Expat Living - The Credit Crunch In Spain
Ten years after it was launched, the euro is propelling Spain towards disaster. In giving up control of domestic interest rates to the European Central Bank, handed over a vital instrument of macroeconomic management. If you read the Jeff Randall article in the Telegraph recently you would think that the end is nigh, [more...]
Date: 2009-01-14 17:40:39
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Re-coupled Vengence: From Downturn to Implosion Risks ?
We've spent a bunch of time on the US economic outlook and the news, as you'd expect, continues to move from bad to worse ... the shallowness of the analysts involved grasp. But that's no longer the problem. Accelerating worldwide ... for the European schadenfreude that this was "just" a US problem. Developing Countries They also issued [more...]
Date: 2009-01-15 21:20:15
Don't Miss the Coming Gold Bull
With the massive monetary expansion experienced in recent months and the promise for unprecedented levels of money and credit supply increase in ... into hyperinflation. Germany's post-World War I Weimar Republic, post-World War II Hungary, 2001 Argentina, and present day Zimbabwe are all analogous examples of massive debt monetization, which all led [more...]
Date: 2008-12-31 12:14:19
The German stimulus package is more inspired by us than by Labour
Controversy raged last month over whether the German government was following the same economic approach as Gordon Brown or not ... "crass Keynesianism" and that on Brown's VAT cut, "all this will do is raise Britain’s debt to a level ... incentive on scrapping old cars in favour of newer, more environmentally-friendly models [more...]
Date: 2009-01-15 12:45:24
Strong Infosys results fail to lift market
Key benchmark indices extended losses for the fourth day in a row in what was a highly volatile trading session. Fall in index heavyweight Reliance Industries (RIL), telecom stocks and private sector banking pivotals offset rally in IT stocks on the back of stronger-than-expected Q3 December 2008 results by IT bellwether Infosys Technologies [more...]
Date: 2009-01-13 14:11:00
Gates of Vienna News Feed 1/8/2009
The latest word is that an agreement with Russia has been reached, and the flow through the gas pipeline will resume.Also, look for the storming of the Israeli consulate in Montreal, as well as other Gaza-inspired violence around the world.Thanks to AA, Abu Elvis, Insubria, JD, Tuan Jim, Vlad Tepes, and all the other tipsters who sent these in [more...]
Date: 2009-01-09 04:49:00
Battle of the Titans
For those of you that prepare yourselves, the OPPORTUNITIES will be abundant and limitless; for those that don't it could be a very difficult period ... as they BELIEVE they have the ability to print money and create credit out of thin air endlessly. In reality ... to print wealth through monetary and asset inflation for decades. The first law the G7 is [more...]
Date: 2009-01-15 00:00:37
Eurozone under pressure
Early last year, the blog flagged up a warning from Gillian Tett in the Financial Times that Iceland could go bankrupt, ... to its high debt levels, and may downgrade Portugal, Spain and Ireland • Bonds issued by Greece, Spain, Portugal, Ireland and Italy are now yielding record amounts versus the German benchmark The core [more...]
Date: 2009-01-15 15:41:12
Quick Overview
U.S. retail sales fell 2.7% in December, the sixth consecutive decline.Industrial production in the Euro area fell 1.6% MoM, and 7.7% YoY ... Germany's GDP rose 1.3% in 2008Canada's Nortel Networks filed for U.S. bankruptcy-court ... its acquisition of Merrill Lynch.Standard & Poor's has downgraded Greek sovereign debt in a move [more...]
Date: 2009-01-14 16:24:00
The Shame Of Debt
In the land where the words for "debt" and "guilt" are alarmingly similar, and the chancellor seems to be named for a pubic wig, are we surprised that silly proposals for financial regulation are a regular feature? Not really. Germany will amend its constitution to ban excessive public borrowing and set up a strict repayment [more...]
Date: 2009-01-13 17:20:02
The Coming $1.7 Trillion Deficit, and How It Will Buy Us All Unicorns and Handjobs
—Ace Scary stuff. When I supported the TARP bailout, this is what I was hoping to avoid. I see now -- not so much, not so much. We are in the midst of a crisis caused by so many financial institutions borrowing too much money. Somehow, a critical mass of policy makers now believes that the correct response is for the U.S [more...]
Date: 2009-01-13 20:57:26
Is There a Future for the Bank?
In the good old days of plain vanilla finance, intermediaries were distinguished, and clearly distinguishable , between bank and non-bank intermediaries. The former, it was explained, were "special" in that they collected funds (mostly) in the form of short-term, sight money deposits, and lent them out (mostly) in the form of long-term, personal, non-marketable loans. [more...]
