However intense fraternal relationships are

However intense  fraternal relationships are, they are severed by chance and exigencies of modern life , men do not seek to retrieve them in the face of loss , Seth moglen, mourning modernity

hungarians allowed to close their chf mortage at 180 instead of 230 current rate. Austrian banks furious, appealed to european comission and court of justice, a chf 6 bio of leoans in Hungary by kester eddy. turkey macro picture, high growth and currency devaluation to reduce 9% deficit . AUD 6% correction reflects slowing world economy and concerns on overexposed domestic banks

Britain banking reform, ring fencing btw retail and invetsment banking, welcome back glass steagal act, + new capital requirements.FHFA and refusal of refinancing at lower rates on the argument that they are an income based business.

Martin Wolf on EU crisis , Germany stop being a small competitive economy

The extent of the breakdown was not brought home to me by the resignation of Germany’s Jürgen Stark from the board of the European Central Bank, nor by the looming Greek default, nor by new constraints imposed by the German constitutional court. What brought it home to me was a visit to Rome...In the absence of strong institutions, the attitudes and policies of the core country have become crucial. Along with everybody else, I admire the political and economic reconstruction of Germany after the second world war and again after unification, the commitment to economic stability and its first-class manufactured exports. Unfortunately, these are insufficient. German policymakers persist in viewing the world through the lens of a relatively small, open and highly competitive economy.

Chinese sovereign fund run by Lou Jiwei decreased its cash form 30 to 4% to enhance returns investing in Italy, previously w/ Spain and Portugal in 2010 in exch of ham and olive oil exports! european banks capitalised by china, while ecb divided on policy to adopt and in waiting for efsf. Stark dismissal, the last of the teutonics mohicans may be positive at times of unorthodox policies. Only oneleft, munchau from european intelligence always wrting for the FT. Nigeria diversifying currency reserves from oil into renimbi.

a crisis of undercapitalisation as well as policy muddle, john Penders

Many continental European bankers called the recent complaint by the head of the International Accounting Standards Board to the European Securities and Markets Authority about poor provisioning unhelpful. Then they wonder why French banks, which have been marking to make-believe models rather than to more realistic market-based prices, have seen share prices collapse. ….Note, though, that the only way the world seems able to deal with the misaligned exchange rates that contribute to the global imbalances at the root of this long running saga is by having China and other emerging markets run higher rates of inflation than those in the developed world, causing their real exchange rates to rise. As the economist Andrew Smithers argues, rapid inflation can lead to crises in emerging markets, so very low inflation in the developed world is essential to achieve a suitable gap in relative inflation rates to permit a crisis-free convergence of living standards between the emerging markets and the mature economies. IDEA REPEATED IN MY ARTICLES, CONCEPT OF CENTRAL BANKS COLLABORATION DURING THE 1920'S , COMEPTITTIVE MOVE OF SNB FREE FROM ANY POLITICAL BONDS REGAINING ITS waning

Juergen Stark resignation, asmussen replacing him, right hand of schaeuble in charge of crisis management for german gvmnt, funnily enough triggering ire of cdu since he is is spd. Power fight undergoing in ecb , end of economics as the ultimate and rigorous science, germans in minority when voting at ecb. Munchau on the german court ruling, simply a loser comments since he is against against EU.

Renimbi / China , when does it become a reserve currency?

In other words, loyalty to the dollar and China’s lack of the policy prerequisities seem to make the renminbi’s rise a distant possibility. How wrong that is. First, the usual historical analogy is misleading. Great Britain ceded its economic dominance much later, and sterling its dominance much earlier, than is believed. Economic dominance, in the sense of the factors that determine reserve currency status, is affected not just by the size of an economy but by its trade and external financial strength. On this metric, the US overtook the UK not in the 1870s but only around the first world war: in fact, the UK was the world’s largest exporter and net financier until the 1920s.

Jami dimon wants to step out of basel III,too heavy a regulation for american banks

jeff jarvis book “public parts”, on praise of transparency by thomas more and juergen habermass....where they quote robert putnam erosion of social society , margaret tatcher “there is no such thing as society”, atomisation of civil society and brandeis supreme cout judge ruling on right to be let alone.

Novo nordisk , diabethes treatment , good review

fuw,

Analogy with gbp exit from ems wrong, since it is easier to depreciate than to appreciate given the unlimted domestic supply of money. Good point. Loose chf monetary policy , analogy with Israel , can it hold ?

obama's economic package comes too late, sic FUW in the aftermath of negative market reaction, easy is it not?

usual study on switzerland sme competitiveness by credit suisse. Chinese reminbi convertible by 2011, sic davide cucino Chinese EU Chamber of commerce..

Interview to hans werner sinn , ifo president who opposes eu and large debts, calls ecb intervention discriminatory for german banks.

