Bloomberg.com – Merkel Says Joint Euro Bonds Unthinkable as EU Faces Marathon German Chancellor Angela Merkel likened solving Europe’s debt crisis to a marathon, shunning investor calls for quick action while pushing for stricter budget enforcement and overhauling the region’s governance. Addressing lawmakers in Berlin today before a Dec. 9 summit of European leaders, Merkel… Continue reading Merkel Rails Against Euro Bonds
The Wall Street Journal – How to Save the Euro On the continuum between total bailout and abandoning the market to chaos, there is a place where the ECB can properly step in and siphon panic out of the system: It can create a “floor of support” to underpin Europe’s progress toward fiscal union. Clear… Continue reading How To Save The Euro
The Wall Street Journal – The Comeback Kid of 2012 This is the week it became clear that nobody knows anything. Pretty much all the conventional wisdom about the 2012 presidential race has turned out to be wrong. Newt rules, Cain’s over, Romney’s rocked. Nobody knows what’s going to happen…On Newt Gingrich: If you’ve seen… Continue reading The 2012 Election
Bloomberg.com – Banks Vie With Nations to Sate $2T Funding Need Europe’s banks will compete with their governments to borrow $2 trillion next year as the two groups refinance maturing bonds and bills. Euro-area governments have to repay more than 1.1 trillion euros ($1.5 trillion) of long- and short-term debt in 2012, with about 519… Continue reading Europe’s Debt Schedule
The Financial Times – US offerings slump below list prices Companies that listed in the US this year are struggling to maintain share prices above their flotation price, with the typical company losing about 10 per cent of its value after its debut. The average US initial public offering has fallen by 9.9 per cent… Continue reading Remember When You Bought An IPO First And Asked Questions Later?
Conference Call Presentation/Charts of the Week Audio Topics Covered This Week Include: Agenda How Long Do We Have To Fix Europe? Until Dec 9? Central Banks’ Swap Lines Central Banks’ Swap Lines – 2 Central Banks’ Swap Lines – 3 American V Europe Banks United States – Stock Market Germany – Stock Market Italy –… Continue reading Conference Call Presentation/Charts of the Week
Comment The big news of the day has been the coordinated action being taken by central banks across the globe: The Federal Reserve – Press Release The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing coordinated actions… Continue reading More On The Central Banks’ Swap Lines Announcement
The Telegraph – Fed saves Europe’s banks as ECB stands pat The interwoven banking and sovereign debt crisis in the eurozone has become so dangerous for the world that the US Federal Reserve has been forced to take emergency action, acting as global lender of last resort to shore up Europe’s banking system.That it should… Continue reading All About The Global Central Bank Intervention
The Economist – The dash for cash Europe’s troubled banks are running out of money USUALLY it is banks that put customers under a microscope before lending them a penny. But in Europe banks are the ones now facing scrutiny before investors, companies and savers will lend them any cash. Faced with an investor strike,… Continue reading EU Banks
Forbes.com – Central Bank Intervention Raises Questions Did a big European bank come close to failing last night? European banks, especially French banks, rely heavily on funding in the wholesale money markets. Given the actions of the world’s largest central banks last night, it raises the question of whether a major bank was having difficulty… Continue reading Did An EU Bank Almost Fail On Tuesday?
<Click on chart for larger image> Zero Hedge – Fed Made Decision To Bail Out Europe On Monday It appears that the Fed decision to bail out Europe was not made this morning, or yesterday, but on Monday as per the following two headlines: 1.LACKER DISSENTED AGAINST FOMC SWAP DECISION ON NOV. 28 2.LACKER VOTED… Continue reading The Market Knew Of The Intervention On Monday