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
The last thing a country in recession should do is raise taxes. Well, Spain is in a depression, not a recession yet the EU requires Spain to raise the VAT and lower pension benefits within a year . One year.
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.
Factset Buyback Quarterly has an interesting series of charts and facts on corporate share buybacks. Here is my favorite chart in the series.
Originally posted here: Beppe Grillo Supports "Referendum on the Euro Within a year"
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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
Reuters reports IMF’s Lagarde in court for French arbitration case . IMF chief Christine Lagarde was questioned in court by French magistrates on Thursday over her role in a 285-million-euro ($366 million) arbitration payment made to a supporter of former president Nicolas Sarkozy.