• Public sector job cuts dragging down US's already fragile economic recovery

    Updated: 2012-05-31 22:20:43
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  • Families caught in foreclosure crisis unite in national campaign

    Updated: 2012-05-31 21:05:04
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  • Fed’s Lacker:Forecast Govt Debt Rise Challenge For Mon Pol -2-

    Updated: 2012-05-31 20:50:04
    The Fed has credibility as an inflation fighter and a reputation for independence, but Weinberg and Haltom say that can’t be counted on. “In practice … a central bank’s credibility cannot constrain fiscal policy in any meaningful sense,” they write. “It cannot stop fiscal policymakers from running budget deficits that continually expand the debt. As [...]

  • Fed’s Lacker:Forecast Govt Debt Rise Challenge For Mon Pol -1-

    Updated: 2012-05-31 20:50:01
    By Steven K. Beckner (MNI) – Federal deficit spending and the mounting debt it produces have serious implications for monetary policy, including the potential for inflation and a loss of Federal Reserve independence, Richmond Federal Reserve Bank President Jeffrey Lacker writes in the Bank’s annual report released Thursday. Lacker warns that, if the debt-to-GDP ratio [...]

  • China and India swell ranks of millionaires in global rich list

    Updated: 2012-05-31 20:23:21
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  • Ai Weiwei, Jacques Herzog and Pierre de Meuron on the Serpentine pavilion 2012 – video

    Updated: 2012-05-31 20:10:00
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  • Troubled Greece: fears of 'first domino' to fall as austerity is counted a failure

    Updated: 2012-05-31 19:52:38
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  • Record low turnout predicted in Irish treaty vote

    Updated: 2012-05-31 19:39:57
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  • Real Final Sales Tick Up a Notch

    Updated: 2012-05-31 19:34:48
    Lately I’ve been pointing out that the economy has been even weaker over the past six months than the weak GDP numbers suggest because of the support given the numbers by inventory accumulation. For example, the 3 percent growth in real GDP in the 4th quarter last year was almost two thirds inventory accumulation. Real [...]

  • Gay and inclusive rugby's Bingham Cup comes to Manchester

    Updated: 2012-05-31 19:30:42
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  • Liquids ban should not be lifted next year, say UK airports

    Updated: 2012-05-31 19:11:07
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  • China and the Impending Global Slowdown

    Updated: 2012-05-31 18:30:00
    : Econbrowser Analysis of current economic conditions and policy Links for 2012-05-30 Main May 31, 2012 China and the Impending Global Slowdown Even before the newest portents of a slowdown , 0 it was clear that 2012 gains in world output were going to be highly reliant on Chinese growth . Figure 1 shows that the Eurozone switches to a net drag on world growth . China’s contribution is thus a much larger share of total world . growth Figure : 1 Increments to world GDP , in bn USD . China light blue India orange Russia turquoise Brazil purple Eurozone green US red and rest-of-world blue Source : IMF , World Economic Outlook April 2012 database , and author’s . calculations That is why the news from China is consequential and I think the April IMF forecast is a little optimistic with respect

  • Bailout Talk Sparks Rally Off Lows

    Updated: 2012-05-31 18:16:50
    Markets love bailouts, but the story behind today’s story paints a concerning picture. From the Wall Street Journal: The European department of the International Monetary Fund has started discussing contingency plans for a rescue loan to Spain in the event that the country fails to find the funds needed to bail out its third-largest bank [...]

  • German Index Can Assist U.S. Investors

    Updated: 2012-05-31 15:15:16
    200-Day MAs Should Provide Good Feedback: You do not have to be an investing expert to know events in Europe are dictating the day-to-day movements in all global asset markets. Germany is a leader in Europe because, relative to the rest of the European Union, they have their financial house in order. The trend [...]

  • Eurozone crisis live: Ireland votes on EU fiscal treaty - as it happened

    Updated: 2012-05-31 14:32:49
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  • "The Eurozone Crisis and Austerity" by Paul De Grauwe

    Updated: 2012-05-31 07:30:17
    Professor Paul De Grauwe, London School of Economics and Political Science, discusses the Eurozone crisis and austerity with Social Europe Journal.

