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Economic Outlook

Marc Faber: Forget Greece, here’s what I’m worried about

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Posted by Marc Faber - Gloom Boom & Doom Report& Doom Report

on Tuesday, 14 July 2015 12:09

“People are said the markets went down because of Greece. I don’t believe that for a minute. I believe markets went down because it’s becoming evident that the Chinese economy is not growing anymore.”

Also from Marc on July 11th

Marc Faber Warning : Global Economy Going in Recession By The End of 2015

The Federal Reserve may embark on more quantitative easing if the S&P 500 falls by 20 percent, according to Faber. In the link just above he also discusses China and Greece with Manus Cranny on Bloomberg Television's "The Pulse." 

 

 

UnknownDr. Marc Faber was born in Zurich, Switzerland and obtained a PhD in Economics at the University of Zurich. Between 1970 and 1978, Dr. Faber worked for White Weld & Company Limited in New York, Zurich and Hong Kong. From 1978 to February 1990, he was the Managing Director of Drexel Burnham Lambert (HK) Ltd. In 1990, he set up his own business, Marc Faber Limited which acts as an investment advisor and fund manager. Dr. Faber publishes a widely read monthly investment newsletter, “The Gloom Boom & Doom Report,” which highlights unusual investment opportunities, and is the author of several books including Tomorrow’s Gold: Asia’s age of discoverywhich was a best seller on Amazon. Dr. Faber is known for his “contrarian” investment approach and charismatic personality. He became infamous after calling the 1987 crash in US equities.



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Economic Outlook

We Just Arrived in Athens… Here’s What We Saw…

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Posted by Bill Bonner - Diary of a Rogue Economist

on Monday, 13 July 2015 10:35

imagesATHENS, Greece – “It’s finished. The euro finished. Greece finished.”

With this apocalyptic shorthand, our taxi driver described the situation in Athens.

The banks here have been closed for two weeks. To try to prop up the crumbling banking system, the government has banned Greek citizens – but not tourists – from withdrawing more than €60 ($67) a day from the ATMs.

The breaking news this morning is that the government and its creditors have cobbled together a deal to keep Greece in the euro zone.

Prime minister Alexis Tsipras has caved in to creditors’ demands on economic reforms. Trouble is his countrymen voted to reject almost the same deal in last weekend’s referendum.

And Tsipras still has to push the reforms through the Greek parliament on Wednesday.

We Hopped on a Plane to Athens…

Like a storm chaser, on Saturday we hopped on a plane from London to Athens to study the tornado moving through downtown Athens.



Read more...

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Economic Outlook

Greek Tragedy Continues to Set the Tone = World In Review

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Posted by Martin Armstrong - Armstrong Economicsrmstrong Economics

on Monday, 29 June 2015 07:19

532x346xGreek-Tragedy.png.pagespeed.ic.oelOCXQbHLThe Greek drama, ot Greek Tragedy, continues with a rumored agreement to continue the stimulus in return for promised reforms only to have Greek Prime Minister Alexis Tsipras announce a surprise referendum on July 5: after June 30 which puts the IMF payment into default. Late last week EurAsia Group’s Ian Bremmer remained confident that the Greek Parliament will approve the agreement at the last minute. Meanwhile Greek politicians demonstrate their commitment to election promises of anti-austerity while the Troika talks tough on reforms to appease their own electorate. Monday is the Eurozone Summit while Tuesday the Greek IMF payment will go into default. Next week promises to be a volatile week in the markets with the arrays showing a turning point in many markets on Wednesday.

...continue reading this extensive article including market forecasts HERE



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Economic Outlook

Sipping Martini's at a Resort You Got to in Your New Lexus

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Posted by Money Talks Editor

on Friday, 26 June 2015 01:11

If you believe in the legitimacy of Government account , this May men began sitting on fat wallets and women's purses were stuffed with cash. Auto sales led with the Toyota Camry the leading passenger cars sold and Ford F-150 the top selling vehicle overall in Canada. Japanese cars held the top 6 positions in passenger car sales. 

