vendredi 16 décembre 2011

EU : Is the eurozone in need of small politics? (recommended reading below)

Just to make sure everyone's talking about the same thing.
  1. The Recommendation and final results of bank recapitalisation plan will be published by the European Banking Authority (EBA) on 8th December 2011.
    CLICK HERE FOR RESULTS
  2. Markit News: Biggest Credit Movers (Go to G7 Industrialised Countries CDS page 3 - Here)
After reading the documents, let's put it that way, there is more in a sovereign rating than just the daily facts and numbers.
  • The level of the GDP taxation plays a key role in eroding anyone's ability to improve the public finances.
Will a war of words over who's worse off help the eurozone solve the lack of fiscal responsability of some of its members? Can pointing fingers at this one or another help to avoid a long overdue national conversation over public spending, GDP taxation, Small Nations funding and Rights? 


  • The Government has the political will and credit to slash public spending in a stable political environment.
  • Investor's fear of political turmoil or social unrest is low
  • Investments enjoy a secured fiscal and political spot
  • The ability to unite and resiliency in tough times do play a role in the investor's choice.
  • jeudi 15 décembre 2011

    Just kidding.
    Do u think u r getting paid to have a good time and laugh on air...?

    mardi 13 décembre 2011

    EU Parliament is no surprise whatsoever

    Can you think of President Hu Hintao declaring there are clearly two Chinas one with Hong Kong and one without? The best sign so far that the last summit was more about EU internal politics than it was about solving a financial crisis that undermines every economy. Since the very beginning those engaged in a nation building experiment (without telling their people, by the way) knew the day the UK will say no to any sovereign powers loss would come and it was their duty if they had any ambition for the EU to make sure this day never come while pursuing their own goals as a portion of the EU, should this portion be large. But as usual more short sighted than ever the political battle for small powers and the lack of vision prevented the small elected kings to foresee the interest of having within a big regulated industry all over the continent a less regulated and creative sector of the industry with a very large international trade at its door. No vision.
    And let's be honest once for all about the crisis. For a over a decade, the banks balance sheets grew at a pace and on a scale never seen before with most of the time absolutely no capital raised defying every single odd of capitalism. It allowed the industry to fuel lending with less capital, reach levels of profitability nobody ever dreamed of, accessory, that lead to unseen levels of payouts and bonuses for management but nothing of all that was ignored whether by regulators or politicians involved in relations with the industry.

    lundi 12 décembre 2011

    Oh well, dont know for sure yet but it is a bit awkward to me. I doubt the Dutch to buy the stuff as it is a common place, watching today most of those asking for more banking regulation is just like Capone asking for more prohibition, it is a joke and what's making it worse is when the lack of it is used for a cause to explain the sovereign debt crisis....assuming all citizens are asleep just like all the reguatory bodies as well EU bureaucracies were for years as several countries were buiding mountains of debts right under their nose, they didnt see it, well, I mean, alright u guys were blind I guess, but how the hell more regulation would have restore ur sight, never heard of a prescription for a white stick healed a blind.....

    if u have a minute, http://lindleyfrench.blogspot.com/

    Have briefly seen a growing number want a referendum in the Netherland, what have u got?

    Helsingin Sanomat - NOT LONG AGO......

    Is it what u r lookin for?
    'Hell Will Freeze Over' Before Finland Signs This Treaty‎
    Either unanimity is required in ESM decisions as agreed before or Finland will drop out of ESM.
    http://www.hs.fi/english/article/EU+summit+Finland%E2%80%99s+concerns+remain+unanswered/1135270021997

    Now, dont ask me, have no idea about that stuff about unanimity but the UK . Thats all crap. Not least I expect some much more brutal reaction elsewhere as knowledge of the exact content of the proposed treaty is exposed to parliaments. The conclusion being all parties to be financially liable in the future with or without their formal sovereign agreement through the ESM..... Looking to me much more like a wallet's swinging party, some coming with empty ones and still using the plastic rectangular as needed since the all can decide to dig into any without asking.

    jeudi 8 décembre 2011

    In a move dismissed by officials in Brussels as an attempt to set Britain up as the "fall guy", senior French figures said Cameron wanted an "opt out" from EU financial services regulation. (More here http://www.guardian.co.uk/business/2011/dec/08/david-cameron-nicolas-sarkozy-euro?newsfeed=true and there http://www.telegraph.co.uk/finance/financialcrisis/8944323/Euro-summit-rocked-by-row-over-veto-plan.html )

    But why is the United Kingdom and the City repeatedly accused of  trying to escape "EU Financial regulations"?
    For answers look no further than two recent events in the financial sectors prompting a UK regulator's intervention and a row of compensation for the victims of financial products mis-selling.
    (to learn more)
    1. BBC News - Banking industry gives up on PPI mis-selling battle
    2. BBC News - HSBC faces £40m bill for mis-selling to elderly in care
    Incredibly embarrassing for the french officials, in particular for Mr Barnier alias "we don't need an authorisation" (show me u got some - wenker) responsible for EU financial services regulation following a never ended list of bank malpractices and bank products mis-selling leading to a countless number of victims left to cry after their life time savings had evaporated, the shameful IPO retail sale of Natixis shares being just an example. The lack of any regulation and bank malpractice in France and elsewhere in Europe has lead to a very serious situation it was urgent to blame on the City ....

    mardi 6 décembre 2011

    Herve Morin presidential race hopeful if it does run all the way, looks more as an attempt to wind off the referendum in Normandy to choose between the Queen and the french president as head of state. Herve hopes to score high enough in Normandy on the first round of the presidential race to dismiss the growing need for a referendum as it appears that from several part of the territory an overwhelming majority wants change and they want it now. They consider that the french sitting in Paris have proved to be a complete failure and debt maniacs soon to be one more time with both hands in Normandy's people pockets. Absolutely sick of it, they are clearly showing signs of leaning for change asking for the return of a more conservative Head of State for Normandy, The Queen and the return of the Land under British rule with of course their own Assembly and traditional language just like Jersey and Guernsey, knowing some restrictions may apply regarding settling in tother parts of the Kingdom.

    Many looks at his candidacy as the last desperate attempt from the frech to stop the referendum to take place>>

    Say what? Have enough now to provide support or it?
    To be honest I dont think so, was told that it was on Sarky's demand that he organised a safety raft to be lauched to evacuate the diversity stuff from the UMP ship, the raft heading to the center right with Borloo as captain giving the UMP ship some room to manoever on the right, the lauch justified by the extreme views the main ship had advocated regarding Immigration and Security issues, making Sarky's cockpit looking more like the right wing while Borloo on the raft was taking so;e cockpit staff out of sight>>> can't forward full text>>> looks ok.

    vendredi 2 décembre 2011

    Hey I m off for now. U r tough… Drinker with a garlic breath I wasn’t thinking of borloo  but why the hell do u think of him to seat as Chief Economist at the ECB? Unless u have plans to drive nut Wolfgang…

    Honest Report

    Joint euro-area bonds are also “unthinkable” as long as governments retain national control over budgets, Merkel said today.

    “You have to differentiate between credible enforcement powers and joint European control over revenue and spending,” she said. “And as long as this is so, joint liability for the debt of others is unthinkable. That also takes care of the debate over so-called euro bonds for now.”

    No, the french president doesn’t bend in front of A. Merkel, as I said previously, there is throughout Europe a much larger coalition than just Germany to refuse an anarchy QE style of ECB’s intervention….

    Sarkozy agreed at a meeting with Merkel and Italian Prime Minister Mario Monti on Nov. 24 to stop pressuring the ECB to step up its response to the debt crisis. Sarkozy retreated after Draghi criticized French calls for the ECB to use its unlimited power to backstop euro-area bond markets, something that Merkel has also repeatedly rejected.

    I can only recommend to follow the debate on BLOOMBERG :

    http://www.bloomberg.com/news/2011-12-02/merkel-says-joint-euro-bonds-unthinkable-as-eu-faces-debt-crisis-marathon.html

    Second and not least, there is a silenced corner of Europe that supports an independent ECB, the fact that Germany has the political lead is secondary to the essential and key important factor for the economy, a strong currency with low inflation to protect wages power with in mind that inflation is the most unfair tax you can think of.

    jeudi 1 décembre 2011

    Nathalie.... Please.
    Don't think so there can't be any agreement leading to a reduced share of GDP funding the private sector, Finland, the Nederland and German small amd mid cap would oppose any such fiscal move. As far as I know.
    Thanks for showing Sister Pecresse at the office... ;))no am watching the cross 1.34678
    Thanks
    I don't share this opinion and there is a fact, it is not just Germany refusing to see the ECB changed into a monkey currency central bank. Finland, The Nederland as well share the opinion the ECB mandate which is to insure price stability either way as Mario had recently to remind everyone it was his mandate as well, is exactly what is expected, awaited from the ECB, no less, no more. Is this mandate a widely shared view across Europe the answer is yes, nobody wants to see the return of monkey currencies and cascades of devaluation of the currency run by drunk drivers with a garlic breath....;)) (don't fell offended or concerned just between Super Devil and Mario and myself)
    So, no a central bank cannot solve an excessive debt load fuelled with crazy and insane public spending printing money. It would lead to an even bigger catastrophe. And STOP pretending the Fefd did because that's unacceptable, the Fed entered QE to fight deflation and as u have been able to learn or rediscover... Mario just informed u that his mandate include fighting deflation should the zone be under such a threat.
    For those still looking for a free shot of public spending debt funded or devaluation fueled the answer is very clear, NO and NO a position with an extremely large support across the board.
    Don't make mistakes, is A Merkel shares the view, the support is much wider and the Bismarck kind of stuff which is very insulting appears to be unnecessary and doesn't help. People have to take responsibility for their mistakes and policies mis steps over decades that lead them into a precarious situation. Not the ECB, devaluation or anybody can act on their behalf, the solution is with them, their ability to deal with their weaknesses and poor habits and their will to change and live within their means.

