German Trade, Japan

Exports down but so are imports, indicating a weak global economy and continued euro support from trade net flows: Germany : Merchandise Trade German exports plunge at fastest pace since global financial crisis Oct 8 (Reuters) — German exports plunged in August. Data from the Federal Statistics Office showed seasonally-adjusted exports sliding by 5.2 percent […]

Italian article this am

Misrepresents what I say a bit, but they do have my picture next to JFK! ;) The IMF: sovereign currency, no longer the monopoly of the banks Eliminate the public debt of the United States at once, and do the same with Great Britain, Italy, Germany, Japan, Greece. At the same time revive the ‘ […]

Japan’s Hidden Jobless Hits 4.69mn, Worse Than After Lehman Shock

Japan’s Hidden Jobless Hits 4.69mn, Worse Than After Lehman Shock November 16 (Nikkei) —The number of Japanese that want to work but are not actively seeking employment has surpassed levels from after the global financial crisis erupted, according to government data released on Tuesday. Some people have given up searching for work because they believe […]

CNBC’s John Carney on Krugman and MMT

>    >   (email exchange) >    >   On Sat, Nov 12, 2011 at 2:19 PM, Stephanie wrote: >    >   John Carney loving on us again Yes! Paul Krugman Goes MMT on Italy By John Carney November 11 (CNBC) — It seems pretty clear that the school of thought known as Modern Monetary Theory has made a big impact on […]

Payrolls and a Fed rant

Utter failure of policy. The Fed was certain it knew what Japan had done wrong and wasn’t going to make THOSE mistakes. So it Cut rates much more aggressively. Said it would do whatever it takes. Figured out how to do its job as liquidity provider after only 6 months of alphabet soup programs. Did […]

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 effectively made the […]

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 continues to weaken […]

Japan’s housing starts down yet higher than US

[Skip to the end] With maybe half the population, and with housing in a slump, Japan still has more actual housing starts than the US. While the Obama plan is ‘not my first choice’ for a fiscal adjustment, it isn’t ‘nothing’ either, and should be more than sufficient stabilize aggregate demand, albeit at low levels. […]

Posen on Japan and fiscal policy

[Skip to the end] Adam is pretty much right on with this. Perhaps more interesting is that the deficit terrorists at Peterson keep him on the payroll: Must We Repeat Japan’s Stimulus Mistakes? (Answer: Not Necessarily) by Gerald F. Seib Feb 2 (Wall Street Journal) — Adam Posen, deputy director of the Peterson Institute for […]

Japan Daily- Current account surplus declines in August

[Skip to the end] Unwinding of yen borrowings/shorts is also an increase in what I call ‘savings desires’, and drives the trade gap out of surplus towards deficit. Japan doesn’t like it but it is an improvement in real terms of trade. The appropriate fiscal response is to move to sustain domestic demand. Highlights: Highlights […]