Posts Tagged ‘spending cuts’

Greek Riots Escalate, Branch Of Finance Ministry Set On Fire

Greek Riots Escalate, Branch Of Finance Ministry Set On Fire

Courtesy of Tyler Durden, Zero Hedge

Greeks Protest Austerity Cuts In May Day Rallies

Things are heating up again in Greece. Literally. After a firebomb at a Marfin branch earlier today was the cause of three tragic deaths, the latest building to succumb to rioting pyrotechnics is a branch of the Greek ministry of finance, reports Market News. We eagerly await for the Greek FinMin to announce that the docs burned down were the only copies of all sovereign lending agreements with foreign entities… all $300 billion of them. Perhaps now that Greece has lost all control is why the Greek president Karolos Papoulias just said that "The country is at the edge of the abyss." Luckily for the country, its riot police is not striking just yet. Which is more than one can say about Greek journalists: "Even Greek journalists were on strike, but they later went back to work in order to cover the riots." And that about explains all you need to know about Greece.

From Market News:

ATHENS (MNI) – A building belonging to Greece’s Finance Ministry was set afire Wednesday by rioters protesting the stringent four-year austerity plan the Greek government has agreed to accept in exchange for up to E110 billion in aid from fellow Eurozone countries and theInternational Monetary Fund.

The Finance Ministry issued a statement Wednesday night saying that no crucial documents had been lost, though the damage to the building was extensive.

The fire came on a day when a general strike against the government’s new fiscal plan erupted into violence, leaving three dead and tens of others wounded. In Athens, protesters gathered around the Parliament while some groups threw fire bombs at buildings, cars and banks. The police answered with tear gas and arrests.

The package of spending cuts and tax hikes is intended to reduce the public budget deficit by 5.5 percentage points of GDP this year alone, from 13.6% to 8.1%. It is envisioned that by 2014, the deficit will be brought under the EU’s limit of 3%. But in that same year, outstanding public debt is projected to be an astronomical 144% of GDP, up from 113% in 2009 — leading many to predict that a Greek bond default is inevitable.

All we know is that Lazard, which no way, no how is advising on…
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California impasse ends as Schwarzenegger reaches agreement

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California impasse ends as Schwarzenegger reaches agreement

Arnold Schwarzenegger, CaliforniaCourtesy of Edward Harrison at Credit Writedowns

This came in overnight via the FT.  Most of the shortfall in revenue is made up through spending cuts.  Below are the relevant paragraphs:

The agreement involves cutting nearly $6bn from schools and community colleges and close to $3bn from the state’s university system, although Mr Schwarzenegger said education cuts would be fully “refunded”.

An additional $1.3bn will be cut from Medi-Cal, the health programme for low earners and the poor.

CalWorks, the state’s welfare-to-work programme – and the target of much criticism from Mr Schwarzenegger – will have its funding cut by $528m, while Healthy Families, a programme that provides health insurance for 930,000 low-income children, will be cut by $124m.

The state’s in-home support services programme for the frail and disabled will also have its funding slashed. Mr Schwarzenegger has maintained that the system is a hot-bed of fraud abuses and won approval to begin fingerprinting care-givers and recipients of aid.

Another contentious part of the agreement will clear the way for oil drilling to resume off the coast of Santa Barbara. The prospect of drilling in the area has attracted a lot of criticism and is likely to be fiercely contested by local residents and environmental campaigners.

I should also mention some thoughts from Tim Fernholz via Brad DeLong on why the Federal Government has not given states more money.  He claims it was moderate Senators in Congress who explicitly took out state aid from the February stimulus package.  He writes:

Robert Samuelson, typically known for butchering economics in his column, takes a break today in order to butcher political science. He says the stimulus isn’t working because it is composed of the wrong programs, and he blames President Obama specifically for not including things like fiscal aid to states…. But if Samuelson were to remember what actually happened last February, or even do some superficial research, he’d realize that it was the moderate members of the Senate, led by Sens. Ben Nelson and Susan Collins, who stripped out much of the state funding…. [T]hese senators never did get around to telling anyone the economic logic of their proposal…. So Samuelson will never criticize moderate


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Zero Hedge

Lois Lerner Of 2021: IRS Political Corruption Unchanged With Billionaires' Tax Returns

Courtesy of ZeroHedge View original post here.

Authored by Emily Miller via Emily Post News

When the private tax returns of billionaires were leaked to a left-wing group, liberals and conservatives reacted very differently. Liberals fell for the political trick and immediately said that the tax code was unfair and the rich should get a tax hike. Conservatives saw through the conspiracy and wanted answers on how the Deep State at the IRS could, once again, have so much unchecked power for political purpo...



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Phil's Favorites

The PhilStockWorld com LIVE Weekly Webinar 06-16-2021

 

For LIVE access on Wednesday afternoons, join us at PSW! 

