ust six short months ago (before GGBs rallied 119% and the Athens Stock Index 53%), the EU and IMF agreed on Greek Debt/GDP targets, pronounced the nation “fixed”, and went on winter vacation. Well, surprise, the hockey-stick of expected GDP has not come to pass and now, as Der Spiegel reports, the IMF is refusing to participate in further rescue programs for Greece unless financing for the nation is secured for the [...]
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Shobhana Chandra The trade deficit in the U.S. widened in April from a more than three year low, reflecting a rebound in imports of consumer goods and business equipment that eases concern about the degree of slowing in economic growth. The gap grew by 8.5 percent to $40.3 billion from a $37.1 billion in March shortfall that was smaller than previously estimated, Commerce Department figures showed today in Washington. The [...] Russian Market‏@russian_market1 min zerohedge‏@zerohedge5 m zerohedge‏@zerohedge6 m Spain economy, imports tell the full story: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/05/Spain%20Imports.jpg Spain banks may need to raise money to meet provisions: Rajoy http://www.foxbusiness.com/news/2013/05/22/spain-banks-may-need-to-raise-money-to-meet-provisions-rajoy/ Rajoy Needs to Stand Up to Spain’s Banks There are two schools of thought about the government [...] Goldman Is Selling The Last Of Its Stake In A Chinese Bank, And Communist Officials Are Probably Pretty Annoyed Goldman Sachs bought a stake in the Industrial and Commercial Bank of China before it was cool — before it had the 2nd largest IPO in the history of the world in 2006, and before it was the largest bank in the world by market cap.
Initially, Goldman owned 4.9% of the bank, whose stock is [...] -David Rosenberg: A Bond Bull Turns Bearish “The large shortfall of employment relative to its maximum level has imposed huge burdens on all too many American households and represents a substantial social cost. In addition, prolonged economic weakness could harm the economy’s productive potential for years to come. The long-term unemployed can see their skills erode, making these workers less attractive [...] Cyprus civil servants, pensions could go unpaid AFP – Civil servants and pensions in cash-strapped Cyprus could go unpaid this month because of a shortfall of at least 75 million euros ($97 million) in government coffers, an official warned on Monday. Finance Minister Haris Georgiades, meanwhile, cautioned that leaving the eurozone would take Cyprus back “centuries” and insisted the island has no “Plan B” for reneging on a 10-billion-euro ($13-billion) bailout. read more… http://www.france24.com/en/20130408-cyprus-civil-servants-pensions-could-go-unpaid “Cyprus’ [...] Blizzards, 60mph gales and panic buying: 36 hours of snow chaos on the way HEAVY snow is expected over the next 36 hours as Britain shivers on the coldest March weekend for 50 years. Up to 16ins will fall over high ground with several inches likely across much of the UK, the Met Office said last night. Over 1,000 schools were shut and transport was disrupted as any hopes of spring were dashed [...] Plunging temperatures forced millions to turn up their heating Britain’s gas reserves could run out in 36 hours – leaving the [...] Jonathan Horn The tax you pay on a gallon of gas will rise by 3.5 cents in California come July 1. The state Board of Equalization voted 3-2 on Thursday to increase the excise tax about 10 percent, from 36 cents per gallon to 39.5 cents per gallon. The increase is partly due to a $157 million shortfall in gas-tax revenue in fiscal 2012, and also a projection of [...] By Mike “Mish” Shedlock The Chinese banking system is insolvent. Of course, the entire global banking system is insolvent, but today’s spotlight is on China. Please consider China averts local government defaults. Chinese banks have rolled over at least three-quarters of all loans to local governments that were due to mature by the end of 2012, an indication of the immense challenge facing China in working down its debt load. Local governments borrowed heavily from [...] Chief Justice John G. Roberts, Jr., saying the federal courts are setting “a good example” on cutting costs, noted on Monday that the Supreme Court itself will be asking Congress for less money in its budget for the year that begins next October 1 — fiscal year 2014.
The Court, he said in his annual report on the federal courts, had found ways to save more than $2.2 million on expenses, so it [...] Japan’s newly-elected government won’t abide by a ceiling on bond issuances when it decides on the size of an upcoming supplementary budget, aimed at providing a stimulus to the ailing economy, Finance Minister Taro Aso said, according to media reports…. http://www.marketwatch.com/story/japan-wont-abide-by-bond-cap-for-stimulusreports-2012-12-26
Headlines: Japan won’t abide by bond cap for stimulus:reports Over 140 people have been arrested and 74 injured, including 43 police officers, as Spanish police react swiftly to reports of property damage and disorderly behavior while mass protests that began in Spain continue to roll out across the EU. A wave of anti-austerity anger is sweeping across Europe. Spain and Portugal are undergoing general strikes, whereas Greece and Italy are seeing many walkouts. In Spain – the fourth-biggest eurozone economy, yet with [...] MORGAN STANLEY: Here’s The Chart That Shows Why Stocks Are Suddenly In A Bunch Of Trouble Morgan Stanley’s Cross-Asset Strategy Team, lead by Gregory Peters, has a bearish note out, explaining why, in their view, the market has become particularly vulnerable. Basically, markets in developed nations have run way too fast too far, given the economic underlying realities, a point that they demonstrate with this chart.
