China’s law-and-order chief warns that country ill-prepared for social unrest generated by changes in the economy.

“The euro project was flawed from the start and the current generation of European leaders has failed to address its fundamental problems, Jacques Delors, the architect of the single currency, declares today.”

Key milestones ahead. Handy little piece.

Civil disobedience among Greeks grows after tax was incorporated into electricity bills.

Schaeuble tells Passauer Neue Presse total of 500 bln euros would need to go into the German fund.

–Retransmitting Story Headlined 8:30 ET Friday –November Payrolls +120,000; Prior Two Months Revised +72,000 By Denny Gulino WASHINGTON (MNI) – Unexpected shifts in the labor force and more hiring — and perhaps fewer layoffs — gave the November unemployment report a makeover — an 8.6% unemployment rate — while payrolls and revisions sustained the improvement [...]

BOSTON (MNI) – Below are PowerPoint observations and responses of Boston Federal Reserve Bank President Eric Rosengren at a Massachusetts Investors Conference session Friday: “The unemployment rate dropped to 8.6 percent. That’s a fairly big decline from 9 percent. That is good news … but I would highlight that a lot of (the drop) is [...]

US nonfarm payrolls rise 120,000; large upward revisions to September and October data; unemployment rate falls to 8.6% as workforce falls Talk IMF to receive EUR 200 bln in bilateral loans from European central banks to use for European bailouts Rumors swirled late morning that Spain would be downgraded; immediate downgrade denied by Fitch Senate [...]

Thus the sharp EUR/USD rally on the central bank funding news on Wednesday…Despite that large short EUR/USD, the market is comfortable as rallies above 1.3500 continue to fail. Elsewhere, the market is now net short 9300 contracts. A very different set-up than when the SNB established the 1.2000 floor in EUR/CHF.

NEW YORK (MNI) – The following was issued Friday by the New York Federal Reserve Bank: New York Fed to Post Primary Dealer Surveys NEW YORK – The Federal Reserve Bank of New York, as part of its ongoing efforts to increase transparency, will today begin releasing the questions it sends to primary dealers to [...]

WASHINGTON (MNI) – The following was issued Friday by the National Federation of Independent Business: November Brings First Positive Growth in Months Chief economist for the National Federation of Independent Business (NFIB) William C. Dunkelberg, issued the following statement on the November job numbers, based on NFIB’s monthly economic survey that will be released on [...]

US DATA: NFIB Nov employment survey: “On average, owners reported increasing employment an average of 0.12 workers per firm. Seasonally adjusted, 13 percent of the owners added an average of three workers per firm over the past few months, and 11 percent reduced employment an average of 2.9 workers per firm. The remaining 74 percent [...]

I’d expect the euro to struggle to overcome the 1.3415/20 area this afternoon as that was such an important support zone on the way down. We’re having trouble even clearing the 1.3400 area in very light Friday afternoon trade. Reasonably firm US employment data capped off a week of strong manufacturing and retail sales data [...]

By Steven K. Beckner PHILADELPHIA (MNI) – Philadelphia Federal Reserve Bank President Charles Plosser said Friday that the Fed and other central banks must be willing to play their “lender of last resort” role should the European debt crisis worsen, but said he would oppose further easing of U.S. monetary policy unless European spillover effects [...]

There was no lack of liquidity in euros Swap lines showed crisis management ability

They’ll probably need more than they are willing to put in place. The reluctance of member states to give up some sovereignty is what got us into this mess in the first place… Europe has its own approach to monetary policy; other central banks don’t set precedents Politicians may have to agree to a two-speed [...]

By Ian McKendry WASHINGTON (MNI) – Despite another month of job growth and a four tenths downtick in the unemployment rate, market players should still expect Congress to extend the payroll tax cuts and for the Federal Reserve to do more quantitative easing in 2012 according to Credit Suisse Chief Economist Neal Soss. “There is [...]

–Expanding Sov Debt Crisis Must Be Halted To Avoid Macro, Fin Disaster NEW YORK(MNI) – Following is the fourh part of the text of a speech by European Central Bank Executive Board member Juergen Stark Friday at the Forecaster Club of New York: Structural reforms As I mentioned before, deteriorating competitiveness positions in some euro [...]

–Expanding Sov Debt Crisis Must Be Halted To Avoid Macro, Fin Disaster NEW YORK(MNI) – Following is the third part of the text of a speech by European Central Bank Executive Board member Juergen Stark Friday at the Forecaster Club of New York: Fiscal policy Let me now turn to the fiscal situation in the [...]

–Expanding Sov Debt Crisis Must Be Halted To Avoid Macro, Fin Disaster NEW YORK(MNI) – Following is the second part of the text of a speech by European Central Bank Executive Board member Juergen Stark Friday at the Forecaster Club of New York: Monetary policy The ECB from the very beginning of the crisis has [...]