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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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China sells US Debt. WHO BUYS?

China openly sells a record amount ($34B) of its US debt. Why? It could be because China feels restive about the level of US debt. Or it could be to smack Washington’s nose for having defied the Chinese over US arms sales to Taiwan. Either way, it is a using debt as a BIG political […]

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