Monthly Archives: June 2012

Eurozone allows stabilization fund to inject capital into private banks: Spain, Italy and France win partial victory

Posted on June 29, 2012 by haroldchorneyeconomist

After late night negotiations it has been decided to permit the European stability fund to purchase directly the assets offered by banks in Spain and and Italian sovereign bonds and by so doing permit European funds to be injected directly … Continue reading →

Posted in austerity, deficit hysteria, deficits and debt, European debt crisis, European financial stability fund, European unemployment, France politics+economy, Greek sovereign debt crisis, quantitative easing, Spain, Uncategorized | 1 Comment

Supreme Court upholds Obama Care; Europe continues to debate how to rescue economy from bond market blackmail

Posted on June 28, 2012 by haroldchorneyeconomist

The Supreme Court in a 5 to 4 decision with Chief Justice Roberts siding with the majority has upheld most of the Affordable Care Act by ruling its provisions constitutional under the federal powers of taxation. Four of the liberal … Continue reading →

Posted in austerity, deficit hysteria, deficits and debt, European debt crisis, European financial stability fund, European unemployment, France politics+economy, Greek sovereign debt crisis, Italian debt crisis, monetary policy, quantitative easing, Uncategorized, unemployment | 1 Comment

Anna Schwartz co-author with Milton Friedman of A monetary history of the United States dies at 96

Posted on June 23, 2012 by haroldchorneyeconomist

One of the great economists of the past century Anna Schwartz(Jacobson) author of many influential books and studies has passed away after a long and enriching life at 96. Along with Milton Friedman she wrote the monumental study A monetary … Continue reading →

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Canadian inflation rate falls to 1.2 %:core inflation 1.8 %

Posted on June 22, 2012 by haroldchorneyeconomist

Statistics Canada announce the most recent  inflation rate . It shows that in May the rate overall fell on an annualized basis to 1.2 % . There is clearly absolutely no reason to increase interest rates. Core inflation which strips … Continue reading →

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Greek politicians form new government;Germany may agree to extend austerity timetable.

Posted on June 20, 2012 by haroldchorneyeconomist

New Democracy leader Antonis Samaras has been sworn in as the new Prime Minister of Greece. His government will receive the backing of Pasok and the Democratic left giving it a clear parliamentary majority of 179 seats out of 300. … Continue reading →

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Final Greek Results Reveal Very Close Election

Posted on June 18, 2012 by haroldchorneyeconomist

With 99.83 % of the votes counted here are the results of the Greek election. New Democracy received 29.66% of the vote and will get 128 seats because of the 50 seat bonus for finishing first. Its total vote was … Continue reading →

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New exit poll New Democracy 28-30 %slightly ahead of Syrizia 27-28.5 %:partial official results show similar trend

Posted on June 17, 2012 by haroldchorneyeconomist

It looks increasingly like New Democracy will finish a narrow first over Syriza with 28-30 % of the vote ,Pasok far behind  at 13 % and the other small parties including the right wing extremist party, New Dawn at under … Continue reading →

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Greek election a dead heat New Democracy and Syriza neck and neck in exit polls

Posted on June 17, 2012 by haroldchorneyeconomist

Exit polls which sample 80 % of those who voted show New Democracy at 27-30.5 % and Syriza at 27-30 %. Pasok is at 10-12 %. The other parties including the extremist right wing party New Dawn, the communists, the … Continue reading →

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The Greek election, the euro and the necessity to escape austerity

Posted on June 16, 2012 by haroldchorneyeconomist

We are on the eve of the second election in Greece and many establishment voices in a co-ordinated campaign are raising the prospect of total disaster should the Greek electorate choose the left wing coalition Syriza which while committed to … Continue reading →

Posted in austerity, classical economics, deficit hysteria, European debt crisis, Greek sovereign debt crisis, treasury view, Uncategorized, unemployment | Leave a comment

Spanish banks bail out, French parliamentary elections, Unemployment rises in Europe,Canadian unemployment stable but still too elevated.

Posted on June 12, 2012 by haroldchorneyeconomist

A lot of information to process. Most of it not good. The best although mixed news comes from France where the first round of the parliamentary elections showed a strong showing by Francois Hollande’s socialist party which garnered about 29.35% … Continue reading →

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