| Dollar Declines As Housing Outlook Worsens
The loose thread from last week's solidly packed economic calendar, Monday's new home sales report tipped the scales for fundamentalists torn between strong lagging indicators and a distinct cooling in more timely reports. After the worse-than-expected number hit the wires, the dollar cut its two session advance short with big moves across the majors. For EURUSD, the data was met with a 70-point rally to a 1.3350 high that was 100 points off of overnight lows. In a more intense dollar move, USDCHF slid 85 points in 30 minutes to test key support around 1.2120/10. Making a technical move of its own, GBPUSD extended a rally that began in the London session for a 140-point climb to mark a double top with Thursday's high at 1.9725. Finally, USDJPY continues to carve out a convincing ascending triangle following a test high around 118.45 and a subsequent turn around 117.65.
66th Annual Peabody Awards Winners Announced
ATHENS, Ga., April 4 /PRNewswire/ -- Thirty-five recipients of the 66th Annual Peabody Awards were announced today by the University of Georgia's Grady College of Journalism and Mass Communication. The winners, chosen by the Peabody Board as the best in electronic media for 2006, were named in a ceremony in the Peabody Gallery on the University of Georgia Campus. The latest Peabody recipients reflect the ever- broadening definition of electronic media and the international scope of the competition. The awards will be presented June 4 at a luncheon at the Waldorf=Astoria Hotel in New York City. The celebrated sportscaster Bob Costas, host of HBO's "Costas Now," will be the master of ceremonies. "This year the Peabody Board reviewed a bounty of outstanding material," said Horace Newcomb, Director of the Peabody Awards.
Prepare now for free trade's upscale victims
In this case it involves my old friend and Syosset High School basketball teammate Alan Blinder, now one of the nation's most prominent economists. Wednesday's lead story in The Wall Street Journal detailed how Blinder, a vocal advocate of free trade throughout his career, has all of a sudden become a free-trade skeptic. Sort of, anyway.
.
Social 'Overheating' in India and China
The buzz in economic and market circles is the possible overheating of the Chinese and Indian economies and other similarly high-growth markets. Adding concern is the apparent threat of recession exhibited by the world's largest importer, the U.S., and, more recently, by the failure of its subprime lenders, those catering to higher-risk borrowers.
A working definition of "overheating" is consistent with economic common sense. According to Wikipedia, "Overheating of an economy occurs when its productive capacity is unable to keep pace with growing aggregate demand."
.
Democracy is for the rich
Democracy is a system of government where the political power rests with the nation's population either directly or through elected representatives. It is government of the people, for the people, by the people. From this one should be able to infer that the purpose of democracy is to build a just society where the interests of all the people are cared for rich and poor, men and women, minorities as well as the majority and the economy works for the benefit of all. Democracy should be about the ordering of society to bring about justice for all. If it does not work for the common good then there is something seriously wrong. The United States, in particular, has been a staunch promoter of democracy and has fought to have democracy entrenched throughout the world.
|
