Just a few months ago in July we were all told by the Belgian Central bank and the EU that Dexia, the Franco-Belgian had passed most recent, new and improved, much much harder EU stress test, with flying colours. Specifically the press release said, The estimated consolidated Core Tier 1 capital ratio of Dexia would …
With all eyes on Greece and Europe’s massively insolvent banking system and bankrupt political class I want to look at what is incubating in China. It may seem perverse but I don’t think it is, because if China suffers a debt and banking implosion of its own, then that will end the lingering hopes that …
Great thanks to Seanán Kerr who is busy arranging a talk, Q&A and perhaps a panel discussion on – SLIGHT CHANGE BUT NOW CONFIRMED Friday, October 21st between 6 and 8pm, in the Harry Clarke room in NCAD, 100 Thomas Street Dublin 8 I thought to let you know that I fly in on Thursday and …
There is one monstrous fact stalking Europe and no amount of debating will make it go away – there isn’t enough money to make the bank bail-out’s work. There isn’t enough money in Europe’s bail out fund, the EFSF, despite this morning’s vote in the German parliament. The vote this morning was to ‘increase’ the …
The monstrous fact. From bail-outs to debt peonage. Read More »
A rumour is going round in the Private Wealth/Off-shore investment area that Austria has instituted restrictions on buying Gold. Here is Bob Bauman writing today in “The Sovereign Investor” newsletter with one example of the rumour mill. Restrictions on Gold Buying? By Bob Bauman JD, Legal Counsel, The Sovereign Society Dear Sovereign Investor, Maybe you …
It is my opinion that no matter what Sarkozy and Merkel agree, it will not be enough and will not work. Why? There is one simple fact which is moving like a wall of mud towards our leaders and their mad scramblings – there is not enough money to pay the debts. And creating more …
Greece, Hungary and Italy – a nexus of debt failure? Read More »
There is much talk of a plan emerging for addressing the Eurozone’s current economic problems. The broad terms of the plan are that Greece may be permitted a partial default on its debts. But given the consequent impact this “haircut” would have on major banks in other European countries (such as France), plus the risk …
Does anyone anywhere believe anything they are told, on any subject, by any government official, financial expert or banker? Beneath all the outright lies, hopeless spin and half truths there is a more fundamental and corrosive problem. WE DON’T BELIEVE YOU! The global reserves of credulity have been pillaged and squandered. We have been told too many …
The most striking thing about the Fed’s “Operation Twist” is that the banks and the markets don’t like it. As soon as Bernanke spoke yesterday and it became clear that Operation Twist was all there was the markets hit the ‘sell off’ afterburner. Overnight the Asian markets did the same. The Hong Kong market, the Hang …
Well here is what the IMF and the EU have wanted – more austerity. And the shape of it is as you would expect from this generation of political maggots. 1)*GREEK PENSION CUT FOR THOSE EARNING MORE THAN EU1,200 A MONTH 1200 Euros a month is 14,400 euros a year. Which is $19 700 or …
Greek Austerity measures – it couldn’t happen here. Read More »
