Posts Tagged ‘European debt crisis’

Gary Shilling Says Yuan Move Is Risky

Gary Shilling Says Yuan Move Is Risky

Courtesy of Edward Harrison at Credit Writedowns

Gary Shilling talked with Bloomberg about the implications of China’s recent currency move and the European debt crisis. True to form, he is bearish – both on the Chinese move and on the European debt situation. His view is that the Yuan move comes at the wrong time given that the European debt crisis and fiscal austerity is already poised to slow global growth.

While I agree with his comments on the risks to the Eurozone and the Chinese economy, I will defer to Marc Chandler’s views on China’s forex move who has fewer negative things to say about the move. 


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Euro Witch Hunt Escalates; Obama on the Hotline to Angela Merkel; France, Germany “Completely Agree” (Except for German Voters)

Euro Witch Hunt Escalates; Obama on the Hotline to Angela Merkel; France, Germany "Completely Agree" (Except for German Voters)

Courtesy of Mish witch hunt

The news is flying once again today, and all eyes are the results of a meeting that will send a coordinated "message to the market".

The meeting was interrupted when German Finance Minister Wolfgang Schäuble had an "adverse reaction to medication" and had to be take to the hospital.

I think a more likely explanation is a stress related nervous breakdown. Hmmm. Will that statement make me a witch hunt target?

Euro Witch Hunt Escalates

You know someone or something is in deep trouble when the search for scapegoats happens in the middle of a crisis rather than after it has ended. With that in mind, please consider EU’s Barnier Calls For Tougher Sanctions On Market Speculators.

The European Union’s internal market commissioner Sunday called for tougher sanctions on stockmarket speculators.

Speaking on French radio Europe 1, Michel Barnier said sanctions against speculators will take various forms "including legal action, when there is proof." "We are ready to increase the sanctions against abnormal speculative action," he said.

"Regulatory authorities need to be extremely severe with those that are launching rumors to manipulate stock prices in order to make money on the back of the suffering of the people," Barnier said.

Is that lame or what?

IMF approves $40 Billion Greece Bailout

Today we learn the IMF finally got its act together to approve $40B Greece bailout.

The board of the International Monetary Fund has approved its part of a $140 billion bailout package for Greece.

The board met in Washington Sunday to approve a three-year, $40 billion (euro30 billion) loan for the troubled European nation. Greece has enacted broad cutbacks on government spending to address its mounting debt, sparking riots and social unrest.

Eurozone leaders on Saturday approved a $100 billion package of loans to Greece for the next three years to keep it from imploding. The bailouts are an effort to stabilize global markets rocked last week by fears of a spreading European debt crisis.

Obama’s On The Hotline

This will not do a bit of good but Obama calls Merkel on debt crisis

US President Barack Obama spoke to German Chancellor Angela Merkel for the second time in three days Sunday and pressed for "resolute" EU steps to build market confidence, the White


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