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It's a blend of two things. "I'd really like to help you," and, "If this isn't for you, that's okay, there are others it might be a better match for."
Generosity, not arrogance. Problem-solving, not desperation. Helpfulness, not selfishness.
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Mish's Global Economic Trend Analysis |
Posted: 22 Nov 2013 05:07 PM PST The European budget debate stepped up a notch today as Italy, Spain Warned on Budget. After Italy rebuffed warnings about its budget, euro-area finance ministers late Friday agreed to give the country additional opportunities to show it can make savings and bolster revenue.No Quick Fix Eurointelligence accurately comments about Italy's Quick Fix proposals to meet EU targets. Instead of solving the underlying problem of an unsustainable growth trajectory, the Italian government continues to be preoccupied with quick-fix measures to chase after some official fiscal target, which have become the be-all and end-all of economic policy. The Italian government yesterday agreed on a privatisation programme, which should net some €10-12bn in 2014 (it would reduce debt-to-GDP from a number of above 130% of GDP by some 0.6pp to a number still above 130%). The sales include a 3% stake in Eni, the energy company, plus stakes in seven companies in total. In two of them, the government would be selling the controlling interest.There is no quick fix and no recovery either. Europe is back in recession, not that it ever left in the first place. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific. |
Expect "Dramatic Slowdown" in Germany: Saxo Bank Analysis Posted: 22 Nov 2013 12:46 PM PST Saxo Bank chief economist Steen Jakobsen had some interesting comments on Germany and German exports given a slowdown in China and a rising Euro. To help put things in perspective, here is a chart on the Euro. ![]() Technical analysts will point out this is a bearish break of the trendline, thus the euro may be headed lower. Fundamentally, the chart reflects an unexpected rate cut by ECB president Mario Draghi as well as statements by various ECB members regarding the possibility of negative interest rates. Let's continue the fundamental view as presented by Steen Jakobsen. Expect Dramatic Germany Slowdown Via email, Steen writes ... The German economy is heavily exposed to global growth which we see dramatically slowing down - the strong EURO will impact export 5-7 month from now which creates dramatic slow-down where we even could see the German economy going below 1% growth and come close to recession.Eurozone Symmetry ![]() I agree with the viewpoint stated by Steen. For further discussion and analysis, please see ...
Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific. |
Posted: 22 Nov 2013 11:14 AM PST Yesterday I received an email from a California Business Owner with 600 employees. Let's tune in to how Obamacare affected him, as well as his employees. Dear MishIn a followup email, I asked what would happen if he dropped coverage altogether. Here is his reply ... Our calculus suggests that the penalties could be worse because it is per employee per year. There are different kinds of penalties too. One for not offering a qualifying plan and one for when an employee signs up for an exchange in the absence of a plan at work. However, more importantly than the money is the unions.Clown to the Left, Jokers to the Right I offer the following musical tribute, by Stealers Wheel. SongFacts comments on Stuck In The Middle With You by Stealers Wheel. Also known simply as "Stuck In The Middle", this Stealers Wheel classic was co-written by the group's guitarist Gerry Rafferty and keyboard player Joe Egan.Unions and Obamacare As an interesting footnote, unions were the biggest Obamacare proponents, but now they too are upset with it. Obama to the rescue ... On November 7 the New York Post commented Rule lets unions avoid ObamaCare tax ... "Buried in the new rules is a proposal to exempt 'certain self-insured, self-administered plans' from the fee in 2015 and 2016. That description applies to many union plans, according to experts." On November 17 the Wall Street Journal commented on such a ruling in great detail in its article ObamaCare's Union Favor. The Affordable Care Act's greatest hits keep coming, and one that hasn't received enough attention is a looming favor for President Obama's friends in Big Labor. Millions of Americans are losing their plans and paying more for health care, and doctors are being forced out of insurance networks, but a lucky few may soon get relief.Illegal? Yes, but who cares if it buys union votes. Certainly not president Obama. And everyone else pays the price. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific. |
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