    dimanche 27 novembre 2011

    No this one was just like a sergeant...
    Straight from the tap, she went u r having a conflicting end of a relationship, your ex-boyfriend wants an explanation, is there a better place than your parents home living room with them monitoring the situation behind the closed kitchen door, the answer is NO. U think he was worth it, u r probably wrong, never mind, and r ready to give him the privacy he asked for this conversation on a more neutral ground, choose a place u know, make sure a couple of ur good girlfriends are closed by, u don't have to tell him and they don't have to listen, just a few tables away in case.
    U guys don't like that, do u? Let me tell u the good thing, a little frustration over ur pratt's angers is much better than years behind bars. Do u hear me.
    Bet u hadn't had one like that. She was doing the drugs with the cops as well. I mean when u think I can remember that just like that... She was tough I tell u. Haven't yet, it just doesn't look very good. UBS AG being very pessimistic in a note, u have it on Business Week.
    What r u up to?

    vendredi 25 novembre 2011

    Usually he makes fun of me cause my home is in the Bible’s belt…

    He mentioned it speaking of the Garlic Belt and I just said we’ll be called fascist again because they gonna say in Paris that this kind of wording is unacceptable.….. U know how they r I mean the politicians friendly press and stuff, it is gonna be terrible.

    No, De Tijd published it. Getting ready?

    jeudi 24 novembre 2011

    To know what is right and not do it is the worst cowardice....(Confucius) May be they just don't know, that story just stinks. Held a key information to a kid that could have saved her life is udder ly wrong. Knowing that a state is engaged in that kind of policy and as a result it leaves in the dark and exposed to a large lot of people that have proved to be able to be very dangerous the most vulnerable in society is just an unacceptable thing, may be the unacceptable character of such a practice doesn't appear to everybody?
    What did u find on the legal side?
    (Sorry, that was stupid just forgot, had assumed it was obvious only Confucius answers Lao Tseuq)

    mercredi 23 novembre 2011

    No surprise here... Was expecting the speculation argument, should have she known we don't know the outcome. Right but that's is not my point. What is not speculation is and that is my argument thinking of all the kids that may be right now in the same situation, was she deprived of her right to make for herself an educated decision, the answer is yes and she was deprived of that right because some individual withheld a key information by a cold blooded decision, a fact. Should have she questioned the wisdom of the adults in charge of her education and representing the Authority, was it a natural thing to do for her to trust and assume that any kid around her couldn't be a life threat? Should have she suspected the adults in charge of her and her education to withhold anything about the kids around her and deliberately expose her to someone that has been dangerous? To both the answer is? And it isn't speculation to state that her trust in the adults in charge was breached.A fact legally reprehensible under french laws? I think it is. The outcome proves she was in danger, have the adults responsible and in charge have done everything they could to prevent the terrible outcome? No and that's a fact. So the "non assistance a personne en danger" should be the least charge the individuals that make that very poor choice should be incriminated with. Thinking of which I'g go for something stronger but haven't found the legal side of the facilitator to commit a crime, yet.
    How does it look, think to enter a round of QE, they will stick to total control of pubic spending.

    It isn’t so much about the blame game really. What I don’t get and frankly what I find rather ugly, shocking and more disturbing is how most officials look at it, sometime the Press as well, not asking enough for more. It isn’t the first time and won’t be the last, a dangerous criminal is released, everybody hates it but generally admits the inevitable character of this type of mistake with human decisions. Officials have promised to look at improvements that can be made regarding the dangerous character of a detainee, fine, if improvements can be made, they should but will ever be the perfect system with no failures, I doubt it.

    But what to think of the chain of events that lead to the murder of that kid? As I see there will not be a public hearing of the inquiry into the decision made to release him, I start to feel uncomfortable. When I understand Officials are not going to investigate the cold blooded decision to trick and mislead the kids of that school that lead to the murder of one of them, I feel sick.

    The truth being nobody can tell what her decision may have been had she known about the passed of the guy but the I insist the cold blooded decision to mislead her by hiding  the key information about his criminal passed was an indirect encouragement to accept that walk on the wild side and at least has prevented her to ask herself what she should do.

    Therefore, whoever made the decision to mislead her and tricked her encounter with her murderer took an indirect active role in the crime as a facilitator and what I want to know, will they stand trial. Are they going to sit next to the murderer as the crime is judged to find out what a jury has to say bout their degree of guilt in the process that lead to her death.

    And I don’t want to know about the psychiatrist that made or not a mistake or whoever sign the release of the guy after a court decision always imperfect, I am talking of the individuals involved that made a cold blooded decision to hide facts, mislead and trick an entire group of youngsters that lead to the death or one of them in atrocious conditions.

    Is an inquiry going to take place to find out who they are and will they be judged with the murderer to find out their degree of involvement in the crime for a jury to decide.

    Am I wrong? no.

    Down tonight by another step and something will have to be done soon, I guess. Now if a Germany’s auction don’t attract investors, how the hell eurobonds would get any…Winking smile

    mardi 22 novembre 2011

    They have no shame, keep girls in the dark and the party goes on, it looks they have another one murdered same kind by one of these animals they let free, her first name may be Prisca... Can u browse it?
    Have the numbers for today?

    had a quick look but there isn’t much. I guess they won’t, not in their genes, they have a problem with the thing u may have felt when debate went public with politicians. Girls are preys, it is a culture thing, of course no violence should be involved but they r reluctant to go for a legislation giving them the means to be in charge as much as possible of their own security. U’ll be surprised but girls don’t get guidelines from school, u know the kind of stuff that used to make us laugh such as u go to a party, it’s getting late, people have been leaving, u feel like going as well but every time u make a move to say bye, some guy keep talking to you, u know his friends are still around and u don’t know them very well, leave, u r coming out of a party alone or with a girlfriend and guys in a pick up u saw at the party offer u a ride home, u know they have been drinking, whether u think u know them or u don’t doesn’t matter, don’t take a chance, call a cab, they don’t take it and leave it there, wait for the cab under a light make sure the area is busy, a good friend of yours has been drinking at the party and walks u home, he wants some coffee, be careful, are u sure u can handle it the situation once in gets out of control then followed the statistics about rapes committed by people u know, well the stuff we hated because then girls were giving us a real hard time…. But u know what, if I had had a girl I would have told her exactly that with the statistics.

    “Among the 'core' economies, investors may be somewhat underestimating France’s vulnerability, while overestimating that of Austria,” said Higgins, who worries both countries' banking systems are vulnerable to problems in Southern and Eastern European markets respectively.

    That’s Higgins. was on CNBC.

    I haven’t. Was with Fitch’s new report US Money Funds and European Banks.

    France - SHAME ON YOU - A 14 years old sacrificed for a bloody ideology

    The bottom line of this story is she died because she was kept in the dark and as a consequence misplaced her trust and went for a walk to an isolated area with a rapist that raped and killed her.
    SHAME ON YOU ALL!
    14 years old she was owed protection, her school owed her safety, the judicial system owed her safety, the legislator as well as the executive br
    branch owed her safety.
    All of you failed and she died.
    An unpredictable crime, SHAME ON YOU, never she would have followed the criminal if she had known who he was.
    But is she the only one, no, there will be another one tomorrow or the day after, you have the European record of sexual misconduct going unpunished as potential victims are kept in the dark. Not one lady or any kids should be able to have a contact with any individual with a passed of sexual misconduct without knowing who they are dealing with.
    The next victim of a rape will now definitely owe her tragic experience to a gov a president and legislators, all cowards not strong enough to decide that once for all that sexual misconduct of predators will be made public to make sure not one lady, young or else will be in touch with someone with a passed in that matter, endangering herself because left in the dark.
    YOUR CHOICE TO KEEP THE NEXT VICTIM IN THE DARK IS A CRIME.
    SHAME ON YOU

    lundi 21 novembre 2011

    France amazing hypocrisy… as the debate rages after the horrible death of a young teenager exposed recklessly to a known dangerous sexual predator over who ultimately may be responsible, the feeling ideologues are about to win again drawing down the arguments towards a possible mistake or how to do a better job to evaluate how someone may be dangerous can be heard throughout all the medias. Do they they lie and manipulate, probably, they know or should know it is about priority and for 95% od that kind of crime whether first timers or has done it again, it is all about circumstances and circumstances are absolutely unpredictable by nature, so any attempt to predict someone may or may not find himself or else again in to circumstances that will trigger a criminal act is absolutely outrageous.

    Right now rehab ideologues have it their way, they have a powerful lobby and the politicians are listening to these guys, they set the top priority and the top priority is maximum comfort for their experiences and nobody gets to know who is the criminal and where he is, it would according to them somewhat jeopardize the chance of success of their rehab experiences careless of the consequences for the public, yes absolutely, careless of the consequences.

