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Archive | May, 2010

I love the smell of hypocrisy in the morning.

Have you noticed how every banker wants the Recession to be over, but how everyone of them also wants someone ELSE to be the one to take the fall necessary to get it done? They all have plans for what ‘we’ should do. But I don’t think ‘we’ includes them. Listening to the policians and […]

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State of the Blog so far – and thanks!

I thought you might be interestd to hear how the blog is developing. The first entry was on 30th of January. Making the blog 4 months old. During that time I have been surprised at how it has grown. Admitedly I know little about blogs and not much more about the web – so perhaps […]

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Some Thoughts for the weekend sir?

I am going away this weekend so I won’t be posting until Monday. But before I go I think it is interesting that this rally in the US at least does not look to me to be widely based. The volume of trades is thin and so much of the movement comes in the last […]

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We are not in this together

Have you noticed that when National Debts get out of hand, the IMF arrives like the Inquisition, to ‘inspect’ and ‘assess’ and then with terrible ceremony and dread, pronounce anathema upon the sinner? When Banks, on the other hand, drag the entire world into misery – no one arrives other than government officials bearing sacks […]

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Rally running out of Fireworks?

Where is the rally going to get its lift from? I think they are running out of fireworks. The US released figures for new Home sales showing them UP. They released figures showing sales of durable goods UP. They even managed to get Morgan Stanley to persuade Qatar to buy 1.5 billion of the US […]

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Spanish Banks bleeding

Well things are looking mighty dodgey for Spain’s banks just now. Spain’s Central Bank has just told them they must now hold extra loss reserves against property the banks ‘aquired’ from defaulted loans. The CB has told them they have to write down the value and hold reseve capital to the tune of 10% on […]

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The empty sham of debt-backed money.

From the begining of this whole crisis we have been told by all the experts that what we needed was first cash and then confidence. When Bear Stearns, Fannie, Freddie and Lehman all fell over we were told by Secretary of the Treasury and former Goldman Sachs CEO Paulson, that without $700 Billion in Bail-out […]

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Caja’s will the ugly truth out soon-ish?

Caja’s are Spain’s Building Societies. They are where the boom was and where the bust is. They are unexploded ordinance. Problems first surfaced in the Cajas back in July of 09 when Caja Castilla La Mancha folded and was rescued. At the time people suddenly noticed non-performing loans at the Caja were 4% and set […]

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Free fall again

What was it, a week ago we were in free fall down 800 points on all markets? Today we are in free fall in all markets BELOW where we were during last weeks fall. But we did manage to find the time to set fire to 750 Billion Euros in the mean time. That was […]

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Who buys US debt and will they continue?

Thanks to Andrew for the link for part of this bit of news. See his comment under Debt Laundering and Theft. Amoung the many owners and buyers of US debt it turns out that individual States and local governments had by dec ’09 bought $528 billion of Federal Debt. Now, as holdings go, this is […]

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