The much anticipated press conference between Merkel and Barroso, hence Barkel, in which nothing of any substance will be announced, has begun. Rolling headlines as we get them:
MERKEL SAYS WE NEED MORE EUROPE, NOT LESS IN EURO-ZONE (sounds familiar)
MERKEL SAYS WILL DISCUSS EUROPEAN SUPERVISIONS OF BANKS AT EU SUMMIT, BANKING SUPERVISION IS A MID-TERM GOAL
BARROSO SAYS WILL PUSH FOR BANKING UNION AT THE COMING SUMMIT
MERKEL SAYS EU NEEDS ANSWERS SOON ON POLITICAL UNION
MERKEL SAYS
Monday, June 4, 2012
When Macro Meets Micro
The battle between rising profits & low equity valuations and the major macro-economic issues facing the world just won't go away. Michael Cembalest, JPMorgan's CIO, has been underweight equities YTD and remains so as he sees the Squid (some of the worst macro-economic imbalances on record) will beat the Whale (rising corporate profits, the lowest equity valuation multiple in decades, and a 50-year high in corporate cash balances) as he sees again and again that as soon as periods of
Brussels... We Have A Problem
The following chart from Ray Dalio's Bridgewater probably explains why the words "funding gap" (or "math") will never be uttered by any Eurocrat as that would mean the jig is up. It is also quite self-explanatory: it simply presents visually all that ZH and others have been saying for years.
And to think Europe already spent €2 trillion in bailout cash achieving... nothing
See the original article here:
Brussels... We Have A
And to think Europe already spent €2 trillion in bailout cash achieving... nothing
See the original article here:
Brussels... We Have A
Banks And The "Whole Democracy Thing" In 90 Seconds Or Less
90 seconds that describes the sad reality of US banking and politics - in Dr.Seuss style prose.
"Now cabbies and crop-pickers will pick up the slack; your taxes will bring the bankers right back;
where we'll keep spreading our good news, of deregulation and free market views - 'We know what we're doing, just stop with the rules!'"
"Now we're buying both sides to do our good bidding; That whole Democracy thing? Surely You're Kidding"
See the original article
"Now cabbies and crop-pickers will pick up the slack; your taxes will bring the bankers right back;
where we'll keep spreading our good news, of deregulation and free market views - 'We know what we're doing, just stop with the rules!'"
"Now we're buying both sides to do our good bidding; That whole Democracy thing? Surely You're Kidding"
See the original article
Progressive American Think Tank Begs Bernanke To Bail Out Spain
It's one thing for liberals to demand one group of Americans pay for another group of Americans, with a third group's money of course (until it runs out), but when a progressive think tank actually has the temerity to tell Bernanke that Europe is not socialist enough, and thus needs liberal US support, that's when things just get plain old silly. Which incidentally, is precisely what the progressive brains of Mark Weisbrot and Dean Baker, co-directors of the liberal Center for Economic and
Unnatural Disasters: Jobs, Wages, And Savings
This article originally appeared on the Daily Capitalist.
The U.S. recovery appears to be tracking a similar pattern of the past three years, in which the economy gains steam during the winter only to run down in the spring and summer. But the situation this time is puzzling, given that there hasn't been a gas-price spike—prices instead have fallen--or a disaster, such as last year's Japanese earthquake and tsunami.
The above comment is from the Wall Street Journal's story on
The U.S. recovery appears to be tracking a similar pattern of the past three years, in which the economy gains steam during the winter only to run down in the spring and summer. But the situation this time is puzzling, given that there hasn't been a gas-price spike—prices instead have fallen--or a disaster, such as last year's Japanese earthquake and tsunami.
The above comment is from the Wall Street Journal's story on
Guest Post: A Central Bank Running Suicide? SNB Prints At Pace Not Seen Since EUR/CHF Parity In August 2011
Submitted by George Dorgan
A Central Bank Running Suicide? SNB Prints At Pace Not Seen Since EUR/CHF Parity In August 2011
The most recent money supply data from the Swiss National Bank (SNB) has shown increases of huge amounts. As compared with its loss of 19 bln. francs in 2010 (3% percent of the Swiss GDP), the central bank printed tremendous 17.3 bln. in the week ending in June 1st and 13 bln. in the one ending in May 25th.
These numbers were not seen since August 2011 when the
A Central Bank Running Suicide? SNB Prints At Pace Not Seen Since EUR/CHF Parity In August 2011
The most recent money supply data from the Swiss National Bank (SNB) has shown increases of huge amounts. As compared with its loss of 19 bln. francs in 2010 (3% percent of the Swiss GDP), the central bank printed tremendous 17.3 bln. in the week ending in June 1st and 13 bln. in the one ending in May 25th.
These numbers were not seen since August 2011 when the
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