"If you're going to panic, do it fast and beat the crowd." ~ Jesse Livermore

Saturday, October 15, 2011

Germany no longer needs Europe (video)



Daniel Hannan is a writer and journalist. He has been a Conservative MEP for South East England since 1999, winning re-election in the top slot in 2004 and 2009. In the European Parliament, he led the campaign for a referendum on the European Constitution. He was also the first MEP to write in detail about the allowances and expenses available in Brussels.
In March 2009, a YouTube clip of his speech to Gordon Brown in the European Parliament attracted 1.4 million hits within 72 hours making it by far the most watched political clip in British history.
Hannan was educated at Marlborough and Oriel College, Oxford. He worked as a speechwriter for William Hague and Michael Howard. He speaks French and Spanish, and is married with two young children. He has been writing for The Daily Telegraph since 1996, and also contributes to numerous other publications including The Wall Street Journal, The Times, The Washington Examiner, The Spectator, The Mail on Sunday, The Australian, The Catholic Herald, Die Welt (Germany) and Weltwoche (Switzerland).
He is the author of nine books of which the most recent -- The New Road to Serfdom: A Letter of Warning to America -- is a New York Times best-seller. He blogs every day at www.hannan.co.uk , addressing political and cultural issues. His blog attracts 200,000 hits a week from 80,000 unique users.


