The Programme Of Greece is Off-Track

"The programme of Greece is off-track as state asset sales won't make a dent. Even if they were to raise the 50 billion Euros over the 5 years, it wouldn't change anything. Debt restructuring isn't an alternative to austerity, it complements it." - in an interview in Milan

Related: National bank OF Greece (NBG)

The Exchange Rates Game

In this fundamental exchange rate game, the currencies that should be appreciating are those that are undervalued with large current account surpluses.

While the ones that should be depreciating are U.S., U.K. and other countries that had their bubble, then bust, and now need net export growth, given that domestic demand is anemic with balance sheet retrenchment. - in a Bloomberg interview with Tom Keene

DSK: In The Court Of Public Opinion He Is Now Damaged Goods.

"In the court of public opinion he is now damaged goods, even if legally he is innocent until proven guilty." - in RGE.com

Greece: A Haircut Of 20-50% Is Required To Achieve Debt Sustainability

“A haircut of 20-50% is required to achieve debt sustainability. To put things into perspective, it is worth considering the magnitude of haircut required to make debt clearly sustainable. For simplicity at this stage, we consider face-value haircuts in our debt sustainability analysis toolkit and find that a haircut of around 20% on the total stock of debt would allow Greece to achieve a debt-to-GDP ratio of 60% by 2030. This assessment is based on the macroeconomic projections in the IMF’s April 2011 WEO; however, more conservative macroeconomic projections suggest a haircut of around 50% could be necessary.” - in The PragCap

Related: National Bank Of Greece (NBG)

Corporate Earnings Growth Will Likely Disappoint Next Year

Corporate earnings growth will likely disappoint next year because of rising commodity prices and slower-than-expected economic growth.

Related ETF`s: SPDR S&P 500 ETF (NYSE:SPY), iShares Russell 2000 Index (ETF) (NYSE:IWM), ProShares UltraShort S&P500 (ETF) (NYSE:SDS), ProShares UltraShort QQQ (ETF) (NYSE:QID), SPDR Dow Jones Industrial Average ETF (NYSE:DIA)

So far things have been great. Companies have slashed costs. But on margins and sales things are going to be more difficult from here. Fifteen to twenty percent growth in earnings next year is frankly farfetched. - in the SkyBridge Alternatives Conference in Las Vegas

First Quarter Growth Was A Bit Of A Disaster For US Economic Growth

The first quarter was “a bit of a disaster for US economic growth, with the 1.8 percent increase in gross domestic product well below initial forecasts well north of 3 percent. - in CNBC.com

Related ETF`s: SPDR S&P 500 ETF (NYSE:SPY), iShares Russell 2000 Index (ETF) (NYSE:IWM), ProShares UltraShort S&P500 (ETF) (NYSE:SDS), ProShares UltraShort QQQ (ETF) (NYSE:QID), SPDR Dow Jones Industrial Average ETF (NYSE:DIA)

Jobless Rate Is Heading To 9.8 percent

"The jobless rate, which recently grew to 9 percent, is likely headed for 9.8 percent in a year while economic growth will be less than 2 percent" - in CNBC

US Economy: Another Year Of Rising Unemployment

The US faces another year of rising unemployment and subpar growth as hopes for a recovery give way to a global slowdown. - in CNBC.com

Related: SPDR S&P 500 ETF (NYSE:SPY), iShares Russell 2000 Index (ETF) (NYSE:IWM), ProShares UltraShort S&P500 (ETF) (NYSE:SDS), ProShares UltraShort QQQ (ETF) (NYSE:QID), SPDR Dow Jones Industrial Average ETF (NYSE:DIA)

The Periphery Of The European Union Is A Disaster

“The periphery of the European Union is basically a disaster.” - in CNBC

Related: National Bank of Greece (ADR) (NBG), Bank of Ireland (ADR) (IRE), Allied Irish Banks, plc. (ADR) (AIB), iShares MSCI Spain Index (ETF) (NYSE:EWP)

Is Inflation An Option To Reduce Unsustainable Debt Burdens?

Is high inflation the desirable way to reduce unsustainable debt burdens, and are policy makers likely to take that option? - in roubini.com

The Path Of Greek Public Debt Is Manifestly Unsustainable

The path of Greek public debt is manifestly unsustainable. Fiscal austerity and structural reforms are necessary but will not suffice.

In the best-case scenario, incorporating a 10 percent of GDP fiscal adjustment and structural reforms: Greek public debt to GDP peaks around 160 percent before “stabilizing.”

It is more likely that the debt ratio will exceed 160 percent and, left untended, will render market access both before and even after 2013 severely limited (or effectively non-existent). - in FT Alphaville

Related: National Bank of Greece (ADR) (NBG)

We Will See More Financial Crisis

We'll see more financial crises – we cannot avoid them until there is a more radical reform of the banking system. - in CNBC

Related: Bank Of America (BAC), Citigroup (C), JP Morgan Chase (JPM), Goldman Sachs (GS), Wells Fargo (WFC), HSBC Holdings plc (ADR) (HBC)

The ECB Is Tightening Too Soon

Unfortunately the ECB has started to increase interest rates, these increasing interest rates are leading to a strengthening of the euro. The euro becoming stronger and stronger is preventing the resumption of economic growth.