  • Who Backs FDIC-Insured Deposits In Banking System Crash

    Updated: 2012-05-31 02:59:02
    : , Subscribe About Michael Maloney The Company Hiring Opportunities Premium Content Current Analysis Classic Maloney Essays Fundamentals How-To Events Contact Search Login The Weekly Cycle Market Insights Every Wednesday Wealth Cycle Principle Start My Trial Home Premium Current Analysis Classic Maloney Fundamentals How To Video Resources External Resources FAQ Glossary Visual Economy Blogs Market Commentary Chart Blog Login Register Home Features Current Analysis Who Backs FDIC-Insured Deposits In Banking System Crash May 30 2012 The FDIC Is Broke , screamed the headlines in summer 2009. With the world still reeling from the 2008 crash and swamped by bank failures , the United States’ agency charged with providing federally guaranteed backing for deposit bank accounts found itself in

  • European Financials Near 2011 Low

    Updated: 2012-05-30 15:31:25
    Banks in Europe are on the ropes, which is often when policymakers make some type of “market calming” or market manipulating announcement. We need to be ready to shift gears quickly - Press conference risk is currently high. For now, the bears remain in control.

  • "The Leprechaun Factor" by Paul Krugman

    Updated: 2012-05-30 08:28:45
    In understanding the Great British Blunder — the Cameron/Clegg/Osborne decision to engage in unforced austerity, which increasingly looks as if it may cripple the UK economy for many years to come — it is, I’m increasingly convinced, crucial to understand the leprechaun factor. Leprechauns are, of course, mythical Irish creatures that don’t exist. OK, as [...]

  • Insolvent Spain Vows to Bail Out TBTF Spanish Banks

    Updated: 2012-05-30 02:57:52
    Subscribe About Michael Maloney The Company Hiring Opportunities Premium Content Current Analysis Classic Maloney Essays Fundamentals How-To Events Contact Search Login The Weekly Cycle Market Insights Every Wednesday Wealth Cycle Principle Start My Trial Home Premium Current Analysis Classic Maloney Fundamentals How To Video Resources External Resources FAQ Glossary Visual Economy Blogs Market Commentary Chart Blog Login Register Home Blogs Insolvent Spain Vows to Bail Out TBTF Spanish Banks May 29 2012 Ten months ago Spain’s second-biggest bank , Bankia , was out wooing the public , à la Facebook , for investment in the company’s initial public stock offering IPO Bankia was created from a collage of seven insolvent banks , combining bad assets with depositor funds into one giant

  • Europe: Policy Options Remain Limited

    Updated: 2012-05-30 01:04:38
    Before the markets opened on May 30, a Dow Jones article captured the serious nature of the escalating crisis in Spain: European stocks fell Wednesday as the euro sank to its lowest level since July 2010 and Spanish bond yields soared, with concerns over Spain mounting. “Investors are heading for the exits once again as fears [...]

  • Market Models Show Improvement

    Updated: 2012-05-30 00:39:18
    Nothing dramatic occurred on Tuesday in terms of changes to our market models. The Bull Market Sustainability Index (BMSI) did pop back into the low end of “healthy” territory, which makes us more open to redeploying cash. The other models (MRM, 80-20) remain in neutral territory. The classifications are updated automatically each day [...]

  • Out of the Mouths of Babes: Twelve-Year-Old Money Reformer Tops a Million Views

    Updated: 2012-05-30 00:35:19
    The youtube video of 12 year old Victoria Grant speaking at the Public Banking in America conference last month has gone viral, topping a million views on various websites. Monetary reform—the contention that governments, not banks, should create and lend a nation’s money—has rarely even made the news, so this is a first.  Either the [...]

  • Time to Blackball Russia’s Autocratic State

    Updated: 2012-05-29 22:59:45
    From the Financial Times: Here we are again. Syria’s government has killed dozens more of its own citizens, and what does its old ally, Russia, do? It obstructs a substantive UN Security Council response. This has long since become a predictable story, but it raises a fundamental question: what is Russia’s place in today’s world? [...]

  • Volume Offsets Positive Price Action

    Updated: 2012-05-29 21:32:25
    Today’s move in the markets was positive. However, the conviction behind the gains was not all that impressive. As of 4:00 p.m., the handful of ETFs below traded roughly 68% of their average daily volume (way below a typical day). The light ETF volume points to tepid interest from institutions and hedge [...]

