Boston Globe: A "Minsky" Moment?

Why capitalism fails - The Boston Globe:

"“Minsky” was shorthand for Hyman Minsky, a hitherto obscure macroeconomist who died over a decade ago. Many economists had never heard of him when the crisis struck, and he remains a shadowy figure in the profession. But lately he has begun emerging as perhaps the most prescient big-picture thinker about what, exactly, we are going through. A contrarian amid the conformity of postwar America, an expert in the then-unfashionable subfields of finance and crisis, Minsky was one economist who saw what was coming. He predicted, decades ago, almost exactly the kind of meltdown that recently hammered the global economy."

Study: Europe the richest region in the world

EUobserver / Crisis makes Europe the richest region in the world, study says:

"Europe has emerged as the richest region in the world, pushing North America, where wealth has declined by more than 20 percent due to the economic crisis, off the top spot, a study has shown.

The world's richest also feel the recession biting, especially in North America, where the financial crisis first unfolded a year ago, reveals a survey on global wealth carried out by the Boston Consulting Group, a global management consulting firm.

North America's wealth, measured in assets under management, plummeted by 21.8 percent, the steepest decline in the world. A lesser fall was registered in Europe, where assets shrunk by 5.8 percent compared to last year, down to €22.2 trillion – a quarter of the globe's total wealth."

Spinned Job Data

Revisions, Revisions - Adam Hayes -- Seeking Alpha:

"The government is playing a little game with the investing public when it comes to jobs data (and others like GDP etc. - but let's focus on the jobs data). Simply, the survey of economists will produce some consensus target number and then the 'actual' number will come in slightly better. The market sees this as green shoots and.. RALLY! However more times than not if you look at the REVISION - that is the adjustment to the previous release of this data to reflect what it actually should've been - is usually a bunch worse!"