Daily commentary: German retail sales and PMI

I realise I am missing a shed load of links on what's actually happening in the markets today but I was spending a lot of time watching the Krugman/MMT/Steve Keen debates on whether the Fed controls base money. So far, from what I have read, the MMT/Keen guys have got a good grasp of the stuff and I am surprised at how much basic stuff Krugman doesn't get.

Anyway, let's talk data. The German data is still looking rather weak. I saw some numbers out of Germany that showed business confidence was rising. I don't know why. When I listen to German news radio as I do every day, everyone is obsessed with the bankruptcy of drug chain Schlecker. That's what's in the news all the time in recent days. As for actual data, the Manufacturing PMIs were pretty lacklustre across Europe. Germany printed...


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