Epstein Secrets

%) Copper +0.20% Silver +0.52% US 10yr 1.99% Futures: Dow +5, Nasdaq -3, S&P -1 $1733.10 (+$4.70) DXY $79.32 (-Sc) Crude $102.75 (+44c) Gold Angela Merkel cancelled her trip to Rome to meet with Mario Monti today & German President Wulff announced his resignation this morning (as expected) after being

$79.32 (-Sc) Crude $102.75 (+44c) Gold Angela Merkel cancelled her trip to Rome to meet with Mario Mon

0419541 Starboard prepping for AOL seats NY Post<http://www.nypost.com/p/news/business/starboard_prepping_for_aol_seats_oS6WqwiezqsbtATfo QYfjN> Monti looks to end property tax breaks for the church FT<http://www.ft.com/cms/s/0/1d61448e-58be-llel-b118-00144feabdc0.htmlifaxzzlmKzUclJP> Germany cann

es: Dow +5, Nasdaq -3, S&P -1 $1733.10 (+$4.70) DXY $79.32 (-Sc) Crude $102.75 (+44c) Gold Angela Merkel cancelled her trip to Rome to meet with Mario Monti today & German President Wulff announced his resignation this morning (as expected) after being accused of accepting improper benefits. Everyone no

. Italian voters rejected both Europe's main response to high government debt — cut spending, raise taxes — and a major rebuke to German Chancellor Angela Merkel, who was the main architect of the austerity policies. The resentment of austerity is no mystery. The Italian economy has contracted for six consecu

— and a major rebuke to German Chancellor Angela Merkel, who was the main architect of the austerity poli

n will be, above all, a test of the maturity and realism of Italian voters." The mature, realistic action, presumably, would have been to return Mr. Monti — who was essentially imposed on Italy by its creditors — to office, this time with an actual democratic mandate. As Paul ICrugman wrote this week i

so broke right now. And the Republicans' refusal to acknowledge this is pretty much the whole problem. THIS WEEK'S READINGS Two months ago, when Mario Monti stepped down as Italy's prime minister, The Economist opined that "The coming election campaign will be, above all, a test of the maturity and reali

some attention in the press (note CS is still the highest rated IB in the world & a 2-notch cut for MS was consensus despite fears of 3). Hollande, Merkel, Rajoy & Monti meeting in Rome today ahead of the key EU Summit next week and the proposal to allow the EFSF/ESM to buy peripheral sovereign debt w

omething was in the works ("somewhere along the line here one of the bazookas is going to come out"). Stakes are high for the EU Summit next week as Monti has made clear says the Guardian<http://www.guardian.co.uk/business/2012/jun/22/mario-monti-week- save-eurozone>. Reminder that Sweden & Finland are

ricken-euro.html> Lagarde hopes that wisdom will prevail in Germany The Times<http://www.thetimes.co.uk/tto/business/economics/article3453119.ece> Mario Monti: we have a week to save the eurozone Guardian<http://www.guardian.co.uk/business/2012/jun/22/mario-monti-week-save-eurozone> Eurozone crisis will c

ESM a banking license to give it access to unlimited ECB funding are gaining support (although Germany still opposes). Headline on Bloomberg saying Merkel adviser Bofinger advocates ECB buying of government bonds getting some attention but note this is not a new opinion from Bofinger. Some headlines o

n from Bofinger. Some headlines out from Premier Wen as well saying he will boost policy support for the real economy in China in H2. Hollande hosts Monti for a working lunch in Paris this afternoon. FOMC tomorrow and most expect them to wait until the Sep meeting for further action. SPA's +4 handles

How the ECB came to control the fate of the world economy Guardian<http://www.guardian.co.uk/commentisfree/2012/jul/30/ecb-control-world-economy> Mario Monti and Italy: after the carnival, the meagre diet of Lent Guardian<http://www.guardian.co.uk/commentisfree/2012/jul/30/mario-monti-carnival-meagre- die

mbers and institution) (Sarkozy meets with Monti in Paris) Jan 9 — UniCredit begins taking orders for €7.5 billion rights offering Jan 9 — Sarkozy/Merkel meet to continue fiscal integration talks Jan 9 —Alcoa officially kicks off earnings season after the close Jan 10 — New Hampshire primary (Romney

TA00422127 Jan 6 — next round of formal negotiations for new EU fiscal treaty (presented to all 27 EU members and institution) (Sarkozy meets with Monti in Paris) Jan 9 — UniCredit begins taking orders for €7.5 billion rights offering Jan 9 — Sarkozy/Merkel meet to continue fiscal integration talks

loyed. And German leaders are wrong if they think their country will remain unscathed as its major trading partners and neighbors unravel. Chancellor Angela Merkel of Germany has been talking a more pro- European line. But she is still insisting on growth-killing austerity as the price for European bailouts and

as the price for European bailouts and still blocking the European Central Bank from printing more euros and acting as a lender of last resort. Mrs. Merkel's advisers insist that she is doing what the German people want. That is not leadership. She needs to challenge her voters' simplistic stereotypes of

as we can see, they are right. The political changes at the top of Greece and Italy are promising. Greece's new prime minister, Lucas Papademos, and Mario Monti of Italy are internationally credible economists, committed to making painful but much needed reforms, including liberalizing labor markets, shrinkin

their economies are not now strong enough to absorb more austerity, including broad new taxes or further sweeping service cuts. Mr. Papademos and Mr. Monti should press their fellow European leaders for a new and better deal. Even with the best leadership, neither Greece nor Italy will be able, on their