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Archive | February, 2010

Spinning Plates – Why the crash is coming.

Do you remember an old music hall act where an entertainer spins a plate on the top of a tall, flexible pole, waggling the pole until the plate is spinning so fast it stays balanced? The act was to see how many plates he could keep spinning. The longer it went on the more hectic […]

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A personal crisis

Act one of this crisis was purely financial. As act two has progressed it has become political. Soon now, if we want to keep our sanity and our dignity as ordinary, but free people, it must become personal. This crisis must become a crisis of our deepest beliefs and values – our sense of who […]

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Greece and AIG – could get nasty.

A report originally in Frankfurter Allgemeine Zeitung ( very respectable german paper) a few days ago, said that insolvent Greek banks may themselves have insured Greek debt but AIG might also have written CDS’s on Greek debt. If the first is true then we have the insolvent insuring themselves. That certainly has the ring of financial truth […]

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Goldman and the CDO ‘affair’.

Now robbery is a strong term. If I was anyone important and I had used the term ‘robbery’ instead of ‘affair’ then I might be hearing from Goldman’s lawyers. Luckily I didn’t and I’m not anyone important. But here is why I might have considered using the word robbery – as in ‘daylight’. Goldman – […]

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Middle East defaults

Duabi built its future on sand. Recently that was found not to be such a smart move. UAE got stung and will get stung some more to bail things out. But the rest of the Oil states are not looking too happy either. Now this is a relative thing of course. Oil will assure none […]

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What is going to happen to Greece?

So what IS going to happen to Greece? Its a $254B dollar question, that only Angela Merkle can answer and even she can’t say for sure. Here’s some of what we do know. Of their $254B debt $64B has to be financed this year alone. Of that 30B has to be sold by March-April. To […]

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Greece from tragedy to farce.

First the continuing tragicomedy – Moody’s Investors Service today said it was reviewing ALL but one of Greece’s ABS, RMBS, CLO and covered bond transactions for possible downgrade to below Aaa. That’s a BIG vote of no confidence in the Greek economy. The question is how many of these agreements have clauses in them that […]

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The Fed and the recovery

The Fed announces a 0.25% increase in its overnight rate and the markets tremble. Is that the sign of a solid recovery? The overnight rate is what the Fed charges its client banks for overnight loans. This is the first line of the much talked about market liquidity’. So the world plunges its citizens several […]

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OIL – the bankers tipple and the cause of war.

Two bits of news to do with oil. First Argentina’s president Kirchner said Argentina will enforce control over all shipping to the Falklands. This is polite language for a blockade. Argentina already ‘detained’ one ship the Thor Leader, saying it was transporting oil pipes to the Islands. Detaining ships is blunt as messages go. The […]

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How long much longer will people just take it?

Unemployment in the US rose ‘unexpectedly’ last week. Economists had ‘expected’ and ‘predicted’ a slight fall. In fact unemployment ROSE by 31000. That is another 31000 people who have to look at their family and say – “there is no money coming in. We might lose our house. “ That is the crisis! The bankers […]

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