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Australia faces a decade of budget deficits, with the annual total set to pass $60 billion in 2023 unless governments take tough action to “share the pain”, a leading think tank has warned. The Grattan Institute’s assessment comes as Treasurer Wayne Swan confirms the budget has taken a $7.5 billion hit since the mid-year update in October. “We have seen a really unique event in our economic life,” Mr Swan told the [...] eutimes.net / December 28, 2012 It seems that migration policies of a leading country in Europe, France, are seriously changing. The country is no longer able to hold back the crowd of migrants, many of whom do not want to integrate into the social and economic life of their new home country. The upcoming radical changes for migrants were announced by French Interior Minister Manuel Valls. After a meeting on the National Immigration [...] It seems that migration policies of a leading country in Europe, France, are seriously changing. The country is no longer able to hold back the crowd of migrants, many of whom do not want to integrate into the social and economic life of their new home country. The upcoming radical changes for migrants were announced by French Interior Minister Manuel Valls. http://english.pravda.ru/world/europe/28-12-2012/123334-migrants_france-0/ Queues form as desperate people received food handouts from Crete’s farmers From FT:
The Nobel Prize-winning professor of economics talks to Martin Wolf about what Japan got right, what the Federal Reserve got wrong and how the eurozone can be saved
I enter the Landmarc restaurant, at the Time Warner Center, on Columbus Circle, New York, where I have agreed to meet for lunch with Paul Krugman, the 2008 Nobel laureate in economics, Princeton professor of economics and international affairs, and liberal columnist of [...] How to Save the Global Economy: Write Off the World’s Debt Posted on January 22, 2012
BY PAUL KEDROSKY The best way to restart global growth is with debt. We need both more and less of it. Bear with me here. We need less debt now: Developed-world debt is holding the recovery back. Individuals are cutting what they owe as fast as they can, especially in the United States and Europe, and governments aren’t [...] by Joe Weisenthal Bill Gross starts 2012 with a bang in a new note titled “Towards The Paranormal”, with “paranormal” being an international successor to PIMCO’s famous ‘new normal’ descriptor.
Gross’ letter is very gloomy. The world has too much debt, too little trust, and is vulnerable towards total collapse. He writes: How many ways can you say “it’s different this time?” There’s “abnormal,” “subnormal,” “paranormal” and of course “new normal.” Mohamed El-Erian’s awakening phrase of [...] by ZH A Silver Bullet for Modern Vampires Definition of VAMPIRE 1: the reanimated body of a dead person believed to come from the grave at night and suck the blood of persons asleep 2 a : one who lives by preying on others Does the above definition of vampire by Merriam Webster remind you of anything? Yes of course it does, it reminds you of the Too Big To Fail Banks. It was extremely [...] From Bloomberg: The never-ending comedy that is Europe’s sovereign-debt crisis has reached its Otter moment. That’s when the world realizes the fundamental principle guiding every important government decision is this: “I think that this situation absolutely requires a really futile and stupid gesture be done on somebody’s part!” The quote comes from the 1978 movie “Animal House.” After the dean of the fictitious college tells the Delta House boys that he’s expelling [...] by ZH French Bund spreads have just crossed 147 bps as the “cash bond long yet unable to hedge with CDS” crowd realizes that the Italian contagion is about to hit Paris. And unable to hedge using creative modern financial instruments, said crowd has reverted to the good old fashioned version thereof. We call it selling. Expect the spread to hit 150 bps momentarily. No surprises here:Wednesday, 03 August 2011 France, As [...] Once this road was thronged with traffic: an expressway, one of the arteries of a nation’s economic life, as familiar and modern a sight as you would find anywhere in Japan. The only barriers on the route to Fukushima Daiichi were the other people heading in the same direction. Today the journey is different. It is a journey to the heart of a catastrophe. About 10 kilometres [...] From PIMCO: Understanding Japan’s Disasters, by Mohamed El-Erian Japan’s reconstruction challenge will likely be more difficult than after the Kobe earthquake. As we all struggle to comprehend the economic and financial impact of Japan’s calamity, it is tempting to [...] Faber on The End Game: We are in the end game, but we are currently in a crack-up boom. A crack-up boom is when you postpone a recession through money printing and credit growth. The credit growth is not created in the private sector – but it’s much worse – it’s in the government sector. The government is the most unproductive sector in economic life. So, this crack-up [...] Mexico has always considered the US dollar almost a secondary currency to their Peso as the fact that billions of US dollars spent their way through the Mexican economy in 2009 and 2010 which speaks for itself, but sometimes even the best of friendships come to an end. The Mexican government in September 2010 enacted a very restrictive law which basically restricts the use of US [...] From Michael Krieger of KAM LP A Silver Bullet for Modern Vampires vam•pire Definition of VAMPIRE 1: the reanimated body of a dead person believed to come from the grave at night and suck the blood of persons asleep 2 a : one who lives by preying on others Does the above definition of vampire by Merriam Webster remind you of anything? Yes of course it does, it reminds you of the Too [...] The poll saw an aggravation of conditions in every area of economic life studied the year before. Increasing numbers of people are reporting difficulty receiving or affording medical care (26 percent) or paying their rent or mortgage payments (24 percent). More Americans faced problems with collections and credit agencies (21 percent), or had mortgages, loans or credit card applications denied (19 percent). As could be expected, the poorest Americans are suffering [...] |
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