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Best Posts from Q1 on Marc to Market

March 31, 2013
Here is our selection of our best posts from the first quarter.  We have not included the commentary on the short-term price action.  Instead, we have focused on the more interpretative pieces that seek to contribute to the understanding of the larger framework.
1.  Currency Wars:  Causes and Consequences:  We look closely at this concept that is…
Best Posts from Q1 on Marc to Market Best Posts from Q1 on Marc to Market Reviewed by Marc Chandler on March 31, 2013 Rating: 5
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Great Graphic: Food, Drink and Tobacco Expenditures

March 30, 2013
This Great Graphic is from the Finansakrobat blog, who took it from the US Department of Agriculture.  It shows the percentage of household spending used for food (light blue) and alcohol and tobacco (darker blue).

Households of poorer countries tend to to commit a greater part of their spending to food than wealthier countries, but there are some…
Great Graphic: Food, Drink and Tobacco Expenditures Great Graphic: Food, Drink and Tobacco Expenditures Reviewed by Marc Chandler on March 30, 2013 Rating: 5
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Currency Positioning and Technical Outlook: Clouded by Fundamentals

March 30, 2013
We were wrong.  A week ago, we had thought a downside correction in the dollar was likely.   Instead the greenback remained generally firm.  The Canadian dollar was the main exception and managed to trade at its best level in a month.  The yen was a bit firmer too, but we had correctly anticipated that.
The fallout from Cyprus, including the perc…
Currency Positioning and Technical Outlook: Clouded by Fundamentals Currency Positioning and Technical Outlook: Clouded by Fundamentals Reviewed by Marc Chandler on March 30, 2013 Rating: 5
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FT Video Interview with John Authers FT Video Interview with John Authers Reviewed by Marc Chandler on March 29, 2013 Rating: 5
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March Began like a Lion, Ends like a Lamb

March 29, 2013
The holiday casts a calm over the capital markets, here at month, quarter and, for some, fiscal year end. The dollar is little changed in the foreign exchange market and more of the same is expected in North America today. 
Asian equity markets were mixed, though the MSCI Asia-Pacific Index eked out a minor gain.  Although it sounds frightening…
March Began like a Lion, Ends like a Lamb March Began like a Lion, Ends like a Lamb Reviewed by Marc Chandler on March 29, 2013 Rating: 5
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Great Graphic: China-Brazil Tie-Up

March 28, 2013
This Great Graphic is from Thomson Reuters. It shows China-Brazil trade, the modest Brazilian surplus and a look at the large categories of Brazilian exports to China. 
The bulk of the goods Brazil sends to China are raw materials.  China will use some of those raw material to manufacture goods and later try to sell those good back to Brazil.  Thi…
Great Graphic: China-Brazil Tie-Up Great Graphic: China-Brazil Tie-Up Reviewed by Marc Chandler on March 28, 2013 Rating: 5
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Follow the Money

March 28, 2013
The ECB confirmed what the recent anecdotal reports hinted at, namely that deposits have been leaving Cyprus even before the crisis reached the fevered pace a couple of weeks ago.  
Specifically, earlier today it confirmed that roughly deposits fell by about 1 bln euros in February after a similar draw down in January.  In fact, since last May, th…
Follow the Money Follow the Money Reviewed by Marc Chandler on March 28, 2013 Rating: 5
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Unity of Opposites Makes Markets Nervous

March 28, 2013
There is a nervous calm in the foreign exchange market, where yen strength, on what many are dismissing as fiscal year end adjustments, is the main exception.  The focus remains in Europe and the main talking point is about the Cypriot capital controls.  Many observers, including some banks, are emphasizing the obvious contradiction between capit…
Unity of Opposites Makes Markets Nervous Unity of Opposites Makes Markets Nervous Reviewed by Marc Chandler on March 28, 2013 Rating: 5
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One Euro or Two ?