  • Treasuries Set Up For Possible Reversal

    Updated: 2012-05-29 02:24:05
    There are three reasons to be open to a possible reversal in Treasuries: Valuations / near-record low yields Slowing momentum Better than expected outcomes in Europe The fundamental problems in Europe are serious and the options for policymakers are limited. Therefore, it is understandable investors have flocked to U.S. Treasuries and German bunds. However, when there [...]

  • "Grexit has happened" by George Irvin

    Updated: 2012-05-28 17:25:19
    While the punters speculate on the outcome of the Greek election on 17 June, in truth ‘Grexit’ has already happened. Because of massive withdrawals from the Greek banking system, the country is on emergency life support from the ECB. First, following the inconclusive May elections, the ‘troika’ decided that it would postpone the €48bn recapitalisation [...]

  • "Sian Jones (EAPN) on Youth Unemployment" by Sian Jones

    Updated: 2012-05-28 17:21:01
    Sian Jones, policy coordinator of the European Anti-Poverty Network (EAPN) talk to Social Europe Journal about the youth unemployment crisis in Europe. This interview is part of a project on youth unemployment in Europe run by the Friedrich-Ebert-Stiftung and Social Europe Journal

  • Greek stocks soar on pro-bailout party's poll gain

    Updated: 2012-05-28 16:17:44
    Greek stock markets rebounded strongly on Monday from a 22-year low on hopes a pro-bailout party will win crucial national elections next month, which would avoid a catastrophic rift with international creditors and keep the struggling country within the euro currency union.... read more

  • The Death of Greece’s Introspective Debate

    Updated: 2012-05-28 08:05:00
    : Greek Default Watch A blog about Greece's need to create a sustainable economic path for itself and to do so quickly , in difficult circumstances , and under great . pressure Pages Home Greece in Figures Greek Crisis Timeline Q on the Greek Crisis The Big Picture Monday , May 28, 2012 The Death of Greece’s Introspective Debate In the span of a few months , Greece’s national conversation has changed completely . Introspection has given way to anger , and whatever reform momentum existed has subsided in favor of a search for scapegoats . The relevant questions are no longer : how can Greece be productive and competitive” or how can we address the ailments that most of us recognize exist Instead , today’s questions are , what does the victory of François Hollande mean for Greece , 8221 and

  • Το Τέλος Της Εσωστρεφούς Συζήτησης στην Ελλάδα

    Updated: 2012-05-28 06:36:00
    : Greek Default Watch A blog about Greece's need to create a sustainable economic path for itself and to do so quickly , in difficult circumstances , and under great . pressure Pages Home Greece in Figures Greek Crisis Timeline Q on the Greek Crisis The Big Picture Monday , May 28, 2012 Το Τέλος Της Εσωστρεφούς Συζήτησης στην Ελλάδα Μέσα σε λίγους μήνες , η συζήτηση στην Ελλάδα έχει αλλάξει εντελώς . Η εσωστρέφεια έχει αντικατασταθεί από την οργή , και ό,τι διάθεση υπήρχε για μεταρρυθμίσεις έχει υποχωρήσει και αντ’αυτού , απλώς αναζητούμε αποδιοπομπαίους τράγους . Οι σχετικές ερωτήσεις δεν είναι πια : πώς μπορεί η Ελλάδα να είναι παραγωγική και ανταγωνιστική» ή πώς μπορούμε να αντιμετωπίσουμε τις πολλαπλές ασθένειες που οι περισσότεροι από εμάς αναγνωρίζουμε ότι υπάρχουν στη χώρα Αντ αυτού

  • Employment Dynamics–Gross Job Gains and Losses

    Updated: 2012-05-28 03:16:30
    The employment numbers we wait for on the first Friday of most months are net changes. How much did employment grow? These small net amounts obscure much of the churn in the labor market—the gross number of new jobs created minus the gross number of new job losses. It is worthwhile occasionally to review these [...]

  • Preparing For Market Reaction To Greece

    Updated: 2012-05-27 02:50:59
    If you believe policymakers will once again bail out the markets, it is important to understand the limitations associated with each possible policy response. Writing for the Wall Street Journal’s Brussels Beat, Stephen Fidler touches on the problems associated with the narrowing list of options for European leaders. The drawback with euro bonds is [...]

  • Trend Channels In Play

    Updated: 2012-05-25 19:14:12
    The chart below is as of 2:00 p.m. EDT Friday. The 1280 price level was derived using a point-and-figure chart for the S&P 100 Index.

