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Archive for the ‘Financial crisis’ Category

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Derivatives still pose huge risk, says BIS

Posted by smeddum on September 14, 2009

Derivatives still pose huge risk, says BIS
The global market for derivatives rebounded to $426 trillion in the second quarter as risk appetite returned, but the system remains unstable and prone to crises, according to the Bank for International Settlements (BIS).

By Ambrose Evans-Pritchard, International Business Editor

13 Sep 2009

Telegraph

US insurer AIG was able to write nearly “half a trillion dollars” of unhedged insurance through credit default swaps
The BIS said in its quarterly report that total turnover of derivatives rose 16pc, mostly due to a surge in futures and options contracts on three-month interest rates. Read the rest of this entry »

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Stiglitz Says Banking Problems Are Now Bigger Than Pre-Lehman

Posted by smeddum on September 14, 2009

Stiglitz Says Banking Problems Are Now Bigger Than Pre-Lehman

By Mark Deen and David Tweed

Sept. 13 (Bloomberg) — Joseph Stiglitz, the Nobel Prize- winning economist, said the U.S. has failed to fix the underlying problems of its banking system after the credit crunch and the collapse of Lehman Brothers Holdings Inc.

“In the U.S. and many other countries, the too-big-to-fail banks have become even bigger,” Stiglitz said in an interview today in Paris. “The problems are worse than they were in 2007 before the crisis.” Read the rest of this entry »

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Radio: Andy Sutton interviews John Rubino on dollar collapse and debt

Posted by smeddum on September 14, 2009

http://www.contraryinvestorscafe.com/partners.php?pid=62237

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Hong Kong recalls gold reserves, touts high-security vault In a challenge to London, Asian states invited to store bullion closer to home

Posted by smeddum on September 14, 2009

Sept. 3, 2009, 6:22 a.m.
Hong Kong recalls gold reserves, touts high-security vault
In a challenge to London, Asian states invited to store bullion closer to home

By Chris Oliver,

MarketWatch

HONG KONG (MarketWatch) — Hong Kong is pulling all its physical gold holdings from depositories in London, transferring them to a high-security depository newly built at the city’s airport, in a move that won praise from local traders Thursday.

The facility, industry professionals said, would support Hong Kong’s emergence as a Swiss-style trading hub for bullion and would lessen London’s status as a key settlement-and-storage center.

“Having a central government-sponsored vault would create a situation where you could conceivably look at Hong Kong as being a hub, where metal could be traded for the region,” said Sunil Kashyap, managing director at Scotia Capital in Hong Kong, adding that the facility was the first with official government backing in the region. Read the rest of this entry »

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Rolling the Dice Again: Packaging Life Insurances Policies Into Bond Products by Ralph Nader

Posted by smeddum on September 14, 2009

Rolling the Dice Again: Packaging Life Insurances Policies Into Bond Products

by Ralph Nader

September 14, 2009

SleptonMag


The Wall Street gang is at it again! It’s been one year since Wall Street’s collapse and bailout took trillions from taxpayers and the sinking economy. The speculative instruments that pulled down the economy were those super-risky sub-prime mortgages, credit default swaps, collaterized debt obligations-you know-Las Vegas East, using other peoples’ savings. Read the rest of this entry »

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London retail sales tumble to cast doubt on the sector’s recovery curve

Posted by smeddum on September 14, 2009

London retail sales tumble to cast doubt on the sector’s recovery curve
Debenhams, Next, French Connection, Kingfisher and Dunelm report this week

By James Thompson

Monday, 14 September 2009

Independent

London’s retailers will today create shockwaves by posting their worst monthly sales for four years, ahead of results this week from some of the UK’s biggest store groups that will provide a health check for the high street leading up to the critical Christmas trading period. Read the rest of this entry »

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Peter Schiff on Deflation

Posted by smeddum on September 13, 2009

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Baltic Dry Index-No material signs of economic recovery

Posted by smeddum on September 13, 2009

Dry Bulk Shippers’ Shares Treading Water After Earlier Rise

By David Benoit
Of DOW JONES NEWSWIRES

SEPTEMBER 11, 2009

WSJ online

NEW YORK (Dow Jones)–Dry bulk shippers were in choppy trading seas on Friday, starting the day speeding right along with commodity stocks, before pulling back on the throttle and drifting along just slightly higher, with some stocks sinking into the red. Read the rest of this entry »

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Cheap dollars are sowing the seeds of the next world crisis

Posted by smeddum on September 13, 2009

Cheap dollars are sowing the seeds of the next world crisis
After years of selling cheap goods to debt-fuelled Western consumers, China now has $2 trillion dollars of foreign exchange reserves. That’s 2,000 billion – a reserve haul no less 25 times bigger than that of the UK.

By Liam Halligan

Published: 12 Sep 2009

Telegraph

In a world of systemic instability, reserves mean power. Reserves mean you can defend your currency, stabilise your banking system and boost your economy without resorting to yet more borrowing – or, worse still, the printing press. Read the rest of this entry »

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Radio: Max Keiser and Stacy Herbert on Neo-Feudalism

Posted by smeddum on September 13, 2009

http://ia311026.us.archive.org/3/items/MaxKeiserRadio-TheTruthAboutMarkets-12September2009/tam120909.mp3

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On the Edge with Max Keiser – 11 September 2009 – Interview with Rob Kirby

Posted by smeddum on September 12, 2009

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