March 27, 2013
There is a debate among market observers over whether the capital controls in Cyprus mean that there are, in effect, two euros now. It is argued by some investment banks and some economists that the capital controls create a Cypriot euro that is different from the euro elsewhere in the monetary union.
While we understand the argument, we continue …
One Euro or Two ? One Euro or Two ? Reviewed by Marc Chandler on March 27, 2013 Rating: 5
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C3--Cyprus Capital Controls--What to Look for

March 27, 2013
Cyprus officials continue to suggest that the banks will re-open tomorrow. Before the banks can re-open some specific capital controls will be announced. It is a very thorny issue and there may yet be further delays
The purpose of the capital controls will determine their shape. Although Cypriot officials have a wide berth to impose capital con…
C3--Cyprus Capital Controls--What to Look for C3--Cyprus Capital Controls--What to Look for Reviewed by Marc Chandler on March 27, 2013 Rating: 5
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Europe Still Center Stage

March 27, 2013
The US dollar continues to show a firm profile as European events continue to dominate investors' concerns. Given the holidays starting tomorrow and running into early next week for some, the first quarter is effectively over. The euro has slipped to new four month lows as the official response to the Cyprus crisis has undermined confidence.…
Europe Still Center Stage Europe Still Center Stage Reviewed by Marc Chandler on March 27, 2013 Rating: 5
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Great Graphic: Selected Bank Cap Structures

March 26, 2013
This Great Graphic was created by Lombard Street Research.   It shows the capital structure of Bank of Cyprus compared with the two largest Italian and Spanish banks.  It notes that the Bank of Cyprus, which is ironically to become the good bank though the IMF had wanted it to be restructured as well, was funded 77% by deposits, 13% by wholesale,…
Great Graphic: Selected Bank Cap Structures Great Graphic: Selected Bank Cap Structures Reviewed by Marc Chandler on March 26, 2013 Rating: 5
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Morphing Crisis

March 26, 2013
During the Asian financial crisis, the chief economist of the IMF, Michael Mussa, once explained that there were three kinds of crises; liquidity, solvency and stupidity. The crisis in Europe continues to morph. 
European officials have succeeded in stabilizing the situation with words of assurances.  Despite the dramatic price action yesterday,…
Morphing Crisis Morphing Crisis Reviewed by Marc Chandler on March 26, 2013 Rating: 5
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Cyprus: The Unique Template in Nine Theses

March 25, 2013
Based on the latest discoveries, such as seen in this picture from the European Space Agency, scientists are concluding that the universe is not inflating quite as fast as they previously thought. And so too, back here on Earth, we are finding things are not quite as they may have appeared.  The attempt to reflate the world economy is proving mo…
Cyprus: The Unique Template in Nine Theses Cyprus: The Unique Template in Nine Theses Reviewed by Marc Chandler on March 25, 2013 Rating: 5
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Great Graphic: Banking Assets Relative to GDP

March 25, 2013
This Great Graphic was posted in the Financial Times by James Mackintosh. It depicts banking assets as a percentage of GDP for a number of euro area members.
We take at face value two propositions from euro area officials.  First, that the widening of the participants in the bail-in process, which is reflected in the new Cyprus agreement, is a t…
Great Graphic: Banking Assets Relative to GDP Great Graphic: Banking Assets Relative to GDP Reviewed by Marc Chandler on March 25, 2013 Rating: 5
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Great Graphic: The Coming Depression in Cyprus

March 25, 2013
This Great Graphic was posted on Bruegel by Zsolt Darvas. It shows the growth and employment developments in a few selected countries that have been forced to restructure their banks. 

Darvas found that the financial services sector in Cyprus accounted for 9.2% of GDP and 5.6% of employment.  Although may be less than many would have anticipated…
Great Graphic: The Coming Depression in Cyprus Great Graphic: The Coming Depression in Cyprus Reviewed by Marc Chandler on March 25, 2013 Rating: 5
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The Week Ahead

March 25, 2013
The focus remains squarely on Cyprus.  It seems to be overshadowing everything else.  However, the price action shows a disconnect--the euro itself has been fairly resilient, though lagging behind the recovery of sterling, the dollar-bloc.  Spanish and Italian bond yields fell last week and continue to slip today.   Although there are many who see…
The Week Ahead The Week Ahead Reviewed by Marc Chandler on March 25, 2013 Rating: 5
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Great Graphic: Private Debt to GDP Ratios

March 24, 2013
This Great Graphic comes from Gavyn Davies at the Financial Times, who used World Bank data. 
When the European debt crisis began, the conventional narrative was that key problem was that many countries went on a spending spree, induced by the low interest rates that monetary union offered.  
Yet this seemed to only really apply to Greece.  That …
Great Graphic: Private Debt to GDP Ratios Great Graphic: Private Debt to GDP Ratios Reviewed by Marc Chandler on March 24, 2013 Rating: 5
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Cool Video: Boston Tea Party--a Tipping Point

March 24, 2013
Here is a Cool Video on the political and economic context of the Boston Tea Party in 1773 that ultimately led to the American Revolution. It is important to think about what makes for such a tipping point, as developments in Europe are contemplated.   
The video is from Ben Lebaree on YouTube (and a hat tip to Maria Popova who spotted it).