    Now if you disagree with them, you will be inevitably be suspected of fascism eventually worse and at least an enemy of progress. BUT, have you ever ask yourself why the theory that establishes it is better that you and your kids don’t know where and who the sexual predators are because it may be dangerous for them as you the ordinary citizen could act unlawfully on him, accept the odd that people with no criminal records may be become criminals under these circumstances but the know criminal may not act unlawfully again whatever the circumstances may be?

    Don’t let yourself be abused once more and make sure there will be not another Agnes by making sure the top priority is changed. The top priority should have been and should be the safety of your kids and for that to happen all the girls in the school and the neighborhood needed to know who he was and told that under no circumstances they should ever be alone with him out of reach of an adult supervising. If the top priority had been the girls safety, she would be alive. Don’t make mistakes the rehab ideologues lobby is already at work making sure nothing will change and are right now advising the french gov to put it sleep until it goes from the headlines and then it will be business as usual.

    They want it their way, they are doing rehab experiences and if the price to pay is a few lives, they don’t care, they consider a few mishaps' are inevitable, the ideology’s victory can suffer some innocent losses.

    Rebuff the argument, the top priority must change, it had to be the kids safety and well very true the guy’s life would have been much more uncomfortable if the girls had known, he would have had a much harder time and all the efforts to make to get himself accepted, the ideologues would have had a very bad time and a lot to work on getting him accepted in the school and with all the other parents but at the end of the day that doesn’t mean kids would have been impolite to him in classroom and in school in general but extremely cautious to not expose themselves and she would be alive.

    dimanche 20 novembre 2011

    http://m.ft.com/cms/6c572528-1380-11e1-81dd-00144feabdc0.html?catid=8
    FT signals some tension in the corporate bond market with a spiking yield for several french companies.
    Ideologues satisfaction comes first, no doubt this year France is now leading for the gain of the envied academic award, after retires were left to die when a fire broke up in a unit with no smoke detector, no sprinkler and no security on site leading to set on fire several other units, results 3 dead. But the most serious option came in as we now learn a notorious criminal and serious sex offender about to go on trial for a rape involving the use of a weapon he performed on one of his schoolmate a young girl, he was after 4 months of jail released and sent to a boarding School army type, no way, a girls and boys boarding school with some girls as young as 12. The criminal raped a 14 years old in an act involving again a weapon, killed her and to help settle the award set her on fire while still alive is unknown at this stage. France engaged in policies to make sure there will not be one community, not one school or land including the Small Nations territories safe from the regime criminal ideology of spreading violence and crime has reached a mile stone. It seems that the boarding school management had not been warned about the criminal past of the guy aged 17 and not one of these little girls potentially in contact with him had been warned to make sure not to find themselves in an isolated area with him...
    That little girl was deliberately exposed to a criminal and she died under atrocious circumstances to satisfy a criminal ideology of careless and irresponsible rehab system neglecting the victims. The choice of policies the french regime is engaged in proves to be ideologue's experiences making true victims ederlies as well as kids and deserved to attract international attention and a special surveillance.

    vendredi 18 novembre 2011

    It is shocking. As I m watching that I just wonder how is that possible and how the hell is it possible to inflict so much pain and expose to such dangers the ederly of a community that have been parents, grand parents...? Don't think u would imagine such thibgs at the heart of europe. It is a retirement community home where residents are permanent but don't need permanent medical assistance whatever. Well, the story a firz broke up in a resident unit in the middle of the night and lead to 3 deaths and the closing of the home with all residents removed and dispatched to other facilities. The debate rages about whether or not a cigarette caused the disaster... And arguments goes on with health secretary about smoking in retirement homes should be allowed or not... But guess what for whatever reason a fire broke up, what are the explanations for very ages ederlies to be housed in units without any smoke detectors and sprinklers and deprived of any night security officers on duty?
    Disgusting!
    Germany is not isolated, PM Kaitainen made clear Finland is fully supportive of the view the ECB lender of last resort is no status for the eurozone central bank and he's right.someone yesterday mentioned that nobody was asking for Weimar 2.00 which is very true at the same time there can't be any serious conversation about QE within the eurozone as long as there isn't a strong lid on the countries public spending that engeged themselves into insane policies of crazy debts and deficits. With in mind some have been running deficits and insane spending for several decades and are addicted to it, rehab is of course painful but necessary, so far they resist the cure and want more drugs, it would be irresponsible to hand them the fix they ask for in their attempt to share with those engaged in reasonable public finances the joy of irresponsibility... Those not infected don't want to get high and take later their people the rehab pain, should they blamed? No.

    lundi 14 novembre 2011

    Didn't notice but well, told u that before... The guy had three missions in life fight hedge funds, the City and rating agencies eventually damage Super Devil on the way, a bonus ;-)) Now for the goals of the proposed new rules, very opportunistic I'd say, don't think there is a strategy don't have one to fight the debt crisis so let's point fingers at rating agencies and hedge funds responsible for the crazy eurozone gov spending, more or less just politics so far... Digging a bit the true fear lies with the french state sponsored bunch of crooks behind a countless number of bank failures and the BPCE natixis IPOs style of ripe off that have ruined thousands and thousands being investigated and or done with some other legislative projects they may have natixis was the result of a state sponsored leg project). Any distraction is welcome hedge funds, rating agencies and of course Super Devil are pieces of choice. The last bit being the lack of information from independent third parties given citizens will eventually end up with free officials such as himself to tell the truth he thinks... Appalling!
    May become more aggressive as the investigation about why those who had access to at least Moody's but it seems now that more agencies made available the same kind of data in 2007 probably before didn't act including the national regulators of France...

    dimanche 13 novembre 2011

    M into the the proposed overhaul of the rules applied to rating agencies that leaked from the Commission…. But as I m into Mr we don’t need an authorization insane stuff, will post to u later probably tomorrow why it won’t help and it is counterproductive, someone mentioned during the chat that early Moody’s made available allsorts of new information about the subprime mortgages packed into the mortgage backed securities. The data mentioned the number of loans delinquent for a given pool of loans underlying a bond.

    Any tip on that, date of release of the data? Cause it would be a game changer when it comes to who hasn’t done his job….

    For the proposed stuff coming out from the commissioner this could explain part of it..?

    samedi 12 novembre 2011

    The cheering crowds of cowards have been screaming their hateful joy, admiring the wounds on the ambulance's passage enjoying the result of shots they would never dare, busy they were with their hands out, begging............ the big donater is about to change, beggers are already queueing and to prove their new loyalty have sent their affiliates demonstrate their master's good will devoted to serve the new sheriff in town.
    Disgusting!

    lundi 7 novembre 2011

    Stay cool – Bill hates that word

    dimanche 6 novembre 2011

    I hadn't the sentiment that Pol Pot regime had been a pro life organisation neither had I this opinion of the Hutu's experience related to land sharing, I was wrong I guess. Worldwide, the idea that violence of all kinds for power and worse instincts are among the best shared behaviours is wrong then?

    vendredi 4 novembre 2011

    Shame, Shame, Shame

    It started yesterday, the French press as well as a lot of politicians have assumed publicly that the Greeks cannot make an educated choice should a referendum to be organized extending the view that at time of a crisis, citizens understand dummies will do something stupid, of course the very same folks are the first ones to judge and decide what’s democratic and what’s not. Assuming nations can’t make educated choices have of course nothing to do with the fact that the press does a very poor job with a bunch of politicians exploiting that poor job to make sure the citizens will show sometime impatience they will promptly use to declare they can’t be asked to make educated picks, these poor things don’t get all the implications, we know better…. Want an example, since the EFSF and the SPV got out of the box, how many interviews of politicians have taken place and how many have been asked how the EFSF debt service will be funded and what’s the plan to get rid of that debt should it be a multi-decade thing?

    I’d say not once.

    This morning, not just have I heard by the usual liberal pundits so fast to chase the heretic that it is impossible to organize referendums at time of crisis because of the above but on top of it causes markets to go down, no kidding…. So not just, sometimes the Press doesn’t play its role on the citizen’s side to help the educated choice to be possible but it does the contrary helping some politicians with the same old tune markets and democracy don’t fit, look, the Greeks want to organize a referendum and markets go down….

    So, do markets go down because the Greeks want a referendum, of course not, markets go down because first, some investors have been surprised and decided they needed time to allow themselves to study the fallout of a Greek No should it be their decision over their strategy of investments and while doing so to be cash surely the best way to escape shortfalls, second, big and hot money such as myself were following Brussels meeting expecting billions and billions of public money to be poured in the system with a first consequence inflate assets why not make a quick buck with some money on the market before the public money kicks in. A Greek referendum, yes or no is just a game changer that has the potential to delay the public money kick therefore investors pack until they get a better idea on when the money may be poured in or if it will and while waiting head to the sidelines but investors or markets have absolutely no opinions on should the Greek have or have not a referendum only politicians do.

    Why they do, it a catch 22 they love to have, at least they say so, citizens making educated choices but frankly what’s their life expectancy if citizens were given all the information that lead to this debt crisis? Starting with how was a referendum necessary to approve the gross general gov debt ratio level but none was necessary to blow it and keep doing so for nearly 8 years?

    mercredi 2 novembre 2011

    Janet said that. She says does it question Great Britain, I add Sweden along with a few others EU membership status. I’d say yes it does, the target isn’t ultimately just Greece for that matter, Greece is just a proxy they use. President Sarkosy of France recently is an interview he gave to the french press pointed out that in his opinion the Eurozone wasn’t integrated enough while the EU was too much integrated. I’d say this opinion is now on display through the hysterical threat and vindictive threat the European Commission has has made to Greece that it would be impossible to quit the euro without leaving the European Union altogether. Janet adds What’s the legal force of this statement?

