News Stories (December 2011)
- 2011/12/30: Forbes: The $18 Trillion Threat Of The Unregulated Shadow Banking System
- 2011/09/19: arXiv: The network of global corporate control by Stefania Vitali et al.
- 2011/12/21: UCSUSA: Blinded by Ideology: How Grover Overlooks the Facts about Renewable Electricity Standards
- 2011/12/29: AlterNet: Vampire Squid Watch: 4 Scary Economic Trends for 2012
- 2011/12/30: PS: America’s Threat to Trans-Pacific Trade by Jagdish Bhagwati
- 2011/12/30: CEPR:BtP: Robert Samuelson, Wrong Again
- 2011/12/31: RWER: The triumph of the death of methodology and the history of economic thought
- 2011/12/31: EconView: Peddling a False Narrative on the Financial Crisis
- 2011/12/28: SwissInfo: Credit Suisse fined over US securities sales
Swiss bank Credit Suisse has been fined $1.75 million (SFr1.65 million) in the United States for failing to meet rules in the sale of securities.
- 2011/12/30: BizInsider: The EU And IMF Watch In Horror As Everything Goes To Hell In Hungary
- 2011/12/28: AlterNet: Thomas Frank: How the Right Wing Hijacked Rage Over the Economic Collapse and Swindled America
- 2011/12/30: AlterNet: Our Economy Has Failed -- Until We Admit That, We're Screwed
- 2011/12/30: AlterNet: San Francisco Becomes First in Nation with $10 Minimum Wage (and the Sky Isn't Going to Fall)
- 2011/12/31: al Jazeera: Hungary passes contentious central bank law
Parliament approves law seen as increasing political influence over central bank, in move seen as contrary to EU laws.
- 2011/12/24: al Jazeera: Markus Kerber: "One size cannot fit all"
A strong critic of the euro explains why he thinks the currency union is doomed to fail.
- 2011/12/29: NYT: Keynes Was Right -- "The boom, not the slump, is the right time for austerity at the Treasury."
- 2011/12/30: RWER: On the problems facing the world in 2012
- 2011/12/30: RWER: Chart of the day: Public vs. private US debt to GDP ratios
- 2011/12/30: NakedCapitalism: Public Money for Public Purpose: Toward the End of Plutocracy and the Triumph of Democracy - Part VI
- 2011/12/30: NakedCapitalism: Is the OCC the Most Corrupt US Bank Regulator?
- 2011/12/30: EUO: Hungary passes controversial bank law [designed to give PM Orban political control over the Central Bank]
- 2011/12/28: Brookings: [link to pdf] What's Wrong With American Housing?
- 2011/12/30: DemNow: Scott Olsen, U.S. Vet Wounded at Occupy Oakland, on Recovery, Protests, Iraq and Bradley Manning
- 2011/12/30: BBC: Hungary passes controversial central bank law
Hungary has passed a law that critics say could undermine the independence of its central bank.
- 2011/12/30: BBC: The vast majority of leading economists polled by the BBC believe recession will return to Europe next year
- 2011/12/30: BBC: World stock markets end a tumultous year well down
- 2011/12/30: BBC: Japan's Nikkei at lowest year-end level since 1982
- 2011/12/29: CBC: The year capitalism became a dirty word in the U.S.
- 2011/12/29: RWER: Krugman considers Baker (with graphs)
- 2011/12/29: BRitholtz: End of Corn Ethanol?
- 2011/12/29: NakedCapitalism: Bill Black: Did OFHEO Fix Fannie and Freddie’s Compensation Systems after discovering their Frauds?
- 2011/12/29: NakedCapitalism: Public Money for Public Purpose: Toward the End of Plutocracy and the Triumph of Democracy - Part V
- 2011/12/29: CalcRisk: Weekly Initial Unemployment Claims increase to 381,000
- 2011/12/29: NYT:PK: A Slump Is A Good Time To Invest In Infrastructure
- 2011/12/29: NYT:PK: The Burden of Debt, Again Again
- 2011/12/29: JaredB: Me Not Scared of Big Numbers!
Look, it’s important to recognize that we face an unsustainable budget outlook. The two key points are 1) in the medium term -- over the next decade -- we can’t bring down the deficit without new tax revenues (in the very near term, we temporarily need larger budget deficits to help complete the recovery from the great recession). Spending cuts alone won’t work. And 2) in the long term, we must slow the growth of health care spending.
I’m not saying either of these imperatives are a piece of cake, but them’s the facts and pretty much all else is noise.
- 2011/12/29: al Jazeera: Enshrining the lies of the US' 1%
What chance does truth have, if Americans cannot cast off lies that directly steal money from their own pockets?
- 2011/12/28: RWER: A tale of 30 corporations
- 2011/12/28: EconView: "The Proposition is Not Mainstream in the Sense of Being Fully Accepted by Most Economists" [Ricardian equivalence]
- 2011/12/28: NakedCapitalism: Bill Black: What if the SEC investigated Banks the way it is investigating Mutual Funds?
- 2011/12/28: NakedCapitalism: Why Is The Term "Financial Repression" Being Sold?
- 2011/12/28: NakedCapitalism: Public Money for Public Purpose: Toward the End of Plutocracy and the Triumph of Democracy - Part IV
- 2011/12/28: CalcRisk: Existing Home Inventory declines 18% year-over-year in December
- 2011/12/27: CDreams: Half of America In Poverty? The Facts Say It's True
- 2011/12/28: NYT:PK: Debt Is (Mostly) Money We Owe to Ourselves
- 2011/12/27: WiC: Occupations in winter
- 2011/12/27: DerSpiegel: Measure of Fear -- Banks Bunker Hundreds of Billions in Deposits at ECB
Just before Christmas, the European Central Bank flooded the financial markets with 500 billion euros -- a move that may not ultimately have the desired effect of stabilizing banks. Instead of passing that money on in loans to businesses to spur the economy, European banks have redeposited the money with the ECB at low interest rates.
- 2011/12/28: BBC: Italy borrowing costs fall sharply at auction
- 2011/12/28: BBC: Japan's industrial output dips 4% on yen and flooding
- 2011/12/27: BBC: US house prices fall in October despite low rates
- 2011/12/27: NYT:PK: The Defeatism of Depression
- 2011/12/26: TDB: The Big Lie -- Wall Street has destroyed the wonder that was America
- 2011/12/27: BWeek: Fed’s Once-Secret Data Compiled by Bloomberg Released to Public
- 2011/12/27: RWER: Historic Grumpiness
- 2011/12/27: BRitholtz: SEC Goes Quant
- 2011/12/27: BRitholtz: IBD: That Damn Ritholtz is a Member of the Media Elite!
- 2011/12/27: BRitholtz: Case Shiller: Home Prices Fell 3.4% Year-over-Year
- 2011/12/27: NakedCapitalism: Public Money for Public Purpose: Toward the End of Plutocracy and the Triumph of Democracy - Part III
- 2011/12/27: NakedCapitalism: Public Money for Public Purpose: Toward the End of Plutocracy and the Triumph of Democracy - Part II
- 2011/12/27: CalcRisk: Case-Shiller: House Prices decline in October
- 2011/12/27: CalcRisk: Case Shiller: House Prices fall to new post-bubble lows in October (seasonally adjusted)
- 2011/12/27: CalcRisk: DOT: Vehicle Miles Driven declined 2.3% in October
- 2011/12/27: CBC: U.S. home prices in broad-based decline
- 2011/12/27: Guardian(UK): Sears to close 100-120 stores after poor holiday sales
- 2011/12/26: CSM: New home sales near all-time low
- 2011/12/27: BBC: Sears and Kmart to close up to 120 stores on poor sales
- 2011/12/27: BBC: ECB reports record cash deposits from banks
The European Central Bank (ECB) has reported receiving record cash deposits of 412bn euros (£344bn; $539bn).
The heavy usage of the ECB's overnight deposit facility over Christmas suggests Europe's banks remain nervous about lending the money to each other.
The total beat the previous record of 384bn euros set in June 2010.
It comes just after the ECB gave eurozone banks 489bn euros of three-year loans to try to ward off a fresh banking crisis and credit crunch.
Cash from those loans arrived in the banks' accounts on Friday just before Christmas.
- 2011/12/27: BBC: Japan and India eye new currency swap agreement
- 2011/12/27: BBC: Petroplus shares fall 40% after $1bn credit freeze
- 2011/12/26: AlterNet: 7 of the Nastiest Scams, Rip-Offs and Tricks From Wall Street Crooks
- 2011/12/19: AlterNet: Crackdown at Occupy New Orleans: Mayor Landrieu’s Peaceful Authoritarianism
- 2011/12/26: al Jazeera: Brazil economy 'overtakes Britain'
Brazil's rise to world's sixth-largest economy comes as part of larger trend in which emerging economies are doing well.
- 2011/12/26: RE&U: Joe Nocera nails it
- 2011/12/23: Slate: Break Up the Banks -- Why are we bailing out the banks while demanding austerity for everyone else?
- 2011/12/26: RWER: Robert McMaster: "neuroeconomics’ empirical basis is fundamentally underdetermined"
- 2011/12/26: EconView: The Futility of Moving to the Middle -- Will the real Robert Samuelson please stand up
- 2011/12/26: NakedCapitalism: The Trouble with Principles: Or, How to Not Lose Friends and Alienate People When Learning Economics
- 2011/12/26: al Jazeera: China's yuan hits all-time high versus dollar
Currency expected to appreciate further next year as China ignores US pressure to devalue its currency.
