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Gold and Bitcoin: the Currencies of the Future — James Turk JT Long of The Gold Report (5/15/13) Europe, says James Turk, founder and chairman of GoldMoney, is in the midst of two crises—one in the banking sector, the other related to economic activity, and capital is needed to solve both. As to the allegedly strong dollar, Turk, in this interview with The Gold Report, suggests comparing it to the price of [...] Germany GDP misses forecast Germany on Wednesday reported modest growth in first-quarter gross domestic product, with the Federal Statistics Office issuing a preliminary reading of 0.1% expansion on a seasonally-adjusted basis compared with the fourth quarter of 2012. The result was below economists’ average growth projection of 0.3%, according to FactSet. http://www.marketwatch.com/story/germany-q1-gdp-grows-01-missing-expectations-2013-05-15?dist=beforebell The Eurozone Enters Its Longest-Ever Slump Latest GDP numbers confirm that things are a big mess. Fresh European GDP data is out today, [...] Euro-area data this week will probably reveal economic scars of the sovereign debt crisis confirming that the region is now suffering the longest recession since the single currency’s creation. Gross domestic product in the 17-nation economy fell 0.1 percent in the first three months of 2013, a sixth straight quarterly decline, according to the median of 39 economists’ forecasts in a Bloomberg News survey. That would exceed the 15-month contraction in [...] Economic Indicators: Purchasing Managers Index (PMI) PMI is a very important sentiment reading, not only for manufacturing, but also the economy as a whole. Although U.S. manufacturing is not the huge component of total gross domestic product (GDP) that it once was, this industry is still where recessions tend to begin and end. For this reason, the PMI is very closely watched, setting the tone for the upcoming month and other indicator releases. The magic number for the [...] by Phoenix Capital Research
As noted in numerous articles, the entire European banking and corporate system is over-burdened with debt. Jagadeesh Gokhale of the Cato Institute puts the situation as the following, “The average EU country would need to have more than four times (434 percent) its current annual gross domestic product (GDP) in the bank today, earning interest at the government’s borrowing rate, in order to fund current policies indefinitely.” Put another [...] Economists See No Crisis With U.S. Debt as Economy Gains “Three years after a government spending surge in response to the recession drove the U.S. past that red line — the nation’s $16.7 trillion total debt is now 106 percent of the $15.8 trillion economy” =======================================================
Federal Debt: Total Public Debt as Percent of Gross Domestic Product (GFDEGDQ188S) Federal Debt: Total Public Debt as Percent of Gross Domestic Product (GFDEGDQ188S) 2012:Q4: 103.66867 Percent of GDP Last 5 [...] Federal Debt: Total Public Debt as Percent of Gross Domestic Product (GFDEGDQ188S) Federal Debt: Total Public Debt as Percent of Gross Domestic Product (GFDEGDQ188S) 2012:Q4: 103.66867 Percent of GDP Last 5 Observations 2012:Q3: 2012:Q2: 2012:Q1: 2011:Q4: Quarterly, Seasonally Adjusted, Updated: 2013-03-13 10:31 AM CDT SAX from FT: The next few monthly jobs reports, including this Friday’s, will be watched especially closely to assess the balance in a rather unusual tug of war that has developed in Washington: between a dysfunctional Congress set on creating headwinds to a slowly-recovering US economy, and a central bank willing to roll out one untested measures after the other in its attempt to steer the economy towards higher growth and more [...] from Telegraph: Beppe Grillo, the former comedian who holds the balance of power in Italy, has suggested the country may have to abandon the euro and return to the lire. In an interview with a German magazine published on Saturday, Mr Grillo said that “if conditions do not change” Italy “will want” to leave the euro and return to its former national currency. The 64-year-old comic-turned-political activist also said Italy needs to renegotiate [...] By Greg Hunter’s USAWatchdog.com Legendary trader Yra Harris says, “The currency wars are real, and the game is on.” Harris says the global currency war is what helped Volkswagen gain market share in the last few years. So, what is Japan doing? It is cutting the value of its currency so Toyota will gain market share….
