In a note out this morning, Citi's FX guru Steven Englander predicts that tomorrow's EU Summit will probably be a disappointment, but that it won't be so bad that it will trigger crisis selling again.
Regardless of the details, however, there is one thing that Europe isn't paying attention to:
The one area that the European leaders are ignoring, and which will come back to haunt the euro, is growth. Given the fiscal austerity that is being demand of almost every euro zone country, the crowding-in of growth would seem to be an essential element of the policy package that is delivered. The only credible path to growth and euro strength is lower risk premia and lower average interest rates across the euro zone. So far that seems to be low on the priority list. The preferred European policymaker growth recommendation of structural reform can not deliver the growth that is needed in the required time horizon. High rates across much of the euro zone makes debt servicing much harder and slow growth. However much global investors would like to buy euros as an alternative to the USD, that outcome is unlikely, unless it becomes clear that the growth, fiscal and interest rate paths are consistent. So net, net even if the euro relief rally continues when it becomes clear that the there will be no euro zone disaster, the enthusiasm for euro buying is likely to be hobbled until credible growth prospects emerge.
This is spot on.
Yesterday's Eurozone PMI reports confirmed that the European economy continues to weaken badly, divorcing itself from the US and Chinese paths.
This chart from Markit comparing the PMIs with GDP tells you all you need to know:
During 2010, in the wake of the Texas Legislature's budgetary cuts for arts funding, Sara Hickman, the Texas State Musician of the Year, decided to use her position to raise funds and awareness for the importance of arts education (and the funding of it) for children. More exactly, she spearheaded a collaborative effort--with a variety of Texas artists including Shawn Colvin, Willie Nelson, Rhett Miller, Robert Earl Keen as well as many more--to record a collection of Hickman's own songs.
The project, The Best of Times, was recently released as a two-CD, 38-cut collection by Waterloo Records. All proceeds from the sale of the CD set go directly to the Theatre Action Project, a non-profit that supports unique arts programs for more than 16,000 young people. To fully grasp the drive behind her charitable efforts, I recently email interviewed Hickman.
How did you go about getting all of the many fellow talented people who contributed their musical talents to Best of Times?
I knew I had, at least, a year to start lining up musicians to record for The Best of Times because Willie Nelson, who also recorded for the album, was the State Musician before my position took place. So, I immediately made a "wish list" and began calling/emailing/asking in person. I kept a giant chart on the wall with the names of artists/bands I had contacted, the titles of songs I had sent, if they had responded, if they were in the studio, if they had finished recording, if I had the recording.
When did your involvement and interest start with the Theatre Action Project?
I believe the first time I knew about Theatre Action Project was an after school program I was invited to lead concerning songwriting and drumming. I would guess that was about six or seven years ago. Then, I was in a ninth month course entitled Leadership Austin in which Karen LaShelle was also enrolled. We spent time getting to know one another and discussing the importance of arts availability to children in Texas.
For folks like myself woefully ignorant about the Theatre Action Project, what does it do and why should folks want to donate money to its cause?
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Animating New York City's <b>News</b> - NYTimes.com
A Hong Kong-based company, Next Media, that has turned major news events into popular animated videos has now set up an office in New York City.
Animating New York City's <b>News</b> - NYTimes.comNBA Lockout <b>News</b>: Eventually A Hopeful Rumor Might Actually Be <b>...</b>
A look at the most recent NBA lockout news, with analysis on the potential veracity of the speculation.
NBA Lockout <b>News</b>: Eventually A Hopeful Rumor Might Actually Be <b>...</b>Previewing the 2011-2012 World Series of Poker Circuit Harveys <b>...</b>
The WSOP Circuit Harveys Lake Tahoe has featured will culminate this weekend with a $1600 Main Event. Check out our recap of the ring events thus far.
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Animating New York City's <b>News</b> - NYTimes.com
A Hong Kong-based company, Next Media, that has turned major news events into popular animated videos has now set up an office in New York City.
Animating New York City's <b>News</b> - NYTimes.comNBA Lockout <b>News</b>: Eventually A Hopeful Rumor Might Actually Be <b>...</b>
A look at the most recent NBA lockout news, with analysis on the potential veracity of the speculation.