- 2011/12/26: NYT:PK: A Note On The Ricardian Equivalence Argument Against Stimulus (Slightly Wonkish)
- 2011/12/25: WiC: Why the 1 percent are only 1 percent
- 2011/12/26: GRC: Unrelenting Global Economic Crisis: A Doomsday View of 2012 -- The economic, political and social outlook for 2012 is profoundly negative
- 2011/12/26: BBC: Brazil economy overtakes UK, says CEBR
Brazil has overtaken the UK as the world's sixth largest economy, an economic research group has said.
The Centre for Economics and Business Research (CEBR) said its latest World Economic League Table showed Asian countries moving up and European countries falling back.
- 2011/12/22: AlterNet: Poor White Blight: How Rapper Yelawolf (and Eminem Before Him) Turns Hip-Hop's Eye to the Trailer Park
- 2011/12/24: NYT:PK: Joe Nocera Gets Mad
- 2011/12/24: NYT:PK: Exchange Rates and Wages
- 2011/12/25: BRitholtz: The Banking Oligopoly
- 2011/12/25: NakedCapitalism: Morgenson on the Sham of the OCC’s Foreclosure Reviews
- 2011/12/25: CalcRisk: Germany's Schaeuble pushes for Financial Transaction Tax
- 2011/12/25: BBC: China and Japan plan direct currency exchange agreement
- 2011/06/08: RibbonFarm: A Brief History of the Corporation: 1600 to 2100
- 2011/04/28: BWeek: The Destruction of Economic Facts
Renowned Peruvian economist Hernando de Soto argues that the financial crisis wasn't just about finance --- it was about a staggering lack of knowledge
- 2011/12/24: BRitholtz: NYTimes Takes on "The Big Lie"
- 2011/12/24: NakedCapitalism: Public Money for Public Purpose: Toward the End of Plutocracy and the Triumph of Democracy
- 2011/12/22: Nation: Revolution through Banking?
- 2011/12/21: DerSpiegel: Massive Lending Operation -- ECB's Risky Plan to Flood Banks with Cash
The European Central Bank has launched the biggest lending operation in its history, and banks pounced on the offer on Wednesday, borrowing almost a half-billion euros for three years at a low interest rate. Governments hope the banks will use the cash to buy sovereign bonds, but critics warn the ECB's strategy is risky and could stoke inflation.
- 2011/12/22: DerSpiegel: 'Key Driving Sector' -- Greece Turns to Energy as its Economic Savior
Greece's economy is in ruins, crushed by the country's vast debt load. But government officials say that energy may offer a way out of the mess. And the country isn't picky. Athens is looking to develop renewable energy sources at the same time as it explores for oil.
- 2011/12/23: BBC: US consumer spending figures disappoint
Consumer spending in the US rose by less than expected in November, according to official figures.
Spending rose by 0.1% from October, according to the data from the US Commerce Department.
- 2011/12/24: al Jazeera: The new international economic disorder
Though many lamented the extent of Western domination of the global economic system, is the emerging system any better?
- 2011/12/22: NYT:Economix: No One Is Above the Law
- 2011/12/22: Reuters: Special Report: The watchdogs that didn't bark
Four years after the banking system nearly collapsed from reckless mortgage lending, federal prosecutors have stayed on the sidelines, even as judges around the country are pointing fingers at possible wrongdoing.
- 2011/12/23: BRitholtz: Unprecedented Fraud, Toothless Watchdogs
- 2011/12/23: BRitholtz: Succinct summation of week’s events
- 2011/12/23: NakedCapitalism: More MSM Criticism of Obama "Nothing Illegal Here, Move Along" Stance on Foreclosure Fraud
- 2011/12/23: NakedCapitalism: How the Public Misses Out on How Fights Over Bank Regulations Affect Them
The public keeps losing and losing and losing to big finance because financiers have made an art form of using complexity, opacity, and leverage to cover their tracks.
- 2011/12/23: CalcRisk: Unofficial Problem Bank list declines to 973 institutions
- 2011/12/23: CBC: Canada's economic growth stalls in October [GDP 0%]
- 2011/12/23: CBC: U.S. new home sales heading for worst year ever
- 2011/12/22: RS: A Christmas Message From America's Rich
- 2011/12/23: PEF: Canada Goose Egg
- 2011/12/23: Bronte: Future Joseph Jett traders get a Christmas card from Mario Draghi
Well the Euro fix is in. Whether it works - that is another question. But the fix is this: European banks can borrow unlimited amounts for three years to buy Euro government debt. The debt often yields 5 percent. The money costs 1 percent.
The Government debt has - at least for the moment - a very low (mostly zero) risk weighting for capital adequacy purposes so the return on regulatory equity is more than adequate.
- 2011/12/23: CSM: China makes record purchase as eurozone puts assets up for sale
- 2011/12/21: BizInsider: IMF Admits Spending Cuts Can Make It Even Harder For Governments To Borrow
- 2011/12/23: BBC: US growth revised down again for third quarter to 1.8%
The US economy grew at a slower pace than previously estimated in the three months to the end of September.
Revised figures from the US Commerce Department show gross domestic product grew at an annual pace of 1.8% in the period, down from the previous estimate of 2% and first estimate of 2.5%.
- 2011/12/21: AlterNet: How Can the World's Richest Country Let Children Go Hungry? 6 Tricks Corporate Elites Use to Hoard All the Wealth
- 2011/12/22: AlterNet: The 99% Versus Wall Street: Stephen Lerner on How We Can Mobilize To Be the Greedy 1%'s Worst Nightmare
- 2011/12/22: AlterNet: OWS Fights Back Against Police Surveillance by Launching "Occucopter" Citizen Drone
- 2011/12/23: G&M: Health-care funding: How Harper views the Canadian federation
In the wake of Finance Minister Jim Flaherty’s surprise announcement on the future of health-care funding, the hand-wringing has already started. Many in the media were looking forward to months of rhetorical pre-positioning leading to a make-or-break first ministers conference with 13 angry premiers arrayed against a recalcitrant Prime Minister.
And the dark talk has already started about the presumed federal abdication of national leadership: "If the feds aren’t telling the provinces how to fix health care, well, they obviously don’t care."
- 2011/12/23: G&M: Top court opts against a national market
In rejecting the proposed bill to create a national securities regulator, the Supreme Court of Canada failed to see the importance of a single capital market for the contemporary Canadian economy.
And while the court repeatedly invoked the concept of co-operative federalism, it did not give real weight to the fact that only those provinces and territories that chose -- co-operatively -- to opt in would be affected.
- 2011/12/22: BRitholtz: Dear Jamie Dimon
- 2011/12/22: NakedCapitalism: Wolf Richter: CEO of Dexia - ‘Not A Bank But A Hedge Fund’
- 2011/12/22: NakedCapitalism: Michael Olenick: The Administration Likes Foxes in Charge of Henhouses -- Proof that OCC Foreclosure Reviews Are a Sham
- 2011/12/22: NakedCapitalism: Philip Mirowski: The Seekers, or How Mainstream Economists Have Defended Their Discipline Since 2008 - Part IV
- 2011/12/22: NakedCapitalism: DoJ’s Christmas Present to Bank of America: $335 Million Settlement for Discriminatory Lending Charges at Countrywide
- 2011/12/22: CalcRisk: Weekly Initial Unemployment Claims decline to 364,000
- 2011/12/22: EurActiv: Ratings agency downgrades Hungary to 'junk'
Standard & Poor's has cut Hungary's long-term credit rating by a notch to BB+ to "junk", citing unpredictable policies, adding to pressure on the government to change its unorthodox policy and clinch a deal with international lenders.
- 2011/12/22: EUO: Banks queue up for cheap ECB loans
Over 500 European banks rushed to borrow almost half a trillion euro in cheap loans from the ECB on Wednesday (21 December), highlighting the credit squeeze on the market and only marginally increasing investor confidence that the central bank is mastering the euro-crisis.
- 2011/12/22: JaredB: Re Progressive Taxation, the People Get It
- 2011/12/21: WiC: The top 1 percent whining selfish bastards
- 2011/12/22: BBC: Japan's economy will shrink by 0.1% in the year to the end of March, according to the latest government forecast, compared with the 0.5% growth it previously predicted
- 2011/12/21: AlterNet: Eliot Spitzer: Our Rallying Cry Should Be, "We Own Wall Street and We Can Stop Corporate America's Worst Behavior."
- 2011/12/21: AlterNet: Inside the 1 Percent's Texas Enclave: One of the Richest, Whitest and GOP-Friendliest Zip Codes
- 2011/12/21: AlterNet: Revolutions Don't Happen in a Day: 5 Ways OWS Can Stay Powerful and Truly Build a Movement
- 2011/12/20: RS: Obama and Geithner: Government, Enron-Style
- 2011/12/21: EconView: Romney Endorses "The Big Lie " -- Mitt Romney will say anything to be president
- 2011/12/21: BRitholtz: Billionaire Buffoons Hoisted On Their Own Petards
- 2011/12/21: NakedCapitalism: Philip Mirowski: The Seekers, or How Mainstream Economists Have Defended Their Discipline Since 2008 -- Part III
- 2011/12/21: NakedCapitalism: Europe Braces for Long Winter
- 2011/12/21: NakedCapitalism: FHFA’s DeMarco Considering Backdoor Bankruptcy Principal Modification Program for Freddie and Freddie
- 2011/12/21: CalcRisk: Existing Home Sales Revisions
- 2011/12/21: CalcRisk: Impact of NAR Revisions on GDP
- 2011/12/21: CalcRisk: Lawler: The NAR "benchmark revision story" is not over!
- 2011/12/21: Guardian(UK): Ratings agency Fitch warns US of possible credit downgrade
Fitch issues warning that America could lose its AAA rating in two years if it cannot come up with plan to slash federal deficit
- 2011/12/21: EurActiv: EU warns Hungary over Central Bank independence
European Commission President José Manuel Barroso asked Hungarian Prime Minister Viktor Orbán yesterday (20 December) to withdraw legislation that could threaten the central bank's independence.
