When Counterfeiting Is Legal - The Financial Sophistication Of Criminal Behavior - By Eric Fry (23/11/11) PDF Print E-mail
Eric Fry   
Wednesday, 23 November 2011 09:26

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China Vice Premier Sees Chronic Global Recession - 14 Hrs Ago - By Reuters (22/11/11) PDF Print E-mail
Reuters   
Tuesday, 22 November 2011 11:05

A long-term global recession is certain to happen and China must focus on domestic problems, Chinese Vice Premier Wang Qishan has said.
 
"The one thing that we can be certain of, among all the uncertainties, is that the global economic recession caused by the international financial crisis will be chronic," Wang was quoted by the official Xinhua news agency as saying at the weekend.
 
 Wang's comments were the most bearish forecast ever by a top Chinese decision-maker about the world economy, and Beijing's worry about a worsening global environment could translate into an impetus for pro-growth policies at home.
 
China launched a massive fiscal stimulus package with a price tag of 4 trillion yuan ($650 billion) in late 2008 to avert a big impact from the global financial turmoil.
 
 According to Xinhua, Wang did not speak this time about any major policy change but reiterated that banks should be more flexible lending to the agricultural sector and small firms.
 
 "As for our country, which relies highly on external demands, we must see the situation clearly and get our own business done," Xinhua quoted Wang as saying, referring to exports.
 
China's central bank, which sometimes has to report to Wang, who is in charge of China's financial sector, said last week that it is ready to fine-tune monetary policy if needed.
 
 At a meeting of local government officials and financial executives in the central province of Hubei on Saturday, Wang said local financial institutions such as city commercial banks and credit cooperatives should not seek to expand their business beyond their regions.
 
 Wang also urged banks to pay close attention to the international financial situation. Xinhua did not give further details.
 



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As ECB's Stark Warns Contagion Has Spread To Euro Core, Bank Cash Parked With ECB Soars At Fastest Rate In Years - By Tyler Durden (22/11/11) PDF Print E-mail
Tyler Durden   
Tuesday, 22 November 2011 11:04

Zero Hedge

The Germans at the ECB, which just refuse to die, have been let out of the cage, and are making loud statements. ECB policymaker Juergen Stark warned on Monday the sovereign debt crisis had spread from the euro zone's periphery to its core economies and was affecting economies outside of Europe, according to Reuters. "These are very challenging times... The sovereign debt crisis has re-intensified and is now spreading over to other countries including so-called core countries.

This is a new phenomenon," Stark said in a speech to Ireland's Institute of International and European Affairs in Dublin. "The sovereign debt crisis is not only concentrated in Europe, most advanced economies are facing serious problems with their public debt." Naturally this is not news to anyone, and certainly not to European banks, which have seen their deposits with the ECB (or a safe haven for any cash within the European interbank system) rise at the fastest rate in years, if not ever, since the last MRO. It has taken just 11 days to go from €73 billion on November 8, post the most recent LT liquidity operation, to €237 billion. We expect the total to surpass the two years high of €300 billion in under 5 days.



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Global Systemic Crisis: 30,000 Billion US Dollars In Ghost Assets Will Disappear By Early 2013 / The Crisis Enters A Phase Of Widespread Discounting Of Western Public Debt (21/11/11) PDF Print E-mail
Administrator   
Monday, 21 November 2011 10:36

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Sir Mervyn King: Britain On The Brink Of Second Credit Crunch, Bank Of England Governor Warns - By Philip Aldrick and James Kirkup (21/11/11) PDF Print E-mail
Philip Aldrick and James Kirkup   
Monday, 21 November 2011 10:33

The Telegraph, UK

Britain is on the brink of a second credit crunch, the Bank of England warned as it slashed its growth forecasts for the economy and raised the prospect of a double-dip recession.

The eurozone crisis has left UK banks unable to raise the funding they need to make loans to businesses, evoking the spectre of the crunch that followed the collapse of Lehman Brothers.

And on one critical measure — the cost of insuring banks against going bust — lenders are already facing tougher conditions than at the height of the crunch, the Bank said.

Sir Mervyn King, the Bank’s Governor, said that because of the eurozone crisis, households, companies and banks face a period of extraordinary uncertainty, including a possible slide back into recession. “There is weakness over the next few quarters. No one can know what precisely the outcome will be,” he said.



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