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Japan’s desperately trying to reach equilibrium. Nature and the laws of physics are clearly at work here much to the panic of the Japanese elite. You can see this with the “economic” related population crash. More people are dying than being born. I note the “experts” are trying to blame everything from popular culture, to the internet, to the feminization of men for the collapse. The truth is, young males in [...] ‘Euro is a house of cards waiting to topple’- Nigel Farage According to Nigel Farage, leader of the UK Independence Party, northern EU leaders realize they risk vast losses if they allow Cyprus, Greece or any other southern member to fail. To prevent this, they have resorted to extreme measures – even theft. RT: Every bailout comes with strings attached. But can Cyprus afford the price the EU has set? Nigel Farage: What is really [...] Marc Faber, publisher of the Gloom, Doom & Boom Report, told Bloomberg TV’s Betty Liu on “In the Loop” today that “regardless of what the markets do, near-term, a correction is overdue” on the S&P.
Faber also said: “The only thing I know is one day the markets will punish the interventionists, the Keynesians and the monetary policy that the Federal Reserve and ECB has enforced because the markets will be [...] by Wolf Richter, Testosterone Pit.com: Americans under fifty are paying the price. We don’t know exactly why. Even the panel of experts that authored the massive report, U.S. Health in International Perspective: Shorter Lives, Poorer Health, admits that it can’t entirely pinpoint the reasons. But we do know how Americans under fifty, particularly males, are paying the price: with their lives. The US health disadvantage, as the report calls it, is more prevalent among “socioeconomically disadvantaged groups.” [...] Massive anti-austerity strikes and protests swept across Europe as millions took to the streets to express their frustration over rising unemployment and dire economic prospects. Many rallies ended with violent clashes with police. Workers marched in 23 countries across Europe to mark the European Day of Action and Solidarity. General strikes had been called in Spain and Portugal, paralyzing public services and international flights, in Belgium and France transport links were partially [...] The eurozone has tumbled into a double-dip recession as the crisis in Portugal, Spain and Greece spreads to other countries in the currency bloc. Eurozone GDP fell by 0.1% in the third quarter, after shrinking by 0.2% in the second quarter, plunging the region into a recession that economists fear could drag into next year. The big surprise was the triple-A rated Netherlands, which saw its economy shrink by 1.1% in the [...]  Europe Faces a Multi-National General Strike Against Austerity Austerity has spawned general strikes in individual countries across the troubled European Union. But this week may see something to add to the union’s tensions: a coordinated, multi-national mega-strike. Organized labor plans a general strike against the E.U.’s austerity policies, borderless and spanning the south of the continent. With more than 25 million people out of work, Europe’s biggest unions have vowed to lead marches and [...] Marc Faber, publisher of the Gloom Boom & Doom Report, told Bloomberg Television’s Betty Liu on “In the Loop” today that “the fallacy of monetary policy in the U.S. is to believe this money will go to the man on the street. It won’t. It goes to the Mayfair economy of the well-to-do people and boosts asset prices of Warhols. Faber said that he is “very happy. Very good for the [...] Marc Faber, publisher of the Gloom, Boom and Doom Report, spoke with Bloomberg Television’s Betty Liu this morning and said that, “If I were running Germany, I would have abandoned the eurozone last week.” Faber went on to say, “In the case of Greece, one should have kicked out Greece three years ago. It would have been much cheaper.”
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Faber on the eurozone crisis:
“If you put one or 100 sick banks [...] German lenders will be among the biggest beneficiaries of a Spanish bank bailout, with rescue funds helping to ensure they get paid back in full for poor lending decisions made in the run-up to the financial crisis, and helping politicians in Berlin avoid a politically sensitive bank bailout of their own. German lenders were among Europe’s most profligate before 2008, channelling the country’s savings to the European periphery in search of [...] by Alasdair Macleod, CM The reality is that Ireland, Portugal, Spain, Italy, Belgium, Greece, and France (in no particular order) are all in debt traps from which there is no escape. A debt trap is sprung when bankruptcy becomes the only outcome. With corporations, this usually becomes readily apparent and directors are forced by law to stop trading, but countries conceal this reality by printing money. Otherwise there is no difference [...] By Reuters Spain is likely to pay record high rates to borrow at debt auctions this week after the Greek election failed to ease concerns about the future of the euro zone and amid uncertainty over whether Madrid will need a full sovereign bailout. The yield on Spanish 10-year bonds hit a fresh high of above 7 percent on Monday, jumping by as much as 37 basis points, as initial relief over [...] Reuters Central banks and companies risk making a grave error if they do not brace for a possible Greek exit from the euro zone, Belgium’s foreign minister said on Friday, rattling markets already alarmed by Spain’s deteriorating finances. Greek elections are scheduled for June 17 and could hasten the country’s departure from the currency club should a government intent on ripping up the country’s bailout program result. Contrasting findings of opinion polls on [...] via CNBC: Central banks and companies risk making a grave error if they do not brace for a possible Greek exit from the euro zone, Belgium’s foreign minister said on Friday, rattling markets already alarmed by Spain’s deteriorating finances. Greek elections are scheduled for June 17 and could hasten the country’s departure from the currency club should a government intent on ripping up the country’s bailout program result. Contrasting findings of opinion polls [...] From FT: The bank panic is Greece is now accelerating, and could easily push Greece out of the Eurozone unless decisive actions are taken to prevent a massive run on the Greek banks. If such a run occurs, and drives Greece to leave the euro, Greece’s exit would most likely create an even greater calamity, as Portugal, Spain and perhaps Italy, suffer rapid withdrawals of bank deposits as well. The Eurozone’s [...] In his latest column, Cumberland Advisors’ founder David Kotok advises his audience that the peripheral Eurozone countries are already a lost cause; it is now Italy that has begun to teeter.
