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Bloomberg reports Draghi’s Bond Rally Masks Trapping Spain Debt Doom Loop . The bond rally has sent Spanish borrowing That costs to 10-month lows has distracted attention from the nation’s growing debt pile. Spain’s budget deficit probably exceeded 9 percent for a fourth year in 2012 as Europe ‘s highest unemployment rate, a third recession in four years and the cost of bailing out its banks offset almost all of the government’s 62 billion euros ($ 83 billion) of spending cuts and tax Increases, According To Economists at Societe Generale SA (GLE) , Lombard Street Research and the Madrid-based Applied Economic Research Foundation.
See original article: German Economy Shrinks Most in Three Years; Situation Significantly Worse Than Mood
(via Climate Central .) I’m not sure yet what I think of Mark Kleiman’s post about how people always accept their side’s arguments on a position and assume a contrary argument means the arguer is on the other team. Â I’m no fan of centrism-worship, or of contrarianism-for-its-own-sake.
Exhibit 3B : Bernanke Says ‘We’re Not Out of the Woods’ Despite ‘Fiscal Cliff’ Deal Although the "fiscal cliff" deal made "some progress" in resolving the nation’s debt problem, "we’re not out of the woods yet," Federal Reserve Chairman Ben Bernanke said Monday.
