Mike Shedlock

Mike Shedlock

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Questions On Swapping Gold For Silver; Gold and Gold Shares Bottoming?

By Mike Shedlock (May 23, 2012)

Please consider an interview with Adam Fleming and James Turk on precious metals and mining. James Turk is founder of GoldMoney. Interview Synopsis Adam Fleming,... more

Full-Fledged European Bank Run; Believe in Gold

By Mike Shedlock (May 22, 2012)

One chart is all it takes to prove a full-fledged European bank run on the banks is well underway in the Club-Med countries and Ireland.The below chart is from the Financial... more

Italy Deploys 20,000 Law Enforcement Officers to Protect Individuals and Sensitive Sites

By Mike Shedlock (May 20, 2012)

Italy Deploys 20,000 Law Enforcement Officers to Protect Individuals and Sensitive SitesThe Atlanta Journal Constitution reports Italy deploys 20,000 to protect sensitive... more

Another Attempt to Snatch Defeat From Jaws of Victory; New Democracy Leads Latest Poll

By Mike Shedlock (May 19, 2012)

Greek elections are set for June 17th following the impasse of the last election where no majority government formed.The "Destroy Greece to Save the Euro" clowns led by... more

Brain Drain: Businesses and Brightest Minds Flee Italy

By Mike Shedlock (May 18, 2012)

Courtesy of Google Translate, this time from Italy, please consider From the North-East and abroad, fleeing already 720 companies Farewell, ungrateful Italy. In addition to... more

Real Estate Crash in China Underway

By Mike Shedlock (May 17, 2012)

Inquiring minds are reading an excellent report China Real Estate Unravels by Patrick Chovanec, a professor at Tsinghua University's School of Economics and Management in... more

Screeching Halt in China

By Mike Shedlock (May 16, 2012)

China bulls are in for a multi-year shock because rebalancing from an economy overly dependent on exports is going to be far more painful, and last much longer than most... more

How Gov. Brown Ruined California in His First Term

By Mike Shedlock (May 15, 2012)

California, like Greece is perpetually in fiscal trouble. Overoptimistic revenue forecasts coupled with spending $2 billion more than expected has California in a deep hole.... more

Crushing Defeat for Merkel's CDU Party in German Elections as Voters Reject Austerity

By Mike Shedlock (May 14, 2012)

The BBC reports New election blow for Germany's Merkel Chancellor Angela Merkel's conservatives have suffered heavy losses in an election in Germany's most populous state,... more

Will Greece Snatch Defeat From the Jaws of Victory?

By Mike Shedlock (May 13, 2012)

Inquiring minds scoff at the preposterous Financial Times headline a ‘Glimmer of hope’ for Greek coalitionThe "Glimmer of Hope" that  Financial Times writer Kerin Hope... more

Disability Fraud vs. Expiring Unemployment Benefits Revisited

By Mike Shedlock (May 12, 2012)

In response to 2.2 Million Go On Disability Since Mid-2010; Fraud Explains Falling Unemployment Rate I received a nice email from Madeline Schnapp, Director, Macroeconomic... more

Home Price Bottom While Sales Stumble

By Mike Shedlock (May 11, 2012)

The latest LPS HPI Release suggests home prices are flattening out if not bottoming. Data is from February.Highlights Nationally, February seasonally-adjusted prices rose... more

"Head Start" an Abysmal Failure for Kids, a Spectacular Success for Teachers

By Mike Shedlock (May 09, 2012)

Head Start, a preschool program for low-income kids has been a spectacular success, not for kids, but for teachers and teachers' unions.Please consider Miami-Dade County... more

“We Embittered the People to Protect the Future of the Nation"

By Mike Shedlock (May 08, 2012)

If you want to understand the reason PASOK went down in flames in a crushing defeat in Greek elections, simply look at the arrogance and gall of party leader Evangelos... more

Splintering of Greece and the Loss of France

By Mike Shedlock (May 07, 2012)

Preliminary exit polls are not good for the pro-austerity, keep Greece in the Eurozone at any cost coalition as 3 parties vie for top post An exit poll commissioned by Greek... more

2.2 Million Go On Disability Since Mid-2010; Fraud Explains Falling Unemployment Rate

By Mike Shedlock (May 06, 2012)

Since mid-2010, precisely at the time millions of US citizens used up all of their 99 week of unemployment insurance, disability claims have risen by 2.2 million. Those on... more

Obama's Payroll Disaster

By Mike Shedlock (May 05, 2012)

Quick Notes About the Unemployment Rate US Unemployment Rate fell .01 to 8.1%  In the last year, the civilian population rose by 3,638,000. Yet the labor force... more

When All Else Fails, Hope For More Stimulus

By Mike Shedlock (May 04, 2012)

Eurozone Markit Final Manufacturing PMI numbers were released yesterday. The results, as I warned months in advance, were decidedly not pretty.   Final Markit... more

China Contracting or Expanding?