Canadian banks good results , expanding in the usa

Hiildebrand at snb in march 2003, joined ubp in october 2001 as responsible/ specialist of hedge funds. Apparently ubp started to buy madoff in 2002 with m investment feeder fund. Madoff was detected by Markopolos already 1999 but was ignored in 2000 and 2001 by SEC.

ft

Quentin on germany and merkel, midlle way, not ready to back euro bonds before eu treaty change , efsf only ad hoc solution, backing from german supreme court. European monetary fund proposed believe it or not by schauble

notz stucki , gheddadi jewel

Tax Havens Onshore

Published: May 22, 2009

Few here in Switzerland have been other than disgusted by the behavior of UBS and many of us have moved money away from that bank in protest. However, your editorial ''The Swiss and their secrets'' (May 16) supports demands that are of dubious legality.

Were the Americans to practice what they preach, the I.R.S. would investigate its own tax havens of Delaware, Wyoming and Nevada, the latter having allowed some 80,000 dummy companies to be anonymously registered in 2008 alone, presumably for U.S. tax evasion reasons.

Moreover, a long overdue overhaul of tortuous U.S. tax laws might prove more productive than attacks on a foreign bank; many of the 52,000 U.S. customers of UBS whose names your editorial asks for might then be happy to head home.

James Hanshaw, Zurich

Philip stephens on the dangers of american retreat

topical clothing, niche market

megan murphy on ivestment banking reshaping , future of banking

hal weitzman a nd problem of skilled labor force in usa manufacturing forced to retire

Gilian tenet say nothing , only air

HK and the peg, quotes of its architect Greenwood now invesco chief economist, pros and cons

Switzerland , interview to bernholz and reference to jordan statements in august ?,giro konto ie liquidity banks= 200 bio, unicredit calcualtes fair value of eur/chf at 1.20 based on produtivity rather than consumer index. Textile and metal federation ask for a1.40 eur/chf via Michael Bernegger ( do u remember! former snb analyst) who criticises the snb passivity( o yeah, finally) http://www.letemps.ch/Page/Uuid/2937de24-d7f6-11e0-bb3b-242652408a2f/LUSS_sen_prend_%C3%A0_la_Banque_nationale

ft

future of banking

philip augar , the perisl of attacking banks

robert reich , jobs and depression

interview to passera from intesa

yahoo ceo dismissal , several comemnts

Kenneth rogoff happy abt latest declaration of new imf president lagarde to recapitalise banks. Former head of McKenzie law firm and beautiful swim ballerina strikes a chord with American words to steal the spotlight. When she was appointed finance minister she claimed that it was abt time for Paris to raise above London. It tells a lot abt the rhetoric and objectivity of this kind of personality and disregard the imf may fall into. Usa country review article http://epaper.fuw.ch/front/index/16865#

Bucher industries sees no slow down,ready to internationalise more with strong CHF leaving behind its swiss suppliers while bobst less resilient hit heavily, stock price at its lowest since 1987. straumann and nobel at its lowest, usa dental implants market weighs in hevaily. Pernord rcihard liquors sales higher in emerging markets, increases dividend. AT6T merger enquiry by DOJ and FHFA 200 bio law suit does not help orchestrate economy take off under Obama admin. Canada mining titles in copper and uranium+ banks doing well,gold mines with nem up. goldcorp recommendation. U blox well positzioned with its microchips technology for gps.abb will build intelligent power management for clouding computers servers after buying validus dc. Normally server locations in cold areas like Finland. Power management test for green.ch in CH. Noma group long term investment.

In fight against strong chf swiss gvmnt proposes only 850 mio instead of 2 billions while snb steps up its fight against chf appreciation. In the country of consensual regime this is yet a grave misstep showing the lack of synchrony and dividing forces behind the current turmoil. no suprise since minister of finance and economics occupied by renegade udc widmer sclumpf and liberal party bear aman schneider . Seat was lost by the socialists with the emerging udc. Journalist claims carry trades are too expensive , worng staement , carry trades are not options. Other tool to fioght currency appreciaiton is swaps. Meanwhile nice anecdote on chf : Während des Zweiten Weltkriegs war der Franken die einzige konvertierbare Hartwährung in Europa, was mitunter auch für unschöne Geschäfte sorgte. Seit der Einführung flexibler Wechselkurse 1973 wertet er sich tendenziell stetig auf, dieses Jahr beängstigend rapide. Trotz alledem sind anscheinend nicht mal mehr die hiesigen GenossInnen Euro-Anhänger; der Franken ist nun selbst ihnen lieb und teuer. Zu teuer ist er etwa den Deutschen. Die kommen kaum noch in die Alpen, sondern bleiben daheim. Weshalb unsereins sie eben heimsucht, im Kaufhaus zu Konstanz, Waldshut, Lörrach. MR. Article on exchange of information with USA authorities revolving around the bilateral agreement on UBS ,difficult interpretation that requires great analytical philosophical tools to prove one thing and its contrary at the same time, contradicting statements of the former justice minister Schlumpf http://epaper.fuw.ch/front/detail/53606_19,image concluding that ubs data were given in spite of American authorities not having clear indications bcs they fullfilled the following definition of tax fraud Der Anhang definiert auch, was im Amtshilfeabkommen unter «Steuerbetrug und dergleichen» zu verstehen ist. Demnach liegt ein amtshilfefähiges betrügerisches Verhalten dann vor, wenn der Steuerpflichtige falsche oder gefälschte Unterlagen verwendet oder wenn er die Steuerbehörden durch die Errichtung von Lügengebäuden oder andere schwer durchschaubare Machenschaften täuscht. Als «dergleichen» gelten fortgesetzte und schwere Steuerdelikte. Diese Interpretation des Anhangs geht gemäss Widmer-Schlumpf zwar über die bisherige restriktive Amtshilfepraxis hinaus: Sie bewege sich aber «innerhalb des bestehenden rechtlichen Rahmens»

