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The Bankers’ Capital War – Howard Davies – Project Syndicate
Almost everyone nowadays agrees that banks need more capital. Christine Lagarde chose to make it her first campaign as Managing Director of the International Monetary Fund. And conventional analyses of the financial crisis focus on the weak capital base of many banks, which left them with insufficient reserves to absorb the losses they incurred when asset prices fell sharply in 2007-2008.
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Fraudclosure Errors Destroying Americans’ Property Rights | The Big Picture
Over the past 2 years, I have warned repeatedly about the dangers to American property rights caused by massive bank fraud, A deadly combination of MERS, robo-signing, and illegal shortcuts have created a horrific situation. A bedrock of our society — the ability for the owner of a piece of real estate to confidently convey that property, along with all associated property rights — is now in danger.
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Here’s The Chart That Should Scare The Heck Out Of Apple Investors…
Apple’s weak quarter appears to have been the result of a product-cycle gap, in which iPhone sales dropped off sharply as buyers waited for the next version of the iPhone to be released.
This weakness was most likely exacerbated by Apple’s decision to move the release of the phone from June to September this year.
This delay has certainly positioned Apple to have a bang-up December quarter, driven by both pent-up demand and holiday sales.
But the delay, combined with the release of a mere upgrade instead of a revolutionary new phone, has also done two things to weaken Apple’s overall market position: -
DEAR RON PAUL FANS: Yes, Your Candidate’s Plan Will Destroy The Economy
So be honest, Ron Paul fans: Ron Paul’s economic plan would, at least initially, destroy the economy. If you still support it because you think we need to “take our medicine” and because this medicine will make us stronger in the long run, great. But don’t pretend it’s going to be all sunshine and roses.
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The Hottest Idea In Monetary Policy
Over the weekend, Goldman came out with a report calling on the Fed to embrace Nominal GDP targeting: In other words, set as a goal for the economy that nominal GDP that we saw back in 2007, and then produce enough inflation so that we got there.
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Konflikt mit der PKK: Türkei marschiert in den Irak ein – Politik – FAZ
Die türkische Armee ist in den Irak einmarschiert. In Vergeltung für einen Angriff kurdischer Kämpfer auf türkische Sicherheitskräfte mit vielen Toten wurden Ziele im irakischen Kurdengebiet angegriffen.
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Herman Cain: Dial 9-9-9 for nonsense | The Economist
Mr Cain touts the simplicity of the 9-9-9 plan, but it is anything but simple. Even after reading about it on Mr Cain’s campaign site, I’m still not sure I understand it. I thought I knew that the plan proposed 9% income, sales, and corporate tax rates. But the corporate tax is not a simple reduction in the corporate tax rate, as I had thought, but a value-added-tax on “Gross income less all purchases from other U.S. located businesses, all capital investment, and net exports.”
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Europa-Vergleich: 26 Prozent der Deutschen arbeiten Teilzeit – Nachrichten Wirtschaft – WELT ONLINE
In Deutschland ist die Zahl der Teilzeitjobs so stark gestiegen wie fast nirgendwo in Europa. Dabei würde jeder Vierte gerne länger arbeiten.
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Ireland to seek EFSF bailout for State’s bank stakes – Irish, Business – Independent.ie
The deal is seen as theoretically possible by Irish officials in light of increasing speculation that the French banking crisis will lead to France’s banks being bailed out directly by the EFSF.
In that instance, Ireland could argue it was entitled to the same treatment as France’s banks.
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BBC News – Spain’s stolen babies and the families who lived a lie
Spanish society has been shaken by allegations of the theft and trafficking of thousands of babies by nuns, priests and doctors, which started under Franco and continued up to the 1990s.
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Lowe’s to Close 20 U.S. Stores, Slow North American Openings – Businessweek
Lowe’s Cos., the second-largest U.S. home-improvement retailer, will close 20 U.S. stores, affecting 1,950 workers, and plans to slow its North American expansion next year as it works to improve sales.
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There is no sunlit future for the euro – FT.com
The fundamental challenge is not financing, but adjustment. Eurozone policymakers have long insisted that the balance of payments cannot matter inside a currency union. Indeed, it is a quasi-religious belief that only fiscal deficits matter: all other balances within the economy will equilibrate automatically. This is nonsense. By far the best predictor of subsequent difficulties were the pre-crisis external deficits, not the fiscal deficits
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Apple misses analyst predictions despite 53pc profits rise – Telegraph
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EU set to ban insurance on sovereign bonds – Telegraph
European legislators have agreed a ban for sovereign default insurance in a move investors warn threatens to derail the European bond market.
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Buiter Says All Banks at Risk if Euro Crisis Escalates Further – Bloomberg
“If things get out of hand in the euro area, no bank in the financial-integrated world will stand,” Buiter told lawmakers at a parliamentary hearing in London today.
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S&P downgrades 24 Italian banks, financial firms | Reuters
Standard & Poor’s on Tuesday downgraded 24 Italian banks and financial institutions, citing renewed “market tensions” and lower economic growth prospects.
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France and Germany ready to agree €2tn euro rescue fund | Business | The Guardian
Leaders of France and Germany aim to calm market fears before G20
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Streiks ohne Ende in Griechenland | kurier.at
Zehntausende Arbeitnehmer blieben auch am Dienstag zuhause. Unter anderem streiken Seeleute, die Müllabfuhr und Journalisten.
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Next Generation of Homeowners Are Freaked Out – Real Time Economics – WSJ
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Goldman Sachs has slumped to only its second loss since floating in 1999, leaving its bankers facing the prospect of much smaller bonuses this year.
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Surprise Anti-Austerians – NYTimes.com
What’s going on, I believe, is that serious economists — Hatzius at Goldman, and Olivier Blanchard — are rightly frightened by the economic outlook. And those organizations that listen to the right people are trying to get the message out.
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Euro zone pushing for tougher policing of Greece | Reuters
Some euro zone countries want a European Commission task force to be given extra powers to oversee the sale of Greek state assets and the country’s civil service under a far-reaching plan to tighten supervision of Athens, EU sources have told Reuters.