So Greek 10-year yields are still north of 10% and now Iceland has been downgraded. Losses on banks' books could possibly bring debt to GDP to greater than 110%. Same old story - Germany ought to rescue this baby too... This article is nice and doesn't seem that popular.
There was another article about how there was much hullabaloo about China partially freeing up the Yuan's peg against the dollar. The article says that nothing much has happened :)
No surprises there - one thing that the article failed to mention was how large the Eurozone was as China's trading partner and the effect that the depreciating Euro had on the Yuan, implying that even though the Yuan was 'supposedly' undervalued against the USD, that valuation was softened through the Euro's effects.
Bill Gross keeps reiterating his conviction in the New Normal of sub-par economic growth and unless drastic steps are taken, the US is not coming out of this whole any time soon.
Rolfe Winkler commented on the Case-Shiller. He said how the July numbers look alright but as it's a 3-month rolling average he has asked everyone to wait till mid October. Now, of course, the authorities know what's going to come up - - - let's see how they are going to tackle this. The last 3 months of 2010 are going to be quite exciting :D
There was a beautiful article on Bloomberg the other day supporting what I understood from Soros's statement a while back. It was regarding China's inflation numbers being questionable. Many countries are masking real data to extend, pretend and extend :P ?
Has China been trying to get out of its USD dependence? One can cite JGB and Korean bond purchases but that is lesser than small fry. But China is doing something else; For example, the Fed okayed China to up its stake in Morgan Stanley to 10%, there was an interesting report about how so many of America's real assets such as roads and bridges are indirectly held by China or Chinese firms and now we have China (Sinochem) interested in purchasing Potash Corp. to secure its fertilizer needs.
This post ought to serve as an interesting summary of news not seen too easily...
Just as an add-on... Let's wait for QE2 and see how the world decides to react to such news :)