- 2011/12/21: EUO: Britain blames euro for triple-A warning
- 2011/12/21: EUO: Doubts increase over usefulness of new fiscal treaty
- 2011/12/19: OpenDem: How the crisis may puncture the GDP cult
- 2011/12/20: DemNow: Crippling the Right to Organize: GOP Inaction May Leave National Labor Relations Board Inoperable
- 2011/12/20: DemNow: Police Crack Down on Occupy Wall Street Protesters, Journalists on Movement’s 3-Month Mark
- 2011/12/21: CalcRisk: Existing Home Sales in November: 4.42 million SAAR, 7.0 months of supply
Also released today are benchmark revisions to historic existing-home sales. The 2010 benchmark shows there were 4,190,000 existing-home sales last year, a 14.6 percent revision from the previously projected 4,908,000 sales. For the total period of 2007 through 2010, sales and inventory were downwardly revised by 14.3 percent.
- 2011/12/21: NAR: Existing-Home Sales Continue to Climb in November
- 2011/12/20: JCA: Income Inequality in Post-War America
- 2011/12/20: DVoice: Republican Party’s War on America’s Working Class
- 2011/12/21: DerSpiegel: The Crash Specialists -- Argentina's Lessons for a Crisis-Ridden Europe
Ten years ago, Argentina's economy was in a shambles, the victim of vast sovereign debt, a peso that was pegged to the US dollar and rigid IMF austerity measures. A decade later, Europe is facing many of the same problems. Argentina's recovery has plenty of lessons for the euro zone -- if only it would listen.
- 2011/12/20: DerSpiegel: Resistance in London -- Britain Refuses to Boost IMF Aid for Euro Crisis
EU finance ministers wanted to raise 200 billion euros to boost the International Monetary Fund's firepower in the euro crisis, but they only raised 150 billion on Monday, largely due to resistance from Britain. Germany, meanwhile, will have to rework its 2012 budget to help finance the new permanent euro rescue fund.
- 2011/12/20: DerSpiegel: A Currency Crisis Debate -- 'The Euro-Zone Bailout Programs Must Be Stopped'
How to save the euro? Some believe that the European Central Bank is the key to any solution. Others think that the euro zone should be contracted and the weak members squeezed out. SPIEGEL spoke with two leading German economists about the currency's future. Their one area of agreement? Something must be done quickly.
- 2011/12/19: DerSpiegel: Resentments Reawaken -- Britain's Mounting Distrust of Germany
In Britain, distrust of Europe goes hand-in-hand with distrust of Germany. Relations between the two countries have cooled following the furore caused by the latest EU summit, and British euroskeptics are once again resorting to old stereotypes.
- 2011/12/21: BBC: Eurozone banks have rushed to take out cheap three-year loans offered by the European Central Bank, borrowing 489bn euros ($643bn; £375bn)
- 2011/12/29: BBC: US Federal Reserve proposes stricter rules for banks
- 2011/12/21: CBC: European Central Bank lends E489 billion to banks -- Massive credit infusion to support eurozone banking system
- 2011/12/21: CBC: Should Canadian millionaires pay more taxes?
- 2011/12/20: AlterNet: Why Are We Forced to Worship at the Feet of 'Mythical' Financial Markets Controlled by the Elite?
- 2011/12/20: AlterNet: Bill Black's Handy Guide to Bankster Fraud, From 'Small Fraudulent Fry' to 'Septic Tank Scum'
- 2011/12/20: AlterNet: Grover Norquist's Real Game: Shifting Power and Wealth to the 1 Percent
- 2011/12/21: al Jazeera: London versus the eurozone
David Cameron's veto may mean that the UK might have to shuffle towards the EU exit.
- 2011/12/20: EconView: [Simon] Johnson: Austerity and the Modern Banker
- 2011/12/20: BRitholtz: GSEs: See the Real Sins, Not the Imaginary Ones
- 2011/12/20: NakedCapitalism: Tom Miller Can’t Even Lie Well Anymore: Not Only No Deal By Christmas, As Promised, But Banks Upping Demands Even As Attorneys General Leave Table
- 2011/12/20: NakedCapitalism: Philip Mirowski: The Seekers, Or How Mainstream Economists Have Defended Their Discipline Since 2008 -- Part II
- 2011/12/18: Nation:B: Occupy Highlights Authoritarian Behavior by Police
- 2011/12/20: EnergyBulletin: Why oil prices are killing the economy
- 2011/12/20: Guardian(UK): Banking: the gift that keeps on giving - just not to you
- 2011/12/19: NYT:PK: Keynesophobia
- 2011/12/20: BDL: It's Maynard Keynes's World...
- 2011/12/20: NYT:PK: Pathetic Plutocrats
- 2011/12/20: BBerg: Bankers Join Billionaires to Debunk ‘Imbecile’ Attack on Top 1%
- 2011/12/19: PChovanec: Foreign Affairs: China’s Real Estate Crash
- 2011/12/20: CBC: Inflation in November holds steady at 2.9% -- Last month's 12-month increase in food prices was largest since July 2009
- 2011/12/19: AlterNet: OWS, Without a Space to Occupy, Faces Organizational Challenges
- 2011/12/19: AlterNet: "I Cannot Eat Your Prayers": How Student Debt Changed One Woman's Mind on "Christian Charity"
- 2011/12/20: al Jazeera: Fragile and unbalanced in 2012
A stagnant US, a volatile eurozone, and a slowly recovering Japan promise to make 2012 a bumpy ride.
- 2011/12/19: EconView: Paul Krugman: Will China Break?
- 2011/12/19: EconView: ...and a Government for the Special Interests -- Is government working for you?
- 2011/12/19: NakedCapitalism: FHFA Inspector General End Runs DoJ, Joins Forces With New York Attorney General Schneiderman
- 2011/12/19: NakedCapitalism: Philip Mirowski: The Seekers, or How Mainstream Economists Have Defended Their Discipline Since 2008 -- Part I
- 2011/12/19: BBC: Britain boycotts IMF eurozone rescue scheme
European countries have agreed to provide 150bn euros (£125bn; $194bn) to the International Monetary Fund.
- 2011/12/19: Guardian(UK): Obama's stimulus failure
The president could have rescued the economy by pushing for more stimulus. Not doing so was an error of epic proportions
- 2011/12/19: NYT:PK: Don’t Know Much About History, Debt Edition
- 2011/12/19: WiC: Bleak future for returning U.S. veterans
- 2011/12/19: WiC: How to halt the expansion of inequality in the U.S.
- 2011/12/17: WiC: Capitalism is the enemy of democracy
- 2011/12/14: MWatch: This slump won’t end until 2031 -- Our predicament parallels Long Depression of 1870s
- 2011/12/15: AP: Census shows 1 in 2 people are poor or low-income
- 2011/12/19: BBC: The president of the European Central Bank (ECB), Mario Draghi, has said he has "no doubts" about the euro's ability to survive the current crisis
- 2011/12/19: BBC: Saab files for bankruptcy in Sweden
General Motors (GM), which owns part of Saab, did not want Chinese carmakers accessing technology licences.
- 2011/12/19: CBC: Saab files for bankruptcy
Saab Automobile filed for bankruptcy Monday after attempts by Chinese investors to take over the loss-making brand were blocked by previous owner General Motors Co.
- 2011/12/18: AlterNet: Good News for Low-Paid Home Health Care Workers: Minimum Wage and Overtime Pay On the Way
- 2011/12/18: AlterNet: 6 Stories That You May Have Missed From the Occupy Movement
- 2011/12/19: al Jazeera: The eurozone crisis is not about market discipline
The crisis should be recognised for what it really is: a class war waged on workers in Europe.
- 2011/12/18: RWER: Europe’s Crisis and Latvia’s "Success"
- 2011/12/18: RWER: Student loans: the new bubble? (chart)
- 2011/12/18: RWER: Why Free-Market Economics is a Fraud
- 2011/12/18: BRitholtz: MF Global Collapse Reveals Systemic Risk
- 2011/12/18: NakedCapitalism: Matt Stoller: Taxpayers Paying to Defend ex-Fannie, Freddie Executives from SEC
- 2011/12/18: NakedCapitalism: Wolf Richter: Political Realities Threaten To Split The Eurozone
- 2011/12/18: CalcRisk: Ten Economic Questions for 2012
- 2011/12/18: EnergyBulletin: The incompetent and unscrupulous: Confidence in the age of MF Global
- 2011/12/16: BaselineScenario: Where Is The Volcker Rule?
- 2011/12/17: EconView: "A Financial Crisis Needn’t Be a Noose" - Christina Romer -- It doesn't have to be this way
- 2011/12/17: BRitholtz: SEC Suit vs GSE Execs Is About False Statements, Fraud
- 2011/12/17: NakedCapitalism: #Occupy the SEC Nixes Repo Exclusions in the Volcker Rule
- 2011/12/17: CalcRisk: Unofficial Problem Bank list declines to 974 institutions
- 2011/12/17: Guardian(UK): Backlash from Beijing raises fears that China's economy is slowing down
China is tightening trade policy and imposing punitive import taxes -- a clear indication, say experts, that it fears an economic 'hard landing'
- 2011/12/17: NYT:PK: Chronic Confusion
- 2011/12/16: Rabble: How the economic crisis began with free trade
Canada was a trading nation long before "free trade." The real point of those deals wasn't trade. It was to give to ownership, i.e., those with money to hire and invest, an advantage over those they hired, i.e., the workforce. With that "freedom," they shipped jobs and factories abroad to cheaper workforces.
