Back into recession goes Spain, with 25% unemployment, and no hope in sight…
What’s needed, yet again, is for the ECB to backstop all sovereign debt, for the Germans to commit to both more spending and more inflation, and/or for the downtrodden Southern Europeans to get out of the Euro.
Gorilla says: “Destroying countries to prop up German banks is no more popular now than it was in the 1930s-40s!”
So should not firing the Secret Service Director…
Or being satisfied with 4 years of 8% plus unemployment…
Or pretending that a commitment to battling non-existent inflation is more important than the wholly unnecessary suffering of millions…
Gorilla says: “We are led by stupid and evil people!”
Or how to destroy a country to please German bankers:
You do all the right/wrong things, and guess what?
Record unemployment, credit rating downgrade, followed by record unemployment, credit rating downgrade!
Gorilla says: “Getting rid of Merkel and her fellow amoral lackies will do at least as much for Europe as getting rid of Hitler!”
1) The weekly unemployment claims number is going back up towards 400K.
2) Durable goods orders are down.
3) The Fed’s essentially going to do nothing at all about unemployment, non-existent inflation remains the only thing Ben Bernanke worries about.
4) 1st Quarter GDP number tomorrow: anything less than 2% will be seen as disappointing, less than 1% means look out double dip.
Gorilla says: “Not reasons to panic, but it’s clear much more needs to be done!”
UK: back in recession!
Not a surprise, given the Cameron government’s commitment to austerity.
Austerity=higher unemployment=lower tax revenues=larger deficits: this has been known for at least 75 years, but today’s politicians continue repeating the same mistake.
Gorilla says: “Get rid of Cameron, Sarkozy, and Merkel, and their foolish policies, before it’s too late!”
So long as India, China, et. al. can continue to import Iranian oil, sanctions will not work.
Iran may be feeling slightly more pinched these days, but Western policy remains deeply unserious.
What’s needed is a bilateral negotiation between the US and Iran, leading to diplomatic recognition and lots of trade.
The mullahs aren’t likely to stop going nuclear, and the rest of the world is very tired of the endless, pointless wars for oil.
Want to restrict dependency on the Middle East and rogue states like Iran? Then raise taxes substantially on fossil fuels and make alternatives economically viable.
Instead we’ll have another 2 years of “Iran is evil, they may have nukes!”, followed by yet more demonstrations that air power alone doesn’t make the world safe for democracy.
Gorilla says: “Persian springs are the only way out of this nonsensical mattress!”
Not going broke, not bankrupt, still paying benefits for the forseeable future…
What we’ll be hearing of course are the usual lies from the usual liars (Mark Warner, take a bow!).
Easy solutions: stop listening to the liars, raise the Social Security payroll tax/income threshold to cover all taxpayers, and lower the eligibility age for Medicare to 0.
Gorilla says: “Once we’re truly all in it together, the assholes will melt away!”
So, it’s Hollande v. Sarkozy in Round Deux with Le Pen’s horrible daughter pulling some strings…
France has not been fortunate when it comes to leaders. Sarkozy is clearly the worst French President since Petain, Hollande seems extraordinarily lifeless (even by the standards of the Socialist Party), and the fascist who got 20% is, like her father, destined never to crawl up from the sewer she inhabits.
Gorilla says: “C’est la vie stupide!”
An asshole’s asshole who will not be missed in any way by anyone.
American Bandstand was very much past it by the early 70s, but Dick’s motto went on: Whatever made money made him happy, whatever didn’t made him a no show…
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