The news is so slow that some ridiculous headlines just creep in, but I wonder what the Greeks think. If the fiscal sheriffs from the TROIKA only took the tip it wouldn’t have been so bad but the German creditors took the entire reproductive assemblage. Ok, enough. New word out of Germany is that a Berlin-based think tank has filed a new case against the legality of the ESM but is asking the Federal Constitutional Court to allow the EUROPEAN COURT of JUSTICE (ECJ) to hear the case and decide if the stability mechanism is legal under EU law. The Eurosceptic group EUROPOLIS is asking for European to determine the legal status of any European bailout program.
Posts Tagged ‘SPD’
Notes From Underground: Irony of Ironies … In the Land of Fiscal Austerity and Budget Cutting Circumcision is Outlawed
August 13, 2012Notes From Underground: MAY 6 — A Flash Crash For the European Political Elite
May 6, 2012Before politics, it is important to review the two big stories from Friday:
1. The U.S. unemployment data was certainly on the weak side of expectations as nonfarm payrolls came in at a tepid 115,000, very close to the ADP report. Average hourly earnings were soft, which will challenge the view of consumer demand ramping up any time soon. Yes, the unemployment rate dropped to 8.1%, but with so many people dropping out of the job market this indicator lends itself to so much POLITICAL SPIN THAT ITS USE IS BECOMING NEGLIGIBLE. Economists have twisted its meaning and therefore markets are disregarding its usefulness. The real positive in the data was the continue growth in MANUFACTURING as 16,000 factory jobs were created. Otherwise, the number was weak and will be a reason for the FED TO KEEP THE MUSIC OF OPERATION TWIST IN PLACE.
Notes From Underground: A Visit to February 5 (Sometimes A Reminder Is Necessary To Clear The Stain Of Bad Execution)
March 15, 2012The world is carrying on in its design of vast pools of liquidity in a “sea of tranquility” … for the moment. Are Europe’s problems solved as the FRENCH ROOSTER Nicholas Sarkozy has crowed? Absolutely not. The travails of debt plagued economies will begin for the nations living on the IBERIAN PENINSULA. As I have argued for a long time in this BLOG, Spain is a far worse problem then Italy but Italian BONDS suffered as they were the only FUTURES HEDGE AVAILABLE FOR THE PROBLEMS OF THE GIIPS.
Notes From Underground: The European Union KICKS GEITHNER’S CAN DOWN THE ROAD
September 18, 2011Friday and Saturday were the days that U.S. Treasury Secretary Geithner was in Poland sitting in on an ECOFIN meeting to try to persuade the financial policy makers of the EU to come to some type of resolution on a bailout of the PIIGS, an increase in the European Financial Stability Facility, and, hopefully, some program of support for the recapitalization of the European banking sector. Geithner pressed the ECB and European Governments to increase the 440 billion EURO EFSF rescue fund by utilizing leverage in its buying of sovereign debt. The tone of Geithner’s message was that the U.S. has woken up to the huge threat the EU debt crisis poses for the American economy, and, of course, President Obama’s election chances. Mr. Geithner warned that the EU crisis was a “CATASTROPHIC RISK TO FINANCIAL MARKETS.” He advised that the conflict between European governments and its central bank must end.
