Monday, January 03, 2005


One resolution is to blog more this year.

Last year's New Year's post doesn't need much change.

1.Unemployment has dropped, but real wages remain stagnant or falling. Payroll numbers have not gone up very much and it's a mystery as to why so many have dropped out of the labor force. GDP appears to continue to grow at a 3-4% rate without producing new jobs.

2. The federal deficit was 412 billion this year. It can't go on, but when will it stop? What crazy thing will the Bush administration propose for social security so that the Republicans can try to avoid responsibility for this debacle? Those surplusses make the situation appear better than it actually is (and appearances are pretty bad).

3. I could have made some good money on Euro futures in 2004 and it's not clear that the slide is over. When the Chinese will revalue is anybody's guess and why they haven't yet is another mystery. It probably has something to do with the huge amounts of dollars they are holding.


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