Hard hitting global and local news
Excerpt from: Mutual Guarantee Society: Spain Proposes State Guarantee of Bank Loans to Small and Medium Businesses
Following many months of gloom – and seven consecutive quarters of declining growth – the Chinese stock markets are permitting themselves a frisson of excitement after China’s official manufacturing PMI rose to a seven-month high of 50.6 in November, from 50.2 in October. The higher PMI was propelled (unfortunately, I think) by a surge in construction activities
Today we learned from El Pais English edition that Brussels Revises Spain’s Deficit Upward to 9.4% of GDP The European Union’s statistics office, Eurostat, on Monday said it had revised Spain’s public deficit for last year upward from 8.5 percent of GDP to 9.4 percent to reflect state injections of capital into nationalized banks. That put Spain on a par with Greece and only behind Ireland, whose shortfall was 13.4 percent of GDP, in the EU
View the original here: Brussels Pushes for Another "All Powerful" Banking Committee, Headed by ECB, In Spite of Objections by…
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.
See more here: Is Global Trade About To Collapse? Where are Oil Prices Headed? A Chat with Mish
The mantra of eurocrats is quite obvious: When times get tough, roll out already discarded rumors and hope they stick for a while.