]]>
]]>
]]>
]]>
Two events made 1776 a remarkable year. The first is the well-known Declaration of Independence by the Second Continental Congress. The other, which ultimately has had a far greater influence on the world in which we live, was the quiet publication of The Wealth of Nations by Scottish philosopher Adam Smith. Calling Smith an economist belies the fact that prior to The Wealth of Nations "economics" did not exist. His book is the foundation of the academic discipline.
]]>
]]>
]]>
Obama would be a fool to trust his economy to the discretion of central bankers.
If Matt Simmons is right, the recent drop in crude prices is an illusion - and oil could be headed for the stratosphere. He's just hoping we can prevent civilization from imploding.
]]>Countrywide Financial brags in its ads that “No one can do what Countrywide can” and that “Countrywide can show you the way home.” Wachovia ads feature an “Approved” stamp prominently at the top, and Bank of America says, “Homeownership is the best medicine.”
With the price of oil near record levels, import costs grew in January at the highest annual rate in a quarter century, the Labor Department said. In New York, manufacturing activity fell to its lowest level in five years. And consumers, responding to a national survey, said they felt worse about the economy than any time since the recession era of the early 1990s.
US industrial production rose a meagre 0.1% in January, official figures have shown, the latest indication of weakness in the US economy.
US retail sales rose 0.3% in January official figures show, bolstered by sales of new cars and petrol.
The Bank of England governor, Mervyn King, admitted yesterday that the economy might grind to a halt this year - but warned that the continuing risk of inflation made further interest rate cuts unlikely.