Why Germany insists on the appearance of the only adult supervision left in the EU area escapes me. The entire EU
Project has always appeared to me as the product of French intellectuals and their eternal effort to affix manacles to their more powerful neighbor. And yet Germany insists upon the role of villain in this charade.
I won't comment further in lite of the obvious reply to that line of thought...
Wednesday, August 31, 2011
Tuesday, August 30, 2011
Piling on...
...to the themes discussed (far too early, it must be said) here.
“Gold is now a bubble compared with U.S. blue-chip stocks,” Wadle said in an e-mail in response to questions from Bloomberg. U.S. equities are “massively undervalued” based on future dividend yields of more than 3 percent, compared with no investment yields and storage costs associated with gold, he said in a report. Billionaire George Soros cut his holdings in the SPDR Gold Trust this year as prices rallied, while Paulson & Co., the hedge fund run by John Paulson, remained the largest holder, according to regulatory filings this month.
“Gold is now a bubble compared with U.S. blue-chip stocks,” Wadle said in an e-mail in response to questions from Bloomberg. U.S. equities are “massively undervalued” based on future dividend yields of more than 3 percent, compared with no investment yields and storage costs associated with gold, he said in a report. Billionaire George Soros cut his holdings in the SPDR Gold Trust this year as prices rallied, while Paulson & Co., the hedge fund run by John Paulson, remained the largest holder, according to regulatory filings this month.
Monday, August 29, 2011
Beat goes on...
...Income and expeditures slightly higher (good news) for July, previous month's figures revised down somewhat.
Grinding "L" attrition.
Grinding "L" attrition.
Germany's gambit
AEP presenting the issues (granted, from his perma-EUskeptic position) facing Europe's lynchpin.
Full article here.
Mrs Merkel has cancelled a high-profile trip to Russia on September 7,
the crucial day when the package goes to the Bundestag and the
country's constitutional court rules on the legality of the EU's
bail-out machinery.
If the court rules that the €440bn rescue fund (EFSF) breaches Treaty
law or undermines German fiscal sovereignty, it risks setting off an
instant brushfire across monetary union.
The seething discontent in Germany over Europe's debt crisis has
spread to all the key institutions of the state. "Hysteria is sweeping
Germany " said Klaus Regling, the EFSF's director.
Full article here.
Mrs Merkel has cancelled a high-profile trip to Russia on September 7,
the crucial day when the package goes to the Bundestag and the
country's constitutional court rules on the legality of the EU's
bail-out machinery.
If the court rules that the €440bn rescue fund (EFSF) breaches Treaty
law or undermines German fiscal sovereignty, it risks setting off an
instant brushfire across monetary union.
The seething discontent in Germany over Europe's debt crisis has
spread to all the key institutions of the state. "Hysteria is sweeping
Germany " said Klaus Regling, the EFSF's director.
Friday, August 26, 2011
Fed statement...
...did not say much...
In light of its current outlook, the Committee recently decided to provide more specific forward guidance about its expectations for the future path of the federal funds rate. In particular, in the statement following our meeting earlier this month, we indicated that economic conditions--including low rates of resource utilization and a subdued outlook for inflation over the medium run--are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013. That is, in what the Committee judges to be the most likely scenarios for resource utilization and inflation in the medium term, the target for the federal funds rate would be held at its current low levels for at least two more years.
In light of its current outlook, the Committee recently decided to provide more specific forward guidance about its expectations for the future path of the federal funds rate. In particular, in the statement following our meeting earlier this month, we indicated that economic conditions--including low rates of resource utilization and a subdued outlook for inflation over the medium run--are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013. That is, in what the Committee judges to be the most likely scenarios for resource utilization and inflation in the medium term, the target for the federal funds rate would be held at its current low levels for at least two more years.
Change the rules...
...has always been THE greatest power of government.
From the FT:
Short-selling bans on selected European bank stocks have been extended by regulators until the end of September in an unprecedented degree of regulatory co-ordination.
French, Spanish, Italian and Belgian regulators said the bans, which cover nearly 60 companies and were first introduced two weeks ago, were still necessary to calm excessive market volatility.
From the FT:
Short-selling bans on selected European bank stocks have been extended by regulators until the end of September in an unprecedented degree of regulatory co-ordination.
French, Spanish, Italian and Belgian regulators said the bans, which cover nearly 60 companies and were first introduced two weeks ago, were still necessary to calm excessive market volatility.
Thursday, August 25, 2011
While the world looks to Europe...
...Russia making its ambitions obvious to those who care to look.
Russia's lower house, the Sate Duma, is set to ratify agreements with
South Ossetia and Abkhazia on Russian military bases in the Caucasian
republics during its autumn session.
The State Duma Speaker, Boris Gryzlov, said on Thursday that the
parliament has already ratified a wide range of agreements with the
two newly independent states.
On August 8 – which marked the third anniversary since the beginning
of the war in the South Ossetia – President Dmitry Medvedev submitted
agreements on the unified Russian military bases to the lower house.
The legislators intend to consider the documents at the upcoming
parliamentary session.
This way, the deputies will be able to take part in “the process of
building up civilized interstate relations between Russia and the two
independent republics,” Gryzlov said, reports Interfax.
“I have repeatedly said that peace and security in the region is a
priority for us,” the official noted. He added that in many ways, it
was thanks to Russia’s efforts that both peace and security have been
provided.
Russia's lower house, the Sate Duma, is set to ratify agreements with
South Ossetia and Abkhazia on Russian military bases in the Caucasian
republics during its autumn session.
The State Duma Speaker, Boris Gryzlov, said on Thursday that the
parliament has already ratified a wide range of agreements with the
two newly independent states.
On August 8 – which marked the third anniversary since the beginning
of the war in the South Ossetia – President Dmitry Medvedev submitted
agreements on the unified Russian military bases to the lower house.
The legislators intend to consider the documents at the upcoming
parliamentary session.
This way, the deputies will be able to take part in “the process of
building up civilized interstate relations between Russia and the two
independent republics,” Gryzlov said, reports Interfax.
“I have repeatedly said that peace and security in the region is a
priority for us,” the official noted. He added that in many ways, it
was thanks to Russia’s efforts that both peace and security have been
provided.
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