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FT.com - Thomas Palley - A second Great Depression is still possible A reminder of the downside FT.com - Swedbank hits out at Latvia’s mortgage plan Of course they do. Latvia agrees budget cut goal Large spending cuts and tax…

FT.com - Latvian contagion There will be contagion: Lithuania and Estonia at a minimum. bubbleinfo.com » Only The Shadow Gives you a taste of the extent of the shadow inventory overhang “Capitalism: A Love Story” « naked…

General Motors' car sales surge in China | Business | guardian.co.uk "GM sold a record number of cars in China last month, with sales up 55% so far this year." Latvian PM rules out devaluation "The worst of Latvia's…

I am off to a wedding today and through the weekend, so I will leave you with the links and one more post to come. I hope to hear from you all again on Monday.  Have a great weekend. Paul Kedrosky: Why I Love Venture Capitalists…

Remember when Paul Krugman asked aloud “How Did Economists Get It So Wrong?” He had a very well-received answer.  But he left out something. The elephant in the room was debt.  No one seems to have been noticing. Below is a…

Here’s the joke of the day via Steve Keen: Ten reasons the economy is so bad (I suggest this as a top ten for David Letterman?): #10: I got a pre-declined credit card in the mail. #9: I ordered a burger at McDonalds and the kid…

Hypo Needs an Extra $10.2 Billion to Survive - WSJ.com "German real-estate financier Hypo Real Estate Holding AG needs an additional €7 billion ($10.2 billion) in capital from the German government to stay afloat and won't…

The Alignment of Asset Reflation and a Collapsed Economy | Gregor.us "there is no macroeconomic recovery occurring in the United States. What’s unfolding currently is snap-back from last year’s crash, which led us to the bottom of…

The Reserve Bank of Australia unexpectedly raised rates by 25 basis points to cool down its economy. It will “gradually reduce stimulus” in anticipation of sustained recovery. Australia has probably been the major economy least affected by…