Cool Video: Boston Tea Party--a Tipping Point Cool Video: Boston Tea Party--a Tipping Point Reviewed by Marc Chandler on March 24, 2013 Rating: 5
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Great Graphic: Philly Fed Indicator by State

March 23, 2013
This Great Graphic comes from the Philadelphia Federal Reserve.  It depicts the 3-month change of its coincident indicator that it does for each of the 50 states shortly after the monthly employment report is released.  
The coincident index is meant to track GDP and is based on four variables:  non-farm payroll, average hours worked in manufactu…
Great Graphic: Philly Fed Indicator by State Great Graphic: Philly Fed Indicator by State Reviewed by Marc Chandler on March 23, 2013 Rating: 5
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Currency Positioning and Technical Outlook: Dollar Correction at Hand?

March 23, 2013
The global capital markets in general, and the foreign exchange market in particular took Cyprus developments better than most expected.  The lows in most of the major currencies were seen early in the week and, consolidation or higher prices, were seen for most of the week.  
Equities were heavy, but leaving aside the Nikkei, tended to finish the…
Currency Positioning and Technical Outlook: Dollar Correction at Hand? Currency Positioning and Technical Outlook: Dollar Correction at Hand? Reviewed by Marc Chandler on March 23, 2013 Rating: 5
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Video: Squawk Box Interview on CNBC Video: Squawk Box Interview on CNBC Reviewed by Marc Chandler on March 22, 2013 Rating: 5
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Great Graphic: Head and Shoulders Bottom in Sterling?

March 22, 2013
This Great Graphic was created on Bloomberg and shows a possible head and shoulders bottom in sterling. In order to confirm the pattern, a convincing move above $1.5200 is needed. 
The importance of such patterns is the measuring objective. The distance from the head to the neckline is about four cents. That would suggest a minimum objective of …
Great Graphic: Head and Shoulders Bottom in Sterling? Great Graphic: Head and Shoulders Bottom in Sterling? Reviewed by Marc Chandler on March 22, 2013 Rating: 5
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The Week Began with a Bang and Ending with a Whimper

March 22, 2013
The US dollar remains in relatively narrow ranges against most of the major currencies, inside yesterday's ranges. The notable exception is the Japanese yen, where a short covering squeeze that began yesterday continues.

The greenback is above the extreme low set in early Asia on Monday near JPY93.60, it appears poised for a retest. As a mi…
The Week Began with a Bang and Ending with a Whimper The Week Began with a Bang and Ending with a Whimper Reviewed by Marc Chandler on March 22, 2013 Rating: 5
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Great Graphic: US-Euro Area Industrial Production

March 22, 2013
This Great Graphic was created by an old friend Rab Jafri. Drawing on Bloomberg and Eurostate data, the chart depicts the performance of US and euro area industrial output over the past several years.

It shows that the US collapse in industrial output was not as steep as in the euro area, but the recovery began a bit later. Through Q1 2011, there…
Great Graphic: US-Euro Area Industrial Production Great Graphic: US-Euro Area Industrial Production Reviewed by Marc Chandler on March 22, 2013 Rating: 5
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EM Big Picture: What has Changed

March 21, 2013
My colleagues on the emerging markets team at Brown Brothers Harriman--Win Thin, Ilan Solot and Masashi Murata provide this useful update on notable developments. 
1) Tightening in Brazil will likely be more gradual 2) Czech still in verbal intervention mode, despite large CZK losses 3) The one-way THB appreciation trend may be coming to an end s…
EM Big Picture: What has Changed EM Big Picture: What has Changed Reviewed by Marc Chandler on March 21, 2013 Rating: 5
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Cyprus: Out of Frying Pan into Fire

March 21, 2013
Whew! Cyprus parliament began the week rejecting the tax on depositors.  It has been scrambling to find an alternative source of funds. As a percentage of GDP, the 10 bln euro EU package that has been offered to Cyprus is larger than the initial package for Greece, Ireland and Portugal. Still 5.8 bln euros that Cyprus is being demanded to pony u…
Cyprus: Out of Frying Pan into Fire Cyprus: Out of Frying Pan into Fire Reviewed by Marc Chandler on March 21, 2013 Rating: 5
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Thursday's Seven

