Lost in the sands

By Javier Blas

The effort to revive Libya’s oil industry will have global consequences

Singapore and the historic city states singapore xenophobic sentiment opposed to GDP growth by demographic inflows particularly with today low fertility rate unlike Venice and Athens in the 13thc. Interesting historical analogy... quote:comparison with the city states of 12th to 15th century Italy and Athens is useful. In these states a liberal approach to immigration helped both to raise gross domestic product and to create jobs for citizens, which, in turn, was conducive to the political stability fundamental to the successful city state....History’s great city states lacked Singapore’s difficulty that affluence reduces the desire for children. They forged from polyglot, ethnically diverse populations the common identities of strong nationalisms. Until that happens in Singapore it is likely to have the “them and us” problem of 3.2m Singaporeans proper and 1.8m foreigners.

Britain vs the ECB , A GENTLEMAN SOLUTION WITH BRITISH FLAIR

quote: and it is hard to see why the London operations of, say, LCH.Clearnet in euro-related business could not be handled via a co-operative oversight framework, a well established procedure, in which primary responsibility is assigned to the Bank of England. This is, then, an odd combination of a legitimate concern and a land grab. It must not be allowed to reach the European Court of Justice, which lacks the technical competence to resolve an issue of huge systemic importance.
This is, then, an odd combination of a legitimate concern and a land grab. It must not be allowed to reach the European Court of Justice, which lacks the technical competence to resolve an issue of huge systemic importance.

Lagarde must rebalance her biased Fund

quote:Consider the evidence. About 80 per cent of IMF credit outstanding for all members has been allocated to European countries. ....greece, ireland , portugal,. Moreover, if the Fund were eventually to lend to Spain and Italy such operation would consume the lion share of its resources, ......The fund has so far preferred to use only direct lending because, by controlling significant resources, it enhances its clout and power. But a Fund-backed guarantee scheme, in addition to leverage fund financing, has many advantages over this approach. Fund lending does not necessarily reduce spreads, or assure liquidity when there is a flight to quality. Guarantees, on the other hand, reduce borrowing costs, do not substitute private creditors, and are more effective in attracting foreign capital and facilitating rollovers.

These proposals may be controversial, but the current IMF orientation is indeed highly questionable and should be open to debate. Revamping its facilities and its legal privileges is one step towards regaining the fund’s credibility with markets, developing economies, and with its membership at large.

The A-List: Greece should default and abandon the euro

quote:The recent experiences of Iceland, and many emerging markets in the past 20 years, show that the orderly restructuring and reduction of foreign debts can restore debt sustainability, competitiveness and growth. The collateral damage to Greece of a euro exit will be significant, but it can be contained.

Like a broken marriage that requires a break-up, it is better to have rules that make separation less costly to both sides. Make no mistake: an orderly euro exit will be hard. But watching the disorderly implosion of the Greek economy and society will be much worse.

http://blogs.ft.com/businessblog/2011/09/a-rogue-trader-at-ubs-or-a-rogue-bank/

http://ftalphaville.ft.com/blog/2011/04/11/541181/delta-one-the-special-ops-of-equity-trading/

China growth fears boost Hendry’s fund

Overview: China is emerging as a force

As delegates from the world’s payments, custodial, asset servicing and post-trade industries attend this year’s Sibos By Jeremy Grant and Sharlene Goff