decreasing marginal returns and monopolistic behaviors w/ karl marx empirical analysis of 19th c feodal Europe transition to industrialism are used by a highly paid economist of a bankrupt institute which should have been nationalised , UBS, to puff some air and draw attention. He barely knows Marx work and he is totally out of context,showing why today we have so many problems, precisely bcs of parasytes like Magnuson who keep writing stuff with no serious analytical content while cashing their cheque at the end of the month. the misery of economists, too late to get seriuous , Marx is used as a fashionable iconic reference to whom they recurr when they have nothing more to say.

Ftimes

Switzerland row with usa , sclumpf proposes reinterpretation of bilateral agreement to allow irs to grab more data on private banking clients

electoral defeat for merkel, her risk aversion is key, criticised of taking a parochial view by kohl and spd, of selling out by electors , she needs to do more than behave like a greater Switzerland. Munchau very pessismit , the worst of euro crisis has yet to come, uncoordinated system of policies is an incentive to a contagious austerity with a contagious downturn, while crook calls obama to be more brave. Kishore Mahbubani, dean of singapore school of public policy and author of the irresistible shift of power to the east compares dictators such as Gaddafi to democracy failures on the ground that both tell lies, they lie on the euro, they lie on sacrifices required in the usa, in short a defence of his buddy at S&P and a lot of inconsistencies and superficiality on liberal democracies.

Didier cossin, imd finance prof, financial models create a false sense of security, financial education has misled a generation of manager encouraging bad behaviour under the pretext of pseudoscientific principles. The great attack on finance and economics has started within its own hard core. Attack of Modigliani Miller theorem of perfect information, self regulatory system that contributed to financial expansion. Cantor firtzgerald benefiting of quantitative easing, buying bonds by gvmnts.

Agrifirma farm fund ready to invest in brasil by listing shares in bhk stock amrket, back up of hk tycoons http://www.ft.com/intl/cms/s/0/47fb58bc-d617-11e0-8215-00144feab49a.html#axzz1X4RLwG5x , tankers left to idle as growth in fleet outstrips global oil demand

it is hard to read a coherent pattern of thought in the current market gyrations

At this stage of the typical expansion we expect above- average growth and instead we are barely seeing any growth at all,” said James Hamilton, an economics professor at the University of California, San Diego, who has advised Federal Reserve banks and studied what tips the U.S. into downturns. “We have to be more worried. Overall, the economy is in a delicate position and another shock could send us down.”

in exchange of a free floating , germany proposes to add China renimbi 2 IMF special drawing rights currently composed of eur, gbp, usd and jpy . power politics in display. Ireland going in2 surplus, EU rescue plan working, budget cuts, yields fall form 14 to 9%. there is hope after all. martin wolf and the self-fulfilling prophecies of doom, weak UK demand stalls recovery, longest depression since a century!P. Stephens the historian emphasizes geopolitical tension with rising China and Asia blaming lack of focus from Sept 11 on. china social housing program supports demand for iron ore. Mackintosh the trader , if Europe manages to do few things right then fear of recession could prove overdone. Helas China slow down affecting markets

ft summary

at&t deutsche telcom merger blocked by department of justice and w/ it repatriation of call centres. they re blind, while google, apple &CO monopolise the market they react to their dna instincts triggered by lobbysts and consumer lobbysts who0 funnily enough dont bother abt facebook and advetsing monopoly. doj wants concessions rather thanm breaking the deal to appease the electoral base. but is it only abt politics? perverse marriage of interests. bienenstock research analyst at bernstein points out that telecom deals alwys made at local level, national likely to fail. does he show historic ignorance? history changed , dare to overhaul the whole regulatory system following latest technological developments rather than waste time and resources like this w/ mature companies. sympotom of malaise w/ administrative machine at times of economic slump. obama has a real issue with growth and market economics, he should address it not sharpen it. usa consumer crisis epitomised by las vegas , incapable of bouncing back after 20 years of construction boom unemployment rate at 20% with gambling to no avail. Yet Obama comes up w/ his bipartisan plan for job creation, as if they cared about it.us foreign cash reserves abroad, article, csco 89%, used to finance share buy backs with cheap funding. transfer pricing techniques disclosed 2 SEC w/ by msft : sales via singapore, puerto rico and ireland, yielding less than 35% tax rate 4 us domestic companies. tax holydays and repatriation should be linked to a relaxation of emigration visas for qualified labor force in sharp demand right now. solar energy company solyndra goes bankrupt after usd 530 mio gvmnt loan. third bankrupcy in a row.