March 21, 2013
A nervous calm continues to cast a pall over the capital markets. The US dollar is narrowly mixed, but within the ranges seen yesterday. Asian markets were mixed, new that HSBC's flash Chinese manufacturing PMI rose to 51.7 in March from 50.4 in February failed to have much impact. European bourses opened softly and, encouraged by disappoi…
Thursday's Seven Thursday's Seven Reviewed by Marc Chandler on March 21, 2013 Rating: 5
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Interview Yahoo Finance Video Interview Yahoo Finance Video Reviewed by Marc Chandler on March 20, 2013 Rating: 5
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EMU = not Enough Monetary Union

March 20, 2013
It has been widely recognized that a critical challenge Europe faces is a monetary union without fiscal union. Yet the Cyprus crisis demonstrates that monetary union is not complete. 
The capital structure of Cypriot banks is relatively unique.  As  a tax haven, its banks were funded primarily by deposits not bonds or wholesale funding as other b…
EMU = not Enough Monetary Union EMU = not Enough Monetary Union Reviewed by Marc Chandler on March 20, 2013 Rating: 5
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What Next?

March 20, 2013
The global capital markets have reacted calmly to the Cyprus rejection of the terms of the 10 bln euro aid package. There is an ECB meeting today, which the Cyprus central bank governor is not attending. The immediate issue is that without an agreement should the ECB continue to allow Emergency Lending Credit be extended to Cyprus banks. It had…
What Next? What Next? Reviewed by Marc Chandler on March 20, 2013 Rating: 5
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UK Budget: More Austerity not Less

March 19, 2013
There are two important events tomorrow in the UK in addition to the monthly jobs report. The first is the minutes from the recent BOE meeting. We already know the MPC did not resume their gilt purchases. However, the vote will be important for investors. Governor King, along with Miles and Fisher had favored resuming gilt purchases in January,…
UK Budget: More Austerity not Less UK Budget: More Austerity not Less Reviewed by Marc Chandler on March 19, 2013 Rating: 5
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Dollar Firm, Anxiety Still Running High

March 19, 2013
The US dollar continues to sport a firm profile, but largely within the ranges seen yesterday. The notable exception is its performance against the yen, where it rose to JPY95.75 in Tokyo, extending yesterday's recovery off the shock JPY93.60 area low yesterday. Asian equities mostly traded firmer and the MSCI Asia-Pacific Index gained about …
Dollar Firm, Anxiety Still Running High Dollar Firm, Anxiety Still Running High Reviewed by Marc Chandler on March 19, 2013 Rating: 5
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Great Graphic: Euro Area Peripheral Deposits

March 19, 2013
This Great Graphic is from Thomson Reuters. It shows the evolution of deposits in the selected peripheral euro area countries.  It shows deposits in Greece have stabilized albeit at lower levels, as has Spanish deposits.  Italy's do not appear to have been impact by the crisis. 

Cyprus and Portugal continue to bleed deposits.  Reports sugges…
Great Graphic: Euro Area Peripheral Deposits Great Graphic: Euro Area Peripheral Deposits Reviewed by Marc Chandler on March 19, 2013 Rating: 5
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Great Graphic: Little Cyprus, Big Aid Package

March 18, 2013
This Great Graphic was posted on FT Alphaville, which in turn got it from Soc Gen.  It ranks modern aid packages in terms of the recipients GDP.

Assuming that Cyprus parliament approves some version of the tax on depositors--which the newly elected president seems to have favored the tax on small depositors--and a complete catastrophe is avoided, …
Great Graphic: Little Cyprus, Big Aid Package Great Graphic: Little Cyprus, Big Aid Package Reviewed by Marc Chandler on March 18, 2013 Rating: 5
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Great Graphic: Education Achievement and Unemployment

March 18, 2013
This Great Graphic was on re-posted on Business Insider from Calculated Risk.  It charts the changing unemployment rate for different education levels in the US.  
It shows that those at least a four-year degree experience significantly lower levels of unemployment, and get hit less hard during economic downturns (the blue bars).  
Work associate…
Great Graphic: Education Achievement and Unemployment Great Graphic: Education Achievement and Unemployment Reviewed by Marc Chandler on March 18, 2013 Rating: 5
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The Evolving Cyprus Story

March 18, 2013
Here are links to posts of our coverage of the evolving Cyprus story.
Cyprus: The Dog that Did Not Bite:  Provides an overview of Cyprus from mid-Dec 2012 and notes that although Eurogroup head Juncker warned that Cyprus was more worrisome than Greece, the market did not seem to give it much thought. 
Why Cyprus is Important:  In this post from ea…
The Evolving Cyprus Story The Evolving Cyprus Story Reviewed by Marc Chandler on March 18, 2013 Rating: 5
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Cyprus and Other Market Drivers

