Europe’s monetary union has become an instrument of deflation torture – Telegraph, Ambrose Evans-Pritchard
If the purpose of the euro was to bind Europe’s tribes together and serve as catalyst for political union, EU elites must have been chastened by the outpouring of anti-German feeling in the Greek parliament last week.
So where did all the money go? – Telegraph, Edmund Conway
It is all too easy to lose track of the amount of cash poured into the economy by the British authorities in order to support banks and prevent a repeat of the Great Depression.
More generations living under same roof – Reuters
More generations are living under the same roof and the trend will deepen as families grappling with near double-digit unemployment share expenses, a study showed on Monday.
Millions of Unemployed Face Years Without Jobs – The New York Times
Call them the new poor: people long accustomed to the comforts of middle-class life who are now relying on public assistance for the first time in their lives — potentially for years to come.
Those who thought things are so bad they can’t get worse are wrong yet again as central Florida median prices for existing homes drop the most in at least 15 years.
TransUnion: Surprising increase in souring mortgages – The Los Angeles Times
Six months ago, TransUnion had predicted California’s rate of delinquencies would begin to decline in the middle of this year. The prediction now: not until the first or second quarter next year, Guarrera said.
And so tightening begins? – Rolfe Winkler
But meaningful tightening may never happen. Unless we get a dollar crisis — a possibility if the printing press runs on high too long — the Fed won’t be able to raise rates for the simple reason that it is trapped.
China: No one home – Financial Times
“We are getting to the end of China’s ability to finance growth in this way,” he says, adding that the central planners in charge “can probably get away with it this time – but if they keep trying to do things this way, they will get into trouble”.
