California

I am highlighting this March 2010 post because it best represents my view on the structural changes needed in the euro-zone. I suggest setting up a pre-funded European Harmonisation Fund that can get fiscal policy harmonised and help to…

David Rosenberg takes on the sovereign debt issue in his latest commentary, highlighting the structural deficits in the U.S. and the U.K. They are actually higher than in Spain or Greece. Greece here, Portugal there. Did you know that…

Debt sustainability: Not so risk-free | The Economist Spain's economic stagnation: The zapping of Zapatero | The Economist Race in America: Move your shadow | The Economist Greece must follow Ireland to solve fiscal woes —…

Jim the Realtor is back with a bunch of foreclosures, REOs and short sales on the market in North County San Diego.  Some of these places look pretty nice.  In this particular video, the property is in Carmel Valley and on the…

Here is some anecdotal evidence of the return of euphoria  in housing via Jim the Realtor.  Check out these videos of Carlsbad (North County section of San Diego) and the surrounding community to see what I mean – many but not all…

This came in overnight via the FT.  Most of the shortfall in revenue is made up through spending cuts.  Below are the relevant paragraphs: The agreement involves cutting nearly $6bn from schools and community colleges and…

The bloggers at bloggers at UMKC’s economics blog have been making the case that California’s IOUs are a currency.  Randy Wray’s entry last Monday was particularly provocative because he suggests a movement to loosen national…

For quite some time now I have been of the view that there are a number of striking similarities between the goings on in Ireland and those in California, none of them good.  Both locations have seen extraordinary rises in home prices turn…

This can't be good. A group of the biggest U.S. banks said they would stop accepting California's IOUs on Friday, adding pressure on the state to close its $26.3 billion annual budget gap. The development is the latest twist in…

This is effectively bankruptcy. Bloomberg reports. California is poised to begin its new fiscal year tomorrow without a plan in place to close a $24 billion deficit as the state prepares to conserve cash by issuing IOUs to vendors who are…