Monthly Archive:: March 2010

OPEC March Crude Output Down 30,000 Bbl/Day to 29.205 Mln

With supply following demand, as with any monopolistic arena, it looks like the world crude oil balance remains very much neutral leaving the Saudis in full control as swing producer where they set prices and let quantity adjust to market demand. Stable crude prices with 0 interest rates, high excess capacity and ...Read More

EU Daily

The institutional structure puts the Eurozone in a very awkward position. The higher deficits desired by the economy to restore non govt net financial assets at the same cause a deterioration in the credit worthiness of the member nations running the deficits, which seems to limit the process as these to two ...Read More

Japan 3/31/10 year end

The adjustments beginning April 1 could be substantial after this year’s year end adjustments in Japan added to the usual month end and quarter end global adjustments. I’d guess this was the time for a lot of clean up adjustments in Japan from prior years due to more favorable valuations and a ...Read More

Tax Receipts Rebound as 15 Biggest States See Gain

>    >   (email exchange) >    >   On Tue, Mar 30, 2010 at 2:27 PM, Jason wrote: >    >   State tax receipts are reportedly up… >    Yes, federal looking like they’ve bottomed as well. Definitely looks like activity has bottomed. And still feels like we are going the way of Japan, but too early to tell. ...Read More

ECB rate hike discussion will compound funding issues

ECB’s Liikanen Says Interest Rates Won’t Stay Low By Diana ben-Aaron March 29 (Bloomberg) — European Central Bank Governing Council member Erkki Liikanen said interest rates won’t stay at the current level indefinitely, Maaseudun Tulevaisuus reported, citing an interview. While low rates have eased the economic slowdown, households and businesses shouldn’t count ...Read More

Rasmussen polls

65% Now Hold Populist, or Mainstream, Views 55% Favor Repeal of Health Care Bill I find his polls as good as any. He shows 54% favor repeal of the new health care law, with 70% of seniors against the Medicare cuts. The lack of understanding of the monetary system is taking an ...Read More

US Taxes

From the articles of Confederation, March 1st, 1781. We had the right tax, but the wrong way to implement it: VIII. All charges of war, and all other expenses that shall be incurred for the common defense or general welfare, and allowed by the United States in Congress assembled, shall be defrayed ...Read More

Text of Greek Deal

As before, this is in fact another statement that indicates no checks are to be written. The purpose is probably the hope that it be read as a statement of support which will facilitate continued funding of Greek debt. It is a clear statement that no funding is available until Greece fails ...Read More

Claims/Bernanke on asset sales

Karim writes: Initial claims fall 14k to 442k; with downward revisions to past few weeks allowing 4wk avg of initial claims to move to 453.8k; the lowest since 9/08. This is the part that Bernanke omitted in today’s testimony that was included in his Feb 10 testimony. “I currently do not anticipate ...Read More

DGO/Home Sales

Karim writes: Durables data was firm. Shipments ex-aircraft and defense (proxy for current qtr business capex) up 0.8%; stands 2.2% above Q4 avg; implication is real capex up 5-6% in q1 after 13.3% gain in q4 Orders ex-aircraft and defense (proxy for future capex) up 1.1% New home sales down 2.2% (prior ...Read More