They are in the process of nationalizing a large swath of the banking system in Ireland, a “bad bank” plan that has been praised by the IMF, and ECU chief economist Kit Juckes talks with Bloomberg’s Linzie Janis about what’s next.
Juckes notes: “Because the economy’s got worse on the back of their austerity package, the bad loan problem is getting worse and the black hole is getting bigger … If you can’t inflate your way out of a debt problem and you can’t default your way out of a debt problem, wow, how miserably unpleasant this is.”





According to a comprehensive review of its historical legitimacy that appeared in the December 2002 issue of the prestigious academic journal, American Economic Review, this pattern has existed historically in 36 of 37 countries studied. In each of those countries, average stock market returns from Halloween through May Day (the so-called “winter” months) were significantly higher than equity returns from May Day through Halloween (the “summer months”).


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