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ECONOMICS – FINANCE – WORLD NEWS – GREEK DEBT

Sharing enemies – Europe’s best back-up plan

Yesterday saw the new EU budget proposal, Goldman’s CEO doing some marketing and the UK’s official double-dip recession.

Re: EU budget

The commission wants to increase the budget by 6.8%, which has led to outrage – pretty much everywhere. There is a slight chance that it was a reverse psychology kind of trick to have the European players re-bond over a common enemy, but history shows that few things out of Brussels are just that strategic. Still, the Netherlands, Germany, the UK and France disagree strongly. That’s because the commission is the institution which can’t seem to get enough ofausterity in EU member states, while demanding higher allocationread article

Re: UK recession

The British economy contracted in Q1 of 2012, with GDP shrinking by 0.2%. It’s official, this is a double dip. DavidCameron had to step up to defend his proposed austerity measures and cuts, leading to Business Insider calling him a moron (something I’ve been doing for months). read article

Meanwhile, George Osborne, another moronic musketeer, continued to play the blame-game as told, saying it was all the eurozone’s fault. Of course. read article

But Osborne and CaMORON also get critiqued from their own people – for being too posh.

Goldman Sachs’ CEO Lloyd Blankfein sat around with Bloomberg sharing his views about the economy and not Greg Smith. Greg who? Yeah, that’s probably why. Anyway, well done, Jake Siewert, this was nice. Blankfein also claimed to be fiscally conservative and socially liberal, like about 95% of people I know who have received any sort of education in economics. If you’re one of them, read what the Onion has to say about itread article

Otherwise, Mario Draghi managed to mitigate the bitch fight between Angela Merkel and Francois Hollande by stressing the need of a proper plan for economics growth, which in Europe means to make it a treaty that takes 7,000 years to be ratified and then gets rejected by a country like Ireland in the last minute.

Here’s a whole array of European confidence indicators, including a reason to disregard consumer sentiment, because the last time people on this continent had a good feeling about anything was around the year 2000. view image

Also, this is Bank of America’s Who Makes the Car – 2012 report, with pretty pictures and everything. Yes, ze tshermans are in it and so are the Japanese, yet the picture has shifted. Eleven years ago, American companies supplied 54% of components, now it’s down to 34%. That may not be surprising, but unless they come up with a couple of good ideas fairly soon, the American car industry will have disappeared and Detroit will be lost to Canada.

So long.

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