    Is the Greek crisis used to push an agenda much larger  than just Greece and to be, hint towards a hard push to Eurozone or nothing? Looks like it. The EFSF debt service to require so much funding that it is expected to watch some arm twisting on northern Europe nations get in while u can, we r soon to shut down the EU shop.

    EU threats to Greece become more hysterical

    Backlash? Possible too, as soon as the accounting of the trillions debt the EFSF will end up borrowing to heal the eurozone debt crisis as a whole and people start to ask how will be funded the service of that giant debt as well as a plan to get rid of it, some nations could conclude they have a limited time to rush to the exit before they see themselves ruined….?

    Not yet and don’t think so. Keep in mind that it is a French Gov. that blew the international treaty when it comes to the Gross general Gov. debt GDP ratio as early as the budget 2003 and that has today tremendous consequences on the EU leadership if any….

    And they r absolutely scared of the Greek initiative cause they r about to engage themselves into a new record amount of debt in an ultimate effort to hold up the Dutch, Finns and a few others savings through indebtness, a direct threat to the tactic would be to see other nations asking for a referendum on more debt and inevitably a record amount of taxes to hit northern Europe in the years to come when it will be clear than nobody else can pay to service the giant EFSF debt…..

    Right now, it is the problem. They r petrified because of instead of being one more ordinary politician they have to deal with a leader gutsy enough to face his nation and tell them, folks, here we r make ur pick, it is ur future and whatever u choose, u’ll have to choose it for urself and be dedicated, fully committed and involved with ur choice.

    Tough for euzone pussIPBIPBIP.

    Alright  know what u r about to say, don’t, I just couldn’t resist the hell of it…. Enjoy.

    mardi 1 novembre 2011

    Don’t forget to look for my stuff on ur drive about PM Papandreou.

    Don’t think so. All that bunch is just scared because the guy feels strong enough to engage with the Greek nation while they are too weak to do the same. By the way add to the search Switzerland had had a great democratic life for decades using referendums and while some other countries manage to associate every community and all interests to the decisions making process and compromise, not a common practice within the eurozone, there can’t be any problem to see Greece’s democratic traditions take the lead to organize a referendum.

    look, it is alright, they have been warned repeatedly it is a costly business so….

    Look for,  some guts and wisdom, two things I haven’t seen lately in the eurozone leadership.

    nop, it was the post about the response to ur numbers and why I fully support PM Papandreou initiative and wanna see the run.

    I wanna repost it for the hell of it.

    Have posts that are gone, did u manage to get a hold on ur drive?

    Of course.

    lundi 31 octobre 2011

    France general government gross debt and % of GDP

    1999  58.9 %

    2000  57.3 %

    2001  56.9 %

    2002  58.8 %

    2003  62.9 %

    2004  64.9 %

    2005  66.4 %

    2006  63.7 %

    2007  64.2 %

    2008  68.2 %

    2009  79.0 %

    2010  82.3 %

    Interesting to note that the 2008 financial crisis following Lehman’s collapse often used to justify the excess of debt in the eurozone as governments chose to sharply increase public spending to respond to the banking crisis is only responsible for 10.8% of the debt. Now should u attribute the jump from 68.2 in 2008 to 79 in 2009 to the response to market stress in the first semester of 2009 and only that which is questionable, the obligation for the gross general gov debt to remain under 60% of GDP was not respected for a very long time, actually since the 2003 budget adopted late 2002.

    jeudi 27 octobre 2011

    Homework :

    Reuters Breakingviews has done a stress test of its own on eurozone banks with the same official data the EU stress test used. It allows u to view the results according to the level of hair cut and tier 1 capital ratio u think suitable, hair cuts provided are marked to market 10/12/2011 for 5 years bonds.

    http://graphics.thomsonreuters.com/11/07/BV_STRSTST0711_VF.html

    Example :

    Capital tier 1 ratio at 9%, Greece  hair cut at 50%, other sovereigns marked to market as of 10/12 leaves France’s banks with a capital shortfall of 40.5 billions. BPCE shortfall 12.3 billions, SocGen 12.3, BNP 12.1, CA 3.6 (Not included Greece Subs).

    Loved it, great tool for simulations. Note that the impact on state debt is assuming the taxpayer picks the entire bill.

    Have fun and enjoy.

    what about it?

    The email just says we’re among the most ill spirited people on earth but no details so far. It says that for the post that says we can’t wait for the academic discourse from the ISDA related to a capital loss of 50% on loans not being a credit event and if the bilateral loans in Europe had won an envied rank in the Guinness Book of Records for the worst lending decision in history, the academic analysis of a capital loss on a loan not being a credit event has surely as well reach the worse bad will academic justification of recklessness in history…

    Didn’t think it was very offensive given the circumstances, I mean these guys can insult our minds but can’t stand a joke, that’s just too much.

    mercredi 26 octobre 2011

    The taxpayer is in for more and the final number isn’t known yet, the spillover effects of bond writedowns on the banking system is yet to be seen…. As it was posted days ago, I would expect more contraction.

    That’s what I meant, specially when u have a financial institution engaged in both a Greek debt holding onto which accepting a volunteer loss could be easily interpreted as a mean to escape honoring CDSs the same institution sold to protect against a Greek default. Clearly the loss acceptance will be perceived as the main and only motivation to artificially disguise the default into something else, that’s why I think it won’t work.

    Now, pay a premium of up to 25% to access a better paper and a higher return overtime with a better guarantee with the EFSF kicking in to guarantee the interest payments also eligible as collateral with the ECB in a swap on a Greek initiative to manage its debt is to me a different case. It is key that the premium makes sense financially, is it paid to escape an obligation and contracts or is this decision an act that itself generates an added value, if it does, crushing CDSs isn’t the ultimate target?

    Seen this one, What Happens If Europe Crushes the Swap Market?

    I don’t believe it is possible to get away CDS triggering because a loss is qualified of voluntary, it doesn’t make any sense. I can’t imagine any court going there. It has all the characteristics of an abuse and will result into court decisions whether or not the conditions economic and financial leading to a default are or not fulfilled? How can it be justified to accept voluntarily a loss nearing 50% off the inability for the debtor to fully honor his part of the contract which characterizes the default? Whether or not some parties volunteer the losses doesn’t have the ability to change the true nature of the inability for one party at the contract to fulfill its obligations?

    Am I clear? I mean if u had to judge it?

    No, I just don’t get it. I know the guy was leaving the ECB but he was right about that, losses that near 50% may result in Greece to be unable to access markets for a very long time. Plus the opposition to swap a large part of the debt into perpetuals is very short sighted and poorly motivated with ideology not taking into account that perpetuals aren’t perpetual? It is perpetual until the next boom when funds start to sell to go after riskier assets for higher returns, pensioners asking for less security and higher payouts, there is demand today for perpetuals EFSF interest payments insured, at least, I believe there is, sell and when times are better and funds sell for better returns, buy on the market and restructure the debt. Had a good laugh about it (banks losses as I hated their lousy jobs with the public) but not worth the consequences. These guys are just…. crony banking lead to the result on display right now and guess what they say, let’s do more! Stunning.

    I just assume the shareholders aren’t invited to the party and ahead there will be a lot of court action because I don’t see may be I will but right now I don’t, what’s the motive for the losses, the French president and German chancellor told me to do it?

    might be my reading isn’t good enough… this where it may be http://www.rijksoverheid.nl/documenten-en-publicaties mind having a look, urs is fluent, u’ll be faster than I m.

    no, Brazil has made it clear, EU die hard.

    For how much are the french in when it comes to bilateral, do u have the number?

    mardi 25 octobre 2011

    Banks Clash With Lawmakers on Greek Rescue

    According to the report Jean-Claude, European leaders are looking at losses for the private investor to near 50 to 60%. So, how is it going to play out with the bilateral loans as well as with the notes the ECB bought because so far there are absolutely no sign of anything in the French medias…?

    According Evolution securities (a Bloomberg Report can’t access the link from here, go to Business Week) the bilateral loans Greece has received from the region’s govs have the same level of seniority as the nation’s bonds…qualifying it the worst bit of lending history incredibly embarrassing, one for the Guinness Book of records for the worst lending decisions ever, two, to lose almost 40 billions euros of taxpayer’s money in 18 months…assuming the ECB losses will paid by? overtime.

    The all thing getting us here, the losses on these loans to reach 100 euros for every man, woman and child of the nations using the common currency of the haircut isn’t voluntary.

    Data compiled by Bloomberg is a bit better and reaches 96 euros per head off the consequences if CDS are triggered.

    And it is better instead of saying that Europe may head to unknown territories if an agreement cannot be reached to be honest about the financial situation regarding the bilateral loans, the ECB losses as well as the consequences for the banks and financial companies the public is dealing with should Greece default and the CDS to be triggered. To wait and hope for the best will not help. If some management have clearly endangered their institutions they should be exposed, fired and replaced as quickly and swiftly as possible making sure all necessary measures will be taken diligently.

    vendredi 21 octobre 2011

    I know he said that about democracy but the true victory of Democracy it is when the french presidency understands that the sovereign character of Euskadi needs a voice of its own, an Euskal expression reflecting its rich culture and legit aspirations.

