...We're continually told by the media and the Fed that either "no" or that it's "not a worry."
"A meal for 10 people on the holiday, which falls on Nov. 24 this year, will rise to $49.20 from $43.47 last year, the biggest increase since 1990, based on foods traditionally served including stuffing and pumpkin pie, the farm group said today in a release. Turkey was the most expensive and had the biggest gain, with a 16-pound bird up 22 percent at $21.57. Other Thanksgiving cost increase in the annual Farm Bureau survey include a 17 percent gain for a pound of frozen green peas, 16 percent for a 30-ounce can of pumpkin-pie mix, a 15 percent for a half-pint of whipping cream, 13 percent for a gallon of whole milk, 9 percent for a 14-ounce bag of stuffing mix, 8.5 percent for 12 rolls, 2.9 percent for fresh cranberries and 2.2 percent for a three pounds of sweet potatoes."
Story
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Sunday, November 13, 2011
EFSF: Bending Mathematics (aka "There is No Spoon")
"The European Financial Stability Facility (EFSF) last week announced it had successfully sold a €3bn 10-year bond in support of Ireland.
However, The Sunday Telegraph can reveal that target was only met after the EFSF resorted to buying up several hundred million euros worth of the bonds.
Sources said the EFSF had spent more than € 100m buying up its own bonds to help it achieve its funding target after the banks leading the deal were only able to find about €2.7bn of outside demand for the debt"
Story
We live in a world where arithmetic is tweaked and bent in an attempt to smooth reality into what politicians or those in the financial industry want or need. Simply, entities operating with the philosophy that they aren't insolvent if there are still checks, or playing shell games of moving money from one pocket to another. Greece and some additional Euro nations are insolvent, unfortunately. Yet, we get bailouts, interventions, various programs (EFSF) and other tweaks that - at the end of the day - are done to mask the true underlying condition. Other countries that aren't quite in the same financial condition will at some point likely choose to focus on their own internal problems rather than continue to be the buyer of last resort. China has been rumored to be bailing out the Eurozone on too many occasions to count recently, but China continues to appear increasingly reluctant to do so.
Europe has already come out and denied this Story, but the economic environment still remains built on sand and rumors. Eventually, the denials and the overly complex financial products that are designed to kick the can will cease to have the desired effect anymore, and reality will have to be faced. That won't come voluntarily (and if pushed far enough, this path will likely result in a considerable new financial crisis) most likely, and the developed world nations kicking the can all this time will only have added to the debt pile.
However, The Sunday Telegraph can reveal that target was only met after the EFSF resorted to buying up several hundred million euros worth of the bonds.
Sources said the EFSF had spent more than € 100m buying up its own bonds to help it achieve its funding target after the banks leading the deal were only able to find about €2.7bn of outside demand for the debt"
Story
We live in a world where arithmetic is tweaked and bent in an attempt to smooth reality into what politicians or those in the financial industry want or need. Simply, entities operating with the philosophy that they aren't insolvent if there are still checks, or playing shell games of moving money from one pocket to another. Greece and some additional Euro nations are insolvent, unfortunately. Yet, we get bailouts, interventions, various programs (EFSF) and other tweaks that - at the end of the day - are done to mask the true underlying condition. Other countries that aren't quite in the same financial condition will at some point likely choose to focus on their own internal problems rather than continue to be the buyer of last resort. China has been rumored to be bailing out the Eurozone on too many occasions to count recently, but China continues to appear increasingly reluctant to do so.
Europe has already come out and denied this Story, but the economic environment still remains built on sand and rumors. Eventually, the denials and the overly complex financial products that are designed to kick the can will cease to have the desired effect anymore, and reality will have to be faced. That won't come voluntarily (and if pushed far enough, this path will likely result in a considerable new financial crisis) most likely, and the developed world nations kicking the can all this time will only have added to the debt pile.
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