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

Wednesday, December 7, 2011

Default a World Away Has a Greek Lesson

Default a World Away Has a Greek Lesson: Blejer and Levy-Yeyati
San Francisco Chronicle
Although new uncertainties tend to replace old ones -- the focus has shifted to Italy's troubles in the past few weeks -- Greece is going through a default. It's likely that this process will be guided by the broad outlines of an agreement reached ...
Financial Crisis Gives Investors More Reasons to Love Gold
CNBC.com
Investors are betting that inflation could heat up as many countries cut interest rates—essentially devaluing their currencies—and Europe gets set to inflate its way out of itscredit crisis. “It is going to be a go-to asset once everyone digests ...
An Ex-FBI Official Explains Lack of Convictions Tied to Financial Crisis
Wall Street Journal (blog)
By Joe Palazzolo There was a time, after the financial crisis, when federal agents and prosecutors thought they had another savings-and-loan type situation on their hands. Those criminal probes in the 1980s and 1990s landed more than 1000 bankers in ...
Nomura Cuts Euro Forecast to $1.20 Saying Italy May Default
BusinessWeek
6 (Bloomberg) -- Nomura International Plc cut its forecast for the euro to $1.20, citing the risk that Italy will default next year if the European Central Bank fails to step up support for the country. Foreign investors will keep selling their euro ...
The learner's guide to the euro credit crisis
Sydney Morning Herald
Yes - the gaps between make-or-break gatherings of European leaders are getting ever shorter as they meet more regularly in response to the worsening crisis. Conditions have deteriorated markedly, with the ability for banks to lend to other banks all ...
Gold falls as threat of credit downgrades pressures Europe leaders to solve ...
Washington Post
Gold prices fell a second day as the prospect of credit downgrades created more pressure for European leaders to agree on a plan to solve the region's financial crisis. Standard & Poor's credit rating agency said Tuesday that it might cut the AAA ...
Bank of Canada Keeps Key Rate at 1% as European Debt Poses Contagion Risk
Bloomberg
By Greg Quinn - Tue Dec 06 16:18:35 GMT 2011 The Bank of Canada kept its key policy interest rate unchanged today and cited Europe's deepening debt crisis as raising risks to global economic growth. The Ottawa-based central bank left its target for ...
Why the financial crisis hasn't spawned more prosecutions
Houston Chronicle (blog)
Perp walks of a bygone era: Enron vs. the financial crisis (Houston Chronicle file photo) One of the questions I am asked most frequently is, “Why haven't we seen more criminal prosecutions related to the financial crisis?” The questioning intensified ...
Global Financial Crisis — What's in a Name?
Wall Street Journal (blog)
But at the moment we are stuck with “Global Financial Crisis.” There's nothing wrong with it, of course. It's a pithy moniker, and accurate to a fault. But it's a bit, well, vanilla, too, isn't it? Of course, all those hapless newsreaders and ...
Will the financial crisis in Europe affect Maine businesses?
Bangor Daily News
A European financial crisis also could cut down on liquidity there, reducing consumers' purchasing, Bisaillon-Cary said. As consumers stop buying goods, that slows down other global markets. For example, suggested Adrienne Kearney, a macroeconomist in ...
Asia Catches the Contagion - Analyst Blog
Stock Markets Review
Lack of confidence emanating from the debt crisis in Europe and buoyant -- but less than robust -- growth in the US has spread to Asia. The Asian Development Bank (ADB) expects the Asian economies to slow down in 2012 in view of the situation in Europe ...
An Ominous Account of the Global Financial Crisis
The Brooklyn Ink
WW Norton and Company (2011) $25.95 Perhaps the only thing more chilling than the current condition of Europe's banking and financial systems—and the threat of contagion—is the notion that some people saw this coming and did nothing. ...
Bond insurance market evolving, not dying
Reuters
By Sebastian Tong LONDON (Reuters) - The failure of credit default swaps to pay out to bondholders burnt by Greece should have spelt the beginning of the end for a bond insurance market accused of exacerbating Europe's debt stresses. ...
US will avoid Eurozone contagion: US money managers
Economic Times
NEW YORK: The United States faces only limited fallout from the eurozone debt crisis and the struggling European economy, a situation that bodes well for US equity markets in 2012, top US money managers said on Monday. ...
Euro Break-Up: Greek Drachma Would Depreciate 60%, PIIGS Down 25% To 35%
Forbes
In a report released Monday, Nomura's fixed income research team analyzes the potential depreciation of new Eurozone currencies in the case of a break-up and sees the Greek drachma falling almost 60% over 5 years; the group of PIIGS plus Belgium would ...
US CFOs React to European Credit Crisis
CFO.com Magazine
For many CFOs of US-based and managed companies, the message of last week's actions by the US Federal Reserve and five other major central banks to help hamstrung European banks to lend was mixed and worrisome—but indirect. ...
Occupy group calls on people to default on student loans
Daily Sundial
