Nobody really seems to tell the truth on the mass media networks freshly hired pretty Barbies present propaganda facts and interview the same bunch of Goldilock lobbyists. Every Monday now instead of Merger-Monday's we have some economists who never saw the crisis coming but seem to know where it ends - lol -pundits like Greenspan who is an MVP player for the mess.
Negative news are celebrated as positive ones if they are a bit less ugly but the basic picture remains the emperor is still naked - it is easier to digest them when you know there its coming from and you saw it coming. As I stated before March that this upturn would occur and said it would end around August and a SPX level of 1000 it is still amazing to see the scenario unfold.
More interestingly though is one can see clearly who the center players of this charade (to say the least) are from banks to politicians the limelight is on them now from Goldman, JP Morgan to Barney Frank,Geithner, Bernanke to the highest ranks in the White House.
As tomorrow is President Obama's birthday it will be eclipsed by a Full Moon (Lunar Eclipse) the last one of a series of eclipses in Leo/Aquarius. Interesting is though that it activates one of the prominent qualities he has the SUN / Neptun square which I already wrote about in former posts. This is a rock star quality with a negative bias if not used with highest diligence. He can evidently lure people but usually this are the qualities of a snake oil salesman and the eclipse will highlight this quality and make him give a lot of promises which will not hold up in retrospective.
The United States, Europe and Japan still face the possibility of a double-dip recession and at the very least will experience below-potential economic growth for the next couple of years, economist Nouriel Roubini told CNBC Monday.
The double-dip is still possible because of very large budget deficits that are being monetized by monetary-policy authorities, Roubini, co-founder and chairman of RGE Monitor, said, speaking at the Diggers and Dealers mining conference in Kalgoorlie, Australia.
If central banks continue to monetize the deficits, "long-term bond yields may go higher, and they may crowd out the economic recovery leading to a double dip," he said.
For the U.S., Roubini reiterated his position that the recovery would only start at the end of this year, with 1 percent growth in 2010 and 2011, as opposed to 3 percent potential.
With weakness in the labor market and housing market and consumers and production still not recovered, "I'm very cautious about the United States," he said.
Commodities Could Fall
There is a risk that commodities prices could retreat from their recent run-up, Roubini said.
China may not be able to keep up the demand of commodities it fueled in the first half of the years, while much also depends on how much advanced economies can rebound he said.