NBA Lockout <b>News</b>: Eventually A Hopeful Rumor Might Actually Be <b>...</b>Previewing the 2011-2012 World Series of Poker Circuit Harveys <b>...</b>
The WSOP Circuit Harveys Lake Tahoe has featured will culminate this weekend with a $1600 Main Event. Check out our recap of the ring events thus far.
Previewing the 2011-2012 World Series of Poker Circuit Harveys <b>...</b>In a note out this morning, Citi's FX guru Steven Englander predicts that tomorrow's EU Summit will probably be a disappointment, but that it won't be so bad that it will trigger crisis selling again.
Regardless of the details, however, there is one thing that Europe isn't paying attention to:
The one area that the European leaders are ignoring, and which will come back to haunt the euro, is growth. Given the fiscal austerity that is being demand of almost every euro zone country, the crowding-in of growth would seem to be an essential element of the policy package that is delivered. The only credible path to growth and euro strength is lower risk premia and lower average interest rates across the euro zone. So far that seems to be low on the priority list. The preferred European policymaker growth recommendation of structural reform can not deliver the growth that is needed in the required time horizon. High rates across much of the euro zone makes debt servicing much harder and slow growth. However much global investors would like to buy euros as an alternative to the USD, that outcome is unlikely, unless it becomes clear that the growth, fiscal and interest rate paths are consistent. So net, net even if the euro relief rally continues when it becomes clear that the there will be no euro zone disaster, the enthusiasm for euro buying is likely to be hobbled until credible growth prospects emerge.
This is spot on.
Yesterday's Eurozone PMI reports confirmed that the European economy continues to weaken badly, divorcing itself from the US and Chinese paths.
This chart from Markit comparing the PMIs with GDP tells you all you need to know:
During 2010, in the wake of the Texas Legislature's budgetary cuts for arts funding, Sara Hickman, the Texas State Musician of the Year, decided to use her position to raise funds and awareness for the importance of arts education (and the funding of it) for children. More exactly, she spearheaded a collaborative effort--with a variety of Texas artists including Shawn Colvin, Willie Nelson, Rhett Miller, Robert Earl Keen as well as many more--to record a collection of Hickman's own songs.
The project, The Best of Times, was recently released as a two-CD, 38-cut collection by Waterloo Records. All proceeds from the sale of the CD set go directly to the Theatre Action Project, a non-profit that supports unique arts programs for more than 16,000 young people. To fully grasp the drive behind her charitable efforts, I recently email interviewed Hickman.
How did you go about getting all of the many fellow talented people who contributed their musical talents to Best of Times?
I knew I had, at least, a year to start lining up musicians to record for The Best of Times because Willie Nelson, who also recorded for the album, was the State Musician before my position took place. So, I immediately made a "wish list" and began calling/emailing/asking in person. I kept a giant chart on the wall with the names of artists/bands I had contacted, the titles of songs I had sent, if they had responded, if they were in the studio, if they had finished recording, if I had the recording.
When did your involvement and interest start with the Theatre Action Project?
I believe the first time I knew about Theatre Action Project was an after school program I was invited to lead concerning songwriting and drumming. I would guess that was about six or seven years ago. Then, I was in a ninth month course entitled Leadership Austin in which Karen LaShelle was also enrolled. We spent time getting to know one another and discussing the importance of arts availability to children in Texas.
For folks like myself woefully ignorant about the Theatre Action Project, what does it do and why should folks want to donate money to its cause?
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Animating New York City's <b>News</b> - NYTimes.com
A Hong Kong-based company, Next Media, that has turned major news events into popular animated videos has now set up an office in New York City.
Animating New York City's <b>News</b> - NYTimes.comNBA Lockout <b>News</b>: Eventually A Hopeful Rumor Might Actually Be <b>...</b>
A look at the most recent NBA lockout news, with analysis on the potential veracity of the speculation.
NBA Lockout <b>News</b>: Eventually A Hopeful Rumor Might Actually Be <b>...</b>Previewing the 2011-2012 World Series of Poker Circuit Harveys <b>...</b>
The WSOP Circuit Harveys Lake Tahoe has featured will culminate this weekend with a $1600 Main Event. Check out our recap of the ring events thus far.
Previewing the 2011-2012 World Series of Poker Circuit Harveys <b>...</b>
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