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Monthly Archives: March 2013
Made Poor by the Crisis: Millions of Europeans Require Red Cross Food Aid
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Banks Saved, but Europe Risks ‘Losing a Generation’
“Europe has spent hundreds of billions of euros rescuing its banks but may have lost an entire generation of young people in the process, the president of the European Parliament said. But little has been done to tackle the devastating social impact of the crisis, with more than 26 million people unemployed across the EU, including one in every two young people in Greece, Spain and parts of Italy and Portugal. That crippling level of unemployment has led to protests and outbreaks of violence across southern Europe, raising the threat of full-scale social breakdown, including rising crime and anti-immigrant attacks that can further rattle unstable governments.”
http://www.nytimes.com/reuters/2013/03/11/business/11reuters-eu-parliament-crisis.html?emc=eta1
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Fed Injects Record $100 Billion Cash Into Foreign Banks Operating In The US In Past Week
“Those who have been following our exclusive series of the Fed’s direct bailout of European banks (here, here, here and here), and, indirectly of Europe, will not be surprised at all to learn that in the week ended February 27, or the week in which Europe went into a however brief tailspin following the shocking defeat of Bersani in the Italian elections, and an even more shocking victory by Berlusconi and Grillo, leading to a political vacuum and a hung parliament, the Fed injected a record $99 billion of excess reserves into foreign banks.”
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Which Fed Members Move the Market?
“[The chart] shows the sum of the absolute value of the impact on the ten-year Treasury yield of each member’s public speeches. Chairman Bernanke tops the list with a total impact of 18 basis points. President Lockhart came in second place with an impact of 17 basis points, and President Fisher was third with about 16 basis points.”
http://www.economicpolicyjournal.com/2013/03/which-fed-members-move-market.html
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Dimon’s Extra $1.4 Million Payout Hangs on Fed Decision
“JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon personally stands to miss out on about $1.39 million a year if the Federal Reserve decides last week’s stress-test results don’t justify a dividend increase. That’s how much extra income Dimon could get from his stake of about 6 million shares if his New York-based bank raises its payout as much as analysts predict. The sum dwarfs the combined $73,300 of new annual dividends at stake for his CEO peers at Bank of America Corp., Goldman Sachs Group Inc. (GS) and Wells Fargo (WFC) & Co., based on forecasts compiled by Bloomberg.”
http://www.bloomberg.com/news/2013-03-13/dimon-s-extra-1-4-million-payout-hangs-on-fed-decision.html
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Japan To Hike Utility Prices By 14-19% As Inflation Surges In All The Wrong Places
“First it was gas prices, then it was food prices, and now it is the turn of basic utilities to see costs surge by double digits. ‘Japanese utilities, forced to idle their nuclear power plants over the past two years and facing higher fuel costs due to a weak yen, are now looking to push through double-digit rate hikes for their commercial customers.’ This means less disposable income, less corporate profits, less monetary velocity, less growth and ultimately less ‘inflation’ in other things such as the much desired stock market, which was supposed to be the wealth effect offset to all staples price increases.”
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Japan PM: Hyperinflation ‘Unthinkable’ Even With Bold Easing
“Hyperinflation is ‘unthinkable,’ Prime Minister Shinzo Abe said Monday, citing the Bank of Japan’s ability to make adjustments after enacting bold monetary easing. ‘If the rate of inflation exceeds the 2% target, the BOJ would naturally proceed with a policy to keep it within 2%,’ he told reporters. At the same time, Abe noted that the government ‘must keep a keen eye on trends in prices and long-term interest rates.’ The prime minister stressed the need to improve the country’s finances, indicating a stance of limiting monetary policy side effects with an eye on government bond prices.”
http://e.nikkei.com/e/fr/tnks/Nni20130311D1103N05.htm
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South Dakota College Tests Fingerprint Purchasing Technology
“On a recent Friday, mechanical engineering major Bernard Keeler handed a Red Bull to a cashier in the Miner’s Shack campus shop, typed his birthdate into a pay pad and swiped his finger. Within seconds, the machine had identified his print and checked that blood was pulsing beneath it, allowing him to make the buy. Afterward, Keeler proudly showed off the receipt he was sent via email on his smartphone. It’s the extra layer of protection — that deeper check to ensure the finger has a pulse — that researchers say sets this technology apart from already-existing digital fingerprint scans.”
http://bigstory.ap.org/article/sd-college-tests-fingerprint-purchasing-technology
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Rep. Walter Jones: Dick Cheney is going to hell for the Iraq war
“Republican Rep. Walter Jones of North Carolina said Saturday that former Vice President Dick Cheney would likely end up in hell because of his role in the Iraq war. At a Young Americans for Liberty conference, Jones said it was impossible under current law to prosecute a president for intentionally manipulating intelligence reports to make the case for war. He co-authored a bill to change the law, but the legislation was killed in committee by Lamar Smith of Texas. The conservative Christian turned against the war after witnessing American causalities and once it became clear Iraq was not building any weapons of mass destruction.”
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