11 Temmuz 2012 Çarşamba
10 Temmuz 2012 Salı
9 Temmuz 2012 Pazartesi
South African Gold Krugerrand
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South African Gold Krugerrand
The Krugerrand is a South African gold coin, first minted in 1967 to help market South African gold. The coin proved popular, and by 1980 the Krugerrand accounted for 90% of the gold coin market. It is produced by the South African Mint, and offered in one ounce, a half ounce, a quarter ounce and a tenth ounce of actual gold weight.The Krugerrand was introduced in 1967, as a vehicle for private ownership of gold. It was actually intended to circulate as currency. Therefore it was minted in a more durable gold alloy, unlike most other bullion coins.he Krugerrand is 32.6 mm in diameter and 2.74 mm thick. The Krugerrand's actual weight is 1.0909 troy ounces (33.93 g). It is minted from gold alloy that is 91.67% pure (22 karats), so the coin contains one troy ounce (31.1035 g) of gold. The remaining 8.33% of the coin's weight (2.826 g) is copper (an alloy known historically as crown gold which has long been used for English gold sovereigns), which gives the Krugerrand a more orange appearance than silver-alloyed gold coins. Copper alloy coins are harder and more durable, so they can resist scratches and dents.The Krugerrand is so named because the obverse bears the face of Boer statesman Paul Kruger, four-term president of the old South African Republic. The reverse depicts a springbok, one of the national symbols of South Africa. The image was designed by Coert Steynberg, and was previously used on the reverse of the earlier South African five shilling coin. The name "South Africa" and the gold content are inscribed in both Afrikaans and English Krugerrands were specifically created to be traded in the global market. They are the only 1 oz gold coins to not have a currency value attached to them. The value is based completely on it's gold content. The Krugerrand was the first 1 oz gold bullion coin and set the stage for other countries to mint bullion in the 1 oz measurements.Krugerrands are still one of the most internationally traded forms of gold and while at one time the most popular still is in the top 3 in terms of trade volume. Due to the change in attitude on paper currency and the financial markets, gold has emerged as the most trusted form of hedging against financial crisis with a those buying gold flocking to the Krugerrand.
How to Buy Silver ?
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There are many ways to own Silver. Here are a few examples.
Silver ETF- A Silver ETF basically trades like a stock. For instance, you can buy the silver ETF (SLV) and the price will go up when the price of silver goes up. However, the price can go down when the price of silver go down. Bear in mind, however, a silver ETF is only good for speculating on the price of silver. If you want to "own" silver, you should buy silver bullion.
Silver Bullion - Silver bullion are silver bars and coins. You can buy silver bars and coins at your local gold and silver dealer. Or you can safely buy online from large dealer like APMEX and Bullion Direct. Silver bullion usually trades anywhere from 15% to 50% over the spot price of silver. Owning silver bullion is a great way to protect you against a falling dollar.
Junk Silver - Junk silver are silver coins that were once minted by the United States decades ago. These nickels, dimes, quarters, half-dollars and dollar coins have anywhere from 30% to 90% silver content. Junk silver has some great advantages over silver bullion. You don't have to worry about he condition of the coins. You can dump them into a bag, unprotected and it won't effect the value of the coins. Also, you can buy junk silver in small amounts. And if there is a major financial crisis, junk silver coins can be used to buy gas and groceries.
There are many ways to own Silver. Here are a few examples.
Silver ETF- A Silver ETF basically trades like a stock. For instance, you can buy the silver ETF (SLV) and the price will go up when the price of silver goes up. However, the price can go down when the price of silver go down. Bear in mind, however, a silver ETF is only good for speculating on the price of silver. If you want to "own" silver, you should buy silver bullion.
Silver Bullion - Silver bullion are silver bars and coins. You can buy silver bars and coins at your local gold and silver dealer. Or you can safely buy online from large dealer like APMEX and Bullion Direct. Silver bullion usually trades anywhere from 15% to 50% over the spot price of silver. Owning silver bullion is a great way to protect you against a falling dollar.
Junk Silver - Junk silver are silver coins that were once minted by the United States decades ago. These nickels, dimes, quarters, half-dollars and dollar coins have anywhere from 30% to 90% silver content. Junk silver has some great advantages over silver bullion. You don't have to worry about he condition of the coins. You can dump them into a bag, unprotected and it won't effect the value of the coins. Also, you can buy junk silver in small amounts. And if there is a major financial crisis, junk silver coins can be used to buy gas and groceries.
Invest in Smaller Denomination Silver Bullion - Dimes, 1/10th ounce rounds
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Invest in Smaller Denomination Silver Bullion - Dimes, 1/10th ounce rounds , at 30 dollars an ounce 1 dime is worth 2.17 so stay as close to that as possible you don't want to pay hardly any premium on "junk" silver so just check around and see who has the lowest premiums in your area, those 90% coins require refining to be used industrially, that's why the premium is low.The Stagecoach silver that allows you to break it up is a good idea. I like the dimes, quarters, and dollars. Two types that you can still find in circulation are War .05 & 1/2 90&40%. Both easy to spot and a lot of people bad mouth both of them, but copper is 3.66 a lbs and nickle is also up. You need some gold & a great buy are Aust.1/20 coins. The US Govt. can take your bullion, so lock it up. FDR did this in 1933.
New TENTH (1/10) Ounce Silver rounds
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Junk Silver is great! The only issue we have found is that the government doesn't make it anymore, therefore the premiums on junk silver have increased dramatically in the last few years because it's being hoarded.There is also a benefit to having the silver content clearly marked on each piece, and Liquidity is definitely an issue with the threat of economic collapse.the problem with junk silver is you have to know what the content is. These rounds are clearly marked in silver denominations.
How To Buy Gold and Silver Coins and Bullion at Below Spot Price
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How To Buy Gold and Silver Coins and Bullion at Wholesale Lowest Prices Some thoughts on buying silver and gold as a preparation for an economic collapse.During this broadcast we answered a few concerns and questions that folks had about coins and the over all what to buy and why. PLUS some advice on exactly HOW to buy Silver coins from your area at possibly below the spot price.
"buy gold and silver" "gold bullion" silver bullion buy gold at wholesale fort walton beach Pensacola Las Vegas Flagstaff Tucson Casa Grande Avondale Apache Junction Willcox Peoria Mesa Gilbert Chandler Scottsdale Tempe Phoenix Arizona FloridaHow To Buy Gold and Silver Coins and Bullion at Wholesale Lowest PricesIn this video I'll explain the pricing steps that the American SIlver Eagle goes through before you have the opportunity to buy it. Believe me... there is a lot or markup before it makes it's way to your local coin shop in Phoenix, Los Angeles, Sacramento, Seattle, Dallas, Tucson, Scottsdale or wherever you happen to live.I'll also tell you about an exclusive club which provides members the opportunity to buy all the silver and gold they want at true wholesale prices... which obviously saves you money and greatly improves your investment.
8 Temmuz 2012 Pazar
How to Store Silver
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Store Silver | Best Ways To Store Silver ,You can discover many other ways to hide and store your gold and silver by grabing a copy of Doyle Shuler's new book that is now available on Amazon; "The Definitive Guide To Storing Gold and Silver: Must Know Secrets To Insuring The Safety of Your Metals and Yourself"I wish you great success in storing your gold and storing your silver.Store Silver - Best Ways To Store Silver
In this video Doyle gives you dozens of different options for storing your silver coins, silver bars and your silver bullion. Storing silver is serious business. If you do it right, life is good. If you do it wrong, you can lose it all in an instant. Doyle has spent months researching the storing of silver and now you can benefit from this quickly and easily. Step one is to create a silver storage plan. The key to the plan is to diversify. Don't put all of your silver bullion in one place. Smart investors spread it out. If you take a loss, you still have some silver left that is in other hiding or storage places.
In this video Doyle gives you dozens of different options for storing your silver coins, silver bars and your silver bullion. Storing silver is serious business. If you do it right, life is good. If you do it wrong, you can lose it all in an instant. Doyle has spent months researching the storing of silver and now you can benefit from this quickly and easily. Step one is to create a silver storage plan. The key to the plan is to diversify. Don't put all of your silver bullion in one place. Smart investors spread it out. If you take a loss, you still have some silver left that is in other hiding or storage places.
