- (Bloomberg) -- Joseph Stiglitz, the Nobel Prize- winning economist and Columbia University professor, said economists are among those at fault for the financial crisis, which exposed “major flaws” in prevailing ideas. The now-flawed premises include the ideas that economic participants behave rationally and that financial markets are competitive and efficient, Stiglitz said.
- (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said the central bank’s low interest rates didn’t cause the past decade’s housing bubble and that better regulation would have been more effective in limiting the boom.
- The S&P rose 23.5% in 09, the biggest yearly gain since 2003. Since the March lows, the S&P rose about 65%.
- China appears to have overtaken India as the number one private gold buyer in 09.
- Corn world ending stocks are projected near 4 decade lows at 17% of usage. This despite a record U.S. yield in 2009/10
- The cocoa market is heading into its fourth consecutive year of shortfalls – the longest run of shortages since 1965-69 -- This may rekindle the cocoa fat substitute argument.
- Czarnikow recently forecast the 2009-10 sugar deficit at 13.5m tonnes, following a deficit of 15.8m tonnes in 2008-09 -- Brazilian Ethanol is becoming less competitive.
- In spite of the Dollar's rally since December, the doomsayers are still out in force.
- Bad weather has driven orange juice 90% higher last year. The per capita OJ consumption is 1/20th of bottled water and soft drinks.
- Companies such as Morgan Stanley and Goldman Sachs will now have to put up the same amount of capital to hedge against their own business risks as they would to hedge against risks for their customers. The CFTC’s regulations aim to ensure that firms have the financial backing for the risks they are taking in the market -- It’s about time!!
- 12/27/09 China announced new regulations to increase the use of renewable energy such as wind and hydropower by forcing electricity grid operators to prioritize their use, in an effort by the world's top greenhouse-gas emitter to reduce its reliance on coal. The amendment will force state-owned electric grid companies, which are responsible for distributing electricity from power plants, to buy all the electricity generated from renewable sources even when it is more expensive and more complicated to use than electricity from coal-fired plants -- Coal is not impressed.
- After falling a record 92% last year, the Baltic Dry Index posted its best-ever annual advance since it started in 1985. The index advanced 288% in 1999, exceeding its previous record of 174% in 2003.
- Last Friday, China and the 10-country Association of South East Asian Nations launched the final stage of the world’s biggest regional trade agreement, measured by population.
- As of Jan 1st Ireland has a new law, which passed in July, means that blasphemy in Ireland is now a crime punishable with a fine of up to €25,000. It defines blasphemy as "publishing or uttering matter that is grossly abusive or insulting in relation to matters sacred by any religion, thereby intentionally causing outrage among a substantial number of adherents of that religion".
- A year-end plea for $900000 yielded $2.4 million for the Lake Forest mega-church led by Rick Warren.
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