Facing a Monday deadline to craft an acceptable deal, the Cypriot parliament granted the government authority to impose capital controls and voted to nationalize some pension funds as part of an asset pooling plan that may ultimately back an ad hoc bond issue. The country may also adopt a good bank/ bad bank model under which Cyprus Popular Bank will be wound down. Parliament will vote over the weekend on a new iteration of the deposit tax and EU officials will convene in Brussels Sunday. Without a resolution, the country faces an all but certain bank run Tuesday morning. [View news story]
Tack, Wrong: it is the way to make money. Thank goodness there's some volatility so I can make profits. Beginning of last week I bought when everybody sold and at the end of the week I sold when everyone started to buy again. I even didn't have to sell all what I had bought to get the same amount of cash I started with. I can't frequently enough repeat therefore that politicians and the media are my best friends. Through this channel I particularly want to thank zerohedge. They've done a tremendous job in this Cyprus affair for me. So did Micro Investor. Thanks, Micro, I owe you a drink. (That already makes a hug and a drink; where is that going to end ?)
A Safe And A Shotgun, Or Public Sector Banks? The Battle Of Cyprus [View article]
Green, I was referring to the US when I ironised Asbytec's appreciative words on the Fed's accomodative policy.
As to Belgium's taxing policy, indeed my Walloon compatriots who face a 14% unemployment (23% in Brussels) and are engaged in a 60% share of public servancy (vs total Walloon employment), have every reason to increase taxes even more. (As an aside in Flanders the numbers are 30% public servants vs. 70% working in corporates or independently). Whether we benefit from any high level of services, I should doubt. Belgium is rather famous for it's chaotic way of organizing things to put it mildly. You should come over and have a look. A Belgian joke is an expression used by most of our neighbours to point out that nothing really works well here. That's why the most talented leave the country: one can't fight windmills.
The Dutch do have a high level of services though. Maybe you confound the two countries.
Facing a Monday deadline to craft an acceptable deal, the Cypriot parliament granted the government authority to impose capital controls and voted to nationalize some pension funds as part of an asset pooling plan that may ultimately back an ad hoc bond issue. The country may also adopt a good bank/ bad bank model under which Cyprus Popular Bank will be wound down. Parliament will vote over the weekend on a new iteration of the deposit tax and EU officials will convene in Brussels Sunday. Without a resolution, the country faces an all but certain bank run Tuesday morning. [View news story]
Macro, Contrary to your predictions, the Dutchman (actually, you said "Germany" since everything evil in your eyes must be German) did bully Cyprus and didn't concede to Cypriotic pressure. Or rather, the Cypriots finally acknowledged that political blackmail doesn't pay off with Dijsselbloem as head of the Eurogroup. Right now there's political chaos in Italy. But Italy has been functioning perfectly for ages in political chaos, a thing no American fully understands or thinks possible. Yet in Italy it is possible. I'd even say, the more chaos, the more Italians appreciate the situation and the better their economy thrives. Italy is not a poor country. They face a small Sovereign debt and their citizens are richer than the Germans. The only thing annoying is their current account deficit plus growing unemployment (thanks to the euro-system). It's not Dijsselbloem who's going to solve that problem. The Italians will have to solve it, maybe with the help of the Troika. Did you notice Spain runs a current account surplus now ? In a few days I'll be off to Madrid. Got to meet some friends. From there I pop over to Cordoba to embrace my grandchildren. Can't wait reporting on Spain.
Facing a Monday deadline to craft an acceptable deal, the Cypriot parliament granted the government authority to impose capital controls and voted to nationalize some pension funds as part of an asset pooling plan that may ultimately back an ad hoc bond issue. The country may also adopt a good bank/ bad bank model under which Cyprus Popular Bank will be wound down. Parliament will vote over the weekend on a new iteration of the deposit tax and EU officials will convene in Brussels Sunday. Without a resolution, the country faces an all but certain bank run Tuesday morning. [View news story]
Indeed, there won't be a bank run. Not only the capital control law would have prevented that, but the Cypriots won't have any reason anymore to empty their accounts. The haircut (20%?)will by Tuesday be a fact for large accounts anyway and the ECB money will be released. The Cypriots tried to play their Russian joker against the EU, but that hasn't worked. Medvedev isn't interested in non existing gas reserves. It's interesting to note that the nowadays Russians also prefer geopolitical stability to the eventual lure of a Russian naval basis on Cyprus. Leaving the EZ appears to be after all no option either for the Cypriots: defaulting would be more costly than staying under Dijsselbloem's umbrella. No more riots for the Cypriots.
