Posted by WARREN MOSLER on 16th January 2009
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Highlights
| China Central Bank Attacks Paulson’s ‘Gangster Logic’ |
| China to Enact Stimulus Plan for Nine Industries, Minister Says |
| China’s Economy Faces 2009 ‘Hard Landing,’ Fitch Says |
| China not to blame for crisis: Experts |
Couldn’t agree more!
Let them export their brains out, while we sustain domestic demand with lower taxes/higher federal spending.
It’s all to our advantage!
by Li Yanping
Jan 16 (Bloomberg) — A Chinese central bank official attacked reported comments by U.S. Treasury Secretary Henry
Paulson that China’s high savings rate helped trigger the global credit crisis.
“This view is extremely ridiculous and irresponsible and it’s ‘gangster logic,’” Zhang Jianhua, the bank’s research head,
said. His comments were in an interview with the state-run Xinhua News Agency, posted on a government Web site today.
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Posted in Articles, China, News Highlights | 9 Comments »
Posted by WARREN MOSLER on 16th January 2009
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| Gieve Says Bank of England Rate Cuts Not Yet Felt |
They are being felt- the economy is getting worse, until the budget deficit gets large enough.
| UK Business Confidence At New Low, Fear Of Tough ‘09 –Lloyds |
| Brown to Pledge 200 Million Pounds to Limit Home Repossessions |
| U.K. Stocks Rise for First Time in Eight Days; Royal Bank Gains |
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Posted in Articles, News Highlights, UK | No Comments »
Posted by WARREN MOSLER on 16th January 2009
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Other Federal Reserve assets are $575,496B - down $30,229B
Looks like the swap lines are drifting lower. This is a very good sign as we near the April expiration date.
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Posted in Fed | 4 Comments »
Posted by WARREN MOSLER on 16th January 2009
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The news just keeps getting worse over there.
They are unlikely to make up for lost exports with domestic demand due to structural constraints on proactive fiscal policy.
This put deflationary forces in place that drive relative prices down until exports resume.
And with national government solvency in question, there is no ’safe haven’ for euro financial assets.
Overly tight fiscal currency keeps it strong, but a reduction in the desire to save in that currency works the other way.
Highlights
| European Exports Drop Most in Eight Years as Downturn Deepens |
| Trichet Denies ECB Will Cut Rates to Zero Percent, NHK Says |
| Trichet Vision Unravels as Italy, Spain Debt Shunned |
| German Government Sees 250,000 More Jobless in 2009, FAZ Says |
| German Union Chief Sommer Says New Pay Deals Will Mirror Crisis |
| German Economy May Shrink 2.5% in 2009 |
| French Business Confidence Index Falls to 21-Year Low |
| France’s Woerth Says 2009 Deficit to Widen on Lower Tax Revenue |
| France Cuts Tax-Free Savings Rate to 2.5% as Inflation Slows |
| Italian Economy Will Shrink Most Since 1975, Central Bank Says |
| Italy’s Tremonti Says Further Stimulus Packages Are Pointless |
| European Government Bonds Drop; Stock Rally Saps Safety Demand |
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Posted in Articles, EU, News Highlights | No Comments »
Posted by WARREN MOSLER on 16th January 2009
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This small drop in demand does not dislodge the Saudis from resuming their role as swing producer and price setter when the Masters Inventory Liquidation that began in July has run its course and excess inventories are eliminated:
by David Sheppard
Jan 16 (Reuters) — World oil demand will contract sharply in 2009 as the global economic slowdown further erodes consumption, the International Energy Agency (IEA) said on Friday.
The Paris-based agency joined the ranks of forecasters predicting a fall in global oil demand this year, revising its previous 2009 estimate by 940,000 barrels per day (bpd) to 85.3 million bpd — a 500,000 bpd year-on-year fall.
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Posted in Articles, Oil | No Comments »
Posted by WARREN MOSLER on 16th January 2009
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Why it pays to fly first class…
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Posted by WARREN MOSLER on 16th January 2009
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Consumer Price Index MoM (Dec)
| Survey |
-0.9% |
| Actual |
-0.7% |
| Prior |
-1.7% |
| Revised |
n/a |
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CPI Ex Food and Energy MoM (Dec)
| Survey |
0.1% |
| Actual |
0.0% |
| Prior |
0.0% |
| Revised |
n/a |
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Consumer Price Index YoY (Dec)
| Survey |
-0.2% |
| Actual |
0.1% |
| Prior |
1.1% |
| Revised |
n/a |
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CPI Ex Food and Energy YoY (Dec)
| Survey |
1.8% |
| Actual |
1.8% |
| Prior |
2.0% |
| Revised |
n/a |
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CPI Core Index SA (Dec)
| Survey |
n/a |
| Actual |
216.816 |
| Prior |
216.849 |
| Revised |
n/a |
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Consumer Price Index NSA (Dec)
| Survey |
210.210 |
| Actual |
210.228 |
| Prior |
212.425 |
| Revised |
n/a |
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Consumer Price Index TABLE 1 (Dec)
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Consumer Price Index TABLE 2 (Dec)
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Consumer Price Index TABLE 3 (Dec)
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Net Long Term TIC Flows (Nov)
| Survey |
$15.0B |
| Actual |
-$21.7B |
| Prior |
$1.5B |
| Revised |
-$0.4B |
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Total Net TIC Flows (Nov)
| Survey |
n/a |
| Actual |
$56.8B |
| Prior |
$286.3B |
| Revised |
$260.6B |
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Industrial Production MoM (Dec)
| Survey |
-1.0% |
| Actual |
-2.0% |
| Prior |
-0.6% |
| Revised |
-1.3% |
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Industrial Production YoY (Dec)
| Survey |
n/a |
| Actual |
-5.5% |
| Prior |
-4.5% |
| Revised |
n/a |
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Capacity Utilization (Dec)
| Survey |
74.5% |
| Actual |
73.6% |
| Prior |
75.4% |
| Revised |
75.2% |
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Capacity Utilization TABLE 1 (Dec)
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Capacity Utilization TABLE 2 (Dec)
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Capacity Utilization TABLE 3 (Dec)
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U of Michigan Confidence (Jan P)
| Survey |
59.0 |
| Actual |
61.9 |
| Prior |
60.1 |
| Revised |
n/a |
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U of Michigan TABLE Inflation Expectations (Jan P )
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