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thinkahol *

New Rules for Hot Money by Nouriel Roubini - Project Syndicate - 0 views

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    When justified by economic fundamentals, a currency's exchange rate should be allowed to rise gradually. But when a currency's appreciation is triggered by capital inflows that represent the asset-diversification preferences of advanced-economy investors, it can and should be resisted.
thinkahol *

FT.com / Comment / Opinion - Ireland should leave the euro - 0 views

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    Ireland's government has avoided immediate disaster by mustering just enough votes to pass its emergency budget. But now it must decide what to do next. Here, €6bn ($9.4bn) in new austerity measures are unlikely to be enough to put it back on the right path. Instead a more radical option should be seriously considered: leaving the euro.
thinkahol *

Organizing Help Wanted | Common Dreams - 0 views

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    Right now, according to a number of studies, we are losing about $100 billion every year because corporate America and the very wealthy are stashing their money in tax havens like the Cayman Islands and Bermuda. We should be aware that in 2009, ExxonMobil made $19 billion in profits and not only did the company not pay anything in taxes, it got a $106 million refund from the IRS. We should also be aware that since 1997, we have almost tripled funding for the military. So if we are serious about reducing the deficit, those are things we need to look at-not at Social Security, not programs everyday Americans need.
thinkahol *

The global crisis of institutional legitimacy | Felix Salmon - 0 views

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    When Perry accuses Ben Bernanke of treachery and treason, his violent rhetoric ("we would treat him pretty ugly down in Texas") is scary in itself. But we shouldn't let that obscure Perry's substantive message - that neither Bernanke nor the Fed really deserve to exist, to control the US money supply, and to work towards a dual mandate of price stability and full employment. For the first time in living memory, someone with a non-negligible chance of winning the US presidency is arguing not over who should head the Fed, but whether the Fed should even exist in the first place. Looked at against this backdrop, the recent volatility in the stock market, not to mention the downgrade of the US from triple-A status, makes perfect sense. Global corporations are actually weirdly absent from the list of institutions in which the public has lost its trust, but the way in which they've quietly grown their earnings back above pre-crisis levels has definitely not been ratified by broad-based economic recovery, and therefore feels rather unsustainable. Meanwhile, the USA itself has undoubtedly been weakened by a shrinking tax base, a soaring national debt, a stretched military, and a legislature which has consistently demonstrated an inability to tackle the great tasks asked of it. It looks increasingly as though we're entering Phase 2 of the global crisis, with 2008-9 merely acting as the appetizer. In Phase 1, national and super-national treasuries and central banks managed to come to the rescue and stave off catastrophe. But in doing so, they weakened themselves to the point at which they're unable to rise to the occasion this time round. Our hearts want government to come through and save the economy. But our heads know that it's not going to happen. And that failure, in turn, is only going to further weaken institutional legitimacy across the US and the world. It's a vicious cycle, and I can't see how we're going to break out of it.
thinkahol *

[1112.3095] Evidence of market manipulation in the financial crisis - 0 views

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    We provide direct evidence of market manipulation at the beginning of the financial crisis in November 2007. The type of manipulation, a "bear raid," would have been prevented by a regulation that was repealed by the Securities and Exchange Commission in July 2007. The regulation, the uptick rule, was designed to prevent manipulation and promote stability and was in force from 1938 as a key part of the government response to the 1928 market crash and its aftermath. On November 1, 2007, Citigroup experienced an unusual increase in trading volume and decrease in price. Our analysis of financial industry data shows that this decline coincided with an anomalous increase in borrowed shares, the selling of which would be a large fraction of the total trading volume. The selling of borrowed shares cannot be explained by news events as there is no corresponding increase in selling by share owners. A similar number of shares were returned on a single day six days later. The magnitude and coincidence of borrowing and returning of shares is evidence of a concerted effort to drive down Citigroup's stock price and achieve a profit, i.e., a bear raid. Interpretations and analyses of financial markets should consider the possibility that the intentional actions of individual actors or coordinated groups can impact market behavior. Markets are not sufficiently transparent to reveal even major market manipulation events. Our results point to the need for regulations that prevent intentional actions that cause markets to deviate from equilibrium and contribute to crashes. Enforcement actions cannot reverse severe damage to the economic system. The current "alternative" uptick rule which is only in effect for stocks dropping by over 10% in a single day is insufficient. Prevention may be achieved through improved availability of market data and the original uptick rule or other transaction limitations.
Ride Harry

