Hard hitting global and local news
Pettis on Debt, Currency Wars, Commodity Prices and Capital Flight; China FDI Contracts 8.7% YoY, 8th Drop in 9 Months The much-denied hard landing in China is now underway with weakening data everywhere one looks.
Originally posted here: Germany 6% Current Account Surplus a "Threat to the Continent" Says EU Commission; Solution is Gold Coupled…
Der Spiegel has published an inane article about Europe’s 10 Most Dangerous Politicians . Top 10 List Markus Söder , Bavarian Finance Minister: The politician from the Christian Social Union, the conservative sister party to Chancellor Angela Merkel’s Christian Democratic Union, is known for his tub-thumping rhetoric and has stepped up a gear in the euro crisis with vitriolic comments about Greece
Problem in Europe is Arithmetic, Not Confidence; Why the Eurozone Cannot Possibly Survive Intact Via email, Michael Pettis at China Financial Markets makes a compelling case why Spain is destined to leave the euro. For ease in reading, I added the subtitles in bold
Bloomberg reports Monti Calls for More Crisis-Fighting Urgency in ECB Standoff Italy’s Prime Minister Mario Monti warned of a potential breakup of Europe without greater urgency in efforts to lower government borrowing costs, as a standoff over European Central Bank help for Italy and Spain hardened. Monti, in an interview with Germany’s Der Spiegel magazine published yesterday, said that disagreements within the 17- nation euro area are detracting from the policy response to the debt crisis and undermining the future of the European Union. Spain and Italy, whose surging borrowing costs have shunted them to the heart of the turmoil in the euro area, are resisting pressure from ECB President Mario Draghi to formally request aid in return for strict conditions before the central bank will buy their bonds
View original post here: Obama’s tightrope on European airline emissions
See more here: Is Global Trade About To Collapse? Where are Oil Prices Headed? A Chat with Mish
Original post: Germany in Recession: Private Sector Sees Fastest Falls in Output and New Business Since June 2009; New Export…
On the good news front, an excellent post from David Roberts on the amount of emissions the US has cut in recent years. Go read
Ice Ages and Delayed Feedbacks – Shakun et al. Eli is posting a translation of an article by Jörg Zimmermann (one of the G&T six ), about the implications of Shakun et al, and how by clarifying much about the feedbacks that bring the world out of the ice age it shakes a core tenant of climate change denial. The implications, although Jörg backs away a bit at the end in an overly scientific display of humility, are world shattering.