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Tag Archives: John Carney

Making News: Back on National Radio Tonight Talking China Tariffs and Inflation…& More!

01 Wednesday Jun 2022

Posted by Alan Tonelson in Making News

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Biden, Biden administration, Breitbart.com, CBS Eye on the World with John Batchelor, China, GDP, Gordon G. Chang, inflation, Janet Yellen, John Carney, Making News, tariffs, trade deficit

I’m pleased to announce that I’m scheduled to return tonight to “CBS Eye on the World with John Batchelor.” The segment, slated to air at 11:15 PM EST, will feature John, me, and co-host Gordon G. Chang discussing a bad recent idea that can’t seem to be killed off entirely – proposals to fight lofty U.S. inflation by cutting tariffs on some goods imports from China.

You can listen live at this link, and as usual, I’ll be posting a link to the podcast as soon as one’s available.

In addition, it was great to see my latest post on the trade deficit’s damaging impact on the shrinkage suffered by the U.S. economy in the first quarter of this year cited last Thursday by Breitbart.com‘s John Carney. Here’s the link.

And keep checking in with RealityChek for news of upcoming media appearances and other developments.

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(What’s Left of) Our Economy: Are Apple Products “Designed in California…& Extorted by China?”

12 Sunday Dec 2021

Posted by Alan Tonelson in Uncategorized

≈ 1 Comment

Tags

Apple Inc., Breitbart.com, China, Donald Trump, economics, forced technology transfer, free trade, globalization, infotech, John Carney, national security, privacy, surveillance, tech, TheInformation.com, Tim Cook, Trade, {What's Left of) Our Economy

You have to give Tim Cook credit for sheer gall, at least if a recent report is true (as it appears to be, since it he hasn’t yet denied it). There was the Apple, Inc. CEO in 2018, at a forum in Beijing no less, in effect warning former President Donald Trump to ditch his plans to impose America’s first ever serious tariffs on Chinese goods, largely because “What I’ve seen over my lifetime is that countries that embrace openness, that embrace trade, that embrace diversity are the countries that do exceptional — and the countries that don’t, don’t.”

And not two years before, according to this account, Cook had promised China that over the next five years, the infotech giant would make a $275 billion effort to strengthen the People’s Republic’s technology and manufacturing base if China’s thug regime would back off a major crackdown it had launched on the company’s massive Chinese operations.

Moreover, as made clear in the December 7 article in TheInformation.com, Cook’s commitments not only have inevitably and massively affected U.S. and China trade and broader economic flows, and will continue to do so going forward. They’re likely to endanger America’s national security. After all, Cook, for reasons having squadoosh to do with free trade or free markets or economic fundamentals, evidently pledged to

>invest “many billions of dollars more” than what the company was already spending annually in China: in part on building new research and development centers”;

>help Chinese manufacturers develop “the most advanced manufacturing technologies” and “support the training of high-quality Chinese talents”;

>collaborate on technology with Chinese universities and directly invest in Chinese tech companies”; and

>collaborate on technology with Chinese universities and directly invest in Chinese tech companies”;

>use more components from Chinese suppliers in its devices”; and 

>give business to Chinese software firms”.

Since every economic and academic entity in China is ultimately under the thumb of the Chinese government, Cook’s submission to Beijng’s pressure has made enormous amounts of resources and knowhow available to a Chinese regime that has challenged American security interests in East Asia and around the world, and that powerfully threatens Washington’s ability to protect Americans’ privacy and political freedoms through its increasingly impressive hacking and other surveillance capabilities (including via the wildly popular TikTok video-sharing app).

In the worst (but ever more plausible) case, in a future conflict with Beijing, Chinese weapons that kill U.S servicemen could be partly and/or indirectly financed and developed by Apple – and, as I’ve made clear, e.g., here and here, by the numerous other U.S. companies that have fueled China’s tech and therefore military prowess.

But also crucial to point out – the deal signed by Cook (far from the only target of China’s successful campaigns of forced tech and manufacturing production transfer over a period stretching back decades), also challenges a core idea of free trade theory in a way first pointed out by friend John Carney of Breitbart.com.

As Carney wrote more than two years ago, economists and others who were crticizing Trump’s tariffs were making an especially important mistake. They were assuming “that all of the goods that are imported from China are made there because China is the lowest cost manufacturer of those goods. If that were true, moving production out of China would necessarily increase costs of production and reduce efficiency.”

