The US Federal Reserve is the only central bank in the world that makes policy based on core inflation.
I find this beyond irresponsible — it is indefensible.
I have decided to stop arguing with people about this. In the future, I plan on simply assuming they are suffering from blunt head trauma, and try to work up some empathy for their families, and move on to something they can actually understand and discuss intelligently . . .
Unlike the spendthrifts here in the US, other Central Bankers around the world understand what the true definition of inflation is.
Consider the following: The Reserve Bank of Australia hiked rates to an 11 year high (due to inflation concerns).
And, Miller Tabak’s Peter Boockvaar points out that, over the past month, Iceland, Romania and Mexico have raised interest. While the RBA move was expected, the Australian $ rallied to a 23 1/2 yr high vs the US$.
All of this reminds me of that scene from Crocodile Dundee: That’s not a Central Bank (pulls out 14 inch Bowie knife) Now THAT’S a Central bank!
The Eagles — the multi-platinum selling alt country/rock band circa 1970s — are trying an interesting sales strategy for their first studio album in 28 years.
For the new disc, it appears that there is:
- no recording label participation;
- downloads at their site only;
- physical 2-CD Set purchased only at Wal-Mart, or ordered at their site ((Eaglesband.com).
The band cranked out over 700,000 discs in the first week — not too shabby for a double disc.
For you young ‘uns, the album Eagles: Their Greatest Hits 1971–1975 is the all time best-selling album in the U.S. (according to the RIAA); Their album Hotel California is #18 on the all time top selling list).
What’s really interesting is the downloading — the double disc is available for in two formats: MP3 256k for $10.88, and in FLAC lossless for $11.88, directly from the band’s website.
I am not sure, but it appears that both the labels and Apple’s iTunes have been cut out of the picture.
(I’ll update this as I learn more)
Update: November 7, 2007 5:52am
The Eagles made a
direct exclusive deal with Wal-Mart for physical album — no label involved.
sold the album to Wal-Mart on a one-way basis (meaning, no returns).
serves, I believe they bought 3.6M units at $8 or $9. The Band pays
manufacturing costs and publishing (most of which goes to themselves as writers)
and keeps the rest. Pretty nice haul. I haven’t confirmed with the
manager, but I believe the downloads are being done by the band through their
Again, no iTunes, no labels . . .
Top 100 Albums
Revised Chart Policy Lands Eagles At No. 1
Billboard, November 06, 2007, 8:30 PM ET
JT bypasses the Labels