merkel and schauble have embraced marxism to t extent that they do want to socialise private losses of the great capital, ie buying greek assets from eu private banks.normal, since germany is a land of serious workers who want an affordable price living in exch of higher firms productivity. domestic priorities are therefore viewed outside as utter myopic foreign economic policy and stopping wary merkel from accepting eurobonds straight away. but was it not the same at the time of bismark and protectionism with grain price. crisis, Germany exceptionalism reflected on its economic machine, a victim of its own success? lagarde calls for recapitalsation of bank equity calculated at 90 bio , ie 1% of total eu sovereign debt. also, berlusconi government postpones budget proposal to the parliament, being loved is more important than blood and tears for the nation, austerity budget watered down. meanwhile portugal brings in austerity measures.also, proposal of creating junior and semior tranches of eurobonds, given market voracity for fixed income demand and triple A would not be a problem.

Hans Olaf Henkel proposal to create a north euro rebuffed by readers as dangerous to export industry, I add it would trigger another competitve devaluation by southern countries joined by France. Deutsche bank to reiterate that sovereign debt for all its problems is much easier to understand than synthetic subrpime debt. But as the say goes, sell in May and go away and stay away till St leger day: behavioral psychology and crowding effects have a strong impact on market trends linked to historical repetead distress. Short volumes at its peak, bullish contrarian signal?

Resource rich south china sea declared exclusive territory by china and international waters by neighbors among others Vietnam . Chinese war ship stops Indian vessel. new geopolitical tensions designing.

Rosneft wants global exploration w/ exon, will bureaucratic state controlled group succeed ? History of russian industry intermigling w/ partners since Nobel and Rothschild, Mendeleev was one of the pioneers of petrochemical plants and management always been utter failure. In fact Yukos wa expropiated by Rosneft. the excuse back then was among others a merger w/ exon. Now Yukos lawsuits against Rosneft stop an equity swap btw 2, something that parodixically was proposed by BP. Doors r closed 4 BP? not yet , Arctic very high oil exploration costs need more than one player.

page on israel tech start ups, jewish mothers want theirs children to be serial entrepreneurs after thosuand of years 4 medical vocation. importance of publicly funded research.www.ft.com/techhub

merkel and schauble have embraced marxism to t extent that they do want to socialise private losses of the great capital, ie buying greek assets from eu private banks.normal, since germany is a land of serious workers who want an affordable price living in exch of productivity. domestic priorities are therefore viewed outside as utter myopic foreign economic policy. but was it not the same at the time of bismark and protectionism with grain price crisis, Germany exceptionalism reflected on its economic machine, a victim of its own success? lagarde calls for recapitalsation of bank equity calculated at 90 bio , ie 1% of total eu sovereign debt. also, berlusconi government postpones budget proposal to the parliament, being loved is more important than blood and tears for the nation, austerity budget watered down. meanwhile portugal brings in austerity measures.

germany , parliament to have veto powers on rescue plans, makes things more complicated, in comments lagarde praised for her remarks critical of stress tests, was the eu bluffing?bank write down insecurity on portugal,ireland , italy and spain bonds. french banks use mark to model valuations given lack of liquidity 4 bailed out greek bonds, 21% rather than real value 50% write down. confusion reigns, sign of inconsistent regulation, esma criticised. benni berni declares in jackson hole that most economic policies that support robust economic growth in the long run are outside the province of central banks. france and usa rich beg 4 paying more taxes , italy scratches plans on wealthy tax and spain complains they did not receive any request, the same as uk.martin wolf does not say anything new abt crisis ( back from holydas), private demanb problem in the usa and politcal stallmate,while emrging markets drag demand w/ surplus accounts ( see j.plender insight and eswar prasad). Wolf hints 2 central bank action but fed is divided as noted by ft, meanwhile an indian reader reminding how structural problem concentrated on lack of skills in us economy , the very necessary ones and in demand right now, ie open the gates of emigration OF indians it and forget latinos and education for americans? Asian bonds in the current western turmoil faring very well decreasing dependency on foreign currency denominated liabilities that triggered 1997 criris. See Yuan issuance.

