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Economy
David Rosenberg: Greece same canary in the coal mine that Thailand was for emerging Asia in 1997
From his latest "Breakfast with Dave" missive. Well, I think the turbulent global events of the past few weeks underscore the reason why I have maintained a cautious investment approach for the past year, notwithstanding the…
Full Statement of UK Prime Minister Gordon Brown on Decision to Step Down
Below is the transcript of Brown's remarks. "We have a parliamentary and not presidential system in this country and as I said on Friday, with no party able to command a parliamentary majority arising from the general election,…
Moody’s May Cut Greece to Junk in Four Weeks
Moody's is going on a rampage regarding the sovereign debt of the Eurozone periphery. They are now reviewing Portugal and Spain for a potential ratings downgrade. That means they are threatening Greece with junk status and also warning that…
Spain Emerges From Recession?
Well it is now official - or at least as official as it is going to get: the Spanish economy sneaked back into growth by a short head during the first three months of this year. According to data published in the Bank of Spain’s quarterly…
Like A Dog Guarding His Bone
Presidents and Prime Ministers have to be careful with their choice of words. Especially in times of crisis and difficulty for their country. Former Mexican President José López Portillo will be remembered by history, not for his turbulent…
The Euro: Beware of What You Wish For
For all the seven long years since the signing of the Maastricht treaty started Europe on the road to that unified currency, critics have warned that the plan was an invitation to disaster. Indeed, the standard scenario for an EMU…
Links: 2010-05-07 Jobs reports extremely bullish in North America
The Employment Situation Survey was very bullish. We saw non-farm payrolls up 290,000 and a net upward revision of prior month of 121,000. Moreover, there was an over 230K improvement in both private sector jobs and job gains ex.…
Stat of the Day: Table of euro-zone debt and deficits
Below is a table of all the Eurozone debt and deficit figures for 2009. The chart is in German from the Frankfurter Allgemeine newspaper, but I think the country names are clear except Österreich, which is German for Austria. The…
Chanos, Roach Discuss Outlook for China’s Economy
Another classic from Bloomberg News. It runs about 22 minutes. I love Roach's quip in jest to Chanos: "You ignorant slut." That quip in jest belies the congruence in Roach and Chanos' views. Roach does say: "I'm not denying…