The throws of officials hoping to "clarify" previous statements about official policy are achieving rigormortis levels of superfluousness.
I almost think they have standing orders from the FX desks of major money center banks to kindly provide some volatility in exchange for sinecures to be named later...
*G-20 DRAFT DOESN'T ECHO G-7 STATEMENT ON FX TARGET: OFFICIAL
Friday, February 15, 2013
Wednesday, February 13, 2013
Ok, so perhaps a little worry...
...is warranted.
"Cooperation" apparently is too strong a word now in light of previous "misinterpretations".
RTRS-RPT-G7 OFFICIAL SAYS G7 STATEMENT WAS MISINTERPRETED, STATEMENT SIGNALED CONCERN ABOUT EXCESS MOVES IN JAPANESE YEN
"Cooperation" apparently is too strong a word now in light of previous "misinterpretations".
RTRS-RPT-G7 OFFICIAL SAYS G7 STATEMENT WAS MISINTERPRETED, STATEMENT SIGNALED CONCERN ABOUT EXCESS MOVES IN JAPANESE YEN
Tuesday, February 12, 2013
Not to worry...
...we are all cooperating in this happy global family.
The glue that holds this together are the various trade balances (which are obviously affected by currency fluctuations) and standard of living figures. Once these start to erode (and they will given the austerity measures imposed just about everywhere), all this rhetoric will dutifully jump out the window.
LONDON/TOKYO (Reuters) - Group of Seven nations reiterated their
commitment on Tuesday to market-determined exchange rates and said
fiscal and monetary policies must not be directed at devaluing
currencies.
The intervention follows a round of rhetoric about currency wars,
prompted largely by Japan's new government pressing for an aggressive
expansion of monetary policy, which has seen the yen weaken sharply as
a result.
The statement said the G7 powers - the United States, Britain, France,
Germany, Japan, Canada and Italy - had agreed to consult closely on
exchange rates which if allowed to move in a disorderly fashion could
hurt economic and financial stability.
"We reaffirm that our fiscal and monetary policies have been and will
remain oriented towards meeting our respective domestic objectives
using domestic instruments, and that we will not target exchange
rates," said the statement, released by Britain which chairs the G8
(G7 plus Russia) forum this year.
The glue that holds this together are the various trade balances (which are obviously affected by currency fluctuations) and standard of living figures. Once these start to erode (and they will given the austerity measures imposed just about everywhere), all this rhetoric will dutifully jump out the window.
LONDON/TOKYO (Reuters) - Group of Seven nations reiterated their
commitment on Tuesday to market-determined exchange rates and said
fiscal and monetary policies must not be directed at devaluing
currencies.
The intervention follows a round of rhetoric about currency wars,
prompted largely by Japan's new government pressing for an aggressive
expansion of monetary policy, which has seen the yen weaken sharply as
a result.
The statement said the G7 powers - the United States, Britain, France,
Germany, Japan, Canada and Italy - had agreed to consult closely on
exchange rates which if allowed to move in a disorderly fashion could
hurt economic and financial stability.
"We reaffirm that our fiscal and monetary policies have been and will
remain oriented towards meeting our respective domestic objectives
using domestic instruments, and that we will not target exchange
rates," said the statement, released by Britain which chairs the G8
(G7 plus Russia) forum this year.
Monday, February 11, 2013
Little Earthquakes...
In addition to being a great Tori Amos album, the North Koreans have apparantly conducted their own version of this phrase just to remind the G20 that yes, they are important as well...and by "important" I mean "worthy of bribes".
Thursday, February 07, 2013
Low-Hanging fruit...
...in the interest of holding conspirators accountable for the financial crisis, the JD attacks the low-hanging fruit (read: the institutions that provided the least amount of campaign contributions, or the ones where future campaign contributions are deemed acceptable losses), with the added benefit of what appears to be obvious retaliation against the recent U.S. credit ratings.
The complaint itself reads like familiar lines, but could also be applied to the myriad financial institutions who were involved in the PURCHASE and SALE of securities. In today's regulatory framework, anyone involved in finance must be aware of multiple entry-points for civil and criminal liability.
Its typically the facilitators, rather than the principals or secondary actors, who receive the killing blow.
The complaint itself reads like familiar lines, but could also be applied to the myriad financial institutions who were involved in the PURCHASE and SALE of securities. In today's regulatory framework, anyone involved in finance must be aware of multiple entry-points for civil and criminal liability.
Its typically the facilitators, rather than the principals or secondary actors, who receive the killing blow.
Sunday, February 03, 2013
With whom?
Meanwhile, North Korea decides they have not been getting the attention they deserve from the Rest of World...perhaps the harvest is not going well and they are positioning for nuclear extortion.
North Korea has allegedly been placed under martial law and its ruler Kim Jong-un has ordered the army to “prepare for war”, a South Korean daily claims. The North Korean leader issued a series of orders to his top defense and security officials on Saturday to conclude preparations for a new nuclear test, the Seoul based Korea JoongAng Daily alleges citing an unnamed source. The source reportedly said that Kim Jong-un issued a secret order to “complete preparations for a nuclear weapons test <…>and carry it out soon”. According to the source, Kim Jong-un also said, “The country will be under martial law starting from midnight January 29th and all the frontline and central units should be ready for war.”
North Korea has allegedly been placed under martial law and its ruler Kim Jong-un has ordered the army to “prepare for war”, a South Korean daily claims. The North Korean leader issued a series of orders to his top defense and security officials on Saturday to conclude preparations for a new nuclear test, the Seoul based Korea JoongAng Daily alleges citing an unnamed source. The source reportedly said that Kim Jong-un issued a secret order to “complete preparations for a nuclear weapons test <…>and carry it out soon”. According to the source, Kim Jong-un also said, “The country will be under martial law starting from midnight January 29th and all the frontline and central units should be ready for war.”
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