Italians rally around Berlusconi after the Merkozy smirk
This video of German Chancellor Angela Merkel and French President Nicolas Sarkozy has stirred a sense of nationalistic pride in Italy. Everyone seems to be talking about it.
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Yearly Archives
2011
What They Are Doing?
The quantity of debt grows as the quality recedes. The problem of bad loans is no longer just the pre-2008 mortgages, CDOs, and LBOs. Debt issued after the bust is defaulting, such as Greek sovereign bonds, issued in June 2010. Some…
Markit Flash German PMI Shows Modest Rise; French PMI Contracts Sharply
Key points: German Flash Composite Index at 2-month high; Flash Services Index at 3-month high; French Flash Composite Index at 29-month low; Flash Services Index at 27-month low
European PMI surprises to the downside; Policy will dominate week
Euro zone summit ends with no line drawn in the sand; European PMI surprises to the downside. Markets look for euro zone to present comprehensive three-pong approach to finalize crisis this week. US Q3 GDP expected at 2.5%’; Private sector…
Is the Euro Driving the S&P500?
In case you have noticed recently the Euro and S&P500 seem to be moving together almost tick for tick. Here are the daily moves in futures over the past month. Makes you think they’re both dancing to the same tune by the Algorithmics,…
France appears to have conceded to German-ECB position on bailout fund
France appears to have backed down in the face of a German-ECB joint position that strenuously objected to the EFSF becoming a bank to borrow from the ECB. Instead, it appears that the insurance/guarantee function of the EFSF is going to…
Greece in debtor’s prison
On the Max Keiser show, I said that Greece has been sent to debtor's prison. The goal is for creditors to Greece to get as much out of the Greek government as possible before they default.
Fed Outgunned, EMU Outflanked
The auxiliary objective of QE by the Fed is to weaken the USD. Herein lies the rub. Quite simply, with the recent announcement by the BOE of another round of QE worth £75 billion, with the ECB now willingly or unwillingly being forced into…
News Links: Europe on the brink of a disaster
The single currency is close to collapse - Telegraph
With Europe on the brink of a disaster, the euro must be reconstituted as an entity based on economic reality, not ideological folly.
tags: sovereign debt crisis…
Leaked Greek bailout document: Expansionary fiscal consolidation has failed
Below is the leaked Greek bailout document that everyone has been talking about. Yesterday, the Financial Times first revealed this analysis' existence. Here is Rob Parenteau's understanding of what the Troika analysis demonstrates about…