I think BP should pay compensation. I think there should also be some sort of enquiry into who was really resposible for what. I doubt BP is alone in being culpable. But for the Americans who feel rightly agrieved at the despoilation of their coast by this spill I have one word of caution – …
Europe has a debt problem. A reluctant attender of Debtors Annonymous, Europe has been outed and forced to make the ignominious admission. The US however is still in denial. Who? Me? No I have a few debts, so what? Who doesn’t? Nothing I can’t handle. What’s a couple of trillion empties between friends? But the …
Sorry for the silence. There is a growing feeling of unease and expectancy around. The markets have tried 3 or 4 times to rally and failed each time. Today was a triple digit rise followed by losing it all and ending down. The markets need a bigger, more convincing peice of news to make-believe with. …
At the moment the signare still just that – signs. But this new one is ominously familiar. Aussie Home Loans which is Australia’s largest loan broker is unable to get finding. Aussie originates loans which it then passes on th ethe big banks. Aussie is woned and funded by two of those banks ANZ and …
In the Great Depression or what we might still come to re-name as GD1.0 one of the catalysts for the big drop was the rise in protectionist tit-for-tat trade tarrifs. It has become an article of faith for Free-market experts that such protectionism is always and everywhere a terrible thing to do. So, until now …
So what next? So much has been written about our financial situation but most of it has concentrated upon the health or otherwise of the banks and more recently the health of national currencies and debts. Thus the frame of reference has always been far above the level of our scurrying little concerns. In so …
For a long time now I have been saying that there would be no exit strategy and no bank reform. Now lest you think I just say these things randomly I want to point out where we are in with this. Today the financial class stuck a double blow against any notion they should be …
We know who is most exposed to Greek debt. That’s France – who are massively, suicidally exposed, followed by Germany. One if not two French banks would be unlikely to survive if Greece defaulted. What would happen to France itself is anyone’s guess. But it would not be pretty. France would have to push for …
The facts on East European/Balkan debt – who owes who. Read More »
Well according to the news ALL the bond issues in Europe went really, really well. Italy, Spain and before them Portugal all sshrugged off previously failed auctions and this week, sold the max amount in well over-subscribed auctions (ie tremendous bid to cover ratios) at low rates – and for the Spanish auction, at least, …
Don’t underestimate how significant the strikes currently going on in China are going to be. I think we will see them developing into front page news. The Honda strike that had supposedly ‘settled’ is on again. And it is spreading to other Honda plants. The real significance is that the claim it was settled was …
China strikes – don’t underestimate their importance Read More »
