Monthly Archives: December 2011
Italy Has Most Likely Entered its Fifth Recession as GDP Contracts
ECB to Lend Banks 498 billion Euros for Three Years; Much More Than Expected
“The European Central Bank will lend euro-area banks a record amount for three years and more than economists forecast in an effort to keep credit flowing to the economy during the sovereign debt crisis.
The Frankfurt-based ECB awarded 489 billion euros ($645 billion) in 1,134-day loans, the most ever in a single operation and more than economists’ median estimate of 293 billion euros in a Bloomberg News survey. The ECB said 523 banks asked for the funds, which will be lent at the average of its benchmark rate – – currently 1 percent — over the period of the loans. They start tomorrow.
“It was obviously an offer the banks could not refuse,” said Laurent Fransolet, head of fixed income strategy at Barclays Capital in London. “It shows the ECB is not out of ammunition and it gives banks security on liquidity for a few years. On the other hand it means banks will rely on the ECB for longer.”
Comments »Asia Rallies While Europe and U.S. Futures Go Into Digestion Mode
I’m surprised Asia & Europe did not lift more overnight given the powerful news out of Europe. Could this news have been leaked before yesterday’s open in NY ?
LIBOR, EURIBOR, 10 year yields for: Italy on the rise, Spain, France, and Germany
Comments »Late Night Fun: Eugenics Programs Fail
[youtube://http://www.youtube.com/watch?v=CRAcYy7JSYk 450 300] [youtube://http://www.youtube.com/watch?v=-KTsXHXMkJA 450 300]
Comments »
Croatia Smokes a Huge Pipe While Eating Magic Mushrooms
Is Free Speech and the First Amendment Under Attack ?
I’ve been trying to ignore this reoccurring story, but it is starting to irk me given the recent passing of NDAA 1867.
Comments »The U.K. Draws Up Expat Evac Plans in Case of Euro Destruction
Fukushma Linked to 14k U.S. State Side Deaths
Similar to radiation deaths seen after Chernobyl 14k Americans are believed to have died from the results of the Fukushima disaster. The death toll may rise according to the study.
[youtube://http://www.youtube.com/watch?v=lpAqiGSp29c&feature=related 450 300] [youtube://http://www.youtube.com/watch?v=zp7aDJLUf-U&feature=fvsr 450 300]Comments »
North Koreans weeping hysterically over the death of Kim Jong-il
I feel like the juxtaposed-drama-mask-avatar is apropos here: The sad face echoes the peoples’ grief, while the laughing one openly mocks it.
Comments »El-Erian Drops the Bomb: 1 in 3 Chance of a ’08-’09 Meltdown
“The head of the world’s biggest bond fund said he sees a more than 1-in-3 chance that the eurozone will break apart and trigger a financial crisis akin to the one that devastated the global economy in 2008.
“It would be the equivalent of a sudden stop” in which financial markets seized up, Mohamed El-Erian, chief executive officer of Pacific Investment Management Co. in Newport Beach, California, said. “It would be really, really messy.”
The global economy suffered its worst recession since World War II after the collapse of Lehman Brothers Holdings Inc. in September 2008 triggered steep falls in global stock markets. Gross domestic product in the U.S., the world’s largest economy, shrank by 5.1 percent.
El-Erian said in a Bloomberg interview that the crisis in Europe is no longer just about what will happen to periphery nations like Greece. “It is now a crisis for the eurozone as a whole,” he said.
He said the most likely outcome — with a 1 in 2 chance — is that European policy makers “get their act together” and manage the transition to a smaller currency union. The least likely is that the 17-nation euro zone stays intact: the possibility of that occurring is just 15 percent, he said……..”
Comments »CA’s Attorney General Files a Lawsuit Against Fannie and Freddie
Debt Restructuring Talks in Greece Hit the Skids as Hedge Funds Walk Out
Europe is in no short supply of crappy news for what seems like an eternity.
Comments »A Strong Yen Brings Jobs to America; Honda to Shift Manufacturing
Honda plans to shift some manufacturing to America because a stronger Yen is making exports not so profitable.
Comments »Investors Sell $34 Billion in Equity and Buy $74 Billion in Paper Worldwide for 2011
The U.S. managed to see $ billion of inflow into equities while a monster $86 billion was raised for bond funds.
Comments »Jabil Circuit Comes In Line
Leonard Green & Partners Files to Sell A 7.7% Stake in Whole Foods, $WFM
Japan’s Exports Fall More Than Expected
A slowdown in Europe has caused Japanese exports to fall for a second month. Exports fell 4.5% vs consensus of 4.3%.
Also adding pain to the data point was a strong Yen hurting profits for Japanese companies.
Comments »Asia Gaps Up Nicely….Did You Expect Anything Less ?
RIMM Trades Higher in After Hours
Research in Motion (NASDAQ:RIMM) shares are surging more than 5 percent after Reuters announced RIM turned down a takeover bid from Amazon Inc. (NASDAQ:AMZN).
Comments »