  • Fall of French Mortgage Lender May Trigger Bank Domino Chain

    Updated: 2012-05-25 18:23:49
    Subscribe About Michael Maloney The Company Hiring Opportunities Premium Content Current Analysis Classic Maloney Essays Fundamentals How-To Events Contact Search Login The Weekly Cycle Market Insights Every Wednesday Wealth Cycle Principle Start My Trial Home Premium Current Analysis Classic Maloney Fundamentals How To Video Resources External Resources FAQ Glossary Visual Economy Blogs Market Commentary Chart Blog Login Register Home Blogs Fall of French Mortgage Lender May Trigger Bank Domino Chain May 25 2012 Although it’s been nearly drowned out amid gloom-and-doom headlines about Greece’s and Spain’s travails , last week’s downgrade of French mortgage lender 3CIF Caisse Centrale du Credit Immobilier de France could be the crack in the wall that brings down the entire European banking

  • Weekly Divergences Should Be Respected

    Updated: 2012-05-25 14:15:56
    It is important to set the stage for what the content here represents and what it does not represent. The fundamental content relates to the possible issuance of euro bonds; an idea that may never move past the conceptual stage if Germany has its way. The technical content below refers to “set-ups”, not [...]

  • Gradually Curbing Spending Beats Cold-Turkey Option

    Updated: 2012-05-25 14:06:49
    The following is running as an op ed piece in today’s Dallas Morning News: A huge fiscal cliff looms at year-end when massive tax increases, equal to about 3 ½ percent of GDP, and large and arbitrary spending cuts take effect automatically if Congress doesn’t do something before then. You might say the question is [...]

  • "A few quick Notes on Argentina" by David Lizoain

    Updated: 2012-05-25 08:00:42
    When Argentina is brought up in relation to Greece, the focus tends to be on the Argentine default and the end of convertibility. But at the time, observers made frequent references to Argentina’s “Hooverite” policies, as its leaders unleashed round after round of belt-tightening. Here’s a useful timeline of events from the Guardian. It’s worth pointing out that [...]

  • "Laszlo Andor on Youth Unemployment" by Laszlo Andor

    Updated: 2012-05-25 07:30:54
    SEJ in conversation with Laszlo Andor, European Commissioner for Employment, Social Affairs and Inclusion. This interview is part of a project on youth unemployment in Europe run by the Friedrich-Ebert-Stiftung and Social Europe Journal

  • Expansionary Fiscal Contraction in Action (or Not)

    Updated: 2012-05-24 18:00:35
    : Econbrowser Analysis of current economic conditions and policy Dispatches XXII : Wisconsin and US Employment Growth Compared Main May 24, 2012 Expansionary Fiscal Contraction in Action or Not The recession in the UK is even worse than first . reported Figure : 1 UK annualized q q GDP growth chained 2008 calculated as log differences . Dashed line at 2010Q2 new coalition government Source : UK ONS 2012Q1 growth is revised down from 0.1 quarterly rate to 0.3 As I noted earlier 1 this should put yet another nail in the JEC-Republican proposition that cutting spending will necessarily result in an output boom . If it doesn't happen in a relatively open , small economy , what would happen in a large , less open economy , stuck at the zero interest bound 2 Posted by Menzie Chinn at May 24,

  • "Why Obama Should Be Attacking Casino Capitalism" by Robert Reich

    Updated: 2012-05-24 10:31:36
    I wish President Obama would draw the obvious connection between Bain Capital and JPMorgan Chase. That way his so-called “attack” on private equity is neither a personal attack on Mitt Romney nor a generalized attack on American business. It’s an attack on a particular kind of capitalism that Romney and JPMorgan both practice: Using other [...]

  • Cooperative Banking in the Aquarian Age

    Updated: 2012-05-24 02:30:34
    http://phoenixaquua.blogspot.com/2010/04/new-age-dawning.html Written for Alternet as part of a five-part series titled “New Economic Visions”. According to both the Mayan and Hindu calendars, 2012 (or something very close) marks the transition from an age of darkness, violence and greed to one of enlightenment, justice, and peace.  It’s hard to see that change just yet in the [...]

