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Italy’s debt woes and Germany’s intransigence lead to Depression
Countries like Italy are simply not going to be able to grow their way out of the problem. Everyone is recognizing this now. Until Italy was at the heart of the crisis, we could all delude ourselves that this crisis could be met with…
ECRI: The US is still headed for recession
The economic data in the US has been somewhat better of late but the ECRI’s Lakshman Achuthan argues that this is meaningless; you can’t repeal the business cycle. His view is that the indicators pointing to an end of cycle slowing into…
Italy! Italy! Italy!
The euro zone periphery was a sideshow. This stuff with Italy is the real deal. With yields at 6.7% and rising, it’s game over for the euro zone. The extend and pretend stuff ain’t gonna work.
We need your help with changes at Credit Writedowns
Credit Writedowns started in March 2008. When I got into blogging three years ago, I was using it as a way to hone my thinking about the subjects which most interested me and most affected me in my professional life. I never really intended…
News Links: Europe’s rescue fiasco leaves Italy defenceless
Europe's rescue fiasco leaves Italy defenceless - Telegraph
The sixty days allotted to save monetary union have expired. The G20 has come and gone, yet no workable firewall is in place as the drama engulfs Italy and…
Throw the Greeks out of the eurozone
That’s what Philipp Rösler, the leader of the junior partner in Germany’s coalition government, is saying. Barry Eichengreen says that this kind of talk is counterproductive.
Israel: “The possibility of a military attack against Iran is closer than the diplomatic…
Now, this could just be bluster and rhetoric. But then again it may be something else. I think it bears watching. Just following up on the post by Global Macro Monitor this morning, I note from French daily L’Express the following passage.
Credible lenders of last resort use price, not quantity signals
Let’s talk about credible government bond backstops for a bit.
Federal Reserve: We are the one percent!
What do you think: is the Fed part of the problem or part of the solution?