No Big Bang At G-20 Summit - By 5 Mins Forecast (7/11/11) PDF Print E-mail
5 Mins Forecast   
Monday, 07 November 2011 10:46

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G20 Summit Fails To Allay World Recession Fears - Summit Ends In Disarray As World Leaders Fail To Agree Increase To IMF And Concerns Mount Over Prospects For Italian Economy - Patrick Wintour and Larry Elliott in Cannes (7/11/11) PDF Print E-mail
Patrick Wintour and Larry Elliott in Cannes   
Monday, 07 November 2011 10:03

The Guardian, UK

The G20 summit in Cannes has ended in ominous disarray, drawing nearer the threat of a world recession.

Leaders were unable to agree upon a boost to the International Monetary Fund (IMF) to help distressed countries, while debt-ridden Italy, now seen as the epicentre of the euro crisis, was forced to put its austerity programme under the fund's control.

UK hopes that the Germans would relent and allow the European Central Bank to become the lender of last resort for the euro were also dashed.

In a day of unremitting gloom, and yet more market turbulence, the Greek government also stood on the precipice of collapse, risking an uncontrolled default, as the government of George Papandreou faced a late-night confidence vote in parliament. Prime Minister Papandreou was forced to cancel plans for a referendum on the euro.



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Greek Government On Brink Of Collapse Over Debt Crisis - By David Gow and Helena Smith in Athens (4/11/11) PDF Print E-mail
David Gow and Helena Smith in Athens   
Friday, 04 November 2011 08:09

The Guardian, UK

The Greek government stands on the point of collapse, with the country set for a general election over membership of the euro rather than the referendum planned for early December.

Calls for a national unity government embracing the opposition also intensified as EU political leaders and financial markets demanded an end to the regional uncertainty unleashed by a small country on the periphery of the eurozone and called for measures to prevent a slide into Europe-wide slump.

George Papandreou called an emergency meeting of his cabinet for noon local time (10am GMT) on Thursday after his finance minister broke ranks over the referendum and several socialist deputies quit or threatened to quit his Pasok bloc in parliament.



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Fed Officials May Prepare Ground for Further Bond Purchases, Survey Shows - By Joshua Zumbrun, Bloomberg (4/11/11) PDF Print E-mail
By Joshua Zumbrun, Bloomberg   
Friday, 04 November 2011 07:51

Federal Reserve officials are probably engineering a third round of large-scale asset purchases, while they are unlikely to announce a decision today, according to economists in a Bloomberg News survey.

Sixty-nine percent of those surveyed say Chairman Ben S. Bernanke will embark on a third round of quantitative easing, or QE3, with a plurality of 36 percent predicting the move in the first quarter of next year, according to the poll of 42 economists from Oct. 26-31.

“We are becoming increasingly persuaded that QE3 is coming, this time focused on purchases of mortgage-backed securities,” said Dana Saporta, U.S. economist at Credit Suisse in New York. “The best guess is at this meeting they’ll try to build some consensus around the idea and lay the groundwork for eventual purchases.”



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GOLD MONEY RESEARCH VIDEO: Historian Adam Fergusson Discusses History of Wiemar Hyperinflation, When Money Dies, with James Turk from GoldMoney Foundation (4/11/11) PDF Print E-mail
Gold Money Foundation   
Friday, 04 November 2011 07:40



James Turk in conversation with Adam Fergusson

Subscribe to Gold Money's newsletter at http://www.goldmoney.com/goldresearch. Historian Adam Fergusson discusses his cult-classic history of the Weimar hyperinflation, When Money Dies, with James Turk from the GoldMoney Foundation. They discuss the fateful decisions that led to hyperinflation in post-First World War Germany, and how central bankers as well as ordinary members of the public today would be well advised to heed this warning from history.

Fergusson discusses how the hyperinflation affected different groups in German society in different ways – with debtors benefitting and huge numbers of middle-class savers wiped out. Riots, corruption and political extremism were just some of the malignancies encouraged by the hyperinflation. He points out that those who held hard currencies as well as people who held tangible assets like gold and silver were in-large part protected from the worst economic consequences of the hyperinflation. In his words: “gold remained at all times in Germany the measure of what was important to them.”

James and Adam discuss whether or not today there is any way for governments in the developed world to repay their huge debts. Both men conclude that inflation is the only politically viable method of repudiating these unmanageable obligations. Fergusson highlights the importance of velocity and the demand for money in determining whether or not inflation turns into hyperinflation – though points out that this tipping point can take a surprisingly long-time to arrive; in Germany, people kept confidence with the rapidly devaluing mark throughout the First World War, despite clear signs that the country was heading for a currency crisis.

Fergusson thinks that we are heading for high inflation in many countries, but is doubtful that Weimar Germany’s nightmare currency collapse can be replicated in a sophisticated modern economy. He concludes with a quote from Jean-Claude Juncker, prime minister of Luxembourg, who recently commented with respect of the sovereign debt crisis: “we all know what has to be done; what we don’t know is how to get re-elected once we done it.”



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Last Updated on Friday, 04 November 2011 07:46
 
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