Hard hitting global and local news
The understatement of the day comes from Fed chairman Ben Bernanke who essentially says: I’m Dispensable . “I don’t think that I’m the only person in the world who can manage the exit,” Bernanke said when asked at a news conference in Washington if he’s discussed his plans with President Barack Obama. What Bernanke said is best translated as ” I’ll get while the gettin’ is good.
Denial is Everywhere (About Increasingly Important Things!) Posted by Michael Shedlock at 6:09 PM Disclaimer: The content on this site is provided as general information only and should not be taken as investment advice.
Flash Eurozone PMI Composite Output Index at 46.5 (47.9 in February). Four-month low
More: "The Positive Impact of the Declining Yen Has Yet to be Seen"
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Cyprus Conservative Opposition Parliamentary Member Says "If No Solution Soon, Print Cyprus Pounds and Abandon the Euro" Posted by Michael Shedlock at 11:28 PM Disclaimer: The content on this site is provided as general information only and should not be taken as investment advice.
Speculation on Cyprus is rampant. It is difficult to separate fact from fantasy as reports as to what is happening vary widely. For example Ekathimerini reports ” Cypriot Finance Minister Michalis Sarris is about to be replaced upon his return from his current trip to Moscow, Kathimerini understands, as he no longer enjoys the support of President Nicos Anastasiades following his handling of the crisis
Direct robbery of Spanish citizens would net Spain about €120 Billion according to economist Niño Becerra who says ” Cyprus Solution is Feasible, Can Be Extrapolated to Spain ” Santiago Niño Becerra, Professor of Economics at the University Ramon Llull in Barcelona, says a tax as imposed on Cyprus in exchange for bailout, would be possible and that “it is very clean, unlike a freeze all balances, which would be a mess.” Through his twitter account, Niño Becerra says it would be more painful for Cypriots if “the bailout were to occur in the form of public debt.” The Spanish government was quick yesterday to claim the Cyprus solution was not applicable to other countries.
The pertinent question for today is “How many lies will people believe?” I ask that because a German government spokesman says The compulsory levy to pay the depositors in Cyprus, was a special case as Merkel guarantees German deposits for the first time since 2008. The compulsory levy to pay the depositors in Cyprus, is a “special case”, says the Chancellor.
Also note that EU Court Strikes Down Spain’s Eviction Law . Think the parlay of EU contagion-begging actions for a second. Spanish banks will not be able to evict homeowners, who in turn will be give reason to default.