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Adam Smith makes news

The Bank of England announced that next year will enter circulation a new ticket £ 20.

to hither is nothing very new.

However, this news may learn three interesting facts:

1. The makeover will for the first time a Scotsman an English banknote.
2. This new face will be that of Adam Smith .
3. Neither more nor less than the intellectual founder of capitalism.

No doubt Adam Smith is not without merit to be on a ticket, but how many people share his assumptions, how many will remember his contribution to the economy?.

Note: Noting this, the English Bank prepared a brief summary with their contributions.

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Want some advice? Another story

not buy things you can not afford!

difficult it seems, but the rate we're going to the level of indebtedness, whether it is worth reflecting a bit about it.

Much of the world's population at the expense of more debt, regardless of the cost of credit, term, the ability to pay or the relevance of the property being purchased. Whatever. Favourable credit conditions allow it.

The lower cost of money, substitute products that compete aggressively and ease of access to credit with less demanding standards to get are ones that make us realize the dream of a higher purchasing power. Thus, the household debt has not stopped growing.

During this year in Chile , there was an increase of over 15% of bank consumer loans (Sept. 2006). And that's without considering that from 1999 to date there has been a sharp decline in the participation of banks in the market for consumer credit. In the traditional supply of bank consumer loans, has joined a growing volume of loans granted by commercial houses, supermarkets, insurance, compensation funds and credit unions, among others. Today, non-bank credit providers meet 34% of demand, in contrast to 27% in 1999.

Similarly, the escalation in the use of credit cards by different institutions, both banking and non-banking as a means to channel consumer loans, are the other leaders that thousands of families (thousands of thousands, perhaps) suffer from excessive debt. While both types of suppliers of credit have increased significantly the number of cards issued, non-bank issuers show a greater increase and greater participation, close to 73%.

Finally, to give more back if the outlook for 2007 looks the same. And if you're drowning in debt as the great majority of Chileans, I leave a fun video. And remember:

Buy, buy that the world is going to end ..... but in cash. How?. Watch the video and then talked.

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Bubble Blog Salmon

During September U.S. housing data surprised the market with a rise after strong rumors of slowdown in August when the median home price fell for the first time in 11 years .

Construction and Real Estate made their worst predictions: falling prices, slowdown and lower profits. Thus increasing the likelihood of the housing bubble burst.

Hence the surprise when the current data. Something similar happens in Spain awaited where the explosion would be slow in coming. Meanwhile, people trying to predict the future of the most unexpected. Where anything goes, so Google Trends , to avoid being at the epicenter when the bubble bursts and prices drop.

is that nobody wants to repeat the history of Tokyo where home prices fell steadily for 12 years or the Shanghai during January when the real estate agents were dropped by almost two thirds its revenue from sales commissions. Or what is beginning to happen now Sydney, where homes in some suburbs are suffering setbacks around 10%. Or, as one might expect to happen in India , which currently would be fully in rising prices.

Whatever the case, history has taught us that economic bubbles are distinguished when the puncture occurred, not before. Which accentuates more their painful effects, as explained Yoshihisa Nakashima: his department now worth half what it paid 14 years ago during the housing bubble that hit Tokyo in 1991.

The genesis of a phenomenon

A bubble rests at low interest rates, which provide access to cheap credit. Lured by such attractive rates, people enter the housing market energize the construction industry (which is known to have multiplier effect on the economy).

This leads to higher consumption multiplier effect soon shot raises fears of inflation, creating a state of alert in the economic authority. Remember that the best way to cool the consumer is to restrict the amount of money circulating, which is achieved with a higher cost of borrowing. Then the authority begins to raise interest rates.

What happens then?. In some cases, disastrous.

Existing home sales are stagnant, they begin to make sales and the owners note that the value of your home drops below the debt owed on that same property. As suddenly as they had arrived, capital go. Everyone is out of the market, while the ads "For Sale" begin populating the city and announced the outbreak of the Housing Bubble is felt.

I leave you a video I found on the Blog Salmon . This is a story developed by the U.S. chain ABC News easily explaining the phenomenon described. Indeed, although the sound is very bad, is subtitled.

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A blog to visit the weekend

The Blog Salmon is a collective blog publishing issues economy, finance and many business news.

Then I found out:

• invest in EADS Germany .
• Major gain from the sale of YouTube .
• Third world invests in the first .

Have a good weekend .....

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The role of expectations Olganza

If you do not know or have heard of the Phillips Curve , it is time to do so. Since the new Nobel Laureate in Economics, American Edmund Phelps , professor at the University of Columbia, put it back on the table.

Phillips curve was made from a study made in England in the nineteenth century which found a negative correlation between unemployment and inflation. D ince then the Phillips curve suggests that it is impossible to simultaneously achieve a high level of employment and low inflation as the government's economic policy has to decide on a combination of two rates.

This is explained as follows: when in charge of monetary policy in a country want to achieve a lower unemployment rate must be willing to accept higher inflation, and that to achieve the first ( reduce unemployment) the formula requires stimulating the economy through low interest rates that generate increased consumption, increased production and thus greater use .... but also higher inflation. Because the closer to full employment is an economy less option is to increase production to a greater demand ... and the solution is to increase prices.

However, in the sixties Phelps, along with Milton Friedman Nobel also questioned the rigidity of curve, reinterpreting and providing a better understanding of the relationship between inflation and unemployment.

suggested that inflation rose faster than expected, people and businesses adjust their expectations, leading to wages and prices adjust to the faster rate. As a result, the economic stimulus aimed at reducing unemployment could continue to drive inflation increasing, as new price increases exacerbate price increases expected.

is in this area: inflation and unemployment that Phelps developed his famous theory, of the "natural rate of unemployment " according to this model, which refines previous studies by economists like Keynes and Phillips, the market equilibrium does not necessarily mean the elimination of a certain level of unemployment, defined by Phelps as" involuntary ", and still useful economic growth.

Bonus Track: An interview radial the new Nobel economics. Imperdible!

I heard this interview : Sálvate .

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