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The Opulence Bubble - Umair Haque - Harvard Business Review

The Opulence Bubble - Umair Haque - Harvard Business Review | ECONOMY & Transparency | Scoop.it
Here's a question: What if, just maybe, it's our way of life itself that's a bubble?

To illustrate why I ask, consider this set of questions: How's your house price doing? Where would your 401K be, if central banks withdrew life support for banks? How steep is a college education this year (hint: on average, 10-15% more than last year)? How are weekly grocery and gas prices doing? Where are commodity prices — not to mention gold — headed? Bubble, bubble, toil, and trouble: these days, it seems, everywhere you look, there's a bubble inflating — or popping.
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El-Erian: Europe Is At Risk Of Wasting Billions More To Save Bondholders

El-Erian: Europe Is At Risk Of Wasting Billions More To Save Bondholders | ECONOMY & Transparency | Scoop.it
And nothing is getting better....
comments:
"Throwing more money down the Greece rat hole is the only option until the TBTF systemic risk issue is effectively addressed. The inability of bondholders to accept "haircuts" underlines the entire financial system as one huge global Ponzi fraud perpetuated by the FED, ECB & IMF. The ECB is secretly making promises to bondholders in order to get them to submit to "voluntary" haircuts to avoid a "default event". The ECB will convince bondholders that a failure to accept these haircuts would effectively be signing a death sentence. Ultimately, the FED stands "ready to act" if the EU politicians screw this one up."
"I don't recall El-Erian worrying much about the waste of US taxpayers money when the Treasury forced the US public to back the impaired GSE MBS owned by PIMCO and China's sovereign wealth fund."

"I don't recall El-Erian worrying much about the waste of US taxpayers money when the Treasury forced the US public to back the impaired GSE MBS owned by PIMCO and China's sovereign wealth fund."



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External versus domestic debt in the euro crisis | vox - Research-based policy analysis and commentary from leading economists

External versus domestic debt in the euro crisis | vox - Research-based policy analysis and commentary from leading economists | ECONOMY & Transparency | Scoop.it
As EU leaders muddle through the Eurozone crisis, the debate about its root causes continues. The debate is important if we are to understand how to prevent future crises. This column argues that the focus on total public debt is misleading – external debt is the key to the turmoil in European economies.
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Democracy Is Not the Fundamental Problem of the Eurozone | European Union Law

Democracy Is Not the Fundamental Problem of the Eurozone | European Union Law | ECONOMY & Transparency | Scoop.it
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Die Erklärung für die Merkel-Sarkozy-Einigung in einer einzigen Grafik.

Die Erklärung für die Merkel-Sarkozy-Einigung in einer einzigen Grafik. | ECONOMY & Transparency | Scoop.it
Click on the photo to comment, share or view other great photos...
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Griechenland-Krise: Nervosität an den europäischen Märkten - Europas Schuldenkrise - Wirtschaft - FAZ.NET

Griechenland-Krise: Nervosität an den europäischen Märkten - Europas Schuldenkrise - Wirtschaft - FAZ.NET | ECONOMY & Transparency | Scoop.it
Washington warnt vor einer Bankenkrise in Europa Unterdessen reduzieren Banken ihren Bestand an Griechen Anleihen...
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ALTER-EU | The Alliance for Lobbying Transparency and Ethics Regulation

ALTER-EU | The Alliance for Lobbying Transparency and Ethics Regulation | ECONOMY & Transparency | Scoop.it
The Alliance for Lobbying Transparency and Ethics Regulation (ALTER-EU) is a coalition of over 160 civil society groups, trade unions, academics and public affairs firms concerned with the increasing influence exerted by corporate lobbyists on the political agenda in Europe, the resulting loss of democracy in EU decision-making and the postponement, weakening, or blockage even, of urgently needed progress on social, environmental and consumer-protection reforms.
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Democracy vs Mythology: The Battle in Syntagma Square « sturdyblog

Democracy vs Mythology: The Battle in Syntagma Square « sturdyblog | ECONOMY & Transparency | Scoop.it
I have never been more desperate to explain and more hopeful for your understanding of any single fact than this: The protests in Greece concern all of you directly.

What is going on in Athens at the moment is resistance against an invasion; an invasion as brutal as that against Poland in 1939. The invading army wears suits instead of uniforms and holds laptops instead of guns, but make no mistake – the attack on our sovereignty is as violent and thorough. Private wealth interests are dictating policy to a sovereign nation, which is expressly and directly against its national interest. Ignore it at your peril. Say to yourselves, if you wish, that perhaps it will stop there. That perhaps the bailiffs will not go after the Portugal and Ireland next. And then Spain and the UK. But it is already beginning to happen. This is why you cannot afford to ignore these events.

The powers that be have suggested that there is plenty to sell. Josef Schlarmann, a senior member of Angela Merkel’s party, recently made the helpful suggestion that we should sell some of our islands to private buyers in order to pay the interest on these loans, which have been forced on us to stabilise financial institutions and a failed currency experiment. (Of course, it is not a coincidence that recent studies have shown immense reserves of natural gas under the Aegean sea).

