January 5, 2012

EUROPE: What Happened To The ECB’s Heroic Intervention? “Well that was fast. The Wall Street Journal reports that Italian bond yields are back up above the critical 7% threshhold where interest rates threaten the country’s fiscal stability. But that’s not even the worst news. The same blog post suggests that Spain may be the real problem. . . . So there’s reason to worry that things are still shaky. Moreover, they’re kind of running out of things to try. I suspect that if there’s another really big convulsion, it may well be the Euro’s last gasp.”

Meanwhile, here at home: Economy Now Nearly Numb to Monetary and Fiscal Stimulus.

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