1500 Cash Loans- Have Small Loan to Fulfill Your Big Desires - 0 views

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Ride Harry

Get Payday Loans Online- Instant Additional Fiscal Assistance For Needy Borrowers - 0 views

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Giorgio Bertini

Obama's new security strategy stresses diplomacy - 0 views

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    The Obama administration has unveiled a new national security strategy, saying armed conflict should be a last resort when diplomacy is exhausted.
thinkahol *

Banyan: They have returned | The Economist - 1 views

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    China should worry less about America's "containment" strategy and more about why the neighbours welcome it
thinkahol *

Model citizens: Building SimEarth - tech - 04 November 2010 - New Scientist - 0 views

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    People don't behave the way economics says they should. Massive simulations of human interactions will warn us of coming crises - from finance to flu
Giorgio Bertini

As Greek Drama Plays Out, Where Is Europe? - 0 views

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    With new European Union leaders practically invisible and some national leaders acting largely for domestic political reasons, the burden of shaping a rapid and credible restructuring program for Greece has fallen primarily to the International Monetary Fund - exactly where proud European Union leaders had insisted it should not be.
Giorgio Bertini

Germany, Greece and Exiting the Eurozone - 0 views

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    Rumors of the imminent collapse of the eurozone continue to swirl despite the Europeans' best efforts to hold the currency union together. Some accounts in the financial world have even suggested that Germany's frustration with the crisis could cause Berlin to quit the eurozone - as soon as this past weekend, according to some - while at the most recent gathering of European leaders French President Nicolas Sarkozy apparently threatened to bolt the bloc if Berlin did not help Greece. Meanwhile, many in Germany - including Chancellor Angela Merkel herself at one point - have called for the creation of a mechanism by which Greece - or the eurozone's other over-indebted, uncompetitive economies - could be kicked out of the eurozone in the future should they not mend their "irresponsible" spending habits.
Giorgio Bertini

Euro Rescue Bid: Punish the Markets for their Mistakes! - 0 views

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    Europe has put up 750 billion euros in an effort to stop speculation against the European common currency. Still, it remains to be seen if financial markets will learn their lesson. After all, speculators aren't even being punished for the damage they have caused. But they should be.
Giorgio Bertini

Europe seeks new levy on banks to create crisis funds - 0 views

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    A network of national funds should be introduced so the cost of bank failures are not met by the taxpayer, the EU internal market commissioner has said.
thinkahol *

Revolutionary Philosophy is Revolution. | Thinkahol's Blog - 0 views

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    Assuming philosophy should be relevant to the way we choose to live our lives, three questions guide this paper. What are some moral foundations for revolution? Do you realize what is happening? Are you willing to do anything about it?
thinkahol *

Banks - Federal Reserve president breaks rank: This is the greatest risk to the U.S. ec... - 0 views

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    Federal Reserve Bank of Kansas City President Thomas Hoenig said U.S. regulators should avert another crisis by breaking up large financial institutions that pose a threat "to our capitalistic system." 
Giorgio Bertini

Whatever happened to stability analysis? « Learning Political Economy - 0 views

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    Maintaining ignorance about the limitations of stability theory comes in handy when perpetuating the mythology of market theory. As Mundell once remarked, stability analysis is the most successful failure of general economic theory. It is also the best example of how an academic community pushes the most serious problems of mainstream theory under the rug and gets away with it. Students should learn to look under the rug. The ability to improve our understanding of economic processes depends on efforts to uncover the failures of mainstream theoretical constructs.
thinkahol *

SACSIS.org.za » News » The World » Why Iceland Should Be in the News, But Is Not - 0 views

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    Icelanders have quietly carried out a revolution by toppling a weak government, drafting a new constitution and seeking to jail those responsible for the country's economic debacle.
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