- 2011/12/16: FAIR: The New Anti-Corporate Populism Isn't So New
- 2011/12/16: BizInsider: Irish Economy Shrinks 1.9% -- Has Its Worst Quarter Since Q1 2009
- 2011/12/17: IrregularTimes: Democrats Cave In Again. Millionaires Keep Their Tax Cuts.
- 2011/12/14: DVoice: The Haymarket Martyrs and Occupy Wall Street
- 2011/12/14: DVoice: Portland Shuts It Down -- Occupy on the Waterfront
- 2011/12/16: DerSpiegel: More Problems than Answers -- The Pitfalls of the Merkozy Fiscal Pact
The new fiscal compact that was agreed to at last week's EU summit is supposed to help Europe out of the debt crisis. But it represents a briar patch of thorny legal and political questions. Until now, Chancellor Merkel's government has adopted a take-it-or-leave-it approach with its euro rescue efforts. With the new pact, that is likely to change.
- 2011/12/16: DerSpiegel: Greater Risks for Taxpayers -- German Bundesbank Wary of IMF Help for Europe
European leaders last week agreed to outfit the International Monetary Fund with 200 billion euros to assist countries in the common currency zone. But Germany's central bank has its doubts: Some heavyweight countries are balking, and it also increases risks for German taxpayers.
- 2011/12/15: DerSpiegel: Euro Worries -- Berlin Remains Stoic in the Face of Growing Crisis
Not even a week after the most recent European Union summit aimed at ending the debt crisis, panic is mounting once again. But not in Berlin. Chancellor Merkel calmly told parliament on Wednesday that a solution would take years and German central bank head Jens Weidmann compared demands for ECB intervention to an alcoholic grabbing for the bottle.
- 2011/12/14: DerSpiegel: Reaction to US Tax Law -- European Banks Stop Serving American Customers
European banks are dumping clients with US citizenship due to a new American law meant to curb tax evasion. The law would require financial institutions around the world to report on certain client activities. Compliance, say many banks, is way too expensive.
- 2011/12/16: AlterNet: How Finance Vultures Feed off the Poor As They Fight to Climb Out of Poverty
- 2011/12/16: RWER: A Tale of Two Deficit Charts
- 2011/12/16: RWER: Defining inflation: remarkable differences between the ECB and the FED
- 2011/12/16: EconView: Paul Krugman: G.O.P. Monetary Madness -- Ron Paul's hard-money doctrine has taken over the GOP
- 2011/12/16: BRitholtz: Succinct Summation of Week’s Events
- 2011/12/16: NakedCapitalism: Bill Black: Dante’s Divine Comedy -- Banksters Edition
- 2011/12/16: CalcRisk: Bank Failure #92 in 2011: Western National Bank, Phoenix, Arizona
- 2011/12/16: CalcRisk: Bank Failure #91 in 2011: Premier Community Bank of the Emerald Coast
- 2011/12/16: EnergyBulletin: Worker-owners of America, unite: Will cooperative workplaces democratize U.S. economy?
- 2011/12/16: BBC: Ratings agency Fitch has affirmed France's top-notch AAA credit rating but has revised its outlook on the country to "negative" from "stable"
- 2011/12/16: al Jazeera: WTO admits Russia as a member
- 2011/12/16: al Jazeera: US charges ex-Fannie, Freddie CEOs with fraud
Securities and Exchange Commission has brought civil fraud charges against six former top executives at mortgage giants.
- 2011/12/16: al Jazeera: France's top credit rating affirmed
Fitch Ratings however said it may downgrade six other eurozone nations as a solution to debt crisis is "beyond reach".
- 2011/12/16: CNN: SEC charges former execs of Fannie, Freddie
The Securities and Exchange Commission charged six former executives of Fannie Mae and Freddie Mac with securities fraud on Friday for misrepresenting their holdings of high-risk mortgage loans.
The SEC is targeting three former executives of Freddie Mac (FMCC, Fortune 500), including chief executive officer Daniel Mudd, chief risk officer Enrico Dallavecchia and executive vice president of single-family mortgage business Thomas Lund.
The agency is also going after three former executives of Fannie Mae (FNMA, Fortune 500): CEO Richard Syron, executive vice president and chief business officer Patricia Cook and executive vice president for the single family guarantee business Donald Bisenius.
The SEC is seeking financial penalties against them, but did not specify an amount.
- 2011/12/16: EUO: IMF chief warns of new Great Depression
- 2011/12/14: STimes: Census shows nearly half of Americans are poor or low-income
Squeezed by rising living costs, a record number of Americans -- nearly half -- have fallen into poverty or are scraping by on earnings that classify them as low income.
- 2011/12/16: WiC: The scandal of the Alabama poor cut off from water
- 2011/12/15: WiC: IMF warns that world risks sliding into a 1930s-style slump
- 2011/12/15: BizInsider: Richard Russell: 'Get out of stocks'
Wow. Richard Russell's latest newsletter may his most bearish commentary yet.
Russell says the greatest sucker's rally in history is coming to a brutal end. He says you should start buying gold and "GET OUT OF STOCKS."
- 2011/12/16: BBC: UK officials will join talks over eurozone deal
UK officials will join talks over what should be in a eurozone fiscal pact, despite refusing to sign up to it.
The European Council invited them to join talks with 17 eurozone and nine other EU states considering signing up.
- 2011/12/16: BBC: Russia set to become WTO member after 18 years of talks
- 2011/12/16: BBC: The Republic of Ireland's economy shrank by almost 2% in the third quarter of 2011, compared with growth of 1.4% in the previous quarter
- 2011/12/16: BBC: Finance minister Francois Baroin has become the latest French figure to allege weaknesses in the UK economy
- 2011/12/16: BBC: The European Commission and the IMF have cut short informal aid talks with Hungary due to worries over the independence of its central bank
- 2011/12/15: AlterNet: Bail-out Bombshell: Fed "Emergency" Bank Rescue Totaled $29 Trillion Over Three Years
- 2011/12/15: AlterNet: Ehrenreich: The Truth Exposed by Occupy Shows That the Real Elites Are the Thieves of the 1%, Not The Liberals of Conservative Myth
- 2011/12/14: AlterNet: How We All Pay For the Huge Tax Privileges Granted to Religion -- It's Time to Tax the Church
- 2011/12/16: al Jazeera: Devaluing a controversial currency
Fourteen African countries use a currency that hurts their economies and benefits their former colonial master, France.
- 2011/12/16: al Jazeera: Occupy the classroom?
Economic instruction at the public level suffers from a lack of nuanced assertions, writes the author, Dani Rodrik
- 2011/12/14: InformingThe99Percent: Demo-dummies
- 2011/12/14: Atlantic: Too Big to Stop: Why Big Banks Keep Getting Away With Breaking the Law
- 2011/12/15: RWER: Regime change (Gini chart)
- 2011/12/15: EconView: Fed Watch: Europe Still Heading For Collapse - Tim Duy
- 2011/12/15: NakedCapitalism: Michael Olenick: NAR’s Big Miss on Home Sales Underscores Lack of Transparency and Accuracy in Mortgage/Housing Data
- 2011/12/15: CalcRisk: Weekly Initial Unemployment Claims decline to 366,000
- 2011/12/15: Guardian(UK): The global economic outlook for 2012 isn't pretty by Nouriel Roubini
A eurozone recession is certain, the UK is double-dipping and the US is growing at a snail's pace -- fasten your seatbelts, it's going to be a bumpy year
- 2011/12/15: Guardian(UK): The cause of this recession? Economic pundits ignoring history's voice
As long as factional interests like bankers or economists override common sense, there will be another crash
- 2011/12/15: Guardian(UK): US threatens tariff war with China
White House suggests it may retaliate after Chinese impose series of tariffs on SUVs and other large cars from US
- 2011/12/15: CBC: 5 European banks' credit ratings cut
Fitch Ratings on Wednesday downgraded the debt ratings for five major European commercial banks and co-operative banking groups, citing the eurozone crisis and stronger headwinds facing the banking sector.
The ratings firm lowered the long-term issuer-default and viability ratings by one notch for French banks Banque Fédérative du Crédit Mutuel and Crédit Agricole, Danish lender Danske Bank, and Finland's OP Pohjola Group and the Netherlands' Rabobank Group.
- 2011/12/15: CBC: U.S. Democrats ditch millionaire tax
- 2011/12/14: WiC: Why the U.S. economy is at risk of another Great Depression [Stiglitz]
- 2011/12/14: BBC: Bank of Japan says businesses are pessimistic
- 2011/12/15: BBC: Latin America's biggest airline LATAM is approved
- 2011/12/15: BBC: UK retail sales fell 0.4% in November
- 2011/12/15: BBC: India rupee continues record slide against dollar
India's rupee has continued its record slide against the US dollar, falling to a new low as global fiscal fears force traders to safer currency options.
The rupee hit the new all-time low of 54.30 in early trading. Analysts say it could test the 55 mark.
- 2011/12/14: AlterNet: If You Are Not Outraged, You Are Not Paying Attention: 5 Major Ways Corporate Elites Are Degrading America
- 2011/12/14: AlterNet: Explosive New Report: CEO Pay Skyrocketed 27% Last Year, Top 10 Earners Pocket More Than $770 Million Between Then
- 2011/12/14: VanityFair: The Book of Jobs
Forget monetary policy. Re-examining the cause of the Great Depression -- the revolution in agriculture that threw millions out of work -- the author argues that the U.S. is now facing and must manage a similar shift in the "real" economy, from industry to service, or risk a tragic replay of 80 years ago.
