Monthly Archives: September 2012

One Third Of Athens Businesses Shuttered

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“Greece’s deep recession has forced almost a third of businesses in the capital’s commercial district to close down as shrinking incomes and frequent strikes drive Athenians away.  Tens of thousands of small businesses, which make up a big chunk of the struggling economy, have shut since Greece secured a 110-billion-euro bailout package in 2010 in exchange for promises of painful austerity measures.  On the capital’s cobbled pedestrian shopping streets, long lines of shops are boarded shut while others have ‘Everything must go’ signs plastered across their windows.”

http://www.zerohedge.com/news/2012-09-25/one-third-athens-business-shuttered

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Heat-seeking US election rhetoric finds Swiss “piracy”

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“Anything goes in the US presidential elections, when it comes to lambasting and finding easy targets, but one of the oddest moves appeared Thursday, with the ‘Congressional International Anti-Piracy Caucus’ adding Italy and Switzerland to its black list. They join Russia, China and Ukraine on the list.  Switzerland, according to the group of 46 members of Congress, acts as a ‘magnet’ for piracy.  A key issue for the group appears to be strict Swiss data protection laws.”

http://genevalunch.com/blog/2012/09/21/heat-seeking-us-election-rhetoric-finds-swiss-piracy/

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Swiss Banking: Still Under Attack By Bankrupt Governments

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“The abundance of money that was being hidden in Swiss accounts to avoid paying taxes was not publicly discussed in Switzerland until recently. Everyone knew that it existed, but it only became an issue when other countries started running out of money during the debt crisis. Banking secrecy has been under pressure since the end of the Cold War, but it wasn’t until the crisis that the European Union, the OECD and the United States did everything in their power to destroy it.  Banking secrecy was once as unshakeable as the mountains, and together with independence, neutrality and direct democracy, it constituted one of the fundamental elements of the Swiss national myth.”

http://www.spiegel.de/international/europe/switzerland-looks-to-a-future-without-banking-secrecy-a-857662-druck.html

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S&P: Swiss central bank buying eurozone debt

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[Isn’t this what shareholder lawsuits were designed for?] “SNB’s eurozone bond purchases to July represented 48 percent of the European public sector’s financing needs, S&P said, up from about 9.0 percent in 2011.  The SNB’s policy is against a background of inflows of funds placed in the Swiss franc by foreign investors concerned about the eurozone debt crisis.  While the report cautioned that its estimates were subject to uncertainty since the SNB did not detail its foreign exchange holdings by country, ‘the scale of the buying is without question extensive.'”

http://www.thelocal.ch/page/view/swiss-central-bank-buys-eurozone-debt

The SNB’s increasingly tangled web

http://ftalphaville.ft.com/blog/2012/09/25/1176371/the-snbs-increasingly-tangled-web/

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Fed Williams: QE3 asset purchases may be expanded

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“The Federal Reserve could expand its stimulus package to include assets other than mortgage-backed securities if the U.S. economy fails to respond to its latest effort to jump-start the economy. ‘Unlike our past asset-purchase programs, this one doesn’t have a preset expiration date,’ said San Francisco Fed President John Williams at a speech at the City Club on Monday. ‘Instead, it is explicitly linked to what happens with the economy.  We might even expand our purchases to include other assets,’ he said.”

http://finance.yahoo.com/news/fed-williams-qe3-asset-purchases-223514697.html

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Bob Murphy: Inflation Is the Plan (Not A Side Effect)

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“Dr. Robert P. Murphy explains that price inflation is the *plan*, not a regrettable byproduct, of QE3. He quotes from economists Scott Sumner and Paul Krugman (linked below).  http://www.themoneyillusion.com/?p=16251
http://krugman.blogs.nytimes.com/2012/09/20/the-trouble-with-fedspeak/
Murphy’s blog is:
http://consultingbyrpm.com/blog ”

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Fed Prez Spills the Beans on the Excess Reserve Inflation Time Bomb

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“At this point, it is impossible to know whether such asset sales will be disruptive to the market. A rapid tightening of monetary policy may also entail political risks for the Fed. We would likely be selling the longer maturity assets in our portfolio at a loss, meaning that we may be unable to make any remittances to the U.S. Treasury for some years. Yet, if we don’t tighten quickly enough, we could find ourselves far behind the curve in restraining inflation.”

http://www.economicpolicyjournal.com/2012/09/hot-fed-prez-spills-beans-on-excess.html

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Geithner urges governments to fuel growth

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“US Treasury Secretary Timothy Geithner said Tuesday that sparking faster growth in the global economy should be the priority of all developed countries to combat unemployment.  Geithner told the Clinton Global Initiative conference that slashing government spending at this point is counter-productive, even if countries need to cut their fiscal deficits.  He argued governments can afford to borrow at low rates to try to get growth going in their economies to generate jobs.”

http://www.rawstory.com/rs/2012/09/25/geithner-urges-governments-to-fuel-growth/

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Evolution of the IMF Is Directed History

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“The IMF system is being imposed on Western countries. First, bankrupt the nation by lending to corrupt politicos and then come in with the IMF to insist on austerity.  Part of austerity can be profitable to Western interests since various entities under government ownership are often privatized or liquidated.  In the West, public opinion has been fairly sanguine about the depredations of the IMF. But not so now. Europe is aflame today. The problem with the systems that have been created to harass developing countries is that sooner or later their methods of operation will be brought to bear on ‘developed’ ones.”

http://thedailybell.com/4349/Evolution-of-the-IMF-Is-Directed-History

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Global financial system as risky as before credit crunch, warns IMF

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“The global financial system remains as risky as it was before the credit crisis, with the necessary ‘reboot’ of the banking sector delayed by the emergency measures taken to prop up economic growth, the International Monetary Fund has warned.   With leading economies, including those of the US, UK and the eurozone, all struggling to generate sustainable economic growth, the IMF is also concerned about the potential side-effects of the ultra-low interest rates and other radical monetary policies central banks on both sides of the Atlantic are using to stave off a deeper downturn.”

http://www.rawstory.com/rs/2012/09/25/global-financial-system-as-risky-as-before-credit-crunch-warns-imf/

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