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Norway’s bond haven is about to become a lot smaller. The government is preparing to repay a record 66.5 billion kroner ($11.8 billion) in 6.5 percent bonds maturing May 15, which is more than the top-rated nation has left to sell of its planned 70 billion kroner in issuance this year. Prime Minister Jean-Marc Ayrault declared that today’s French budget will put France back on its feet. Here’s the key quotes: This is a fighting budget to get the country back on the rails. It is a budget which aims to bring back confidence and to break this spiral of debt that gets bigger and bigger. Ayrault also described the target of 0.8% GDP growth next year as “realistic and ambitious”. Today’s French budget contains [...] Say the words “budget deficit,” and Republicans and Democrats begin screaming at each other about who’s to blame. Republicans howl that the deficit is President Obama’s fault, because he has exploded government spending and failed to fix the economy. Democrats roar that President Obama inherited a catastrophic economic mess, that this mess will take time to clean up, and that our massive deficit is therefore President Bush’s fault. So, who’s right? Let’s start by [...] Wolf Richter www.testosteronepit.com “While Eastern Europe is largely implementing the necessary reforms, Southern Europe does almost nothing—except complain,” said Bulgarian Finance Minister Simeon Djankov in an interview, a withering blast aimed at neighboring Greece. And in Greece, “The risk of bankruptcy is still existent,” said Fotis Kouvelis, the leader of Democratic Left, smallest of the three parties in the coalition government. His way of reminding the bailout Troika—the EU, the European Central Bank (ECB), and the [...] It’s the euro zone Jim, but not as we know it. Sixteen months after it joined the struggling currency bloc, Estonia is booming. The economy grew 7.6 percent last year, five times the euro-zone average. Estonia is the only euro-zone country with a budget surplus. National debt is just 6 percent of GDP, compared to 81 percent in virtuous Germany, or 165 percent in Greece. Shoppers throng Nordic design shops and cool new [...] From The Washington Times: The federal government broke its record deficit streak in April, notching its first monthly surplus since the end of the Bush administration, according to preliminary estimates released Monday. The numbers, compiled by the Congressional Budget Office, mark the first monthly surplus under President Obama, who when he took office in January 2009 began a program of boosted spending and continued tax cuts to try to bolster the foundering economy, but saw those efforts [...] Despite the official line that the Greek debt situationwas unique, the chances of further debt restructurings in Europe are growing. The bond markets seem to be preparing for a Greek-style debt reduction in Portugal. Portugal’s 10-year bonds were trading at a 47 percent discount to face value on Friday. Its 10-year debt yields 13.71 percent. This is an improvement from January’s record high of 18.29 percent, but still far from any [...] From FT: It was a deal nobody believed in – including those who negotiated it. We are now going to go through the motions but Greece will default, one way or the other. The question is when and how. Paul Krugman observed in his New York Times blog that Greece was trapped between an austerity programme that forever aggravates the debt problem, and a default that will not be feasible until the [...] By Matthew Lynn LONDON (MarketWatch) — What’s the most unexpected thing that could happen in the markets right now? A sudden return to a budget surplus in the United States? A 5% annual growth rate in Japan? A halving of the Swiss franc as everyone decided there was so little risk in the world it was hardly worth holding the over-valued currency of a small mountainous nation that specializes [...] Illustration by Jason Polan From Bloomberg: The euro has dropped about 13 percent against the dollar since the sovereign-debt crisis hit Italy seven months ago. To a large extent, the decline reflects the increased likelihood of an Italian default, which would destroy the single currency. Yet depreciation may be the only remaining hope for the euro’s survival, as long as it is carried out through swift and coherent policy support. Since last summer, Italy has [...] by Steve Keen, BI Every year, The Age publishes a survey of economists’ opinions on the year ahead. Most of these are “market economists” rather than academics—working for banks, insurance companies and the like. Three academics are surveyed—myself, Jacob Marsden of Monash and Neville Norman of the University of Melbourne—and one economist working for a trade union, Brad Crofts of the AWU. Peter Martin does an overview of the results each year, as well as providing snippets of the answers [...] She probably has an account with Bank of America, and they told her they won’t let her close her account. “You can’t be a protest and a customer”
http://www.youtube.com/watch?v=tK0O30aFT7g&feature=player_embedded
http://www.youtube.com/watch?v=KtI85Zc6Oik&feature=player_embedded
Dumbass retail bank branch managers. OWS Bank Transfer Day November 5th. http://www.facebook.com/Nov.Fifth
At least transfer the money out to your broker account that day and short BAC/buy GLD.
