Hard hitting global and local news
Read more here: US Turns Away 1000’s of Cancer Patients, but has $123 Million for Terrorists in Syria
Link: A Bleak Look at the West’s Vision for Syria
Inquiring minds in the US note the upcoming German election and may be wondering about the platforms of the major political parties. Reader Bernd from Germany explains.
I am pleased to announce that the Wine Country Conference speaker presentations, along with the Yahoo! Finance media interviews and associated articles on Advisor Perspectives are now available online at Wine Country Conference Speaker Slides . Additionally, we are releasing an edited video of each of the speaker presentations. John Hussman’s presentation ” An Unstable Equilibrium ” is now available.
Read the original: Italy Presidential Election Still Deadlocked; Political Posturing in Perspective
CNBC picked up the story in Reinhart-Rogoff Error Sparks Austerity Debate .
Germany approved the Cyprus bailout on Thursday as expected. However, Merkel required votes from the SPD and Green Party, to do so. One might not understand the implications when reading the Wall Street Journal report Germany Approves Cyprus Bailout .
Read this article: Spain’s Community Debt Tops €42 Billion as Unpaid Bills Mount; Madrid Worst Offender
The Sydney Morning Herald reports RBA May Have to Cap Australian Dollar Ross Garnaut, one of the authors of the float of the Australian dollar 30 years ago, warns that the Reserve Bank might have to consider intervening to push the currency down to minimise the recession he sees coming as the mining boom goes bust. Professor Garnaut, of the University of Melbourne, says he would rather see the Reserve cushion the economy’s looming fall and bring down the overvalued dollar by cutting interest rates to bring them closer to those of other Western countries. While the International Monetary Fund forecast Australia will stay on its present track, with growth of 3 per cent this year and 3.3 per cent next year, Professor Garnaut warned that mining investment would fall from 8 per cent of gross domestic product back to its long-term average of 2 per cent.
Steen Jakobsen, chief economist at Saxo Bank in Denmark has some interesting "stress" charts in this week’s email. click on any chart for sharper image European Demand Deposits Steen writes: "Europe’s depositors – mainly the weak Club Med states (Greece+ Portugal) continue to take money out of the country – even increasing the speed with which they do it." Steen sarcastically added "Sure Mr. Draghi, the ECB has been a great success.