By Mike Shedlock (May 03, 2012)

China manufacturing is reported to be in contraction and expansion simultaneously. The Chinese government reports expansion. The HBSC PMI says China is in contraction for the... more

Cage Match: Ron Paul vs. Paul Krugman

By Mike Shedlock (May 02, 2012)

I listened to the debate today on Bloomberg between Ron Paul and Paul Krugman. Link if video does not play: Krugman Says Fed ‘Reckless’ to Allow High Jobless RateI do not... more

Illinois Borrowing Costs Rise by 22.5%; Still Not High Enough

By Mike Shedlock (May 01, 2012)

Illinois borrowing costs are poised to rise about 22.5%. The nominal increase is about .34 percentage points as reported by Bloomberg. Illinois plans to sell $1.8 billion of... more

"Flying Piano" Costs Pentagon $1.5 Trillion

By Mike Shedlock (Apr 30, 2012)

The Pentagon is about to waste $1.5 trillion, 38% of entire defense budget for a "virtual flying piano". That may sound preposterous, and it is. Unfortunately, it is also... more

Demand for Credit in Europe Collapses

By Mike Shedlock (Apr 29, 2012)

In a report on fixed income, David Owen, Chief European Financial Economist at Jefferies, notes that demand for credit in Europe has plunged.Owen asks Is it the supply or... more

GDP Miss Far Bigger Than Announced; Real GDP is 0% Using More Reasonable Deflator

By Mike Shedlock (Apr 28, 2012)

The Advance Estimate for Q1 GDP came in at 2.2%, down from 3.0% in the previous quarter, and below most mainstream media estimates of 2.5%.However, my friend BC notes ....The... more

Bernanke Calls Krugman "Reckless"

By Mike Shedlock (Apr 27, 2012)

Paul Krugman is now so far into outer space with ridiculous economic proposals that even Helicopter Ben Bernanke recognizes Krugman's proposals as "reckless".Bloomberg... more

53% of New Graduates are Jobless or Underemployed

By Mike Shedlock (Apr 26, 2012)

The USA Today reports graduating class of 2012 is in for a rude awakening as Half of new graduates are jobless or underemployed. A weak labor market already has left half of... more

Dr. Doom Says Market Crash Imminent

By Mike Shedlock (Apr 25, 2012)

Inquiring minds are listening to Marc Faber, aka Dr. Doom, on the global economy. Link if video does not play: Marc Faber speaks of Imminent Market CrashFaber says China... more

Public Unions Bankrupt Illinois

By Mike Shedlock (Apr 24, 2012)

Governor Pat Quinn rammed through the largest tax hikes in Illinois history last year. On January 13, 2011, Governor Pat Quinn signed off on a 67% hike in personal income... more

European Splintering Escalates: Dutch Government Falls; Slovakia Government Collapsed in March; Czech Government Collapse Coming Right Up

By Mike Shedlock (Apr 23, 2012)

The Netherlands government has officially collapsed in a dispute over austerity measures. Elections likely in September. Meanwhile, the Czech government is also on the verge... more

Disastrous Global Trade Wars on Tap

By Mike Shedlock (Apr 22, 2012)

New border controls are another sign of increasing protectionism in European states. It was not supposed to be this way, yet these controls represent a Vote of No Confidence... more

Four Reasons Congress Wastes Money on Useless Defense Programs

By Mike Shedlock (Apr 21, 2012)

A close friend of mine since high school frequently writes for Foreign Affairs Magazine, the Small Wars Journal, and places like Janes's Defence Weekly.His latest article in... more

Is Capitalism Dead, or Simply Dying?

By Mike Shedlock (Apr 20, 2012)

Noted financial author Richard Duncan says Capitalism is Dead, Credit New King. The world needs to clue in to changes to its economic system, including the death of... more

Obama Blames Oil Manipulators; Who are the Real Manipulators?

By Mike Shedlock (Apr 19, 2012)

The US and European embargo of Iranian oil is one of the factors behind the stubbornly high price of crude, trumping the huge slump in petroleum demand in the US. Although... more

Unemployment May Tick Up; Analyst Says Gov Economists Should Get Axe

By Mike Shedlock (Apr 18, 2012)

Employment in April normally picks up and Gallup surveys show a drop in the unemployment from last month not seasonally adjusted. However, by applying the seasonal... more

12 Predictions by Michael Pettis on China

By Mike Shedlock (Apr 17, 2012)

Michael Pettis at China Financial Markets has Two Bets with the Economist. Pettis bets growth in China will average less than 3.5% for the rest of the decade Pettis bets... more

