Jul 3

30% Bail-In Haircuts on Greek Deposits Over €8,000

30% Bail-In Haircuts Coming Up I warned countless times over the last six months that Greek citizens need to pull their…

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Jul 2

Establishment Survey +233K Jobs, Household Employment Survey -56K,

Initial Reaction Today's job report (for June) once again showed a huge divergence between the household survey and the establishment…

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Jul 1

Tsipras Allegedly Caves In On Many Creditor Demands;

Stock futures are up this morning on news that Alexis Tsipras Backs Down on Many Greece Bailout Demands. A reader asked…

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Jun 30

Greece Rejects 25th Hour Request to Change Course;

Coordinated Meddling Eurozone leaders are pouring it on thick again today with warning after warning. Yesterday, German chancellor Angela Merkel, French…

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Jun 29

Sudden Stop Thesis: What Are the Odds of

Four years ago I thought odds of an eventual Grexit were nearly certain. Some people still don't believe so, while…

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Jun 28

ECB Cries Uncle, Halts ELA Amid Run on

I have been wondering when the ECB would finally pull the plug and put a stop to the ELA. Today, amid…

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Jun 26

Greece Bank Deposits Drop to 11-Year Low; Creditors

Delay Game If anyone has blinked, it now appears to be Germany and France, rather than Greece. The latest proposal does…

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Jun 25

Consumers Come to Life in May

Consumer Spending, Income Surge in May Consumers came to life in May, as expected by the Bloomberg Econoday Consensus Estimate.   Autos, Gasoline…

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Jun 24

Germany Rejects Greek Offer; Syriza Mutiny Over Concessions

Déjà Vu All Over Again With a hat tip to Yogi Berra, the setup in Greece today is a case of…

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Jun 23

Durable Goods Orders Plunge in May, Huge Downward

In the durable goods May forecast, the Bloomberg Consensus Economist's Estimate was well off the mark. The consensus estimate was -0.6%…

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Jun 22

The Most Common Job in 29 States to

The NPR claims the most common job in 29 of 50 US states is truck driving. This seems a bit…

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Jun 19

Euroskeptics Poised to Form Government in Denmark, Seek

Anti-euro parties are on a roll. In a shocking election result in Denmark, Eurosceptic Danish People’s Party Surge in General…

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Jun 18

Tax Revenue Collapses in Greece; Government Denies Capital

Knowing that a default is now inevitable, Greek citizens made a decision to stop paying taxes. The result was foreseeable:…

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Jun 17

Fed Lift-Off or Crawl-Off?

Nothing much changed as a result of today's FOMC meeting. If you are having trouble falling to sleep, I have…

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Jun 16

Housing Starts Decline 11.1%, Underperform Economists’ Expectations, Still

Housing starts underperformed the Bloomberg Econoday Economists' Consensus Estimate enough for the Atlanta Fed GDPNow Forecast to give back the…

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Jun 15

No Rebound in Manufacturing: “Surprisingly Weak” Industrial Production

 Following the rebound in consumer spending (heavily weighted to subprime auto sales), economists expected a rebound in Industrial Production. Instead, last…

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Jun 14

“Last Try” in Greece Before Capital Controls: Then

"Last Try" in Greece For years we have heard phrases like down to the last hour, one minute before midnight,…

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Jun 13

Illinois Politicians Play Chicken With Taxpayers Over Budget

In Illinois, nothing happens in the legislature unless House Speaker Michael Madigan and Senate President John Cullerton give the green…

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Jun 12

Final Forced Exchange Rate: 175 Quadrillion Zimbabwean Dollars

For bank account holders in Zimbabwe, the government will do a forced exchange of Zimbabwean dollars to US dollars at…

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