FedEx, Caterpillar And Oracle Disappoint: What Sign Are These Bellwethers Sending? [View article]
Thanks for clarifying, Money, but if China isn't the relevant cause of CAT's sales' decline, it's apparently the US. Makes me thinking, how can that be given all that booming fracking business up in North Dakota plus everything related to it ?
FedEx, Caterpillar And Oracle Disappoint: What Sign Are These Bellwethers Sending? [View article]
Money, I have a feeling that imports of competitive material (KMTUY) from low priced countries (or should I say from countries who voluntarily have been downgrading their currency) has played a role in the relatively bad achievement of CAT in the US. Can you confirm that ? In other words, there should be statistics of imports of such material somewhere and hence it would be interesting to compare the share of CAT's sales to the sale of imported stuff. Anyway I keep faith in CAT.
A Safe And A Shotgun, Or Public Sector Banks? The Battle Of Cyprus [View article]
Ben, I agree, especially with your correction on the Author's ignorance of the EZ growing moneysupply. However, concerning CEO's salaries, what if large financial institutions pay huge bonuses to CEO's and eventually have to get bailed out by Government ?
Bakken: The Bounty Of Super-Rich Gas - Everything Investors Need To Know [View article]
Cool, Yeah, getting rid of that Middle Eastern monkey is something I long for since long too. It's a drag on our economy. Imagine if all the $$$'s spent on Arab oil now could actually be spent in the US. What a difference that would make. Secundary beneficiaries like SAIA will skyrocket.
The bailout rejected, what's next for Cyprus? Open Europe suggests the EU will allow a few days for Cypriot MPs to get their minds right before the ECB thinks about cutting off funding for the country's banks (which would lead to their collapse). Or not. Reuters' Anatole Kaletsky notes the ECB needs two-thirds of its board to cut off ELA funding, and the Germans don't have the votes. "Time to get bullish ... German U-turn ahead!" [View news story]
Looking at who was behind the massive GLD redemptions early this year, Commerzbank concludes the selling might be about done. Estimating quick-moving hedge funds accounted for about 10% of GLD holdings, Commerzbank reckons they've pared down positions to the point where, if anything, they're buyers at this level. [View news story]
Gee, the situation gets more interesting by the minute: Turkey has declared not to agree with an evantual "sale" of Cyprus's gas reserves (to the Russians) because it is Turkey 's beleif these gas reserves belong to them. Cyprus has promised Russia a marine basis in return for a bailout. Would the US like that ? http://on.mktw.net/15x...
Gold To Rise On The Demand For Savings [View article]
Tom, These cunning Cypriots tried to not only get money in Moscow, and to lure the Russians with their "non-proven" gas reserves (says the article), but also promised the Russians a marine-basis: http://bit.ly/16M4pdg This gets really interesting. I also got the more or less the same in English: http://bit.ly/15xdmnp that brings in Turkey: it gets more interesting by the minute.......
Gold To Rise On The Demand For Savings [View article]
It is my understanding, Tom, that Singapore benefits from all this. They sit in a comfortable armchair and all they have to do is signing the contracts of new banking accounts and let the money roll in.
Gold To Rise On The Demand For Savings [View article]
Tom, I saw Dijsselbloem tonight on Dutch TV declare that it was his decision and his plan concerning Cyprus and that he sticks to that commitment: http://bit.ly/15x5ylw In case you wouldn't find access to "Het Financiele Dagblad", I'll translate: "Dijsselbloem takes responsability for Cyprus Decision". I had a feeling from the very beginning that Dijsselbloem was behind the scheme. I know him since long and although he's a socialist, he's very shrewd and strict concerning public accounting. Dijsselbloem further declared that if Cyprus defaulted and wanted to leave the eurozone, his only wish was to prevent the crisis spreading to other nations. Safeguarding Greece among other nations would be priority. The EZ would take the necessary measures.