  • "Bernadette Segol on Youth Unemployment in Europe" by Bernadette Segol

    Updated: 2012-05-23 11:45:17
    ETUC General Secretary Bernadette Segol talks to SEJ about the youth unemployment crisis across Europe. This interview is part of a project on youth unemployment in Europe run by the Friedrich-Ebert-Stiftung and Social Europe Journal

  • Farewell to James Parthemos (Richmond Fed Research Director)

    Updated: 2012-05-22 16:43:59
    I learned today that Jim Parthemos has passed away, at age 92. The world has lost a good man. Jim was my first boss as Director of Research at the Federal Reserve Bank of Richmond. In retrospect, he was probably my best boss. He and his counterpart at another Federal Reserve Bank offered me similar [...]

  • State Dependence and Fiscal Multipliers

    Updated: 2012-05-22 16:36:48
    : Econbrowser Analysis of current economic conditions and policy Fiscal stimulus Main May 22, 2012 State Dependence and Fiscal Multipliers Or , are there nonlinearities in the real macro world Following up on Jim's Sunday post on multipliers I found this graph from the April IMF Fiscal Monitor of : interest Figure from IMF Fiscal Monitor April 2012 The authors describe the results underpinning this graph : thus The model finds significant evidence that the impact of fiscal policy on economic activity varies with the business cycle and that the effect of fiscal policy on output is nonlinear . Average fiscal multipliers in G-7 countries are significantly larger in times of negative output gaps than when the output gap is positive Figure A1.2 Results from a simple linear model are very much

  • "Tackling Europe’s Youth Unemployment Scandal" by Henning Meyer

    Updated: 2012-05-22 14:36:35
    Since the start of the Great Recession of 2007, youth unemployment has been on the rise across the globe, a new report by the International Labor Office (ILO) has found out, and austerity policies are making the situation worse. The FT reports: Dr Ekkehard Ernst, head of the ILO’s Employment Trends Unit, said countries with the most [...]

  • "Repeating Old Austerity Myths in Poland" by Gavin Rae

    Updated: 2012-05-22 01:37:52
    Leszek Balcerowicz appeared last night on the political chat show hosted by Tomasz Lis, where he repeated his long-held mantra that only further liberalisation and austerity could ensure Poland’s long-term economic success. In the interview Balcerowicz repeated two old myths, that are used to show that there really is no alternative to the policies of [...]

  • Bartiromo One on One with Nouriel Roubini: Trouble Ahead for Economy

    Updated: 2012-05-21 21:05:34
    From USA TODAY: Nouriel Roubini, co-founder of the economic strategy firm Roubini Global Economics in New York, is worried about the so-called fiscal cliff the United States is facing at year’s end. I caught up with Roubini to talk economics, Europe and that fiscal cliff. Our interview follows, edited for clarity and length. Q: Where [...]

  • Perhaps Greece won’t leave the euro, after all

    Updated: 2012-05-21 20:14:00
    Recall the reasons for the current euro panic: Greece is getting bailed out and, in return, it’s supposed to cut spending and raise taxes even further. But Greek voters don’t enjoy this austerity and are rebelling against politicians who agree to the deal. So Germany’s now hinting that Greece might get booted from the euro. Disaster, right? read more

  • How to (Really) End This Depression: a Response to Paul Krugman

    Updated: 2012-05-21 04:07:00
    In the May 24 New York Review of Books, Paul Krugman writes, “The truth is that recovery would be almost ridiculously easy to achieve; all we need is to reverse the austerity policies of the past couple of years and temporarily boost spending.” He continues, “… The strong measures that would all go a long [...]

  • Η Ελλάδα του ΣΥΡΙΖΑ

    Updated: 2012-05-20 18:37:00
    : Greek Default Watch A blog about Greece's need to create a sustainable economic path for itself and to do so quickly , in difficult circumstances , and under great . pressure Pages Home Greece in Figures Greek Crisis Timeline Q on the Greek Crisis The Big Picture Sunday , May 20, 2012 Η Ελλάδα του ΣΥΡΙΖΑ Αν ήταν ο ΣΥΡΙΖΑ να μας γυρίσει απλώς στη δραχμή , πάει στο καλό . Φοβάμαι όμως ότι θα μας γυρίσει στη δεκαετία του 50 και του 60. Το οικονομικό μοντέλο του κόμματος είναι ο απόλυτος κρατισμός , ο οποίος έχει εξαλειφθεί ως μοντέλο οικονομικής και κοινωνικής οργάνωσης εδώ και χρόνια . Το κόμμα ισχυρίζεται ότι συμπλέει με τον Ευρωπαϊκό σοσιαλισμό , αλλά οι απόψεις του είναι πιο ακραίες και πιο ριζοσπαστικές από αυτές που επικρατούν σε άλλα κράτη . Τι σημαίνει να ζούμε στην Ελλάδα του

