Archives for December 2012

European PMI Retail Sales Collapse: Near-Record Drop in Italy Retail Sales; French Retail Sales Drop 9th Consecutive Month; Germany Retail Sales Back in Contraction

Courtesy of Mish. Inquiring minds are noting the expected (at least in this corner) collapse in European retail sales as measured by PMI indices in Italy, France, and Germany, the three largest Eurozone economies. Earlier today I took a look at France. For details, please see France Economic Implosion Underway; French Retail Sales Contract 9th […]

Four Strikes Is An Out; Obama Proposes Last Minute “Mini Deal” Essentially Scrapping All Cutbacks, While Adding Milk Lobby Bonus

Courtesy of Mish. The one thing I am always afraid of in budget negotiations is that virtually nothing is done, or worse yet, something counterproductive is done. Obama’s latest Fiscal Cliff “Mini-Deal” Proposal is exactly the kind of counterproductive nonsense I am talking about. Assuming the above Atlantic Wire article is correct … The deal […]

Sense on Cents 2012 Halls of Fame and Shame

Courtesy of Larry Doyle. As I reflect on the year 2012 I am compelled to bring honor and fame on many individuals who brought real distinction upon themselves while upholding and promoting our prized virtues of truth, transparency, and integrity. This year’s inductees into the Sense on Cents Hall of Fame is obviously incomplete. I […]

France Economic Implosion Underway; French Retail Sales Contract 9th Consecutive Month as Cost Inflation Surges

Courtesy of Mish. Inquiring minds are noting the expected (at least in this corner) collapse in European retail sales as measured by PMI indices. The spotlight for this post is France, the second largest Eurozone economy following Germany. The Markit France Retail PMI® shows French retail sales fall for ninth consecutive month. Key points: Sales […]

Presenting Abe’s ‘Super-Secret’ Devaluation Plan – Double-Down

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. Much has been made of newly appointed uber-easer Abe's plans to weaken the JPY by any means possible. Since the global financial crisis began in early 2008, USDJPY has tracked remarkably closely with the ratio of Federal Reserve assets to Bank of Japan assets […]

Japan Manufacturing PMI Downturn Accelerates; Output and New Orders Suffer Sharpest Contractions for 20 Months; Cheaper Yen Cannot Save Japan

Courtesy of Mish. The Markit/JMMA Japan Manufacturing PMI™ shows Downturn of manufacturing sector accelerated during December. Key points: Output and new orders register sharpest contractions for 20 months Employment, purchasing and stocks all continue to be cut Output charges lowered further as input prices remain unchanged Summary: Latest data from Markit/JMMA indicated that the performance […]

The Ultimate Buy (Votes) Now, Pay Later (with OPM) Presidency

The Ultimate Buy (Votes) Now, Pay Later (with OPM) Presidency Courtesy of Paul Price America has never before had a leader who was more willing to spend other people’s money (OPM) to fund his own agenda. By invoking the “Never let a crisis go to waste” doctrine, President Obama has embarked, unfettered, on a progression of […]

The Real Crisis: “People Have Lost Trust In The Government And The Market”

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. The death of the 'cult of equities' was a popular topic this year among both fringe blogs and the best-known institutional asset managers and sell-side strategists. As AP discusses in this excellent article, ordinary Americans – defying decades of investment history – are selling […]

Last Ditch Efforts

Fiscal Thursday – Last Ditch Efforts Courtesy of Phil of Phil’s Stock World  4 more days! This is much more exciting than Christmas. So exciting that President Obama and Congress have cut short their winter vacations to give us hope – right before they snatch it away again.  Will it be a bad plan or […]

Jobless Claims Not Translating Into Full-Time Jobs

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. Submitted by Lance Roberts of Street Talk Live blog, "CNN Money:  The number of newly unemployed seeking jobless benefits fell more sharply than expected last week, taking a key reading to its lowest level in more than four years, the government reported Thursday. There […]

The Biggest Health Stories of 2012

Here are a couple:   We’ve heard many times before that too much red meat is bad for us, but this study of more than 100,000 people still got the nation’s attention. For the first time, researchers estimated the effect of red meat on a person’s lifespan—and the news wasn’t good. On average, each additional […]

Lock Congress Up Until They Deal?