Commodity prices hikes , driven by market speculation, K Singleton nobel prize proves it in a paper for air transport, excuse 4 regulation

rusrating, richard hainsworth, oversight banks, russia moscow bank unleashes regulation overhaul, yet again.

lex, hon hai, very good piece on microeconomics and company analysis, declining margins with higher costs paid off by higher sales intially positive for earnings but eventually ushering in2 lower profit and missed targets with new economic downturn and end of product cycle. new investments makeeps growth less visible for investors.

short view , cape cyclically adjusted p/e ratio, bearish comments, stocks 23% overpriced against average since 1881

ft

international accounting standards ias criticises accounting rules for greek bond losses b european banks

china and island, turn picke for asian cargos with antartic melting down?

alan kruger next economic adviser of obama, inequality and wages background preludes to labor economics , see lex and 1970s unemployment figures from 1 in 1976 to 6% in 19885 in oecd countries= structural problem

lagarde imf chief starts very well as she did w/ safrkozy when she defended paris as the new financial capital of the world competing w london. she criticises european banks ignoring stress tests and forcing rehn and trichet to come to rescue of belaguered financial institutions

brown lloyd james , best man of john lennon and gaddafi family advisor, engineered vogue profile of syrian first lady, luxury reigns over western magazines

uk ch agreement criticised since accounts will be closed and transferred as in the German deal before may 2013, deadline agreed

frivolities such as legal challenge of egrman courts against greece rewscue package are discussed. remember germany bundesbank racist book, it was to be expected.

gideon rachamn, political world in turmoil w/ rising inequalities howevr america keep protests out of the street in2 official representation circuit. Why ? No answer, just praise.

maurice levy, tax resident of switzerland joins warren buffet 2 ask 4 the rich top mpay more taxes, then poorer will endure reforms to revive growth. u r understtimating racaille factor , have u ver been in paris outskirts while u were enjoying fiscal exile in gstaadt?

irene is over, damage less, nature analogy, violent market turmoils similar 2 disrupted clinate change, r we in a new age?

risk appettite revives w/ consumer figures, chf down, finally, chf is not financial platform of 70s 80s.

ft

lagarde misuses words, she does nto get a damn of finance, confusing funding with capitalisaiton problems, welcome 2 the affirmative acxtion

world

snb fight against chf appreciation through sterilisation forex operations and 0 interest rates, refuses 2 peg exchange rate but 4 introduction of controls on banks credit supply through higher or lower capital ratios according to the cycle. joins austrian theory on credit cycles. the quesiton, why did they nbot follow themselves this policy be4 when eur/chf was at 1.65 by raising ratessimlar 2 Europe? Menawhile negative artes means lower real estate price in future and funding gap for pension funds linked 2 property? plausible.see fuw

Quote : "Zudem soll der Puffer generell einem übermässigen Kreditwachstum entgegenwirken. In der Aktivierung und Deaktivierung des antizyklischen Kapitalpuffers soll neben dem Finanzdepartement (EFD) und der Finma die Nationalbank eine zentrale Rolle einnehmen."

meanwhile, the glacial era is starting 4 the swiss eocnomy, read this report

Strong franc and growth concerns

Dear Reader,

Equities: The strong franc and significant economic concerns have greatly diminished expectations for corporate earnings in francs. The striking yield gap between Swiss equities and franc bonds should not narrow again until economic expectations have stabilized. Switzerland is not currently our equity market of choice. Bonds: The Swiss bond market was supported by economic concerns and the possibility that the European debt crisis could spread to other countries. We favor bonds issued by broadly diversified, internationally active companies with limited exposure to European peripheral states. Real estate: Real estate investments have limited upside potential. Economy and Swiss franc: The strong franc is stifling parts of the Swiss economy. The government and the Swiss National Bank are taking more aggressive action to weaken the franc. We expect the franc to weaken moderately. swiss fund industry lost market share. Why ? Mangers operate from London w/ Luxembourg domiciled societies EU compliant. Towers watson and Diana Mackay in Chancen für Schweizer Anbieter die zu den profiliertesten Kennern der Fondsbranche in Europa zählt, believe that w/ lots of chf in deposits chf investments will increase. really , r u the specialist?

Karl Marx and Roubini

Roubin can speak only of capitalism , of course 4 somebody trained in economics and with no solid tenets in political theory and history, it is fancy and vaguely hippy in the French anti establishment spirit of the 68s to quote Marx. I guess Marxism came 2 his mind while sipping some champagne at one of his multi billionaires meetings. After pronouncing the term with his usual defiance everybody knelt with awe and admiration. Last time divo hysteria was w/ Greenspan, since then fallen in disregard. definetively Roubini filled the gap while Bernanke perseveres with humility and difficulty to help readdress US economy

Sembra quindi che Karl Marx avesse ragione nel sostenere che la globalizzazione, l’intermediazione finanziaria fuori controllo e la ridistribuzione del reddito e della ricchezza dal lavoro al capitale potrebbero portare il capitalismo all’autodistruzione (la sua idea che il socialismo sarebbe stato migliore si è invece rivelata errata). Le aziende stanno tagliando posti di lavoro a causa di un’insufficiente domanda finale. Ma tagliare posti di lavoro riduce il reddito dei lavoratori, aumenta la diseguaglianza e diminuisce la domanda finale.

