Deficit Archive

For BTPS & SPGBs all inter dealer screens have gone blank

As previously discussed, it’s hard to see how anyone with fiduciary responsibility can buy Italian debt or any other member nation debt after EU officials announced the plan for 50% haircuts on Greek bonds held by the private sector. Yes, all governments have the authority, one way or another, to confiscate an ...Read More

Michael Bloomberg: Best Economic Stimulus is Now Fiscal Responsibility

So much for his legacy… Mayor Bloomberg Outlines Specific Actions For Super Committee By Michael Bloomberg November 8 (Moment of Truth Project) — Mayor: Best Economic Stimulus is Now Fiscal Responsibility – Super Committee Must Break Partisan Deadlock and Take Bold Action. The following are Mayor Michael R. Bloomberg’s remarks as prepared ...Read More

News recap comments

The news flow from last week was so voluminous it was nearly impossible to process. For good measure I want to start today’s commentary with a simple recap of what happened. On the negative side – · Greece called a referendum and threw bailout plans up in the air taking Greek 2yrs ...Read More

France Unveils New Budget Savings as Growth Slows

May as well call it the Sarcophagus plan. It’s all they know how to do. And again, like the carpenter said of his piece of wood, no matter how many times I cut it it’s still too short. France Unveils New Budget Savings as Growth Slows By Alexandria Sagr November 7 (Reuters) ...Read More

Noda Makes Consumption Tax Hike Pledge At G-20 Summit

The world’s poster child for losing decades looks to stay a step ahead: (Nikkei)–Prime Minister Yoshihiko Noda vowed Thursday to gradually raise the nation’s consumption tax to 10% by mid the 2010s during a summit meeting of the Group of 20 leading economies in Cannes, France. The announcement at the summit has ...Read More

Blog Comment on Italy

This was recently posted by a reader: I’m from Italy so I can answer your question. The general and most accepted ideas in Italy are: “The problem is president Berlusconi.” “We need structural reforms!” (In every pub people love to say that, to feel themselves intelligent, the same that are in precarious ...Read More

DJ Italy Will Pledge To G-20 To Start Cutting Debt Ratio

We’re all saved!!! *DJ Italy Will Pledge To G-20 To Start Cutting Debt Ratio In 2012 *DJ Italy Will Pledge “Rapidly Declining” Debt/GDP Ratio To G-20 ...Read More

Greek Vote Threatens Bailout

The obvious hasn’t been making the headlines: A no vote means a lot more immediate austerity than a yes vote. A no vote means Greece can’t borrow at all, and therefore govt. checks will only clear if Greece immediately cuts back to where it is only spending tax revenue. A yes vote ...Read More

Early Holiday Cheer…

As discussed last week, the latest euro package just announced is unravelling quickly as markets again realize there is no actual substance, and no operational path with regards to carrying any of it out. So things will deteriorate as described until markets again force further ‘action.’ At the same time, the austerity ...Read More

Pelosi Quote

“It is clear we must enter an era of austerity; to reduce the deficit through shared sacrifice.” – Nancy Pelosi, Dem Leader, US House ...Read More