Sarkozy Comeback Bid Falters as French Economy Hits the Skids

By Mike Shedlock (Apr 16, 2012)

As goes the French economy, so goes the reelection chances of French president Nicolas Sarkozy. Although Sarkozy leads in round one, polls show that lead is shrinking at a... more

Christie Risks All to Take on Unions

By Mike Shedlock (Apr 15, 2012)

The proverbial can only be kicked so far before the can rusts away to nothing. That is what Police in Stockton, California have found out and that is what the pensioners in... more

Closer Look at Unemployment Claims, Covered Employees, Labor Force

By Mike Shedlock (Apr 14, 2012)

Reader Tim Wallace supplied an interesting set of graphs and comments on unemployment claims, the labor force, and employees covered by unemployment insurance.Unemployment... more

Buffett Tax Hype- Use Our Interactive Graph to See Hype for Yourself

By Mike Shedlock (Apr 13, 2012)

Given all the hype from President Obama and Warren Buffet on "fair tax rates" (see Obama evokes Reagan in Touting Buffett Rule), inquiring minds are asking the critical... more

Slow Road to Hell: Spain Entertains VAT Hike

By Mike Shedlock (Apr 12, 2012)

Of all the inept policy moves in the midst of a clear depression, hiking taxes is right at the top of the list. Yet, that is the path Spain is on, because it will not meet... more

QE Appears to Work Until It's Obvious it Never Did

By Mike Shedlock (Apr 11, 2012)

Lollipops and Tantrums The Fed is much like a rotten mother who throws her spoiled brat a lollipop as a reward for a temper tantrum says John Hussman in yet another excellent... more

Three Reasons Gas Prices are High

By Mike Shedlock (Apr 10, 2012)

The blatant hypocrisy and arrogance of president Obama, Nancy Pelosi, and Hillary Clinton in the  video below is simple stunning.Caroline Baum on "Obama the... more

Union Label Stuck to $137 Billion in Illinois State Debt

By Mike Shedlock (Apr 09, 2012)

Illinois has combined $137 billion in pension and healthcare liabilities on top of $9 billion in current unpaid bills. Yet, Illinois legislators will not even ask 6-figure... more

U.S. Local Governments Cut Payrolls to Lowest Level Since 2006

By Mike Shedlock (Apr 08, 2012)

In a much needed development U.S. Local Governments Cut Payrolls to Lowest Level Since 2006 U.S. local-government payrolls fell to the lowest level in more than six years in... more

Record 88 Million not in Labor Force- Complete Employment Analysis

By Mike Shedlock (Apr 07, 2012)

Quick Notes About the Unemployment Rate US Unemployment Rate dropped .01 to 8.2%  In the last year, the civilian population rose by 3,604,000. Yet the labor force... more

Massachusetts Health Care System: A Model for Failure

By Mike Shedlock (Apr 06, 2012)

Here is an interesting email from reader "George" on his experiences with Romneycare. Hello MishHere is my personal experience with socialized medical care in... more

Fuel Index Has Bad News for Economy

By Mike Shedlock (Apr 05, 2012)

The UCLA Ceridian Pulse of Commerce Index based on real-time truck fuel usage rose slightly in March. The Ceridian-UCLA Pulse of Commerce Index® (PCI®), issued... more

Mathematically Speaking, Obamacare Cannot Survive

By Mike Shedlock (Apr 04, 2012)

Open issues abound on healthcare. Will the Supreme Court strike it down? If so, who is to blame? Who are the winners and losers? Will healthcare help or hurt the Republican... more

Eurozone Unemployment Hits 15-Year High

By Mike Shedlock (Apr 03, 2012)

Reuters reports Eurozone Unemployment Reaches Near 15-Year High Unemployment in the euro zone reached its highest level in almost 15 years in February, with more than 17... more

"Bankrupting" Public Unions

By Mike Shedlock (Apr 02, 2012)

Distressed cities are finally doing what they should have been doing long ago, declaring bankruptcy to force concessions from public unions. Numbers are still a trickle, but... more

Violence, Firebombings Erupt as Spain Announces Deficit-Cutting Plan

By Mike Shedlock (Apr 01, 2012)

My friend Bran who lives in Spain writes ... Hello MishHere are thoughts from the last couple of days on the strikes, protests, and violence in the wake of more austerity... more

Michael Pettis Challenges The Economist to a Bet on China

By Mike Shedlock (Mar 31, 2012)

The Economist says "China’s GDP, measured in nominal dollars, will be the world’s largest by 2018". Michael Pettis at China Financial Markets disagrees and says I would like... more

Obama Budget Defeated 414-0

By Mike Shedlock (Mar 30, 2012)

Not a single Democrat endorsed the budget proposed by president Obama. The scorecards reads as follows Obama budget defeated 414-0. President Obama's budget was defeated... more