Le recenti manifestazioni di massa, dal Medio Oriente a Israele fino al Regno Unito, e la crescente paura in Cina – e ben presto in altre economie avanzate e nei mercati emergenti – sono tutte spinte dalle stesse problematiche e tensioni: diseguaglianza, povertà, disoccupazione e disperazione. Anche i ceti medi del mondo stanno provando le ristrettezze economiche legate alla riduzione di reddito e opportunità.

Per consentire alle economie orientate al mercato di funzionare nel modo corretto, dobbiamo ritornare al giusto equilibrio tra mercati e fornitura di beni pubblici. Ciò significa abbandonare il modello anglosassone del laissez-faire e dell’economia-vodoo e il modello dell’Europa continentale di welfare state (o Stato del benessere) spinto dal deficit. Entrambi i modelli sono risultati fallimentari.

Il giusto equilibrio richiede oggi la creazione di posti di lavoro, in parte mediante nuovi stimoli fiscali volti a incentivare le infrastrutture. Serve altresì una maggiore tassazione progressiva, maggiori stimoli fiscali nel breve periodo attraverso una disciplina fiscale nel medio e nel lungo periodo, l’appoggio di un prestatore di ultima istanza da parte delle autorità monetarie per prevenire rovinose corse agli sportelli, una riduzione del peso debitorio per le famiglie insolventi e altri agenti economici in difficoltà, nonché supervisione e regolamentazione più severe per combattere un sistema finanziario fuori controllo, mettendo fine a banche troppo grandi per fallire e a imprese oligopolistiche.

Nel tempo le economie avanzate dovranno investire in capitale umano, competenze e reti di sicurezza sociale per aumentare la produttività e consentire ai lavoratori di competere, essere flessibili e vivere bene in un’economia globalizzata. Come negli anni 30, le alternative sono stagnazione, depressione, guerre valutarie e commerciali, controlli sui capitali, crisi finanziarie, insolvenze sovrane, instabilità sociale e politica.

Copyright: Project Syndicate, 2011 www.project-syndicate.org Traduzione di Simona Polverino

ft 26.08.2011

Lybia , SAS sent 2 hunt Gaddafi & avoid Iraq scenario, country revival difficult gioven lack of institutions , how to build a working state from nothing.South Africa Zuma opposed to release of funds to rebels.

Jackson Hole, is Hildebrand a guest ? Tbhis year the cause of market turbulence are governments, cdntral banks are more relaxed unlike last year.

CH EU tax bilateral continue with Greece next, Switzerland becoming informally a member of the EU, end of fiscal priviledges favored by its federalistic decentralised institutions seeking 4 fiscal advantage even within Switzerland. However Brussels not fond of these bilateral agreements because dont include companies in a quest of fiscal harmonmisation

On economic theory demise after crisis, John Kay and epistemological thinking 4 an FT editor and LSE lecturer, notes the fragmented debate with missing consensus even on empirical data. The latter should be foundation for a new start. Quote « Consistency and rigour are features of a deductive approach, which draws conclusions from a group of axioms – and whose empirical relevance depends entirely on the universal validity of the axioms. ....For many people, deductive reasoning is the mark of science: induction ....not just in applied subjects such as engineering and medicine but also in more theoretical subjects including physics – is frequently the result of observation that something does work, which runs far ahead of any understanding of why it works. .... In 1995 Prof Lucas was awarded the Nobel prize for economics, and in his prize lecture he provides a succinct summary of his central model. This simplification method is very different from the physicist’s simplification, which abstracts to focus on a single element of a problem. Prof Lucas has described his objective as “the construction of a mechanical artificial world populated by interacting robots”. An economic theory is something that “can be put on a computer and run”.

Structures such as these are “analogue economies”, complete systems that loosely resemble the world, but a world so pared down that everything is either known or can be made up »

Garry Silverman on New York risking 2 become Detroit

Samuel Brittan on Marx thinking propelled by Roubini and Magnuson quotes Marx himself, whatever else I am, I am not a marxist. Otherwise boring article , does not get to the point and does not show good udnesratnding of philosphy and history. Last quote more interesting and gives food for thought : Its most interesting development came from Rudolf Hilferding, an Austrian social democrat, whose lasting contribution came in his book, Das Finanzkapital. Here he drew attention to a new sinister feature, the rise of bankers and financiers behind the growing cartelisation of industry. He did not foresee the far greater importance of the mass of artificial money rushing across frontiers, which is surely highly relevant when central bankers are breaking their heads about how to restart the world economy. »Time 2 analyse roubini article and criticse it if necessary...http://laregione.ch/interna_new_coe.asp?art=analisi1&frmt=ca

Oeter Tasker on Gold, Gold generates nothing and can be valued on its right only as a revulsion for other assets, very questinable, looks like marxist staement against luxury

Tomorrow Jackson Hole and Bernanke conundrum, I believe he did his job and will ask gvmnt 2 do the rest althouugh some ask for irresponsible behavior to pop up inflation 4 pushing investment with lower real inetrest rates. Japan teaches.Great depression was fixed w/ a war after all.