- 2011/12/13: LanguageLog: The assholocracy
- 2011/12/14: RWER: Economic Conflicts with China and Class War in the United States
- 2011/12/14: BRitholtz: US Housing Prices Mirror Japan’s Experience
- 2011/12/14: NakedCapitalism: "Let Them Eat Pink Slips": CEO Pay Shot Up in 2010
- 2011/12/14: NakedCapitalism: JP Morgan Hit by Ripple Effects of Rakoff Decisions Nixing SEC No Admission Settlements
- 2011/12/14: CBC: U.K. unemployment rate hits 17-year high
- 2011/12/14: Guardian(UK): Revealed: huge increase in executive pay for America's top bosses
Exclusive survey shows America's CEOs enjoyed pay hikes of up to 40% last year -- with one chief executive earning $145m
- 2011/12/13: CSM: MF Global bankruptcy: Exec says Corzine knew about missing money
- 2011/12/14: DemNow: Corzine Grilled Over MF Global Collapse After Witness Suggests Knowledge of Misused Funds
- 2011/12/13: DemNow: Occupy Protesters Shut Down Major West Coast Ports, Targeting Goldman Sachs
- 2011/12/13: WiC: The rise and fall of Zuccotti Park -- and the future of the movement it birthed
- 2011/12/12: DVoice: I Ain’t Got No Home -- (Re)learning the Value of Place and Occupying a Sustainable Future
- 2011/12/12: DerSpiegel: Europe's Top Bank Regulator -- 'The Crisis Has Reached a Systemic Level'
A stress test performed on European banks last week found a capital shortfall of some 115 billion euros. In a Spiegel interview, European Banking Authority head Andrea Enria defends the decision to perform the stress test and discusses the huge challenges facing the European banking sector.
- 2011/12/12: DerSpiegel: Not-So-Splendid Isolation -- Cameron's Veto May Herald End of Britain's EU Membership
By casting his veto at the EU summit, Prime Minister David Cameron has signaled the beginning of the end of Britain's EU membership. Many in Europe wouldn't be sorry to see Britain go. But Germany in particular might miss the country as a reliable counterweight to profligate southern EU members.
- 2011/12/12: DerSpiegel: The End of Old Europe -- Why Merkel's Triumph Will Come at a High Price
The euro crisis summit has caused a deep split in the European Union. Britain has been sidelined, and other member states feel steamrolled by Germany and France. The future of the common currency is as uncertain as ever.
- 2011/12/14: BBC: China's economy 'will grow' despite 'grim' 2012 outlook
China's economic policymakers have pledged to guarantee growth in 2012, despite an "extremely grim" global outlook for the year ahead.
After their annual closed-door economic meeting in Beijing, the country's leaders declared that monetary policy would remain "prudent".
They said the currency, the yuan, would remain "basically stable".
The meeting avoided big policy changes before China's top two leaders retire next year, analysts said.
- 2011/12/14: BBC: UK unemployment increases to 2.64m
UK unemployment rose by 128,000 in the three months to October to 2.64 million, the highest level since 1994.
The Office for National Statistics (ONS) said the jobless rate was 8.3%, up from 7.9% in the previous quarter.
Youth unemployment rose to 1.027 million, the highest since records began in 1992, beating the previous record set only last month.
- 2011/12/13: BBC: US Federal Reserve continues 'Operation Twist' stimulus
- 2011/12/13: BBC: Hong Kong 'most developed' financial market, says WEF
Hong Kong is the world's most developed financial market, according to a World Economic Forum report, overtaking the US and the UK for the first time.
The US slipped to second place, as financial stability remains a concern there, said the report.
- 2011/12/14: BBC: Euro falls below $1.30 for first time since January
- 2011/12/14: al Jazeera: Indian rupee hits record low against dollar
A tumbling rupee, high inflation, slow growth and low consumer confidence means 2012 could be a tough year for India.
- 2011/12/14: al Jazeera: Hong Kong named world's top financial hub
"Milestone" for Asia as Chinese city beats New York and London in influential annual survey of world financial centres.
- 2011/12/14: al Jazeera: Eurozone bailout chief says 'euro not doomed'
Klaus Regling believes fund has enough "firepower" to keep Italy afloat for a year if need arises.
- 2011/12/11: BBerg: No One Telling Who Took $586 Billion in Swaps With Fed Condoning Anonymity
- 2011/12/13: RWER: This time, Krugman is right. Lowering nominal wages is really, really hard (charts).
- 2011/12/13: EconView: The Deficit is the Means, not the End
- 2011/12/13: BRitholtz: Even Congress’s Insider Trading Reform is a Scam
- 2011/12/13: BRitholtz: Retail Sales Disappoint on False Black Friday Reports
- 2011/12/13: NakedCapitalism: CME to Customers: Drop Dead
- 2011/12/13: NakedCapitalism: Matt Stoller: Why Does the Dallas Fed President Want to Destroy West Coast Port Unions?
- 2011/12/13: CalcRisk: Lawler on NAR Revisions for 2007 through 2011
- 2011/12/13: Guardian(UK): Occupy protesters disrupt ports across US west coast
- 2011/12/12: NBF: Corruption American Style
- 2011/12/13: CSM: Homeless children at record high in US. Can the trend be reversed?
- 2011/12/12: Salon:GG: Obama: I can’t comment on Wall Street prosecutions
- 2011/12/11: NYT:PK: Central European Shadows
- 2011/12/13: BBC: The head of the European Commission has said the UK's demand for special treatment for financial services would have risked the single market
- 2011/12/13: BBC: Switzerland cuts economic growth forecast
The Swiss government has cut its 2012 growth forecast, blaming the economy's exposure to the eurozone crisis.
The expected growth rate was lowered to 0.5% from 0.9%.
- 2011/12/12: AlterNet: Occupy Activists Try to Shut Down West Coast Ports
- 2011/12/13: al Jazeera: Can GOP sanctions on Europe tank the economy?
Sanctioning European countries for buying Iranian oil will hurt the United States, too.
- 2011/12/11: WaPo:B: Sunday Pearlstein: End of the ‘anything goes’ era of antitrust?
- 2011/12/11: NYT: Depression and Democracy
It’s time to start calling the current situation what it is: a depression. True, it’s not a full replay of the Great Depression, but that’s cold comfort. Unemployment in both America and Europe remains disastrously high. Leaders and institutions are increasingly discredited. And democratic values are under siege.
- 2011/12/12: EconView: "The European Instability and Stagnation Pact" - Antonio Fatas
- 2011/12/12: NakedCapitalism: Matt Stoller: How the Federal Reserve Fights
- 2011/12/12: NakedCapitalism: Maureen Tkacik: The Anti-#Occupy/CIA Connection
- 2011/12/12: CalcRisk: NAR: Downward Revisions for 2007 to 2011 Home Sales and Inventory to be released on Dec 21st
- 2011/12/12: CBC: Budget officer and Flaherty differ by $10B
There's a $10-billion difference between the government's estimates and those of Parliament's budget watchdog when it comes to Canada's structural budget balance, the budget officer, Kevin Page, reported Monday.
Since 2006, Finance Canada's estimates have been, on average, $10 billion higher than the Parliamentary Budget Officer's estimates. Structural budgets are defined as the budgetary balance that would be observed if the economy were operating at its full potential. Structural budgets can be important for policy planning.
Page's report says that between 1975 and 2005, estimates are closely aligned and within about $1 billion of each other. They begin diverging in 2006 and he says the discrepancy largely comes from differences in estimates of how well the economy is performing relative to its potential.
Finance Canada's estimate of the structural budget balance last year is $17 billion higher than the PBO's estimate, Page reported.
- 2011/12/12: BBC: Occupy protests disrupt ports across US West Coast
- 2011/12/12: al Jazeera: US protesters 'occupy' west coast ports
"Waterfront" campaign aims to blockade busiest ports from Alaska to California in strike at perceived corporate greed.
- Thomson Reuters/Jefferies CRB Commodity Index
- 2011/12/12: NYT:PK: Debasing The Dollar, Not
- 2011/12/11: JaredB: Here’s Another Bad Idea: Reduce Weeks of Unemployment Insurance
- DR: The Daily Reckoning Australia
- 2011/12/08: DR: The Real Wealth of US Households by the Numbers
- 2011/12/12: BBC: Panic fuels Latvian run on bank
More than 10,000 Latvians have withdrawn deposits from Swedish-owned Swedbank after rumours the firm was in financial difficulty.
- 2011/12/12: BBC: UK economy 'to face bigger downturn'
- 2011/12/12: BBC: Moody's says EU lacks decisive policy measures
- 2011/12/12: BBC: India factory output falls 5.1%
- 2011/12/12: CBC: Occupy protesters aim to blockade West Coast ports -- Occupy Vancouver to join West Coast protests
- 2011/12/11: al Jazeera: Jeffrey Sachs: 'That's not a free market, that's a game'
The controversial economist talks about the collapse of the global financial system and how to end the crisis.
- 2011/12/10: Independent(UK): Bankers are the dictators of the West
- 2011/12/09: FDL: Court Cases Revealing Massive Fraud in Mortgage Business
- 2011/12/09: IBTimes: 30 Major U.S. Corporations Paid More to Lobby Congress Than Income Taxes, 2008-2010
- 2011/12/11: BRitholtz: Where is the Bubble -- Gold or Credit?
- 2011/12/11: NakedCapitalism: JP Morgan "Greed Washing": Sponsors Orwellian TV Advertorial to Tout $2 Million of Charity Spending
- 2011/12/11: NakedCapitalism: Wolf Richter: Germany’s Last-Ditch Compromise, At A Price
- 2011/12/11: CalcRisk: [Dr. James] Hamilton: "More on those secret Federal Reserve loans to banks"
- 2011/12/11: BBC: RBS report: FSA's analysis of banks was 'deficient'
The UK's financial regulator will be highly critical of its own role in its report into the circumstances surrounding the collapse of the Royal Bank of Scotland, the BBC has learned.
