Mish's Global Economic Trend Analysis |
- Does Black Friday Arrive at Midnight or is this the Death of Black Friday?
- Swiss Central Bank Threatens More Action to Ward off Deflation; Swiss Real Estate Overheating; Don't Worry, It's Not a Bubble (It Just Looks Like One)
- Burning the Piigs in Effigy
- In Act of Desperation, G20 Asks Germany to Pledge its Gold for EFSF Rescue Fund, Bundesbank Refuses; Grateful for the Arrogance
Does Black Friday Arrive at Midnight or is this the Death of Black Friday? Posted: 06 Nov 2011 05:29 PM PST The day after Thanksgiving is traditionally known as "Black Friday" because that is when Christmas season starts and many stores go into the green for the year. However, in recent years, stores opened earlier and earlier, with people lining up at 4:00AM to ensure being the first in the store for "hot specials" or items expected to be in short supply. On occasion, people have been trampled to death in the mad rush to get into stores. This Thanksgiving, many stores have pushed up the clock to open at Midnight instead of 5 or 6 AM. Please consider More Retailers Attack at 'Black Midnight' Best Buy Co. is joining the list of big store chains opening at midnight after Thanksgiving this year in hopes of getting a jump on the competition, following recent announcements by Target Corp., Macy's Inc. and Kohl's Corp.Death of Black Friday? Does Black Friday starts at midnight or if this is simply the death of Black Friday? I believe something in between. Black Friday is on the death-bed but has not yet died. It will. This whole charade is becoming pointless with so many pre-sales and pre-pre-sales and of course pre-pre-pre-sales that eventually no one is going dive a damn. Unprecedented Drop in Port Traffic Yet traditions die hard, and people like to shop the day after Thanksgiving. However, a huge drop in port traffic suggests this Christmas season will not be very robust. I have written about that three times recently.
To what extent is this "Black Midnight" about the need for each retailer to outdo each other vs. the need to do something because all the retailers are scared to death of another miserable shopping season? The question is moot. Black Friday is on the deathbed, the prognosis for retailers this season does not look good, nor does the prognosis for Black Friday itself in the years to come. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List |
Posted: 06 Nov 2011 12:01 PM PST The Swiss National Banks "expects" the Franc to depreciate, and if it doesn't it will flood the world with more Francs, if necessary, to stave off deflation. Bloomberg reports SNB Is Ready to Act on Franc If Gains Risk Deflation, Hildebrand Tells NZZ Swiss central bank President Philipp Hildebrand said policy makers remain ready to act in case the franc's strength increases the risk of deflation and threatens the country's economy.Check out that last comment by Hildebrand. He is worried about a property bubble and wants to prevent deflation by printing Francs, which (until the Swiss property bubble bursts), will further inflate its property bubble, placing more deflationary pressures on Switzerland when it pops. Don't Worry, It's Not a Bubble (It Just Looks Like One) UBS says Swiss Property Market Booming In 3Q, But Not In Bubble Switzerland's property market continued to boom in the third quarter, though the chance of a downward price correction remains low, according to an index measuring risk in the market.Mad Mad Recap UBS says Switzerland real estate is not a bubble even though it is acting like one and even though the Swiss central bank and Swiss regulators are worried about it. Moreover, the Swiss central bank is ready to stave off deflation yet is counting on the "economy cooling" to calm the property market, while attempting to prevent the economy from cooling by flooding the world with Francs. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List |
Posted: 06 Nov 2011 08:29 AM PST Every Autumn, my neighbor has an "effigy party" and guests are invited to burn a symbol of what ails them in a display of public odium. One of the guests was Alex Sirois, Director of Strategy of Motorola, who chose to burn a ceramic Piig. Others burnt symbols of the Chicago Cubs, the Ohio State coach, a giant cigarette by someone who was quitting smoking, and other such worthy symbols. I arrived with the action already in progress but I did manage to catch a few burning images. Click on any shot for sharper image. Ceramic Piig, Complete with Symbol of Euro Lifesize replica of Ohio State football coach going up in flames. The head is an image taped on a balloon. How that balloon lasted so long in a fire is rather amazing. No effigy burning party would be complete without burning a figure of the most futile team in all of sports history, the Chicago Cubs. If by some miracle the Chicago Cubs win next year, please thank my neighbor's associates for properly exorcising the demons that haunt the Cubs. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List |
Posted: 05 Nov 2011 11:57 PM PDT The gall and arrogance of the G20 and Euro-nanny finance minister clowns is staggering. German newspapers report that the G20 discussed asking Germany to pledge its gold to bail out Greece and the Piigs, and to fund the EFSF. The Bundesbank, Germany's central bank said "We know this plan and we reject it." One might think that would be enough to stop such idiotic talk, but one would be wrong. In spite of Bundesbank opposition, euro zone finance ministers will discuss the idea next week. Please consider Bundesbank: central bank reserves will not help fund EFSF The Frankfurter Allgemeine Sonntagszeitung (FAS) reported that Bundesbank reserves -- including foreign currency and gold -- would be used to increase Germany's contribution to the crisis fund, the European Financial Stability Facility (EFSF) by more than 15 billion euros ($20 billion).Grateful for the Arrogance In spite of the stupidity of discussing something that is not going to happen, here are three reasons to be grateful they did.
ZeroHedge addresses the question "why will this be debated?" Why will it be debated? Because when at first you don't succeed, try, try again. Germany may be crossed off the list, but here is who is next in order of appearance. Sooner or later, Europe will stumble on that one "leader" whose gold is less valuable than their political stability.If France and Italy want to expand the EFSF, why don't they pledge their own gold rather than asking Germany to pledge its gold? One possible answer is that any country dumb enough to pledge its gold will very quickly lose its AAA rating. However, the Euro-nanny finance minister clowns are probably not bright enough to figure that out. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List |
You are subscribed to email updates from Mish's Global Economic Trend Analysis To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
Google Inc., 20 West Kinzie, Chicago IL USA 60610 |