Tuesday, July 16, 2013


Much more dangerous is the €-exposure that France, answering the exposure question in France that the ECB demanded, reduced it, and kept investor confidence, by transferring exposure to French banks outside France whilst strictly speaking answering the ECB honestly.
SocGen - St. Pierre et Miquelon and Débit Agricole Genève are 2 examples... In any case the big European lenders felt unease with the initial Bernake’s comments about restrictive monetary policy. The European financial system is currently oiled well with plenty of American dollars. If they are to be withdrawn there has to be a replacement. So Eurozone’s lenders asked and the ECB quickly responded with a completely new policy principle, the main characteristic of which will be plenty and zero cost euros for the ‘guys’.----- This decision was taken unanimously in ECB’s Governing Council last week with Germany not hesitating this time to support such a generous policy.----- The key to this Teutonic alignment with the rest of Eurozone member states is that the German banks are the first to need this ECB money bonanza. Many lenders in this country are dangerously undercapitalized and need badly this zero cost liquidity from the ECB.  All in all, either way western banks are now reassured that nothing will be done without their consent. The American Fed will continue to replenish their coffers with $85bn a month, and if the time comes for a change in the American generosity to banks, ---- the ECB is ready to take over.--"
There is a cultural problem in Portugal that makes this crisis worse. It has nothing to do with "laziness", "sunbathing culture" or other silly stereotypes often posted in these forum. The problem is a deep immersion in what I would call a "leftist cultural mindset" in a broad sense. Most people are not exactly communist, but they don't think good on entrepreneurs, they do not trust capitalists. In a conflict between a landlord and the home occupier they take position against the former, as if to be a landlord was a sinister capitalist exploitation. This makes any reforms towards a more market-driven economy much more difficult, specially so because even Constitutional Court justices fall into this leftist mindset.  Most people misunderstand this austerity measures. They blame the government, they blame the troika, they blame sometimes the Germans, and so on, as if this austerity was not necessary, as if it was a mischievous act. It's a silly thing, but unfortunately most Portuguese, not only low class, but even the middle class, feel a deep sense of entitlement and for them a wage cut or worse a job dismissal, is morally akin to a evil act. This explains the political manifestations against the troika and against austerity. Because of ignorance, people feels this austerity is an evil act designed to increase capitalist exploitation, and to line the pockets of the rich (how silly!). Then, their protest is self-righteous. Mind you, they are NOT exactly just defending selfishly their interests. They are more idealistic than that. They feel they occupy a moral highground and that the architects of austerity are wrong or even evil. Unfortunately, some writings by Ambrose suggest that he blames austerity almost as intensely, thus joining forces with the ignorant Greek and Portuguese masses, which criticize austerity without understanding the gravity of this situation.


Anonymous said...

Meanwhile in Europe..... political instability threatens to reignite the eurozone debt crisis.

Portugal remains a serious concern, after opposition head António José Seguro called for an end to its austerity programme on Friday night, and a renegotiation of its bailout programme.

While in Spain, prime minister Mariano Rajoy is facing fresh calls to resign over the illicit payments scandal that has rocked the country in recent months.

Anonymous said...

MADRID—Spanish Prime Minister Mariano Rajoy rejected what he called efforts to blackmail him into resigning, following the release of text messages between him and a former party treasurer who is under investigation for fraud and money laundering.

Mr. Rajoy denied that the text messages published in the local media Sunday show anything improper in his dealings with Luis Bárcenas, the former treasurer of the premier's Popular Party,

Mr. Bárcenas, who hasn't been formally charged, has been in preventative detention since late June under a court order. Mr. Bárcenas, who handled the Popular Party's accounts for nearly two decades, testified behind ...

Anonymous said...

There's relief in the City this morning that the Chinese GDP data didn't show a sharper slowdown.

The main European stock markets are all showing gains, led by mining stocks, after Shanghai's stock market rose by almost 1%.

Here's the early prices:

• FTSE 100: up 47 points at 6592, + 0.75%

• German DAX: up 43 points at 8255, + 0.5%

• French CAC: up 21 points at 3877, + 0.57%

• Spanish IBEX: up 43 points at 7888, + 0.5%

• Italian FTSE MIB: up 102 poiints at 15533, + 0.6%

Traders are cheered that China isn't slowing down more rapidly, especially after finance minister Lou Jiwei had appeared to hint that the data would be worse:

Mike van Dulken, head of research at Accendo Markets, explains:

While there may be concerns thar China's official target will be missed and a potential lower rate of growth, there is no real surprise as we get used to the emerging giant’s growth having to slow up after years of strong expansion...

loans offer said...

email, henryloanscompany@yahoo.com
( WhatsApp +2347016771691 )

I’m Henry Donald by name. I live in CANADA, i want to use this medium to alert all loan seekers to be very careful because there are scam everywhere. Few months ago I was financially strained, and due to my desperation I was scammed by several online lenders. I had almost lost hope until a friend of mine referred me to a very reliable lender called HENRY LOANS COMPANY FROM USA who lend me an unsecured loan of $50,000 under 3hours without any stress. If you are in need of any kind of loan just contact him now via:( henryloanscompany@yahoo.com) I‘m using this medium to alert all loan seekers because of the hell I passed through in the hands of those fraudulent lenders. And I don’t wish even my enemy to pass through such hell that I passed through in the hands of those fraudulent online lenders,i will also want you to help me pass this information to others who are also in need of a loan once you have also receive your loan from HENRY LOANS COMPANY FROM USA, i pray that God should give him long life. ( WhatsApp +2347016771691 ) Email; henryloanscompany@yahoo.com
They offer all kind of categories of loan they
Short term loan (5_10years)
Long term loan (20_40)
Media term loan(10_20)
They offer loan like ( WhatsApp +2347016771691 )
Home loan............., Business loan........ Debt loan .......
Student loan..........,Business start up loan
Business loan....... , Company loan.............. etc
Email..........( henryloanscompany@yahoo.com ).