Wednesday, April 28, 2010

BINGO (and what with that aura?)

image April 27 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said a failure to reduce the federal budget deficit may push up interest rates over time and impair economic growth, putting the recovery at risk.

“Achieving long-term fiscal sustainability will be difficult, but the costs of failing to do so could be very high,” Bernanke said in a speech today to a White House commission on the budget deficit. “Increasing levels of government debt relative to the size of the economy can lead to higher interest rates, which inhibit capital formation and productivity growth -- and might even put the current economic recovery at risk.”

Budget deficits may eventually erode the confidence of bond investors in the management of U.S. fiscal policy, driving yields higher on Treasury borrowing, raising the cost of lending in the economy and slowing economic growth, Bernanke said.

Well, well, well – is not it something The Chairman himself says: "We have nowhere to go" – that is what every normal person with elementary math abilities has known for a long time now.

Bernanke has no choice, but to continue deadly game knowing that he lost and the only question is when is the time for payback" - that is precisely what I kept saying for few years now - they are just saving their butts and postponing inevitable catastrophic results.

 

Now – news from Club Med OR "Idiocy knows no limits" (one of the news is not true – guess which one)

 

04/28 02:29PM GREEK PM SAYS WE ASK FOR NO BAILOUT, JUST REASONABLE TERMS ON OUR LOANS

 

04/28 02:02PM GREEK PM SAYS WILL CUT BUDGET DEFICIT BY 4 PCT OF GDP IN 2010

 

04/28 02:23PM GREEK PM SAYS GREEK INTEREST RATES ILLOGICAL BASED ON MARKET FUNDAMENTALS

04/28 02:52PM GREEK PM SAYS WILL INCREASE MINISTRY STAFF SALARY FOR WORKING SO MUCH THESE DAYS. PLANNING HEFTY BONUS FOR YEAR END IF WE MAKE IT!

 

And finally updated /ES chart für Ihr Sehvergnügen

 

2010-04-28_1624

Jobless Claims
[Report][djStar]
8:30 AM ET

 

EIA Natural Gas Report
[djStar]
10:30 AM ET

 

3-Month Bill Announcement
[Bullet
11:00 AM ET

 

6-Month Bill Announcement
[Bullet
11:00 AM ET

 

52-Week Bill Announcement
[Bullet
11:00 AM ET

 

7-Yr Note Auction
[Bullet
1:00 PM ET

 

Tim Geithner Speaks
2:30 PM ET

 

Fed Balance Sheet
[Bullet
4:30 PM ET

 

Money Supply
[Bullet
4:30 PM ET

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