Global Market Commentary, Analysis and Investments
The Dow down 97 points yesterday.
And the Greek story nears its conclusion…
The Germans agree to bail out the country…at least for a while…
…and the Greeks agree to act more like Germans…at least while everyone is looking…
But now everybody agrees that the farce has gone on long enough.
[Read more...]There’s no sweet sound for the currencies and metals coming from the eurozone, as the Greek debt debacle does its best imitation of the Energizer Bunny! UGH! Yesterday, the euro (EUR) was in the mood to party, after China said they would help the eurozone, but then the US traders came in and said, “No, Greece is still hanging on the euro like a cheap suit.” And they proceeded to begin slashing away at the euro, which brought the other currencies along for the euro’s trip to the woodshed.
[Read more...]The Greek crisis has been solved…again. Let’s see…that’s probably about 24 “solutions” during the last 24 months.
But since these solutions never seem to solve anything, Europe’s central bankers, technocrats and politicians get to huddle together every few weeks and solve the crisis over and over again. It’s kind of like Disneyland for euro-meddlers. They get to keep going on their favorite ride over and over again.
[Read more...]Tired of running out of time and money? Scrimping and saving just to make ends meet?
Try moving to Harlingen, Texas. The cost of living there is only about 40% of the cost of living in Manhattan.
Here’s Real Time Economics with a report:
Obama has spoken about having the rich pay their fair share, and $250,000 is a lot of money. But to characterize those households that earn that sum as “rich” depends very much on where they live. Thanks to regional differences on costs, $250,000 does not go so far in places like New York City and Honolulu, compared with cities in Texas or Tennessee.
[Read more...]Here we are… The last couple of days of January… So the first month of 2012 is just about over, and already, we’ve heard the Fed push their rate forecast for near zero rates out further, and the Fed laying the groundwork for another round of QE… But… When we began the month/year, everyone was pounding their chests, and talking about what a great year 2012 would be (economic-wise)… Talk about deflating the balloon in the first month of the year!
[Read more...]The Greek talks returned to the headlines this morning. I know I said this last Friday, and I was a little too optimistic and turned out to be wrong! But… I do expect this agreement on a private-sector involvement in Greek debt to get hammered out this weekend… It seems that the opposition from eurozone policymakers is backing off, and that has me optimistic once again.
[Read more...]Yesterday was not pretty. Dow down 150. Gold whacked for $40. Oil off 3%.
And would you look at that, Fellow Reckoner. Optimism in the euro-zone is disappearing faster than a snow bunny in an avalanche. Even the newspapers say it’s so…
“Doubts over euro-zone deal weigh on euro,” says The Financial Times. The Wall Street Journal complains of “anxiety” over on the woebegone continent. And The Washington Post cites “further signs of weakness” in Europe as the key factor motivating today’s slump in US markets.
[Read more...]Well, the start of the Eurozone Summit has begun, and it’s what the markets have been waiting for all week. There’s some news out already regarding their plan that, if, the Eurozone leaders are able to pull a rabbit out of their hat, then this could turn to a Fantastico Friday for the risk assets… But whether the risk assets have a Fantastico Friday or not, it’s not going to stop me from having one!
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The Role of Youth Unemployment in Staving Off Default
The headlines still focus on Greece. It is broke. Here is Lucas Papademos, describing what an orderly default would mean. In the Telegraph:
“The savings of the citizens would be at risk. The state would be unable to pay salaries, pensions, and cover basic functions, such as hospitals and schools, and…the country — public and private sector alike — would lose all access to borrowing and liquidity would shrink.
[Read more...]