Japan Sushi Chain Pays Record $1.76 Million for Tuna at Auction
Via Reuters Kiyomura K.K., a Tokyo-based sushi chain, paid a record 155.4 million yen ($1.76 million), almost triple last year’s amount, to outbid an affiliate...
Phin Upham – The Federati and the Age of Malthus
We face a prolonged economic slowdown, high unemployment and financial pain. Phin Upham discusses some of the reasons.
The current popular debate among the Federati in Washington and the Literati in newsprint is over whether the world will end in fire or ice – whether the US is headed toward hyperinflation or a continued downward spiral of asset deflation.
In the current crisis “unexpected” events keep popping up and requiring immediate government intervention. This happened again and again and the crisis continues to grow larger as each intervention fails. US governments efforts clear in the recent budget delates in Washington far are largely addressing the symptoms not the causes and certainly not the underlying structural causes of the financial crisis. Indeed, the idea that this situation can be “fixed” by more of the same (lending, liquidity, leverage, risk) and we can have a recovery very soon is deeply misguided, even dangerous. Indeed, this recession will be long and painful for the US and the outcome is not at all certain.
http://www.groundreport.com/Business/The-Federati-and-the-Age-of-Malthus/2940259
Phin Upham has a PhD in Applied Economics from the Wharton School (University of Pennsylvania). Phin is a Term Member of the Council on Foreign Relations. He can be reached at phin@phinupham.com
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