As we noted previously, for the past year Abenomics has had the "get out of a jail free" card because while the plunging yen was crushing Japanese purchasing power, and sending nominal regular wages ever lower, at least the stock market was higher - so (some of the) locals could delude themselves they are getting richer, if only on paper.
Edward Hugh submits: As Japanese officials continue to toil away in what we all hope will be a successful bid to avert a worst case scenario nuclear meltdown, even while thousands of Japanese still remain missing and unaccounted for, financial market participants across the globe have been struggling with themselves to answer one and the same question: Just how serious are the economic consequences of all this devastation likely to be? Basically, the economic issues raised by Japan's continuing ago
COLUMBUS, Ohio — Ohio’s untried execution method, the first of its kind in the U.S., will cause a condemned killer “agony and terror” as he struggles to breathe, attorneys trying to stop the execution argued in federal court.
The two-drug combination won’t sedate death row inmate Dennis McGuire properly, and he will experience a suffocation-like syndrome known as air hunger, the attorneys said in filings Monday and Tuesday.
Black Monday messages on Facebook and Twitter have gone viral in Italy as people have had enough of austerity, job losses, and uncertainty. La Stampa reports on Panic in the Network.
What follows is a Mish-revised translation of select ideas and quotes from the article. My specific comments are in brackets.
In Japan things have gone from Grim to Grimmer. The Markit/JMMA Japan Manufacturing PMI™ shows Japanese manufacturing sector contracts at sharpest rate for 19 months in November.
Output and new orders both continue to decline
Capital goods producers register sharpest falls in production and sales
Inventories and employment cut amid subdued economic outlook