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International Developments

? An unidentified prisoner at Guantanamo has died; “investigation pending into cause”.

? 16 people in Kunduz, Afghanistan were killed by a suicide bomber. Eleven were policemen.

? Yemen reports security forces have killed Said al-Shihri, one of those second-in-command al-Qaeda leaders. He was described as a Saudi national.

? An estimated 15,000 mine-workers have struck a Gold Fields mine in South Africa, “engaging in an unlawful and unprotected strike since the start of the night shift”, according to management.

International Economics

? Decreased investment and consumer purchases have deepened the recession in Italy, with the economy down 2.6% from a year ago.

? On Wednesday, Germany’s Federal Constitutional Court will decide “whether the eurozone’s new permanent bailout fund, the European Stability Mechanism . . . breaches the German constitution. “Anxiety about the direction that Europe is travelling has become widespread inside the country.”

Money Matters USA

? BP is keeping its Macondo well, but is selling $5.55 billion worth of assets it holds in the Gulf of Mexico.

? Christina Romer: Go slow phasing in “spending cuts and tax increases . . . as the economy recovers”; introduce a “well-designed tax reform that raises at least some additional revenue”; be specific about what programs are to be cut and pay attention when the “defense secretary says. . . $487 billion. . .can be safely cut from the Pentagon’s budget. . ..”

? We used to think that the law would come into play when “banksters have committed illegal acts”. Now, it seems, proprietary software code is taking over. Wells Fargo had two separate contractors on two separate occasions wrongly clear the same home. Why? Wells Fargo had sent an address to the two contractors who used satellite photos to identify the house–only it was the wrong address produced by a database Wells Fargo used. “Nobody has any concern about prosecutions.”

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David Dayen

David Dayen