Europe's austerity anger grows

The first story is from The Telegraph... and has to do with the riots, strikes and social unrest in Europe yesterday.  Here's an Ambrose Evans-Pritchard offering on this subject courtesy of reader Roy Stephens.  It was filed late last night from London... and bears the headline "Europe's austerity anger grows".  More than 100,000 marchers converged on Brussels from across the EU to protest austerity measures on Wednesday, while Spanish unions took the extraordinary step of breaking ranks with Spain's socialist government by launching a general strike.  This story is more than worth your time... and the link is here.

 

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Philip Manduca Says There Has Never Been An Empire So Willing To Give Its Wealth And Power Away Like America Gregory White | Sep. 29, 2010, 4:23 PM
Philip Manduca of ECU Group spoke to CNBC this afternoon about the dollar’s decline, the rise in gold, and the failure in decision making by the U.S. government.
0:30 There has been a covering up of the cracks in the EU. They will resurface in 2011 because the problem of a lack of fiscal union in a monetary union persists. Growth will not rise to the point where tax revenues will be high enough to combat deficits.
1:15 Money push, QE, is what is being priced in. There’s loads of money out there, that’s not the problem. When everyone stops worrying about this, the focus will return to the eurozone.
2:00 The problem is not supply, it’s the velocity of money. The government in the UK may be tempted to push cuts to 2012 and 2013. The pound may be underpriced at the moment.
More…

 

Crude Oil Chart From Trader Dan

Posted: Sep 30 2010     By: Dan Norcini      Post Edited: September 30, 2010 at 11:40 am
Filed under: Trader Dan Norcini
Dear CIGAs,
Click chart to enlarge in PDF format with commentary from Trader Dan Norcini