Courtesy of Mish. Stocks staged a late day rally because the Senate is prepared to kick the can down the road, avoiding any chance of fiscal sanity this year or next. Whether or not the House will go along is another matter, but unfortunately Speaker Boehner calls House back to Washington on Sunday The House […]

Savings Deposits Soar By Most Since Lehman And First Debt Ceiling Crisis

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. A month ago, we showed something disturbing: the weekly increase in savings deposits held at Commercial banks soared by a record $132 billion, more than the comparable surge during the Lehman Failure, the First Debt Ceiling Fiasco (not to be confused with the upcoming […]

No More Industrial Revolutions, No More Growth?

No More Industrial Revolutions, No More Growth?   Source: ge.com via Laura on Pinterest   Courtesy of Charles Hugh-Smith of OfTwoMinds blog The common feature of the transformative technologies of the 20th and 21st centuries is that they were one-offs that cannot be duplicated. What if the engines of global growth that worked for 65 years […]

Initial Claims Down 11% Vs. Same Week in 2011

Courtesy of Lee Adler of the Wall Street Examiner The Labor Department reported that the seasonally adjusted (SA) representation of first time claims for unemployment declined by 12,000 to 350,000 from a revised 362,000 (was 361,000) in the advance report for the week ended December 22, 2012. The number was much batter the consensus median […]

Social Trap in Spain: Mortgage Nightmare; Why Spain (or Germany) is Guaranteed to Leave Euro

Courtesy of Mish. Looking for a synopsis of the problems facing Spain? A summary of bullet points I gathered from the Spiegel article Evictions Become Focus of Spanish Crisis shows just how hopeless the situation is. There were a record number of evictions in 2012, foreclosures are expected to increase in 2013. Some 400,000 eviction […]

Riding Coach for First Class Returns

Riding Coach for First Class Returns Courtesy of Dr. Paul Price Aspirational leather goods designer/manufacturer Coach (COH) got creamed in Wednesday’s trading when overall retail sales numbers showed poor year-over-year growth. COH dropped $3.39 per share (-5.89%). The stock is down $25.53 (-32%) from the 52-week high of $79.70. Does that mean that earnings have been […]

Michael Pettis on China Reforms, Ponzi Schemes in Wealth Management Programs, Rebalancing Implications

Courtesy of Mish. Here are portions of a email from Michael Pettis at China Financial Markets on the unsustainable nature of China’s growth, Ponzi schemes in wealth management programs, and the implications of China’s rebalancing efforts. By permission … As analysts wrack their minds over specific debt problems in China and how they are to […]

Tokyo Almost As Irradiated As Fukushima

Tokyo Almost As Irradiated As Fukushima Source: greenerideal.com via Greener Ideal on Pinterest Courtesy of George Washington We’ve documented the spread of radiation from Fukushima to Tokyo for a year and a half.  See this, this, this, this, this and this. Unfortunately, as the following recent headlines from Ene News show, things are only getting […]

US Hits Debt Ceiling Limit on December 31; Geithner Unveils Treasury Plan to Buy More Time

Courtesy of Mish. On December 31 the US will once again hit the debt limit and Treasury Secretary Tim Geithner is working on an emergency plan to deal with the situation. Here’s the kicker. If the Fiscal Cliff hits (which it likely will), the increased tax revenue and spending cuts would automatically buy the Treasury […]

Cliffmas Is Upon Us

Which Way Wednesday – Cliffmas Is Upon Us By Phil of Phil’s Stock World Merry Cliffmas! That’s all the MSM is talking about but the markets are, so far, drifting along in the upper end of the year’s range into this potential “fiscal disaster.”  Perhaps the catastrophe is already priced in or perhaps it simply […]

Doug Casey on the Morality of Money

Abstract: Whether one agrees with him or not, Doug almost always has a singular take on issues and ideas, making his essays and talks highly stimulating. As we approach the end of the year – a time when people often reflect on their progress  – this February 2011 interview of Doug Casey by Louis James on […]

Mad, Mad World; Japan Prime Minister Unveils “Crisis Beating” Cabinet With Pledge to Increase Spending; Yen Sinks to Two-Year Low

Courtesy of Mish. The Keynesian and Monetarist clowns in Japan are going all out in Japan with pledges to ignore debt caps and implement “bold monetary policy”. Please consider Japan signals rise in borrowing. Japan’s new finance minister has signalled that the government will borrow to boost the struggling economy, as Prime Minister Shinzo Abe […]

Good News for Consumers: Holiday Sales Barely Rise; Worst Shopping Season Since 2008

Courtesy of Mish. I am always suspicious of early holiday season reports of glowing sales around Thanksgiving and especially Black Friday. Then, right after Christmas I always wonder if retailers lowball estimates so they can beat-the-street on same-store-sales reports. That said, because of the souring economy I am not surprised by reports of Lackluster Holiday […]