Obamacare Turns into "Healthwreck"

By Mike Shedlock (Mar 29, 2012)

Weak arguments presented by "team Obama" lawyers supporting Obama's healthcare legislation took a beating yesterday, and the beating continued even more so today.Please... more

Obama vs. Ryan: Budget Smackdown

By Mike Shedlock (Mar 28, 2012)

Inquiring minds are asking How does Paul Ryan's budget plan stack up against president Obama's budget plan, item-by-item? With thanks to Ross Perez and Lori Williams at... more

Six Things Bernanke is Clueless About

By Mike Shedlock (Mar 27, 2012)

Bernanke's blind faith in empirical formulas over common sense is again in play with his speech today on Recent Developments in the Labor Market. In any given month, a large... more

Property Tax Revolution in North Dakota, Minnesota, Michigan

By Mike Shedlock (Mar 26, 2012)

The granddaddy of property tax revolts is now underway in North Dakota.The North Dakota group, Empower the Taxpayer writes "On June 12, 2012, the voters of North Dakota will... more

California Takes Another Stab at Destroying Small Business

By Mike Shedlock (Mar 25, 2012)

Ludicrous Taxifornia Healthcare ProposalCalifornia keeps up its insane attack on businesses of all kinds, this time with a proposal to force small businesses away from... more

Where is Unemployment Headed?

By Mike Shedlock (Mar 24, 2012)

I have a pretty cool interactive map below that will let you graph the unemployment rates based on parameters that you can choose. First let's take a look at the current... more

Atlantic Magazine Proclaims Ben Bernanke "THE HERO"

By Mike Shedlock (Mar 23, 2012)

If you are looking for the most nauseating cover possible on Ben Bernanke, please consider the April 2012 issue of the Atlantic.The cover asks the question "Ben Bernanke... more

First Greece, Now Spain, and then...the World

By Mike Shedlock (Mar 22, 2012)

Spanish Sovereign debt yields jumped again today following Restructuring Concerns expressed by Willem Buiter. Spanish bonds fell, pushing 10-year yields to the highest level... more

Highest March Oil Price in History

By Mike Shedlock (Mar 21, 2012)

Wall of Supertankers Heads For USBrent crude at $125, US Crude at $110, and soaring gasoline prices everywhere have caused quite a stir. See Highest Price Ever of Gasoline in... more

Is There a Bubble in Treasuries?

By Mike Shedlock (Mar 20, 2012)

People have been calling a bubble in treasuries for at least a decade. The shocking result, especially to hyperinflationists, has been a stair-step decline in yields for 30... more

Public Union Bargaining Ends in UK

By Mike Shedlock (Mar 19, 2012)

I am pleased to report the end of collective bargaining at the national level. Unfortunately, I am talking about the UK, not the US, and also unfortunately, local wage... more

China's Hard Landing

By Mike Shedlock (Mar 18, 2012)

JPMorgan analyst Adrian Mowat says Chinese Economy Already in 'Hard Landing' “If you look at the Chinese data, you should stop debating about a hard landing,” Mowat, who is... more

Gallup Calls BS on BLS Unemployment Data

By Mike Shedlock (Mar 17, 2012)

The latest BLS jobs report and the latest Gallup survey on jobs and unemployment are so out of line, that Gallup has commented on it in followup article Unemployment Numbers... more

Businesses Exit Taxifornia in Droves

By Mike Shedlock (Mar 16, 2012)

California Tax Revenue PlungesInquiring minds have noticed a huge plunge in California Tax Revenue for the month of February compared to February 2011. The numbers below... more

I Will Gladly Pay You 100 Years From Now, For a Hamburger Today

By Mike Shedlock (Mar 15, 2012)

UK Chancellor George Osborne proposes 100-year bonds. Essentially his message is "I Will Gladly Pay You 100 Years From Now, For a Hamburger Today". Whether it's Tuesday of... more

How Far Have Home Prices "Really" Fallen?

By Mike Shedlock (Mar 14, 2012)

Various charts show home prices are now back to levels last seen in September-October 2002. I posted such a chart constructed from the LPS Home Price Index (HPI) in LPS Home... more

France Threatens Limits to Immigration

By Mike Shedlock (Mar 13, 2012)

French President Nicolas Sarkozy delivered an ultimatum to the EU on immigration, complete with a "Buy European Act" and a threat to suspend the Schengen Agreement that... more

House Dem Norm Dicks Steps Aside After FOIA Revelations

By Mike Shedlock (Mar 12, 2012)

I am pleased to report that Republican candidate Doug Cloud has finally brought down Democrat Congressman Norm Dicks, ranking Democrat on the powerful House Appropriations... more

Another Plunge in 3-Month Rolling Average of Petroleum and Gasoline Usage

By Mike Shedlock (Mar 11, 2012)