Personal Income 2015-06-25

"The consumer came to life in May, boosted by a 0.5 percent rise in personal income and helping to support a 0.9 percent surge in personal outlays that reflects heavy spending on autos and retail goods. And gains are not inflationary, at least yet, based on the very closely watched core PCE price index which edged only 0.1 tenth higher in May and is at a very benign 1.2 percent year-on-year rate which is actually down a tenth from an upward revised April.

Components on the income side are very solid with wages & salaries up 0.5 percent in the month. Both proprietors' income and rental income show especially strong gains. Spending components show special strength for durables, again tied especially to autos, and also strong gains for non-durables, here tied to higher pump prices. Spending on services once again shows an incremental gain.

Turning back to PCE prices, the overall price index looks a little hot in May at plus 0.3 percent but the year-on-year rate is unchanged at only 0.1 percent. That's right, that's the year-on-year rate at only the most incremental level of inflation. And the 1.2 percent year-on-year core appears to be moving in reverse, down 1 tenth in each of the last two reports and further away from the Fed's 2 percent target.

Consumers, in an expression of their confidence, dipped into their savings to spend, with the savings rate down 3 tenths to 5.1 percent. This is a good report for the bulls, showing a strong non-inflationary bounce for the second quarter. This report won't be keeping the doves up at night and does not move forward the Fed's coming rate hike."

The actual report can be read on the US Department of Commerce's Bureau of Economic Analysis website: Personal Income and Outlays for May 2015.



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Economic Outlook

Divisions Remain as Eurozone Finance Ministers Meet Over Greece Deal

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Posted by Wall Street Journal

on Wednesday, 24 June 2015 04:39

Screen Shot 2015-06-24 at 4.33.55 AMGreece at June 24, 2015 6:53 a.m. ET

Uncertainty sparked an outflow of deposits from its banks that reached about €1 billion per day late last week before slowing Monday.

 Key points of disagreement are corporate taxation, the overhaul of Greece’s pension system and value-added taxes. For instance, Greece had planned to increase corporate taxes to 29%, but in the document creditors limited the increase to 28%.

That may cause new budget shortfalls that need to be plugged with other measures.

....Updated June 24, 2015 6:53 a.m. ET, read more of the Wall Street Journal article HERE



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The Eurozone Crisis by the Numbers

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Posted by DW

on Monday, 22 June 2015 10:47

The financial crisis in Greece and other eurozone countries has been dragging on for years. We take a closer look at how hard some countries were struck, and how they're trying to get back into shape.

eurozonedebt

....more charts & analysis HERE



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Economic Outlook

Inside Tesla’s $5 Billion Gigafactory

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Posted by Visual Graphics

on Friday, 19 June 2015 15:15

The potential impact:

- cutting the car price in half 

- Consuming more battery grade graphite commodity than currently produced

- click chart for larger view and much, much more

inside-teslas-5-billion-dollar-gigafactory1

With $5 billion in capital expenditures and 6,500 high tech jobs, several states continue to court Tesla Motors to build their next megaproject within their borders. The Tesla Gigfactory, slated to open doors in 2017, will set a new precedent for economies of scale in battery production.

Tesla’s new factory will produce more lithium-ion batteries under one roof than all of 2013’s global production combined. As a result, the electric car company estimates this will cut costs per kWh by 30%. 

Tesla’s product strategy relies on it. The Gen III is supposed to retail for only $35,000, which is only half the cost of the more upscale Model S.

UBS notes that raw materials make up 70% of the cost of each lithium-ion battery, so sourcing and procuring these minerals will be a very important component of their overall strategy. In the infographic, we break down the potential impact this will have on these commodities. Special thanks to Simon Moores and The Gold Report, who had a great interview recently on the subject.

Graphite:

In 2013, flake graphite production was 375,000 tonnes. The Gigafactory alone would add another 126,000 tonnes (34% increase) over 2013 production. Even more significant, the increase on battery-grade graphite demand would be 154%.

Cobalt:

55% of cobalt comes from the Democratic Republic of the Congo.  Tesla says they do not source from the Congo, so this makes getting cobalt a little more difficult. 42% of cobalt demand is from batteries, making it the blue metal’s #1 use. Current Tesla batteries use about 9% cobalt by weight (NCA formulation).

Lithium:

There has been a steady supply of lithium in Chile since 1996, so this will likely be the easiest commodity to source.



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