COPPER THE POOR MANS GOLD - Copper as Bullion
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People already know that copper is valuable, just look at all the copper theft that goes on. If and when a crisis happens, people will be collecting, hoarding and trading all the metals in my opinion. Nickel was up over $13.00 a pound just this morning. Nickel definitely has value and can be traded.90/10 silver coins are a great way to aquire silver. you can still buy junk silver coins for melt. The dealers buy them for about 14-16 times face value and sell them for melt. 90% silver coins are quite popular. I long for the days when you could buy Kennedy Halves all day long for melt. That was 4-5 years ago. Now its anywhere from $2 to $6 over spot. People are paying a whopping 40% premium on Ebay. Junk Silver Bags can be purchased at APMEX. I would stay away from copper and stick with silver and gold. If you are concerned about barter buy 90% Silver.
Copper and Silver could work very well together as money in an economic collapse. I don't think just silver or gold will be used in a situation as that. I think Gold, silver and copper will be used together. Silver bullion and copper bullion I believe would be used for common transactions. Both silver and copper are useful as trade units if pressed into coin form.If we entered into a hyperinflationary enviroment the countries that hold dollar reserves would be looking for something to trade the dollar for and I believe it will be copper, oil etc. Copper is priced in dollars so as our dollar is debased the price of copper will rise as well. A dollar collapse would cause prices of all commodities to sky rocket. Food riots, hoarding etc. Preppers should prepare for every scenario and copper bullion can't hurt.
Silver Bullion | World Trade Silver (Dutch Auction Exclusive Design)
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Silver Bullion | World Trade Silver (Dutch Auction Exclusive Design)
GOLD AND SILVER CRASH! DONT WORRY ITS ONLY PAPER! I think the derivatives market is about to unravel ....... Why is this paper silver legal? Because the Banksters rule the world... Irrational policies (Laws) become common place in a system which is based on irrationality.Short answer...the dogma known as "Government" leads to such non-sense.Merely claiming "the banksters" as many people will try to do is only a result of the problem - not the problem...Government is the problem.by suppressing the price of silver/gold in a downward trend, it builds confidence in the paper currency. Kind of a "morale booster" for the American population. Some people can see the handwriting on the wall (like china, Russia, India etc. who are now hoarding gold and silver and refuse to purchase oil with dollars anymore). If I were king for a day in this exact scenario, it'd probably do the same thing. It's every man for himself.I'm not selling, I'm a buyer and keeper. buy buy buy .This is a buying opportunity BIG TIME.STACK, STACK, STACK
2012 Canadian Moose Silver coin Wildlife Series
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This is the fourth coin released as part of the Royal Canadian Mint's Wildlife Series. As with the Wolf, Grizzly and Cougar, this is a great bullion coin with numismatic value also. Mintage was stated to be only one million coins. It is also contains one ounce of .9999 fine silver. Most coins from other countries are only .999 fine. If you're a bullion or coin collector, I highly recommend adding this coin to your collection. It can currently be purchased for only a few dollars over spot but be forewarned, last year's Wolf & Grizzly coins are now priced significantly over spot.
2012 Canadian Moose Silver coin (Wildlife Series)Description:Grade: Brilliant UncirculatedDenomination: $5Diameter: 38 mmThickness: 3.29 mm
Silver Coin Minting Process
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Coin Minting Process - Quality Silver Bullion Minting Tour I have bought 400 oz. from QSB...very good quality, none are under 1 oz. if my scale is correct. I highly recommend this company since they weigh the coins individually to make sure they are not under weight. However this company should not only make rounds but also bars. Many people prefer bars instead of rounds ,I think 10oz bars would be worth the hassle people love 10oz on ebay they scramble to get the JM,wallstreet, apmex and perth..Personally I only buy maple leaf at the moment, because it's 99.99 rather than 99.90. To me, four 9s always beats three 9s. (as like full house beats three of a kind).Now remember that this is bullion grade and is usually made and purchased in high quantities. A collectors piece usually has a limited quantity and costs a lot more per piece. As an investor, it usually isn't the best idea to purchase collector's pieces because of the high prices.
7 Temmuz 2012 Cumartesi
Quit Teasing
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Jim Rogers
And what about gold? Don't worry it's going to the moon!
FULL FORCE SELLING IN ALL SECTORS
Has the raging Commodity Bull been dying a slow death?
I think the Commodity Bull market of 20 years is completing. See the chart, it is a massive head and shoulders since 2009 and is about to complete. What scared me is how textbook it is on price and especially the way it is obeying the volume rules...careful here now! Don't forget to see the chart Shaza has sent in full size just click on it. QB
And for your entertainment from O Brother Where are Thou
Jim Rogers
And what about gold? Don't worry it's going to the moon!
FULL FORCE SELLING IN ALL SECTORS
Has the raging Commodity Bull been dying a slow death?I think the Commodity Bull market of 20 years is completing. See the chart, it is a massive head and shoulders since 2009 and is about to complete. What scared me is how textbook it is on price and especially the way it is obeying the volume rules...careful here now! Don't forget to see the chart Shaza has sent in full size just click on it. QB
And for your entertainment from O Brother Where are Thou
Eternal Commodity Bulls Have ‘Thrown in Towel’: Marc Faber
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Commodities bulls may have finally “thrown in the towel,” Marc Faber, the editor and publisher of the 'Gloom, Boom and Doom' report told CNBC, after commodities suffered their biggest one-day fall this year on Thursday.
“This weakness is a clear indication of a global economic contraction…fundamentals have been deteriorating for some time but now the eternal bulls have thrown in the towel,” Faber said on Friday. “In other words, the perception has changed.”
Faber expects more weakness in industrial commodities, though he said agricultural commodities "look better".The Thomson Reuters-Jefferies CRB commodities index lost more than 2 percent on Thursday, its biggest decline this year, bringing it close to its lowest level since September 2010, after disappointing economic data from the U.S. and manufacturing reports from China and Europe pointed to a persistently weak global economy.West Texas intermediate [CLCV1 80.16
1.96 (+2.51%) 
] plunged 3.5 percent, or $3.05 to close at $78.20 per barrel, the first close below $80 since October. Gold [GCCV1 1572.00 6.50 (+0.42%) ] was trading at $1,561.25 per ounce in early trading in Asia on Friday, after losing close to 3 percent on Thursday.Andrew Su, CEO of Compass Markets, a Sydney-based commodity broker, said he has been forecasting weakness in commodities since the beginning of the year and does not expect the selling to stop any time soon. “Fundamentals haven’t changed but investor sentiment certainly has,” Su told CNBC. “We certainly do (expect more downside). All our September quarter targets have either been reached or are very close to being achieved. We will be revising our targets lower soon.”
Bundesbank Swipes at Draghi as European Fault Lines DeepenThe Bundesbank opposition to the European Central Bank’s plan to help ailing financial institutions is its latest swipe at the crisis-fighting efforts of Mario Draghi’s central bank.As Spanish banks scramble for collateral to use in the refinancing operations that are keeping them afloat, the ECB said today it will cut the rating thresholds and amend eligibility requirements for some asset-backed securities. While the move will give stressed banks greater access to ECB liquidity, it may also increase the amount of risk on the central bank’s balance sheet.“We’re critical of this,” Bundesbank spokesman Michael Best said. In terms of collateral, “we won’t accept what we don’t have to accept,” he said.The criticism highlights one of the fault lines dividing European officials as they struggle to end a crisis threatening to rip the currency union apart. As Draghi’s officials scramble to put together policies that will fight the latest stage of the turmoil, German policy makers are emphasizing the dangers of pursuing unorthodox policies that potentially put taxpayers on the hook for future losses.“It’s almost the usual game: the ECB has to do something to alleviate a liquidity crisis and the Bundesbank isn’t very happy about it,” Holger Schmieding, chief economist at Berenberg Bank in London, said in a telephone interview. “The Bundesbank being critical doesn’t fully counteract what the ECB is doing, but possibly makes it a little less effective.”