The PhilStockWorld com LIVE Weekly Webinar 06-09-2021

 

Major Topics:
00:00:14 - Checking on the Market
00:01:42 - EIA Report
00:09:50 - Intermediate Goods / Final Demand PPI / Inflation
00:16:13 - GOOGL
00:17:05 - MSFT / AA / AAPL
00:20:09 - U.S. Wage Growth
00:26:42 - U.S Housing Market / Wage Gap
00:34:47 - Mortgage & Property Taxes
00:37:16 - LTP
00:39:25 - STP
00:40:01 - CMG / FX / TQQQ
00:40:17 - SQQQ / W 
00:45:40 - LTP
00:49...



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Biotech/COVID-19

A mix-and-match approach to COVID-19 vaccines could provide logistical and immunological benefits

 

A mix-and-match approach to COVID-19 vaccines could provide logistical and immunological benefits

One of this and one of that might be a good strategy to coronavirus vaccination. SOPA Images/LightRocket via Getty Images

Courtesy of Maureen Ferran, Rochester Institute of Technology

While it’s now pretty easy to get a COVID-19 shot in most places in the U.S., the vaccine rollout in other parts of the world has been slow or inconsistent due to ...



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Chart School

Gold Seasonals and T Theory Cycle Review

Courtesy of Read the Ticker

Gold tends to slump at the start of the US summer, and will Basel 3 make a difference this year?

Basel 3 has removed a large chuck of paper shorts off the LBMA, of course this is for the banks only, the hedge funds can continue to suppress gold with paper shorts. The true effect of Basel 3 may not be known for some month. 


A typical pattern in the metals is a smash down just before a major rally, consider this:


POINT 1: IRD recent post did say this

..."I’m wondering if the entire 'Kabuki Theatre' production is being staged to...



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Politics

The Ukraine Fallacies (with Victor Rud)

 

The Ukraine Fallacies (with Victor Rud)

Americans are confused about the history of Ukraine. That's just how Russia wants it.

Courtesy of Greg Olear, at PREVAIL

Greg is the author of Dirty Rubles: An Introduction to Trump/Russia 

...

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Promotions

Live Webinar with Phil on Option Strategies

 

June is TD Bank's Option Education Month, and today (Thursday, June 10) at 1 pm EST, Phil will speak with host Bryan Rogers about selling options and various option strategies that we use here at Phil's Stock World. Don't miss this event!

Click here to register for TD's live webinar with Phil.

 

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Digital Currencies

Crypto: Congress Dawdles as $1.7 Trillion Con-Game Goes Unregulated, Threatening Reputation of U.S. Markets

Courtesy of Pam Martens

If you want to get your hair cut outside of your home in the United States, the job has to be done by a licensed worker at a regulated business. The same thing applies to plumbers, electricians, home inspectors, real estate and insurance agents. They all require a license and are subject to regulatory scrutiny.

Likewise, commodities like corn, sugar, wheat, lumber and oil are all traded on regulated exchanges which are overseen by a federal regulator.

But, for reasons that have yet to be explained to the American people, when it comes to the $1.7 trillion cryptocurrency market – which is effectively a con-g...



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Kimble Charting Solutions

Crude Oil Cleared For Blast Off On This Dual Breakout?

Courtesy of Chris Kimble

Is Crude Oil about to blast off and hit much higher prices? It might be worth being aware of what could be taking place this month in this important commodity!

Crude Oil has created lower highs over the past 13-years, since peaking back in 2008, along line (1).

It created a “Double Top at (2), then it proceeded to decline more than 60% in four months.

The countertrend rally in Crude Oil has it attempting to break above its 13-year falling resistance as well as its double top at (3).

A successful breakout at (3) would suggest Crude Oil is about to mo...



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ValueWalk

Managing Investments As A Charity Or Nonprofit

By Anna Peel. Originally published at ValueWalk.

Maintaining financial viability is a constant challenge for charities and nonprofit organizations.

Q4 2020 hedge fund letters, conferences and more

The past year has underscored that challenge. The pandemic has not just affected investment returns – it’s also had serious implications for charitable activities and the ability to fundraise. For some organizations, it’s even raised doubts about whether they can continue to operate.

Finding ways to generate long-term, sustainable returns for ...



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Mapping The Market

Suez Canal: Critical Waterway Comes to a Halt

 

Suez Canal: Critical Waterway Comes to a Halt

Courtesy of Marcus Lu, Visual Capitalist

The Suez Canal: A Critical Waterway Comes to a Halt

On March 23, 2021, a massive ship named Ever Given became lodged in the Suez Canal, completely blocking traffic in both directions. According to the Suez Canal Authority, the 1,312 foot long (400 m) container ship ran aground during a sandstorm that caused low visibility, impacting the ship’s navigation. The vessel is owned by Taiwanese shipping firm, Evergreen Marine.

With over 2...



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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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