Hard hitting global and local news
Read the original post: 85% of Atlantic City Flooded; New York Subway in Jeopardy; Markets Closed Again Tuesday; Hurricane Sandy…
Berlusconi Attacks Monti and Germany Berlusconi is back with a frontal attack to Mario Monti, Germany, Angela Merkel and the EU imposed austerity during a 1.5 hours press conference near Milan on Saturday, 10/27. Berlusconi might withdraw support to Monti’s government already this week leading to early national elections in January or February. This will be fought tooth and nail by the Italian and EU establishments. Berlusconi wanted to announce the withdrawal of his support for Monti’s government already during the call on Saturday but his family and counselors managed to convince him ponder the decision for a few more days.
For a look at revised definitions, please consider German finance minister rules out Greek debt "haircut" German Finance Minister Wolfgang Schaeuble ruled out public investors accepting a debt restructuring, or "haircut", on their Greek bonds but said in an interview to be aired on Sunday that a debt repurchasing program could be considered. "(A haircut) is a discussion that has little to do with the reality in the member states of the euro zone," Schaeuble said in an interview with Deutschlandfunk radio.
Ambrose Evans-Pritchard reports Eurozone nears Japan-style trap as money and credit contract again .
Mass Firings Soar at Fastest Pace Since 2010; What’s the Impact on Unemployment? In precisely the kind of news president Obama does not want heading into the election, Ford (F), Dow Chemical (DOW), DuPont (DD), and Advanced Micro Devices (AMD) all announced mass layoffs this past week as Firings Reach Highest Since 2010 . North American companies have announced plans to eliminate 62,600 positions at home and abroad since Sept.
More: Dire State of Affairs in Illinois; Mish Six-Point Proposal
This morning Markit released Eurozone, France, and Germany preliminary PMI reports. All show further deterioration
For further elaboration, please see The Most Redeeming Feature of Capitalism is Failure . “OMTs will not lead to disguised financing of governments,†Draghi said
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