Money Morning Archive July 2009

Romulus, Remus, Stimulus: A Brief History of Monetary Madness

Money that seemingly comes with no strings attached always ends up causing the most problems...just look at lottery winners - or the US stimulus program. Bill Bonner points out, below, that without the sweat of honest toil on it, money seems to play a pernicious role in history. Read on...
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Welcome the new guard

South African Inc responded positively to the 19 July 2009 announcement that Absa Bank chairperson Gill Marcus would replace Tito Mboweni as governor of the Reserve Bank. By lunchtime, last Monday, the JSE All Share Index had rallied 232 points...
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The king is dead long live the queen

On Sunday, it was announced that Tito Mboweni would be stepping down as Governor of the Reserve Bank. Mboweni was initially appointed to lead the bank for a third term but, according to President Zuma, though he had "reappointed Mboweni... he indicated he wished to leave in November to pursue other interests".
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Why the latest oil bubble could be about to burst

We’ve been saying for a while that oil prices are in a bubble, with the cost of crude being shored up mainly by speculators. And that if this reverses, oil could soon fall hard.
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Bubble Deniers Part II

All over the world, the feds deal with the problems they caused by causing more of them. Yet, they will deny forever that there was a bubble to start with – and that they caused it. Now, these 'bubble deniers', as Bill Bonner calls them, are cropping up in a new location: China. Read on…
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Blurring the lines

When President Jacob Zuma took the reins on 22 April 2009, he promised an efficient and transparent bureaucracy. At almost three months into his term, these promises look increasingly like a pipe dream...
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Fools to the left of us jokers to the right?

You can’t help but love this country. Last week, we highlighted the National Treasury’s plan to wipe 40% off the JSE by reclassifying seven blue chips. Since then we’ve had a call by Julius Malema to nationalise the mines...
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The Bank stops printing money but gilts are still a sell

The Bank of England shocked the UK markets yesterday – by doing nothing...
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Bubble Deniers

Why do smart people do such stupid things? Why couldn't the crème de la crème of the economic world see the runaway train that was the credit and consumption bubble racing toward them at warp speed? Bill Bonner examines these questions – and more – in today's essay, below…
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Word on the street

Last week, horror crept up the spine of every stockbroker and asset manager in South Africa. In the industry, rumours spread like wildfire and, in investment circles, this was one of the worst...
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