"If there is not going to be economic growth their peripheral eurozone economies own fiscal problems - too much public debt, too much private debt - will never be resolved.

"A weaker euro would help them to grow out of their own recessions. Maybe the ECB is tightening to much, too fast, too soon. - in BBC

I Don`t Believe There`s A High Risk Of Inflation

I don't believe there's a high risk of inflation. If commodity prices get too high, that could double-dip the world economy and cause disinflationary pressure. - Nouriel Roubini at a recent conference sponsored by the nonprofit Milken Institute

Related: ProShares UltraShort 20+ Year Treasuries (ETF) (TBT), iShares Barclays 20+ Year Treasury Bond (ETF) (TLT), iShares Lehman 7-10 Year Treasury Bond (ETF) (IEF), SPDR Gold ETF (GLD), IShares Silver ETF (SLV)

The Risks Of Rising Oil Prices

"If oil rises in price by 20 percent, then there is the risk of recession in the economies of the leading Western countries." - in The Voices Of Russia

Related ETF`s: SPDR S&P 500 ETF (NYSE:SPY), iShares Russell 2000 Index (ETF) (NYSE:IWM), ProShares UltraShort S&P500 (ETF) (NYSE:SDS), ProShares UltraShort QQQ (ETF) (NYSE:QID), SPDR Dow Jones Industrial Average ETF (NYSE:DIA)

The Bond Market Vigilantes Have Already Woken Up In The Periphery Of The Eurozone. They Have Not Woken Up Yet In The U.S., U.K And Japan

"We have to address own problems. If you're looking at advanced economies, there's a series of problems that are going to remain with us, leaving aside geopolitical challenges we're facing.

We're coming out of the balance sheets of a recession. We have excesses of debt and leverage in the housing sector, in the financial system and in the government sector, both state and local and federal level. That's a problem in the U.S., in the Eurozone, in Japan, in the most advanced economies. There is a problem of sovereign risk. The bond market vigilantes have already woken up in the periphery of the Eurozone. They have not woken up yet in the U.S., or U.K and Japan."

In Bloomberg TV

Related: ProShares UltraShort 20+ Year Treasuries (ETF) (TBT), iShares Barclays 20+ Yr Treasury Bond (ETF) (TLT)

No Country Can Be Productive Enough To Reinvest Half Of GDP In New Capital Stock

No country can be productive enough to reinvest half of GDP in new capital stock without eventually facing immense overcapacity and a staggering non-performing loan problem.

Continuing down the investment-led growth path will exacerbate the visible glut of capacity in manufacturing, property and infrastructure, and thus will intensify the coming economic slowdown once further fixed-investment growth becomes impossible. Until the change of political leadership in 2012-13, China’s policymakers may be able to maintain high growth rates, but at a very high foreseeable cost. - in Project Syndicate

Related: iShares FTSE/Xinhua China 25 Index (ETF) (FXI), Morgan Stanley China A Share Fund, Inc. (CAF), PowerShares Gld Drg Haltr USX China(ETF) (PGJ), Aluminum Corp. of China Limited (ADR) (ACH), PetroChina (PTR), China Mobile (CHL)

The United States Has The Most Manageable Fiscal Issues Of Any Major Advanced Economy

The United States has the most manageable fiscal issues of any major advanced economy because federal, state and local revenues as a share of GDP are very low, for cyclical and other reasons. Therefore, fiscal balance can be restored by fiscal adjustment without major economic difficulty in the near term. - in Business Insider

Related: ProShares UltraShort 20+ Year Treasuries (ETF) (TBT), iShares Barclays 20+ Year Treasury Bond (ETF) (TLT)

A Bond Market Revolt Is Not At All Easy To Engineer In The US

A bond market revolt is not at all easy to engineer in the United States” as “there is no safer asset destination on the planet than the United States, which has the third-longest-running system of government in the world, despite being a young nation. - in Forbes

Related: ProShares UltraShort 20+ Year Trea (ETF) (TBT), iShares Barclays 20+ Yr Treas.Bond (ETF) (TLT), iShares Lehman 7-10 Yr Treas. Bond (ETF) (IEF), US Treasuries 10 Year Futures (ZN Futures)

China Is Rife With Over Investment In Physical Capital

China is rife with over investment in physical capital, infrastructure and property. To a visitor, this is evident in sleek but empty airports and bullet trains (which will reduce the need for the 45 planned airports), highways to nowhere, thousands of colossal new central and provincial government buildings, ghost towns and brand-new aluminium smelters kept closed to prevent global prices from plunging.

Eventually, most likely after 2013, China will suffer a hard landing. All historical episodes of excessive investment – including East Asia in the 1990s – have ended with a financial crisis and/or a long period of slow growth. - in Project Syndicate

Related: iShares FTSE/Xinhua China 25 Index (ETF) (FXI), Morgan Stanley China A Share Fund, Inc. (CAF), PowerShares Gld Drg Haltr USX China(ETF) (PGJ), Aluminum Corp. of China Limited (ADR) (ACH)