But as he proceeded to remind, China couldn’t be such a paragon of manufacturing value. If it were, why would Beijing have been relying for so long on such a wide variety of “mercantilist tactics to attract and retain manufacturing business from global businesses, including requiring companies to manufacture goods in China in order to access its domestic markets and imposing steep tariffs on imports for foreign-made goods”?

In fact, Carney continued, “China’s policies…impose what economists call ‘deadweight losses’ on the global economy by preventing companies from moving their supply chains to cheaper sources.” And tariffs can serve as an essential counter-weight. 

Apple is nothing if not public relations-obsessed, and several years ago responded to public concern about all its production in the People’s Republic with an ad campaign stressing that its products are “designed in California.”  At least for accuracy’s sake, the company should now add “and extorted by China.”  And the news should greatly energize Washington’s efforts to stop U.S. companies from strengthening and enriching this burgoning menace.               

Making News: Economy Views Quoted in The Guardian & on Breitbart!

02 Thursday Jul 2020

Posted by Alan Tonelson in Uncategorized

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Breitbart.com, Jobs, jobs report, John Carney, manufacturing, NFP, The Guardian

I’m pleased to announce two recent media appearances.  The first came on June 23, when the United Kingdom’s The Guardian newspaper’s survey of “What the experts” were saying about some major reports on manufacturing featured a tweet of mine on the subject.  Here’s the link.

The second came this morning, when Breitbart.com‘s John Carney spotlighted my views on the monthly U.S. jobs figures (for June) that were released today.  Click on this link to read.

And keep checking in with RealityChek for news of upcoming media appearances and other developments

 

Making News: Appearances on IndustryToday.com, in The Epoch Times…& More!

21 Friday Feb 2020

Posted by Alan Tonelson in Making News

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Barack Obama, Breitbart News Tonight, Breitbart.com, IndustryToday.com, John Carney, Making News, The Epoch Times, Tom Ozimek, Trade, Trump, White House Council of Economic Advisers

I’m pleased to announce some new media appearances over the last week or so.

Just today, IndustryToday.com reprinted this morning’s report on the U.S. economy’s biggest exporters and importers for 2019, and how these results compare with that of 2016, the last year of the Obama administration – which not so coincidentally was also the last year of the U.S. trade policies that President Trump is seeking to overhaul.  Here’s the link.

Yesterday, Tom Ozimek of The Epoch Times quoted my views on the latest annual report of the White House Council of Economic Advisers – and on how the Trump economy has differed so far from the Obama economy.  You can read his piece here.

On February 12, Tom devoted an entire article to my first analysis of the final 2019 full-year U.S. trade figures.  Click on this link to read.

This past Wedensday night, I was interviewed on Breitbart News Tonight on Sirius XM Patriot radio on the impact of the coronavirus on the Chinese, U.S., and global economies.  To listen, click here, and then scroll down till you see my name for a February 19 segment.

On Valentine’s Day, Breitbart.com‘s John Carney cited my explanation for some of American manufacturing’s output performance in January.  Here’s the link.

And keep checking in with RealityChek for news of upcoming media appearances and other developments.

Making News: A Washington Post Cite on Manufacturing, China Trade Deal Interviews…& More!

18 Saturday Jan 2020

Posted by Alan Tonelson in Making News

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Breitbart.com, China, Heather Long, i24News, John Carney, Making News, manufacturing, Market Wrap with Moe Ansari, Phase One, tariffs, trade deal, Trump, Washington Post

I’m pleased to report that I got quoted in this morning’s Washington Post on the new Federal Reserve industrial production figures (released yesterday).  Reporter Heather Long mentioned my observation that U.S. domestic manufacturing’s recent recession seems to be over.  She could have also noted the evidence I’d presented indicating that this slump never even happened, but what the heck.

Also yesterday, I was interviewed on “Market Wrap with Moe Ansari” on the new trade deal President Trump has signed with China.  You can listen to the podcast at this link;  my segment begins just after the 27-minute mark.

That same day, Breitbart.com‘s John Carney gave me a very nice shout-out in his very important piece noting new research showing that he (and I) have been right all along about the Trump trade wars having minimal-at-best effects on prices for consumer goods.  Incidentally, Post reporter Heather Long also deserves much credit for first reporting these academic findings.  Read the piece here.

