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    Economics / bailouts, default, Euro, Greece /

    Greece: A New Low

    June 15, 2011

    Count me among those who expect Greece to default on its debt. I see no viable alternative. The Greek experience is unique. Other troubled Euro zone nations are less culpable for their demise. At least from a distance it is well known that Greece has a major problem with aspects of modern society: for one […]

    Economics / consumer confidence, fiscal policy, GDP, home prices, jobs, monetary policy, real incomes, recession, recovery, savings, stimulus, unemployment /

    Historic Fog

    June 15, 2011

    Ugh. The numbers are just horrible. We have wandered off into the desert and will not return for years. Here’s why: Household debt is still way too high. It is well down from its peak of about 130% of disposable incomes, and is now “only” 115%. But that compares with an average of around 75% […]

    Economics / fiscal policy, GDP, inflation, monetary policy, real estate, recovery, retail sales, stimulus /

    Retail Sales Falter – Significant?

    June 14, 2011

    Today’s report on retail sales is one of those we all have to squint at in order to get a good understanding of its importance. On its face the news was not good: sales fell 0.2% in May. That was the first decline in eleven months and so it marks the end of a steady […]

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