Facing a Monday deadline to craft an acceptable deal, the Cypriot parliament granted the government authority to impose capital controls and voted to nationalize some pension funds as part of an asset pooling plan that may ultimately back an ad hoc bond issue. The country may also adopt a good bank/ bad bank model under which Cyprus Popular Bank will be wound down. Parliament will vote over the weekend on a new iteration of the deposit tax and EU officials will convene in Brussels Sunday. Without a resolution, the country faces an all but certain bank run Tuesday morning. [View news story]
Wrong: it is the way to make money. Thank goodness there's some volatility so I can make profits.
Beginning of last week I bought when everybody sold and at the end of the week I sold when everyone started to buy again. I even didn't have to sell all what I had bought to get the same amount of cash I started with.
I can't frequently enough repeat therefore that politicians and the media are my best friends. Through this channel I particularly want to thank zerohedge. They've done a tremendous job in this Cyprus affair for me. So did Micro Investor. Thanks, Micro, I owe you a drink. (That already makes a hug and a drink; where is that going to end ?)
A Safe And A Shotgun, Or Public Sector Banks? The Battle Of Cyprus [View article]
I was referring to the US when I ironised Asbytec's appreciative words on the Fed's accomodative policy.
As to Belgium's taxing policy, indeed my Walloon compatriots who face a 14% unemployment (23% in Brussels) and are engaged in a 60% share of public servancy (vs total Walloon employment), have every reason to increase taxes even more.
(As an aside in Flanders the numbers are 30% public servants vs. 70% working in corporates or independently).
Whether we benefit from any high level of services, I should doubt. Belgium is rather famous for it's chaotic way of organizing things to put it mildly. You should come over and have a look. A Belgian joke is an expression used by most of our neighbours to point out that nothing really works well here. That's why the most talented leave the country: one can't fight windmills.
The Dutch do have a high level of services though. Maybe you confound the two countries.
Facing a Monday deadline to craft an acceptable deal, the Cypriot parliament granted the government authority to impose capital controls and voted to nationalize some pension funds as part of an asset pooling plan that may ultimately back an ad hoc bond issue. The country may also adopt a good bank/ bad bank model under which Cyprus Popular Bank will be wound down. Parliament will vote over the weekend on a new iteration of the deposit tax and EU officials will convene in Brussels Sunday. Without a resolution, the country faces an all but certain bank run Tuesday morning. [View news story]
Contrary to your predictions, the Dutchman (actually, you said "Germany" since everything evil in your eyes must be German) did bully Cyprus and didn't concede to Cypriotic pressure. Or rather, the Cypriots finally acknowledged that political blackmail doesn't pay off with Dijsselbloem as head of the Eurogroup.
Right now there's political chaos in Italy. But Italy has been functioning perfectly for ages in political chaos, a thing no American fully understands or thinks possible. Yet in Italy it is possible. I'd even say, the more chaos, the more Italians appreciate the situation and the better their economy thrives.
Italy is not a poor country. They face a small Sovereign debt and their citizens are richer than the Germans.
The only thing annoying is their current account deficit plus growing unemployment (thanks to the euro-system).
It's not Dijsselbloem who's going to solve that problem. The Italians will have to solve it, maybe with the help of the Troika.
Did you notice Spain runs a current account surplus now ?
In a few days I'll be off to Madrid. Got to meet some friends. From there I pop over to Cordoba to embrace my grandchildren. Can't wait reporting on Spain.
Facing a Monday deadline to craft an acceptable deal, the Cypriot parliament granted the government authority to impose capital controls and voted to nationalize some pension funds as part of an asset pooling plan that may ultimately back an ad hoc bond issue. The country may also adopt a good bank/ bad bank model under which Cyprus Popular Bank will be wound down. Parliament will vote over the weekend on a new iteration of the deposit tax and EU officials will convene in Brussels Sunday. Without a resolution, the country faces an all but certain bank run Tuesday morning. [View news story]
Not only the capital control law would have prevented that, but the Cypriots won't have any reason anymore to empty their accounts. The haircut (20%?)will by Tuesday be a fact for large accounts anyway and the ECB money will be released.
