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This is The Fight | Main | Top Headline Comments 6-4-10
June 04, 2010

Economic Morning Briefing

Hello. Thank you for tuning in.

Via FT Alphaville: The BP Logo Redesign Contest. I don't think the "we love green" logo is going to do much for them any more, so it's probably a good idea to investigate alternatives sooner rather than later.

Bammer's ban on offshore drilling may further exacerbate the bad jobs picture. And since that poster-boy Spanish "green jobs" initiative has been a bust, it doesn't look like there's any energy-sector hope on the horizon.

Also via FT Alphaville: Should Investors Boycott the Stock Market? It's sure beginning to look like a rigged game to this investor.

Via Minyanville: What To Expect From Today's NFP Payroll Report. I'm expecting a lot of happy-happy-joy-joy noise [UPDATE: not so much], but I also suspect that the uptick in employment is mainly seasonal/census related, and will wane along with the summer. The real employment picture still sucks, and will continue to suck.

Via the WSJ: The Euro is still tanking. Down to $1.21 vs the USD. Parity this year? If we see Eastern European EU nations going the same way as Greece...maybe. (And the IMF, who will be asked to bail out these indebted nations, has just sold a big hunk of their gold stocks to provide some liquidity. I have a feeling that they're going to be coming back to Uncle Sugar with hat in hand pretty soon, asking for a bailout of their own.)

You've often heard the term "it costs money to make money". This is literally true: there is a cost to manufacture coins and paper bank notes. This cost is generally added to the price of a coin, note, or security. The term for this is seignoirage. Seignoirage is how many national banks make their profits. (It's also the main reason that sovereigns like to hold a monopoly on the issuance of currency. Seignoirage acts as a kind of tax on the holders of a national currency, the proceeds of which go back to the sovereign.)

Happy Friday, Morons. Tune in later for Hanna-Barbera's "Murders in the Rue Morgue", starring Shaggy, Scooby, and the gang.


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