Many aspects of the Financial Service Authority's work were "inadequate" or "deficient", Monday's report will say.
But the BBC understands the regulator will say that the ultimate failure of RBS in 2008 was a result of decisions made by the bank's management.
- 2011/12/09: RReich: The Remarkable Political Stupidity of the Street
- 2011/12/10: EconView: Eichengreen: Disaster Can Wait
- 2011/12/10: BRitholtz: The Financial Crisis Was Entirely Foreseeable
- 2011/12/10: Guardian(UK): Immigrant cleaner leads revolt against Spanish mortgage trap
- 2011/12/10: BDL: Department of 'Huh?!": Unemployment Numbers Edition
- 2011/12/10: JQuiggin: Euro-Kremlinology
- 2011/12/08: OpenDem: Merkel and Sarkozy are proposing a catastrophe that will destroy the left across Europe
- 2011/12/09: DemNow: Ex-Greek PM George Papandreou on Greece’s Fiscal Crisis and Why He Backs Occupy Movement
- 2011/12/06: MOLAA: My Occupy LA Arrest, by Patrick Meighan
- 2011/12/08: DVoice: Pulling Back the Curtain on the Wall Street Money Machine
- 2011/12/07: DVoice: An Idiot’s Overview of Why Western Capitalism Is Crashing
- 2011/12/07: DVoice: Lost Verities and Dirty Hippies -- By Imbeciles Who Really Mean It
- 2011/12/09: DerSpiegel: The World from Berlin -- ECB Path 'Could Threaten Euro Zone Cohesion'
The European Central Bank is resisting calls to buy government bonds, but it has cut interest rates to just one percent. German commentators on Thursday examine whether the ECB is pursuing the right course of action in the face of the currency crisis.
- 2011/12/10: DerSpiegel: Britain and the EU -- The Failure of a Forced Marriage
Was the outcome of the Brussels summit a bad one for the EU? Not at all. The British were never completely dedicated to European unity and the ongoing project of greater fiscal integration is better off without them.
- 2011/12/09: DerSpiegel: 'Cameron Is a Coward' -- European Politicians Slam British EU Veto
- 2011/12/09: DerSpiegel: Split Summit -- The Birth of a Two-Speed Europe
At their Brussels summit, European leaders were able to agree on a fiscal union surprisingly quickly. But the new pact, which Chancellor Merkel had strongly advocated, has a crucial flaw -- Britain is not on board. Prime Minister David Cameron will not be able to prevent his country from becoming a second-class EU member.
- 2011/12/09: DerSpiegel: Bye Bye Britain -- The European Union's New Face
The European Union on Thursday night dropped the hypocrisy. No longer is harmony the overriding goal. That, though, means that Great Britain may no longer have a place at the table. London must decide whether it wants to remain part of Europe or not.
- 2011/12/09: DerSpiegel: Fear of a Two-Speed Europe -- Britain Vetoes Changes to EU Treaties
- 2011/12/08: DerSpiegel: Stress Test Results -- European Banks Need 115 Billion Euros
- 2011/12/08: DerSpiegel: 'Big Bang Approach' Needed -- OECD Report Questions Greece's Ability to Reform
- 2011/12/09: BBC: UK alone as EU agrees fiscal deal
- 2011/12/09: BBC: Insurers face ratings downgrade threat from S&P
- 2011/12/09: BBC: Euro crisis summit: The night Europe changed
- 2011/12/09: CBC: Canada swings to $885M trade deficit
- 2011/12/10: AlterNet: How Goldman Sachs and Other Companies Exploit Port Truck Drivers -- Occupy Protesters Plan to Shut Down West Coast Ports in Protest
- 2011/12/02: AlterNet: Rich People DON'T Create Jobs: 6 Myths That Have to Be Killed for Our Economy to Live
- 2011/12/09: NakedCapitalism: Corzine’s Know-Nothing MF Global Defense
- 2011/12/09: EconView: Paul Krugman: All the G.O.P.’s Gekkos -- Myths about "job creators"
- 2011/12/09: BRitholtz: Bailout Total: $29.616 Trillion Dollars
- 2011/12/09: NakedCapitalism: Quelle Surprise! Senate Republicans Block Confirmation of Richard Cordray as Head of CFPB
- 2011/12/09: EconView: "A Mixed Bag From Europe" - Tim Duy
- 2011/12/09: BRitholtz: Succinct summation of week’s events
- 2011/12/09: NakedCapitalism: Piketty, Saez and Stantcheva: Taxing the 1% -- Why the Top Tax Rate Could be Over 80%
- 2011/12/09: CalcRisk: Consumer Sentiment increases in December
- 2011/12/09: CBC: FAQ on Europe's 'fiscal compact'
- 2011/12/09: Guardian(UK): European leaders end Brussels summit with treaty deal
- 2011/12/09: al Jazeera: Britain alone in opposing EU treaty changes
While all other 26 EU members united after marathon talks, premier Cameron argues he is protecting national interests.
- 2011/12/09: EurActiv: Cameron 'in the corner' as EU strikes euro treaty deal
EU leaders gathered in Brussels agreed on a new treaty to tighten fiscal discipline in the eurozone and address the bloc's debt problems. The treaty, an intergovernmental agreement outside the EU legal framework, will be drafted by March 2012 and opened to ratification by nations outside the 17-member eurozone.
European Union leaders agreed a new "fiscal compact" on tighter budget and debt rules for the eurozone in summit talks that lasted until around 5 am Brussels time.
An agreement to tighten fiscal discipline in the wider EU-27 proved impossible after UK Prime Minister David Cameron made "unacceptable demands" to exempt the City of London from financial market regulations, according to French President Nicolas Sarkozy.
"David Cameron refuses to continue the discussion, but is still in the room," a diplomat told EurActiv just before negotiations were interrupted.
"Cameron is in the corner," he said.
- 2011/12/09: EUO: UK left out as 26 EU countries to draft new treaty
- 2011/12/09: EUO: Hungary: UK is alone in staying out of new EU Treaty
- 2011/12/09: EUO: Newborn EU treaty deal faces threat from multiple referendums
- 2011/12/09: EUO: What did the EU agree at its 'make-or-break' summit?
- 2011/12/09: PressEurop: European Union -- Union of fear
- 2011/12/09: PressEurop: European Council -- A scary day for Britain
- 2011/12/09: PressEurop: European Union -- Goodbye Britain
- 2011/12/09: PressEurop: Unity dearly bought
Without doubt, Angela Merkel and Nicolas Sarkozy have taken a big step nearer their goal of a fiscal union. But at what price? Britain remains outside it. The salvation or the disintegration of the Union is now approaching.
- 2011/12/07: FAIR: When Right-Wing Tax Spin Goes Unchallenged
- 2011/12/08: RawStory: Rove group hits Warren for being too pro-Wall Street
- 2011/12/08: Yahoo:Reuters: Republicans block Obama's consumer nominee
Senate Republicans on Thursday beat back Democratic President Barack Obama's pick to head the new Consumer Financial Protection Bureau, and each party accused the other of holding consumers hostage to politics.
Democrats were able to muster only 53 of the 60 votes needed to advance to an up-or-down vote on the nomination of former Ohio Attorney General Richard Cordray.
- 2011/12/09: BBC: Eurozone deal reached without UK
PM David Cameron has effectively vetoed an EU-wide treaty change to tackle the eurozone crisis, saying it was not in the UK's interests.
Instead a new "accord" setting out tougher budget rules will be drawn up for the eurozone, which all EU states, except the UK, look set to join.
- 2011/12/09: BBC: French bank ratings downgraded again by Moody's
- 2011/12/09: BBC: German exports fell 3.6% in October as demand from crisis-hit southern European markets shrank, data shows.
- 2011/12/09: BBC: European banks need 114.7bn euros, bank authority says
The European Banking Authority (EBA) has said European banks need 114.7bn euros ($154bn, £96.25bn) to be sure of withstanding future financial shocks.
- 2011/12/09: BBC: Eurozone deal reached without UK
EU members which use the euro have agreed to a tax and budget pact to tackle the eurozone's debt crisis.
But a German and French attempt to get all 27 EU states to back changes to the union's treaties was dropped after objections from the UK.
Prime Minister David Cameron had insisted on an exemption for the UK from some financial regulations.
Instead, eurozone members and others will adopt an accord with penalties for breaking deficit rules.
The new tougher rules on spending and budgets will now be backed not by an EU treaty but by a treaty between governments. It will be quicker to set up but it may prove less rigorous, says the BBC's Europe editor Gavin Hewitt in Brussels.
But, he says, Europe has taken a big step towards closer integration, with binding rules over tax and spending, and sanctions against countries that overspend.
- 2011/12/09: CBC: New treaty to save euro splits European Union
- 2011/12/08: AlterNet: Finally, Higher Taxes for the 1% -- Is Occupy Behind Governors' Moves to Make the Wealthy Pay Their Share?
- 2011/12/08: AlterNet: 6 Members of Walton Family Have More Money Than 30% of Americans
- 2011/12/09: al Jazeera: Winning the European confidence game
Both technical details and appearances are essential to rescuing the eurozone.
- 2011/12/09: al Jazeera: Brussels summit rejects EU-wide treaty change
European leaders to press ahead with accord among 17 eurozone states, as talks to include all 27 bloc members fail.
