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 | Current ArticlesThis feed's current articles are shown below. Subscribe for updates to all the content available in this feed, or click through here to see the original article.  Ever since Willem Buiter mentioned the probability of a Spanish bailout some time in 2012, speculation has been rife about a Spanish bailout. In this column I argue that Spain is still too big to bail and that any bailout for Spain must therefore be of Spanish banks and not the Spanish sovereign. I believe this will happen and I will keep you...
Read the whole article... »  The GDP numbers for the US came out again and they were weaker than anticipated, coming in at 2.2% for real GDP growth instead of the 2.5% expected. Nominal GDP growth was only 3.7%. That is not bullish for shares Credit Writedowns Pro is live. Sign up today for premium content. Also read our News Feed for the latest financial and economic news....
Read the whole article... »  "Real final sales" and factory production continued to be supported by inventory building . Governments continued to shrink their spending, and they sucked -0.60% from the headline number. This report shows per capita disposable income is shrinking and that any improvements in consumer spending are likely unsustainable Credit Writedowns Pro is live....
Read the whole article... »  The details are a bit better as household consumption was stronger at 2.9% after a 2.1% pace in Q4 11. This accounted for about 2 percentage points of the 2.2% growth. How is the consumption being financed? Real disposable income rose 0.4% in Q1 after a 1.7% gain in Q4, which may help a bit, but it seems the key was the drop in savings from 4.5% to...
Read the whole article... »  Last month PIMCO founder and Chief Investment Officer Bill Gross said PIMCO sees a mortgage-backed QE3 from the Fed as likely. As a result, Pimco has increased its exposure to these. He spoke to Bloomberg television yesterday about how his views on this have changed and it depends on the upcoming jobs reports Credit Writedowns Pro is live. Sign up...
Read the whole article... »  "We believe that the Kingdom of Spain's budget trajectory will likely deteriorate against a background of economic contraction in contrast with our previous projections. At the same time, we see an increasing likelihood that Spain's government will need to provide further fiscal support to the banking sector." Credit Writedowns Pro is live. Sign up...
Read the whole article... »  As I write this the lower house of Dutch Parliament is debating what and where to cut in order to get their budget under the 3% hurdle as quickly as possible Credit Writedowns Pro is live. Sign up today for premium content. Also read our News Feed for the latest financial and economic news. [Premium] Daily commentary: On Dutch Austerity...
Read the whole article... » The ECB is on Mars
2012-04-26 18:19 UTC by Macro Business
 Collapsing credit demand ultimately leads to a loss of banking capital, which is the exact opposite of what the LTRO program was set up to achieve. Interestingly, as the charts below show, banks seem to think that there will be a slowing of the fall in credit demand in the next quarter across all markets. Given European fiscal policy is setting up...
Read the whole article... »  In addition to the hole left by the Iran sanctions, the Saudis are pressured to pump more in order to meet their own rising domestic demand. This is putting strains on OPEC's spare capacity Credit Writedowns Pro is live. Sign up today for premium content. Also read our News Feed for the latest financial and economic news. OPEC: near record...
Read the whole article... »  It looks like the EU has finally figured out that austerity is anti-growth and that in the EU context this is leading to debt deflation. The word on the street is that the EU is prepared to temporarily relax the 3% Maastricht hurdle. This article explains why Credit Writedowns Pro is live. Sign up today for premium content. Also read our
Read the whole article... »  There is some evidence that recently discovered shale oil fields cannot be successfully exploited at prices under $100 a barrel Credit Writedowns Pro is live. Sign up today for premium content. Also read our News Feed for the latest financial and economic news. [Premium] Is shale oil cheap? originally appeared on Credit Writedowns
Read the whole article... »  ECB President Draghi's support for a growth pact for Europe is important, perhaps under-appreciated by the market. This is not simply a tactic to deflect attention from the IMF's call that the ECB ease monetary policy further. The ever politically adept Merkel recognizes the push toward a growth pact but will not allow Germany to be out maneuvered....
Read the whole article... »  The jobless claims came out again today and the numbers were weak Credit Writedowns Pro is live. Sign up today for premium content. Also read our News Feed for the latest financial and economic news. [Premium] Expect a weak US jobs report in May originally appeared on Credit Writedowns Links: RSS - Daily - Weekly -
Read the whole article... »  Today we look at the jobs recovery by various industries Credit Writedowns Pro is live. Sign up today for premium content. Also read our News Feed for the latest financial and economic news. Chart of the day: US jobs recovered since crisis began by industry originally appeared on Credit Writedowns Links: RSS - Daily -
Read the whole article... »  As predicted earlier this year, Japan continues to struggle with its energy needs. The chart below shows the recent trend in Japan's imports of residual fuel oil. These fuel imports are quickly translating into a rising trade deficit Credit Writedowns Pro is live. Sign up today for premium content. Also read our News Feed for the latest...
Read the whole article... »  Last January I called the contrast between the US and the UK "the best real-time economic experiment we can have on what does and doesn’t happen as a result of government spending." My point was that the two economies have had similar trajectories and have similar economic models. Watching how Britain using austerity compares with...
Read the whole article... »  We must stress that opening talks does not mean that a deal is going to be easy. In our view, Hungary did the bare minimum to get the EU back to the negotiating table, and that difficult negotiations remain ahead. On a separate but related note, Hungary still faces a decision by the EU on an Excessive Deficit Procedure. The government has sent a...