Date: 2009-09-29 18:53:18
Is There a Future for the Bank?
In the good old days of plain vanilla finance, intermediaries were distinguished, and clearly distinguishable , between bank and non-bank intermediaries. The former, it was explained, were "special" in that they collected funds (mostly) in the form of short-term, sight money deposits, and lent them out (mostly) in the form of long-term, personal, non-marketable loans. [more...]
Date: 2009-09-29 18:53:18
Russian Industry Heads For Poll Position As The Downhill Stretch Of The Tourmalet Extends Itself Before Us
Well as far as I can see, in this the great second depression cycling race, we now have a small breakaway “peloton” formed out there in front as we struggle to reach the Tourmalet summit, with teams from Germany, Spain, China , Russian and even Ukraine all elbowing furiously away one with another, [more...]
Date: 2009-01-03 14:06:49
Payday Loans
Joke: George Bush jogs by a boy who has a box of puppies for sale. Bush: Whaddya call your puppies? Boy: Republicans ... be questioned, as it is no longer a mutual defensive alliance (if it ever was.) But if the Payday Loan ... Americans. It is living from payday to payday, taking out loans in order to make ends meet. Both [more...]
Date: 2009-01-13 13:15:00
Gates of Vienna News Feed 1/6/2009
Tuan Jim sends an string of important news articles about the gas pipeline crisis caused by the deadlock between Russia and Ukraine. He notes that the affected countries are dusting off alternative sources of energy — fuel oil and nuclear reactors — for electricity generation.Thanks to AA, Abu Elvis, C [more...]
Date: 2009-01-07 04:50:00
German Exports And New Orders Slump In November
Yesterday we learnt that German unemployment was, unfortunately, back on the rise, while today we get to see one of the principal reasons for the uptick. German exports fell back at a record rate in November - in fact seasonally and working day adjusted current-price sales exports fell back 10.6 percent from October (when they declined 0 [more...]
Date: 2009-01-08 11:40:57
Portugal Sustains
by Edward Hugh: Barcelona "Art has a function of teaching about the human condition. We live in hope, hope is fundamental" - Manoel de Oliveira Manoel de Oliveira (photo and quote above) is a living example for the Potuguese people of how to force their way out of the low growth/low per capita income trap into which they have [more...]
Date: 2009-01-12 19:22:42
Krugman Still Wrong After All These Years
Krugman seems particularly proud of a piece he wrote a decade ago. His new remake, Hangover Theorists, is as wrong now as it was then. Let's take a look.The hangover theory, which I wrote about a decade ago, is still out there.The basic idea is that a recession, even a depression, is somehow a necessary thing, [more...]
Date: 2008-12-29 08:47:00
Asian Stocks Slide as Japan Machinery Orders, U.S. Sales Drop
BLOOMBERG - Patrick Rial Jan. 15 (Bloomberg) -- Asian stocks fell, dragging the regional benchmark index to a five-week low, after Japanese machinery orders and U.S. retail sales dropped at more than double the pace economists had estimated. Advantest Corp., the world’s No. 1 maker of memory-chip testing equipment, lost 9 [more...]
Date: 2009-01-15 02:24:05
Portugal Sustains
“Art has a function of teaching about the human condition. We live in hope, hope is fundamental” - Manoel de Oliveira Manoel de Oliveira (photo and quote above) is a living example for the Potuguese people of how to force their way out of the low growth/low per capita income trap into which they have steadily stuck their neck [more...]
Date: 2009-01-12 14:37:23
Now's the Time to Invest!
OK so the government seems to think they can fix everything by printing money. That's what the bailouts are all about ... has to do is announce an across the board tax cut. That means cutting corporate taxes, import taxes, sales ... some Pesos. We are already 1 Trillion+ in debt and they want to double that. What that boils down [more...]
Date: 2009-01-15 15:08:20
Optimism at start, pessimism later!
The optimist pleasantly ponders how high his kite will fly; the pessimist woefully wonders how soon his kite will fall.Happy Makar Sankranti, Pongal and Lohri. This day the Sun changes its position from one sign of the Zodiac to the other and is considered [more...]
Date: 2009-01-14 03:55:00
Everybody Has A Responsibility!
Everybody Has A Responsibility! Our Freedoms, Our beloved Constitution, Our National Sovereignty, “We the People” and the fact that we are a Constitutional Republic is why the United States of America is and will continue to be the Greatest Nation in the World! The Financial Crisis is One Big Fat Sick Joke on All of America and the World! [more...]
Date: 2009-09-27 07:22:44
S&P's Puts Spanish Sovereign Debt On Ratings Watch Negative
Spain yesterday became the third euro zone country within a week to be warned by rating agency Standard & Poor's that its credit rating ( ... finances.The gap in bond yields between the benchmark German bunds and the sovereign debt of Spain ... fallen.One year ago the financing of Spanish government debt was barely more expensive than [more...]
