25.07.2011

23.07.2010
Bruckhardt , margins under pressure., editorial of Thomas Straubbaar on transfer and fiscal union in the EU on the model of Switzerland.
Pharma performance.
CS does not recommend neither peg to eur nor sovereign fund proposed by UBS, however there shpoudl be an expansive policy and a clear goal, in line w/ what said by hayek. Cs is under assault by US for trivial bank acocunts and against any bilateral agreement see http://bloom.bg/nc3DZZ
CHF exports r falling vis a vis Germany, really!so what next , sould switzerland take part to greece rescue ? Sarasin always positive eur/chf 1.30 by mid of next year
CIRRUS CRUS , microchip designer depending on aapl, pe 13
good article on GE

German bastion, DBANK, directed by Anshu Jan, 48 years Indian born, a novelty for the icon of German capitalism
Minority Tea party conservatives highjacking Boehner republican speaker? They disapprove Lyndon johnson great society welfare state economically not viable given population aging, they want to dismantle medicare.
ING successfully divesting its assets , trading at a 15% discount of its book value
Mr Wey, Harbion Electric , Sino Forest , Orient Paper and Carson Block
Pharma , novartis and roche , p/e 10 and 11, historically undervalued , the problem is not the strong chf but the heavy regualted pharma market that stifles innovation.

Real estate investments, pension funds moving to Investment Foundations, Anlage Stiftung ( AVADIS, assetimmo) , more liquid parts, better cantonal tax tratmentof income and capital gain or swaps.

Kurt Scuele pathetic article or when an mp becomes an investment advisor , on setting up a sovereign fund based on article 5 ( «auf den Finanzmärkten auf Schweizerfranken oder Fremdwährungen lautende Forderungen und Effekten sowie Edelmetalle»  ) , buy nok, aud, cad to make sound investments and counter eur and usd zone! They stop short of regulation because of liberist policies but they promote a mercantilistic state . they should then buy large swathes of land and send swiss farmers over there to transger the currency gains to normal consumers with lower food prices.

Global Forum on Transparency and exch of info for tax prurposes , switzerland passes the test set by oecd. Robert desax , mnckinsey, motto of general patton, presuure makes diamonds. Like Pmorris swiss banks will work onmly with emerging markets

to haircut or not, greece dilemma on 21% haircut or when collective action does not work bcause private interests. In times of crisis Legittimacy cereates undecidiveness ion europe as well as usa making democracies more vulnerable. Athens reminds u that democray and wealth go together and r always at risk .

American bans under book value, eu exposure not clear although direct investments in U bonds are low. Dood INTERESTING ARTICLE , Dodd Frank Wall Street reform and consumer protection act with more than 3000 pages and 400 paragraphs approved on July 2010 last year has been executed only by 10%. Consumer Financial protection Bureau to control mortgages and credit cards , Richard Cordray appointment filibustered by republicans , Volcker rule to limit investments in hedgefunds or subrpime products by banks, control of OTC derivative market to create more liquidity , 600k billions at stake, bankrupcy of mega banks and supervision of rating agencies are all far from executed. In the eu after the stress tetst , new law presented in line with basel III requiring 460 billions of new capital It looks like there are works undergoing in capitalist democratic economies to secure a better soft rather than hard landing in the next economic crisis. Similar situation underwent china after the Asian crisis , it took time before fixing the problems of its banks and reigniting confidence,. The difference here is that we talkabt a democratic representative system w checks and balances and not an authoritarian system . This may matter when it comes to speed of execution and efficiency and may fill the gap futher more btw the chinese model and our political eocnomic systems when it comesa to gdp per capita. It is a historical law where cohesive empires attest declien and uprise stages helped in aprt by their critical size. Clearly china is on the right side right now whereas europe divisions and usa inetrnal squabbling dont help. The war made usa strong because udner pressure, talking abt a serious war not antiterrosrism operations. As general patton sued to stay we forge diamonds under pressure.

Article on pharm regulation stifling and class actions, the worst hit since the past 10 years is the pharma industry.
Brazilains banks and gruppo Bimbo from Mexico