On Thursday night, the U.S.-Israeli TV network i24News also interviewed me on that “Phase One” China trade deal.  To watch the interview, click here and download the file.  As usual with i24News, be sure to download the link within a week, because after that, your freebie access will be gond.

And keep checking in with RealityChek for news of upcoming media appearances and other developments.

 

Making News: Talking China Trade Deal with Jersey Joe, John Batchelor…& More!

16 Thursday Jan 2020

Posted by Alan Tonelson in Uncategorized

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AlphaWeek.com, America First, Breitbart News Tonight, Breitbart.com, China, economic nationalism, energy, enforcement, Gordon G. Chang, IndustryToday.com, Jersey Joe, Joe Piscopo, John Carney, Making News, Middle East, Phase One, Populism, RealVision.com, tariffs, The Epoch Times, The Joe Piscopo Show, The John Batchelor Show, trade deal, trade deficit, Trump

I’m pleased to announce that I was interviewed this morning on the new U.S.-China trade deal on “The Joe Piscopo Show” on New York City’s AM 970 The Answer radio station.  Sorry that I could only give limited advance notice, but the podcast is on-line already!  Special bonus:  Jersey Joe and I also dealt with the Major League Baseball cheating scandal, too!

In addition last night, I was back on John Batchelor’s nationally syndicated radio program to discuss the so-called Phase One agreement with John and co-host Gordon G. Chang.  You can listen to the podcast here.

Tuesday night, I was interviewed on a wide range of foreign and domestic issues on “Breitbart News Tonight.”  Click on this link and scroll down till you see my January 14 segment.

The Breitbart.com folks were also kind enough to write up some portions of this segment in website items here and here.

On Tuesday, meanwhile, Breitbart‘s excellent economics and finance editor John Carney quoted me in his detailed analysis of the latest U.S. government report on consumer prices – which reveals whether the Trump trade wars have sparked any meaningful inflation.  You can read it at this link.  (Spoiler alert for everyone who hasn’t been paying attention to RealityChek‘s own coverage of this issue:  They haven’t.)

Meanwhile, The Epoch Times has quoted my views recently on energy security and what it means for America’s policy in the hopelessly dysfunctional Middle East, and on the progress made in reducing the U.S. the trade deficit.

On January 6, IndustryToday.com re-published – at this link – my recent blog post on the latest data undermining the claim that President Trump has betrayed his working class and middle class voters.  (Another spoiler alert:  These data indicate that he hasn’t.)

Finally, on January 2, the popular finance website AlphaWeek.com posted the video of my December RealVision.com interview on the virtues of an America First approach to U.S. foreign and trade policy – and whether Mr. Trump’s measures fit the bill.  Catch it here.

And keep checking in with RealityChek for news of upcoming media appearances and other developments.

 

 

 

Making News: Updating the Trade Wars on National Radio Tonight, a Major Video Interview Now On-Line…& More!

18 Wednesday Dec 2019

Posted by Alan Tonelson in Making News

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America First, Breitbart.com, Edward Harrison, Federal Reserve, foreign policy, Gordon G. Chang, IndustryToday.com, inflation-adjusted output, John Carney, Making News, manufacturing, Phase One, RealVision.com, The John Batchelor Show, Trade, trade war, Trump

I’m pleased to announce that I’m scheduled to be returning to John Batchelor’s nationally syndicated radio show tonight to help John and co-host Gordon G. Chang figure out where the U.S.-China trade conflict stands after the “Phase One” deal announced recently.  The segment is slated to begin at 10 PM EST, and you can listen live on-line here for what’s sure to be a great discussion and look forward.

In addition, on December 16, John Carney of Breitbart.com quoted from my critical assessment of the agreement in his own (more positive) examination of Phase One.  Here’s the link.

In early December, I recorded a lengthy interview with Edward Harrison of the RealVision.com financial news network on whether or not President Trump is carrying out “America First”-style trade and foreign policies, and why they’re necessary.  Click here to watch.

Finally, yesterday, IndustryToday.com reposted my report on the Federal Reserve’s November manufacturing production figures.  You can see it at this link.

And keep checking in with RealityChek for news of upcoming media appearances and other developments.