G-20 Seeks Crisis Fix as Europe Mulls 50% Greek Debt Writedown
BusinessWeek
By James G. Neuger and Svenja O'Donnell (See EXT4 for more on the euro-area financial crisis and {GMEET } for more on the G-20 meeting.) Oct. 15 (Bloomberg) -- Global finance chiefs will today focus on ways to fix Europe's sovereign debt crisis as the ...
US Corporate Credit Risk Falls on Economy, Europe Confidence
BusinessWeek
By Zeke Faux Oct. 14 (Bloomberg) -- A benchmark gauge of US corporate credit risk fell for a second week as investors wager that Europe's leaders will contain the region's fiscal crisis, reducing risks that the world's largest economy may slip into ...
Why Greece must default within the eurozone
Financial News
Robert Jenkins, a member of the Bank of England's interim financial policy committee, explains why there is no choice: Greece needs to default within the eurozone – not outside it. Not long ago, European leaders insisted that Greek default was ...
Summary Box: US foreclosure activity rose in 3Q
BusinessWeek
By AP DEFAULTS RISE: RealtyTrac Inc. says the number of US homes receiving a first-timedefault notice jumped 14 percent in the third quarter versus the previous three months. DELAYS EASING: The increase is the latest sign that banks are moving more ...
"Stay tuned" for financial crisis charges
Channel News Asia
WASHINGTON: US Treasury Secretary Timothy Geithner suggested Friday there could be more arrests and criminal charges ahead arising from the 2007-2008 US financial crisis. Amid mounting protests over why US bankers and investment chiefs had not been ...
Property Loans at Two-Year Low Spark Default Risk: China Credit
San Francisco Chronicle
(Bloomberg) -- Bank lending to China's developers is the least in almost two years, increasing the risk of default for the world's most-indebted real estate companies, which have been ...
The financial crisis gives social enterprise an unprecedented opportunity – so ...
The Guardian (blog)
This was the weekend after the governor of the Bank of England warned that we were living through the most serious financial crisis since "at least the 1930s, if not ever". Every day some expert talks about the crisis – even the end – of capitalism. ...
Boone Urges Italy, Spain `Ring Fence' to Stop Contagion
Washington Post
Oct. 14 (Bloomberg) -- Laurence Boone, chief European economist at Bank of America Merrill Lynch, discusses the risk of contagion from Greece's debt crisis. She speaks from London with Francine Lacqua on Bloomberg Television's "On the Move. ...
Brazil default indicator dips in September -Serasa
Reuters
SAO PAULO, Oct 14 (Reuters) - An indicator of consumer default in Brazil fell month-over-month in September for the first time after half a year of gains, credit research company Serasa Experian said on Friday. The so-called Indicador Serasa Experian ...
Wenzhou credit crisis 'inevitable' with unchecked private lending
China Daily
By Yu Ran and Wang Hongyi (China Daily) SHANGHAI - More than 65 percent of entrepreneurs at companies with annual sales of at least 30 million yuan ($4.72 million) believe that the credit crisis in Wenzhou was inevitable, given the little-supervised ...
Stock Index Futures and the Euro Area Financial Crisis
Inside Futures
Many analysts believe that it is only a matter of time before Greece defaults, since financial futures markets are suggesting there is over a 90% probability of a default. The risk of default remains high even though euro area monetary authorities ...
Greece is two weeks away from default
Telegraph.co.uk (blog)
By Daniel Hannan Politics Last updated: October 14th, 2011 Back when the need for a bailout was still being officially denied, this blog was predicting a Greek default. For eighteen months, I have been forecasting that Athens would take a massive wodge ...
S&P Downgrades Spain One Notch, Highlighting Contagion Risks
Wall Street Journal
"Having said that, given the size of the Spanish economy and outstanding debt, the downgrade will keep contagion risk high and risk sentiment down." S&P predicted the Spanish economy will grow at about 1% in real terms next year, a drop from the 1.5% ...
Nobel Laureate Pissarides Sees Bigger 'Haircut' on Greek Bonds
San Francisco Chronicle
Oct. 13 (Bloomberg) -- Greece is likely to avoid a full default while investors in its bonds may take losses of 50 percent, Nobel economics laureate Christopher Pissarides said. "I am very optimistic that there will be some kind of a rescue plan that ...
Expect Greece to default in next few months Citigroup
Moneycontrol.com
According to Dennis, Greece would default at some point in the next few months. He pointed out that the debt crisis could have a possible solution in the G20 meet. Here is the edited transcript of his interview. Also watch the accompanying video. ...
Credit-Default-Swaps: Misleading "Market"
Forbes
The other day the Wall Street Journal ran an analysis of actual trades that make up the credit-default-swap market. Quotes of prices of these swaps are treated by market participants, credit-rating agencies and even governments—like stock market ...
Friday Podcast: The Price Of Default
NPR (blog)
The real question is how the default will happen — will it be clean and organized or messy and catastrophic. The nightmare scenario Greece most wants to avoid is what happened in Argentina. A deep recession and doomed dollar peg forced Argentina to ...
Citigroup: Greece Will Default in Next Few Months
Moneynews
"Citi feels that Greece will default at some point over the next several months," he told CNBC TV18 in Mumbai, India. The upcoming G-20 meeting set for early November may produce a plan to resolve to the debt crisis, but it is uncertain how long real ...
Moody's raises ratings for Lear
BusinessWeek
Moody's Investors Service on Thursday raised its non-investment grade corporate family rating and probability of default rating for Lear Corp. by one notch to Ba2 from Ba3, predicting that the continued growth in vehicle sales will boost its finances. ...
Did Fannie Mae Cause The Financial Crisis?
Huffington Post
Amid the current financial turmoil, the causes of the crisis that just preceded it—the bursting of the housing bubble—are being badly distorted. Some analysts, including the authors of the book under review, are arguing that the housing and financial ...
Davignon Says Prevent Greek Default to Avert a Chain Reaction
BusinessWeek
By Andra Timu Oct. 14 (Bloomberg) -- Etienne Davignon, the Belgian billionaire and Suez board member, said that a Greek default has to be prevented in order to avert a chain reaction. Davignon, speaking today in Bucharest, said the euro region needs ...
African credit default swaps: Everything's relative
The Africa Report
By Gemma Ware and Tom Minney In early August, as worries began to circulate over the French economy and the wider eurozone, the price to insure against the default of French and South African government debt was running at the same cost for a short ...
Reno scrambles to avoid redevelopment agency default
Reno Gazette Journal
The clock is ticking for the Reno Redevelopment Agency as city officials continue to figure out a way to avoid a potential default on its bonds, including telling Washoe County to give it $2.7 million thanks to what they say is a misinterpreted state ...
Panel Talks Primaries, Fiscal Crisis [Video]
Patch.com
A crowd of nearly 200 people came out to St. Anselm College on Oct. 13 for a discussion on the current fiscal crisis as well as the electoral system and New Hampshire's status as "first in the nation." The event took place at the NH Institute of ...
Financial crisis drives Supply Chain Finance programmes
Procurement Leaders News
Phillip Kerle, chief executive officer of Demica, said: "The corporate credit squeeze triggered by the financial crisis has made companies much more aware of the need to optimise working capital and to protect their smaller suppliers in order to avoid ...
Age of strategic default makes the once-unthinkable apparently acceptable
ABA Banking Journal (blog)
In the banking business, moral hazard used to be confined to old-fashioned dishonesty on the part of a customer or the shenanigans of a renegade banker. Such risks continue, of course. There also appears to be an apparent resurgence of the ...
Forex Ponzi scheme ends in default judgement
CFTC Law
The CFTC has won a default judgement against Barki, LLC, a North Carolina firm charged in connection with a foreign exchange (“forex”) Ponzi scheme last month. Barki and its agent, the late Bruce Kramer, were charged with fraudulent solicitation and ...
Nigerian leaders emerge by default -Kukah
Vanguard
BY GBENGA ARIYIBI ADO-EKITI-The Catholic Bishop of Sokoto Diocese, Most Rev Mathew Hassan Kukah , has lamented that since the country attained independence that the nation has produced what he described as unwilling Presidents. ...
No easy fix for County financial crisis
Clare County Review
As we reported last, the County is struggling mightily to make sure revenues meet expenses. Board of Commissioners, so it seems, at every meeting, discuss ways in which to save money so that the County won't go broke. What happened to get us in such ...
Income Traps To Avoid
Seeking Alpha
Yield versus default risk trap. There is no free lunch. In order to attain higher yield, investors must implicitly accept higher risk of default. All other variables remaining equal, higher yield implies a higher probability of default...
ECB says no to forcing private sector
GFS News
"Contagion across the euro area can occur via confidence effects," said the ECB. "The application of PSI to one member country may put at risk the financial stability of the currency area as a whole." Furthermore, contagion could occur even if the ...
Kotak Mahindra Bank: Greece default possibilities priced in by ...
By RSS Feed
Discuss this story | Share it on Facebook Twitter. In an interview with Bloomberg UTV, C Jayaram, Joint MD, Kotak Mahindra Bank, talks about the market and the fall in rupee value and commodities. Here are the key takeaways from the ...
Clearing and Settlement — Clearing...
German economics ignores financial crisis « PRIME ECONOMICS
By admin
The surprising revelation: The financial crisis, which is now at least 3 years old, is hardly discussed in university lectures on economics. A surprise indeed! One would think that the biggest financial crisis since the Great Depression in the ...
PRIME ECONOMICS
Citizens of Ireland Default! | Idril's Blog
By Idril Dangerfield
Citizens of Ireland Default! Posted on October 14, 2011 by Idril Dangerfield. I'm in Ireland now, Dublin in fact. Ground zero of Ireland's share of the Euro woes. The first thing that comes to mind is that Ireland can NEVER pay off its debts. At least ...
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