De-Energized

(1) Polanyi vs. Hayek. (2) The four stages of economic development. (3) Monitoring the great transformation from manufacturing to services with monthly PMIs. (4) Manufacturing still matters in the US, and is weighed down by weak oil prices and strong dollar. (5) Eurozone services strong, with weak euro benefitting factories. (6) China’s great transformation is shaking things up. (7) OPEC R.I.P. (8) When a cartel is no longer a cartel. (9) Reversal of fortune. (10) Waiting for consumers to pinch themselves. (11) S&P 500 earnings and revenues look just fine excluding Energy sector.