China has waded in, because it holds vast currency reserves and more than a third are in Euros. Sites of historical interest like the Acropolis could be made private. If we do not as we are told, the explicit threat is that foreign and more responsible politicians will do it by force. Let’s make the Parthenon and the ancient Agora a Disney park, where badly paid locals dress like Plato or Socrates and play out the fantasies of the rich.
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Hardline IMF forced Germany to guarantee Greek bailout | Business | The Guardian

Hardline IMF forced Germany to guarantee Greek bailout | Business | The Guardian | ECONOMY & Transparency | Scoop.it
Acting IMF chief threatened to trigger sovereign default if Berlin failed to come to rescue of Greece...
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The Massive "Catch 22" At The Center Of The Entire Greek Crisis

The Massive "Catch 22" At The Center Of The Entire Greek Crisis | ECONOMY & Transparency | Scoop.it
Get prepared for this weekend's big action.
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Excessive Oil Speculation: Wall Street's Tax on Us

Excessive Oil Speculation: Wall Street's Tax on Us | ECONOMY & Transparency | Scoop.it
Where are the anti-tax activists when you need them?
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Mish's Global Economic Trend Analysis: 2-Year Greek Bond Yield Hits 28.15%; Investors Bet on Prospect of 'Greek Accident'

Mish's Global Economic Trend Analysis: 2-Year Greek Bond Yield Hits 28.15%; Investors Bet on Prospect of 'Greek Accident' | ECONOMY & Transparency | Scoop.it
Greek, Irish, and Portuguese yields are at or flirting with new all-time highs.

Moreover, things are not looking pretty for Spanish and Italian bonds. Both trade at the upper end of their respective ranges yet German bond yields have fallen since the second week in April.

The prospect of a messy default in Greece is rising, even though it appears the IMF will hold its nose and give Greece another tranche of money.

Credit default swaps price in a 75% chance of default in 5 years. However, Investors Now Bet On a 'Greek Accident' Within a Year.
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GEAB N°56 (Sonderausgabe Sommer 2011) ist angekommen! Umfassende weltweite Krise: Vermögen im Scheinwert von 15.000 Milliarden Dollar... in den Stürmen des Herbsts 2011 vom Winde verweht

GEAB N°56 (Sonderausgabe Sommer 2011) ist angekommen! Umfassende weltweite Krise: Vermögen im Scheinwert von 15.000 Milliarden Dollar... in den Stürmen des Herbsts 2011 vom Winde verweht | ECONOMY & Transparency | Scoop.it
- Pressemitteilung des GEAB vom 16. Juni 2011 - In der 50. Ausgabe des GEAB vom 15. Dezember 2010 sagte LEAP/E2020 die Explosion der Staatsschulden der westlichen Staaten für das zweite Halbjahr 201...
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Mish's Global Economic Trend Analysis: UK Banks Abandon Eurozone; Greek PM Seeks Constitutional Changes; Trichet Blames Everyone but Europe for Global Imbalances; Credit Crunch Coming Up?

Mish's Global Economic Trend Analysis: UK Banks Abandon Eurozone; Greek PM Seeks Constitutional Changes; Trichet Blames Everyone but Europe for Global Imbalances; Credit Crunch Coming Up? | ECONOMY & Transparency | Scoop.it
UK Banks Abandon Eurozone; Greek PM Seeks Constitutional Changes; Trichet Blames Everyone but Europe for Global Imbalances; Credit Crunch Coming Up?
Senior sources have revealed that leading banks, including Barclays and Standard Chartered, have radically reduced the amount of unsecured lending they are prepared to make available to eurozone banks, raising the prospect of a new credit crunch for the European banking system.

Standard Chartered is understood to have withdrawn tens of billions of pounds from the eurozone inter-bank lending market in recent months and cut its overall exposure by two-thirds in the past few weeks as it has become increasingly worried about the finances of other European banks.

Barclays has also cut its exposure in recent months as senior managers have become increasingly concerned about developments among banks with large exposures to the troubled European countries Greece, Ireland, Spain, Italy and Portugal.
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Rebalancing the Global economy: A Primer for Policymaking | vox - Research-based policy analysis and commentary from leading economists

Rebalancing the Global economy: A Primer for Policymaking | vox - Research-based policy analysis and commentary from leading economists | ECONOMY & Transparency | Scoop.it
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Europe's top industrial firms have a cache of 240m pollution permits | Environment | The Guardian

Europe's top industrial firms have a cache of 240m pollution permits | Environment | The Guardian | ECONOMY & Transparency | Scoop.it
The grant of emissions trading permits to the polluting companies, with market value of €4bn can be sold or kept for future use...
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ECB’s Noyer Rejects Greek Restructuring as ‘Horror:’ Transcript

The following is a transcript of remarks made by Christian Noyer, governor of the Bank of France and a member of the European Central Bank’s governing council. He spoke to journalists in Paris today,May 24,2011

The first section constitutes a statement made by Noyer. The remainder is from a question-and-answer session. Noyer spoke in French.

