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Wednesday, February 15, 2012

Newsworthy Economic Headlines for Feb. 15, 2012

In response to ‘Sanctions’ placed upon Iran by the EU, Iran has cut off crude supplies to 6 European countries. This action clearly means record high gasoline prices for Europe, particularly the 6 countries that were cut off from crude supplies, countries that are already in deep Economic Crisis, namely Greece, Portugal, Spain, Italy, France, and The Netherlands. Is Europe intent on committing suicide and taking the world down with it?

New setback for Greece bailout as meeting canceled

In an article posted a couple of days ago, I reasoned that the Troika of the EU, the ECB and the IMF are trying to squeeze blood out of a rock by placing unreasonable and un-enforceable demands upon the Greek people. Whatever deal is announced, it will never be implemented because without turning Greece into a 3rd world nation, the demands cannot be met.

Retail Sales: A Leading Indicator for the Jobs Market?

If recent history is any guide, a notable deceleration in the pace of U.S. retail spending following a period of strong gains signals trouble ahead for the jobs market.
Though the BLS (Bureau of Lying Statistics) keeps putting forth seasonally adjusted numbers that show growth in the jobs market, the huge decline in US retail sales would indicate otherwise as the above article contends.

Greece Will Have `Hard Default,' Gallo Says

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