It is startling to think that the S&P downgrades could have any sort of effect on the markets. The sovereign debt markets have been telling those who are attentive that not all countries in the European Union are equal. Several of the GIIPS have had interest rate yields far above those of the German benchmark for almost two years. Even the French 10-year note has widened to 150 BASIS POINTS over the German 10-year BUND during the last six months. DO WE REALLY NEED S&P OR OTHER RATING AGENCIES TO CERTIFY WHAT THE MARKETS HAVE BEEN SAYING?
Posts Tagged ‘Greek default’
While the mainstream media desires to fill time it seems that Iowa has become less important this year as a barometer of the national mood. The agrarian sector of the economy is very healthy and with their stomachs full, the people of Iowa can ponder and think and be much more philosophical in terms of candidate selection. Rick Santorum can play to the high-mindedness of the social conservative agenda because in Iowa those voters have two loaves of bread under each arm. It is much tougher to be concerned about the ideological nature of life when you are fighting in a line to pick up an unemployment check or applying for a job.
Notes From Underground: Dominique Strauss-Kahn Arrested on Rape Charges AND FOR THE FIRST TIME IT’S NOT OF A COUNTRYMay 15, 2011
Today’s NOTE‘s headline wrote itself as the history of the IMF and its relationship to stressed emerging markets is replete with acts of “nation violation” in its efforts to ensure that creditors were/are always satisfied–most recent example is Greece. All levity aside, the accusations against DSK have important implications for FRENCH domestic politics as well as the role of the IMF in the current SOVEREIGN DEBT CRISIS plaguing the EU. Last week, the ASSISTANT MANAGING DIRECTOR of the IMF, John Lipsky, announced that he was leaving, thus the leadership of IMF is really going to be in turmoil.