The following chart shows U.S. petroleum and gasoline usage for December-February compared with the same three months in prior years. Chart is courtesy of reader Tim... more

BLS 8.3%- Gallup 9.1%- Obama 0%

By Mike Shedlock (Mar 10, 2012)

Quick Notes About the Unemployment Rate In the last year, the civilian population rose by 3,584,000. Yet the labor force only rose by 1,569,000. Those not in the labor... more

Gallup Reports Large Jump in Unemployment to 9.1%, Underemployment to 19.1%

By Mike Shedlock (Mar 09, 2012)

In tomorrow's BLS payroll report, economists forecast an increase of 225,000 private jobs and total non-farm payrolls growth of 210,000. ADP expects 216,000 private jobs. I... more

Bubble Mentality Shattered for Decades to Come

By Mike Shedlock (Mar 08, 2012)

U.S. home prices declines to a new low for the move and are back to a level last seen in September-October 2002 according to a LPS News Release. The LPS HPI national average... more

Obama Unveils New J.P. Morgan, Wells Fargo Bailout Plan, Disguised as Mortgage Relief

By Mike Shedlock (Mar 07, 2012)

Under guise of helping homeowners, president Obama has finalized his plan to further aid banks. Please consider Obama's alleged Mortgage Relief Plan. The White House on... more

Eurozone Recession Could Be a Long One

By Mike Shedlock (Mar 06, 2012)

Markit Eurozone Services and Composite PMIs show renewed contraction due to drop in services activity, making it extremely difficult to deny that Europe is in a recession.... more

Super Tuesday Delegate Rules and Preview; Brokered Convention Revised Math

By Mike Shedlock (Mar 05, 2012)

On Monday February 27, I laid out the Mathematical Case for Brokered Convention. Since then, Michigan, Wyoming, and Washington have posted results. The table below reflects... more

Brazil Declares New Currency War on US and Europe

By Mike Shedlock (Mar 04, 2012)

In hope-against-hope scenario, countries with balance-of-trade surpluses struggle to maintain it. Put Japan, Germany, Brazil, and China in that group. In that group, Japan is... more

More Taxpayer Bailouts as Fannie and BofA Clash

By Mike Shedlock (Mar 03, 2012)

Taxpayers are already on the hook for $180 billion in losses at Fannie Mae and Freddie Mac. That number is going to rise, perhaps significantly. The clever synonym for more... more

Huge Problem With Bernanke's 2% Inflation Target Explained in Pictures

By Mike Shedlock (Mar 02, 2012)

Ben Bernanke wants prices to rise 2%. There are numerous problems with such a proposal, the first being increases in money supply sometimes lead to asset bubbles and not... more

World Bank Warns of Economic Crisis in China; Only 3% Growth for Decade Says Michael Pettis

By Mike Shedlock (Mar 01, 2012)

A World Bank report to be released next week warns of an economic crisis in China unless state-run firms are scaled back. The Wall Street Journal discusses the report in New... more

Damn the Voters, Full Bailouts (and Existing Policies) Ahead

By Mike Shedlock (Feb 29, 2012)

What's "too complicated" for France is not "too complicated" for Ireland. The Financial Times reports Ireland calls vote on European treaty Dublin will hold a referendum on... more

Mathematical Case for Brokered Convention

By Mike Shedlock (Feb 28, 2012)

There are 2,286 republican delegates. It takes 1,144 delegates to win the Republication nomination. With four candidates remaining, many are wondering about the likelihood of... more

Germany Wants to Make Offer Greece Can't Refuse

By Mike Shedlock (Feb 27, 2012)

It is possible if not likely we have to suffer through at least 11 more Groundhog days as Greece sets March 8 deadline for investors in bond swap. Greece has set a March 8... more

California: Bankruptcy Upon the Union Altar

By Mike Shedlock (Feb 26, 2012)

Bondholders of Stockton, California debt are about to be punished as City Manager Takes Steps Toward Bankruptcy. Stockton, California, may take the first steps toward... more

Staggering Idiocy on Oil

By Mike Shedlock (Feb 25, 2012)

Bernanke is hell bent on producing price inflation. He has succeeded, just not where he wants most. What Bernanke desperately wants is for housing prices to rise because that... more

Pact With the Devil Over Gold

By Mike Shedlock (Feb 24, 2012)

The one and only thing that might possibly spare Greece the agony of a completely worthless currency is Greece's small hoard of 111 tons of gold.Pact With the DevilYet, in... more

Chris Christie to Warren Buffet "Write a Check and Shut Up"; Advice to Rest: "Don't Send Them Money In the First Place"

By Mike Shedlock (Feb 23, 2012)

New Jersey governor Chris Christie has me laughing today with a pair of interviews. Please consider Governor Christie's Advice: Don't Send It To Them In The First Place Now,... more