- 2011/12/08: RWER: Eurozone crisis enters new phase as ECB fights Europe for austerity
- 2011/12/08: EconView: Danger Lurks in the Shadows
- 2011/12/08: BRitholtz: Dr. Copper Flashes a Warning
- 2011/12/08: NakedCapitalism: Quelle Surprise! EBA Raises Eurobank Capital Targets, Finds They Need to Raise E115 Billion
- 2011/12/08: NakedCapitalism: Michael Olenick: Bank of America All In -- Calling Moynihan’s Bluff to Bankrupt Countrywide
- 2011/12/08: NakedCapitalism: Central Banks Plan for Possible Euro Breakup as Merkel Focuses on Wrong Issues
- 2011/12/08: CalcRisk: Weekly Initial Unemployment Claims decline to 381,000
- 2011/12/08: BBC: Eurozone crisis: Late night summit talks to save euro
- 2011/12/08: PressEurop: Rating agencies -- don’t shoot the messenger
Standard & Poor's threat to downgrade the eurozone as a bloc has aroused the ire of European leaders and opinion makers. But according to a British columnist, the rating agency is only telling the unpalatable truth.
- 2011/12/08: PressEurop: Farewell sweet sovereignty...
If approved by the Twenty-Seven, the fiscal union proposed by Angela Merkel and Nicolas Sarkozy would be a decisive new stage on the path to European federalism. But are all willing to pay the price: the surrender of the budgetary autonomy of states?
- 2011/12/07: WiC: Occupy our homes
- 2011/12/07: WiC: Occupied Washington
- 2011/12/08: BBC: European Central Bank cuts interest rates back to 1%
- 2011/12/08: BBC: UK interest rates kept on hold at record low of 0.5%
- 2011/12/08: BBC: Eurozone: France and Germany urge common taxes
- 2011/12/08: BBC: Economic growth in the UK "remains subdued" and output will not reach 2008 levels until 2013, the National Institute for Economic and Social Research (NIESR) has said
- 2011/12/08: BBC: EU faces Standard & Poor's credit rating threat
- 2011/12/07: AlterNet: Michael Moore: 5 Ways for OWS to Keep Sticking it to Capitalist Crooks as Winter Comes
- 2011/12/07: AlterNet: CNBC Editor Launches Sloppy, Dishonest Attack on AlterNet in Defense of Wall Street
- 2011/12/06: AlterNet: The Real History of 'Corporate Personhood': Meet the Man to Blame for Corporations Having More Rights Than You
- 2011/12/08: al Jazeera: What can save the euro?
Growth is needed in order to save the euro, not sermons and homilies, says Nobel Prize-winning economist.
- 2011/12/08: al Jazeera: EU leaders gather for 'do or die' summit
France and Germany to press for a tighter fiscal union, as survival of eurozone tops agenda at meeting of EU leaders.
- 2011/12/06: BBerg: Bloomberg News Responds to Bernanke Criticism of U.S. Bank-Rescue Coverage
- 2011/12/07: RWER: Occupy market failure
- 2011/12/07: RWER: "The deafening silence" of economics journals
- 2011/12/07: NakedCapitalism: Bernanke Escalates Foodfight with Bloomberg: Score Bloomberg 1, Fed 0
- 2011/12/06: Rabble: The Harper government and Republican economics
The Harper Conservatives model their economic policies on beliefs held dear by American Republicans: just lower taxes, and reduce government, and business will create the wealth.
- 2011/12/06: WiC: How ‘expenditure cascades’ are squeezing the American middle class
- 2011/12/06: DerSpiegel: 'Completely Exaggerated' -- EU Leaders Angry at Standard and Poor's Ratings Warning
Ratings agency Standard and Poor's has piled pressure on EU leaders to come up with a deal to save the euro, warning that it may downgrade 15 of 17 euro-zone countries -- including powerhouse Germany. EU politicians have criticized the move. But the agency on Tuesday added that it may downgrade the euro bailout fund as well.
- 2011/12/06: DerSpiegel: Euro Crisis Uncertainty -- Anxious Greeks Emptying Their Bank Accounts
Many Greeks are draining their savings accounts because they are out of work, face rising taxes or are afraid the country will be forced to leave the euro zone. By withdrawing money, they are forcing banks to scale back their lending -- and are inadvertently making the recession even worse.
- 2011/12/05: DerSpiegel: Blocking Tactics -- UK Infuriating Partners by Obstructing EU Foreign Policy
Britain is obstructing attempts to forge a common EU foreign policy with British representatives having prevented joint EU statements on a number of issues. Tensions between Britain and its European partners have been mounting during the euro crisis.
- 2011/12/07: BBC: Australia's economy expands 2.5%, led by mining
- 2011/12/07: CBC: Occupy protesters in U.S. target foreclosures
- 2011/12/06: AlterNet: Occupy Your Food Supply: Radical Farmer's March Aims to Bridge Urban-Rural Divide, Focus in on "Food Justice"
- 2011/12/06: AlterNet: Conservative Frank Luntz Has Set a Trap for Progressives -- Here's How to Outsmart Him and Boost the Occupy Movement
- 2011/12/06: AlterNet: The Next Frontier for Occupy: Protesters Take Over Vacant Homes, Rally to Protect Those Facing Eviction and Foreclosure
- 2011/12/06: AlterNet: 10 Fun Facts About the Top 1 Percent
- 2011/12/06: AlterNet: Using Debt to Crush Democracy: How Financiers Are Waging Warfare Against Nations
- 2011/12/07: al Jazeera: American deceptionalism
Under the growing influence of the 1 per cent, American exceptionalism has become American deceptionalism.
- 2011/12/07: al Jazeera: UK veto threat clouds euro rescue efforts
Cameron says any treaty changes must safeguard British interests, raising prospect of divisions at crucial EU summit.
- 2011/12/07: al Jazeera: Greece passes new austerity budget
Legislators approve extending spending cuts and tax rises as protesters clash with police outside parliament building.
- 2011/12/05: PS: What Can Save the Euro? by Joseph E. Stiglitz
- 2011/12/06: RWER: Occupy Harvard and beyond
- 2011/12/06: NakedCapitalism: "No People, No Problem": The Baltic Tigers’ False Prophets of Austerity
- 2011/12/06: NakedCapitalism: Has the Global Business Cycle Ended?
- 2011/12/06: CBC: [Canada's] Big banks made $22.4B in 2011
- 2011/12/06: Guardian(UK): Debt crisis: public mood ranges from resigned to revolutionary
- 2011/12/06: Guardian(UK): Former US economy tsar warns Britain risks catching the 'US disease'
Jared Bernstein says the UK is following America down the road to excessive inequality
- 2011/12/06: Guardian(UK): Occupy Wall Street protesters to occupy foreclosed homes
- 2011/12/06: BBC: Australia cuts cost of borrowing as inflation slows
The Reserve Bank of Australia (RBA) lowered its benchmark cash rate by 0.25% points to 4.25% on Tuesday.
- 2011/12/06: BBC: UK retail sales growth weakest since May, says BRC
Shoppers are keeping a "tight rein" on their spending in the run up to Christmas, the British Retail Consortium (BRC) has said.
- 2011/12/05: CBC: Wealth gap widens to 30-year high
- 2011/12/05: AlterNet: Occupy Our Homes: From the Streets to Foreclosed Homes, OWS Finds a New Frontier
- 2011/12/05: AlterNet: How the Occupy Movement Helped Americans Move Beyond Denial and Depression to Action
- 2011/12/05: AlterNet: The Stop Online Piracy Act is Class War in Cyberspace, Enriching the 1% at the Expense of the 99%
- 2011/12/06: al Jazeera: Ratings agency threatens eurozone downgrade
Standard & Poor's puts 15 single currency members on "credit watch negative", including top-rated France and Germany.
- 2011/12/05: RWER: What should the Fed do next?: It has to be more aggressive
- 2011/12/05: RWER: Protesters Reflect Vast Majority on 99 Percent of Most Major Issues
- 2011/12/05: EconView: "What Can Save the Euro?"
- 2011/12/05: NakedCapitalism: Richard Alford: The Lender of Last Resort, the Fed and the ECB
- 2011/12/05: NakedCapitalism: Alan Grayson on GAO Report on the Fed
- 2011/12/05: EnergyBulletin: A competitive cooperative
- 2011/12/05: EnergyBulletin: Eurozone woes result from mating of our "dysfunctional" political, economic systems: Interview with Richard Wolff
- 2011/12/05: EnergyBulletin: The second wind of the worldwide social justice movement by Immanuel Wallerstein
- 2011/12/05: BBC: S&P warns euro nations of possible credit downgrade
- 2011/12/05: Guardian(UK): Eurozone crisis: Germany and France agree rescue package
- 2011/12/05: Guardian(UK): Eurozone warned of credit downgrades after Germany and France strike deal
- 2011/12/05: Guardian(UK): If the ECB won't save the eurozone, the Fed must step in
The European Central Bank has stubbornly refused to act as lender of last resort, but the eurozone economy is too big to fail
- 2011/12/05: al Jazeera: 'Black Friday was blacker than we knew'
The Black Friday shopping spree was more about consumer desperation than about consumer confidence.
- 2011/12/05: al Jazeera: Sarkozy and Merkel call for new EU treaty
French and German leaders say they want new agreement, with automatic punishments for states who overspend, by March.
- 2011/12/05: PeakEnergy: Reporter Containment Techniques
- 2011/12/05: BBC: Sarkozy and Merkel kick off week of euro crisis talks
- 2011/12/05: CBC: Sarkozy, Merkel meet to save the euro
- 2011/12/04: AlterNet: Hazmat Suits to Break Up Occupations? How Mayors Feign Concern for Health to Trash a Growing Movement
- 2011/12/04: AlterNet: The Absurd Zombie Lie About the Economy Right-Wingers Desperately Cling To -- And Why It's Totally Wrong
- 2011/12/04: AlterNet: "Occupy" Goes South for the Winter
- 2011/12/05: al Jazeera: Sarkozy and Merkel in euro crisis talks
French and German leaders to meet in Paris to work on tentative deal to try to save debt-troubled single currency.
