Hard hitting global and local news
Guru’s blog in Spanish highlights the dramatic retail spending situation in Spain. Here is a Mish-modified translation. Last month I discussed the retail drama in Spain
The Financial Times reports Greens and SPD close ranks in battle against Angela Merkel . Germany’s main centre-left opposition parties closed ranks over the weekend in their uphill battle against Angela Merkel, with the Greens signalling a decisive shift to the left. During a three-day party congress in Berlin five months before national elections, the Greens positioned themselves to the left of the Social Democrats (SPD) with calls for higher income tax and a property levy on the rich
Spain’s Unemployment Rate Rises Full Percentage Point to Record 27.2%; Unemployment Tops 6.2 Million Spain’s budget deficits are out of control, home prices are still falling, GDP is down 2% annualized in the first quarter , production is down, the unemployment rate soared a full percentage point to 27.16%, and a record 6.2 million are out of work. Here are some stats from Spain’s National Statistics Office as noted in the Financial Times . Almost 240,000 people lost their jobs in the first three months of the year.
View article: Utopian Union Fantasy: What If Every California Worker Made What City of Irvine Workers Make?
According to the Bank of Spain and as reported by Libre Mercado , Spain’s GDP Drops at 2% Annualized Rate in First Quarter The Spanish economy fell 0.5% in the first quarter and declined 2% year on year, according to economic bulletin of the Bank of Spain , which estimates a fall of 4.5% of employment in the same period, two tenths less than in the previous quarter. The monetary authority notes that Spain continued the "contraction pattern" of activity in the first quarter, although at a "more muted" than in the final last year, where the GDP contracted by 0.8 % quarterly rate.
U.S. Mint Runs Out of Smallest American Eagle Gold Coin; Is There a Shortage of Physical Gold? Coordinated Smackdown by Naked Shorts
Summary : The Markit Eurozone PMI® Composite Output Index was unchanged on March’s reading of 46.5 in April, according to the flash estimate.
Political Prediction: Merkel Loses Chancellorship in September as Support for AfD Soars Now that we have an Understanding of German Political Parties let’s consider some scenarios from reader Bernd who lives in Germany about how the election on September 22 plays out.
Read More: China PMI barely Above Contraction; Chinese Stocks Slump as Manufacturing Slows
The Minister of Public Works and Housing of the Government of Andalusia, Elena Cortes Jimenez, advocates a Reduction in Mortgage Debt for All Spanish Families . Here is a Mish-modified synopsis. Elena Cortes Jimenez, Minister of Public Works, claims eviction proceedings lead to further drying of mortgage lending, making it harder for young people to access home ownership