Money markets and circuit breakers , risk of funds withdrawing counterbalanced by further ecb guarantees on lending.

25.08.2011

switzerland agrees w/ UK 2 tax secret bank accounts, safe haven banking officially over while law on secret banking still valid. genius 2 avoid class actions.secrecy fails only when there is an emergency situation like w/ ubs failure where Mr haltiner handed data of ubs clients 4 the sake of nation and in disregard of state of rule . I propose 2 make Haltiner a national hero unlike that scoundrel of a captain who let jews in during the IIWW and was called traitor or more recently Chritopher Meili, a security clerk who handed over bank details of lost accounts from persecuted jews and had himself 2 seek refuge in the USA given criminal persecution @ home. These are the contradictions of secret banking law in Switzerland. A real cucoo country

after Bundesbank President, Germany's president joins critics of purchase of italy and spain debt by frankfurt based ecb. confusion and undecisiveness continue, geithner leit motif shock and awe turns in2 wagnerian drama flirting w/ tragedy.

QE3 not worth if leveraged creditors do not invest . question: to cut or not 2 cut? Denmark is at the forefront w/ 2d public spending program. lack of coordinated answer by industriual countries may make things worst.

u dont need to be big to be a mulitnational, on micro enteprising

hp restructuring vs Louis Gestner IBM " who says we cant be elephants", HPQ Apotheker no conservative, schumpeterian revolution instead w/ stock losing 20%, baffled analysts by sudden mature hardware unit spin off, happy consultants and investment bankers . lots of articles.

uk and eurozone bond , they may benefit themselves while supporting it. at critical moment, time 4 bold decisions in europe but as j mackintosh argues inflation fear stucks germany in2 statuquo. I quote: " But Britain’s economy and financial system are inextricably linked to the eurozone and there is little sign that without a dramatic intervention, the single currency area will avoid a nasty mess. Britain prides itself on coming to the aid of continental Europe at times of crisis. Now is one of those moments. With a proposal for Britain’s limited involvement in eurobonds, Mr Osborne has the chance to demonstrate leadership. Anything less and he will be as culpable for a double-dip as anyone"

jpy appreciates while moody downgrades its debt rating, opposite outcome than w/ usa downgrade

s&p new ceo affable and at ease w regulators, precious japanese regulators experience@ citibank

nokia, usd 40 bio spent in r&d , comes up w new symbian os, positive analysts review, will they really phase it out in favor of windows? I bet they will keep their options open depending on msft strategy

24.8.2011

salomon lerner behind humsala in peru
US chamber of commerce supported bank bail out+800 bio stimulus package, now 4 spendiong cuts, iun favoir only of infrastructure programs backed by gvmnt, what is their stance with Romey , Perry and tea party radicals dangerous stance?
article on rare earth materials, environment rules push up prices, interesting map
french wealthy tax, l'oreal and total de margiere join buffet for tax on wealthy. sarkozy elections approaching, concertation and timing r impressive, not all wealthy agree on recipee 2 reduce government edficit
J Sachs reply to the FT, following his article^: scandinavian countries are the example tio follow, investment in skills, infrastructure,environment and equalitarian affirmative action policies 2 counterbalance excessive disparity and business power,whereas usa plutocracy increases gap btw rich and poor w/ federal power in the hands of rich.
dewen sharma stepping down as s&p president
notebook Jamil Anderlini, chinese netizens not surpised that PLO army players stomp on innocent American students , basket match finished 64-64, which means June 4 June 4, date of Tienanmen massacre. Authoritan unpolished behavior w/ journalists and diplomatic staff as well kicked out form the rpess room while London riots are a new cult 4 chinese state tv which bans all other domestic violent images.

deven sharma steps down, pitty , he should have done it after hearings at the congress that could highlight his biased political views pumped by anti colonialist spirit againt the white man

bad loans rise in india banks,
ft line, merkel call right, fix first domestic budgets , launch later eurobonds, usual EU institutional problem underlined,

sheer force of will

we live with dreams, demons and fears. The only way forward when we wake up is sheer force of will. For a good reason

ft 23.8.11

crumbling of 3rd regime reinvigorates arab spring, finnish deal 4 colalteral threatens greece rescue package, eu again shows its limits
sunflowers will bhelp decontaminate radioactive soil in japan.
4 their health banks need a holyday from basel. US savings and loan crisis in 1980s, resurrection failed henc eloose regulation may divert healthy lending practices ^2 local businesses.

