August 18, 2012
Reader Question: Why is the Euro So "Strong" in the Face of Break-Up Possibilities?
The Eurozone Cannot Possibly Survive Intact.
Hard hitting global and local news
Hard hitting global and local news
The Eurozone Cannot Possibly Survive Intact.
Read More: Unemployment Up in 44 States; New York Unemployment Highest Since 1983; No Improvement Nationally in 2012; Looking Ahead:…
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.
More here: Is Italy Following the Footsteps of Greece? Does Italy or Germany Exit the Eurozone First?
Total Revenues: -$468.8 million (-10%) Income Tax: $156.2 million (5%) Sales Tax: -$390.7 million (-40%) Corporate Tax: -$26.4 million (-9.1%) What the Numbers Tell Us Typically, July is a month when California revenues go on vacation, as the month accounts for about one dollar of every $20 deposited in the General Fund.
Please consider this news headline which I openly mock: Expert says bankruptcy for Syracuse is unlikely, but mayor should explore option While the financial situation in the city of Syracuse hasn’t been described as desperate yet, Mayor Stephanie Miner has asked for some legal expertise on municipal bankruptcy. The signs of the city’s financial problems have been evident for several years as city employees accept wage freezes and fire and police departments see staff reductions. The city will use an early payment from Albany to help keep the budget from dipping into dwindling reserves.
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
Read More: Heartaches by the Number: Just 14% Think Today’s Children Will Be Better Off Than Their Parents; Just 24%…