Hard hitting global and local news
Eli Rabett Eli Rabett Eli Rabett is a not quite failed professorial techno-bunny, a chair election from retirement, at a wanna be research university that has a lot to be proud of but has swallowed the Kool-Aid. The students are naive but great and the administrators vary day-to-day between homicidal and delusional. His colleagues are smart, but they have a curious inability to see the holes that they dig for themselves
EU Twists the Screws on Spain With Inane Requests Posted by Michael Shedlock at 11:33 AM Disclaimer: The content on this site is provided as general information only and should not be taken as investment advice. All site content, including advertisements, shall not be construed as a recommendation to buy or sell any security or financial instrument, or to participate in any particular trading or investment strategy.
See the original article here: China Cash Crunch: 1-Day Interest Rate Spikes to Record High 25%
Continued here: China Manufacturing PMI Hits Nine-Month Low as Output and New Orders Decline
Error Over Quota This application is temporarily over its serving quota. Please try again later
Bloomberg reports Bernanke Says Fed on Course to End Asset Buying in Mid-2014 . Federal Reserve Chairman Ben S.
NPR reports European Car Sales Hit 20-Year Low For May . Country by Country Details Passenger car sales dropped by 5.9% from May 2012 in the 27-country European Union to 1.042 million units, the lowest level since May 1993 German car sales dropped 9.9% in May, Italy was down 8%, France down 10.4%, Spain down 2.6% PSA Peugeot-Citroen, Renault, Ford, General Motors and Fiat all suffered double-digit declines in May Volkswagen had a 2.8% drop in brand sales and 5.9 percent decline for the group
In a followup post, Ambrose Evans-Pritchard writes Fitch says China credit bubble unprecedented in modern world history China’s shadow banking system is out of control and under mounting stress as borrowers struggle to roll over short-term debts, Fitch Ratings has warned. "The credit-driven growth model is clearly falling apart. This could feed into a massive over-capacity problem, and potentially into a Japanese-style deflation," said Charlene Chu, the agency’s senior director in Beijing. "There is no transparency in the shadow banking system, and systemic risk is rising