Chart of the Day: Leading Indicators Around The World Rolling Over
• Businessinsider.com/Something interesting to watch here. New data out from the OECD indicates that around the world, leading indicators are showing a big time deceleration.
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Economy - International
Euro loses bounce from $1 trillion bailout
• APThe euro soared after the EU announced a startling $1 trillion financial rescue package earlier this week. But that evaporated - a sign that worries remain about the heavy debts burdening European governments. The euro was back near 14-month lows Thu
Portugal unveils ‘crisis tax’ to cut deficit
• Financial TimesJosé Sócrates, Portugal’s prime minister, on Thursday announced tough new austerity measures, including a “crisis tax” on wages and big companies, designed to more than halve the country’s gaping budget deficit in less than two years.
Gulf hotel installs gold-dispensing machine
•The exterior of the machine is coated with a thin layer of gold and offers customers 320 items to choose from, ranging from gold bars that can weigh up to 10 grams, to customized gold coins.
Back in the EU-SSR: Imminent power centralization within the EU
• ZeroHedge.comThe eurozone countries will lose sovereignty over the preparation of their budgets, if approved a European Commission proposal which aims to strengthen economic cooperation in the EU. Brussels wants to create a mechanism for warning...
European Bailout: Deciphering the ‘I’ in IOU
Bill BonnerOh la la…that was fast! We’ve had headaches that lasted longer… One day the world is convinced that the central bankers and financial meddlers of Europe have the secret to success. The next day, they change their minds. Turns out, the euro feds don’t
In Greek Debt Crisis, Some See Parallels to U.S.
• New York TimesIt’s easy to look at the protesters and the politicians in Greece — and at the other European countries with huge debts — and wonder why they don’t get it.
New UK leaders say coalition will rebuild economy
• Yahoo NewsBritain's new Prime Minister David Cameron said Wednesday the country's first coalition government since 1945 will be strong enough to survive a full five-year term and tackle the worst economic crisis in decades.
US Exposure to EU Bailout Is Big But Risk Is Limited
• CNBCBut one rule-of-thumb formula puts potential US exposure at $54 billion should the entire IMF loan fund be tapped.
Graphic of the Day: Changes in European Debt, 2000-09
• Ritholtz.comWhat is so striking is not that PIIGs states have gotten so much worse — but rather, the relative increase of the rest of European debt to GDP:
Europe: Is Shock and Awe a Blazing Bluff?
• GlobalEconomicAnalysis.blogspot.comAlready the Euro has given up 100% of its gains. Round trip currency moves of 3% each way, from 1.27 to 1.31 and back, in just over a day are not the norm to say the least. This could get very interesting soon enough.
Update: EU Crafts $962 Billion Show of Force to Halt Euro Crisis
• Bloomberg.comThe new war chest would be used for countries like Portugal or Spain in case their finances buckle. Deficits are set to reach 8.5 percent of gross domestic product in Portugal and 9.8 percent in Spain this year, above the euro region’s 3 percent limi
Euro Bailout Consequences: It's One of Three Doors
• ZeroHedge.com-The second is that that the market will see through the charade of debt that is again unfolding and by week’s end we will have retraced most of this morning’s moves. That is a scary outcome. There is no round two on this bailout. This is it.
Gerald Celente on the Summer of Terror: Defaults and Violent Protests
• Infowars.com/Gerald Celente explains in a very forceful manner just how ugly the summer of 2010 will be.
Update: Euro Leaders Agree To Huge €720 Billlion Bailout Fund
• Businessinsider.com/Update IX: In addition to the fund itself, the ECB will begin buying bonds on the secondary market -- quantitative easing, basically.
Proposed 500 Billion Euro Bail Out Package Is Largest In History
• ZeroHedge.comThis is a legal minefield. A group of professors has already filed a case at Germany's Constitutional Court, claiming that the Greek bail-out is illegal and that the EMU is degenerating into a zone of monetary disorder.
The European Crisis In Eight Simple Charts
• ZeroHedge.comHere is a simplified representation of why anything and everything that the EU, ECB and the IMF can do now is simply delay the inevitable disintegration of the eurozone and the upcoming eventual debt payment moratorium.
Sarkozy Vows to "Confront Speculators Mercilessly" via Secret Plan
• GlobalEconomicAnalysis.blogspot.comSpeaking at a news conference, Mr. Sarkozy vowed to “confront speculators mercilessly” and warned them that they would soon “know once and for all what lies in store for them.”
Euro Surges As Rumor That ECB Will Bail Out 1,100 European Banks
• ZeroHedge.comEuro (and the market) surging on rumors that the ECB is preparing to bail out 1,100 banks in Europe. And with that the bailout moves officially to Europe. From the dealer community:
Greek protesters encircle parliament as new austerity measures approved
• news.xinhuanet.com/englishTens of thousands of Greek citizens marched in the center of Athens on Thursday afternoon, encircling the parliament building, while inside the bill on the new austerity measures was approved.
Stocks Hammered Again As European Bank Fears Reignite
• Businessinsider.com/It's starting over. The NASDAQ is what's really getting crushed, down over 3%. The Dow is moving around, but down over 211.
Doug Casey on the Russian Bear
Louis JamesDoug, I'm in Belarus this week, a pit stop to help some of my students with their various business ideas. I'm struggling with my Russian, but getting along. And that has me thinking about Russia's role on the global economic stage. I know this is som
Stocks plunge; Dow has record drop, then recovers
• AP Business Writer Tim ParadisNEW YORK – The stock market had one of its most turbulent days in history as the Dow Jones industrials fell to a loss of almost 1,000 points in less than half an hour on fears that Greece's debt problems could halt the global economic recovery.
Behind the Scenes, European Banks Freak Out About Lending to Each Other
• Businessinsider.com/Behind the scenes, banks are starting to question each other on their exposures to Greek sovereign debt. Its why BNP Paribas and Societe Generale mentioned it in their recent earnings calls.
Greek Debt Crisis On Verge Of 'Going Global': Pimco's El-Erian
• CNBC.com"We've seen a crisis start in a country—Greece—become regional, impact the whole of the Euro zone and is on the verge of truly going global," said El-Erian, CEO of the world's biggest bond fund.
The Greek Crisis Is A Demographics Wake-Up Call
• Businessinsider.com/Granted, there are no easy answers but something’s got to give if we want to avoid the obvious path towards the bankruptcy of many nations. Greece must be viewed as an important wake-up call. Mr. Obama...
European Bank Credit Default Swaps Go Vertical
• Businessinsider.com/Major European banks are feeling the pressure from the Greek crisis and starting to show significant signs of market worry in their CDS. BNP Paribas, which has seen its CDS dramatically rise throughout April...
Stocks, Euro Tumble on Debt Concern; S&P 500 Pares Losses
• BloombergThe MSCI World Index of stocks erased its 2010 gain, the euro weakened to a 14-month low and Treasuries rallied on concern Europe’s debt crisis is worsening.
Spain Facing the Abyss
• Bloomberg.com“Spain has looked into the abyss,” said Gary Jenkins, head of credit research at Evolution Securities Ltd. in London. “After last week, they cannot assume liquidity will always be there. They have to prove they are worthy of it.”
European Union, Currency Are Headed for Collapse: Gartman
• CNBC.comThe current European debt crisis likely will not end until the euro collapses as a currency and takes the entire European Union with it, said Dennis Gartman, hedge fund manager and author of "The Gartman Letter."
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