    Sailing to Euskadi, it is a bit late in the season?

    When I read it http://www.lejpb.com/paperezkoa/20111012/296445/fr/Reactions-serie-pour-communique-virtuel-d%E2%80%99ETA  I wasn’t sure it would come true that soon. “El Pais citait hier un parlementaire basque du PP affirmant que si ETA “laissait les armes” le candidat du parti à la présidence du gouvernement (et actuel favori) Mariano Rajoy ferait “ce qui doit se faire”.” Does it mean the guys and ladies may be home for Christmas, I’d think it leaves very little time to make it possible?

    Dramatisation... So some say, here. Nonetheless, number 1, it is ok to oppose any increase of the EFSF leverage when motivated by the fact that it is a moral hazard to ask the Finns, the Dutch and some others to pay for debts they did not contract, number 2 it is ok to oppose it as well for those of u that see in the leverage the danger of a modern times permanent Versailles treaty and wish to oppose it considering that the hold up of savings in northern europe as well as the risk to see those economies to be drawn into turmoil because of the crazy level of debt southern europe has accumulated represents a political threat to stability. - do agree with that. Can't say there is no back minded idea of let's slow these competitive economies with a load of debt so they won't get too much ahead of us and buried under a debt blanket part of their competitiveness will be devoted for our benefits... I oppose that as well, think it is dangerous and wrong. Those who made mistakes must deal with it just like we all do.
    Deplorable said Jean-Claude, well, it is true leadership does not appear at its best but what else can be done when u have some leaders carelessly engaged in spending spree betting they will be able to get onboard a ship some others will be paddling because that's their nature...
    Do u support that? I don't.
    Would pick irresponsible to characterised the behaviour but don't make mistakes I mean they r already busy trying to escape critics through rating agencies reports shouldn't be made public. And a discourse political over the wrong it is to trtust rating agencies to run the world.... With Superdevil I have guessed .... Ahahaha no kidding I expected someone to say look rating agencies are just a tool evaluating at least to the economic and fiancial consequences of public or corporate policies and alert taxpayers and investors... That's all they do and want to do. But it didn't happened....
    What r u up to and have u managed to get through?
    Just wonder, can u rerun it with a portion of the debt holdings turned into perpetuals at least for the amount that can evaluated of the eurozone and EU pension revenue needs?
    For ur last bit, don't but doubt the same guys responsible for the shameful natixis IPO hard sell will be willing to act differently when it comes to transparency regarding the buget falls and economic scenarios. Most are careless right now just busy trying to screw whoever tgey can to eliminate competition.
    In the two stress SP scenarios the french debt is downgraded which in turn will threaten the german debt rating. If the french debt downgrade is very likely a done deal, do u know how they reach the 6% number for the french banks tier 1? So far medias have been very discreet onSP scenarios as well as politicians on the likelihood of those? Have german medias been more talkative about it?

    jeudi 20 octobre 2011

    This guy is a joke. Mr We don't need an authorisation, responsible for a lot of the problems the eurozone faces, his now notorious incompetence for not inquiring appropriately a countless shameful IPOs that have taken place and thousands of people life time savings mainly in France, responsible for the Dexia's mess and total recklessness of a regulation busy inconsistently trying to reject its own carelessness onto Hedge funds, Super Devil and other fantasm of all sorts must be immediately fired. His most recent outing is irresponsible and can only lead to more turmoil, hide to the public or investors the financial situation of some states that engaged themselves in crazy public spending whose results are a financial disaster will not be helped that way and hoping to dodge the Public as well as investors says a lot of the morals of this guy. Sack this nutcase and now!

    mercredi 19 octobre 2011

    Don't know where from the Guardian has got it but first German Officials have denied, second the unconstitutional character of such an increase as well as the overwhelming majority throughout the eurozone opposing any more liabilities guarantee a lot of court action should any stupid crazy spending spree gains some attraction among euro leaders. As far as taspayers are concerned, the Greek example made clear crazy public spending and debt level only lead to catastrophe and hardship... Among Andre the carpenter, Vaclav the plumber, Arsen the engineer the new model as far as debt and public spending are concerned is Luxemburg and for taxes Switzerland.

    mardi 18 octobre 2011

    I don’t know yet and that is speculation…. What u have now for sure is can’t see Germany going into some leverage process undoubtedly leading one way or the other to more uncertainty and scrutiny over its own rating drowning simultaneously The Netherlands…. Tough but I feel it like that, Germany going into a win or break exam for everybody with a limit for assistance to the candidates at the euro eligible survivor game the Karlsruhe Court recently defined. Ultimately, should northern Europe because it is not just Germany should compromise their own finances knowing they will be unable because of demographics to impose on a future federal union if any a higher sense of fiscal responsibility?

    That’s how I interpret Angela’s Press deputy statement about next sunday, u wanted the euro, u had it, u did very poor with it, u wanna keep it, don’t ask me, it is ur decision ur problem and until u have made up ur minds and gone along the path we followed to make our public finances sound and healthy, please do not stand begging, do what’s necessary.

    lundi 17 octobre 2011

    Just meant it is rather strange to be surprised by a rising euro scepticism when ur clueless to serve EU citizens interests, that's all. Don't know about that, too early but for sure if the load of sovereign junk paper on europe banks books can't find renewed value through perpetuals always used at time of crisis there will be more capital destroyed and if so recession will feed itself. Anyway, where ru with the numbers?
    Think my next customer may be Italy, have u read Barroso's interview? Was stunned, the guy is trying to sell more Europe to solve the crisis... When this entire bureaucracy incuding the strasburg parliament has proves to be unable since 2008 to put together the slightest investigation commission and or any legislation to protect the consumer running stocks and loans hard sell, Europe has a countless number of victims of financial malpractices to say the least, individual investors ruined(natixis hard sell catastrophe) indebted cities and institutions, do u think they did put together a Dodd Franck thing to reach an appropriate legislation, no. Useless is the conclusion the average EU citizens reach of an overpaid tax exempted bureaucrats and frankly can't tell they are entirely wrong when the only registered success when regulation is involved is the launch of a full scale investigation over the color of the diesel petrol colour used to propel narrow boats onto the UK canals on sundays...
    Did u get hold of the Greek budget?

    vendredi 14 octobre 2011

    That's got nothing to do but I don't mind a hand for the following, have seen a new stock listed on NY Euronext will also be listed on Budapest and is on hold for Warsaw. What are the legislations in place in these countries to protect investors? This particular company isn't the problem but the type of sale can make a bad name for shares and almost none countries have a legislation such as the investor protection act.
    I have adjusted a bit the numbers following the ECB, the hair cut would be at 25%, the perpetuals would reach 30%, two series, one bridged for 5 years with interests capitalised, the alternative would be 3 series of 10% of the actual debt, one bridged for 3 years, the second bridged for 5 years, the third kicking in now. The expected capital gains would leave the private investor with a loss under 20%. The EFSF guarantee on the interest payments should allow the paper to reach inv grade, allowing collateral eligibility, and to elect for most of the pension funds of at least the eurozone, inflation+margin interest payments made quarterly or monthly to attract investors allowing the swap beneficiaries (Greek debt holders) to be able to resell easily, just wonder how to pick the market maker?
    With these numbers, I ll be the first client. Did u manage to have the Greek budget numbers for a simulation? Does it fit reasonable? How to test in a short period of time the pension funds managers worldwide the taste for a product such as this one? Saving a lot of capital for the EFSF, what's ur evaluation of the guarantee cost and how much capital it may freeze? - m looking to extend it looking at the needs for pensions.

    jeudi 13 octobre 2011

    If rated investment grade and it should if perpetuals interest payments are EFSF guaranteed? What are the chances to look at a success knowing the pension funds needs of perpetual TIPS+margin?

    mercredi 12 octobre 2011

    I know Euskal Herria, guess what, I was curious about this spelling mistake I keep making and browsed back to find out. That’s how I caught the thing Euskadi, sail to, Helly Hansen, sailing gear, HH then I go Heuskal Herria with 2 Hs. Amazing. I have to do something about it.

    mardi 11 octobre 2011

    What about the margin? 250 basis points look to me a maximum given the circumstances and can the contract specify an early window after let’s say 50 years which sounds a fair deal for the issuer once more given the circumstances? What rating can be expected?

    lundi 10 octobre 2011

    I will as soon as I m done. Just keep in mind those numbers are OECDs little outdated it can't have changed a lot. Will do and post as soon as I m done. Just wondering if the Dexia guy stating the bank management received instructions from the french gov to act against ther best interests of the shareholders, I was stunned. Responsible for these instructions Lagarde at the time finance minister drives me to be cautious as she has had some bitter fight with some lobbies but if it happened to be true well crony banking will have set a new record in bankrupcy... What r u up to?

    dimanche 9 octobre 2011

    My numbers are a bit outdated ... ( Would appreciate some new if possible) but never mind the combined exposures/Tier one capital to Greece, Spain and Italy comes up to 36% had reported OECD so even if banks have done a lot to overcome the weaknesses showed when Lehman went down, I doubt the we don't need capital can stand an uncontrolled default spreading. It is true no capital need as long as there is no default.
    It isn't accounted for but it does affect the outlook.
    I m just awaiting for Fitch don't know yet for how much they r in for. Bloomberg today reports Belgium is buying the retail business but Dexia's balance sheet was 518 billions june the 30th more than the Greek banking system, larger than the combined financial institutions bailed out in Ireland... I expect a review soon at least a change of the outlook but I m afraid it will be more than just that....
    Not much from the Press Conference in Berlin and EU Commission Barroso reiterated, a Greek default would trigger a larger crisis. That's why if u can get the ECB holding as well as the cross border holdings public and private, it would facilitate.
    After looking at the cross border exposures I just doubt of a possible controlled Greek default. What I need now is the ECB position, for how much the central bank has bought of thE Greek debt first, then Portugal, Italian, Spain and Ireland. If I admit I support the principle that it is unacceptable, it may be an opportunity and just what's needed.
    Can u help?

    samedi 8 octobre 2011

    Think it would be great if u could forward widely these two links, first one is articles about Slovakia, second is SAS adress to send support for the right of Slovakia and eventually others to control the messy and incompetent euro bureaucracy responsible for the worst crisis since WW2.

    http://eupolitics.einnews.com/news/freedom-and-solidarity

    http://www.strana-sas.sk/

    Send support here : Kontakt na správu webu support@strana-sas.sk

    Below from the BIS latest quarterly review,

    Fitch Ratings reports that the 10 largest prime MMMFs cut back their European bank holdings by 20% (approximately $79 billion) between end-May and end-July, and by 97% vis-à-vis banks from Italy and Spain, to protect themselves against banks facing write-downs on their holdings of debt issued by their home sovereign.

