Existing home sales, Chicago Fed, Greece

Up some but still at depressed levels, and not enough to indicate a general bounce in spending. Personally I sold come small condos in Chicago I’d owned since working there in the early 1980’s. I got tired of fooling with them, net rental income was low, and prices weren’t going anywhere, And ...Read More

Greece at the cross roads

On Fri, Jun 19, 2015 at 6:47 AM, wrote: Hi Warren! Do you know this proposal by Rob Parentau and Trod Andresen of introducing a parallel currency in the form of Tax Anticipation Notes? A program proposal for creating a complementary currency in Greece From rumours seem it could be introduced in ...Read More

Greek bank liquidity, credit check

So people transferred their deposits to other banks, and those other banks wouldn’t redeposit/lend those euro back to the Greek banks via the interbank market, at any rate of interest. So instead the lost deposits were replaced by what functionally are deposits from the ECB via what’s called the ELA. What’s wrong ...Read More

Atlanta Fed, Italy trade, mtg purchase apps, oil prices

Up some then back down some, still at a very low rate off of a negative Q1: Down a bit but still positive, as is most all of the euro zone now with the euro at current levels: Italy : Merchandise Trade Highlights The seasonally adjusted trade balance was in a E3.5 ...Read More

Housing Starts, Redbook retail sales, EU merchandise trade, Russia comment, California real estate licensees

The good news here is that last month was up more than expected, and permits were up as well. Lots of cheer leading on this one, and the upward revision of last month’s report ups Q2 GDP estimates a tad, but a quick look at the charts tells me that so far ...Read More

NY manufacturing, Industrial Production, Housing index, Bundesbank comment

Nothing good here: Empire State Mfg Survey Highlights There’s no bounce at all in the Empire State manufacturing survey where the headline index sank to minus 1.98 in June, well below Econoday’s low-end forecast for 4.00 and the second negative reading in three months that pulls its second quarter average into the ...Read More

Sanders endorsement, Greece, Passenger transportation services index

A bit of press for my endorsement of Bernie Sanders for President after a chat with Stephanie Kelton which included how they’ve been working together on his economic agenda. Warren Mosler – An International Leader in Modern Monetary Theory Endorses Bernie Sanders Varoufakis completely misses the point. First, the only way public ...Read More

EU Industrial Production, Credit Check, Atlanta Fed

Even with increasing net exports, over all GDP isn’t benefiting all that much, as fiscal policy and structural reforms that assist exports do so by restricting incomes and domestic demand to achieve ‘competitiveness’. Additionally, negative rates and QE remove some interest income from the economy, which also restricts domestic demand to some ...Read More

Consumer Sentiment, producer prices, summer jobs

Yes, it’s a bit of a rebound from last month, and being touted as proof of a strong recovery, but it also looks like the drift down may still be in progress, much like the consumer sales showed disturbingly declining rates of annual growth even though the recent release was an uptick: ...Read More

Retail sales, business inventories, import/export chart

Sales up to higher gas prices is nothing to brag about: Retail Sales Highlights The consumer showed a lot of life in May, driving up retail sales 1.2 percent with gains sweeping nearly all components. A leading component in the month was motor vehicle sales which jumped 2.0 percent, excluding which retail ...Read More