4 septembre 2009

Yes we can ! Économie En Vidéos États-Unis Gauchistan

The Government can because they mix it up with lies and make it all taste good.

4 septembre 2009

L’illettrisme économique Coup de gueule Économie En Chiffres Québec

L'illettrisme économique des chroniqueurs financiers québécois est comparable aux capacités d'impression des monnaies des banques centrales: dans les 2 cas, elle est infinie.

Selon le "renseigné" René Vézina, la fluctuation des prix du pétrole n'est pas attribuable à la Loi de l'offre et la demande, mais plutôt aux méchants spéculateurs.  Le pauvre René n'a pas réalisé que les décisions des spéculateurs sont dictées par…  la Loi de l'offre et de la demande !

L'économiste Joetta Forsyth explique:


"Speculators anticipate shortages and buy up commodities early, thereby removing them from the market. This alerts consumers to the oncoming shortage, fulfilling the important financial market role of providing information and allowing them to reduce consumption as prices rise. Later, the speculator sells, ameliorating the shortage while making a profit.

Speculators anticipate and warn others about shortages—they do not cause shortages. As a result of their trades, price swings are less severe than they otherwise would have been. We do not blame doctors, police, or firemen for profiting from the misfortune of others because it is understood that they help a bad situation. Speculators deserve the same consideration."

Bien sûr, dans son infinie sagesse, René Vézina demande une intervention du gouvernement pour mettre au pas les odieux spéculateurs.

Bref, René Vézina cherche les problèmes, pose le mauvais diagnostic et applique la mauvaise solution.

Il n'existe aucune évidence que la spéculation est responsable des variations brutales de prix. Au contraire, les spéculateurs permettent une stabilisation des marchés. Pour preuve, voici deux exemples où la spéculation a été interdite:


Je vous cite le résumé d'un article paru dans le journal économique "Explorations in Economic History":

Explorations in Economic History
Populists versus theorists: Futures markets and the volatility of prices

In this paper, the divergence between popular and professional opinion on speculation in general and futures markets in particular is explored. Along the way, a synopsis of prevailing popular attitudes on futures markets is presented, and an outline of a formal model of futures markets and its implications for commodity price volatility are sketched. The heart of the analysis is drawn from the historical record on the establishment and prohibition of futures markets. Briefly, the results presented in this paper strongly suggest that futures markets were associated with—and most likely caused—lower commodity price volatility.

Think with your brain rather than with your heart !

4 septembre 2009

Stimulus Économie Récession Revue de presse

National Post

Gold futures rally to near US$1,000 an ounce
National Post

Gold futures rallied to a six-month high near US$1,000 an ounce on Thursday as renewed economic uncertainties and inflation fears gave investors two opposing reasons to pile into precious metals as a safe haven.

Gold’s sharp rise over the past two days was driven partly by pent-up demand, because longer-term inflation expectations have been rising as central banks keep pumping money into the financial markets to jolt the economy.

« One of the reasons why gold has held steady until recently is that there has been an underlying idea we will have inflation going forward. It doesn’t appear imminent, however, so the market had not really been moving particularly on that, » said Bill O’Neill, managing partner of New Jersey-based LOGIC Advisors.

The December contract hit a session peak of US$999.50, which marked the highest price since Feb. 24, when the equities market had tanked on mounting recession fears.

« Gold was driven by portfolio diversification out of equities and back into gold as a safe haven as investors are once again reminded of those economic concerns, » said David Meger, director of metals trading with Vision Financial Markets in Chicago.