(What’s Left of) Our Economy: The New York Fed’s Unseemly Rush to Judgment on Trump’s China Tariffs

26 Tuesday Nov 2019

Posted by Alan Tonelson in (What's Left of) Our Economy

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Breitbart.com, China, consumers, deadweight loss, importers, John Carney, multinational companies, New York Fed, supply chain, tariffs, Trade, trade war, Trump, {What's Left of) Our Economy

When a senior researcher from the New York branch of the Federal Reserve System and two academic colleagues came out in May with a blog post on the Bank’s website reporting on who really pays the cost of President Trump’s tariffs on huge amounts of U.S. imports from China, they were hardly short of confidence in their answer. And Mr. Trump’s critics eagerly jumped on the emphatic contention that the main victims of the China trade war would be American households, who would get hit with a triple whammy.

Higher consumer prices could result from (1) the levies themselves simply being on to American customers by importers, (2) businesses switching from selling Chinese products to selling more expensive but non-tariff-ed foreign counterparts, and (3) businesses substituting more expensive domestic counterparts for the tariff-ed Chinese goods.

John Carney of Breitbart.com has both done a terrific job of explaining the gaping holes and other flaws in that first New York Fed post (in this piece about the longer work on which it was based), and of reporting that yesterday, the Bank published a follow-on post (by a different team of authors but also bearing the imprimateur of the New York Fed’s Research and Statistics Group) implicitly admitting many of the initial effort’s weaknesses.

Rather than me reproducing or summarizing John’s work (which you can read at the above links), I’d like to try adding some value – by using it and the New York Fed’s own material to show what an unseemly rush to judgment the initial study represented in a clear effort to slime the Trump tariff policies.

Here’s the unequivocal conclusion of that first New York Fed post:

“Studies, including our own, have found that the tariffs that the United States imposed in 2018 have had complete passthrough into domestic prices of imports, which means that Chinese exporters did not reduce their prices. Hence, U.S. domestic prices at the border have risen one for-one with the tariffs levied in that year. Our study also found that a 10 percent tariff reduced import demand by 43 percent. ”

On top of these come the losses of businesses switching to non-Chinese suppliers. This supply chain reorganization produces what economists call “deadweight losses” and these New York Fed authors insisted that they arise “regardless of whether consumers switch to more expensive foreign sources or to a more expensive domestic source.”

The total damage to American households, according to the study? An impressive $831 for each American household each year. So much for President Trump’s claim that his trade war is only hurting China, right?

Well, as a used-car company ad has famously said, “Not exactly.” And the evidence comes from the second New York Fed post – which makes clear just how many uncertainties the first team needed to ignore in order to generate its headline-grabbing claim. Among them:

>”Who pays the tariff tax depends on how it is split between lower profit margins (for wholesalers, retailers, and manufacturers) and higher prices for consumers. Estimating this split is difficult since the distribution of any tax increase on profit margins and prices depends on the details of market structure, such as the number and size of competing firms.”

>”Policy efforts since World War II have been focused on lowering trade barriers. As a result, economists don’t have much data from which to glean insights into how firms respond to tariff hikes.”

>”Affiliates of multinational corporations may be leaving reported import prices unchanged for accounting reasons. In doing so, the multinational would be letting higher tariffs reduce the reported profits of its U.S. operation (rather than those of its Chinese operation).”

These cautionary notes are all entirely valid, but they add up to confessing that economists – including at the New York Fed – don’t have much basis for drawing any firm conclusions about the China tariffs’ impact on American consumers at all. As a result, they raise questions about why the first team never mentioned them, and why no one else at the Bank seems to have brought them up before posting, either.

Just as important, the second New York Fed post mentions several major ways in which China’s economy is taking major body blows from the trade war:

>Chinese entities with narrow profit margins may not be able to lower them further in order to prevent the prices they charge from increasing due to U.S. tariffs, and therefore “may be dropping out of the U.S. market.”

>Many Chinese entities have taken advantage of the post-tariff devaluation of China’s currency and have been able to accept this “loss in competitiveness” in the U.S. market by padding profits on their sales – which should strike everyone as awfully gimmicky.  (The latter point is my own conclusion.)

>China has indeed lost market share in the United States, including in sectors that the Chinese government has sought at great expense to promote – like machinery and electronics.

Because the New York Fed is, well, the New York Fed, and its studies are supposed to represent the gold standard of economic research, Googling that first study with “‘New York Fed’ China tariffs consumers May” produces some 79,000 results. It’s true that some of these mention the second study, too – and even note the costs to China. But I can’t help but share Carney’s concern that the first report’s troubling shortcomings won’t attract remotely as much attention.