arab spring moving 2 India w/ anti ciorruption social movement.
philip zelikow exclnt analysis of arab spring and possible federalist outocme in multiethinc context where failed unitary state of colonial legacy is falling apart, menawhile gulfstate channel funds 2 back authoritarian rulers.
michael lind, Please see The intellectual collapse of left and right on Page 7 of Tuesday, August 23, 2011, " Supporters of the ownership society and the knowledge economy alike have emphasised economic aspiration above economic security. That might have seemed plausible during the bubble years, but it does not fit the conditions of distressed workers in today’s post-crash, slow-growth economy. Whatever forms the next conservatism and the next liberalism take in the US, they may be based as much on a politics of security as the politics of aspiration"
interesting point on managerial responsibilities and titanic captain analogy jumping on the lifeboat b4 passengers." Easy conditions of employment, overgenerous pensions and pay, insufficient emphasis on the risks (operational and ethical) rather than the rewards of the job – these are the corporate equivalent of the lifeboat Ismay stepped into. As long as these safeguards are provided in such abundance, the public will have to stomach seeing many business leaders simply float away from the wreckage they helped create. "
family offices regulation and the SEC
US railways , good revire and chart on traffic
on uk manufacturing, praise spectris , specialist precision engineer towards china

ft,22.8.2011

merkel sticks 2 the eu national model, bout of m nationalism 2 increase competitiveness. politicians look distanced from real dangers of crisis, in a bubble like gaddafi. politics wont follow markets. 2 quote Kant : Da un legno storto come’è quello di cui l’uomo è fatto non può uscire nulla di interamente diritto” Out of the crooked timber of humanity, no straight thing was ever made.
Idea for a General History with a Cosmopolitan Purpose (1784), Proposition 6
Variant translations: Out of timber so crooked as that from which man is made nothing entirely straight can be built.
Fiscal Union, difficult to get there and yet is the only viable solution

obama, members of his economic team have left, lack of authoritative skills 4 new policy proposals?lack of clear plans and boldness, he did not presen5t6 any plan, he left 4 holydays and bus tour, hee looks pale. mortimer zuckermann, business has lost confidence in admin. diamond jpm decliend to succeed geithner.
one of the problems of the current crisis is to use conventional economic tactics. see merkel declarations, crporatist state, rigidity, statu quo may prevail also w/ obama,
vito tanzi review by samuel brittain, 70k usa tax code pages, outcome of state cature lobbying process
viktor veksleberg and skolkovo program
banks shift unwanted assets into pension funds to fill deficit gap
uk insureres over scr tripleB ( solvcency capital requirment) may pay div idends 2 investors
article on ftmanagement, no 2 a higher frequency flash crash

ft

austria and netherlands ask collateral 4 loans 2 greece
sarkozy, gaullist cure fails 2 impress, barroso eu commission failkure, it took a back seat, national gvmnts on charge, clumsy efforts 2 create a
economic gvmnt w/ ad hoc institutions which do not breach the european treaty

belgium minister proposes eurobonds in exch of economic gvmnt enshrined in constitution
fera that us econom stalling bcs w/ insufficient speed losing traction and falling as an aircraft uncapable of taking off,
like gvmnt stalemate, truth is aircraft still on the runway and if no inflation then what do u do w/
monetary policy, pump it up. analogy w/ 2d term of roosevelt before entering war, recession kiked inw/ republicans callinbg 4
balanced budget

following google motoroala, is rimm twice its value?

anna harare a threat 2 democracy , sic pm singh,negotiating terms w/ parliament 4 anti corruption rules, spectacular development

ussr analysis
ancient greeks help explain the rioting of London, refreing 2 incohate rage beneathour global cities + ft series the squeezed middle, mind abt soirit and watch less
amy , kate or khardazian appetite 4 lust , rioters were motivated by material gain, ie celecrity status as a benchmark unleashes violent instincts, celebrity seeking was
a realuty show as w/ police confrontation mutated in greek self esteem , spirit quest, recipee btw appetite and spirit quest lies reason, modusrebus agaton akatos, this is the real challenge
in this fast shifting structure that reached its critical limit ( see napoleon theory on critical points and kant preoccupation on french revolution as well as black swan theory
in 1st crisis and structural change in this one, theora of science)

funny anecdote, londion looting had no equal in lagos , south african gvmnt issued a travel warning , decline of western influence more evident in africa itself, where russians, turks, chinese and brazilians
r making business while western democracies remain largetzs donors trying to lecture poor africans on democracy and governance

Art is so often a tug of war between the accidental and the predetermined. And so often – hurrah for happenstance –
the first is victorious. Self-importance and self-consciousness can pass into dust. The most beautiful,
touching things can frequently be the least “worked”: a passing phrase in music, a painter’s unthought brushstroke . .