The Telegraph: Eurozone summit – despair and backbiting in the corridors of power
In case if you were betting that Europe will be fixed over the weekend… the headline says it all. Friday’s “breakout” in stocks could be a head-fake. Via Telegraph.
Just when the eurozone governments thought it could not get worse for Europe’s single currency, it did.
Shell-shocked EU finance ministers meeting in Brussels on Saturday were already [...]
The Nexus: Belgian Bank Dexia, Greece, The Federal Reserve and the Rest of the Banking Cabal
October 8, 2011 Comments Off
It is possible the many people have never heard of this Belgian Bank until recently. Even if you haven’t heard about it until you stumbled upon to this article, you can be forgiven. At the outset, this appears to be a complicated story. Or at least the apologists of the banking crime syndicate will tell [...]
Continue reading …Too Little Regulation of Banks, Too Much Regulation of Democratic Processes
October 4, 2011 1 Comment
Remember this Vanity Fair article: Of the 1%, by the 1% for the 1%? Professor Joseph Stiglitz was at the “Occupy Wall Street” rally and appeared on Lawrence O’Donnel’s show.
“Too little regulation of banks and too much regulation of the democratic processes.”
Well said, professor!
(I don’t agree with everything he said). Watch the interview.
.
Visit msnbc.com for [...]
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Senator Dick Durbin said something very very irresponsible on the Senate floor. He encouraged a run on Bank of America!
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Does he even understand the consequence of his idiocy? Back in Spring of 2008, Senator Chuck Shumer encouraged a run on the Indy Mac bank and within days the bank [...]
So far, this week (especially yesterday) we have seen some of the craziest movements in stock prices around the world. To me this is indicating a lot of trouble ahead.
FT Alphaville: All is not well in the kingdom of Stanley
All is not well in the kingdom of Stanley. The CDS spreads have blown out and [...]
The golden period of economic growth in the US economy. During that time, the financial sector played its rightful role. What is the role of the financial sector in the economy? It is to support the real economy (manufacture of goods, sales and service):
by mobilizing savings
by allocating those saving to help the economy grow
by serving [...]
Marc Faber is a well known investor. To the best of my knowledge, he is the only one who has bee consistently correct in foreseeing every major turn in every major economy in the world. His timing is also very good. He spoke to Reuters on Sept 22. Watch the video here, or if doesn’t [...]
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For decades, US consumers’ rampant borrow and spend habits have propelled the economic engine in US. I wrote earlier in July that a major slowdown in consumer spending has been the real reason for economic weakness in the so called “Great Recession.” Zero Hedge just put out a simple chart that explains current weakness succinctly.
It [...]
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A lot of debate currently going on reducing the deficit and it is being shown as a problem that is orthogonal to economic growth, which is not true. Why can’t those thinking this way get the point that economic and employment growth can reduce the deficits and not the other way which is reducing deficits [...]
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First, futures update: Dow futures are down 289 and S&P futures are down about 32. I would say, it is not as bad as many feared. We just have to wait till Monday and see how things will shape up. [I would venture to guess, the markets will be down big at the open and [...]
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On April 18th, I posted this note about Goldman’s take on S&P’s outlook change on US debt.
There is a saying in Telugu, “dongalu dongalu oollu panchukunntlu” (Just like thieves divided the villages among themselves to rob). True to this age old maxim, Wall Street banks and the ratings agencies robbed us of our retirement nest [...]
On Friday, Aug 5 2011 at 8:01 PM when all financial markets (ex ForEx) in all western countries have closed for trading, Standard and Poor’s downgraded US Debt. Via Bloomberg:
S&P lowered the U.S. one level to AA+ while keeping the outlook at “negative” as it becomes less confident Congress will end Bush-era tax cuts or [...]
Sorry to spoil your morning. CNBC’s Larry Kudlow tweeted this last night. Bank runs in Italy. This cannot be good.
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As I mentioned several times, India with only 128% of debt burden (sovereign + consumer debt) and huge population, is the right place to be for economic growth, closely followed by China.
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