Making News: Two New TV Interviews on Video…& More!

02 Tuesday Jul 2019

Posted by Alan Tonelson in Making News

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Breitbart.com, China, i24News, John Carney, Kim Jong Un, Liquid Lunch, Making News, manufacturing, Newsmax TV, North Korea, Trade, trade war, Trump, Xi JInPing

I’m pleased to announce that two new videos of recent interviews are now on-line.

The first is the recording of my aforementioned appearance on Newsmax TV‘s Liquid Lunch program last Friday, and covers the U.S.-China trade conflict and the weekend summit between President Trump and Chinese dictator Xi Jinping.  Here’s the link.

Second, I appeared again last night on i24News to analyze both the Trump-Xi trade truce, and Mr. Trump’s historic visit to North Korea and meeting with that country’s dictator Kim Jong Un.  Click here, and press the download button to access it.

Finally, John Carney’s review yesterday on Breitbart.com of recent U.S. manufacturing data quoted my views.  Click here to read.

And keep checking in with RealityChek for news of upcoming media appearances and other developments.

(What’s Left of) Our Economy: Trade and Supply Chain Disruption Myths are Getting Disrupted by Apple

20 Thursday Jun 2019

Posted by Alan Tonelson in (What's Left of) Our Economy

≈ 1 Comment

Tags

Apple Inc., Breitbart.com, China, deadweight loss, design, engineering, global value chains, John Carney, manufacturing, marketing, Nikkei Asian Review, production, research and development, sourcing, supply chains, tariffs, Trump, {What's Left of) Our Economy

Yesterday’s report from Japan’s Nikkei Asian Review (NAR), on how the U.S.-China trade war is affecting Apple Inc.’s sourcing plans, was stunning not only for claiming that the company is studying moving up to 30 percent of the China production capacity it uses out of the People’s Republic. It also greatly undermined three of the most pervasive myths surrounding the decision by such companies to concentrate so much manufacturing in China, and the resulting impact on the American economy.

Since Apple’s production in China and elsewhere is handled almost entirely by independent contract manufacturers like Taiwan’s Foxconn, its reported decision to ask them to start estimating the costs of partly leaving China speaks volumes about why multinational companies place various links in their supply chains in the countries decided on.

The first myth? That production and sourcing decisions are based overwhelmingly on the kinds of free market forces and developments that supposedly dominate the current world trade system, and that explain its root assumption that any government interference will reduce – to every country’s detriment – trade’s ability to maximize global efficiency.

According to the NAR piece, however, a team of 30 Apple employees has begun “discussing production plans with suppliers and negotiating with governments over financial incentives they might be willing to offer to attract Apple manufacturing, as well as regulations and the local business environment.” In other words, Apple’s decisions won’t solely, or even mainly reflect the principle of comparative advantage – which holds that economic activity naturally flows and should flow to locations where it’s most efficiently conducted.

The NAR article also hints at a point that’s become crucial in today’s trade war-spurred debate – about whether trade barriers like the Trump administration’s recent tariffs create major “deadweight losses” for the world economy by forcing companies to spend precious time and resources coping with government interference, rather than on continuing to improve their products and processes. For as the NAR piece states, among the advantages China has offered manufacturers for so long have been “lighter labor rules.” That’s a euphemism for a government policy of ruthlessly repressing worker’s rights to organize freely.

NAR could have also added practices such as government-encouraged technology extortion (which forces foreign businesses to hand over their knowhow to Chinese partners in return for the ability to operate in China), value-added taxes (which fosters producing inside China by penalizing importing and rewarding exporting), an artificially depressed currency (which has effects similar to those value-added taxes), explicit requirements that goods made in China contain certain levels of Chinese content, and all manner of tariffs and subsidies that are illegal under World Trade Organization rules.

Moreover, as detailed in my 2002 book on globalization, The Race to the Bottom, foreign government distortion of trade is hardly confined to China. It’s long represented the way much manufacturing-related business has been done around the world.

In other words, the deadweight loss issue, and government interference in trade flows, is nothing new, and raised few hackles among economists until the United States under President Trump started imposing serious trade barriers of its own. (See this article by Breitbart.com‘s John Carney for an excellent discussion of the issue and the hypocrisy of Trump tariff opponents.)