March 18, 2013
The main driver of the global capital markets has been the response to the weekend developments in Cyprus.  The knee-jerk reaction was to buy dollars and yen and sell most other currencies.  Equities markets tumbled, with the MSCI Asia-Pacific Index losing almost 2%.  European bourses gapped lower.   Core bond markets have rallied, with 10-year be…
Cyprus and Other Market Drivers Cyprus and Other Market Drivers Reviewed by Marc Chandler on March 18, 2013 Rating: 5
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The Meaning of Cyprus

March 16, 2013
European officials reached an agreement to support Cyprus, which initially sought aid in June 2012. Cyprus will become the fifth euro zone country to receive assistance. This count includes Spain, even though it got funds for a bank recapitalization program, rather than a broader package that the others are receiving.
The general condition of Cy…
The Meaning of Cyprus The Meaning of Cyprus Reviewed by Marc Chandler on March 16, 2013 Rating: 5
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Great Graphic: The Breadth of the US Equity Culture

March 16, 2013
This Great Graphic was posted on the Washington Post's Wonk blog by Brad Plumer.   A little more than half of Americans own some stock, mostly through defined contribution 401k schemes.  This is the kernel of truth in talk of a US equity culture.  
Yet equity ownership is highly concentrated. Research from the Economic Policy Institute finds …
Great Graphic: The Breadth of the US Equity Culture Great Graphic: The Breadth of the US Equity Culture Reviewed by Marc Chandler on March 16, 2013 Rating: 5
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Currency Positioning and Technical Outlook: Look to Fade the Correction

March 16, 2013
The technical tone of the major foreign currencies changed in the second half of last week.  Better Australian jobs data, more dovish Reserve Bank of New Zealand and Norges Bank, unexpectedly optimistic comments from Bank of England Governor King and reports Qatar was looking to invest GBP10 bln in the UK, saw dramatic counter-trend moves.  While…
Currency Positioning and Technical Outlook: Look to Fade the Correction Currency Positioning and Technical Outlook: Look to Fade the Correction Reviewed by Marc Chandler on March 16, 2013 Rating: 5
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Under-Appreciated German and Japanese Wage Developments

March 15, 2013
Last week more than 3/4 a million state workers in Germany won a 5.6% wage increase over a 2-year contract. Today I.G. Metall, the largest and most important private sector union, confirmed that at negotiations the begin on March 19, it will seek a 5.5% wage increase over the next year. Separately, large Japanese companies have indicated willingn…
Under-Appreciated German and Japanese Wage Developments Under-Appreciated German and Japanese Wage Developments Reviewed by Marc Chandler on March 15, 2013 Rating: 5
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Respect the Price Action, Better Opportunity to Resist New Week

March 15, 2013
Market participants have little reason to fight the corrective pressures that emerged yesterday. The proximity of the weekend and new incentives next week, with among things the FOMC meeting, the BOE minutes and UK budget, the beginning of a new BOJ regime and euro area flash PMIs. 
As is often the case, the correction was triggered by fundamenta…
Respect the Price Action, Better Opportunity to Resist New Week Respect the Price Action, Better Opportunity to Resist New Week Reviewed by Marc Chandler on March 15, 2013 Rating: 5
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Great Graphic: US Fixed Income--Blowing Bubbles?

March 14, 2013
There is debate raging on whether the Fed's asset purchases are creating another financial bubble.  Some fund managers, like PIMCO's Gross has been quoted in the press suggesting there is "irrational exuberance" and that prices are irrational in the corporate credit and high yield (junk) bond market.  
Prices are irrational, he …
Great Graphic: US Fixed Income--Blowing Bubbles? Great Graphic: US Fixed Income--Blowing Bubbles? Reviewed by Marc Chandler on March 14, 2013 Rating: 5
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The Dollar and S&P 500 Relationship Re-examined

March 14, 2013
The relationship between the dollar and the S&P 500 is a perennial concern for investors. Analysts, including ourselves, run correlations.
There are different ways to conduct the correlations. We will typically run our correlations on the basis of percent change in each variable because that is ultimately what investors are interested in: t…
The Dollar and S&P 500 Relationship Re-examined The Dollar and S&P 500 Relationship Re-examined Reviewed by Marc Chandler on March 14, 2013 Rating: 5
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FX: Down Under In Focus While Others Consolidate

March 14, 2013
The US dollar is firm against most of the major currencies, but momentum is generally lacking and the broad consolidative tone remains intact. The chief exceptions are the Australian and New Zealand dollars. These cousins have been pulled in opposite directions by a less than hawkish RBNZ and stronger than expected Australian jobs data. Disappoi…
FX: Down Under In Focus While Others Consolidate FX: Down Under In Focus While Others Consolidate Reviewed by Marc Chandler on March 14, 2013 Rating: 5
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What the Options Market is Telling Us about the Spot Market

March 13, 2013
The options markets may generate insight into the direction of the spot foreign exchange market and what traders may be fearful of. For our purposes here we will look at two measures for the euro, yen and sterling.

