As a writer, I am obligated to write accurately. As a writer of this column, a column that deals with money, I am obligated to disseminate information that is factually correct.
You are misinformed about the Irish referendum on May 31 next. The referendum is NOT to go against the present discipline programme. If passed, it will strengthen the financial discipline regime that Ireland has been pursuing for a number of years now. For the record Ireland is meeting fully its obligations under the programme.
The gentleman who wrote the above is correct. My words in a column this past week did state that the referendum in Ireland is about repealing the austerity program. Here are my exact words.
On the ballot is a referendum to repeal Ireland?s austerity program. If it passes, Ireland will reverse its programs and do what?
I thank the reader for bringing this error to my attention. Now, I will correct the record.
On the ballot, May 31st, is a national referendum that would allow Ireland to ratify the European Fiscal Compact treaty by amending Ireland’s constitution. The people of Ireland now have a choice. They can vote yes, and the treaty will be ratified or they can vote no, and the treaty will be not be ratified. If the people vote to not ratify the treaty, it could mean no access to the permanent European Stability Mechanism fund, i.e., no more bailout money. If the latter occurs, this could mean big problems for the current effort to stabilize the fiscal crisis in the European Union. If the people vote to ratify the treaty, then the treaty will become law and the good people of Ireland will be obliged to adhere to a treaty that imposes strict rules about their national budget.
U.S. consumer sentiment rose to its highest level in more than four years in early May as Americans remained upbeat about the job market, a survey released on Friday showed. It was the highest level since January 2008.
Okay, I am impressed. With all the “bad” news recently about the shrinking US economy and China’s economy coming apart at the seams, the US consumer is hanging tough. The good folks of America see what I see – there is enough good stuff out there to warrant some optimism.
Separate data earlier in the day showed U.S. producer prices unexpectedly fell in April as energy costs dropped by the most in six months, a sign of easing inflation pressures that could give the Federal Reserve more room to help the economy …
Maybe the American consumer knows or cares little about Federal Reserve policies, but they do know when they are being pinched at the pump and in the grocery store. Gas and food prices are stabilizing and dropping to a degree, and the American consumer likes this. So will the market when that spending translates into better economic numbers and adds to the string of solid corporate earnings.
… consumers’ buying plans for vehicles and durable goods improved at the beginning of the month, with 65 percent saying buying conditions were favorable, the highest level in more than a year.
How do you like that?
Trade in the day; Invest in your life …
