from Ambrose Evans-Pritchard:
Bears beware. A monetary revolution is underway.
They are tearing up the script, embracing the new creed of nominal GDP targeting (NGDP), a licence for yet more radical action.
The side-effects of this currency warfare — or “beggar-thy-neighbour’ policy as it was known in the 1930s — is an escalating leakage of monetary stimulus into the global system.
So don’t fight the Fed, and never fight the world’s central banks on [...]
Japan’s government is to take the unprecedented step of buying factories and machinery directly with taxpayer funds, the latest in a series of radical steps to lift the country out of its deep slump.
Premier Shenzo Abe is to spend up to one trillion yen (£7.1bn) buying plant in the electronics, equipment, and carbon fibre industries to force the pace of investment, according to Nikkei news.
The disclosure came just a day [...]
Over an early-morning coffee with the chief executive of an FTSE 100 business last week, talk turned to the outlook for 2013. Where I had expected some guarded optimism, instead I heard a chilling analysis.
The CEO said he had been reading a new paper from Boston Consulting Group headed “ Ending the era of Ponzi finance ”. The lessons he had taken from it were miserable.
The West was not going to find [...]
Historic buildings include barbershop, hotel and cotton warehouse
Georgia town became run down after bank, school and businesses shut
Actress Kim Basinger bought Braselton, Atlanta, for $20m in 1989
The small town of Toomsboro in Georgia, U.S., fell on hard times after its school closed and banks and businesses upped sticks.
But now a developer has taken radical action – nailing up ‘for sale’ signs up on almost all the buildings in the area.
European leaders are poised to announce a £600 billion deal to bail out Spain and Italy, it emerged at the G20 summit on Tuesday night.
Two rescue funds are to be used to buy the debts of the troubled economies, the cost of which have reached record highs in recent weeks.
It is hoped that the move, which represents a substantial shift in policy for Germany’s chancellor, Angela Merkel, will send a [...]
Bloomberg and Ray Kelly been oppresin’ colored people like it’s 1850. or 1750. or 1950. or unless we do something NOW 2050.
If you are in the NYC area, PLEASE COME TO THIS EVENT! If your not from NYC, look at the page to see if theres an event near you! We need some anarchist representation, and I personally would be down for more radical action, though it depends on how [...]
By Jan Strupczewski and Harry Papachristou
BRUSSELS/ATHENS | Wed Oct 12, 2011 11:36am EDT
(Reuters) – Euro zone countries will ask banks to accept losses of up to 50 percent on their holdings of Greek debt, officials said on Wednesday, as part of a grand plan to avert a disorderly default and try to end a crisis that threatens the world economy.
Ahead of a make-or-break summit of European leaders on October 23 [...]
Markit’s iTraxx Crossover index – or ‘fear gauge’ – of corporate bonds surged 56 basis points to 857 on Thursday
Key indicators of credit stress have reached the danger levels seen before the Lehman Brothers failure three years ago, with Markit’s iTraxx Crossover index – or “fear gauge” – of corporate bonds surging 56 basis points to 857 on Thursday.
Societe Generale led [...]