US to Win Currency War, Then ‘Implode’: Schiff …”There is a currency war going on,” Schiff said at the Inside ETFs [...] Furchtgott-Roth to Moneynews: Economy Might Shrink Again in First Quarter The January job numbers reported Friday are weak, and gross domestic product (GDP) growth stands a good chance of remaining negative in the first quarter, says Manhattan Institute Senior Fellow Diana Furchtgott-Roth. Non-farm payrolls gained 157,000 last month, a bit lower than expectations, and the unemployment rate rose to 7.9 percent from 7.8 percent in December. Meanwhile, the economy contracted 0.1 percent in [...] WHALEN: ‘The Fed Is Creating ANOTHER Housing Bubble’ Deja Popped. ‘Bernanke is just making it up as he goes along. The Fed is acting more like the Marx Brothers than serious regulators. The Fed and the Treasury are the biggest source of systemic risks in the market today, creating another bubble in housing and perhaps also in stocks.” Lauren Lyster with Chris Whalen on Tech Ticker last Friday.
Belkin – We’re Facing A 1987 Selloff & [...] Peter Schiff: Economy ‘Stuck in Serious Recession’ Officially, the last recession ended in June 2009. But Peter Schiff, CEO of Euro Pacific Capital, doesn’t see it that way. And he thinks Wednesday’s gross domestic product (GDP) report, which shows the economy contracted 0.1 percent in the fourth quarter, backs him up. “The weaker-than-expected GDP report shows just how out of touch most professional economists remain with respect to the fundamental weakness of the [...] From Economic Policy Journal: While much focus was put on the curious improvement in unemployment data in early October, which resulted in speculation that the BLS may have manipulated the data for the benefit of the President and his re-election campaign, perhaps more focus should have centered on an even more curious data point released on October 26, 2012, the Gross Domestic Product: Third Quarter 2012 (advance estimate). Real gross [...] The nation’s long-term fiscal outlook hasn’t significantly improved following the recent agreement between Congress and the White House over tax and spending issues, according to a new analysis. The “fiscal cliff” deal, combined with the debt-limit agreement of August 2011, only slightly delays the United States reaching debt-to-gross domestic product levels that would damage the economy and risk another fiscal crisis, according to a report from the Peter G. Peterson Foundation released on Tuesday. The agreement [...] By Barry Grey, Global Research The World Bank issued its biannual Global Economic Prospects report Tuesday, sharply downgrading its forecast for economic growth from its previous report released last June. The Washington-based international lending agency projected an expansion of the world economy in 2013 of only 2.4 percent, down from its forecast six months ago of 3.0 percent. The bank said the global gross domestic product (GDP) grew by 2.3 percent in 2012, downwardly [...] Why a recession may be coming no matter what fiscal-cliff deal is reached
How will the fiscal cliff talks end? Will the leaders reach a last-minute deal, saving the economy from disaster, like a script of a typical television drama? Spoiler alert: We could already be in a recession. This is not the conventional wisdom. The common narrative goes some like talks look ugly, but in the end things will get resolved [...] mybudget360.com There was a startling figure that came across my desk from the United States Department of Agriculture regarding food stamp usage in the SNAP program. Food stamp usage has grown dramatically in the last decade even during the debt inspired boom times. Yet the devil is always in the details as we reported with the unemployment rate really dropping because of the over 500,000 Americans simply dropping out of the labor force. [...] “In politics, nothing happens by accident. If it happens, you can bet it was planned that way.” – Franklin D. Roosevelt from Deviant Investor: FACTS: The US government spends $1 – $2 Trillion more each year than it collects in revenues, using strictly cash accounting. This is not sustainable. But the deficit is actually far worse when accrued liabilities are included – as calculated by Laurence Kotlikoff. Using his numbers, the fiscal gap is approximately [...] from MarketWatch: For one reason or another, this economy is going down. As everyone must know by now, a fiscal cliff looms ahead. Unless current law is changed, the U.S. economy will take a $600-billion hit starting next year. Taxes will go up by $500 billion, while spending will have to be slashed by $100 billion. These are big numbers for a healthy economy to absorb, much less one that’s [...] Non-performing loans held by Spanish banks increased to a yet another record high of 10.7% of their outstanding portfolios in September from 10.5% in August. The bad debt increased by over €3B to €182.3B, while total loans edged up to €1.7T, or 170% of Spain’s GDP. via marketwatch: MADRID–Bad debts held by Spanish banks rose to their highest level on record in September, the country’s central bank said Monday. According to [...] |
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