Bit of a rumpus in the Irish press this today as Mr Eamon Gilmore of the Irish Labour party said something other’s wish he hadn’t. Namely that the Irish Government is going to have to ‘discuss’ with Anglo Irish Bank’s bond holders, the looming likelihood of some sort of default/restructure/hair cut, call it whatever you […]

There is a wonderful old US film called Reefer Madness made in 1938, which showed the delirious dangers of smoking Marijuana. It begins with this warning and description of the drug’s dangers. It’s first effect is sudden violent, uncontrollable laughter; then come dangerous hallucinations – space expands – time slows down, almost stands still….fixed ideas

There are currency interventions and then there are currency wars. We are in the opening stages of the latter. I think it is worth sketching out a little of the context in which Japan’s actions yesterday occurred. The last time Japan intervened directly like this was ’03-04. Six years ago. Their intervention was then, as

Competitive currency devaluations is the name of the game for the next little while. Another notch in ratcheting up the political tensions that now surround the financial dung pile. Today it is Japan. They intervened, as we all knew they would, to decrease the value of the Yen relative to the US dollar and the

The Chairman of the Bank of England, Mr Mervyn King told the TUC (Trades Union Council) at their annual conference today, that cuts to public spending were unavoidable, and strikes to oppose them were unwise because, the country had to have a “credible” plan in place for reducing national debt. Fine. I happen to agree

No, absolutely no bubble at all. None. Not anywhere. Australia is very relaxed about any possible slow down in the global economy. In fairness Australia could give a monkey’s about Europe and even America. As long as China continues to pump hot money off-shore into Oz housing they will be riding the wave for a

Why are we now getting reports that 67% of all homes in Phoenix are now in negative equity? How is such a report (made by Mr Jay Butler, Head of ‘Realty Studies’ at Arizona State University) , if anywhere near true, consonant with a recovery? Or is the ‘recovery’ just something for stocks and shares

Further to my earlier question about the US recovery, I would like to add this. In the week ending 10th September those on the inside of corporations bought 0.5 million dollars worth of shares in four companies. While they sold 332 million dollars worth in 72 companies. Not exactly rushing to buy in to the

Why, if the US stock market recovery is such robust full effect, does the Fed find it necessary to print $5 billion new dollars every week from now till mid October? That is what they have announced they are going to do. Every week the FED will buy back Treasury bonds with new dollars it

All the European Stock Markets are up this morning because shares in banks are up. And they are up because of one thing – the leisurely time scale given to the banks for implementing the Basel III agreement. Basel III is the response to the financial crisis, of those who regulate global banking. There are