The first measure is implied volatility and the second measure is the risk-reversal. Recall that puts and calls struck equidistant …
What the Options Market is Telling Us about the Spot Market What the Options Market is Telling Us about the Spot Market Reviewed by Marc Chandler on March 13, 2013 Rating: 5
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Consolidative Tone Persists in FX

March 13, 2013
The main characteristic of the global capital markets is one of consolidation.  The two weakest currencies against the dollar, sterling and the yen, are trading firmer today.  Sterling, which finished the North American session on a firm note after falling to new 3-year lows, saw follow through short-covering, which lifted it to a three day high.…
Consolidative Tone Persists in FX Consolidative Tone Persists in FX Reviewed by Marc Chandler on March 13, 2013 Rating: 5
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Overview of Hot Spots in Emerging Markets

March 12, 2013
This overview was written by my colleague Ilan Solot. It provides a thumbnail sketch of the key developments in seven emerging markets. I found it helpful and hope you do too.
1) China is rebalancing its policy framework towards a (slightly) greater focus on inflation
2) Brazil is gearing up to tighten very soon
3) Mexico has cut rates, but MXN…
Overview of Hot Spots in Emerging Markets Overview of Hot Spots in Emerging Markets Reviewed by Marc Chandler on March 12, 2013 Rating: 5
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Is the UK Going where Japan Didn't Dare?

March 12, 2013
Threats by Japan's Prime Minster Abe to changed the BOJ's charter faced broad criticism for threatening the independence of the central bank. Some officials reacted more strongly to this than to the bilateral exchange rate targets some officials were suggesting.

Abe has since backed away from changing the BOJ's mandate, as his candi…
Is the UK Going where Japan Didn't Dare? Is the UK Going where Japan Didn't Dare? Reviewed by Marc Chandler on March 12, 2013 Rating: 5
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Great Graphic: European Imbalances

March 12, 2013
This Great Graphic is from Bruegel, a European think tank.  It depicts the changes in the current account positions of several European countries. 

A few observations may be worth sharing.  First, despite prodigious exports and imports, there has been no significant change in the German current account position. 

Second, both Ireland and Greece …
Great Graphic: European Imbalances Great Graphic: European Imbalances Reviewed by Marc Chandler on March 12, 2013 Rating: 5
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Sterling Suffers, Yen Pops Back

March 12, 2013
Simply horrific UK industrial output figures interrupted what had been a relatively quiet, even in choppy foreign exchange session. News that January's industrial output collapsed 1.2%, led by a 1.5% drop in manufacturing, quickly saw sterling shed more than three-quarters of a cent to new multi-year lows, taking out the purported barrier nea…
Sterling Suffers, Yen Pops Back Sterling Suffers, Yen Pops Back Reviewed by Marc Chandler on March 12, 2013 Rating: 5
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Cool Video: Perceptions and Reality of Inequality in US

March 11, 2013
This cool video is from mashable.com. In about 6 1/2 minutes see the extent of inequality and how unprecedented it is. The video does not preach. It is largely descriptive in nature. It shows a profound gap between perceptions of inequality and what the data actually shows.  The real debate is not so much over the fact of inequality, nor its…
Cool Video: Perceptions and Reality of Inequality in US Cool Video: Perceptions and Reality of Inequality in US Reviewed by Marc Chandler on March 11, 2013 Rating: 5
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German Civil Servants Get Pay Increase in Excess of Inflation

March 11, 2013
It is not being widely discussed, but we suspect the wage settlement in Germany over the weekend is an important development. The agreement that covers 765k state government workers in Germany, represented by Verdi, reached a two-year deal for a 5.6% wage increase. It includes a retroactive 2.65% from the start of this year, and a 2.95% wage inc…
German Civil Servants Get Pay Increase in Excess of Inflation German Civil Servants Get Pay Increase in Excess of Inflation Reviewed by Marc Chandler on March 11, 2013 Rating: 5
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