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Chart of the Day: US Federal Spending by President
The information is as stunning as it is counter-intuitive: federal spending has gone up less under President Obama than any president since Eisenhower.
What exactly will be the mechanism to effect a Spanish sovereign bailout?
A lot of pundits have come to the same conclusion that I have come to regarding problems in Spain, namely that the market is no longer willing to believe the country is solvent without European-wide intervention. The consensus, therefore,…
A Copernican Turn in Macro
We have reached end-of-paradigm – the final failure of microeconomics masquerading as macro. The solution, the new macro paradigm, requires monetary literacy and numeracy. And this can only be achieved by removing the conceptual blinders by…
Full text: Moody’s puts Germany, Netherlands, Luxembourg on watch, affirms Finland
Moody's Investors Service issued the following press release in connection with European ratings actions earlier today.
Chart of the Day: 5-year Swiss rate goes negative
The Swiss government bond curve is now negative for maturities of five years and under. Investors are willing to lock up a negative yield for 5 years just to get out of euro denominated assets without taking much FX risk.
Corporatism and Fraud are Why We’re Screwed:
After 1990 we removed what was left of financial regulations following the flurry of deregulation of the early 1980s that had freed the thrifts so that they could self-destruct. And we are shocked, SHOCKED!, that thieves took over the…
The municipal meltdown in double-dip Europe is a clear warning sign
I think it goes without saying that the problems for Spanish and Italian regional governments are due to the austerity-induced double dip recession those economies are suffering. The real insight here is that this municipal - double dip…
Chart of the Day: Spanish regional debt totals and as percent of regional GDP
I just wrote a post for Credit Writedowns Pro on the regional government problems in Spain. The following chart from El Pais is useful in that context.
Spanish regional governments unable to refinance 15.8 billion euros of maturing debt as debt…
Today, Spanish newspapers confirmed that a number of regional governments on the verge of bankruptcy must follow Spanish banks in requesting aid from the central government. However, with Spanish central government itself facing record euro…
Stagflation is becoming entrenched in Argentina’s economy
By Sober Look
Further evidence of Argentina's crashing economy is now directly visible in the nation's GDP contraction.
Reuters: - Argentina's economy contracted in May while industrial production slumped further in June, data…