Art Cashin in a 2 minute interview head of UBS floor operations
http://video.cnbc.com/gallery/?video=3000097856
Here is the transcript:
thank you, mary. now the little more with art cash with ubs. art, you know, i looked at the bond market. not like there's a flood of cash there. they're just raising cash. the question is why? well, there's a couple of things. there were rumors round about acouple of firms putting out technical notices that the s&p might be vulnerable. that caught some people off guard. you would come in with a growing belief headed possibly toward a global slowdown. you got bad pmi data out of china and germany and there's a growing sense around that the spirit of angela merkle may be like the ghost hung over the meeting of the fmoc yesterday. and that the fed held its powder because it was afraid if it made a big move it would possibly destabilize things in europe so -- bernanke doesn't want to be too aggressive and being differential to the people in europe handling their own issue d having a negative impact here. i mean, you have a dynamic where they want to keep rates low to maybe encourage some risk appetite and obviously in the near term not working at all. that's the problem. the low rates haven't done anything and almost trapped. they're handcuffed. can you imagine if rates started to go up around the world? europe would be in desperate shape. if it went up significantly, we couldn't fund the national debt here at a higher rate. there's a great deal of concern. bernanke's concern is there's plenty of liquidity around and can't get it to the people that need it, the people who areunderwater in houses, bad credit ratings. he's got to find a way to stimulate the money, not get more of it but moving around. in the right place. thank you, art cashin. jackie deangelis, almost 2% to
Commodities bulls may have finally “thrown in the towel,” Marc Faber, the editor and publisher of the 'Gloom, Boom and Doom' report told CNBC, after commodities suffered their biggest one-day fall this year on Thursday.
 |
| Bloomberg | Getty ImagesMarc Faber, managing director of Marc Faber Ltd. and publisher of the Gloom, Boom and Doom Report |
Faber expects more weakness in industrial commodities, though he said agricultural commodities "look better".The Thomson Reuters-Jefferies CRB commodities index lost more than 2 percent on Thursday, its biggest decline this year, bringing it close to its lowest level since September 2010, after disappointing economic data from the U.S. and manufacturing reports from China and Europe pointed to a persistently weak global economy.West Texas intermediate [CLCV1 80.16
1.96 (+2.51%) ] plunged 3.5 percent, or $3.05 to close at $78.20 per barrel, the first close below $80 since October. Gold [GCCV1 1572.00 6.50 (+0.42%) ] was trading at $1,561.25 per ounce in early trading in Asia on Friday, after losing close to 3 percent on Thursday.Andrew Su, CEO of Compass Markets, a Sydney-based commodity broker, said he has been forecasting weakness in commodities since the beginning of the year and does not expect the selling to stop any time soon. “Fundamentals haven’t changed but investor sentiment certainly has,” Su told CNBC. “We certainly do (expect more downside). All our September quarter targets have either been reached or are very close to being achieved. We will be revising our targets lower soon.”RELATED LINKS
- Why Oil Prices Are Lowest They've Been in Months
- Gold and Silver Get Slammed as Dollar Soars
- Gold Rises to Settle at $1,566 After Big Weekly Drop
Bundesbank Swipes at Draghi as European Fault Lines DeepenThe Bundesbank opposition to the European Central Bank’s plan to help ailing financial institutions is its latest swipe at the crisis-fighting efforts of Mario Draghi’s central bank.As Spanish banks scramble for collateral to use in the refinancing operations that are keeping them afloat, the ECB said today it will cut the rating thresholds and amend eligibility requirements for some asset-backed securities. While the move will give stressed banks greater access to ECB liquidity, it may also increase the amount of risk on the central bank’s balance sheet.“We’re critical of this,” Bundesbank spokesman Michael Best said. In terms of collateral, “we won’t accept what we don’t have to accept,” he said.The criticism highlights one of the fault lines dividing European officials as they struggle to end a crisis threatening to rip the currency union apart. As Draghi’s officials scramble to put together policies that will fight the latest stage of the turmoil, German policy makers are emphasizing the dangers of pursuing unorthodox policies that potentially put taxpayers on the hook for future losses.“It’s almost the usual game: the ECB has to do something to alleviate a liquidity crisis and the Bundesbank isn’t very happy about it,” Holger Schmieding, chief economist at Berenberg Bank in London, said in a telephone interview. “The Bundesbank being critical doesn’t fully counteract what the ECB is doing, but possibly makes it a little less effective.”
Fault Lines
http://www.businessweek.com/news/2012-06-22/ecb-loosens-collateral-rules-for-banks-to-ease-access-to-fundsArt Cashin in a 2 minute interview head of UBS floor operations
http://video.cnbc.com/gallery/?video=3000097856
Here is the transcript:
thank you, mary. now the little more with art cash with ubs. art, you know, i looked at the bond market. not like there's a flood of cash there. they're just raising cash. the question is why? well, there's a couple of things. there were rumors round about acouple of firms putting out technical notices that the s&p might be vulnerable. that caught some people off guard. you would come in with a growing belief headed possibly toward a global slowdown. you got bad pmi data out of china and germany and there's a growing sense around that the spirit of angela merkle may be like the ghost hung over the meeting of the fmoc yesterday. and that the fed held its powder because it was afraid if it made a big move it would possibly destabilize things in europe so -- bernanke doesn't want to be too aggressive and being differential to the people in europe handling their own issue d having a negative impact here. i mean, you have a dynamic where they want to keep rates low to maybe encourage some risk appetite and obviously in the near term not working at all. that's the problem. the low rates haven't done anything and almost trapped. they're handcuffed. can you imagine if rates started to go up around the world? europe would be in desperate shape. if it went up significantly, we couldn't fund the national debt here at a higher rate. there's a great deal of concern. bernanke's concern is there's plenty of liquidity around and can't get it to the people that need it, the people who areunderwater in houses, bad credit ratings. he's got to find a way to stimulate the money, not get more of it but moving around. in the right place. thank you, art cashin. jackie deangelis, almost 2% to
U.S. Banks Aren’t Nearly Ready for Coming European Crisis
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By Simon JohnsonThe euro area faces a major economic crisis, most likely a series of rolling, country-specific problems involving some combination of failing banks and sovereigns that can’t pay their debts in full.This will culminate in systemwide stress, emergency liquidity loans from the European Central Bank and politicians from all the countries involved increasingly at one another’s throats.Even the optimists now say openly that Europe will only solve its problems when the alternatives look sufficiently bleak and time has run out. Less optimistic people increasingly think that the euro area will break up because all the proposed solutions are pie-in-the-sky. If the latter view is right -- or even if concern about dissolution grows in coming months -- markets, investors, regulators and governments need to worry not just about interest-rate risk and credit risk, but also dissolution risk.What’s more, they also need to worry a great deal about what the repricing of risk will do to the world’s thinly capitalized and highly leveraged megabanks. Officials, unfortunately, appear not to have thought about this at all; the Group of 20 meeting and communique last week exuded complacency and neglect.Very few people seem to have gotten their heads around dissolution risk. Here’s what it means: If you have a contract that requires you to be paid in euros and the euro no longer exists, what you will receive is unclear.
By Simon JohnsonThe euro area faces a major economic crisis, most likely a series of rolling, country-specific problems involving some combination of failing banks and sovereigns that can’t pay their debts in full.This will culminate in systemwide stress, emergency liquidity loans from the European Central Bank and politicians from all the countries involved increasingly at one another’s throats.Even the optimists now say openly that Europe will only solve its problems when the alternatives look sufficiently bleak and time has run out. Less optimistic people increasingly think that the euro area will break up because all the proposed solutions are pie-in-the-sky. If the latter view is right -- or even if concern about dissolution grows in coming months -- markets, investors, regulators and governments need to worry not just about interest-rate risk and credit risk, but also dissolution risk.What’s more, they also need to worry a great deal about what the repricing of risk will do to the world’s thinly capitalized and highly leveraged megabanks. Officials, unfortunately, appear not to have thought about this at all; the Group of 20 meeting and communique last week exuded complacency and neglect.Very few people seem to have gotten their heads around dissolution risk. Here’s what it means: If you have a contract that requires you to be paid in euros and the euro no longer exists, what you will receive is unclear.
