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Hard hitting global and local news
See more here: Eurozone Retail Sales Decline 15th Month, Plunge Led by Italy, France; German Sales Contract Slightly
Via Google Translate from El Economista, France will create 150,000 jobs for young people without qualifications The French Government has today adopted a draft law providing for the creation of 150,000 subsidized jobs for young people with little or no qualifications, which are most affected by unemployment and employability harder. The beneficiaries of these so called "jobs of tomorrow" will work for municipalities, hospitals, schools, social organizations, associations or, exceptionally, in private companies, and will receive a grant of up to 75% of their compensation.
Link: Governor Brown Admits the Obvious "We Have Lived Beyond Our Means"; Brown Agrees to Vast Overhaul of the California’s…
For a short, yet thorough trashing of Bernanke’s defense of his policies, please see Mish Translation of Bernanke’s Statements on the Treasury Carry Trade and the Tax on Savers . The only way to fix the problem is to end fractional reserve lending and return to sound money. On this point the Austrians are 100% correct.
Continue Reading: Investment Conference Featuring John Hussman, Michael Pettis, Jim Chanos, John Mauldin, Mike "Mish" Shedlock, Chris Martenson
If Spain is going to be saved, someone better convince Spanish citizens because Deposit flight from Spanish banks hits 15-year high as bailout rumours grow Spanish banks lost €1 out of every €20 deposited with them in July, making it the worst month for deposit flight in 15 years as rumours grew that the country is edging closer to a full bailout.