    Is it what u r looking for?

    Don’t think so, phone calls and the arm twisting are for tomorrow and the pressure will run high on Bratislava… and it is rather awkward to watch the little support they get for what is a very legit fight for their interests and absolute right to ask for a way to control the evolution of their liabilities through the EFSF given the abilities the euro bureaucracy has demonstrated in risk management and regulation of the financial sector… they were in charge of….

    Cross border exposures for now if u have some.
    Alright I did instead can u get us the updated numbers?
    Well I agree with that but how? Take the example of the famous eurobonds... U had an all bench of dummies running around and jumping up and down, with a euro area gross liability at 96.5 per cent of GDPn how long do u bet it is going to take before the dam thing is shorted big time and what would be the rating to start with... Now as long as we have so few people paying interest to what's going on and willing to force politicians to act responsibly... Frankly... Don't know.
    Given the circumstances this is what made say the demands are very reasonable. The general gov gross financial liabilities per cent of nominal GDP are at the end of 2012 for Belgium 100.4, France 100, Greece 159.3, Ireland 125.6, Italy 128.4, Portugal 115.8 (eurozone countries with a gross liability exceeding 100 per cent of GDP) Slovakia has undoubtedly a right to take every step to protect its interests, - can't say anything different.
    These r the numbers as known prior to any growing need due to a recession, for the period 2009 -2012 the budget financing needs were 671 billions vs the EFSF 440 billions (780 if including the IMF and EU funds) leaving very little to recap banks now if taking 2009-2013 the budget needs are at 904 billions leaving nothing to recap banks... U can't be doing both. The number excluding Italy is 537 billions.
    These r the numbers as known prior to any growing need due to a recession, for the period 2009 -2012 the budget financing needs were 671 billions vs the EFSF 440 billions (780 if including the IMF and EU funds) leaving very little to recap banks now if taking 2009-2013 the budget needs are at 904 billions leaving nothing to recap banks... U can't be doing both.
    At this hour I doubt he can be reached but not along ago talks were still on despite the reported deadlock after the PM refused to satisfy some quite reasonable demand the Freedom and Solidarity party made, two of which were, one, an inter-party committee with able to veto any individual EFSF disbursement, two, the country doesn't participate in the SPV. As I told u last week, it sounds to me reasonable once the numbers are known, right now if the EFSF is used to recap the banks then the budgets projected needs for the eurozone countries the OECD put up in a note a few months ago will not be funded once revised in the midst of a recession.
    What do u have ur side?

    dimanche 2 octobre 2011

    Slovaks and Dutch, hang on to ur wallet, Sarky's morals are around is what the post was about I have guessed while not asbsolutely sure> Let's make it clear, we r not impressed at all, the only and first moral existing obligation there is was to make sure no gov of any country uses the confort of low interest rates the eurozone provided to end up cripled under debts getting its nation in economic hardship for years to come. A complete failure. And today? If there still is a moral obligation that is to make sure no one else get into the fast debt train to bankrupcy, in that regard, the arm twisting of Slovakia and the Netherlands looks suspicious to me. If some countries are willing to quote save Greece end quote by moral virtue or economic interests, they should do it and the quicker the better without doing dirty politics at the same time>

    There is for these countries no financial obligation to get onboard Slovakia or the Netherlands, the idea to get them on board to create a situation in which they won't be able anytime later when the need for more bailouts will kick in and the need to increase the fund an obligation to jump off the train is udderly wrong and can only lead to a catastrophy.

    vendredi 30 septembre 2011

    That's what supposed to be in the pipe right now."Even before it’s in place, European governments are moving toward enacting the permanent fund next year, a year sooner than planned, to replace the EFSF. Phasing in the permanent fund, known as the European Stability Mechanism, would provide a 500 billion-euro war chest. It also includes provisions for sharing costs with bondholders for countries with “unsustainable” debt.

    Additional measures now in play include reopening the second Greek rescue agreed in July to increase the financial industry’s contribution and creating a safety net for Europe’s banks(Bloomberg)
    Still think it is unavoidable to have some public hangings as part of the process to restore trust and confidence, it looks more and more unacceptable to many that a crisis of that scale with no one responsible and no mistakes made with a few scapegoats such as Super Devil or mortgages securitization is one more time an EU elite club cover up. Not to mention there is a growing concern as to why there is no public parliament inquiry and hearing and how the three major french banks end up with a number close to 672 billions of sovereign questionable debt with none out of the woods. What has been doing the regulator to insure that at least one gun stayed in the draw?
    No am in the bus right now, why?
    I mean seriously? I aint sure cause it is from the bits he sent me in the morning and those I caught over the web but usually it is pretty accurate.
    I just doubt something? Do u think Sarky sent the guy or do u lean to that it is on his own that he went on sayin the crisis started with Lehman's collapse 3 years ago indirectly pointing a finger at Wall Street, Lehman ultimately the US banking system as the cause for the eurozone debt crisis and the irresponsible lending to Greece? He pointed out as well that prior to Lehman's collapse there was no problem within the eurozone (ahahaha) inviting the average viewer to conclude of the sub prime mortgages mess was responsible for the Greek bankrupcy and the euro peripheral countries debt problems. Is he dumb, on a mission or just ignoring any recession something u r going to have now and again would have produced the very same result, shutting down the previous attempt to explain their lousy job as leading politicians and justify their failure by Super Devil Lloys advising the small devil, the previous Greek Gov when applying to enter the eurozone? Is that stuff dead now? Meaning there never was any cheat when Greece applied to enter the euro?
    I guess it is a bit confusing really. Would u say of someone that expose the mortgages securitization as responsible for the EU debt mess, irresponsible lending, sleeping at the switch national regulators not to mention incompetent M. We don't need an authorisation lousy job that saw nothing of the deficits madness of some countries, that he is a statesman?
    I just doubt something? Do u think Sarky sent the guy or do u lean to that it is on his own that he went on sayin the crisis started with Lehman's collapse 3 years ago indirectly pointing a finger at Wall Street, Lehman ultimately the US banking system as the cause for the eurozone debt crisis and the irresponsible lending to Greece? He pointed out as well that prior to Lehman's collapse there was no problem within the eurozone (ahahaha) inviting the average viewer to conclude of the sub prime mortgages mess was responsible for the Greek bankrupcy and the euro peripheral countries debt problems. Is he dumb, on a mission or just ignoring any recession something u r going to have now and again would have produced the very same result, shutting down the previous attempt to explain their lousy job as leading politicians and justify their failure by Super Devil Lloys advising the small devil, the previous Greek Gov when applying to enter the eurozone? Is that stuff dead now? Meaning there never was any cheat when Greece applied to enter the euro?
    I guess it is a bit confusing really. Would u say of someone that expose the mortgages securitization as responsible for the EU debt mess, irresponsible lending, sleeping at the switch national regulators not to mention incompetent M. We don't need an authorisation lousy job that saw nothing of the deficits madness of some countries, that he is a statesman?

    mercredi 28 septembre 2011

    I haven't yet but there is a high probability the groupama debt downgrade to shut down for quite a while the ipo, don't think they will do again with these shares what they have done with natixis's, a blind hard retail sale which has drown a lot of critics even here... How will it play out without the cash expected is the wonder for now.
    What did u get? - mean ur side ? The preview lead to no the numbers expected won't match those the deal was based on sending the signal a renegotiation, an increase will be necessary and as a result exacerbate tensions about the hair cut... I was opposed to any liability transfer and still think it is a terrible mistake, not just because it is unfair and it is, the consequences of the irresponsible lending to Greece for the past 7 or 8 years can't be a hold up of the Dutch treasury as well as a few others, it is a moral hazard and it will have tremendous negative consequences. It is one thing to intervene because some reckless and irresponsible bankers, with sleeping at the switch regulators cause a systemic risk, it is another one and it can't be an undesirable consequence to allow the lenders to get away with it. If u have a more precise preview, can u post it?

    mardi 20 septembre 2011

    I do support the doggy bag tactic, everybody goes home with something and no money has been spent. Have been doing some research, came up with a short list, do u know if Blackrock has more one fund in this category?
    I m afraid the answer is NO. It won't be possible to ask through the northern europe taxpayers to one take the hardship of a difficult economy, organise themselves to deal with their short falls while financing state sponsored social exceptionalism and its bureaucracy's business elsewhere. Do u have the document? Think I'd say that, can correct it for tonight late if u send it now.

    dimanche 18 septembre 2011

    Well but u don't know the all story because a few have been looking into it and itv is a surprise... While the wilde lending to Greece was going on regardless of the consequences a significant part of the Brussel's administration resources, money, time and lawyers, folks and more have been engaged in a fight with the UK Boating association and no kidding over what the diesel petrol color they use to propel themselves onto the Kingdom canals.

