saturday, November 5, 2011
Thursday, September 22, 2011
Altman Says U.S. Is `Right on the Edge' of a Recession
Altman Says U.S. Is `Right on the Edge' of a Recession - YouTube: "http://youtu.be/OhcRzox7Vn4
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Tuesday, September 20, 2011
Wednesday, August 31, 2011
South Africa Misses Opportunity
By Grant de Graf
At a time that gold is spiking to all time highs, it is rather unfortunate that South Africa is left sucking the left over lollipop, when the country should be enjoying the fruits of mining exports, reminiscent of the 70s. Poor economic policy, questionable governance, high unemployment and an off the chart crime rate, have dogged Africa's largest economy.
Although the unemployment rate is officially 25%, high crime rates, the lack of housing suggest that it is much higher. Little wonder that controversial youth leader of the ANC, Julius Malema, whose overtures to the electorate to nationalize major industry, kill all whites ("Kill the Boer") and rearrange government leadership, is gaining popularity. Any democratic country, which fails to solidify economic prosperity for the majority of its citizens, will always face electoral discontent.
As with the United States, South Africa needs a strategic free market solution to facilitate solid growth rates. Unless this can be achieved, the government will face strong political challenge. Seemingly, the ANC continues to embrace antiquated Marxist policies that talk the walk, but that do not walk the talk. On this score it is tragic that the majority of South Africans will miss out on the "gold rush". Even more tragic is the fact that they will become victims to politicians and their empty promises.
At a time that gold is spiking to all time highs, it is rather unfortunate that South Africa is left sucking the left over lollipop, when the country should be enjoying the fruits of mining exports, reminiscent of the 70s. Poor economic policy, questionable governance, high unemployment and an off the chart crime rate, have dogged Africa's largest economy.
Although the unemployment rate is officially 25%, high crime rates, the lack of housing suggest that it is much higher. Little wonder that controversial youth leader of the ANC, Julius Malema, whose overtures to the electorate to nationalize major industry, kill all whites ("Kill the Boer") and rearrange government leadership, is gaining popularity. Any democratic country, which fails to solidify economic prosperity for the majority of its citizens, will always face electoral discontent.
As with the United States, South Africa needs a strategic free market solution to facilitate solid growth rates. Unless this can be achieved, the government will face strong political challenge. Seemingly, the ANC continues to embrace antiquated Marxist policies that talk the walk, but that do not walk the talk. On this score it is tragic that the majority of South Africans will miss out on the "gold rush". Even more tragic is the fact that they will become victims to politicians and their empty promises.
Thursday, August 18, 2011
Wednesday, August 17, 2011
Monday, August 15, 2011
Skeleton in Closet Linked to Riots and Hooliganism in Britain
In the aftermath of the riots, hooliganism and looting that rocked England last week, officials are left wondering how this all happened. Thugs raided departmental stores and embarked on a new surge of violence that all began after Mark Duggan from Tottenham, North London, was fatally shot by the London Metropolitan Police. Soon the protests against the police shooting turned violent and spread to other parts of England, ultimately becoming a free-for-all opportunity for thugs and gangs to capitalize on the lawlessness.
Prime Minister David Cameron has understandably expressed shock and bewilderment at the low level of morality that has permeated through some elements of British society. Most community leaders have expressed a multitude of factors as the reasons that may have contributed to the violence, from bad parenting to ineffective police liaison management by Scotland Yard. The causes are complex.
However, one factor that clearly does have a strong correlation to crime is the economy. Take New York City for example and the high rate of violence that existed in the 90s - as the economy improved together with the implementation of more effective policing methods, crime plummeted. It is true that the cause of the British hooliganism are complex and multifaceted, but few can deny that the weak economy, the severe austerity measures and anemic levels of growth, were the catalyst that set the pigeons loose.
The truth is that unfortunately, as the impact of austerity gains traction in Britain, there will be other skeletons in the closet that start to shake.
Sunday, August 14, 2011
Roubini Warns of Global Recession Risk
Economist Nouriel Roubini says the risk of a global recession is greater than 50 percent, and the next two to three months will reveal the economy's direction. In an interview with WSJ's Simon Constable, Roubini also says he's putting his money in cash. "This is not the time to be in risky assets," he says.
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