No Euro
As a warm-up, consider first a simple contract. Let’s say you have lent 1 million euros to a German bank, payable three months from now. If the euro suddenly ceases to exist and all countries revert to their original currencies, then you would probably receive payment in deutsche marks. You might be fine with this -- and congratulate yourself on not lending to an Italian bank, which is now paying off in lira.But what would the exchange rate be between new deutsche marks and euros? How would this affect the purchasing power of the loan repayment? More worrisome, what if Germany has gone back on the deutsche mark but the euro still exists -- issued by more inflation-inclined countries? Presumably you would be offered payment in the rapidly depreciating euro. If you contested such a repayment, the litigation could drag on for years.What if you lent to that German bank not in Frankfurt but in London? Would it matter if you lent to a branch (part of the parent) or a subsidiary (more clearly a British legal entity)? How would the British courts assess your claim to be repaid in relatively appreciated deutsche marks, rather than ever-less- appealing euros? With the euro depreciating further, should you wait to see what the courts decide? Or should you settle quickly in hope of recovering half of what you originally expected?What if you lent to the German bank in New York, but the transaction was run through an offshore subsidiary, for example in the Cayman Islands? Global banks are extremely complex in terms of the legal entities that overlap with business units. Do you really know which legal jurisdiction would cover all aspects of your transaction in the currency formerly known as the euro?Moving from relatively simple contracts to the complex world of derivatives, what would happen to the huge euro- denominated interest-rate swap market if euro dissolution is a real possibility? I’ve talked to various experts and heard a variety of fascinating opinions, but no one really knows.Dissolution Risk
http://www.bloomberg.com/news/2012-06-24/u-s-banks-aren-t-nearly-ready-for-coming-european-crisis.htmlMerkel Backs Debt Sharing In Germany Amid Closer EU Union Push
Chancellor Angela Merkel’s government agreed to underwrite the debt of Germany’s states, backing a form of burden-sharing that she is resisting at the euro-area level to combat the financial crisis.The federal government, facing pressure from the 16 states over tighter European Union budget rules that risked worsening a deficit squeeze, unexpectedly backed a form of shared liability to help the states meet constitutional budget limits. The two layers of government plan their first joint debt sale in 2013, the government press office said in an e-mailed statement.Joint debt sales in the 17-nation currency region “don’t make sense” as long as budgets are set by national governments, Schaeuble told ZDF television late yesterday. “As long as the national states make the decisions, they have to be liable. If you can spend money on my tab, you won’t be thrifty.”Merkel’s government backed down in a deal the opposition, which controls the upper house of parliament, said will help secure ratification of the EU’s fiscal pact in Germany. The accord doesn’t mean Germany is ready to assume similar liability for the euro zone, Finance Minister Wolfgang Schaeuble said.Bavaria, one of Germany’s richest states and home to the world’s two-biggest makers of luxury cars, Bayerische Motoren Werke AG and Audi AG, has deployed the same argument against shared debt sales in Germany, saying so-called Deutschland bonds would weaken budget discipline. Merkel’s spokesman, Steffen Seibert, said in March that she opposed the measure.Merkel Concessions
http://www.bloomberg.com/news/2012-06-24/merkel-backs-debt-sharing-in-germany-amid-closer-eu-union-push.htmlMoody’s Notices That Banks Are Risky, Four Years Too Late
Markets don’t always reflect the truth, but this time they did.One day after Moody’s Investors Service cut the credit ratings of 15 major U.S. and European banks, and hours after front pages around the world proclaimed the downgrades to be Big News, the markets stopped, sighed, shrugged and moved on. In fact, they rallied, with stocks and bonds of U.S. banks jumping by more than 1 percent. The reaction is reminiscent of the events of last August, when the U.S. government’s borrowing costs fell after Standard & Poor’sstripped the country of its AAA credit rating.Once upon a time, the proclamations of credit-rating companies and the resulting market moves tended to go in the same direction. Back in 2005, downgrades of General Motors and Ford caused the companies’ bonds to drop and whipped up a tempest in financial markets.What gives? First, there’s the obvious. At least in the U.S., banks have generally been building up their capital and cash reserves and paring down their holdings of soured loans and securities. So the downgrades contrast with recent experience.Second, and more important, ratings are by their nature backward-looking. They fall only after the problems of a borrower are obvious and demonstrable. So they should catch markets by surprise only if investors haven’t been doing their homework.Too Late
Consider the rationale of Moody’s for its latest bank downgrades, which affected such big institutions as Citigroup Inc., Bank of America Corp., JPMorgan Chase & Co., Goldman Sachs Group, Deutsche Bank AG and Barclays Plc. The rater’s analysts noted that the banks, all of which have big trading operations, “have significant exposure to the volatility and risk of outsized losses inherent to capital markets activities” -- meaning that a market crash could cause them to lose so much money they would be unable to pay their creditors.The observation isn’t wrong. It’s just more than four years too late. The financial crisis of 2008 was enough to alert investors to the risk: The cost of default insurance on Goldman Sachs, for example, more than doubled when Bear Stearns failed in March 2008, quadrupled when Lehman Brothers Holdings Inc. went bankrupt in September 2008, and remains more than six times its pre-crisis level. Moody’s downgraded Goldman by one level in December 2008, and it took until now to do a second, two-level downgrade. The situation for all the other downgraded banks is similar.If markets are recognizing that credit ratings are old news -- and possibly even conflicted, given that the raters are paid by the entities they rate -- the development can only be seen as desirable. We’ll all be better off if financial regulators (who allow the ratings to affect measures of bank capital), pension- fund managers (who use the ratings to define their funds’ investment strategies) and lawmakers do the same.http://www.bloomberg.com/news/2012-06-22/moody-s-notices-that-banks-are-risky-four-years-too-late.htmlSo What's the Bank of England up to?
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Bank of England unleases third round of stimulusJuly 5, 2012 - 9:09PMRead laterThe Bank of England launched a third round of monetary stimulus on Thursday, announcing it would restart its printing presses and buy 50 billion pounds ($76 billion) of asset purchases with newly created money to help the economy out of recession.
The move was widely expected after BoE Governor Mervyn King said last month the economic outlook had deteriorated since the BoE called a halt to its second round of asset purchases - also known as quantitative easing - in May.
The BoE has bought 325 billion pounds of government bonds to date, and the purchases announced on Thursday take this total to 375 billion.Although Greek elections last month avoided a worst-case outcome of a government vehemently opposed to the country's bailout, the eurozone debt crisis continues to fester and is increasingly weighing on the global economy.
The European Central Bank is widely expected to cut interest rates when it announces its policy decision at 1145 GMT, although the BoE kept its interest rate on hold at 0.5 per cent, where it has been since March 2009.Britain's economy has been in recession according to official data since late last year, and private-sector data is also showing a slowdown.
Inflation has fallen more than expected to 2.8 per cent, easing some of the concerns that caused the BoE to halt stimulus in May, though it is still well above its 2 per cent target.The QE stimulus follows joint measures announced by the government and BoE last month to improve the flow of credit to businesses, and to ensure banks do not suffer from a lack of ready cash if the eurozone crisis deepens.
The BoE says its purchases of government bonds help the economy by encouraging other investors to buy riskier assets instead, making it easier for large companies to raise funds through bond or share issues. Critics argue the BoE needs to do more to boost the flow of credit to smaller companies.Read http://www.smh.com.au/business/world-business/bank-of-england-unleases-third-round-of-stimulus-20120705-21k8r.html
Play VideoJuly 3 (Bloomberg) -- James Glassman, senior economist at JPMorgan Chase & Co., talks about the U.S. labor market and economy and the outlook for Federal Reserve monetary policy. Glassman speaks with Tom Keene, Sara Eisen and Scarlet Fu on Bloomberg Television's "Surveillance." (Source: Bloomberg)Companies from Family Dollar Stores Inc. (FDO) to FedEx Corp. (FDX) are seeing waning demand, underscoring concern about Europe’s debt crisis, cooling global markets and an absence of U.S. fiscal policy clarity that’s also hurting manufacturing. Limited hiring and income growth indicate households will be reluctant to step up purchases, which account for about 70 percent of the economy.“The outlook for consumer spending stays pretty soft,” said Ellen Zentner, a senior economist at Nomura Securities International Inc. in New York. “There is slow to no wage growth. Economic growth is still frustratingly slow.”http://www.bloomberg.com/news/2012-07-05/service-industries-in-u-s-probably-expanded-at-slower-pace.html
The company logo for the Industrial & Commercial Bank of China Ltd. (ICBC) is seen outside a branch in Beijing, China. Photographer: Nelson Ching/BloombergEnlarge image
The China Banking Regulatory Commission (CBRC) seal is seen outside their offices in Beijing. Photographer: Nelson Ching/BloombergShares of banks fell in Shanghai on concern that the limits may curtail loan growth. The regulator is imposing controls to reduce the risk of defaults as policy makers cut interest ratesand lower lenders’ reserve requirements to arrest a slowdown in the world’s second-biggest economy.“The loan-to-deposit ratio has proved to be the most effective tool in reining in lending and preventing liquidity risks at Chinese banks,” said Luo Yi, a Shenzhen-based analyst at China Merchants Securities Co. “The government won’t let it go easily. All it needs to do is to not tightly enforce the ratio when the regulator really wants to ease credit.”Industrial Bank Co. (601166) slid 1 percent to 13.01 yuan and China Citic Bank Corp. fell 0.5 percent to 4.02 yuan, leading declines among lenders in Shanghai trading. The reaction inHong Kong was mixed, with shares of Bank of China Ltd. falling 1 percent to HK$2.91 while Industrial & Commercial Bank of China (1398) Ltd. rose 0.2 percent to HK$4.29.