  • Fiscal stimulus

    Updated: 2012-05-20 16:01:57
    : Econbrowser Analysis of current economic conditions and policy BLS : Wisconsin Private and Total Nonfarm Payroll Employment Decline in April Main May 20, 2012 Fiscal stimulus My colleague UCSD Professor Valerie Ramey has an interesting new paper looking at the effects of higher government spending on . GDP Ramey 2012 approaches the question from a forecasting perspective . Suppose a certain event examples of which are detailed below causes you to revise your forecast of how high government spending is going to be over the next few years . How would this news cause you to change your forecast of how high private GDP that is , all the components of GDP other than government spending is going to be If your prediction of private GDP goes up , that is evidence consistent with a fiscal

  • The Mark To Market Gamble

    Updated: 2012-05-20 00:38:56
    I have my modest portfolio of stocks and mutual funds on the stocks app that came with my iPhone, which I check compulsively during the day. Those up for the day show up in green; those down are red. Most of you have the same app, but you are probably more rational about the way [...]

  • Dr. Frankenstein’s Europe

    Updated: 2012-05-19 23:07:00
    . Sign in Join Home Investor Blogs Global Emerging Markets Stock Research Multimedia Investment News Thoughts From The Frontline Dr . Frankenstein’s Europe Dr . Frankenstein’s Europe Thoughts From The Frontline Home About Contact Blog Subscription Form Email Notifications Go Syndication RSS for Posts Atom RSS for Comments Frontline Thoughts Audio Don't have time to read the weekly newsletter The audio version of my Frontline Thoughts are now available via Podcast on InvestorsInsight.com . nbsp Consume the feed here Have You Seen This Recent Posts Meanwhile , Back at the Ranch Dr . Frankenstein’s Europe Waving the White Flag A Graphic Presentation A Gold Standard Tags China Consumer Spending Credit Crisis Debt Deficit Deflation Economic Forecast Economy Employment Euro Europe GDP Greece

  • Morning Ireland: Greek deadlock causing instability – Greek economist Elena Panaritis – RTÉ News

    Updated: 2012-05-18 15:49:50
    Elena Panaritis radio interview http://www.rte.ie/news/av/2012/0514/media-3285546.html

  • 18 Signs That The Banking Crisis In Europe Has Just Gone From Bad To Worse

    Updated: 2012-05-18 02:34:23
    Are You Prepared For The Coming Economic Collapse And The Next Great Depression?

  • Poll shows Greece electing pro-bailout government

    Updated: 2012-05-17 19:14:59
    Greek voters are returning to the establishment parties that negotiated its bailout, a poll showed on Thursday, offering potential salvation for European leaders who say a snap Greek election next month will decide whether it must quit the euro. read more

  • Greece Must Exit

    Updated: 2012-05-17 15:37:47
    From Project Syndicate: The Greek euro tragedy is reaching its final act: it is clear that either this year or next, Greece is highly likely to default on its debt and exit the eurozone. Postponing the exit after the June election with a new government committed to a variant of the same failed policies (recessionary [...]

  • Greece must stick to bailout terms: IMF's Lagarde

    Updated: 2012-05-16 22:41:01
    Political leaders in Greece need to show the resolve to stay in the euro zone, which will require Athens to stick to the terms of its rescue package, International Monetary Fund Managing Director Christine Lagarde said on Thursday. read more

  • New Issue; Police and Occupy; etc.

    Updated: 2012-05-16 20:52:04
    (1) May/June Issue: I finally sent our May/June issue to the printers on Friday.  It will take a while for print subscribers to get it, but e-subscribers got their full-color pdfs on Friday. (Not an e-subscriber? sign up here.) And I posted John Miller’s column, Taxing the Rich, from Right to Left, comparing Romney, Obama, [...]