Greece, he writes, is doomed. Portugal and Spain are already getting killed in credit markets. “Italy is the one to watch,” he says. “It is the 800-pound gorilla and it is sick.” Growth, deficits, demographics and a 120% debt-to-GDP ratio are causing it to [...] With the Greeks unable to hug it out and new elections (as per Venizelos and Kammenos) all but guaranteed, the probability that Greece will exit just went to 11 on the dial. Markets hiccupped and plunged, giving up all the German GDP gains and then some. EURUSD traded back below 1.2800 – trading 1.2780 as we post, S&P 500 e-mini futures dumped 13 points now below yesterday’s lows, Europe’s DAX took [...] Elections in Europe have shown that voters are angry about austerity and unemployment, and are punishing incumbents at the ballots.
But UBS economist Larry Hatheway says that this discontent has not offered a viable alternative for dealing with Europe’s economic and financial crisis. Hatheway says for now Europe’s biggest concern should be Greece and there are two clear paths that Greece can take. One would lead to fragmentation and the other a degree of political change that [...] telegraph.co.uk The euro crisis is entering its final stages. Economic pain is now interacting with political resistance to produce intense financial pressure. I expect Greece to leave the euro – and perhaps very soon. It could happen voluntarily, but both the Greek people and Greek politicians are still clinging to the idea that they can put an end to austerity yet still stay in the euro. In order to try to achieve [...] From WSJ: Responsibility for the mess, many of those involved in the effort say, lies with a Greek political class that couldn’t or wouldn’t reform the country, an unrealistic program that assumed a quick economic recovery despite draconian austerity and crushing debts, and growing mistrust between Greece and its creditors. “It was almost a mission impossible,” says George Papandreou, the luckless Greek premier who negotiated the original bailout and then was forced [...] LAS VEGAS — A “global perfect storm” looms for 2013 in which the U.S. economy could fall back into recession and the euro zone will begin to break up, according to the latest gloomy forecast from economist Nouriel Roubini. Four primary factors will come together, according to the famed “Dr. Doom,” to create worldwide turbulence: In addition to the troubles in the U.S. and Europe, Roubini sees military conflict in Iran [...] EU gave green light to bar anti-ECB protesters from entering country during summit Paul Joseph Watson The European Commission has given Spain the green light to take the unprecedented move to temporarily suspend its open border policy with France under the Schengen agreement in a bid to curtail mass protests targeting a European Central Bank summit set to take place in Barcelona next week. “The Spanish Government has [...] FTSE rises slightly this morning after sell-off Losses mirrored in New York and Europe
Stock markets around the world slammed into reverse yesterday upon renewed fears that Spain will be the next eurozone economy to implode. More than £33billion was wiped off the value of Britain’s leading companies as trading screens in London turned red on the first day of business after the Easter [...] Two weeks ago we noted that all those banks that ‘invested’ in Spanish and Italian ‘Sarkozy’ carry-trades post LTRO2 are now under-water on their positions (on a MtM basis). The last week or so has seen this situation deteriorate rather rapidly with Spanish yields now backed up all the way to mid-November levels (and notably Spanish equities below their November lows) removing all the LTRO-exuberance leaving all Spanish banks under-water on their carry [...] by Phoenix Capital Research
Much of the fiscal and monetary insanity that has come out of the EU over the last two years can be summated by one of my central global theses:
Politics determine’s EU policies, NOT economics.
What I mean by this is that economic realities do not determine political decisions as they do in the US. One can see this quite clearly in the manner in which EU leaders have pushed [...] Much of the fiscal and monetary insanity that has come out of the EU over the last two years can be summated by one of my central global theses:
Politics determine’s EU policies, NOT economics.
What I mean by this is that economic realities do not determine political decisions as they do in the US. One can see this quite clearly in the manner in which EU leaders have pushed for bailouts [...] From GoldCore: Gold Market Sentiment Very Poor Despite Strong Fundamentals Gold’s London AM fix this morning was USD 1,656.00, EUR 1,248.21, and GBP 1,042.95 per ounce. Cross Currency Table – (Bloomberg) Gold fell 0.89% in New York yesterday and closed at $1,650.80/oz. Gold edged higher in Asia and ticked slightly higher before falling in Europe this morning where gold is now trading at $1,649.30/oz. The [...] 1) Euroland/ECB has a balance sheet that is 30% larger then the Fed, a collective economy that is 15% smaller than the US and a currency that is 31% stronger than the US Dollar. 2) The Euro is a currency that is backed by the full faith and credit of “?????”, i.e. no one. The present conventional wisdom is that the Euro is a DMark in disguise with an implicit guarantee [...] http://www.nytimes.com/2012/02/18/op…conomy.html?hp Published: February 17, 2012 Struggling euro-zone economies like Greece, Portugal, Spain and Italy cannot cut their way back to growth. Demanding rigid austerity from them as the price of European support has lengthened and deepened their recessions. It has made their debts harder, not easier, to pay off. This is not an issue of philosophical debate. The numbers are in. As The Times’s Landon Thomas Jr. reported this week, Portugal [...] |
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