economist magazine no longer an authority

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I think the economist magazine has got jaded and old it is no longer the authority on world economics it once was. It seems to be an anglo centric publication, whatever America or Britain does is good, whatever Europe or anybody else does is bad. It has failed to predict or point to any of the big economic developments over the last 5 years. It failed to predict the falling dollar, rising euro, rising commodities. It spectacularly failed to spot the rise of oil 18 months ago. IT only seems to comment on events long after they happen and long after other publications have put their neck on the line to tell people what is going on. It appears to be a cheerleader for both George Bush's economic and political policies. In other words it appears to be a cheerleader for the status quo, and if the status quo changes then they cheerlead the new status quo.
 
I stopped my sub last year and wont bother renewing it. I would still buy it in an Airport rather than pretty well everything else out there bar the FT and the Guardian which are excellent newspapers .

Everyone missed the commodities bubbles and the currency waves, not just the economist .
 
They constantly predict a price crash in the Irish property market, which helps them sell lots of mags, and raises a few hackles for a few weeks.

One day, they'll be right, but I don't imagine that any crash will come for many years
 
I don't read the economist for trading advice, but the orginal poster saying that the magazine is a cheerleader for bush, or anglo/saxon world and that it bashes europe, obviously isn't reading the same economist magazine I read. It gives people a going over if they deserve it and is willing to admit when its wrong.

I frankly feel the orginal poster is a troll looking to stir an argument.
 
I was also disappointed when the Economist (and the IMF) predicted a house price correction for Ireland. The crash never happened and this proves that we can ignore this and until they publish the facts - Only Irish house prices rise and never fall - I will not be reading their material again.

I also notice an increasing number of dire predictions on the internet and I'm considering restricting my browsing away from these disturbing sites.

In fact, I'm giving serious consideration to restricting my reading to what estate agents and property developers publish. I feel far more comfortable reading their material.
 
I too feel that house prices are unlikely to fall, but I wouldn’t close my ears off to what the naysayers say, by just listening to estate agents who have as much a vested interest in property economics as the Economist does.
 
The economist certainly doesn't seem to be backing down from its predictions though. In fact as recent as March they seem reinforced by what's been happening around the world:

"for the first time since we started to track them, housing markets in several countries have slowed sharply"

They are now saying that house prices in some countries could be as much as 60% overpriced.

The article is "Still want to Buy?"
http://www.economist.com/finance/displayStory.cfm?story_id=3722894
 
I am an Economist fan. Some of what has been said is fair comment. That said, I have found their articles particularly on finance, accounting, airlines very usefuld and informative.

The point they make about property in Ireland is that it is unrelated now to 'income' and many economists agree with that. They also highlighted dozy bureaucratic planning restrictions as a major reason for keeping the supply down when the queues are out the door. When Mick Bailey makes €50m a year from development, I cannot but conculde that there is 'supernormal profits' in that business. And when brickies get €120,000 a year from even Gama.. who is paying for this?

So what will happen when interest rates turn? Even if the prices go 'flat', inflation at even moderate rates means there is a real reduction. Just because most of us will look at the money value, does not mean we are right.
 
I too have cancelled my subscription to the Economist on reading something disturbing, regarding a possible fall in house prices. I intend to spend the money I saved by taking a cruise on DENIAL ah yes the weather is lovely this time of year on DENIAL so it is there is no denying it etc.
 
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