Date: 2009-01-13 10:11:00
S&P's Puts Spanish Sovereign Debt On Ratings Watch Negative
Spain yesterday became the third euro zone country within a week to be warned by rating agency Standard & Poor's that its credit rating ( ... finances.The gap in bond yields between the benchmark German bunds and the sovereign debt of Spain ... fallen.One year ago the financing of Spanish government debt was barely more expensive than [more...]
Date: 2009-01-12 22:13:00
Economic Potpourri December 27, 2008
The barrage of noteworthy economic news continues through the holiday season ... or more weeks ago, had been counting on post-Christmas sales to help rescue what will probably ... - and credit-constrained than ever before. After a 25-year spending tsunami, they’ve shifted from spending [more...]
Date: 2008-12-27 22:24:00
Pritchard Discovers the Crashing Money Data
Ambrose Evans-Pritchard has joined the team that is aware that there is no growth in money supply and that many loan numbers are crashing. He writes:Private credit is contracting on both sides of the Atlantic. The M3 money data is flashing early warning signals of a deflation crisis next year in nearly half the world economy. [more...]
Date: 2009-09-27 01:13:00
Who Must Manage the Bailouts
The government has taken extraordinary measures to keep this economy that most people have thought was capitalist and dominated by a free market ... on essentially by a huge accumulation of debt accompanied by mindless consumption.” Chairman Ben [more...]
Date: 2008-12-27 08:00:00
Britain, the EU and Russia in a Financial Power Play in Iceland
The old saying that “he who pays the piper calls the tune” seems to be coming home to the small country of Iceland, a covenant people and nation linked to the descendants of the tribe of Benjamin. In this context it has always appeared significant that Benjamin, known as the ‘lightbearer’ of the Israel of God, [more...]
Date: 2009-01-15 08:19:46
Sleep: Strange Bedfellows from PsychologyToday.com
Sleep: Strange Bedfellows Peculiar and unknown facts about shut-eye. Did you know sleep affects your memory, heart health, teeth, and more. From: PsychologyToday.com By: Stephanie Guzowski What really happens when your head hits the pillow? Sure, sleep fulfills some very basic needs—like maintaining your physical and mental health, [more...]
Date: 2009-01-14 21:27:45
Euro Benefits - Revisited
Back in 1999 - 2000 there was a great debate about whether UK should join the Euro ... national debt) as there is less fear of governments defaulting.Greater confidence. The current turmoil ... to persist with unsustainable deficits. For example, Italy has national debt of over 105% of GDP [more...]
Date: 2009-01-14 09:34:00
a single promise to a single soldier
The President and First Lady were rendered Full Honors at their Farewell Ceremony from our military on January 6th. Below is a transcript of the comments of the Secretary of Defense, Robert Gates. Armed Forces Farewell to the President of the United States (Arlington, VA) As Delivered by Secretary of Defense Robert M [more...]
Date: 2009-01-08 17:23:34
NEWS WIRE: Uganda: Interest rates still high despite competition
Source: Daily Monitor. Original news wire here. Competition for customers and space in urban areas heightened, this year, ... by Bank of Uganda, United Bank for Africa (UBA) and Equity Bank from Kenya which bought 100 per ... shop in Kampala last year and Global Trust Bank from Nigeria. Equity’s takeover widened [more...]
Date: 2009-01-15 05:01:33
Cold facts of how we could be ‘Iceland inside the euro’
Could the unthinkable come to pass here? Could Ireland default on its sovereign debt? The answer is yes. Such a disaster is now quite possible. In the same way as a family can end up losing the house, the car, everything, a country, too, can fail to make its repayments [more...]
Date: 2009-01-14 04:44:29
Project Humanbeingsfirst Index
Honorific of the day “you are a completely stupid fool, a disgrace to humanity” -- Paul Craig Roberts, ... on Terror' News Analysis in Context Financial Terrorism November–December 2008 Financial News Analysis in ContextLatest Reports Response to Ellen Brown's 'How to Resolve the Credit Crisis' January [more...]
Date: 2009-01-14 00:03:00
ROSSELLINI’S HISTORY FILMS - The Change and Growth of An Independent Master
It’s hard to think of a more universally influential film than Roberto Rossellini’s Open City (1945) ... walls of the studio and turned the camera on the world. We all owe a great debt to this one film and its maker. But there’s also a larger debt that has gone unpaid for far too long, which [more...]
Date: 2009-01-13 17:25:52
What Is The Level Of Deflation Risk In Germany?