“If we restructure Greek debt, that means Greece defaults.”
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kopfzeiler.org » Blog Archive » Hamlet rettet Griechenland

kopfzeiler.org » Blog Archive » Hamlet rettet Griechenland | ECONOMY & Transparency | Scoop.it
Wahrscheinlich wird in den kommenden Tagen viel über die “Schicksalswoche für den Euro” geschrieben werden, obwohl man bei den EU-Häuptlingen wohl er darauf aus ist, die Entscheidung noch etwas hinauszuzögern. Es gibt keinen angenehmen Weg aus der Griechenland-Krise, was aber die Hamlet-artigen Verhaltensweisen der Veranwortlichen nur bedingt erklärt.

An einer Umstrukturierung der Schulden führt kein Weg vorbei, und damit lehne ich mich nicht besonders weit aus dem Fenster. Die nun angedachte freiwillige Lösung, die Sarkozy Merkel abgerungen hat (wie trivial ist es, btw, bei sowas immer über “Sieg und “Niederlage” von Politikern zu sprechen), lässt sich anhand einer einzigen Grafik erklären: Die französischen Banken sind insgesamt sehr viel stärker als Gläubiger gegenüber den Griechen im Geschäft als die deutschen.
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Karl Polanyi: The Great Transformation

Karl Polanyi: The Great Transformation - Politische und ökonomische Ursprünge von Gesellschaften und Wirtschaftssystemen
Ersterscheinung 1944, deutsche Übersetzung im Jahre 1978
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The Forgotten Flash Crash One Year Later - Print Version

The Forgotten Flash Crash One Year Later - Print Version | ECONOMY & Transparency | Scoop.it
One year ago, few traders were expecting a pullback of any significant degree, with the Dow Jones Industrials perched above the 11,000-level. Traders had become complacent after a year long advance, in which the Dow Industrials had risen +70% above its bear market low, while retreating only twice for minor pullbacks. Traders stopped thinking about potential dangers, and started believing the risk of another bear market had vanished. Yet simmering beneath the surface was the specter of a sovereign debt default, rivaling the size of Lehman Brothers', and threatening the world economy with a "double-dip" recession.
The May 6th, 2010 "Flash Crash," carries the distinction for the second largest point swing, 1,010-points, and the biggest one-day point decline, of 998.5-points, on an intraday basis in the 114-year history of the Dow Jones Industrial Average. Crashes can occur during bear or bull markets, and are characterized by panic selling and abrupt, dramatic price declines. Whereas the average time for a decline in the S&P-500 to reach the threshold of a bear market is about nine months, a Crash can reach bear market territory in a matter of days.

A Crash is often the result of unanticipated catastrophic events, such as fears of a meltdown of Japan's nuclear reactors, a sudden banking crisis, or the collapse of a stretched speculative bubble. However, in many cases, the warning signals of danger that precede a stock market Crash are flashing brightly for days, weeks, or months, yet the danger signals are either ignored or incorrectly interpreted by market bulls. "A trend in motion, will stay in motion, until some major outside force, knocks the market off its upward course."
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Philip Pilkington: Economics as Metaphysics and Morals « naked capitalism

Philip Pilkington: Economics as Metaphysics and Morals « naked capitalism | ECONOMY & Transparency | Scoop.it
Belligerent ghouls
Run Manchester schools
Spineless swines
Cemented minds
– The Smiths, The Headmaster Ritual
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Hilfen für Griechenland – Warum sich Sarkozy mit Merkel zofft

Hilfen für Griechenland – Warum sich Sarkozy mit Merkel zofft | ECONOMY & Transparency | Scoop.it
Europa ringt um ein neues Rettungspaket für Griechenland - vor allem Deutschland und Frankreich. Die beiden Schwergewichte in der Eurozone kommen auf keine gemeinsame Linie. Woran liegt es, dass sie unterschiedliche Haltungen haben?
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ROUNDUP: Almunia für WestLB-Zerschlagung - Entscheidung zur HRE steht an (17. Juni 2011, 19:46 Uhr)

DUBLIN/BRÜSSEL (dpa-AFX) - Im Fall der krisengeschüttelten WestLB hat EU-Wettbewerbskommissar Joaquín Almunia erneut auf Zerschlagung zu einer regionalen Sparkassen-Zentralbank gedrängt. Der bis Ende Juni in Brüssel erwartete Umbauplan müsse ...
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Mish's Global Economic Trend Analysis: Bond Market Rejects Greek Solution Already

Mish's Global Economic Trend Analysis: Bond Market Rejects Greek Solution Already | ECONOMY & Transparency | Scoop.it
Four Things to Expect

Expect the market to call another can-kicking bluff as early as next week.
Expect more pompous foolery from Trichet and Sarkozy.
Expect Merkel to take another well-deserved election pounding in September.
The main thing to expect is for the market to start demanding involuntary haircuts on the debt of Portugal, Ireland, then Spain and Italy.
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Investors Bet on Prospect of 'Greek Accident'

A new bet has been placed on the the Greek debt crisis. It backs a growing view among investors that Athens may be about to suffer a messy default that could spark a run on the country’s banks and a deeper euro zone crisis.
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