- 2011/12/03: NYT: Secrets of the Bailout, Now Told
- 2011/12/04: RWER: 300 economists give support for the Occupy Wall Street movement
- 2011/12/04: RWER: Unemployment: Better? Or Worse?
- 2011/12/04: BRitholtz: Beware the Black Friday Retail Hype
- 2011/12/04: NakedCapitalism: David Apgar: Could Germany Be Right about the Euro?
- 2011/12/04: CalcRisk: Comments on the Employment-Population Ratio
- 2011/12/04: NYT:PK: British Debt History
- 2011/12/03: RWER: There is no Eurozone... (charts)
- 2011/12/03: RWER: The legitimacy of governments and of economic policies
- 2011/12/03: CalcRisk: Unofficial Problem Bank list unchanged at 980 institutions
- 2011/12/03: al Jazeera: Euro flawed from start says main creator
Jacques Delors, one of the architects of single currency, says his plans for economic co-ordination were never followed.
- 2011/12/01: JoeMohrToons: (cartoon - Mohr) Mark Twain on Occupy Wall Street
- 2011/12/02: Rabble: 'Crass Struggle' exposes pretensions of the one per cent
- 2011/12/02: DemNow: Richard Wolff: Eurozone Woes Result from Mating of Our "Dysfunctional" Political, Economic Systems
- 2011/12/02: WiC: The $7 trillion secret loan program. The government and big banks should be punished
- 2011/12/02: WiC: GOP strategist [Frank Luntz] warns governors ‘capitalism’ is now a dirty word
- 2011/12/02: DVoice: Notes on a Global Occupation
- 2011/12/02: DVoice: Callous and Cruel to the Vulnerable and the Poor
- 2011/12/02: DerSpiegel: 'No Immediate Solution' -- Merkel Pledges New Fiscal Unity for Europe
German Chancellor Angela Merkel on Friday delivered a speech outlining her vision for the course Europe must chart to escape the ongoing sovereign debt crisis. The EU, she said, needs strict new rules to ensure budgetary discipline across the Continent. But it will take time to overcome the crisis, she warned.
- 2011/12/01: DerSpiegel: The World from Berlin -- 'Central Banks' Coordinated Move Has Solved Nothing'
Global stock markets on Wednesday were euphoric after the major central banks around the world made it easier for banks to access dollars. But the euro-zone debt crisis rages on nonetheless. At the most, say German commentators, Wednesday's move merely buys some time -- but not much.
- 2011/12/03: BBC: Jacques Delors: Euro was flawed from beginning
One of the main architects of the single European currency, Jacques Delors, has said the eurozone was flawed from the beginning.
He told Britain's Daily Telegraph that the lack of central powers to co-ordinate economic policies allowed some members to run up unsustainable debt.
As head of the European Commission from 1985 to 1995, he played a key role in the process that launched the euro.
- 2011/12/02: BBC: UK banks charging as much as 800,000% on overdrafts
Some High Street banks are charging "eye-watering" rates of interest when their customers go over their overdraft limit, research by Radio 4's Money Box programme has revealed.
- 2011/12/02: AlterNet: People Locked in Tiny Cages, Crying in Pain: What I Saw and Heard When the LAPD Threw Me in Jail for Exercising My Right to Protest the Oligarchy
- 2011/12/02: AlterNet: Eurozone Catastrophe: How Saving the Euro Could Mean Blood on the Streets
- 2011/12/02: EconView: Unemployment Falls, But Is It Good News?
- 2011/12/02: BRitholtz: Succinct Summation Of Week’s Events
- 2011/12/02: NakedCapitalism: Yasha Levine Released From Jail, Exposes LAPD’s Appalling Treatment Of Detained Occupy La Protesters...
- 2011/12/02: NakedCapitalism: GMAC Mugs Massachusetts for Insisting on the Rule of Law, Suspends Mortgage Lending in the State
- 2011/12/02: NakedCapitalism: Wolf Richter: French Presidential Election -- Coup De Grâce For The Euro?
- 2011/12/02: NakedCapitalism: Michael Hudson: Debt and Democracy -- Has the Link Been Broken?
- 2011/12/02: CalcRisk: November Employment Report: 120,000 Jobs, 8.6% Unemployment Rate
- 2011/12/02: POGGE: One Bank to Rule them All
- 2011/12/02: Guardian(UK): Angela Merkel takes action to stop euro collapse
- 2011/12/02: BBC: US unemployment rate falls sharply to 8.6%
- 2011/12/02: BBC: German steelmaker posts huge loss
German steel-maker Thyssen Krupp has reported large losses for the year to the end of November.
Its net losses were 1.8bn euros ($2.4bn; £1.5bn) compared with a net profit of 927m euros in the same period last year.
The losses were caused by a 2.9bn euro write-down in the firm's US and stainless steel divisions.
- 2011/12/02: CBC: Jobless rate jumps in November -- Unemployment rate rises to 7.4%
Canada lost a surprising 18,600 jobs in November, pushing the country's unemployment rate up by 0.1 percentage points to 7.4 per cent, Statistics Canada said Friday.
- 2011/12/02: EUO: Cameron questions need for treaty change
- 2011/12/01: WiC: ‘We are the 99 percent’ joins the cultural and political lexicon
- 2011/12/01: WiC: Occupy economics
- 2011/12/02: BBC: Eurozone crisis: Cameron and Sarkozy in Paris talks
- 2011/12/01: AlterNet: Eliot Spitzer: 5 Ways to Make Banks Pay for Their Secret $7 Trillion Free Ride
- 2011/12/01: AlterNet: Naomi Wolf Versus Joshua Holland: Was There a Coordinated Federal Crackdown on Occupy Wall Street?
- 2011/12/01: AlterNet: Activists Fight Back Against the 1% After Investors Lock a 75 Year-Old Great-Grandmother Out of Her Home [With Photo Slideshow]
- 2011/12/02: al Jazeera: Another Asian wake-up call
A drop in external demand means Asia must focus on its own 3.5bn consumers.
- 2011/12/02: al Jazeera: Merkel: Euro crisis will take years to solve
German chancellor reject quick-fix ideas to solve debt crisis, saying stricter regulations are needed.
- 2011/12/01: BBerg: Raise Taxes on Rich to Reward True Job Creators: Nick Hanauer
- 2011/12/01: TP:JR: Luntz Warns GOP on Occupy Wall Street, "Don’t Say Capitalism" Because Americans "Think Capitalism Is Immoral"
- 2011/12/01: RWER: It’s getting real in the Eurozone: self-inflicted recession threatens World Economy
- 2011/12/02: EconView: Paul Krugman: Killing the Euro
- 2011/12/02: EconView: "The Facts about Small Businesses and the Millionaire Surcharge"
- 2011/12/01: BRitholtz: (cartoons) One Big Greek Post
- 2011/12/01: BRitholtz: 400 Points Ain’t What They Used To Be . . .
- 2011/12/01: BRitholtz: The Sovereign Debt Train Wreck
- 2011/12/01: NakedCapitalism: Matt Stoller: A Real Third Party? An Anti-Big Bank Republican? Yup.
- 2011/12/01: NakedCapitalism: Philip Pilkington: A Point of Real Interest in the Latest Fed Minutes
- 2011/12/01: NakedCapitalism: Massachusetts Announces First Comprehensive Lawsuit Against Major Banks
- 2011/12/01: NakedCapitalism: Does Anybody Who Gets It Believe Central Banks Did All That Much Yesterday?
- 2011/12/01: CalcRisk: Weekly Initial Unemployment Claims increase to 402,000
- 2011/12/01: CalcRisk: LPS: Mortgages In Foreclosure Process at an All-Time High
- 2011/12/01: CalcRisk: U.S. Light Vehicle Sales at 13.6 million SAAR in November, Highest since Aug 2009
- 2011/11/30: NYT: Camps Are Cleared, but ‘99 Percent’ Still Occupies the Lexicon
- 2011/12/02: CBC: Forget quick fixes for eurozone, Merkel says
German Chancellor Angela Merkel flatly rejected any quick-fix ideas to try to resolve the European financial crisis, telling lawmakers Friday that treaty changes and stricter controls were the only path forward -- and that the process could take years.
Merkel and French President Nicolas Sarkozy are pushing for a reorganization of existing European Union regulations, which they [say] is needed to prevent the eurozone from breaking apart.
- 2011/12/02: BBC: Merkel urges EU fiscal union to tackle eurozone crisis
German Chancellor Angela Merkel has said Europe is working towards setting up a "fiscal union", in a bid to resolve the eurozone's debt crisis.
- 2011/12/01: BBC: US banks sued over homes seizures
Massachusetts is suing five major banks alleging "illegal" and "deceptive" conduct in the way they seized homes during the financial crisis.
- 2011/12/01: Guardian(UK): [Mario] Draghi: ECB needs closer fiscal ties in eurozone to use full financial powers
European Central Bank firepower requires 'fiscal compact', European MPs told, amid warnings of rising risk of recession
- 2011/12/01: CBC: Why Canadians should care about a euro collapse
- 2011/12/01: CBC: Canadian auto sales jump 4.4% in November
- 2011/12/01: al Jazeera: Chinese manufacturing activity slows
Weak performance underscores case for monetary stimulus as EU crisis weighs on world's second-largest economy
- 2011/12/01: EUO: EU seeks break-up of accounting 'oligopoly'
- 2011/12/01: al Jazeera: Police shut Occupy camps in two US cities
Anti-Wall Street movement feels the heat as tents are dismantled and arrests made in Los Angeles and Philadelphia.
- 2011/12/01: JaredB: Why Has Inequality Gone Up So Much?
- 2011/12/01: BBC: Asian markets up on central banks' move to help lending
Last modified January 1, 2012