“As the Indian economy grows, as the global economy recovers and the US economy regains its momentum, our trade and investment figures can multiply exponentially,” Krishna said in an address Wednesday at the 35th anniversary meeting of …

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Focus on innovation to realise potential of India-US ties: Krishna …

Just got easier. The Wall Street Journal reports that the National Mediation Board, which is the federal agency that oversees airline labor relations, ruled last month that “unions can be formed if a majority of unionization votes are cast in their favor,” reversing a 70 year industry practice of counting non-votes as no votes. Heavily unionized airlines “tend to be more bogged down in work rules, making them less flexible and agile,” said William Swelbar, an airline labor researcher at the Massachusetts Institute of Technology

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Flying Union

From the NAR: Pending Home Sales Surge Continuing The Pending Home Sales Index, a forward-looking indicator, rose 6.0 percent to 110.9 based on contracts signed in April, from an upwardly revised 104.6 in March, and is 22.4 percent higher than April 2009 when it was 90.6. That follows gains of 7.1 percent in March and 8.3 percent in February. Pending home sales are at the highest level since last October when the index reached 112.4 and first-time buyers were rushing to beat the initial deadline for the tax credit

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Pending Home Sales "Surge" in April

The modern tendency to micromanage affairs that clearly belong to the care of civil society, to refer even the most trivial issues to the discretion of the executive, finds precedent in the Roosevelt administration. FULL ARTICLE by Thomas E. Woods, Jr.

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Theodore Roosevelt and the Modern Presidency

[First published as "Murray Rothbard on His Semicentennial" in the Libertarian Review , 1976. An MP3 audio file of this article, read by Steven Ng, is available for download .] Having been asked to write a brief appreciation of Murray Rothbard on the occasion of his 50th (!) birthday, I find myself in some embarrassment. In a sense, nothing could be easier.

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Murray Rothbard at His Semicentennial

The MBA reports: Mortgage Refinance Applications Increase Slightly, Purchase Applications Decline Further The Refinance Index increased 2.4 percent from the previous week. This was a smaller increase than in previous weeks, but was still the fourth consecutive weekly increase for the Refinance Index and it remains at its highest level since October 2009.

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MBA: Mortgage Purchase Applications lowest level since April 1997

Yukio Hatoyama’s resignation as prime minister is “very positive” for Japanese stocks because his replacement is likely to strengthen ties with the U.S. government, said Ryoji Musha, a strategist who predicted the global equities rally last year.

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Hatoyama Resignation May Lift Japan Stocks

…and to reject the caviling of the people who hate it. The new “ eValues ” personalized discount program at Wal-Mart’s Sam’s Club chain: Sam’s Club, Wal-Mart’s warehouse chain, is offering a program called eValues that strives to offer bargains tailored to each member, based on that member’s buying history. Industry experts said they expected other retailers to move toward more individualized offers, too.

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Yet Another Reason to Love Wal-Mart

Hon Hai Group, the assembler of Apple Inc.’s iPhones, will raise workers’ salaries by at least 30 percent, more than indicated earlier, after a series of suicides at the world’s largest contract manufacturer of electronics.

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Apple Supplier to Raise Wages 30 Percent

This article mentions the Mises Institute twice. It’s better than merely spelling the name right. Join the discussion and post a comment Related posts: “Intellectual Property and Libertarianism,” Liberty magazine Cato on Pro-McCain George Will Column How did Baldy Harper slip down the memory hole?

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Time Magazine on Ron/Rand Paul and the Rise of Radical Libertarianism

Mises Community Forum member Alex Habighorst writes : Not too long ago, I was at a book signing for Amity Shlaes book The Forgotten Man , and I asked her what she thought of the Austrian explanation of the Great Depression, and she said that recently she had just started to read a lot of Mises and Hayek and found most of it sound to the hagrin of her monetarist upbringing. Join the discussion and post a comment Related posts: Did Capitalism Cause the Great Depression? Amity Shlaes: The Forgotten Man New Austrian Economics Seminar at NC State

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Amity Shlaes Going Austrian?

We are starting to see articles like this from CNBC: Strong Jobs Number on Friday Could Give the Markets a Boost Economists expect the US economy generated about 540,000 jobs in May—a large portion of which expected to come from Census hiring—and many analysts will be hoping that’s enough to assuage investor fears that the European debt contagion could cause a double-dip recession. The BLS will release the May employment report on Friday. The consensus is for a gain of 540,000 payroll jobs in May, and for the unemployment rate to decline slightly to 9.8% (from 9.9%)

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Impact of Census 2010 on Payroll Report

From Carolyn Said at the San Francisco Chronicle: Foreclosures shifting to affluent ZIP codes Foreclosures are going upscale across the Bay Area. … Even more striking is the growth of mortgage defaults – the first step in the foreclosure process – in affluent ZIP codes.