Disastrous Piecemeal Breakup of Eurozone Likely in the Cards

By Mike Shedlock (Feb 22, 2012)

As a point of curiosity, the Greek 1-Year Bond Yield touched 682% today, now down to a mere 666%. Bloomberg quotes the open as 566%, if correct, the one year yield soared 116... more

Newest Government Magic Trick: Disability Fraud Holds Down Unemployment Rate; Disability Hits Record $200B

By Mike Shedlock (Feb 21, 2012)

Looking for another reason for an artificially low unemployment rate?Consider disability fraud, people claiming disabilities they do not have such as mental illness. Prior to... more

Irish Home Loans 90+ Days Delinquent Hits 9.2%; Spain Lending Shrinks at Record Pace

By Mike Shedlock (Feb 20, 2012)

Spain and Ireland have economies in shambles over housing bubbles popped long ago. Damage continues to mount. Here are a pair of stories highlighting problems.Bloomberg... more

China, Euro, US Looking for Econ Miracles

By Mike Shedlock (Feb 19, 2012)

Given the previous misguided stimulus efforts in China, it is not surprising to discover Chinese Banks’ Bad Loans Rise in Fourth Quarter. Chinese commercial banks’ bad loans... more

Unemployment in February Increases to 9%, Up From 8.6%; Underemployment Increases to 19%

By Mike Shedlock (Feb 18, 2012)

The latest Gallup survey finds U.S. Unemployment Increases in Mid-February Gallup only polls those 18 and above while the official BLS number includes 16 and above. Given... more

Face The Music: The Case Against Fractional Reserve Lending

By Mike Shedlock (Feb 17, 2012)

John Mauldin posted an extraordinary interview by Kate Welling of Dr. Lacy Hunt, the chief economist of Hoisington Investment Management. Dr. Lacy Hunt correctly identifies... more

Farage: Globalist Troika Driving Greece Towards Violent Revolution; Godfrey Bloom calls Eurobonds "Pathway to Hell" like Subprime Mortgages

By Mike Shedlock (Feb 16, 2012)

European parliament member Nigel Farage blames Troika for the violence and destruction in Greece.Link if video does not play: Farage: Globalist Troika Driving Greece Towards... more

Japan Tap QE as GDP Contracts Again

By Mike Shedlock (Feb 15, 2012)

Japan's 4th Quarter GDP Unexpectedly Contracts at 2.3% Annualized RateThe Financial Times reports Japan’s GDP shrinks in fourth quarter February 13, 2012 Japan’s economy... more

Occupy Athens: Total Chaos; Riots Rage; Athens Resembles War Zone

By Mike Shedlock (Feb 14, 2012)

Coverage of the chaos in Greece is now everywhere I look. Here is a sampling of stories:The GuardianGreek protesters fight with police as parliament agrees cuts deal As more... more

Athens Burning: Banks in Flames After Athens Passes Austerity Bill

By Mike Shedlock (Feb 13, 2012)

The Financial Times reports Athens passes demanded austerity bill. Greek lawmakers on Thursday approved a tough austerity package aimed at averting a default, but the vote... more

Obama Student Loan Debt Bubble About to Blow

By Mike Shedlock (Feb 12, 2012)

It's interesting to watch some of the terms bandied about in headline news. For example, the LA Times headline reads S&P says student loan debt could be next financial... more

China Crisis Accelerating?

By Mike Shedlock (Feb 11, 2012)

I am saddened to report that Michael Pettis' site China Financial Markets has been blocked. The link redirects to a site with a one line message "This Account Has Been... more

Consumer Credit Grows- Most of it in Student Loans

By Mike Shedlock (Feb 10, 2012)

Joe Weisenthal writing for Business Insider reports Consumer Credit Demolishes Expectations, Grows $19 Billion. It's hard to think that the economy is going into any kind of... more

Bernanke Finally Says Something That Seems to Make Sense "8.3% Unemployment Understates Labor Weakness"

By Mike Shedlock (Feb 09, 2012)

I nearly always disagree with Bernanke on monetary and fiscal policy. Specifically, the Fed ought not have a monetary policy for the simple reason the Fed should not... more

Greece Talks Postponed Due to Political Suicide

By Mike Shedlock (Feb 08, 2012)

Greece bailout talks were postponed on Friday to Saturday, then Saturday to Sunday, then Sunday to Monday, then Monday to Tuesday. They have been postponed again, this time... more

The Very Most Complete Story on Unemployment and Obamanomics

By Mike Shedlock (Feb 07, 2012)

Along with many others, I am pondering the latest employment numbers. Strong opinions are the norm.Many are steadfast in their interpretations, some critically so, especially... more

Eurogroup Warns: Comply or Default

By Mike Shedlock (Feb 06, 2012)

