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Archive | September, 2010

Ireland’s endless agony

If you go back and read the 2010 Irish budget as laid out in 09 and then the additional budgets since, you can see all the slashing and burning of public spending. All essential, the Irish people were told, in order to cut the budget deficit.  Around €5 billion in cuts.  All of which, every […]

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Autumn thoughts

Here we are, you and I, at odds with those who hold power over us. But without power ourselves,or the hope of attaining it.  So why bother?  This is the question you ask yourself sooner or later, isn’t it? Why sit here reading impotent diatribes against those who would be unmoved even if they condescended […]

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Romanian protests

Well the biggest demonstrations may have been in France but the most effective were in Romania. Romanians were in the streets several times last week, culminating Friday in a protest led by 6000 police officers in uniform.  They marched to the capital building where they proceeded to shout fantastic abuse, “Get out you miserable dog”, […]

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Brazil agrees a debt war is going on – UPDATED

Currency war part two starting now. Brazil’s Finance Minister Guido Mantega is quoted by the FT as saying “We’re in the midst of an international currency war, a general weakening of currency. This threatens us because it takes away our competitiveness,” Brazil is an exporter and has been doing well.  Will she feel forced to […]

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Debt Whores – Updated

We need a recovery but does the recovery need us? What, if anything,  is our role? In our naivete we might once have thought that in a democracy our role was to take a view and collectively decide what to do. Or failing that at least be consulted. I think that idea was fairly quickly shown […]

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Trade volume collapse on FTSE 100

A while ago someone asked why there is so much data about the US markets and so much less about UK markets.  So I thought I’d create some. It is a fact that in America trade volumes on all US markets has fallen dramatically.  There have been net outflows of money for 20 of the […]

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US/China Trade wars, Japanese debts, German Banks, Dubai developers and British Biscuits

The trade war between America and their good friends, the Chinese, is coming along nicely. Latest addition is China imposing up to 105% duties on American Chicken products. which it claims America has been dumping on the Chinese market.  How is anyone supposed to incubate the latest version of bird flu if foreigners are flooding […]

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Our new reality

Even the Fed Chairman, Ben Bernanke, now agrees the recovery ‘is slower than policy makers would like’ or had expected. And yet, unconcerned by this admission of fact,  at the same time, US stock markets have shot up by 8-12% in one month.  The most phenomenal September in 50 years. So the new reality, constructed […]

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GM and Jefferies – Two canaries in the mine

Just two quick notes before I knock off. First the news that GM is going now to reduce the size of its much hyped IPO. Down from $16 billion or so to $8-10 billion.  I think this will not be the last revision.  As conditions get worse we might see it slip back. I think […]

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Bond fears – Ireland lights the fire

The end is coming for Anglo Irish bank and, by extension, for Ireland’s pretense at a recovery. The cost of insuring debt in Anglo Irish jumped today to new record levels. The reason is that back in June the Bank of Ireland Governor, Mr Patrick Honohan said he didn’t know if Junior Bond holders (those […]

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