World Recession Update

by Dwaine van Vuuren, Financial Sense:

We have quarterly GDP data for 11 more OECD countries since our last post “World plunges into recession in Q42012“, and there have been some 2nd estimate revisions (such as the U.S). The chart below shows an improvement over the last post we made with the inclusion of more data points, but both the measures of single and two quarter recession metrics are still below their respective “Global [...]

A Future Without Key Social And Economic Statistics For The Country

Our country faces important Federal funding challenges linked to the current recession and its aftermath. On the Census Bureau’s part, we have been striving to cut administrative costs, reengineer our survey processes, and find innovative ways to squeeze every cent of taxpayer money we get. This is an important duty, I believe, we have as public servants, and I am proud of the hard work of my Census Bureau colleagues [...]

UK Economy Double Dips For First Time Since 1970s

For anyone who may have been concerned that the BOE was serious in its recent “admission” that it just may not ease further, or engage in more QE for that matter, we have good news: the UK economy just double dipped for only the first time since the 1970s, following a stunning Q1 GDP release which came in far weaker than expected at -0.2% while the consensus was looking for [...]

A new recession seems inevitable

NEW YORK (CNNMoney) — While most economists have stopped worrying that the U.S. will fall into a double-dip recession, one influential economist maintains his position that the nation won’t be able to avoid a new downturn.

Lakshman Achuthan, co-founder of the Economic Cycle Research Institute, said on Friday that his research firm is sticking with the forecast it made in September: A new recession is inevitable, despite improvement in high-profile economic indicators, [...]

ROBERT SHILLER: Let’s Offer Shares Of America

by Sam Ro

Robert Shiller has a novel idea for America.

He writes in the Harvard Business Review:

Here’s an audacious alternative: Countries should replace much of their existing national debt with shares of the “earnings” of their economies. This would allow them to better manage their financial obligations and could help prevent future financial crises. It might even lower countries’ borrowing costs in the long run.

Basically, Shiller thinks that America could be better managed if [...]

12/21 Euro Crisis Update:

ECB lends $641B to Europe banks via LTRO
Italy’s quarterly GDP declines more than forecast
Japan recovery paused as deficit grows
Japan Sees First Sovereign Ratings Downgrade By Domestic Firm
French Banks Rush to Raise EU37 Billion in Early 2012 Funds
BOE Unanimous as Bond Buying Pace Approaches Market’s Limit
SJ police approve deal extending pay cut
Pennsylvania expects $500 million budget deficit
Italian Banks Are Said to Use State-Guaranteed Bonds to Receive ECB Loans
GSEs Held $2 Trillion [...]

While Greece is pretty forthcoming with its apocalyptic fiscal data, the same cannot be said of Portugal.

by Alexander Gloy of Lighthouse Capital Management

Portugal: Fiddler Paid, Music Stops

While Greece is pretty forthcoming with its apocalyptic fiscal data, the same cannot be said of Portugal.

When it comes to inquiring about monthly fiscal deficits you bite on granite. Banco de Portugal has limited quarterly figures. The “Instituto Nacional de Estatistica” has conducted a study about population growth in Angola. It supplies data series on important topics as the “self-sufficiency ratio [...]

Goldman Downgrades US Q1 GDP To 2.5% From 3.5%

by ZH

Just out from Jan Hatzius

1. With the first quarter now behind us, we have downgraded our Q1 GDP estimate to 2.5% from 3.5%. By itself, that’s not a big deal. Most indicators other than those that happen to go into the GDP bean count—in particular, virtually all business surveys and labor market indicators—continue to look solid and are probably a more accurate guide to the economy’s [...]