By Ron Rokhy A faction of the Occupy Wall Street Empowerment and Education working group has called for one million people to join a pledge to default on their student loans. The Occupy Student Debt Campaign, which is comprised of students, ...
DTZ becomes a victim of the financial crisis
Telegraph.co.uk
The property agent has become the latest historic UK company to call in the administrators as a result of the financial crisis. St Paul's Cathederal seen from One New Change, a shopping complex DTZ advised on. Photo: Alamy By Graham Ruddick,...
Fed's Tarullo: Can't Discount Chance Of EMU Contagion To US
MNI News
David Tarullo Tuesday told a Senate panel that he cannot rule out the chance the United States will get drawn into another financial crisis should the situation in Europe escalate. "What we are facing in Europe right now is the prospect or the ...
East Hampton Town Board Considers Capital Projects For The First Time Since ...
27east.com
The Town Board has not borrowed money for capital projects since a new majority took office in 2010, promising to fix a financial crisis that caused a $27.3 million deficit. “We were trying to get a rein on everything that was going on and figure out ...
Corporate Bond Risk Rises in Europe, Credit-Default Swaps Show
Bloomberg
By Abigail Moses - Tue Dec 06 15:55:26 GMT 2011 The cost of insuring against default on European sovereign and corporate debt rose, according to traders of credit-default swaps. The Markit iTraxx SovX Western Europe Index linked to 15 governments ...
Lloyd's Risk Index Tallies Financial Crisis Impact on Business Fears
Insurance News Net (press release)
"Three years on from the start of the worst financial crisis for more than a generation, there is still uncertainty about the future," the report said. "Will we manage to avoid a double-dip recession and emerge into a period of growth? ...
Senate committee won't hear arena bill
The Wenatchee World Online
The bill was reintroduced with a new title on Friday after the debt went into default on Thursday. The full House passed the bill on Monday with an amendment that would require local governments to first get voter approval before imposing a sales tax ...
Credit-default swaps will catalyse growth of bond markets
Economic Times
Further, CDS protection insulates investors from India's weak debtor recovery mechanism, even in the event of any default or bankruptcy of the bond issuer. This is because the credit events, as defined in the CDS contract, include bankruptcy and ...
Asia Catches The Contagion
By Zacks Investment Research
Lack of confidence emanating from the debt crisis in Europe and buoyant — but less than robust — growth in the U.S. has spread to Asia. The Asian Development Bank (ADB) expects the Asian economies to slow down in 2012 in view of the ...
DailyMarkets.com
Why No Financial Crisis Prosecutions? Ex-Justice Official Says it's ...
By 4closureFraud
The FBI's probes haven't led to any successful prosecutions of high-profile executives in relation to the financial crisis, despite demands from some lawmakers and angry Americans. In contrast, the SEC has filed crisis-related civil-fraud cases ...
Foreclosure Fraud - Fighting...
Occupy group calls on people to default on student loans | Stock ...
By Editor - Education News
A faction of the Occupy Wall Street Empowerment and Education working group has called for one million people to join a pledge to default on their student.
Rocket News
Turbo PIIGS” - Fiat and Iberdrola stand out | TradingFloor.com
By TomasBerggren
Betting on a turnaround in a hammered European stock market? If risk comes in fashion again there are stocks in the markets hit hardest by Europe's crisis which potentially have an extra gear to change to and help drive them to recovery and ...
TradingFloor.com
Impatience May Lead to Debt Default
By Chris Curley
Impatient people are more likely to have bad credit scores than patient people, a new study says.
Well-Being Wire by MeYou Health
The impact of the financial crisis on popular support for the euro ...
By Marco
The impact of the financial crisis on popular support for the euro. 06 December 2011 | by Marco. Event Date. Event Date: Monday, 19 December, 2011 - 13:15 - 14:30. Chair: Wolfgang Munchau, Associate Editor, European Economic ...
Upcoming events
Tip of the Iceberg: State and Municipal PIIGS in America | EconMatters
By EconForecast
Tip of the Iceberg: State and Municipal PIIGS in America. By Eric Schaefer (via Doug Short) On Thursday, November 10th, Jefferson County Alabama filed for bankruptcy. At $3.1 Billion, the county commissioners' decision to seek Chapter Nine ...
EconMatters Global
PearPad - Default a World Away Has a Greek Lesson: Blejer and ...
The inevitable is finally happening. Although new uncertainties tend to replace old ones -- the focus has shifted to Italy's troubles in the past few.
PearPad Content Shaker

Richard Alford: The Lender of Last Resort, the Fed and the ECB ...
By Yves Smith
In “Lombard Street” published in 1873, Bagehot specified the purpose of a Lender of Last Resort(LOLR) as forestalling bank panics in fractional reserve banking systems. Bagehot also provided criteria that define LOLRs, which remain ...
naked capitalism

The EU Treats the Addict not the Dealer: "Betting against a crisis is almost always the right approach. If you invest without leverage, you’re afforded the luxury of waiting to see how events play out without caring too much about the path equity prices take."

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