Tag Archives: Mish

Mish/ Mike Shedlock – Denials Mount As Greece Robs Peter To Pay Paul; Shell Games And Check Kiting – 18 April 2015

MishMikeShedlockDenials in Greece about its sorry state of affairs are now so ridiculous that even some ardent Greek supporters are likely laughing out loud (off the record of course).

Please consider Greece Scrapes Bottom of Barrel in Hunt for Cash to Stay Afloat.

Greece will need to tap all the remaining cash reserves across its public sector — a total of 2 billion euros ($2.16 billion) — to pay civil service wages and pensions at the end of the month, according to finance ministry officials. Continue reading

Mish/ Mike Shedlock – Another 5.27 Billion In Capital Flight From Greece In March – 17 April 2015

MishMikeShedlockData from the Bank of Greece for March shows net Target2 liability for Greece increased by another €5.27 billion in March to €96.427 billion.

Target2 represents capital flight from Greece.

image: https://lucas2012infos.files.wordpress.com/2015/04/9163c-greece2btarget22bimbalance.png?w=300

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Mish/ Mike Shedlock – Super Taper Tantrum? How About An UnTaper Tantrum? – 16 April 2015

MishMikeShedlockGenerally, the IMF is wrong every which way about nearly everything.

Thus, one has to wonder if the correct response to ‘Super taper tantrum’ ahead, warns IMF is along the lines of “No Worries Mate“.

José Viñals, the director of the IMF’s monetary and capital markets department, warned of a “super taper tantrum” and spiking yields as the US central bank gets nearer to lifting rates from near-zero levels. “This is going to take place in uncharted territory,” he said in an interview.

In its Global Financial Stability Report, released on Wednesday, the IMF argued that risks have not only risen worldwide, but that they have rotated to parts of the financial world that are harder to monitor — including to the non-bank sector.
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Mish/ Mike Shedlock – France Considers Forcing Google To Disclose Search Algorithm; Too Much Satisfaction! – 15 April 2015

MishMikeShedlockToo Much Satisfaction!

Heaven forbid consumers actually like something too much.

If they do, they buy it or use it more than they buy or use competing products.  And when that happens, well it must be “unfair” competition.

Lord knows we cannot possibly tolerate too much consumer satisfaction. Continue reading

Mish/ Mike Shedlock – Peace Must Be Stopped At Any Cost; Lies And Hypocrisy On Iran – 14 April 2015

MishMikeShedlockThe Republican attack dogs were all over Rand Paul when he made the statement “I’m going to keep an open mind” on Obama’s deal with Iran.

I do believe that negotiation is better than war,” Paul told TODAY’s Savannah Guthrie in an exclusive interview.

War proponents will settle for nothing less than war. Ironically, they conclude an attack video on Rand Paul with a nuclear explosion mushroom cloud. Continue reading

Mish/ Mike Shedlock – Greece To Default On IMF In May, June If No Deal Reached – 14 April 2015

MishMikeShedlockGreece is threatening to withhold payments to the IMF in May and June. This time it does not sound like a bluff. And if it’s not a bluff, we will finally know precisely when midnight occurs.

The Financial Times reports Greece prepares for Debt Default if Talks with Creditors Fail.

Greece is preparing to take the dramatic step of declaring a debt default unless it can reach a deal with its international creditors by the end of April, according to people briefed on the radical leftist government’s thinking.

The government, which is rapidly running out of funds to pay public sector salaries and state pensions, has decided to withhold €2.5bn of payments due to the International Monetary Fund in May and June if no agreement is struck, they said. Continue reading

Mish/ Mike Shedlock – Former Fed Governor Thomas Hoenig Says US Banks Undercapitalized; Unsafe, And Unsound Banks – 13 April 2015

MishMikeShedlockIn another round of “stress” tests last month, the Fed said Big Banks Pass Muster.

Anyone who has been following stress tests in US or Europe knows full well, the tests were in reality “stress free“.

Confirmation of the undercapitalized state of US banks comes from former Fed Governor Thomas Hoenig. He served as chief executive of the Tenth District Federal Reserve Bank, in Kansas City, for 20 years. Rules limit terms to 20 years. Hoenig is now vice chairman of the Federal Deposit Insurance Corporation. Continue reading

Mish / Mike Shedlock – Legacy Skills And Capital; Sugar And Steel; Turning TPP To TP – 12 April 2015

MishMikeShedlockIn response to Readers Question Free Trade; Does Nonreciprocal Free Trade Cost Jobs? Paul Krugman “Was” Right!, reader Ken is wondering about legacy capital and the destruction of capital.

Ken writes …

Hi Mish

I really enjoy your explications of economic ideas, and I think the world really needs them, since many are so economically illiterate.

I do have a question about free trade and loss of capital. My father and uncle both trained at Detroit’s illustrious technical high school. My dad went on to college and became a physiology researcher and professor, my uncle developed a state of the art machine shop making rocket engine parts.
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Mish / Mike Shedlock – Incredible Tornado Footage From Illinois, Yesterday – 11 April 2015

MishMikeShedlockA tornado touched down yesterday in McHenry Illinois, less than 10 miles from where Liz and I live. Tornadoes hit multiple locations.

Here is some incredible footage of a tornado tipping a truck over and debris flying everywhere. This footage is near Rochelle, Illinois.

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Mish / Mike Shedlock – Milestones In Bond Insanity: Negative 10-Year Yield On Swiss Bonds, Mexico Sell 100-Year Bonds Denominated In Euros; Are 1000-Year Bonds Next? – 10 April 2015

MishMikeShedlockMilestones in Bond Insanity

Two events happened this week for the first time: negative yield on 10-year government bonds and 100-year bonds by Mexico denominated in euros.

Please consider Swiss, Mexican Bond Deals Represent Milestones for Debt.

Until Wednesday, no country had ever sold 10-year debt that gives investors a yield of below 0%. And no country had ever issued a 100-year bond denominated in euros.

But in the latest stark sign of how easy the era of easy money has become, Switzerland on Wednesday sold 10-year bonds that investors are actually paying to hold, while Mexico lined up a rare transaction to borrow euros it promised to repay a century from now—at a yield of 4.2% Continue reading