| Budgets will remain “neutral” in 2010, becoming “clearly restrictive as of 2011 when recovery is expected to gain momentum,” Luxembourg Prime Minister Jean-Claude Juncker told reporters today after chairing a meeting of euro-region finance ministers in Luxembourg. |
As if that's not enough the Bush tax cuts will expire on Jan 1, 2011 and a spending freeze goes into effect this October.
If you thought the last time down was ugly, that's gonna look like a picnic compared to what's coming.
4 comments:
Mike,
I just came across this:
http://www.telegraph.co.uk/finance/economics/7769126/US-money-supply-plunges-at-1930s-pace-as-Obama-eyes-fresh-stimulus.html
There's also the graph on the front page of this site:
http://www.imr-ltd.com/default.asp
Yeah, aggregates aren't everything, but if this is true we may be in for worse than I thought.
I'm not even sure how M3's calculated.
Oh, the Fed still calculates this, but simply doesn't publish the M3.
I bet something is going down with Iran. The USA will try sanctions while simultaneously wagging the world into the fold by a major flight to the USD and quality.
If Iran is caught with funds in Euros they are hosed, and if they switch to USD the funds will be frozen.
ok - maybe 5% chance, but heck of a rocky road
If the "big one" is going down, then the other "big ones" are going with ....
Goog,
Sadly, I dont think they are that smart/knowledgeable about these issues to try to pull something like that off.
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