News Links: Obama’s pathetic refinancing initiative
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Obama’s pathetic refinancing initiative | Felix Salmon
the sad fact is that anything more substantive than this is likely to require Congressional approval, and therefore be a political non-starter between now and November 2012. The government’s done almost nothing to address the housing mess, and will continue to do almost nothing for the foreseeable future.
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Gaddafi dead: Prince Charles’s fawning letter to despot discovered at Libya palace | Mail Online
A fawning letter sent by Prince Charles to Colonel Gaddafi has been discovered at one of the despot’s palaces in Libya. Addressing the dictator as ‘Your Excellency’, the heir to the throne called for greater ties between the two nations.
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What Happens If/When The Super Committee Fails? | Capital Gains and Games
The $1.2 trillion sequester would indeed be triggered, but the mandated spending cuts would not begin until Jan. 2, 2013, and that will seriously delay and mitigate the explosion many want us to believe would be inevitable. It would also set up what will then become a yearlong effort to prevent the across-the-board cuts from ever going into effect or to get credit for trying.
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FT Alphaville » Writing down Greece at Deutsche, encore
Along the way, Deutsche has abandoned the 21 per cent markdown (that is, the net present value cut used in the first, abortive Greece bond swap) used in the second quarter. Compare and contrast Deutsche’s mark to ‘market’ (and Level 2 classification) to the French banks who marked their Greek bonds to model in the second quarter.
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Cristina y un triunfo que abre un ciclo inédito de poder discrecional
La Presidenta se convierte también en la primera mujer en alcanzar una reelección. Lo hizo con el mayor porcentaje de votos (más del 53%) que haya alcanzado un mandatario desde la reconquista democrática. Les sacó el trono, en ese aspecto, a Raúl Alfonsín y a Carlos Menem. Aunque detrás de todo ese enjambre estadístico se ocultaría, en realidad, lo más trascendente: la densidad del poder popular, institucional y político que podrá administrar en los próximos cuatro años. Esa densidad tiene, por otro lado, facilidades que no tuvieron a mano ninguno de sus antecesores, tampoco Néstor Kirchner: la enorme debilidad de una oposición que, sólo intercambiando volúmenes de votos de las internas de agosto, compuso en conjunto una actuación muy pobre
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Eurozone ‘is heading for recession’ | Business | The Guardian
Latest PMI indicates that sovereign debt crisis has pushed the eurozone into recession
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After decades of research on the possible benefits of nutritional supplements, the handwriting is on the wall: Vitamins look to be a bust for the majority of people, many leading scientists are concluding.
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Der weltgrößte Rückversicherer ist bereit, auf einen großen Teil seiner Forderungen zu verzichten – und empfiehlt der Politik einen harten Schuldenschnitt. Ein solcher Schritt käme das Unternehmen aber teuer zu stehen.
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La Grèce peut-elle s’inspirer de l’Argentine? – LExpansion.com
En 2001, l’Argentine s’enfonçait dans une crise qui rappelle celle de la Grèce. Dix ans plus tard, le pays affiche une croissance insolente. Avec des leçons à donner à l’Europe? Les réponses de Roberto Lavagna, ministre argentin de l’Economie de 2002 à 2005, principal artisan de la relance du pays.
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Gaddafi dead: Mahmoud Jibril says legislation will be based on Islamic Sharia law | Mail Online
Islamic Sharia law will be the ‘basic source’ of legislation in free Libya, its new leader has proclaimed. Mustafa Abdul-Jalil’s vision has come as a shock to some of the millions of citizens still celebrating their liberty from decades of tyranny.
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Hillary Clinton demands new Libyan government returns Lockerbie bomber to jail | Mail Online
U.S. Secretary of State Hillary Clinton has demanded that Libya’s new leaders to make sure the only person convicted for the 1988 Lockerbie bombing is sent back to prison for the rest of his life.
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Steve Jobs and Apple skewered on New York stage | Reuters
In a sold-out theater in downtown Manhattan, two miles from the square where anti-Wall Street demonstrators daily use iPhones, iPads and other devices to mobilize their forces, a performance artist named Mike Daisey is mounting a subversive attack on Apple Inc.
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Bank of England official calls for radical overhaul of bankers’ pay | Business | The Guardian
Andy Haldane says remuneration should be linked to return on assets rather than equity, making banks bear more of the risk
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Eurozone may already be in recession | Economy | News | Financial Post
Purchasing managers’ indexes (PMIs) on Monday only served to underscore why Europe’s leaders are scrambling to identify substantial and lasting measures to contain a sovereign debt crisis that knocked eurozone businesses into a second month of decline in October.
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Frankreich sind zwei Italiener in der EZB-Chefetage einer zu viel. Doch Regierungschef Berlusconi kann seinen Landsmann Bini Smaghi nicht zum Rückzug bewegen.
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Volcker’s Advice for More Financial Reform – NYTimes.com
“By now it is pretty clear that it was faith in the techniques of modern finance, stoked in part by the apparent huge financial rewards, that enabled the extremes of leverage, the economic imbalances and the pretenses of the credit rating agencies to persist so long,” Mr. Volcker said in this remarkably candid talk.
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Governo Italiano – Il Presidente del Consiglio dei Ministri
La Germania di Angela Merkel è consapevole di questo, e il suo lavoro si avvarrà della nostra leale collaborazione. Nessuno nell’Unione può autonominarsi commissario e parlare a nome di governi eletti e di popoli europei. Nessuno è in grado di dare lezioni ai partner.
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Forget the top 1% — Look at the top 0.1% | The Big Picture
To see where the big bucks are, you need to look into the top 0.5%, 0.1%, 0.01% and lastly, and lastly, the top 0.001%.
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On George Soros, Occupy Wall Street, and Reuters | Felix Salmon
Yes, there are people — led, it would seem, by Rush Limbaugh — who are loudly speculating that Soros is funding OWS. There might conceivably be a story in their rabble-rousing, which could point out that Soros’s agenda is hardly secret — it’s right there on his website for all to see. Alternatively, as John Carney points out, there’s an interesting story in the way that OWS has raised money, through crowdsourced means like Kickstarter. But the angle we went with is not a story, especially since Soros says he’s never even heard of Adbusters.
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The Hole in Europe’s Bucket – NYTimes.com
Think about countries like Britain, Japan and the United States, which have large debts and deficits yet remain able to borrow at low interest rates. What’s their secret? The answer, in large part, is that they retain their own currencies, and investors know that in a pinch they could finance their deficits by printing more of those currencies. If the European Central Bank were to similarly stand behind European debts, the crisis would ease dramatically.
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