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rffrydr
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 Posted: Tue Feb 14, 2012 7:49 am Post subject: |
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The rest pay cash...where their cash is accepted:
| Quote: | | It was not always so. Dollars from different parts of the US would frequently trade at a premium or discount until the second half of the 19th century, and only the formation of the Federal Reserve System in the 20th century definitively established a single currency. Even then the interstate payment system broke down in the banking crisis of 1933. There might have been Californian and Massachusetts dollars once more had not legislation quickly provided federal deposit guarantees on a common basis across the US. |
http://www.johnkay.com/2012/02/01/the-pound-is-a-poison-pill-for-an-independent-scotland
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rffrydr
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| Posted: Wed Nov 30, 2011 7:15 am Post subject: |
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Central Banks take charge. We now at long very last have some leadership. Bypassing the EU, bypassing Merkozy, bypassing the G8, bypassing the G20 this last bastion of elitism in a western world of "transparency" shows some leadership. Democracy needs these institutions as a dog needs his leash.
Bernanke is front and center to what I mean by "Best of All Possible Depressions." --Maybe he wrote the post below 
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rffrydr
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| Posted: Mon Nov 28, 2011 10:15 pm Post subject: |
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Where does it all end? God. Next to last stop? The leveraged finance of modern banking. When the whole world is indexed and risk trades bianary. what is the sense in allowing banks even 10X their deposits?! That is a place even this market won't want to go.
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rffrydr
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| Posted: Thu Oct 27, 2011 6:53 am Post subject: |
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Nothing but ridicule on the Bloomie this morning over the Eurocrats act. Listen the exasperation....listen to the scorn:
Blanchard, via BOE
http://media.bloomberg.com/bb/avfile/News/Surveillance/vuCjnVs.WD6c.mp3
Anyone familiar with intellectual history recognizes in this voice the HUGE chip Brits (the guys in London where all the money goes) carry against their brothers across the channel. Scrap that, anyone growing up on WWII movies would get it.
What this guy doesn't get is we just got what has been long gone in Europe. An exercise in POWER. When the banks were invited in and offered a seat in the corner they were offered...Greece BK'd. Of course they followed. Giving Piagliacci the boot was the cherry. Dexia hammer the "key hammer day reversal."
There's still a flurry of details (will or won't chinese?) for London to sweat. But it's already been decided.
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rffrydr
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rffrydr
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| Posted: Thu Aug 11, 2011 9:00 am Post subject: |
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L'Etat c'est moi:
http://www.johnkay.com/2011/08/10/loans-to-a-king-do-not-always-pay
| Quote: | | When Walter Wriston observed of third world lending that “countries can’t go broke” he was describing a problem rather than an opportunity. If borrowers did offer to repay, that was generally because they wanted to borrow more. And borrowers did borrow more until their repayment capacity ceased to be credible. |
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rffrydr
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| Posted: Sun Aug 08, 2010 11:00 am Post subject: |
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Once again, emerging markets abide by our sacred "contracts,"....when it suits them. Russia, once again, leading the way:
| Quote: | Crucially, because the affected contracts will all have referenced Russian wheat, the trading houses are under no obligation to source wheat from other countries to meet their obligations.
Freed of their obligation to perform or pay compensation under the original contracts for Russian wheat, they can now negotiate new contracts (at better prices) for the supply of wheat from other sources.
The lesson: commodity buyers should read their contracts very carefully and understand the circumstances in which sellers can just walk away |
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rffrydr
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| Posted: Wed Dec 30, 2009 9:20 pm Post subject: |
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"...In other words, investors simply do not want to be owners of some of the greatest global businesses created since the dawn of the Industrial Revolution, despite record low interest rates, a stabilization of the global financial system, and the ongoing industrialization of emerging market countries such as China, India, and Brazil."
http://marketthoughts.com/members/z20091230.html
--how much is assumed in those words; how much proven just that! From Nardelli to Prince to Chavez and Putin; to your corner bank to the lender of last resort, the "penalty of ownership" has never weighed so heavy.
The dash-for-trash is no counter-example. It's the counter-counter-example. Even the biggest most bullish investors now dance with their positions: this crash has bent the sentiment curve for a generation to come--but that's been true since '01 
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rffrydr
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rffrydr
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rffrydr
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| Posted: Wed Apr 29, 2009 11:11 am Post subject: |
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Now that banks and credit are finding their feet it won't be so much the "animal spirits" or "appetite for risk" that will "revive"--rather, the normal operation of modern social networks built up the actions of strangers. Mutual Interest.
http://muse.jhu.edu/login?uri=/journals/social_forces/v086/86.2macy.html
The spirits may stay in hibernation for some time but that doesn't mean that time cannot be profitable.
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rffrydr
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| Posted: Fri Apr 10, 2009 5:21 am Post subject: |
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Love is cruel. --A force turned against itself:
| Quote: | In August 2007, a month after those agencies downgraded hundreds of CDOs, Cassano spoke to investors in a conference call. "It is hard for us, without being flippant," he said, "to even see a scenario ... within any kind of realm of reason that would see us losing $1 in any of these transactions."
In a sense, Cassano's prognostication was not as far off as one would think. Even today very few CDO tranches insured by AIG FP have actually stopped paying as anticipated. But what Cassano and AIG were not disclosing - and at that stage might not themselves have appreciated - was that if market confidence in the CDOs fell sufficiently, AIG could be forced to post billions of dollars in cash collateral to protect the counterparties to its credit default swaps. It would also face writedowns in the value of its credit default swap portfolio, causing huge quarterly losses, sending the company's stock price lower, threatening its own credit rating, and making it harder for the company to raise new capital. Thus, even without cash losses, the unit's portfolio could start the company on a downward spiral to oblivion. |
http://money.cnn.com/2009/01/05/news/newsmakers/parloff_payback.fortune/index.htm
http://www.washingtonpost.com/wp-dyn/content/article/2009/03/20/AR2009032000979.html
http://media.bloomberg.com/bb/avfile/News/Surveillance/vvNPFYrLO1o4.mp3
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rffrydr
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| Posted: Mon Mar 23, 2009 12:56 pm Post subject: |
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Ironic how much modern finance parallels and originates in that most social forms of individualism, the american farm.
http://www.nytimes.com/2009/03/23/us/23land.html?_r=1&scp=1&sq=creamery&st=cse
Same issue today runs an account of JPM's handling of the great panic. Rockefeller (wealthier by a factor of 10) remarked, "he did all that and he wasn't even a wealthy man!" And he did--on Trust.
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rffrydr
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