June 2, 2013
Lowest Core PCE in History; "Flation" Perspective
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Hard hitting global and local news
Hard hitting global and local news
More: Lowest Core PCE in History; "Flation" Perspective
Sweden Housing Crash Coming Up; Average Swede to Repay Mortgage in 140 Years; Swedish Central Bank Ponders New Rules Average Swede to Repay Mortgage in 140 Years Swedish repay their mortgages so slowly that it will take 140 years on average , according to the IMF. The International Monetary Fund lamented Friday that Swedish households pay their mortgages so slowly that they are planning to do an average of 140 years.
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
In an interesting development in the battle to see which country is bright enough to exit the euro first, a book urging a return to the Escudo (the prior Portuguese currency) became an instant a bestseller in Portugal. The Wall Street Journal reports Idea of Euro Exit Finds Currency in Portugal . A book by a Portuguese economist achieved a small feat on its release last month: It instantly topped Portugal’s bestseller list, overtaking several diet books and even the popular erotic novel “Fifty Shades of Grey.” The book, “Why We Should Leave the Euro” by João Ferreira do Amaral, has helped ignite a public debate in Portugal about the real cause of the country’s economic pain: Is it only the hated austerity needed to secure European bailout loans, or is the euro?
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"
For example, please consider Opposition to the euro breaks: first manifesto to leave the single currency as translated from El Economista . The political opposition that Spain remains part of the euro begins to crystallize. And the tool to achieve that end-Spain output of the single currency is again signing a manifest public that, for the moment, has already been signed by around 1,000 professionals convinced "the risks of deterioration and degradation that there are the enormous social suffering caused by the persistence of adjustment policies, austerity and privatization of the public "
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.
Continued here: Another Warning Call for Depositors! Bank of Spain Says Spanish Banks Need €10bn More Loan Loss Provisions; Mish…