The Financial Times – Bank warns emerging nations The World Bank declined to predict how likely such a scenario was and added that there was little that developing countries could do to prevent a severe crisis, but urged them to evaluate their vulnerability to a euro-led crisis. Even without a descent into a fresh crisis,… Continue reading World Bank Has A Gloomy Forecast For The Global Economy
Reuters.com – Greece’s endgame looms The big deadline in Greece is March 20 — that’s when the country has a €14.4 billion bond maturing that it can’t afford to repay. So Greece and its creditors are playing chicken with each other right now. Both want to do a deal, which would involve a cash payment… Continue reading Greece
<Click on chart for larger image> The Financial Times – Portugal slips into default territory Portugal is trading in default territory after investors offloaded the country’s bonds this week amid rising fears of contagion, hurting a government debt auction on Wednesday. Worries are mounting that the private sector and Greece will fail to agree a… Continue reading Portugal
<Click on chart for larger image> Bloomberg Businessweek – Shipping Index Plunges Below 1,000 for First Time Since 2009 The Baltic Dry Index, a measure of commodity shipping costs, fell below 1,000 for the first time since January 2009 on signs Chinese demand for iron-ore cargoes is slowing, worsening a glut of vessels. The index… Continue reading The Baltic Dry Index Slips
<Click on chart for larger image> The Wall Street Journal – U.S. Acts to Stay Below Debt Limit The U.S. government curtailed its investment in a federal retirement fund Tuesday as it looks to stay under the legal debt limit while awaiting a congressional vote on raising the federal spending ceiling. Even if the Republican-controlled… Continue reading The Debt Ceiling
<Click on chart for larger image> CNBC.com – China’s Yuan on the Verge of Changing the World Since a limited offshore market in the Chinese currency was established in Hong Kong last year, volumes have gone from strength to strength. This week’s media has been carrying reports about the Chinese authorities selecting where the next… Continue reading The Yuan As The Reserve Currency?
The New York Times – Federal Reserve as a Hedge Fund: Higher Profits, Lower Pay If it makes you feel any better, not everyone is sharing in these riches. The people who operate the most successful hedge fund around are receiving a relative pittance. That hedge fund is the Federal Reserve. Last year, the central… Continue reading The Federal Reserve Is A Hedge Fund
<Click on chart for larger image> Bloomberg.com – Carl Pope: America’s Dirty War Against Manufacturing (Part 1) “I’d love to make this product in America. But I’m afraid I won’t be able to.” My host, a NASA engineer turned Silicon Valley entrepreneur, has just conducted a fascinating tour of his new clean-energy bench-scale test facility.… Continue reading Manufacturing In The U.S.
Bloomberg.com – S&P Downgrades See Muted Market Response Investors are again downgrading the decision-making of Standard & Poor’s. Less than a week after the New York-based company cut its ratings of nine countries including France, the French 10-year bond is little changed at 3.08 percent and borrowing costs fell this week at the country’s sale… Continue reading S&P Receives No Respect From The Markets
The Fiscal Times – How the Fed Can Prevent the Next Financial Crisis The public’s faith in the Fed’s ability to protect the economy from economic problems has been shaken by the Fed’s failures before and during the Great Recession. The recent release of the transcripts from 2006 monetary policy meetings where Federal Reserve policymakers… Continue reading Can The Federal Reserve Prevent The Next Crisis?
None Today
Why 2011 Was A Bad Year For Money Managers Audio Link of Conference Call Handout Webcast A transcript of the January 12, 2012 conference call.