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Tuesday, June 03, 2008

Tuesday Linkfest

Here's what I'm reading this morning. You might find these stories and blogs interesting, too.

Economics as science? No chance.
Economics is not a science. Physics wouldn't be a science either if esteemed members of that profession who got prestigious jobs running the country were willing to make statements that contradict all known facts.

Commodity Futures Speculation
Fundamentals are the most important part of the 5-year story, but that the falling dollar, negative real interest rates, and quite possibly fund purchases of commodity futures contracts have also made an important contribution during 2008.

The Economics of Sawdust
I was in Vermont over the weekend and talking to a dairy farmer about the rising price of milk. I was surprised when she said that higher sawdust prices was one of the causes.

xx Sean's note -- everything is interconnected, and in our modern society, even more so. I'm always wondering what shoe missing a nail is going to drop next. Speaking of which ...

More Collateral Damage from the Housing Crisis
The fallout of the housing crisis is affecting many more people than just those who purchased a home on dicey terms (or who provided the loan, or now owns the debt). In several posts we will highlight how the current crash has been cause for concern in some unexpected places.

Austrian Finance Minister Proposes European Tax on Commodity Speculation Austrian Finance Minister Wilhelm Molterer said he'll propose a Europe-wide tax on commodities speculation as people across the continent protest against higher fuel and food prices.

Oil Trades Little Changed as Asian Governments Attempt to Cool Consumption Crude oil was little changed as Malaysia scrapped fuel price controls and India said subsidies were becoming unsustainable.

Corn Falls After U.S. Crop Conditions as Expected; Wheat Futures Decline Corn futures declined in Chicago for the first time in three days as a government report on the state of the U.S. crop, the world's biggest, was within market expectations. Soybeans rose for a third day, while wheat fell.

Nifty Oil Clock
Want to see how much oil the world uses second by second? CLICK HERE.
Check out my new gold and energy blog at