Greek default drama is much like the movie Groundhog Day. If you prefer a quote from Yogi Berra instead, then please consider It's déjà vu all over again.Every day for weeks... more

One Day Left to Save Greece

By Mike Shedlock (Feb 05, 2012)

Greek default drama is much like the movie Groundhog Day. If you prefer a quote from Yogi Berra instead, then please consider It's déjà vu all over again.Every day for weeks... more

Those Not in Labor Force Rose an Amazing 1,177,000

By Mike Shedlock (Feb 04, 2012)

Quick Notes About the "Falling" Unemployment Rate In the last year, the civilian population rose by 3,565,000. Yet the labor force only rose by 1,145,000. Those not in... more

Democrats Take Detroit to Greece Style Bankruptcy

By Mike Shedlock (Feb 03, 2012)

On January 29 Bloomberg reported Bing Races to Beat Michigan Deadline for Union Detroit Deal Democratic Mayor Dave Bing is racing to wrest concessions from 48 bargaining... more

Obama's New Plan to Bail Out Everyone Except You

By Mike Shedlock (Feb 02, 2012)

Today, under guise of helping "responsible homeowners" president Obama published details of Plan to Help Homeowners and Heal the Housing MarketKey Aspects of the President’s... more

Eurozone Unemployment Hits 10.4 Percent

By Mike Shedlock (Feb 01, 2012)

Courtesy of a Barclays Capital email here are the latest unemployment numbers in Europe.Euro Area: +0.2 to 10.4% based on slight upward revisions in November, September,... more

Ten Things to Expect in Europe

By Mike Shedlock (Jan 31, 2012)

The Financial Times reports Brussels hit by strike as EU leaders meet. A general strike brought widespread disruption to Belgium on Monday, as European Union leaders... more

French Socialist Vows to Tax Rich and Banks

By Mike Shedlock (Jan 30, 2012)

Politics are heating up in France and Germany as French president Nicolas Sarkozy clings to his political life and German chancellor Angela Merkel is under increasing... more

Greeks Reject German Plan for EU Budget

By Mike Shedlock (Jan 29, 2012)

Europe has been on the "verge" of a deal for two weeks. However, a deal is meaningless if Germany insists on budget controls. Actually a deal now is meaningless even if... more

GDP on Recession Track

By Mike Shedlock (Jan 28, 2012)

The headline real GDP number of 2.8% does not sound too bad until you dig beneath the surface. A full 1.9 percentages points of that 2.8% was inventory replenishment. Real... more

Why Gold? Why Now?

By Mike Shedlock (Jan 27, 2012)

Steen Jakobsen, chief economist for Saxo Bank in Denmark has some interesting thoughts to share on gold and metals in an email update that just came in.Steen writes... more

Obama Proposes Mortgage Bailouts, Handouts, Copouts

By Mike Shedlock (Jan 26, 2012)

Inquiring minds are reading the complete text of President Obama's State of the Union Address to see what distortions, lies, and hypocrisy it contains. I found a nice... more

Keynes-Inspired Great Depression; Lessons Not Learned

By Mike Shedlock (Jan 25, 2012)

A pair of articles by Austrian economist professor Antal E. Fekete just might have one wondering who is more in the loony bin, mainstream economists like Krugman or those... more

Obama Wants Another $100 Billion Bailout for Fannie, Freddie

By Mike Shedlock (Jan 24, 2012)

Fannie Mae and Freddie Mac have already cost US taxpayers over $200 billion. If Obama gets his way on mortgage writedowns, the GSEs estimate it would take another $100... more

Ron Paul's Finished; Who Takes His Place?

By Mike Shedlock (Jan 23, 2012)

In spite of a carefully timed announcement by Newt Gingrich's ex-wife Marianne on an "Open Marriage, Mistress Proposal", Gingrich rallied from a 16 point deficit on January 3... more

Greek Debt Talks Stall

By Mike Shedlock (Jan 22, 2012)

For weeks we have been hearing "agreement soon" on Greek bond haircuts. The theme for the day today as it was yesterday and as it was a week ago is "tomorrow".One problem... more

Time to Concede Home "Ownership" is a Fraud

By Mike Shedlock (Jan 21, 2012)

Every week someone sends me an idea on how to fix various housing problems. Many want home prices to stop falling and many others want to bail out homeowners because... more

A Right-Wing France?