Only one thing is really clear about the Germany economy at the present time, and that is that it is shrinking rapidly. In fact it contracted far more than most analysts and observers expected in the third quarter (although I, for one, was not especially surprised) [more...]
Date: 2008-12-24 09:13:06
Will Obama Nationalize U.S. Private Pensions?
Earlier today I received an email from a concerned member of the Sovereign Society: " ... . In 2001 Argentina defaulted on $95 billion worth of government debt after a three-year economic meltdown that left Buenos Aires in bankruptcy. At the time, that was the biggest government debt default [more...]
Date: 2009-01-16 02:42:07
Today's Financial Markets News - Jan-14-09
By The Greek - Economy & Markets:Visit the front pages of Wall Street Greek and Market Moving News to see our current coverage of economic reports and financial markets.We've compiled, sorted and analyzed the day's market-moving news for you. Today's financial news highlights: dire December retail sales; diving import & export prices; [more...]
Date: 2009-01-14 18:00:00
Gas: Russia’s Damocles’ sword over Europe
Noticias de Rupia | Nouvelles de Roupie | Rupiennachrichten | новости рупии | 卢比新闻 | Roepienieuws | Rupi Nyheter | ルピーニュース | Notizie di Rupia | ... Soviet space. Recently, Russia has shut off all its gas supplies to Europe through Ukraine — the latest ... pipelines run through Belarus and Turkey. The cut-off [more...]
Date: 2009-01-11 02:39:57
Secretary Rice's "Foundation for History's Judgment"
Secretary of State Condoleezza Rice gave an end-of-term interview this morning to Rita Braver of CBS Sunday Morning. There's a lot to chew on given the far-reaching nature of the interview that covered the image of the US abroad, the war in Iraq, the Israeli-Palestinian conflict, the Sino-American relationship, [more...]
Date: 2008-12-29 04:52:33
Spain's 'Sovereign Debt' ratings under scrutiny
Yesterday's shock news is that one of the major ratings agencies, S&P, is contemplating (FT article) a revision downward of Spain's sovereign debt ratings; the immediate result in the markets was a widening in the spread between Spain's 10 year government bonds and those of Germany to its widest [more...]
Date: 2009-01-13 16:39:00
Week 2, the second book: The Man in the High Castle
Book: The Man in the High Castle, by Philip K. Dick Grade: A- Why: The first fully successful alternative history ... has written a bestselling alternative history in which Germany lost. Fearing German reprisals ... alternative history that follows it owes Philip K. Dick a debt. By coincidence I just finished watching [more...]
Date: 2009-01-15 13:33:28
Bank of America: What to Expect When You’re Expecting Merrill Lynch
For Bank of America, being a hero won’t come cheap. Bank of America officially married Merrill Lynch on New Year’s Day, culminating an engagement that began Sept. 15 when Merrill Lynch President Greg Fleming persuaded BofA to save his investment bank from a fate worse than Lehman Brothers Holdings [more...]
Date: 2009-01-02 09:07:00
Bank of America: What to Expect When You’re Expecting Merrill Lynch
For Bank of America, being a hero won’t come cheap. Bank of America officially married Merrill Lynch on New Year’s Day, culminating an engagement that began Sept. 15 when Merrill Lynch President Greg Fleming persuaded BofA to save his investment bank from a fate worse than Lehman Brothers Holdings [more...]
Date: 2009-01-02 09:07:00
Credit Crisis Watch: Gaining Positive Traction
In order to gauge the progress being made to unclog credit markets and restore confidence in the world’s financial system, I monitor a range of financial spreads and other measures. By perusing these, as summarized in this “Credit Crisis Watch” review, [more...]
Date: 2009-01-14 11:35:53
Credit Crisis Watch: Gaining Positive Traction
In order to gauge the progress being made to unclog credit markets and restore confidence in the world’s financial system, I monitor a range of financial spreads and other measures. By perusing these, as summarized in this “Credit Crisis Watch” review, [more...]
Date: 2009-01-14 09:22:42
Credit Crisis Watch: Gaining Positive Traction
In order to gauge the progress being made to unclog credit markets and restore confidence in the world’s financial system, I monitor a range of financial spreads and other measures. By perusing these, as summarized in this “Credit Crisis Watch” review, [more...]
Date: 2009-01-14 13:30:49
Should Budgetary Revenue Projections be Deliberately Pessimistic?
Should Budgetary Revenue Projections be Deliberately Pessimistic? ... pleasant surprises – they benefit from more tax and nontax revenues than planned, which allows debt ... in the short-term. This can result in public debt increasing to a level higher than desirable, assuming [more...]
Date: 2009-01-14 07:00:03
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