Anyone feeling hopeful?
(Reuters) - U.S. private employers stepped up hiring in June and the number of Americans filing new claims for jobless benefits last week fell by the most in two months, hopeful signs for the struggling labor market.
Employers outside government added 176,000 new workers to their payrolls last month, the ADP National Employment Report showed on Thursday, after increasing 136,000 in May.
The government will release its closely watched employment report for June on Friday. While ADP has a poor track record of predicting nonfarm payrolls, it was a welcome sign for the labor market.
Initial claims for state unemployment benefits dropped 14,000 to a seasonally adjusted 374,000, the Labor Department said. The four-week moving average for new claims, a better measure of labor market trends, fell 1,500 to 385,750.
"Jobless claims are a move in the right direction. The drop, combined with the ADP report earlier, suggests the jobs market is not as weak as recent data has suggested," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.
Nonfarm payrolls are expected to have increased 90,000 in June, according to a Reuters survey, after May's 69,000 gain.
The unemployment rate is seen steady at 8.2 percent after rising in May for the first time since August.
Job growth has weakened in recent months amid a cloud of uncertainty, spawned by the European debt crisis and fears of tax increases at home next year.
The struggling labor market prompted the Federal Reserve last month to ease monetary policy further by extending a program to re-weight bonds it already holds toward longer maturities to hold down borrowing costs.
"The Federal Reserve needs to see sustained improvement, like the claims moving back down toward 300,000 and a steady decline in the unemployment rate," said John Canally, an economist at LPL Financial in Boston.
"If we get a couple of more bad jobs reports, (Fed policymakers) will come in with more stimulus. Today's reports suggest they might hold off, but they will want to see more data before they decide."
New applications for unemployment benefits remain in a tight range, and the four-week average is still elevated, suggesting any improvement in the jobs market will only be gradual.
A Labor Department official said there was nothing unusual in the state-level data and only Alaska had been estimated.
The number of people still receiving benefits under regular state programs after an initial week of aid climbed 4,000 to 3.31 million in the week ended June 23.
The number of people on extended benefits fell 12,113 to 47,425 in the week ended June 16, the latest week for which data is available, as more states lost eligibility for extended benefits for the long-term unemployed.
Now only four states offer extended benefits.
Great so all you deadbeats use that last check for a tent and look for a park to pitch it in and a coleman stove for cooking and maybe a lantern and read books by lantern or candlelight just like Abe Lincoln. We've come a long way baby!http://www.reuters.com/article/2012/07/05/us-usa-economy-jobless-idUSBRE8640K120120705
The move was widely expected after BoE Governor Mervyn King said last month the economic outlook had deteriorated since the BoE called a halt to its second round of asset purchases - also known as quantitative easing - in May.
The BoE has bought 325 billion pounds of government bonds to date, and the purchases announced on Thursday take this total to 375 billion.Although Greek elections last month avoided a worst-case outcome of a government vehemently opposed to the country's bailout, the eurozone debt crisis continues to fester and is increasingly weighing on the global economy.
The European Central Bank is widely expected to cut interest rates when it announces its policy decision at 1145 GMT, although the BoE kept its interest rate on hold at 0.5 per cent, where it has been since March 2009.Britain's economy has been in recession according to official data since late last year, and private-sector data is also showing a slowdown.
Inflation has fallen more than expected to 2.8 per cent, easing some of the concerns that caused the BoE to halt stimulus in May, though it is still well above its 2 per cent target.The QE stimulus follows joint measures announced by the government and BoE last month to improve the flow of credit to businesses, and to ensure banks do not suffer from a lack of ready cash if the eurozone crisis deepens.
The BoE says its purchases of government bonds help the economy by encouraging other investors to buy riskier assets instead, making it easier for large companies to raise funds through bond or share issues. Critics argue the BoE needs to do more to boost the flow of credit to smaller companies.Read http://www.smh.com.au/business/world-business/bank-of-england-unleases-third-round-of-stimulus-20120705-21k8r.html
Service Industries In U.S. Probably Expanded At Slower Pace
Isn't this great news? More low paying service job are slowing as well. Guess that rule me out at Walmart and Burger King.Service industries in the U.S. probably grew in June at a slower pace, a sign the world’s largest economy is struggling to maintain momentum, economists said before a report today.The Institute for Supply Management’s index of non- manufacturing businesses, covering about 90 percent of the economy, fell to 53 from 53.7 in May, according to the median forecast of 63 economists surveyed by Bloomberg News. Readings above 50 signal expansion. Initial jobless claims last week stayed close to the highest level of 2012, other data may show.Play VideoJuly 3 (Bloomberg) -- James Glassman, senior economist at JPMorgan Chase & Co., talks about the U.S. labor market and economy and the outlook for Federal Reserve monetary policy. Glassman speaks with Tom Keene, Sara Eisen and Scarlet Fu on Bloomberg Television's "Surveillance." (Source: Bloomberg)Companies from Family Dollar Stores Inc. (FDO) to FedEx Corp. (FDX) are seeing waning demand, underscoring concern about Europe’s debt crisis, cooling global markets and an absence of U.S. fiscal policy clarity that’s also hurting manufacturing. Limited hiring and income growth indicate households will be reluctant to step up purchases, which account for about 70 percent of the economy.“The outlook for consumer spending stays pretty soft,” said Ellen Zentner, a senior economist at Nomura Securities International Inc. in New York. “There is slow to no wage growth. Economic growth is still frustratingly slow.”http://www.bloomberg.com/news/2012-07-05/service-industries-in-u-s-probably-expanded-at-slower-pace.html
China’s New Rules May Curb Credit Growth, CBRC Official Says
China can make any rule it wants as they won't keep them anyway.China plans to retain a cap on loans at 75 percent of deposits and may add further requirements that constrain credit growth under draft rules, a senior official at the banking regulator said.The liquidity-risk management regulations may be more stringent than the loan-to-deposit ratio set by the nation’s commercial bank laws, the China Banking Regulatory Commission official said, asking not to be named because the discussions aren’t public. The comments refute a report in the Economic Information Daily, which said today that the ratio won’t be included in the new rules and may be scrapped.Enlarge imageThe company logo for the Industrial & Commercial Bank of China Ltd. (ICBC) is seen outside a branch in Beijing, China. Photographer: Nelson Ching/BloombergEnlarge imageThe China Banking Regulatory Commission (CBRC) seal is seen outside their offices in Beijing. Photographer: Nelson Ching/BloombergShares of banks fell in Shanghai on concern that the limits may curtail loan growth. The regulator is imposing controls to reduce the risk of defaults as policy makers cut interest ratesand lower lenders’ reserve requirements to arrest a slowdown in the world’s second-biggest economy.“The loan-to-deposit ratio has proved to be the most effective tool in reining in lending and preventing liquidity risks at Chinese banks,” said Luo Yi, a Shenzhen-based analyst at China Merchants Securities Co. “The government won’t let it go easily. All it needs to do is to not tightly enforce the ratio when the regulator really wants to ease credit.”Industrial Bank Co. (601166) slid 1 percent to 13.01 yuan and China Citic Bank Corp. fell 0.5 percent to 4.02 yuan, leading declines among lenders in Shanghai trading. The reaction inHong Kong was mixed, with shares of Bank of China Ltd. falling 1 percent to HK$2.91 while Industrial & Commercial Bank of China (1398) Ltd. rose 0.2 percent to HK$4.29.Slower Growth
Economic growth has slowed for five straight quarters, with gross domestic product expanding 8.1 percent in the three months ended March 31. That’s the weakest in almost three years. The central bank in June cut interest rates for the first time since 2008, and the government is accelerating approvals for investment projects.http://www.bloomberg.com/news/2012-07-05/china-s-draft-rules-may-curb-credit-growth-cbrc-official-says.htmlAnyone feeling hopeful?
Hopeful signs emerge for struggling jobs market
More BS about the hopelessness of the job market. Want to work in a cube answering 75 pleading customers tell you why they cannot pay their bills this month as a temp for 10.00/hour?(Reuters) - U.S. private employers stepped up hiring in June and the number of Americans filing new claims for jobless benefits last week fell by the most in two months, hopeful signs for the struggling labor market.
Employers outside government added 176,000 new workers to their payrolls last month, the ADP National Employment Report showed on Thursday, after increasing 136,000 in May.
