Good morning. Nice one: it comes with the title ???What crisis????

(source: http://www.economist.com/blogs/graphicdetail/2012/10/daily-chart-4)

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S&P cuts Spanish ratings, but does not deliver the final blow. Yet???. ???Abstraffen??? is what Der Spiegel calls it???

?????????????????? http://www.reuters.com/article/2012/10/11/us-spain-standardandpoors-downgrade-idUSBRE8991MM20121011

?????????????????? http://www.spiegel.de/wirtschaft/soziales/euro-krise-rating-agentur-s-p-stuft-spanien-herab-a-860629.html

?????????????????? http://www.creditwritedowns.com/2012/10/sp-cuts-spains-credit-rating-to-near-junk-with-a-negative-outlook.html

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A must read for all you Emerging Markets lovers out there: 356 pages of BIS research. The chart is interesting: even though I am not sure what I am looking at, it is remarkable to see that monetary policy has been different for the various euro-members

?????????????????? http://www.bis.org/publ/bppdf/bispap67.pdf

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Interesting chart for sure: showing the change in maturity of outstanding debt versus the bond yield. Spain is forced to shorten maturity by high bond yields

?????????????????? http://www.economist.com/blogs/freeexchange/2012/10/fiscal-policy

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At last! Growth in Greece!

?????????????????? http://www.cnbc.com//id/49357775

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Goldman Sachs is forecasting food inflation to rise again in 2013

?????????????????? http://www.zerohedge.com/news/2012-10-10/food-inflation-surge-goldman-warns

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Always interesting: data showing that analysts are almost always too bullish on earnings

?????????????????? http://www.businessinsider.com/jim-bianco-failure-of-wall-street-earnings-forecasts-2012-10

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Backward-looking data, but still: it confirms what we already new

?????????????????? http://www.economist.com/blogs/graphicdetail/2012/10/focus-2

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And talking about old data: this one ends in 2011. I don???t expect a huge difference for 2012 though???

?????????????????? http://www.businessinsider.com/gap-between-wall-streetaverage-salaries-2012-10

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Nice background information over the current low level of the VIX: there is more than meets the eye

?????????????????? http://www.businessinsider.com/is-the-volatility-index-really-that-low-2012-10

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I guess that this is meant to show how conservative Goldman is, but 9% earnings growth in 2013 and 2014????

?????????????????? http://www.businessinsider.com/chart-of-the-day-profit-margin-expecations-2012-10

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Nice chart on the German inflationary worries

?????????????????? http://www.zerohedge.com/news/2012-10-10/guest-post-many-guises-financial-repression

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