Interesting view on accounting and the Shiller PE/CAPE. I am not really convinced here because I see the effort to alter the accounting as emblematic of a desire to justify stock prices.
Swedish taxes are at the lowest level since 1975 at 44.3%. This compares to record high of 51.5% in 1990, 1999, and 2000. Four countries now have higher taxes than Sweden: Denmark, Belgium, Italy (with record poverty) and France (with 75% tax coming online)
6.7% of Bulgarians want to emigrate when the EU allows them free labor mobility in 2014. I am seeing a decent number of stories on the coming free labor movement for Bulgaria and Romania in the EU. Some of these articles have a tinge of xenophobia. And note that both Bulgaria and Romania are on the EIU list of countries that have an elevated risk of social unrest.
According to the Economist Intelligence Unit, Portugal is a part of the group of 46 countries with an “elevated risk” profile for social unrest in 2014. This group also includes Bulgaria, Cyprus, Croatia, Spain and Romania.
European banks have more than 10 billion euros of Portuguese sovereign debt
Portuguese banks own 26 billion euros in sovereign debt
“The new regime breaks the link between pension increases and inflation, in a move that seeks to balance Spain’s deficit-stricken social security system. Pensions will rise by a minimum of 0.25 per cent a year and can only rise further if the state pension fund is in surplus. Payment rises are capped at 0.5 per cent above inflation.”
“When I joined the Financial Times, Britain’s Treasury was convinced it had found the holy grail of economic policy. As long as it kept within strict bounds the growth rate of something called the monetary base, everything else would look after itself. The economy would rise effortlessly above the clouds. There have been half-a-dozen holy grails since. Now George Osborne, the chancellor, has put his faith in a balanced budget. Each time, the same mistake is repeated. Means are confused with ends.”
Good article in this Swiss paper on the differences between Sweden in the early 1990s and the periphery today. A big factor is the exchange rate. Sweden’s currency dropped a tremendous amount, whereas this is not happening for the periphery.
Fast home internet has a much higher adoption rate in West Germany than in East Germany
I am incredulous. I don’t see it happening at all. But if Samaras is saying it, there must be some negotiating tactic behind it or an actual chance of it happening. Be VERY sceptical.
Reading between the lines here, you should see banks pushing back on ANY regulation. That’s what the pushback is about. Banks do not want to be regulated and they resist for those reasons, first and foremost. Gensler’s leaving is an opportunity for the bank lobby to roll back regulation.
“There are two parts to the fee increase. The first of which has already been seen on three occasions (2 from the FHFA and 1 to pay for the payroll tax extension) and involves a permanent increase of 0.1% to the RATE (on average) for all new loans. This is a known quantity for the mortgage market and similar increases are mandated every year until 2021. No surprises there. The added layer of complexity comes from the upfront portion of the fee increase. While the ongoing fees don’t vary based on strength of a loan file (borrower credit and loan details), the upfront fees, known as “Loan Level Price Adjustments” (LLPAs) can vary greatly.”
“contracts were 1.6 percent below last November’s levels.”