The government will release its closely watched employment report for June on Friday. While ADP has a poor track record of predicting nonfarm payrolls, it was a welcome sign for the labor market.
Initial claims for state unemployment benefits dropped 14,000 to a seasonally adjusted 374,000, the Labor Department said. The four-week moving average for new claims, a better measure of labor market trends, fell 1,500 to 385,750.
"Jobless claims are a move in the right direction. The drop, combined with the ADP report earlier, suggests the jobs market is not as weak as recent data has suggested," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.
Nonfarm payrolls are expected to have increased 90,000 in June, according to a Reuters survey, after May's 69,000 gain.
The unemployment rate is seen steady at 8.2 percent after rising in May for the first time since August.
Job growth has weakened in recent months amid a cloud of uncertainty, spawned by the European debt crisis and fears of tax increases at home next year.
The struggling labor market prompted the Federal Reserve last month to ease monetary policy further by extending a program to re-weight bonds it already holds toward longer maturities to hold down borrowing costs.
"The Federal Reserve needs to see sustained improvement, like the claims moving back down toward 300,000 and a steady decline in the unemployment rate," said John Canally, an economist at LPL Financial in Boston.
"If we get a couple of more bad jobs reports, (Fed policymakers) will come in with more stimulus. Today's reports suggest they might hold off, but they will want to see more data before they decide."
New applications for unemployment benefits remain in a tight range, and the four-week average is still elevated, suggesting any improvement in the jobs market will only be gradual.
A Labor Department official said there was nothing unusual in the state-level data and only Alaska had been estimated.
The number of people still receiving benefits under regular state programs after an initial week of aid climbed 4,000 to 3.31 million in the week ended June 23.
The number of people on extended benefits fell 12,113 to 47,425 in the week ended June 16, the latest week for which data is available, as more states lost eligibility for extended benefits for the long-term unemployed.
Now only four states offer extended benefits.
Great so all you deadbeats use that last check for a tent and look for a park to pitch it in and a coleman stove for cooking and maybe a lantern and read books by lantern or candlelight just like Abe Lincoln. We've come a long way baby!http://www.reuters.com/article/2012/07/05/us-usa-economy-jobless-idUSBRE8640K120120705
Dismal hiring shows economy stuck in low gear
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By Jason LangeWASHINGTON | (Reuters) - U.S. employers hired at a dismal pace in June, raising pressure on the Federal Reserve to do more to boost the economy and dealing another setback to President Barack Obama's reelection bid.The Labor Department said on Friday that non-farm payrolls grew by just 80,000 jobs in June, the third straight month below 100,000.Job creation was too weak to bring down the country's 8.2 percent jobless rate and the report fueled concerns that Europe's debt crisis was shifting the U.S. economy into low gear."We're just crawling forward here," said Nigel Gault, an economist at IHS Global Insight in Lexington, Massachusetts.While Obama holds a narrow lead in most national polls, many voters are critical of his handling of the economy. Speaking at a campaign rally in Ohio, Obama said the pace of job creation needs to pick up."It's still tough out there," he said.Mitt Romney, Obama's Republican challenger, assailed the president for not doing enough to get people back to work."This kick in the gut has got to end," Romney told reporters in New Hampshire.U.S. stocks closed about 1 percent lower, while yields on U.S. government debt fell on bets the Fed would launch a new round of bond purchases to lower borrowing costs and spur hiring. The dollar fell against the yen, but rose against the euro as investors sought a safe haven.HIRING STRIKELast month, the Fed extended a program aimed at keeping long-term interest rates down and said it was prepared to do more to spur the economic recovery if needed.The somber jobs report could move the central bank closer to a third round of so-called quantitative easing, or QE3.Reuters polled 16 primary dealers - the large financial institutions that do business with the Fed - and found 12 expect QE3 by year-end, with eight expecting it either at the Fed's next meeting, which wraps up on August 1, or its subsequent gathering in September."You could see something as early as next month," said Brian Levitt, an economist at OppenheimerFunds in New York.Economists estimate roughly 125,000 jobs are needed each month just to hold the jobless rate steady. During the second quarter, job creation averaged 75,000 per month, down from an average of 226,000 in the first quarter.Part of the slowdown could be because mild weather led companies to boost hiring during the winter at spring's expense.But weakness in everything from factory activity to retail sales suggests something more fundamental is at play and the jobs data buttressed that view.In June, factories added 11,000 workers and construction employment edged up 2,000, the first gain since January and further evidence the long-depressed housing market is steadying.However, hiring slowed sharply in the services industry, with retailers cutting 5,400 workers. Overall, private-sector hiring was the weakest since August.UNCERTAINTY AND INSTABILITYhttp://www.reuters.com/article/2012/07/07/us-usa-economy-idUSBRE86504K20120707
By Jason LangeWASHINGTON | (Reuters) - U.S. employers hired at a dismal pace in June, raising pressure on the Federal Reserve to do more to boost the economy and dealing another setback to President Barack Obama's reelection bid.The Labor Department said on Friday that non-farm payrolls grew by just 80,000 jobs in June, the third straight month below 100,000.Job creation was too weak to bring down the country's 8.2 percent jobless rate and the report fueled concerns that Europe's debt crisis was shifting the U.S. economy into low gear."We're just crawling forward here," said Nigel Gault, an economist at IHS Global Insight in Lexington, Massachusetts.While Obama holds a narrow lead in most national polls, many voters are critical of his handling of the economy. Speaking at a campaign rally in Ohio, Obama said the pace of job creation needs to pick up."It's still tough out there," he said.Mitt Romney, Obama's Republican challenger, assailed the president for not doing enough to get people back to work."This kick in the gut has got to end," Romney told reporters in New Hampshire.U.S. stocks closed about 1 percent lower, while yields on U.S. government debt fell on bets the Fed would launch a new round of bond purchases to lower borrowing costs and spur hiring. The dollar fell against the yen, but rose against the euro as investors sought a safe haven.HIRING STRIKELast month, the Fed extended a program aimed at keeping long-term interest rates down and said it was prepared to do more to spur the economic recovery if needed.The somber jobs report could move the central bank closer to a third round of so-called quantitative easing, or QE3.Reuters polled 16 primary dealers - the large financial institutions that do business with the Fed - and found 12 expect QE3 by year-end, with eight expecting it either at the Fed's next meeting, which wraps up on August 1, or its subsequent gathering in September."You could see something as early as next month," said Brian Levitt, an economist at OppenheimerFunds in New York.Economists estimate roughly 125,000 jobs are needed each month just to hold the jobless rate steady. During the second quarter, job creation averaged 75,000 per month, down from an average of 226,000 in the first quarter.Part of the slowdown could be because mild weather led companies to boost hiring during the winter at spring's expense.But weakness in everything from factory activity to retail sales suggests something more fundamental is at play and the jobs data buttressed that view.In June, factories added 11,000 workers and construction employment edged up 2,000, the first gain since January and further evidence the long-depressed housing market is steadying.However, hiring slowed sharply in the services industry, with retailers cutting 5,400 workers. Overall, private-sector hiring was the weakest since August.UNCERTAINTY AND INSTABILITYhttp://www.reuters.com/article/2012/07/07/us-usa-economy-idUSBRE86504K20120707
Congress Keeps Free Mail While Pushing U.S. Postal Cuts
Lawmakers intent on dictating how the U.S. Postal Service cuts billions from its spending are among those helping themselves to a favorite congressional perk: free mail.U.S. House members sent more than $45 million worth of such mail in 2010 and 2011 even while switching much of their communication to e-mail in recent years. Three of the 10 largest users last year were Republican members of the Tea Party caucus, which advocates for lessgovernment spending, according to data compiled by Bloomberg from House reports.The Postal Service, which has more employees than any U.S.- based publicly traded company other than Wal-Mart Stores Inc. (WMT), lost $3.2 billion in the quarter ended March 31 and has said it expects to temporarily run out of cash in October. It has asked Congress to let it make changes, including slowing required payments for future retirees’ health benefits.“There’s a certain amount of hypocrisy, but then again, when you’re the head of the plantation, you can pretty much do what you want,” said Gene Del Polito, president of the Association for Postal Commerce, whose members include Williams- Sonoma Inc. (WSM) and Publishers Clearing House LLC. “Obviously they should be leading by example. Instead, they do quite the opposite.”Top Frankers
The privilege known as franking, dating to the Continental Congress in 1775, allows lawmakers to send mail to constituents at no cost using their signatures. Franking doesn’t deprive the Postal Service, which reported $65.7 billion in revenue in its 2011 fiscal year, of income. It does cost U.S. taxpayers who reimburse the Postal Service at rates similar to those paid by other bulk mailers.Of the top 50 frankers by spending, 38 -- or 76 percent -- are Republicans, who are 56 percent of House members. Franking typically is used more in election years; for example, House members spent $34.1 million in 2010 and $11.3 million in 2011, according to a Congressional Research Service report.The top franker, Representative Joe Heck, is a first-term Nevada Republican elected with the support of Tea Party voters. Heck sent mass mailings worth $430,680 from the beginning of 2011 through March 31, 14.2 percent more than the next largest franker, according to House records. He sent letters about Medicare, the national debt and balancing the budget.Heck, through spokesman Greg Lemon, declined multiple requests to comment.Campaign Materials
http://www.bloomberg.com/news/2012-07-05/congress-keeps-free-mail-while-pushing-u-s-postal-cuts.html5 Temmuz 2012 Perşembe
So many things about so many things
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Biotech Keeps Rockin, shaza
Here is my Biotech watchlist based on MOMENTUM and strong sector:
Shaza's top stocks to watch
Once seen as the land of opportunity, the U.S. today is grappling with rising inequality and a political system that benefits the rich at the expense of others, resulting in lower growth and risking the death of the American dream, according to Nobel prize-winning economist Joseph Stiglitz.
