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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
See more here: Wall Street, Pro-Israel Groups Support Malaysian Opposition
View article: QE to Infinity and Beyond; Mish for President?
david lewis said… Is Eli headed for the slammer? Read the RNC thinly veiled attack on the integrity and motivation of climate scientists , as stated in the recently adopted RNC national platform: "We must restore scientific integrity to our public research institutions and remove political incentives from publicly funded research"These words appear on the America’s Natural Resources page which those interested in the potential fate of our chief, the Rabett, reach by clicking on a link on the 2012 Republican Platform homepage .The full 62 page " We Believe in America " pdf does not contain these words
Jeff Harding at the Daily Capitalist asks Why Does Hyperinflation Occur? In every modern case of hyperinflation the decision to inflate was a political one, not an economic one
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.
CBO Expects 2013 "Fiscal Cliff" Recession Because of Automatic Spending Cuts and Tax Hikes Automatic tax hikes and spending cuts will go into effect in 2013 causing a "fiscal cliff" recession according to the CBO. Massive spending cuts and tax hikes due next year will cause even worse economic damage than previously thought if Washington fails to come up with a solution, Congress’ budget referee said on Wednesday. The Congressional Budget Office said failure to avoid the so-called "fiscal cliff" of expiring tax cuts and automatic spending reductions would cause U.S