By Mike Shedlock (Jan 20, 2012)

Latest polls show French President Sarkozy is losing ground to right-wing anti-euro candidate Marine Le Pen in the first round of the France presidential election. Via Google... more

Ouch! China Rejects Euro Bailout

By Mike Shedlock (Jan 19, 2012)

Here's a dead on arrival proposal: IMF Proposes Trillion Dollar Lending Expansion Most European stocks rose, erasing earlier losses, as the International Monetary Fund was... more

Stock Market Not a Leading Economic Indicator

By Mike Shedlock (Jan 18, 2012)

Bob Bronson makes the claim on the Big Picture Blog that Initial Unemployment Claims Confirm Unfinished Market Rally click on any chart in this post for a sharper... more

Greece Default Likely

By Mike Shedlock (Jan 17, 2012)

A Greek default appears likely soon as Greece Dispatches Officials to US Over Default Fears. Greece sent senior officials to Washington on Monday for meetings with the... more

Japan Seeks to Double Sales Tax; S&P Downgrade Likely

By Mike Shedlock (Jan 16, 2012)

In an effort to halt expansion of Japan's massive public debt, Japan's Prime Minister Seeks Doubling National Sales Tax. Prime Minister Yoshihiko Noda said containing... more

Obama + Streamline Equals New Cabinet Position

By Mike Shedlock (Jan 15, 2012)

Hoping to seize the deficit reduction initiative from Republicans (it does not take much because Republicans have no proposals on the plate) President Obama is out to prove... more

Fuel Index Points to Slow Economy

By Mike Shedlock (Jan 14, 2012)

Inquiring minds are digging into the Ceridian-UCLA Pulse of Commerce Fuel Index for December 2011 report released today. The Ceridian-UCLA Pulse of Commerce Index®... more

Core Retail Sales Decline

By Mike Shedlock (Jan 13, 2012)

Following all the glowing retail sales reports for Christmas, the actual numbers reported today show a mere .1% rise. Excluding autos which rose 1.5%, retail sales actually... more

Greek Bailout Goes to Weapons, France, Germany- but Can't Afford Aspirin

By Mike Shedlock (Jan 12, 2012)

The Greek economy is now totally and completely dysfunctional. The government has resorted to price controls on goods to contain costs. However, price controls do nothing but... more

US vs. China Money Supply - Who is Printing More?

By Mike Shedlock (Jan 11, 2012)

Chinese stock have been on a 2-day tear as Premier Wen Jiabao has come flat out in support of the stock market.Moreover, money supply in China is up the most since last April... more

One Energy Subsidy Ended on January 1, 2012

By Mike Shedlock (Jan 10, 2012)

A major part of the United States' misguided policy on ethanol usage came to an end as the $6 billion-a-year ethanol subsidy dies America's corn farmers have been... more

Euro Suffers Longest Losing Streak Since 2010

By Mike Shedlock (Jan 09, 2012)

Bloomberg reports Euro Drops in Longest Losing Streak Since 2010 on Debt Turmoil The euro fell for a fifth week versus the dollar in its longest losing streak in almost... more

German Factory Orders Drop Most in Nearly 3 Years

By Mike Shedlock (Jan 08, 2012)

It is amusing to see how other writers portray a story vs. what I would say about the same data.For example, Bloomberg columnist Rainer Buergin reports German... more

Barnes & Noble in Trouble

By Mike Shedlock (Jan 07, 2012)

Retail sales are up but profits are down as noted in Profit Warnings at Target, Kohl’s, J. C. Penney, American EagleHowever, shrinking profits are one thing, huge losses... more

Hungary Marches Down Hyperinflation Path; What About the US?

By Mike Shedlock (Jan 06, 2012)

As I watch political events in Hungary, I cannot help but think Hungary is on a path towards hyperinflation.Please consider Der Spiegel report 'Democracy Is Being Trampled On... more

Greece's Least Bad Option

By Mike Shedlock (Jan 05, 2012)

Inquiring minds might be wondering what is the best way forward for Greece. To some extent, the question is akin to asking "would you prefer to lose a one hand and one eye or... more

$7.6 Trillion in Debt

By Mike Shedlock (Jan 04, 2012)

With everyone watching debt rollovers in Europe, let's instead take a look at the total global debt rollover and debt issuance problem. Bloomberg reports World’s Biggest... more

Obama Signs Bill that Kills Bill of Rights

By Mike Shedlock (Jan 03, 2012)

In 9 Things to Say Goodbye To, I lamented on the loss of privacy and free speech.Unfortunately, the situation is much worse, thanks a huge group of senatorial cowards that... more

Ouch! Spain Hikes Taxes, Cuts Budget

By Mike Shedlock (Jan 02, 2012)

Courtesy of Google Translate, please consider Rajoy approves the biggest cut in history and a large tax increase Everyone knew it. Above all, Mariano Rajoy , who had... more

Mish 2012 Predictions; 2011 Year in Review

By Mike Shedlock (Jan 01, 2012)

Shortly before Christmas I did a video discussion of 2011 with Max Keiser with a look-ahead to a few ideas for 2012. Part of the discussion was a recap of some of my call... more