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Distressed House Sales: Movin’ on up!

Overall construction spending increased in April, and private construction spending, both residential and non-residential, also increased in April. From the Census Bureau: April 2010 Construction at $847.3 Billion Annual Rate The U.S. Census Bureau of the Department of Commerce announced today that construction spending during April 2010 was estimated at a seasonally adjusted annual rate of $869.1 billion, 2.7 percent (±1.4%) above the revised March estimate of $845.9 billion.

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Construction Spending increases in April

PMI at 59.7% in May, down from 60.4% in April. From the Institute for Supply Management: May 2010 Manufacturing ISM Report On Business® Economic activity in the manufacturing sector expanded in May for the 10th consecutive month, and the overall economy grew for the 13th consecutive month, say the nation’s supply executives in the latest Manufacturing ISM Report On Business®

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ISM Manufacturing Index Shows Expansion in May

The 19th century was filled with enthusiasm for passing on to the future something better, for leaving behind more than it inherited, for providing for the children of the next generation. The 20th century has said: to hell with posterity. FULL ARTICLE by Sir Ernest Benn Join the discussion and post a comment Related posts: Rights for Robots Political Money What Books Did Mises Recommend on Liberal Economic Policy

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The People Who Borrow

Spain’s young adult generation, already mired in debt and unemployment, will have to carry the burden of the economic sins of their parents. Ironically, many members of this young generation have complete faith that the government will take care of them

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Spain’s Dropout Generation

The euro is at a four year low this morning at 1.2174 dollars From Eurostat: Euro area unemployment rate at 10.1% The euro area1 (EA16) seasonally-adjusted unemployment rate was 10.1% in April 2010, compared with 10.0% in March.

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Unemployment Rate increases in Europe, Euro Slides

In the last two decades in Mediterranean Europe, and especially in Spain, a new social group has emerged, called jovenes (youngsters). Members of this group exhibit several specific characteristics. First, jovenes are usually male, aged 25–35, although some members are in their 40s

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Spain's Dropout Generation

Click on cartoon for larger image in new window. Cartoon from Eric G. Lewis www.EricGLewis.com (site coming soon) From Bloomberg: Commodities’ Biggest Drop Since Lehman Bear Signal The Journal of Commerce commodity index that includes steel, cattle hides, tallow and burlap plunged 57 percent in May, two years after a decline that foreshadowed the worst recession in half a century.

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Commodity Prices Decline and Futures

Paul Krugman is fretting that the Organization for Economic Cooperation and Development is listening to the “ Pain Caucus “, since it is recommending austerity measures. Not to worry Mr. Krugman, Team Profligacy is on the case! From Spiegel : Europe is eager to begin paying down sovereign debt

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Obama’s Economic Team Pressuring Europe to Double-Down on Stimulus

Note: Here is the Weekly Summary and a Look Ahead (it will be a busy week). From Mickey Meese at the NY Times: Fading Summer Jobs State and local governments, traditionally among the biggest seasonal employers, are knee-deep in budget woes, and the stimulus money that helped cushion some government job programs last summer is running out.

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Few Jobs for Students this Summer

Since last year I’ve reported on William Isely’s battle against the Federal Trade Commission , which attempted to censor him for a website he never owned, operated, or controlled. In April the same FTC judge who cleared Isely of any wrongdoing turned around and said the Commission was “substantially justified” in prosecuting him, and denied Isely’s application to recover some of the $130,000 he spent defending himself.

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Once More Unto the Breach…

Mark Perry writes , It wouldn’t take much of an increase in inflation and short-term interest rates before many banks/thrifts could see their interest margins squeezed, and short-term rates could conceivably even rise above 5% sometime in the next 30 years, which could put the banks “upside down” again and lead to failures. Mark, like me, remembers the way the 30-year killed off the thrift industry. Today, though, banks and thrifts are not the ones holding mortgages.

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More on the 30-year Fixed Rate Mortgage

Today the European Commission announced that they are allowing the government’s new guarantee scheme, the Eligible Liability Guarantee, to be extended from including securities issued before June 1 (i.e. tomorrow) to securities issued up to the end of June. Now the fact that the Commission had only allowed the scheme to cover bonds issued before June 1 seems pretty clear from this press release announcing its original approval on November 20 last year

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European Commission Extends ELG Scheme