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Stunning: Europe’s Economic Crisis Is Now Worse Than The Great Depression [CHART] From Paul Krugman: The trajectory of Europe’s real GDP per capita today vs. its real GDP per capita back during The Great Depression. No commentary necessary.
Paul Krugman
(Via @brianmlucey)
Europe Suffered Three Disasters In Just The Last Month Europe should be really happy that March is over. It was a disastrous month.
There were three main stories; all of them bad. Italy can’t form a government. Italy’s [...] Yves Smith When I first heard about the Cyprus ritual execution bailout, I had thought that the widespreadpredictions that the island nation’s economy would contract by 20% to 30% over the next two years were off base. I thought it would happen much faster, on the order of two to three months. An estimated 45% (mind you, 45%!) of the economy is banking, and almost all of that international banking. So if you generously assume 200% [...] The amount of evidence stacking up that hedge funds, mutual funds and even private equity do not provide value for their investors is just staggering.
The latest figures reported in the FT showed that 70% of the profits of private equity had been gobbled up by the managers rather than the investors. While there are certainly signs that the public’s tolerance of excessive fees and executive pay is falling, the likelihood of significant [...] From Resource Investor: … Politically, QE is a hot potato and impossible to publicly announce. But there have been enough hints (the last FOMC minutes may have been the loudest) that it is clear Bernanke intends to print. Hey, we are in a currency war after all, and you can’t win the war if you don’t shoot your guns. First case in point; the CRB exploded out of its three year cycle [...] There’s a story by Reuters citing the latest edition of German magazine Der Spiegel, which is reporting that the ECB is considering setting an explicit top yield threshold for peripheral nation borrowing costs at its meeting in September. In other words, ECB chief Mario Draghi would come out and say something like: “Italy’s 2-year borrowing costs shall not be more than 300 basis points above Germany’s 2-year borrowing costs, and if it rises above [...] I refuse to believe he will get away with this. http://www.washingtonpost.com/opinio…y.html?hpid=z2 Mitt Romney’s secrets By Editorial Board, Published: April 22 MITT ROMNEY’S contemptuous attitude toward the importance of public disclosure is increasingly troubling. Whether it involves the details of his personal finances or the identity of his big fundraisers, the presumptive Republican is setting a new, low bar for transparency — one that does not augur well for how the Romney White House would [...] byAftab Singh of Gresham’s Law Huh? When the Fed expands its balance sheet these days it’s actually bullish for the dollar!? If you ever happen to acquire an inclination for being the subject of disrepute and ridicule I highly recommend endorsing the conceit alluded to in the title. Apparently this issue is ‘so obvious’ that even gold bugs and government officials can reach common ground via the contention that I’m deluded. My folly [...] Former Bay State Gov. Mitt Romney fired back at President Obama for barring the Herald from full access to the presidential visit to Boston yesterday, saying the commander-in-chief’s “retribution” against the media has no place in the White House. “The media has a responsibility to be truthful and to be interesting, and the Herald is both of those things,” Romney said last night. “The president barring [...] by ZH Confused why the dollar is getting destroyed, the EURUSD is at 1.44 and nothing makes sense in FX anymore? Here is Citi’s Stephan Englander attempting to explain it all. What the market was buying overnight 1) Relief rally after the Nikkei started rising about 9:45PM last night — there had been investor concern that the 2nd earthquake would intensify production and environmental consequences of the March [...] PRINCETON, NJ — A Gallup poll conducted Monday finds more Americans approving than disapproving of the military action against Libya by the United States and other countries. The March 21 poll was conducted just days after the United States joined other countries in conducting airstrikes against Libya to enforce a United Nations no-fly zone. The U.N. passed a resolution calling for a no-fly zone in response [...] GOLODEN VALLEY, Minn. — Les Johnson runs what could be one of the busiest convenience stores in the west metro. “It gets pretty hectic,” says Les. With so many people coming and going, Les and his employees are vigilant. Any item stolen is a loss. “If someone is in the store for a long time, they’re usually up to no good. It’s a convenience store…people want to get in and get out [...] My thinking is as follows. First, with this low volume, the market is subject to way too much manipulation by the relatively few high volume traders. Those traders (banks and hedge funds and desparate pension funds) have access to free money and/or cheap leverage with no opportunity for yield outside of equities. The Fed is in on the game because they cannot afford to bail out the banks, so they have [...] Decay has set in. Yet they are doing a good job falsifying the chart records (we still have a pulse but not strong enough for full recovery yet!), masking the reality with happy talk and diversion, and continuing to pump juice (money) through the circulatory system even though it’s draining out into the reservoirs (banks) below the table. Death, deflation and depression has arrived. There’s not a lot we can do [...] |
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