Archive for the 'Economy' Category
Europe’s Debt Crisis Prompts Central Banks to Provide Dollar Liquidity
September 16th, 2011Via: Guardian: Fears of a deepening of Europe’s debt crisis have prompted the world’s leading central banks to pump US dollars into the financial system, in a co-ordinated action designed to boost market confidence. The Bank of England joined the US Federal Reserve, the European Central Bank, the Swiss National Bank and the Bank of […]
Gold: Weekly Interval
September 16th, 2011Warning: This is not a recommendation to buy, sell or hold any financial instrument. On gold, I’m focusing on the weekly interval after the unwinding of the recent double top on the daily. As of now, there is no damage to the long term bullish technical picture on gold. It’s debatable where long term damage […]
Another Global Banking Sector Bailout / Can Kicking Exercise
September 15th, 2011Europe: The new Lehman Brothers. Via: Daily Ticker: Stocks surged in the U.S. and Europe early Thursday while Treasury prices tumbled on news of a coordinated easing by global central banks. “The Governing Council of the European Central Bank has decided, in coordination with the Federal Reserve, the Bank of England, the Bank of Japan […]
Rogue Trader Cost UBS $2 Billion
September 15th, 2011If UBS lost $2 billion, who wound up with it? Via: Reuters: Swiss bank UBS said a trader had lost it around $2 billion in unauthorized deals, and police in London arrested 31-year-old Kweku Adoboli in connection with the case. Adoboli — a director of exchange traded funds and “Delta 1” working in the bank’s […]
Germany and Greece Flirt with Mutual Assured Destruction
September 14th, 2011Via: Telegraph: First we learn from planted leaks that Germany is activating “Plan B”, telling banks and insurance companies to prepare for 50pc haircuts on Greek debt; then that Germany is “studying” options that include Greece’s return to the drachma. German finance minister Wolfgang Schauble has chosen to do this at a moment when the […]
French Bank Ratings Downgraded by Moody’s
September 14th, 2011Via: BBC: Rating agency Moody’s has downgraded two French banks whose share prices have dived on fears of their exposure to the eurozone debt crisis. Credit Agricole was cut from Aa1 to Aa2 and Societe Generale from Aa2 to Aa3, due to their exposure to Greek debt. A third bank, BNP Paribas, was kept on […]
U.S. Poverty Rate Swells to Nearly 1 in 6
September 13th, 2011And to see how the so-called Middle Class is doing, this one is worth checking out: It’s Impossible To “Get By” In The U.S. Of course, the situation has gotten much worse since that article was published. Via: AP: The ranks of U.S. poor swelled to nearly 1 in 6 people last year, reaching a […]
The $300 Million Cable That Will Save Traders Milliseconds
September 13th, 2011Now with more Flashcrash! Via: Telegraph: In the high-speed world of automated financial trading, milliseconds matter. So much so, in fact, that a saving of just six milliseconds in transmission time is all that is required to justify the laying of the first transatlantic communications cable for 10 years at a cost of more than […]
Bankruptcy Among College Grads Grows
September 13th, 2011I love the language! It’s not a depression or an economic collapse. What we’re seeing is a, “Sophisticated evolution of the profile of the American debtor that now extends to disparate age, income and ethnic groups.” Via: CNN: Bankruptcy has gotten more educated over the past five years, as financial distress spread to more of […]
Ghosts with Shit Jobs
September 13th, 2011I wish it wasn’t just a trailer. Via: ghostswithshitjobs.com:
