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Poland bailout: Quote of the Week
Poland asks for $20.5 billion credit line from IMF
Dominique Strauss-Kahn, the IMF’s managing director, welcomed Poland’s announcement. “I am very pleased by this positive response from Poland to the invitation I extended to strongly performing economies to use this new instrument to bolster international confidence“.
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I’m booking this guy to spin my eulogy.
Bankers unhappy at G7 Politicians taking all the cake, enter tug-of-war.
A furious confrontation between Group of Seven financial leaders and the leading global banks took place when the two sides met at the US Treasury over the weekend.
Financial leaders, including Chancellor Alistair Darling, were stunned by the bankers’ lack of remorse in the face of the credit crunch.
Instead of expressing regret for the sub-prime mess [...]
G7 discuss how to best print money in tandem, transfer bad debts to taxpayers, and assign themselves greater regulatory power.
Group of Seven ministers will today discuss a major new coordinated bail-out of the stricken banking system, with the aim of preventing the credit crunch from spiralling out of control.
The meeting comes a day after the Bank of England announced a quarter-point rate cut that financial players fear will do little or nothing to alleviate [...]
Expand the powers of those responsible
NEW YORK (CNNMoney.com) — Treasury Secretary Henry Paulson proposed a set of sweeping changes on Monday aimed at modernizing the nation’s financial system in what could herald the biggest regulatory overhaul of Wall Street since the Great Depression.
The plan, which would broadly expand the Federal Reserve’s powers, comes as concerns about the housing crisis and [...]
Foreign investors veto Fed rescue
As feared, foreign bond holders have begun to exercise a collective vote of no confidence in the devaluation policies of the US government. The Federal Reserve faces a potential veto of its rescue measures.
[ read article ]
City sceptical on market cash injection
Economists have warned that yesterday’s massive cash boost to the money markets by central banks might not stop the credit crunch becoming more entrenched.
Leading central banks swept into the markets, pledging to pump hundreds of billions of dollars into the disintegrating financial system. Stock markets rallied after the US Federal Reserve, the European Central Bank [...]
Fed to Lend $200 Billion, Accept Mortgage Securities
March 11 (Bloomberg) — The Federal Reserve, struggling to contain a crisis of confidence in credit markets, will for the first time lend Treasuries in exchange for debt that includes mortgage-backed securities.
The Fed said in a statement in Washington it plans to make up to $200 billion available through weekly [...]
Dollar Falls to Record Low Versus Euro as Fed Signals Rate Cuts
March 1 (Bloomberg) — The dollar fell to the weakest ever against the euro and to a three-year low versus the yen after Federal Reserve officials signaled they will keep cutting interest rates to support the economy.
The U.S. currency dropped 2.4 percent this week against the euro, the most [...]
Bush can buy time as property bubble bursts
Bears beware. The New Deal of 2008 is in the works. The US Treasury is about to shower households with rebate cheques to head off a full-blown slump, and save the Bush presidency. On Friday, Mr Bush convened the so-called Plunge Protection Team for its first known meeting in the Oval Office. The black arts [...]
Gold breaks (non inflation adjusted) all time high (for any reason other than monetary inflation).
Gold struck a new all-time peak of almost 868 dollars on Thursday as the precious metal benefited from its safe-haven status amid record high oil, a struggling dollar and Pakistan tensions.
The price of gold reached a historic 867.90 dollars an ounce on the London Bullion Market. It later slipped slightly to stand at 866.90 dollars.
“The [...]
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