    - m serious -
    Better than a Guns and Roses concert.... Am on now.
    There are none listed in Paris and given the trouble to access those listed DBorse I doubt it was offered but assuming it was I don't see how a small city could have accessed an account offshore, this is why it was essential to have these products widely available but u can see it hasn't been done.
    They could have been long CHF and short euro with an appropriate level of leverage they'd be just fine.
    Don't know but they got a load of cities and a few institutions in this situation with loans they didn't hedged against a lower euro...
    Don't think so, I have tried over and over again but these guys just don't get it, they get mixed up. If these products had been made available and assuming those in charge had done their homework and their loans convincingly hedged against a weaker euro they wouldn't be in this situation, but they don't get it and instead they go after the euro sceptics pretending they use these products to bet on a euro failure which is true but for a tiny minority that speculate on a failure but the overwhelming majority doesn't have an opinion they just want hedge their euro interests against a weakening currency which is again not just therir interestst but also the interests of the communities they are members of. Look I have tried u wanna have a go, fine with me but good luck. They don't want to hear they don't want their population to educate themselves as they use speculation and the so called speculators fantasm for political purposes...

    samedi 17 septembre 2011

    Can u forward it? And no not quite, the relative boycott of Finland, Norway, Sweden even Danemark or Austria with in some eurozone countries or online brogers such as Scottrade or others should be allowed to open accounts for anyone, access the Claymore mutual funds in NYC costs an extra $20 just for the hell of it and that's the cheapest in town or most a single trade on northern europe stock markets will cost at least $120 and access mutual funds in NYC $60 meaning it deters any trade when it is possible to give u another example etfsecurities etns or etcs listed on think it is Xetra or DBorse u can check using etfsecurities.com can't even be accessed... This has to stop, these policies in which some members state are engaged to actively what can be called boycotts of financial products following the political issues they have with some gov shouldn't lead bare citiz
    ens to access financial services.

    vendredi 16 septembre 2011

    Open to all doesn't make sense to me. Collateral must be reserved for those not benefiting from the bailout, the Finn taxpayer as well as a few others can't t be liable for a mess they didn't contribute to create and won't benefit from. Those liable through crony banking and gung ho lending as well as recklessness and carelessness of their gov that will directly benefit from the bailout can't pretend to a collateral. The EU fund intervention can't be an opportunity to transfer liabilities of the Greek mess, it is a matter of credibility and accountability to every taxpayer in the Union.
    I don't know yet - lookin into it, bloomberg says she said second must cost something... To who? If it is the lender it is understandable if it comes under the form of a reduced rate of interest the collateral covering full value and cannot exceed 50 basis points. On top of what the borrower is charged for the underwriting fees stating the priority incase of default meaning open to all is relative.
    what the statement made in English?

    jeudi 15 septembre 2011

    Phony what else? I mean u have crazy states spending spree, regulators that happened to be on states or international institutions payrolls not doing their job and to top it up, bankers in bed with politicians cause there can be no other plausible explanation for the type of lending that fuelled the Greek addiction to credit. The result of all of the above is a terrible crisis of gov intervention in the economy, crony banking at its worse and a sick bureaucracy elected officials in bed with forgot they got elected to hold it accountable.
    Now the type of conversation about the end of a cycle, a capitalism crisis and all that kind of crap is just a pain.
    It is a bit better tonight, central banks are addressing the liquidity problem not the solvency cause they can't . At least the rhetoric is getting better.

    Phony what else? I mean u have crazy states spending spree, regulators that happened to be on states or international institutions payrolls not doing their job and to top it up, bankers in bed with politicians cause there can be no other plausible explanation for the type of lending that fuelled the Greek addiction to credit. The result of all of the above is a terrible crisis of gov intervention in the economy, crony banking at its worse and a sick bureaucracy elected officials in bed with forgot they got elected to hold it accountable.
    Now the type of conversation about the end of a cycle, a capitalism crisis and all that kind of crap is just a pain.
    It is a bit better tonight, central banks are addressing the liquidity problem not the solvency cause they can't . At least the rhetoric is getting better.
    Phony what else? I mean u have crazy states spending spree, regulators that happened to be on states or international institutions payrolls not doing their job and to top it up, bankers in bed with politicians cause there can be no other plausible explanation for the type of lending that fuelled the Greek addiction to credit. The result of all of the above is a terrible crisis of gov intervention in the economy, crony banking at its worse and a sick bureaucracy elected officials in bed with forgot they got elected to hold it accountable.
    Now the type of conversation about the end of a cycle, a capitalism crisis and all that kind of crap is just a pain.
    It is a bit better tonight, central banks are addressing the liquidity problem not the solvency cause they can't . At least the rhetoric is getting better.
    Phony what else? I mean u have crazy states spending spree, regulators that happened to be on states or international institutions payrolls not doing their job and to top it up, bankers in bed with politicians cause there can be no other plausible explanation for the type of lending that fuelled the Greek addiction to credit. The result of all of the above is a terrible crisis of gov intervention in the economy, crony banking at its worse and a sick bureaucracy elected officials in bed with forgot they got elected to hold it accountable.
    Now the type of conversation about the end of a cycle, a capitalism crisis and all that kind of crap is just a pain.
    It is a bit better tonight, central banks are addressing the liquidity problem not the solvency cause they can't . At least the rhetoric is getting better.
    Phony what else? I mean u have crazy states spending spree, regulators that happened to be on states or international institutions payrolls not doing their job and to top it up, bankers in bed with politicians cause there can be no other plausible explanation for the type of lending that fuelled the Greek addiction to credit. The result of all of the above is a terrible crisis of gov intervention in the economy, crony banking at its worse and a sick bureaucracy elected officials in bed with forgot they got elected to hold it accountable.
    Now the type of conversation about the end of a cycle, a capitalism crisis and all that kind of crap is just a pain.
    It is a bit better tonight, central banks are addressing the liquidity problem not the solvency cause they can't . At least the rhetoric is getting better.
    Why? Bet on Mr We don't need an authorisation to make sure an affordable financial service is made available throughout the Union to access all the stock markets a key component of the fight against speculation.... And I m not kidding hahahab
    !
    Don't know about that but a soft Greek default which isn't one needs to produce the expected effects on the economy to address the root causes of the gung ho lending that took place and lead to the disaster, the lack of any preventive action from the EU regulators and the national regulators of the banks deeply involved in the sovereign mess. It doesn't make sense if what lead to the situation isn't exposed, understood and healed?
    And I bet we gonna see another round of Super Deviln he did it, he did it.... Unacceptable.
    A bit weird but u know free to do so. Whether u have or not a Greek default sweet or hard, u'll be left at the end of the day with the exact same amount of write downs a little bit more a little bit less, the exact same lack of trust as long the root causes are not exposed and adressed so... Frankly saving Greece doesn't mean much.
    Not really... But with a possible and affordable direct access no one will be accused of fueling the continent speculation industry !
    Am almost done - get back to u right afterwards.

    mercredi 14 septembre 2011

    That is just one of the pending problems and the best proof there is a lack of good will. - have hopes that Friday Second Geithner will make clear that that kind of stuff can't go on any longer. From continental europe, it is almost impossible to trade at a reasonable cost stocks and bonds on the LSE ( minimum comes up to € 40 per trade) or the LIFFE, with most financial institution u can't access Norway, Sweden, Asian bond and stock markets or Australia and New Zealand. That is unacceptable.
    I suggest for a first shot early morning Asia FX, Bonds still best haven from Europe - Reuters
    These are the numbers as of today,
    >>In Germany, deposits by financial institutions, which account for one-third the total, declined 12 percent over the same period and 24 percent since the September 2008 collapse of Lehman Brothers Holdings Inc., ECB figures show. In France, where the erosion started last year, the same type of deposits, which make up half the total, are down 6 percent since June 2010. They have fallen 14 percent since May 2010 at Spanish banks, where they account for one-fifth of the total.
    Anything else? ECB has all the numbers and not yet a catastrophe... But I'd expect the trend to accelerate as many start to question gov actions and the consequences of bailouts.
    I doubt it. But it will happen just a matter of time I guess. I just don't know yet but post ww2 and since then half the actual eurozone has lived with a monkey currency, disorder and not just in public finances, low ethics high ideology bias in politics and often in business while the other half lived and built strong currencies, lived by strong standards in public finances, high ethics and low ideology in politics and in business. It is a big divide and I can't support the idea that it is ok to ruin those efforts that took place in the Netherlands, Finland and a few others just because some including the french politicians have engaged into crazy spending spree and policies.
    I doubt it. But it will happen just a matter of time I guess. I just don't know yet but post ww2 and since then half the actual eurozone has lived with a monkey currency, disorder and not just in public finances, low ethics high ideology bias in politics and often in business while the other half lived and built strong currencies, lived by strong standards in public finances, high ethics and low ideology in politics and in business. It is a big divide and I can't support the idea that it is ok to ruin those efforts that took place in the Netherlands, Finland and a few others just because some including the french politicians have engaged into crazy spending spree and policies.
    Latest, u got the Raffarine a former french gov PM that explains the actual crisis in the eurozone by the speculation industry intervention over taking the markets and undermining euro gov actions....
    It is appalling! - don't what the bastbipip is taking about, speculation industry... What can it be ? Any idea? Have read ur piece. Good. Recommend Belger's on Bloomberg if I haven't damaged his name a former Merrvin's adviser. Am on my way, will tell u later but it appears if taking Japan gauge that it should be around 1800 by second quarter 2012, timing is difficult.

    lundi 12 septembre 2011

    No I disagreed and still do… It is too late, for banks to raise capital should the intent to be Markets reassurance … doesn’t  make sense now unless states buy the paper. It was necessary since Lehman’s collapse exposed the weaknesses of continental europe, a true stress test no cheat and should have been done following the bailout payments, for a little while, following the move, those institutions able to pay back govs had little time to raise capital and improve their ratios and restore even further both trust and lending, but they didn’t and it is too late now for that. To get them out the storm the last option is to unload their books of all the toxic sovereign assets, then raise capital.

