Advertisements

Gerald Celente bank run after christmas

3 Comments

Gerland Celente suggests a bank holiday after Christmas when they may shut everything down.

Advertisements

Obama gets heckled by OWS

5 Comments

Yesterday 23 Nov 2011, Barak Obama was heckled by OWS protestors at Manchester. The confrontation was record on CNN. The protesters distributed leaflets to the press present at the speech, which contained their full message:

“Mr. President, over 4000 peaceful protesters have been arrested while bankers continue to destroy the American economy. You must stop the assault on our 1st Amendment rights. Your silence sends a message that police brutality is acceptable. Banks got bailed out. We got sold out.”

Further information can be found at theopenglobe.org.

Meanwhile an interested video below shows what high regard the Russians hold for President Obama. 😉

Mohamed El-Erian: US Recession Chances

1 Comment

Mohamed El-Erian is the CEO and co-CIO of PIMCO,[1] a global investment management firm and one of the world’s largest bond investors with approximately US$1.34 trillion of assets under management was reported on an interview with Bloomberg today to have said

Let me tell you what I find most terrifying: we’re having this discussion about a risk of recession at a time when unemployment is already too high, at a time when a quarter of homeowners are underwater on their mortgages, at a time when the fiscal deficit is 9%, a time when interest rates are at zero. These are all conditions coming out of a recession, not going into a recession.

We put the chance of a recession at one-third to one half, which is really high given initial conditions.e 

The full article can be found on Bloomberg.

 

How Ireland’s AIB bank handles customer complaints

1 Comment

Well worth listening to. 🙂 How would you handle this complaint?

Germany struggles to sell its bonds

1 Comment

Today Germany struggled to sell its bonds. The German 10-year bund yield rose sharply from 1.92% to over 2.06% as it failed to get bids on 35% of its bunds. As reported in GoldCore

This is one of Germany’s worst auctions since the launch of the Euro with the Bundesbank having to pick up nearly 40% of the 6 billion euros on offer.

The German auction in turn led to further weakness in European equity markets. Asian equity indices followed US equities lower after news of a new US bank stress test and then the poor Chinese manufacturing data.

The bond auction in Germany is a disaster. If Germany has to buy its own bonds, it is frightening to think how other European nations, including France, will fare at bond auctions in the coming weeks.

Reuters went on to report that German Bunds performed worse than US T-Notes or UK Glits. Now we know things are bad 😉

If the crisis spirals out of control, some fear that it could reach a magnitude that would hit Germany as well by sending it into a deep recession. On the other hand, any solution to the crisis is likely to involve a higher fiscal bill for Germany.

“It is a complete and utter disaster,” said Marc Ostwald, strategist at Monument Securities in London. “If Germany can only manage a 0.65 cover in actual terms for what is going to be their next benchmark then what hope for everybody else?”

“It really tells you that the Bund yields are at the completely wrong level … never mind that they are a safe haven. There’s certainly a partial element of ‘they (investors)would rather not have euros’ in there.”

Bund futures were last down half-a-point on the day at 136.75. Ten-year yields were 5.8 basis points higher at 1.969 percent, yielding more than U.S. T-notes for the first time since early October.

UK Gilts were also outperforming Bunds with yield premium for holding 10-year British bonds narrowing to its tightest since August at 15 bps.

On an earlier post we reported by Asia beginning to sell off German Bunds.

https://alternativeeconomics.wordpress.com/2011/11/18/asia-spurn-german-bonds/

%d bloggers like this: