A sea of red in the stock markets this morning after reports Greece once
again failed to live up to its financial targets reporting a budget
deficit of 8.5 percent against 7.5 percent targeted. Data-wise we have a
bunch of PMI Manufacturing releases today with the US ISM Manufacturing
high on the agenda. The week culminates with Nonfarm Payrolls on Friday
and before that, on Thursday, Trichet will preside over his last ECB
monthly rate meeting and press conference.
Greece fails to meet targets: It should come as a
surprise to no-one and yet markets are tanking on the news that Greece
has failed - again - to live up to its financial targets. While we
should not let Greece off the hook entirely, we have stated repeatedly
that the current framework is not workable. You cannot go the austerity
route and reduce debts totalling 1.5 times your GDP without a severe
recession, or shall we say depression. Instead, Greece (while bringing
its government spending under control, of course) should be allowed to
default and start afresh. But that will not happen as long as the
European banking sector have not been sufficiently shielded from such
actions. The current plan is a bank bailout, not a bailout of Greece,
and causes suffering because the Eurozone leaders will not allow their
banks, the lenders - those who made the bad investments - take the hit.
It is capitalism without losers and it does not work, they are just as
much part of a functioning market economy as are winners.
ISM Manufacturing to keep expanding... just: the national PMI Manufacturing for US is expected to show a slight increase in manufacturing in September with a reading of 50.3. Unlike several of the regional surveys the ISM Manufacturing Index held up surprisingly well in August with a 50.6 print. Nevertheless several regional surveys have continued to show declines in September (though smaller than those in August) and the New Orders component of the August ISM Manufacturing report was below 50 for the second month in a row. As we have noted before though the secular decline in manufacturing in the US implies that GDP will not necessarily decline just because ISM Manufacturing is below 50.
ISM Manufacturing to keep expanding... just: the national PMI Manufacturing for US is expected to show a slight increase in manufacturing in September with a reading of 50.3. Unlike several of the regional surveys the ISM Manufacturing Index held up surprisingly well in August with a 50.6 print. Nevertheless several regional surveys have continued to show declines in September (though smaller than those in August) and the New Orders component of the August ISM Manufacturing report was below 50 for the second month in a row. As we have noted before though the secular decline in manufacturing in the US implies that GDP will not necessarily decline just because ISM Manufacturing is below 50.
Hello my name is Kathy I am the daughter of Assimins Katskia or Lucia I have been looking for her or any family I am under the Athens court house under Panagiota Paganis in 1958 my birth date is 10-23-1958 I was put in the baby center off Greece.. the people who adopted me names are Robert James Thompson and mothers name is Contance Mare Thompson.. took back to San Diego Californa and became Amercain Citizen in June of 64,,I think the hospitals name was General not sure...do not know my real fathers name she was probably rape her family was killed by the Germans my understanding the other lady that I am filed with is my adopted brother mother if you get any information on her it well fine too he was born in Athens I belive I was born in Levida not sure thow and a little village name Lamina something like that last known where about was the Leskia spelling not good they say she was 18 at the time some information at red cross I do not know how to fell ot forms so heres what I got over the years,,,I really like to know if she's alive and where at and ifs she's not I would like to know if she's had any more after me,, thank you so much for your help,, kathy
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