“The U.S. worked hard to create the American dream of opportunity. But today, that dream is a myth,” Stiglitz wrote in an opinion piece in the Financial Times Tuesday.
Stiglitz said U.S. inequality is at the highest point in nearly a century and the gap between those with the median income and those at the top is growing.“The U.S. used to think of itself as a middle-class country – but this is no longer true,” he said. “Today, a child’s life chances are more dependent on the income of his or her parents than in Europe, or any other of the advanced industrial countries for which there are data.”
According to Stiglitz, regulations, particularly those governing the financial sector are contributing to the disparities.
“Financial regulations allow predatory lending and abusive credit-card practices that transfer money from the bottom to the top. So do bankruptcy laws that provide priority for derivatives,” he said.Stiglitz argues that Americans were increasingly being made to think that higher income inequality was a byproduct of faster growth, but he says that’s a false choice. The U.S. economy grew faster in the decades after the Second World War, when inequalities were lower, than it did after 1980, he said.“Textbooks teach us that we can have a more egalitarian society only if we give up growth or efficiency,” he said. “However, closer analysis shows that we are paying a high price for inequality: it contributes to social, economic and political instability, and to lower growth.”
Western countries with the healthiest economies, such as those in Scandinavia, have the highest degree of equality, Stiglitz noted.
Here is my Biotech watchlist based on MOMENTUM and strong sector:
Shaza's top stocks to watchThe American Dream Is Now a Myth: Joseph Stiglitz
Once seen as the land of opportunity, the U.S. today is grappling with rising inequality and a political system that benefits the rich at the expense of others, resulting in lower growth and risking the death of the American dream, according to Nobel prize-winning economist Joseph Stiglitz.
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| Simon Willms | Stone | Getty Images |
Stiglitz said U.S. inequality is at the highest point in nearly a century and the gap between those with the median income and those at the top is growing.“The U.S. used to think of itself as a middle-class country – but this is no longer true,” he said. “Today, a child’s life chances are more dependent on the income of his or her parents than in Europe, or any other of the advanced industrial countries for which there are data.”
- Slideshow: America's Biggest Wealth Gaps
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| Franco Origlia | Getty ImagesJoseph Stiglitz, the Nobel prize-winning economist and former Chief Economist at the World Bank. |
“Financial regulations allow predatory lending and abusive credit-card practices that transfer money from the bottom to the top. So do bankruptcy laws that provide priority for derivatives,” he said.Stiglitz argues that Americans were increasingly being made to think that higher income inequality was a byproduct of faster growth, but he says that’s a false choice. The U.S. economy grew faster in the decades after the Second World War, when inequalities were lower, than it did after 1980, he said.“Textbooks teach us that we can have a more egalitarian society only if we give up growth or efficiency,” he said. “However, closer analysis shows that we are paying a high price for inequality: it contributes to social, economic and political instability, and to lower growth.”
Western countries with the healthiest economies, such as those in Scandinavia, have the highest degree of equality, Stiglitz noted.
- Slideshow: America's 10 Richest Counties
U.S. Import Supremacy Seen Falling To China And Germany B
Germany and China will leapfrog the U.S. to become the world’s largest importers by 2026, according to a study by HSBC Holdings Plc that also forecast a “tipping point” in the balance of trade power in the next five years.The shift means growth in traditionally export-driven countries will come from imports, HSBC said today in its Global Connections report. Imports in China, India and Brazil, which along withRussia make up the BRIC bloc, will begin expanding more than exports over the next five years in a trend that will last through at least 2026, it said.“We will soon see that imports will grow faster than exports in emerging markets,” Alan Keir, HSBC’s London-based global head of commercial banking, said in an e-mailed statement. “This will signify a shift where traditionally export-driven countries will drive developed and emerging market growth as their own trade demands become more powerful.”Emerging economies will underpin global growth this year and next as the euro region’s debt crisis weighs down wealthy nations, the International Monetary Fund said in a June 20 report. While industrialized countries “clearly still represent the largest share of global trade by volume,” growth is easing, particularly in Europe, and emerging nations are outpacing the developed world in terms of speed of trade expansion, HSBC said.‘Challenging Test’
http://www.bloomberg.com/news/2012-06-25/u-s-import-supremacy-seen-falling-to-china-and-germany.htmlBank Chiefs Enjoy Double-Digit Pay Rises
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Top U.S. and European bankers, including JPMorgan Chase’s Jamie Dimon and Citigroup’s Vikram Pandit, have enjoyed double-digit annual pay rises averaging almost 12 percent, despite widespread falls in profits and share prices, Financial Times research shows.
I don't see any reason why the banksters should suffer. All they did was create a global depression and they didn't see it coming. Their kids need new shoes and a BMW to show off at Harvard or Princeton.
The disclosure will stoke concern on both sides of the Atlantic over chief executive pay levels that has already led to several high-profile investor revolts, including at Citi [C 26.40
-0.70 (-2.58%) ] and at Barclays [BCS 10.75 -1.58 (-12.81%) ]. It comes as Europe’s leaders debate a cap on bank bonuses.
Stoke concern? By whom? Not the politicians and certainly not the regulatory agencies so this is just bullshit. Cap on bonuses? How are you going to do that? They own the company, majority of stock and they are doing a heckuva job in their opinion. They deserve it.
The analysis of total pay awarded to 15 bank chiefs by Equilar, a U.S. pay research group, shows they received an average 11.9 percent pay rise last year to $12.8 million, the second increase in a row. However, the pace of growth has slowed.
Slowed? Want to tell me slowed and then that they only got 12.8 million on average? Pass some of what you are smoking over to me. Last time I got a raise it was a boot out the door and no benefits.
Bankers such as Brian Moynihan at Bank of America [BAC 7.67 -0.10 (-1.29%) ], Citigroup’s Mr Pandit and JPMorgan’s [JPM 35.60 -1.18 (-3.21%) ] Mr Dimon enjoyed the largest gains.
As they should! They are the Osama Bin Laden's (Al Qaeda) of the financial terrorist network.
Mr Dimon, whose reputation as one of the best managers in banking
has been hit by a $2 billion trading loss in a supposedly safe division of JPMorgan, topped the list for the second year in succession with a $23.1 million pay package that was 11 percent higher. More horseshit and Mammoth this story has more that is in your barn. Didn't they just say he lost 2 billion? So the more they lose the more they get paid. I could have lost a lot less and happily been paid 1 million for my trouble.
The analysis by Equilar adds up base salaries, cash bonuses and certain other benefits. It also includes option and stock awards that were granted in 2011, some of which to reward performance in previous years.
Sure why not? They lost 2 billion of other people money. I think a private jet goes with the perks and a chauffeured limousine.
It shows that fixed salaries continue to rise while variable cash payments are sinking as regulators clamp down on bonuses. But average stock and option awards increased by 22 percent.
So much for regulation.
Is he trying to tell me they like outsized losses in the 2 billion range?
Mr Pandit’s pay soared to $14.9 million after the $1 salary of the previous two years was ditched. He had pledged constraint until the bank would return to profitability, which it did in 2010.His pay package, which ranks in the middle of the FT survey, sparked an investor revolt at Citigroup’s annual meeting in April that triggered a wider shareholder uprising against executives’ pay levels in Europe and the U.S.