    ?? Cramer  had a funny one EU regulators clueless..??? Seen it? What is remarkable there is u have no one absolutely no one to say what President Obama had no problem sayin, I mean, at the time he said the regulators were slipping at the switch…. but there…. nothing, everybody did just fine, nobody made mistakes… oh, yeah. the Greek previous gov, a small devil, and Super Devil LLoyd who helped the small one dodged the EU…. according to the cute bureaucracy… With the scale of the consequences of their careless job whether politicians or bureaucrats, I just wonder if they understand that by saying that it makes them the world worst bench of dummies ever in power?

    vendredi 9 septembre 2011

    Jonathan, be good...!

    mardi 6 septembre 2011

    no, honestly… thought the guy was joking. Well, I don’t know yet, wasn’t it worth the try, it is early to say no, nevertheless, a decade is fair enough, those guys have missold  the currency and now facing the odds of their failure and lies. Go back in time and look at how and what were the arguments to sell the euro to the various nations, to make it short, growth, jobs, a sort of Deutche Mark for everyone free and a joyful future…. Enjoy….. Not once, these guys told their nations, u r not just going for a new currency, ur going for a new culture regarding the financial management of public finances, to keep the euro and to keep it healthy, deficits and debt must be fought and the price to pay will be tough. These national conversations never took place and politicians to get reelected for the past decade cheated, in Greece, yes but not just in Greece, everywhere else as well, probably not to the extent the “previous gov” as they say in Brussels did, but except northern eurozone, everybody else, including France did their part to weaken the currency and to get the zone as a all into a crisis with the mountain of debts building, something not one gov or Brussels and Strasburg ignored….. and paying attention to what they say today, they aren t still into that necessary national conversation with their nations….

    A dead end for now if they don’t find the courage to address their people with a true language and a renewed deal they can honor. Are they credible enough for that kind of exercise? I’d say no right now they don’t even have the guts to tell the truth….

    Do u agree with what he said as opposed to Van Rompuy. I do.

    I strongly oppose any patronizing of the Finns, the Dutch or anybody else for that matter, their position make sense and more importantly is absolutely consistent with their handling of public finances for the last decade and they don’t carry any responsibility in the EU debt crisis. If everyone else had had the same sense of the common wealth good the Finns and the Dutch showed over the last decade, there will be no EU debt crisis….. That’s my state of mind right now.

    I did but think it was a joke when he made the call for the Finns to act responsibly and stop playing national politics at the EU level... But apparently he wasn't . Not sure what he meant as by looking at it y r kind of tempted to say everybody else didn't act responsibly for the past ten years starting with those for who it was a duty they got paid for I mean the reckless Brussels and Strasburg bureaucracy, a majority of gov in the eurozone that kept voting budget deficits and lived on a crazy spending spree the purchase power injected in the currency allowed knowingly aware they never did anything for the strenght of that purchasing power... so why is that suddenly the Finns should act responsibly when absolutely nobody did for an entire decade? Not to mention this type of accusation is patronising, I mean for someone representing the entire lot that has been getting drunk and now want to sue those who didn't because they r healthy and they shouldn't ... Saw Zoellinck

    jeudi 1 septembre 2011

    what does it mean… don’t ask me… wasn’t there I just don’t know, just read it just like I guess u did… well, it says the deal is dead but it doesn’t mean much cause the idea that some had in mind to fund their losses in Greece with the Finn’s and a few others tax money will not happen that I can tell u. Finn gov disappear with a project of that nature, the guys won’t accept it and Ft had not that long ago the same kind of broiling in the Netherlands and it has not gone away as far as I know.

    mercredi 31 août 2011

    Bloody cute...! But - can't tolerate that kind of language.
    What's her name?
    How do I know. It isn't an investigation finding, it's a deduction following what she said ;)) don't know for second part. For what u asked I'd put it that way, make it simple otherwise it's goinna turn into teachin rocket science to donkeys. Here we go, the general idea is u can't get paid twice... Once because the rescue package is saving a big chunck of ur investments and twice with a collateral... So, the more u indirectly benefit from the rescue package the less or none collateral u get to make it simple. An alternative to say it would be, ur loan part of the rescue package can't get double collateral once directly to garantee the loan twice by boosting the value of investments made when the rescue package kicks in. Thr more directly or indirectly through the financial system u benefit from the rescue package the less or none collateral u get for ur share of the loans comnposing the package. Now u may start to understand why to be treated equally, the countries participating in the package can't get an equal level of collateral. A country not benefiting at all or for very little of the rescue package can't be asked to take risks just to see some other countries making a direct profit of the package, to be fair and offer an equal risk reward balance for the participation in the rescue package for Greece, it is legit to see some countries getting a nice collateral while others will be rewarded through the value of their investment exposed to a much greater risk without the rescue package.
    And u should add If u don't get it, I give up.
    To be honest I heard the same kind of crap about Finland demand on several french medias telling audiences that countries can't be asking for "special treatment" and or do what they want and more...
    Good luck!
    He just asked is it true parisot is on drugs :)) got 31 days to go - can't wait to put some distance between me and thez fuckin frencxh crooks

    mardi 30 août 2011

    she is the french boss of bosses if u see what I mean. I understand u find the all thing rather weird but it’s rather a common stance along the french elites at least when speaking publicly or in the medias with a french audience. Now, is it more a hopeful stance to please what they think the average guy expect or do they don’t work and just bull sheet to look smart. Guess what I’d say both!

    Anyway, did u get it?

    Well I can’t do any better right now, after reading if anyone is still buying a plot story against the euro “Uncle Sam orchestrated” because of rivalry with the USD…, can’t help. Below a widely shared view among investors worldwide….

    Here's a bold prediction to feed Western worries that power is shifting inexorably to the East: China's yuan could overtake the U.S. dollar as the world's principal reserve currency as soon as next decade.

    There is no plot and could u get your acts together? The Kerviel affair has raised a lot of eyebrows exposing some worrying flaws of the computerised accounting system accuracy. It was a fifty billions position that went unnoticed for months, as far as we know, it could have been more and the consequences could have proved to be fatal. Is this computerised accounting flaw isolated the answer is no, other companies in the real estate management have proved to have dire computed accounting problems starting with a BPCE subsidiary. Today the full extent of the sovereign junk on banks and insurance companies books are questioned and I do too question the positions reported, are they accurate?
    Ok. So here we go
    I read it, what r we supposed to say? It is just insane, yesterday she said Uncle San orchestrates a plot and today she wants to hang Lagarde. Think she should be arrested, didn't Gueant mentioned he was actively fighting drugs consumption?

    lundi 29 août 2011

    Never heard about that.... It appears to me that the most shared negative opinion isn't related to austerity policies but to some very legit demand regarding the EU debt mess. The explanations given, the previous Greek gov (small devil) was a cheat it got help from Goldman from Wall Street from NYC, three times devil big time... are not satisfactory, those really frustrated with the politicians and have reached a breaking point if there is any make some legit points. Starting with we don't care who cheated and how or if it got help or not, we want to know what exactly were doing the hundreds of reps in Strasburg paid over $15000 a month, aren't they in charge of anything including a legitimate surveillance of public finances?, what were doing the EU banking regulators for years?, what were doing the Brussels administration in charge of the currency and public finances for the EU? What have been doing the national banking regulators in countries most exposed to the Greek debt? What were doing the parliaments of those countries and what are they doing today? All of them failed big time and frankly whether the previous greek gov cheated or not can't be an excuse for the failure of national banking regulators, EU banking regulators, National and EU reps in charge of public finances. Those frustrated today are asking, everyone single one of those elected by us and paid with tax money or just paid when they are regulators have failed us, we are getting the bills and not single one of this bench are investigated, sanctioned or sacked for their lousy job.
    What would u tell them? I come short, thery failed, all of them and they r still running the show, people are disgusted and well they get really frustrated when those failures make fun ofon them explaining Uncle Sam, rating agencies the greek gov and some other phony excuses are responsiblefor the EU debt mess, they feel really disenfranchised and humiliated their own gov or and press think they are that dumb...
    With the data published I think bwe amy be able to establish the failures.

    hised