  • Concerned about a euro exit, Greeks pull funds from banks

    Updated: 2012-05-16 09:58:55
    Greece's president spoke of "fear that could develop into panic" at the country's banks in the weeks before fresh elections that could precipitate Athens exit from the euro zone. read more

  • As ever, it will be the lawyers who benefit most from a Grexit

    Updated: 2012-05-15 11:14:38
    Little noticed in the last Greek sovereign debt restructuring was the fact that the new bonds were constituted under English law. Why was this, when the bonds are a liability of the Greek state and are denominated in euros? There's a simple answer. It's to make it more difficult for Greece to re-assign the debt [...]

  • The housing market and the case for higher inflation targets

    Updated: 2012-05-15 09:00:10
    : Econbrowser Analysis of current economic conditions and policy Gasoline Prices Implied by Futures Main May 15, 2012 The housing market and the case for higher inflation targets From a VoxEU column today , by me and Joshua Aizenman Might more inflation be good for the US and Europe This column looks at the housing market in the US and argues that , with houses dropping in price , buyers are playing a waiting game . And as buyers keep delaying , the price drops further . Given the importance of property in many economies , the knock-on effects are severe . Yet one way to break this vicious cycle is with . inflation The eloquent advocacy for moderate inflation at times of peril goes back to Irving Fisher’s seminal paper on the debt : deflation In summary , we find that : 1 economic changes

  • Έλεος Πια Με Το «Μνημόνιο»

    Updated: 2012-05-14 12:52:00
    : Greek Default Watch A blog about Greece's need to create a sustainable economic path for itself and to do so quickly , in difficult circumstances , and under great . pressure Pages Home Greece in Figures Greek Crisis Timeline Q on the Greek Crisis The Big Picture Monday , May 14, 2012 Έλεος Πια Με Το Μνημόνιο» Η εμμονή με το Μνημόνιο» και για το ποιος είναι υπέρ ή κατά έχει ισοπεδώσει πλήρως τον δημόσιο διάλογο και έχει απλοποιήσει ένα πολυσύνθετο θέμα . Είναι ώρα να πάψουμε να μιλάμε πια για το Μνημόνιο» και να κάνουμε μια σοβαρή κουβέντα για τα προβλήματα και για το μέλλον της χώρας . Η Ελλάδα έχει δύο προβλήματα : την κρατική χρηματοδότηση και την έλλειψη ενός μοντέλου που θα φέρει ανάπτυξη . Τα δύο συνδέονται φυσικά , άλλα είναι , εν τέλει , διαφορετικά θέματα . Το πρόβλημα της

  • World Stocks Drop as Worries Over Greece Intensify

    Updated: 2012-05-14 12:25:46
    World stock markets dropped Monday as worries intensified over the condition of the eurozone and whether Greece is edging towards leaving the single currency union. read more

  • Enough with the “Memorandum”

    Updated: 2012-05-14 11:38:00
    : Greek Default Watch A blog about Greece's need to create a sustainable economic path for itself and to do so quickly , in difficult circumstances , and under great . pressure Pages Home Greece in Figures Greek Crisis Timeline Q on the Greek Crisis The Big Picture Monday , May 14, 2012 Enough with the Memorandum” The obsession with the memorandum” and who is for or against it has completely leveled Greece’s public debate and it has simplified a complicated subject . It’s time we stop talking about the memorandum” and have a serious conversation about the country’s problems and its future . Greece faces two problems : state funding and finding a development model that will lead to growth . The two are obviously linked , but they are , ultimately , distinct . Funding is the most immediate

  • Talks turn ugly in Greece

    Updated: 2012-05-13 15:05:26
    Talks to broker a coalition government lead to insults and accusations. Europe is watching nervously, fearing the political chaos could threaten the euro. read more

  • Indentured Servitude for Seniors: Social Security Garnished for Student Debts

    Updated: 2012-05-11 17:41:52
    The Social Security program…represents our commitment as a society to the belief that workers should not live in dread that a disability, death, or old age could leave them or their families destitute.   – President Jimmy Carter, December 20, 1977. [This law] assures the elderly that America will always keep the promises made in [...]

  • “Greece Election Results 2012: Crisis, Confusion, Protest” , Elena Panaritis new article @huffingtonpost

    Updated: 2012-05-11 17:21:47
    http://www.huffingtonpost.com/elena-panaritis/greece-election-results-2012_b_1509563.html?ref=tw What are the results of last week’s elections? Both Pasok (Center Socialist) and New Democracy (Center Right), the country’s two traditionally dominant parties, suffered a humiliating defeat in the May 6 election. They lost votes to the small parties campaigning against austerity measures. Not a single party won a majority of seats in the [...]

