Top Euro Honcho Juncker: “Europeans Are Dwarfs” - By Testosteronepit (10/8/12) PDF Print E-mail
Testosteronepit   
Friday, 10 August 2012 07:26

At first, Jean-Claude Juncker was just jabbering about Greece. No, he couldn’t categorically exclude its exit from the Eurozone, he said, but it wouldn’t happen “before the end of autumn.” With these words, he might have thrown the markets into vertigo-inducing tailspins a year ago. But Monday, during an interview on German TV (transcript), the Prime Minister of Luxembourg and President of the Eurogroup—where the finance ministers of the Eurozone manage the political ends of their currency—wasn’t ruffling any feathers; and markets went up. That’s how far the Eurozone’s debt crisis has advanced, after 21 summits to save the euro, and after two bailout packages to save Greece.

The French President and the Prime Ministers of Spain and Greece had called him that morning and kept him from getting any work done, he mused. It was that kind of conversation, self-aggrandizing in a quiet way. Then he plowed into sound-bite happy politicians, particularly those who were pushing for a Greek exit, such as German Vice Chancellor Philipp Rösler who’d proclaimed that such an event had long ago lost its horror. “It would be good if more people in Europe would shut up more often,” Juncker explained.

Nevertheless, a Greek exit would be “a manageable process,” he said—confirming Rösler offending sound bite of a couple of weeks ago [read.... Smashing The Can Instead Of Kicking It Down The Road]. But it would entail significant risks, “particularly for ordinary people in Greece.” To show just how close to his soul they were, he added, “I do care what happens to these mountain farmers in Greece. Maybe Mr. Rösler doesn’t care, but I do.”



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Three Reasons Why "Financial Repression" Is Doomed To Failure - By Tyler Durden (9/8/12) PDF Print E-mail
Tyler Durden   
Thursday, 09 August 2012 08:00

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Money Printing Doesn’t Create Jobs - By Michael Pento (9/8/12) PDF Print E-mail
Michael Pento   
Thursday, 09 August 2012 07:56

Pento Portfolio Strategies

The developed world’s central banks are now foolishly preparing for a full assault on their respective currencies in an attempt to lower unemployment rates. Spurring these central bankers into action is persistently anemic markets and employment data, which they believe can be rectified by creating inflation.

U.S. jobs data showed that the Non-farm payroll report for July produced 163k jobs. That sounds ok at first glance. However, the Household Survey conflicted with the Establishment Survey, in that it concluded 195k net individuals actually lost their jobs last month; and that the unemployment rate ticked higher to 8.3%. Americans continue to leave the workforce - 150k left last month - while our unemployment rate has now been above 8% for the last 41 months. That stubbornly high and rising unemployment rate will likely cause Mr. Bernanke to announce QE III in September.

Taking a look over in recession-ravaged Europe, the unemployment rate in Spain rose to 24.6% in the second quarter of 2012, which was an all-time high since records were kept starting in 1976. That has already caused Mr. Draghi to promise an unprecedented and unlimited bond buying scheme that will necessitate hundreds of billions in freshly printed Euros--just for starters.

Adding to the fears of weak growth and increased joblessness are the depressed stock markets around the globe. The Shanghai Composite Index is down 13% in the last 3 months. The Nikkei Dow has shed 15% in the last 4 months. And Spain’s IBEX has plunged 21% in just 5 months.



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Who Do You Trust? President? Congress? Treasury Secretary? Federal Reserve? - By James Quinn (8/8/12) PDF Print E-mail
James Quinn   
Wednesday, 08 August 2012 08:16

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John Tamny And The Problem With Fractional Reserve Banking - By James E. Miller (7/8/12) PDF Print E-mail
James E. Miller   
Tuesday, 07 August 2012 07:56

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