An example like this just leaves me speechless. Pandit's head should be hanging from a pole on Wall Street. Want to read more of this infuriating garbage? Follow the link is below. It leads to the yellow brick road and OZ. Now click your heals three times and say "there's no place like home."http://www.cnbc.com/id/47942126
Remote Area Medical (RAM) volunteer dentists during a free clinic held at the Oakland-Alameda County Coliseum in California. Photographer: Justin Sullivan/Getty ImagesIf the states go along with an expansion of the Medicaid program, they get federal money that covers the bulk of the costs. In doing so, they would also have to embrace a portion of a law that they rejected as unconstitutional or too costly.The law was designed to open the state-run program to an estimated 17 million low-income Americans by forcing states to loosen income limits for those who can qualify. The court modified the measure by saying the federal government can’t threaten to withhold existing money from states that don’t fully comply with the Medicaid expansion.“There’s probably a small group, at least initially, who won’t do it,” said Ray Scheppach, the former executive director of the National Governors Association who is now a professor of public policy at the University of Virginia in Charlottesville. “It’s part political. It’s part fiscal. There’s pressure on them both ways.”Republicans won control of the majority of states in the 2010 elections, when concern about the expanded role of government under Obama boosted turnout among the party’s voters. Republican state leaders have opposed Obama’s 2010 Patient Protection and Affordable Care Act, and today criticized the Supreme Court’s decision to uphold the core of the law, which requires individuals to obtain health insurance.
I don't see any reason why the banksters should suffer. All they did was create a global depression and they didn't see it coming. Their kids need new shoes and a BMW to show off at Harvard or Princeton.
The disclosure will stoke concern on both sides of the Atlantic over chief executive pay levels that has already led to several high-profile investor revolts, including at Citi [C 26.40
-0.70 (-2.58%) ] and at Barclays [BCS 10.75 -1.58 (-12.81%) ]. It comes as Europe’s leaders debate a cap on bank bonuses.Stoke concern? By whom? Not the politicians and certainly not the regulatory agencies so this is just bullshit. Cap on bonuses? How are you going to do that? They own the company, majority of stock and they are doing a heckuva job in their opinion. They deserve it.
The analysis of total pay awarded to 15 bank chiefs by Equilar, a U.S. pay research group, shows they received an average 11.9 percent pay rise last year to $12.8 million, the second increase in a row. However, the pace of growth has slowed.
Slowed? Want to tell me slowed and then that they only got 12.8 million on average? Pass some of what you are smoking over to me. Last time I got a raise it was a boot out the door and no benefits.
Bankers such as Brian Moynihan at Bank of America [BAC 7.67
-0.10 (-1.29%) ], Citigroup’s Mr Pandit and JPMorgan’s [JPM 35.60 -1.18 (-3.21%) ] Mr Dimon enjoyed the largest gains.As they should! They are the Osama Bin Laden's (Al Qaeda) of the financial terrorist network.
Mr Dimon, whose reputation as one of the best managers in banking
has been hit by a $2 billion trading loss in a supposedly safe division of JPMorgan, topped the list for the second year in succession with a $23.1 million pay package that was 11 percent higher. More horseshit and Mammoth this story has more that is in your barn. Didn't they just say he lost 2 billion? So the more they lose the more they get paid. I could have lost a lot less and happily been paid 1 million for my trouble.
The analysis by Equilar adds up base salaries, cash bonuses and certain other benefits. It also includes option and stock awards that were granted in 2011, some of which to reward performance in previous years.
Sure why not? They lost 2 billion of other people money. I think a private jet goes with the perks and a chauffeured limousine.
It shows that fixed salaries continue to rise while variable cash payments are sinking as regulators clamp down on bonuses. But average stock and option awards increased by 22 percent.
So much for regulation.
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Is he trying to tell me they like outsized losses in the 2 billion range?
Mr Pandit’s pay soared to $14.9 million after the $1 salary of the previous two years was ditched. He had pledged constraint until the bank would return to profitability, which it did in 2010.His pay package, which ranks in the middle of the FT survey, sparked an investor revolt at Citigroup’s annual meeting in April that triggered a wider shareholder uprising against executives’ pay levels in Europe and the U.S.
An example like this just leaves me speechless. Pandit's head should be hanging from a pole on Wall Street. Want to read more of this infuriating garbage? Follow the link is below. It leads to the yellow brick road and OZ. Now click your heals three times and say "there's no place like home."http://www.cnbc.com/id/47942126
Health Care For Poor Challenges Republican States After Ruling
The U.S. Supreme Court ruling on President Barack Obama’s health-care overhaul forces Republicans in states that opposed the measure to make a difficult choice.Enlarge imageRemote Area Medical (RAM) volunteer dentists during a free clinic held at the Oakland-Alameda County Coliseum in California. Photographer: Justin Sullivan/Getty ImagesIf the states go along with an expansion of the Medicaid program, they get federal money that covers the bulk of the costs. In doing so, they would also have to embrace a portion of a law that they rejected as unconstitutional or too costly.The law was designed to open the state-run program to an estimated 17 million low-income Americans by forcing states to loosen income limits for those who can qualify. The court modified the measure by saying the federal government can’t threaten to withhold existing money from states that don’t fully comply with the Medicaid expansion.“There’s probably a small group, at least initially, who won’t do it,” said Ray Scheppach, the former executive director of the National Governors Association who is now a professor of public policy at the University of Virginia in Charlottesville. “It’s part political. It’s part fiscal. There’s pressure on them both ways.”Republicans won control of the majority of states in the 2010 elections, when concern about the expanded role of government under Obama boosted turnout among the party’s voters. Republican state leaders have opposed Obama’s 2010 Patient Protection and Affordable Care Act, and today criticized the Supreme Court’s decision to uphold the core of the law, which requires individuals to obtain health insurance.‘Unaffordable’ Expansion
Republican leaders of states that challenged the health- care law in court -- including Texas, Florida and Virginia -- say they’re not sure they’re going to opt in.Florida Attorney General Pam Bondi, a Republican, called a Medicaid expansion “massive” and “unaffordable.”“We will have a choice on Medicaid, which is good,” Bondi told reporters outside the state Capitol in Tallahassee. “We do have to decide what to do and we have to do it very quickly.”Texas Health and Human Services Executive Commissioner Tom Suehs said the state is analyzing the ruling to decide how to proceed.“I’m pleased that it gives states more ability to push back against a forced expansion of Medicaid,” he said in a statement.Virginia Governor Robert McDonnell, the chairman of the Republican Governors Association, told reporters in Richmond that he is considering the ruling and hasn’t made any decisions. He said the expansion of Medicaid, which now consumes about one- fifth of the state budget, will cost the state an added $2.2 billion over the next decade.General Fund
“That’s going to be a vast expansion in the amount of money going from the general fund,” he said.The Medicaid expansion would cost states $21 billion through 2019, according to the Kasiser Commission on Medicaid and the Uninsured, a non-profit group that researches health care. The federal government would contribute $444 billion, the report said.The Medicaid program has put added financial pressure on states after the longest recession since the Great Depression as more residents were thrown out of work. As tax revenuetumbled, states were forced to close more than $500 billion of budget gaps.The law has drawn support from Democratic state leaders, who celebrated the Supreme Court’s decision.“Democratic governors are committed to following the law of the land and working within their states to meet these goals,” Colm O’Comartun, executive director of the Democratic Governors Association, said in a statement.Expanding Medicaid
The law signed by Obama expands Medicaid to cover all Americans earning as much as 133 percent of the federal poverty level, or about $30,657 for a family of four this year, overruling eligibility rules that now vary by state. The federal government would pay 100 percent of the costs of the expansion until 2017. After that, states’ share of the expansion rises to a maximum of 10 percent of the cost.With pressure in Washington to curb the federal government’s budget deficits, state leaders may decide not to expand Medicaid out of concern that Congress could decide to force them to cover more of the costs, said Marjorie Baldwin, a professor of economics at Arizona State University who tracks health care.“Given the current state of state budgets, we could expect some states would decide they can’t do that,” she said.While some states may decide against expanding Medicaid, most will likely choose to do so given that the bulk of the funding will come from the federal government, said I. Glenn Cohen, an assistant professor at Harvard Law School who follows health-care policy.Political Reasons
http://www.bloomberg.com/news/2012-06-28/health-care-for-poor-challenges-republican-states-after-ruling.html
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