Read the whole article... »  Bloomberg TV spoke to Goldman Sachs CEO Lloyd Blankfein today in a much discussed interview. Below is the video and partial transcript of that interview. I provide it without comment Credit Writedowns Pro is live. Sign up today for premium content. Also read our News Feed for the latest financial and economic news. Goldman CEO Lloyd...
Read the whole article... »  Recent events in Europe mark the beginning of the push back against German-led austerity, but it is even bigger as the IMF's call for the ECB to cut rates illustrates Credit Writedowns Pro is live. Sign up today for premium content. Also read our News Feed for the latest financial and economic news. The Coming European Growth Pact...
Read the whole article... »  I thought now would be a good time to see how my ten surprises for 2012 are tracking as we are nearly a third of the way through the year. I posted these as my first weekly newsletter and these are events that have 1-in-3 odds of happening but which I believe have a more than 50 percent likelihood of occurring in Credit Writedowns Pro is live.
Read the whole article... »  The Greek private sector can generally only rely on the Greek banking system for credit. At the same time the Greek private sector is moving liquidity out of the country, dramatically shrinking the availability of credit Credit Writedowns Pro is live. Sign up today for premium content. Also read our News Feed for the latest financial and...
Read the whole article... »  I have noted a number of times in the past that household debt levels in Canada have reached worrying levels. I am not the only one on to this. Canadian central bank head Mark Carney was in the news yesterday sounding the alarm on this as well. Mark Carney noted that Canadian household debt is being driven by a rise in house prices that has caused...
Read the whole article... »  Professor Steve Keen was on Tonight with Vincent Browne in Ireland last week, where the topic understandably was the European Union. The question for Steve was how the Maastricht Treaty fits his economic paradigm, which follows Hyman Minsky's Financial Instability Hypothesis. Below is a 10-minute clip from the show Credit Writedowns Pro is live.
Read the whole article... »  A brief note on why Apple did so well this quarter Credit Writedowns Pro is live. Sign up today for premium content. Also read our News Feed for the latest financial and economic news. [Premium] More on Apple’s Fantastic Quarter originally appeared on Credit Writedowns Links: RSS - Daily - Weekly - Twitter -
Read the whole article... »  This is just an update to this morning's post. The numbers were profit of $12.30 a share ($11.62 billion), up from $6.40 a share ($5.98 billion) last year Credit Writedowns Pro is live. Sign up today for premium content. Also read our News Feed for the latest financial and economic news. [Premium] Apple almost gets its whisper number...
Read the whole article... »  JPMorgan recently performed a study on the composition of portfolios managed by life insurance companies. The study looked at the top 20 life insurance firms using their regulatory filings. These are the portfolios set up to support projected policy claims. The reason it is important to measure the composition and the changes in such portfolios is...
Read the whole article... »  The big US data today was in the housing markets as we got both the Case-Shiller and the housing starts numbers. Here's my take on the news Credit Writedowns Pro is live. Sign up today for premium content. Also read our News Feed for the latest financial and economic news. [Premium] Daily Commentary: On Case-Shiller and New Home Sales...
Read the whole article... »  Graphite has been getting a lot of buzz recently, raising bullish expectations among some investors and even talk of a future bubble. Why? The price has risen steadily over the past couple of years and attracted a lot of attention. Let's have a look at why some market participants are excited about this mineral and see if it's worth our investment...
Read the whole article... »  Apple reports earnings after the close of business today. This will be a closely watched report. Here are the things to look for Credit Writedowns Pro is live. Sign up today for premium content. Also read our News Feed for the latest financial and economic news. [Premuim] What to expect from Apple’s earnings originally appeared on
Read the whole article... »  There has been a lot of chatter about Apple recently because of the monster move it has sustained in the first four months of the year. Bloomberg reports that Apple gained more than $250 billion in market share in just four months to April 9. That's more than IBM’s current value. Other impressive figures are being bandied about like: Apple...
Read the whole article... »  A look at the fundamentals shows why Fernandez is engaging in such visible theatrics, which also includes recent vitriol regarding the Falkland Islands. Simply put, we think economic stresses are intensifying. How deep the stresses will get is yet to be determined Credit Writedowns Pro is live. Sign up today for premium content. Also read our
Read the whole article... »  Ireland dealt fairly quickly with its property market bubble by effectively and forcefully nationalizing and recapitalizing its banking sector. They clearly still have a serious problem on their hands, but the nation has been aggressive in addressing the issue of distressed real estate loans. In contrast, Spain's banking system is nowhere close to...
Read the whole article... »  I have been saying that I expect German data to disappoint and come in on the softer side. Why? This post explains Credit Writedowns Pro is live. Sign up today for premium content. Also read our News Feed for the latest financial and economic news. [Premium] Daily commentary: On negative German data surprises originally appeared on
Read the whole article... »  The concept of German decoupling from the Eurozone recession may have been wishful thinking. The latest German Manufacturing Purchasing Managers' Index (PMI) has converged with that of the Eurozone as a whole. Manufacturing PMI is a closely watched index and tends to be a leading indicator for the GDP. In response, Spain's 5yr sovereign CDS hit a...
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