  • Greek parties stage last bid to avert new election

    Updated: 2012-05-11 12:58:48
    The leaders of Greece's once-dominant political parties made a last push on Friday to avert a new election, which a poll showed would give victory to a radical leftist and doom an EU bailout. read more

  • Greek euro exit no longer unthinkable

    Updated: 2012-05-11 05:38:49
    Let Greece go: It's a possibility that's being considered more and more publicly in Europe. There have been two and a half years of bailouts, on top of broken promises by Greece to reform. The result: a fifth year of recession and, this week, political chaos. Voters on Sunday favored parties that either oppose the terms of the country's international bailout or want to renegotiate them. If it cannot get more rescue loans, Greece will go bankrupt and likely have to leave the eurozone, the currency union of 17 countries.

  • Greeks May Hold $510B Trump Card

    Updated: 2012-05-10 07:35:14
    Greece’s next government may hold a trump card worth more than $510 billion if it heeds voters’ demands to renegotiate its bailout with the European Union. The nation owes about 400 billion euros ($517 billion) to private bondholders, public bodies such as the International Monetary Fund and European Central Bank, and other creditors, according to data compiled by Bloomberg. About 252 billion euros of that’s due to official organizations that used their status to avoid the losses suffered by ordinary bondholders when Greece restructured its debt two months ago. read more</a

  • Digesting Greece’s Electoral Message

    Updated: 2012-05-10 05:50:00
    : Greek Default Watch A blog about Greece's need to create a sustainable economic path for itself and to do so quickly , in difficult circumstances , and under great . pressure Pages Home Greece in Figures Greek Crisis Timeline Q on the Greek Crisis The Big Picture Thursday , May 10, 2012 Digesting Greece’s Electoral Message Just three days have passed since Greek voters delivered a loud but equivocal message to their leaders . In witnessing the efforts to form a government , we have learned a lot about our political leaders and our political system . Here are my four main takeaways from the past three days . First , interpreting the electoral message remains elusive . Beyond merely delivering a message of we are fed up” little can be said about what the Greek people actually want . SYRIZA

  • Get Ready for the Spanish Bailout

    Updated: 2012-05-09 21:21:36
    From the Financial Times: No one can pretend to know whether Spain is illiquid or insolvent without gauging the size of the black hole that is the country’s banking sector. The Spanish government is finally starting to do this: Bankia and other banks are reportedly set to receive a capital injection from Madrid. With the [...]

  • CNBC Roubini Video from SALT Conference: Global Economy Faces a ‘Perfect Storm’ in 2013:

    Updated: 2012-05-09 20:22:22
    From the Financial Times: No one can pretend to know whether Spain is illiquid or insolvent without gauging the size of the black hole that is the country’s banking sector. The Spanish government is finally starting to do this: Bankia and other banks are reportedly set to receive a capital injection from Madrid. With the [...]

  • Huffington Post hosts an article about Greek Elections of Elena Panaritis

    Updated: 2012-05-07 15:40:27
    Greek Elections, a Trap! http://www.huffingtonpost.com/elena-panaritis/greece-elections-2012_b_1477198.html This Sunday’s election seems to be a trap — one that was originally set by the extreme left-wing and later taken on by newly-created anti-austerity parties. Austerity measures are known as bailout plans and understood by the average Greek to be imposed by the Troika (European Union, International Monetary Fund [...]

  • Don’t Take Away My Oxycodone!

    Updated: 2012-05-07 01:35:52
    It feels like a large splinter jammed under my left thumbnail. From my thumb and forefinger, the skin burns in a strip up to my elbow. Recent shoulder surgery has left nerve damage, not uncommon. During the day, it’s a distraction; at night, much worse. Before bedtime, I swallow two 5 mg oxycodone. At 3 [...]

  • Some Questions and Answers

    Updated: 2012-05-06 20:27:20
    Prior to a recent speech to a small group of individual investors, my host asked them to submit some questions to me in advance. Here are the questions submitted with some brief answers. Is it possible for the sitting president who is up for reelection to manipulate economic figures in order to create a falsely [...]

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