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Tuesday, August 02, 2011

Italian 10 Years Back Over 6%

So Europe is not exactly soaring. This article ties it in to US spending plans, but that's ridiculous. The last round of PMIs was pretty awful globally, and both Spain and Italy turned in particularly dismal numbers. Thus, growth concerns would reasonably account for spreads.

The actual debt deal contains no austerity at all. Spending cuts are minimal and deferred, so any immediate impact is utterly dwarfed by the impact of inflation on real wages. If the cautionary note contained in the "deal" is sufficient to quell enthusiasm at the commodity trading desks, the debt deal might prove to be a minor economic stimulus.

In other news, I have developed a bit of problem with my eyes so blogging isn't going to be very constant in the near term. July light vehicle sales are the next important number.

I love how living within one's means is considered "austerity".

The fact is, individual Americans ARE trying to live within their means. And government is doing everything it can to raise taxes and devalue the currency, thus ensuring less means for individuals which pushes them toward austerity while the government and its mouthpieces (cough, Krugman, cough) pretend there is no austerity
Okay, now that I'm feeling better (and I am, really!) it's my turn to nag you: Slow down and take care of yourself.

Yeah, I like it very much when I can tune in every day and see a new post (sometimes two!) as has been the case lately. But I'd rather you post less, and rest more.

Please. If not for us, if not for the chief, then do it for the bulldog.
Mom - please take it easy, and follow your doctor' s orders. I pray for a quick recovery.
I wish you a speedy recovery. Do slow down.
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