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Archive | August, 2010

Japan’s woes

Japan’s long suicide continues. The Japanese stock index, the Nikkei fell 3.6% today. The ‘strong words’ from the Finance Minister had less than no effect. Did any one really think words were going to be sufficient any more? All they achieved was to show the other market players that the bank and the government are […]

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American revolution

I believe we are seeing the early signs of a hugely important re-alignment of the American political landscape. I think the Right Wing of American politics is fracturing. The Right Wing of American politics has always had two broad wings: the Religious\Social Right and the Corporate Right. One was the Moral Majority concerned with home […]

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The Witless and the Half Baked

The Jackson Hole meeting did not have the air of inspired purpose about it. It was basically the half witted pecking at the half baked. Fractious chickens in a yard clucking and strutting with witless self importance without an idea between them. The BoJ was seized by a thought and left in a confusion of […]

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Time for our leaders to play, ‘Blame The Foreigners’

Well things from Jackson Hole seem to be following the script so far. Bernanke says ‘the Fed will not allow delfation and stands ready to take whatever action is needed’. Trichet then stands up and says, ‘waiting for the recovery to happen before cutting public and private debts would be “very dangerous” and lead to […]

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Mr Bernanke and the markets today

On the face of it Mr Bernanke said not very much at all. So you do have to ask why the markets and in particular the financial sector rallied so hard? Did he say something we didn’t pick up on? Well the highlights were that the Fed would just not allow deflation. Which means there […]

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In my defence – updated

I read recently two things I thought I might respond to. First was that thanks to the prompt intervention of our glorious leaders to stimulate a la Keynes we have dealt with and escaped the deflationary spiral. Two things about this. First what stimulating did we do? We certainly gave a lot of money to […]

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The Banks were and still ARE Insolvent

Thanks to Cleo for catching this article at the Telegraph. The Headline is that an influential accounting watchdog has warned that UK banking accounting rules are “fatally flawed”. In a letter sent to the two global accounting standards bodies and the Bank of International Settlement (The BIS – the bankers bank) the author says there […]

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Bail out No. 3 coming

The markets this last week have been acting very much as they did in both the run up to Congress approving the TARP (bail out No. 1) and the agreement of the European bail-out fund (bail out No.2). In both cases the markets were not just falling, but in between outright nose dives, were whipping […]

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More Cuts and more Bail-outs

The Fed has its big annual meeting in Jackson’s Hole on Friday. Anyone who is anyone will be there. And all the talk will be about QE. Already wags in the financial press are suggesting we will shortly hear the sound of Ben’s helicopter flying over head. This is an hilarious reference to Mr Bernanke […]

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Living in a slum

It must be clear by now, to even the most resolute “They are experts, they know what they’re doing”, supporters of our present leaders, that all is NOT well. And maybe, they do NOT have it all in hand. The short version of recent events is that every one of the problems we had earlier […]

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