The second Apple- (and broader offshoring-related-) myth debunked by the article is that the reshuffling of global supply chains already being prompted by the Trump tariffs will devastatingly disrupt worldwide manufacturing and economic fortunes. But here’s what one Apple supplier representative told NAR: “It’s really a long-term effort and might see some results two or three years from now. It’s painful and difficult, but that’s something we have to deal with.” In other words, rather than whining and/or throwing in the towel, such companies are apparently rolling up their sleeves and getting to work.

P.S. – So, reportedly, is Apple. Not that the company hasn’t whined about the Trump tariffs. But according to the NAR article, its examination of diversifying away from China – where currently more than 90 percent of its worldwide manufacturing is located – began “at the end of last year” to “expand [the aforementioned] capital expense studies team.”

Moreover, the trade war evidently wasn’t the only issue on Apple’s mind. Said “one executive with knowledge of the situation,” a “lower birthrate, higher labor costs and the risk of overly centralizing its production in one country. These adverse [China] factors are not going anywhere. With or without the final round of the $300 billion tariff, Apple is following the big trend [to diversify production].” The biggest implication – which should have always been obvious – is that because countries and their economies, societies, and demographics are constantly changing independent of government policies, no smart business would ever view its supply chains as being set in stone.

The final myth – that performing nearly all Apple manufacturing in China has enormously strengthened the U.S. economy, and that this proposition holds for much China production by U.S.-owned multinational companies.

Because Apple products sell for so much more than the cost of their materials, it’s clear that most of the value they create comes from the company’s mainly U.S.-based research and development, engineering, design, software development, and marketing operations. So its slogan “Designed by Apple in California, Assembled in China” is not only accurate but extremely important economically.

Nonetheless, the company itself has maintained that a significant number of its goods suppliers have been U.S.-owned (though not necessarily American-located). Yet the NAR article found that this number has been shrinking steadily since 2012 – and that the number of China- and Hong Kong-owned suppliers has been rising so strongly that last year they exceeded the number of their American counterparts for the first time.

In fact, as I’ve reported, the China content of most goods produced in China been increasing so significantly for so long that the notion of the People’s Republic as a simple assembler of products that add little value to the Chinese economy is becoming rapidly outmoded. Further, this development has always been a prime objective of the Chinese government, as is especially obvious from its technology extortion and local content requirements.

It’s true that these developments per se don’t affect the aforementioned “white collar” manufacturing activities vital to creating Apple products. But it’s legitimate to ask whether, without the Trump trade war, this extremely high value work would long remain mainly in the United States. After all, even in a world of instant global communications, manufacturers have found it highly advantageous to locate functions like research and development etc close to their factories – because the two broad aspects of manufacturing tend to interact with each other so continuously, and because big differences in time zones means that there’s still nothing as easy and convenient as contacting a colleague by driving a few blocks away or phoning or texting or emailing from there, much less by walking down the hall.

To listen to economists and pundits and even many beat reporters even nowadays (or especially nowadays?), the emergence of the kinds of global value chains epitomized by Apple’s operations has been as much a force of nature, or technology, as economic globalization itself has been portrayed. They’ve ignored how the Trump trade policy revolution reminds invaluably that these trends have also stemmed from human decisions that are anything but givens. The reaction of Apple, and all the other companies that have either left China or are contemplating leaving because of the President’s actual and threatened tariffs, is a welcome sign that the folks who deal with these problems in real life, and not simply in the abstract, have finally been getting this message.

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Current Thoughts on Trade

Terence P. Stewart

Protecting U.S. Workers

Marc to Market

So Much Nonsense Out There, So Little Time....

Alastair Winter

Chief Economist at Daniel Stewart & Co - Trying to make sense of Global Markets, Macroeconomics & Politics

Smaulgld

Real Estate + Economics + Gold + Silver

Reclaim the American Dream

So Much Nonsense Out There, So Little Time....

Mickey Kaus

Kausfiles

David Stockman's Contra Corner

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So Much Nonsense Out There, So Little Time....

Upon Closer inspection

Keep America At Work

Sober Look

So Much Nonsense Out There, So Little Time....

Credit Writedowns

Finance, Economics and Markets

GubbmintCheese

So Much Nonsense Out There, So Little Time....

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So Much Nonsense Out There, So Little Time....

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So Much Nonsense Out There, So Little Time....

George Magnus

So Much Nonsense Out There, So Little Time....

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