After all, Sheila Bair is FDIC chair working for big banks. Your local credit union is insured under NCUA [...] From Peter Tchir of TF Market Advisors Credit Is From Mars, Stocks Are From Venus So stocks rallied into the conference call. Stocks rallied after the conference call. I have the various headlines and stories surrounding the statements following the conference call. I am bearish, but I try to adjust for that as I read things to attempt to see if something has changed. [...] 1. Deficit Reduction of $5.6 Trillion ACHIEVE USING 2011 PROGRESSIVE BUDGET: 1. Eliminate Bush Tax Cuts The White House Office of the Press Secretary For Immediate Release Address by the President to the Nation East Room 9:01 P.M. EDT THE PRESIDENT: Good evening. Tonight, I want to talk about the debate we’ve been having in Washington over the national debt — a debate that directly affects the lives of all Americans. For the last decade, we’ve spent more money than we take in. In the year 2000, the [...] 1. Deficit Reduction of $5.6 Trillion ACHIEVE USING 2011 PROGRESSIVE BUDGET: 1. Eliminate Bush Tax Cuts 1. Deficit Reduction of $5.6 Trillion ACHIEVE USING 2011 PROGRESSIVE BUDGET: 1. Eliminate Bush Tax Cuts by Philip Miami, FL March 22 — Noted Miami economist and author Dr. Farid Khavari The tax revenue would be [...] by ZH That government projections are not worth the price of the paper (especially not in today’s dis-disinflationary environment) they are printed on is no secret. As Zero Hedge recently demonstrated the margin of error in the most recent budgetary prediction can only be classified as insane. We wrote: “On February 28, 2001 George Bush said this about his 2002 Budget: “It will retire nearly [...] by Rachel Maddow It has taken hold with conviction: the idea that Wisconsin Gov. Scott Walker ginned up a phony budget crisis to justify his bold bid to strip state employees of most bargaining rights and cut their benefits. A volley of e-mails, blog posts and inquiries to reporters followed a  Madison Capital Times editorial on Feb. 16, 2011, that said no state budget deficit exists for 2010-’11 — [...] by Farid A. Khavari, Ph.D., economist Broward County’s government must confront escalating unemployment, rampant foreclosures, declining property values and shrinking economic activity. Obviously, we cannot expect Washington or Tallahassee to save us. What we need are leaders and a coherent Economic Plan for Broward County’s future. Broward County’s government faces the same insurmountable problem as a typical family today: costs are rising faster than income. When a family must pay higher costs [...] by Farid A. Khavari, Ph.D., economist Whether or not efforts to recall Miami-Dade County’s mayor and three commissioners succeed, MDC’s government must confront escalating unemployment, rampant foreclosures, declining property values and shrinking economic activity. Obviously, we cannot expect Washington or Tallahassee to save us. What we need are leaders and a coherent Economic Plan for Miami-Dade County’s future. Miami-Dade County’s government faces the same insurmountable problem as a typical family today: costs [...] by TruthInSunshine Lester Holt: Stocks lost a little momentum today, and bonds sold off, too. For more on this, we’re bringing in our resident Wall Street & Financial expert, James Cramer, to help us understand what is going on. Thanks for joing us, Jim. James Cramer: Good to be on, Lester. Thank you. Lester Holt: What is happening out there, Jim? James Cramer: Basically, this is a non-event. The economy is firing [...] by TKWallace As measured on October 5 history to this year of the US dollar – that is where the strength is most accurately measured: Year …. Oz …. Loonie …. CHF 1) Risk of Japan going bankrupt is real, say analysts “TOKYO  Greece’s debt problems may currently be in the spotlight but Japan is walking its own financial tightrope, analysts say, with a public debt mountain bigger than that of any other industrialised nation. Public debt is expected to hit 200 percent of GDP in the next year as the government tries to spend its way out of [...] |
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