Morgan Stanley
The yellow line shows the outperformance [...] Britain could face electricity shortfall – regulator Britain faces a potential shortfall in electricity generation in the next three to four years, its power regulator said on Friday, due to the closure of coal and oil-fired plants to cut carbon emissions. http://uk.reuters.com/article/2012/10/05/uk-ofgem-brief-idUKBRE8940DP20121005 Mario Draghi’s plan to save the euro is about to get a test run. Spanish Prime Minister Mariano Rajoy appears ready to accept—perhaps not immediately, but soon—the European Central Bank president’s offer of a deal, in which the bank would buy up Spanish government debt in exchange for promised austerity and economic reforms. Investors seem persuaded that a bailout is at hand: The returns they’re demanding on Spanish bonds have [...] Spain’s banks face a capital shortfall that could climb to 105 billion euros ($135 billion), almost double the estimate the government provided last week, according to Moody’s Investors Service. The nation’s lenders may need infusions of 70 billion euros to 105 billion euros to absorb losses and still keep capital ratios above thresholds outlined in legislation last year, Moody’s analysts wrote yesterday in a report. That compares with the 53.7 billion euro shortfall found [...] U.S. stocks extended their worst weekly decline since June, while the dollar and Treasuries rose, as reports showed weakening economic growth. Gasoline surged on concern about tighter supplies in the U.S. East Coast. The Standard & Poor’s 500 Index slipped 0.4 percent to 1,440.91 at 2:32 p.m. in New York and is down 1.3 percent this week. The Stoxx Europe 600 Index declined 1.2 percent and has tumbled 2.7 percent in five days. Ten-year Treasury yields fell [...] UBS analyst Steve Milunovich is slashing his iPhone estimate for the holiday quarter to 38 million, down from 44 million, citing supply issues:
“Poor outlooks from Skyworks and Jabil along with our checks indicate that iPhone supply issues limit near-term shipments. In-cell display manufacturing yields ramping gradually likely is the culprit. This shortfall mostly appears to be a timing issue though we assume some lost sales in an effort to be conservative.” (Skyworks and Jabil [...] The European ‘Union‘ continues to be the most amusingly misdefined oxymoron in existence. Today’s Exhibit A confirming just that: Spiegel’s interview with Bavarian finance minister Markus Söder which can be summarized in the following 4 words: Everyone Wants Our Money. From Spiegel: Germany’s Constitutional Court cleared the way for the country to ratify the permanent euro rescue fund, the ESM, in a closely watched ruling last week. In a SPIEGEL interview, Bavarian Finance Minister [...] The legendary Jim Sinclair sent an email alert to subscribers this afternoon warning that the US government will soon liquidate private 401k and IRA retirement accounts and force private retirement assets into treasury paper as no major buyers of treasury paper remain outside of the Federal Reserve. Sinclair correctly notes that the practice has already occurred recently in several Western nations, and that investors can expect the same to occur in the US as [...] The shocking scale of tax dodging in Greece was laid bare yesterday in a report showing that professionals are among the worst offenders. The study found that self-employed Greeks evaded a staggering £22.4billion of tax in 2009 – almost half the size of the country’s deficit in 2008 and a third of the shortfall in 2009. The chief offenders were doctors, engineers, private tutors, accountants, people in financial services and lawyers, according [...] Max Keiser gives date for financial Armageddon. I won’t post the video because he gave the date on Alex Phony’s show but he has given us a date…and this is a first for Max. No later than April of next year when the US government has billions and billions of shortfall in tax receipts as Americans can not pay or do not owe taxes. He claims that collapse can not be stopped so [...] With virtually all markets trading higher today, King World News interviewed one of the wealthiest and most street-smart pros in the business, Rick Rule. Rule told KWN we are now at risk of, “… a spectacular collapse of confidence, circa 2008.” Rule, who is now part of Sprott Asset Management, discussed the enormous problems the West faces. He also spoke about what investors should be doing with their money in this [...] I’m expecting them to do both. Raise council tax across the board and to cut CT benefit for a group yet to be decided upon. A lot of lives will change for ever, come April of next year. Combine this CT change with the other benefit reforms next April. A lot of people will suddenly find themselves, up a creek without a paddle.
Quote: “Low-income families could lose hundreds of pounds a [...] RIVERSIDE, Calif. — In the Inland Empire, an economically depressed region in Southern California, President Obama’s health care law is expected to extend insurance coverage to more than 300,000 people by 2014. But coverage will not necessarily translate into care: Local health experts doubt there will be enough doctors to meet the area’s needs. There are not enough now. Other places around the country, including the Mississippi Delta, Detroit and suburban Phoenix, face [...] More QE is definitely coming, says Stephen Roach, but it won’t be effective as consumers are interested in paying down debt. Does that mean the money will go into financial assets and commodities again? U.K. GDP -0.7% Q/Q in Q2 vs. consensus of -0.2%. (PR) via WSJ: The U.K., the world’s seventh largest economy, has firmly slipped back into recession, the proverbial double-dip. Most of Europe is right there with them, and on [...] Britain had a bigger budget deficit than economists forecast in June, casting fresh doubt on whether Chancellor of the Exchequer George Osborne can meet his full- year fiscal goals. The shortfall, which excludes government support for banks, was 14.4 billion pounds ($23 billion) compared with 13.9 billion pounds a year earlier, the Office for National Statistics said inLondon today. The median forecast of 20 forecasts in a Bloomberg News survey was for a deficit of 13.4 billion pounds. [...] |
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