Archive for the 'Economy' Category
EMERGENCY: OM NOM NOM: ECB to Intervene in Bond Market to Fight Euro Crisis
May 10th, 2010WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Why can’t the ECB just eat the debt, like the Federal Reserve has been eating it? Does anyone know why not? It doesn’t seem fair that Uncle Sugar can rally its silly confetti by feeding it into a shredder. The ECB […]
Just Curious: BullionVault User Activity
May 10th, 2010I recently received a large single commission from BullionVault activity. BullionVault provides me with no information about the identity of the user at all, whether the deal was gold or silver, or even if the transaction was a purchase or sale. So, someone either bought or sold a relatively large amount of gold or silver. […]
EU Crafts $928 Billion Loan Package in Attempt to Halt Euro Decline
May 10th, 2010Via: Bloomberg: European finance ministers put together an unprecedented loan package that may be worth 720 billion euros ($928 billion) for debt-swamped governments in a bid to restore faith in the euro and prevent Greece’s fiscal woes from unleashing a global crisis. Jolted into action by last week’s slide in the currency to a 14-month […]
EU Finance Chiefs Race to Ready Euro Stability Fund for Monday Morning
May 9th, 2010Via: Bloomberg: European Union finance ministers meet today to hammer out the details of an emergency fund to prevent a sovereign debt crisis from shattering confidence in the 11- year-old euro. Jolted into action by last week’s slide in the currency to the lowest in 14 months and soaring bond yields in Portugal and Spain, […]
KBR to Get No-Bid Army Contract Worth $568 Million as Justice Department Pursues Lawsuit Over Kickbacks
May 9th, 2010Via: Bloomberg: KBR Inc. was selected for a no-bid contract worth as much as $568 million through 2011 for military support services in Iraq, the Army said. The Army announced its decision yesterday only hours after the Justice Department said it will pursue a lawsuit accusing the Houston-based company of taking kickbacks from two subcontractors […]
U.S. Debt Shock May Hit As Soon As 2013
May 9th, 2010Via: Investor’s Business Daily: Spiraling debt is Uncle Sam’s shock collar, and its jolt may await like an invisible pet fence. “Nobody knows when you bump up against the limit, but you know when it happens it will really hurt,” said fiscal watchdog Maya MacGuineas of the Committee for a Responsible Federal Budget. The great […]
Bank Risk Soars to Record, Default Swaps Overtake Lehman Crisis
May 7th, 2010Via: Bloomberg: The cost of insuring against losses on European bank bonds soared to a record, surpassing levels triggered by the collapse of Lehman Brothers Holdings Inc., as the sovereign debt crisis deepened. The Markit iTraxx Financial Index of credit-default swaps on 25 banks and insurers soared as much as 40 basis points to 223, […]
MUST HEAR: Panic And Loathing From The S&P 500 Pits
May 7th, 2010Mirror for audio file. A “car” is one futures contract. A “handle” is a full point. Via: ZeroHedge: “Guys this is probably the craziest I have seen it down here ever.” Here it is, memorialized for the generations and away from the now openly ridiculous disinformation propaganda of the mainstream media, just what a full […]
SEC Said to Probe Causes, Exploitation of Stock-Market Turmoil
May 7th, 2010Maybe Captain Obvious dropped in at the SEC this morning. Via: Bloomberg: U.S. regulators plan to examine whether securities professionals triggered yesterday’s stock- market plunge or exploited the turmoil to profit illegally, two people with direct knowledge of the matter said. The Securities and Exchange Commission aims to determine if market participants accidentally or maliciously […]
Plan for Congressional Audits of Fed Dies in Senate
May 7th, 2010Looks like that one thousand point pants shitter from yesterday sent a pretty clear message. Via: Wall Street Journal: Last-minute maneuvering in the Senate allowed the Federal Reserve to sidestep legislation that would have exposed its interest-rate decision-making to congressional auditors. Pressure from the Obama administration led Senate lawmakers to alter a provision pushed by […]
