Hard hitting global and local news
I just finished reading The Smith/Klein/Kalecki Theory of Austerity by Paul Krugman and I believe it is the most disingenuous piece he has ever written. Krugman comes out blazing with the statement ” Noah Smith recently offered an interesting take on the real reasons austerity garners so much support from elites, no matter how badly it fails in practice.
The exchange got quite interesting when Merkel Allies Bashed Hollande Over Needed Reforms Leading members of Angela Merkel’s ruling Christian Democratic Union in Germany have fiercely criticised François Hollande, accusing the French president of “shaking the foundations of the European Unionâ€, only hours before the two leaders met in Paris in a bid to repair their troubled relations. Deep German concern about the French government’s resistance to economic reform and hostility to EU pressure emerged after Mr Hollande said it was not for the European Commission “to dictate†reforms to Paris.“There is no need for European recommendations; what’s needed is obvious. It’s not for the commission to dictate what we have to do,†Mr Hollande said in response to the commission, whose call was part of its annual assessment of budget plans for all 27 EU members
Speculative Gold Bets at 5-Year Low; Metal Will Get “Crushed†Says Credit Suisse Sentiment is never a perfect timing instrument.Yet, with Hedge Fund Bets on Gold at Five-Year Low I am comfortable stating the gold bull market is not over.
Inquiring minds may be interested in a chart of Spanish public debt over time to see how the policies of Spain and the Troika are working out in practice. Evolution of Spanish Public Debt Over Time I picked that chart up from estrategiastendencias . My stab at a translation of text regarding public debt reads "Spanish banks are deluded.
Factset Buyback Quarterly has an interesting series of charts and facts on corporate share buybacks. Here is my favorite chart in the series.
Reader Tim Wallace took note of Bernanke’s testimony on jobs (see Bernanke’s Semi-Annual Tap-Dance of Distortions, Half-truths, Lies, and Hypocrisy to U.S. Congress ) and sent me the following chart. April Employment vs.
See more here: France Private Sector Implosion Continues
Continued here: Another Warning Call for Depositors! Bank of Spain Says Spanish Banks Need €10bn More Loan Loss Provisions; Mish…
Nikkei Plunges 1,143 Points (7.32%); Global Equities Hammered; Start of Reflation Bubble Bust? Posted by Michael Shedlock at 1:49 AM Disclaimer: The content on this site is provided as general information only and should not be taken as investment advice
Accounting Today reported on October 6, 2011 McCain and Hagan Introduce Repatriation Tax Holiday Bill . Senators John McCain, R-Ariz., and Kay Hagan, D-N.C., introduced legislation Thursday allowing multinational corporations to repatriate their foreign earnings at a reduced tax rate.