Citigroup has just released a forecast which is very troubling in regards to employment and growth in the Spanish economy.  With unemployment already having hit 17.9%, Citigroup expects layoffs to increase this to 22% in 2010.  Below is my translation of the Spanish-language article in Finanzas.
The stabilization that the Spanish labour market seems to have [...]

This post is going to be a bit wonkish.  I apologize for those of you who are not economics geeks.  Hopefully, you will find it interesting nonetheless.
At the urging of my good friend Marshall Auerback, I have been looking into the Minskyian twist to the neoclassical view of the world.  Economists who follow Hyman Minsky [...]

For quite some time now I have been of the view that there are a number of striking similarities between the goings on in Ireland and those in California, none of them good.  Both locations have seen extraordinary rises in home prices turn to massive busts. As a result, both locales have seen depression-like collapses [...]

In talking to the FT’s Gillian Tett, Hugh Hendry of The Eclectica Fund makes the hilarious metaphor of China as Santa Claus bringing gifts to a world constrained by excessive Western government debt issuance.  But, Hendry thinks the Asian surplus countries are the most exposed and most vulnerable because they are excessively dependent on foreign [...]

This is a translation of a Spanish-language article from Finanzas.
For UBS, there is no debate about the economy’s green shoots despite the improvement in employment and the slowest fall in consumption and industrial production. In a harsh report on Spain, the Swiss bank says that the worst is yet to come, and that unemployment will [...]

Here’s a good segment from CNBC with an interview from two city mayors, the mayor of El Centro, CA that has 26.9% unemployment, the highest in the nation, and the mayor of Flint, MI, which is imploding due to the decline in the U.S. car industry.

 
Interestingly, CNBC has another article on its website showing [...]

A recent poll which ended on Wednesday as to when the economy will recover yielded the results below:
Clearly, you think this downturn has legs!
Please feel free to ping us with other important questions we should be asking readers.
Cheers.
Edward
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It’s not just California.  Tax revenue is falling everywhere.
State income-tax revenue fell 26% in the first four months of 2009 compared to the same period last year, according to a survey of states by the nonprofit Nelson A. Rockefeller Institute of Government.
The report, conducted by the public-policy research arm of the State University of New [...]

Posner is touting his new book “A Failure of Capitalism: The Crisis of ‘08 and the Descent into Depression.” This video with Charlie Rose runs just under 25 minutes.

Last night I wrote an article reminding you that downside risk remains in the global economy.  While I have been singing a more bullish tune in regards to the prospect of a technical recovery in 2009, I am concerned about a double dip as a likely outcome.
And for the record, I have said I see [...]