The Cypriots tried to play their Russian joker against the EU, but that hasn't worked. Medvedev isn't interested in non existing gas reserves. It's interesting to note that the nowadays Russians also prefer geopolitical stability to the eventual lure of a Russian naval basis on Cyprus.
Leaving the EZ appears to be after all no option either for the Cypriots: defaulting would be more costly than staying under Dijsselbloem's umbrella. No more riots for the Cypriots.
FedEx, Caterpillar And Oracle Disappoint: What Sign Are These Bellwethers Sending? [View article]
Makes me thinking, how can that be given all that booming fracking business up in North Dakota plus everything related to it ?
A Safe And A Shotgun, Or Public Sector Banks? The Battle Of Cyprus [View article]
FedEx, Caterpillar And Oracle Disappoint: What Sign Are These Bellwethers Sending? [View article]
FedEx, Caterpillar And Oracle Disappoint: What Sign Are These Bellwethers Sending? [View article]
I have a feeling that imports of competitive material (KMTUY) from low priced countries (or should I say from countries who voluntarily have been downgrading their currency) has played a role in the relatively bad achievement of CAT in the US.
Can you confirm that ? In other words, there should be statistics of imports of such material somewhere and hence it would be interesting to compare the share of CAT's sales to the sale of imported stuff.
Anyway I keep faith in CAT.
A Safe And A Shotgun, Or Public Sector Banks? The Battle Of Cyprus [View article]
However, concerning CEO's salaries, what if large financial institutions pay huge bonuses to CEO's and eventually have to get bailed out by Government ?
Bakken: The Bounty Of Super-Rich Gas - Everything Investors Need To Know [View article]
Yeah, getting rid of that Middle Eastern monkey is something I long for since long too. It's a drag on our economy. Imagine if all the $$$'s spent on Arab oil now could actually be spent in the US.
What a difference that would make.
Secundary beneficiaries like SAIA will skyrocket.
The bailout rejected, what's next for Cyprus? Open Europe suggests the EU will allow a few days for Cypriot MPs to get their minds right before the ECB thinks about cutting off funding for the country's banks (which would lead to their collapse). Or not. Reuters' Anatole Kaletsky notes the ECB needs two-thirds of its board to cut off ELA funding, and the Germans don't have the votes. "Time to get bullish ... German U-turn ahead!" [View news story]
Looking at who was behind the massive GLD redemptions early this year, Commerzbank concludes the selling might be about done. Estimating quick-moving hedge funds accounted for about 10% of GLD holdings, Commerzbank reckons they've pared down positions to the point where, if anything, they're buyers at this level. [View news story]
Cyprus has promised Russia a marine basis in return for a bailout. Would the US like that ?
http://on.mktw.net/15x...
Gold To Rise On The Demand For Savings [View article]
These cunning Cypriots tried to not only get money in Moscow, and to lure the Russians with their "non-proven" gas reserves (says the article), but also promised the Russians a marine-basis:
http://bit.ly/16M4pdg
This gets really interesting.
I also got the more or less the same in English:
http://bit.ly/15xdmnp
that brings in Turkey: it gets more interesting by the minute.......
Gold To Rise On The Demand For Savings [View article]
Gold To Rise On The Demand For Savings [View article]
I saw Dijsselbloem tonight on Dutch TV declare that it was his decision and his plan concerning Cyprus and that he sticks to that commitment:
http://bit.ly/15x5ylw
In case you wouldn't find access to "Het Financiele Dagblad", I'll translate: "Dijsselbloem takes responsability for Cyprus Decision".
I had a feeling from the very beginning that Dijsselbloem was behind the scheme. I know him since long and although he's a socialist, he's very shrewd and strict concerning public accounting.
Dijsselbloem further declared that if Cyprus defaulted and wanted to leave the eurozone, his only wish was to prevent the crisis spreading to other nations. Safeguarding Greece among other nations would be priority. The EZ would take the necessary measures.