Robert Shiller: “It’s not likely to be quickly over”
An Interview with Robert Shiller - The Atlantic
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Links: 2009-02-20
The Austrian Economists: Rick Santelli Rant
Ken Rogoff says Fed needs to set inflation target of 6pc to help ease crisis - Ambrose Evans-Pritchard, Telegraph
Japan department store sales down 9.1% in January - Japan Economy News &…
Citibank has cut all lending in Denmark
This comes from the Danish daily Berlingske Tidene. It suggests that Citibank is cutting back all international lending. Citigroup has sold its German operations to a French bank and I understand they are cutting credit lines in the UK as…
Foreign investors dump Danske Bank
It is not just Eastern Europe and Switzerland where problems are popping up. This from the Berlingske Tidene, a Danish daily:
Meredith Whitney says nationalization is wrong and banks will lose money
Meredith Whitney, the well-known former Oppenheimer analyst had some interesting words to say on CNBC about the banking sector, nationalization, dividends and Citigroup. Take a look.
Swedish government gives Saab the cold shoulder
It is looking like Saab is toast. This comes from Dagens Nyheter, a Swedish daily (note: I originally saw this covered in the Austrian daily Kurier):
Links: 2009-02-19
Below are the main stories I wish to highlight. There are a bunch of others in the newsfeed.
The return of capital controls - Willem Buiter's Maverecon
Fed cuts U.S. growth view and considers inflation target | Reuters
Bank of England…
The European problem
Here is yet another post from early last year which presages all of the problems we are seeing today. As I have often written, the fake recovery is just an attempt to paper over these problems. It won't work. Where Ireland, Switzerland,…
What is the recent increase in U.S. jobless claims telling us?
The jobs picture is looking grim. Jobless claims for the week ending 14 Feb 2009 were 627,000, pushing the average to 619,000. Additionally, nearly 5 million people are staying on the unemployment roles, the highest figure ever. But, it…