IMF chief warns of not enough cash to bail out more nations
WalesOnline
Monetary Fund head Christine Lagarde has suggested the IMF may not have enough funds to bail out more countries if they are dragged into the eurozone debt crisis.
http://jlne.ws/oeMyOd
Fed's Kocherlakota: Central Bank Independence and Sovereign Default
Sargent and Wallace published their classic “Some Unpleasant Monetarist Arithmetic” in the Minneapolis Fed’s Quarterly Review in 1981. Since that date, there has been a growing appreciation of the role of fiscal policy in the determination of the price level. The idea is a simple one. Consider a government that borrows only using non-indexed debt denominated in its own currency. There is an intertemporal government budget constraint that implies that the current real value of government liabilities—including the monetary base—must equal the present value of future real surpluses. Because the liabilities are nominal and non-indexed, the government budget constraint provides a linkage between the public’s assessment of future real tax collections and government spending and the current price level.
http://jlne.ws/raYW
UBS Shareholders Push for Deeper Changes
BY GORAN MIJUK,WSJ.com
Several influential Swiss shareholders called for more changes atop UBS AG and said reducing the size or even getting rid of the investment bank could lift Switzerland's largest financial firm out of its most-recent crisis.
http://jlne.ws/nL5iYz
Fed's Kocherlakota: Tough central banks can control prices
Reuters
Central bankers can control inflation regardless of fiscal policy, but only if they are willing to allow the government to default, Minneapolis Federal Reserve President Narayana Kocherlakota said on Monday.
http://jlne.ws/oENewu
Fed's Kocherlakota: Central Bank Price Control Linked To Debt-Default Risk
WSJ.com
The head of the Minneapolis Federal Reserve underscored his reputation as an inflation hawk Monday by stating that central bank control over price levels may hinge on a willingness to allow its government overseer to default.
http://jlne.ws/q8KMQu
Medvedev Fires Russian Finance Minister for Insubordination
The New York Times
President Dmitri A. Medvedev fired Russia’s longtime finance minister for insubordination on Monday after the two had an icy confrontation on television that revealed the fault lines in a government where disagreements are usually kept strictly under wraps.
http://jlne.ws/nuMjLg
ECB to Consider New Crisis Tactics
By Gabi Thesing and Esteban Duarte, Bloomberg
European Central Bank policy makers are likely to next week debate restarting their covered-bond purchases along with further measures to ease monetary conditions, a euro-region central bank official said.
http://jlne.ws/oSvjYv
European Crisis Primer: Where Things Stand
By Terence Roth,WSJ.com
Here’s a quick look at where things stand with the euro-zone crisis for those who need help navigating this confusing and complex situation.
http://jlne.ws/qwN1yv
Berkshire to Buy Back Stock; Cash Tops $40B
By Andrew Frye, Bloomberg
Warren Buffett’s Berkshire Hathaway Inc. (BRK/A), which has shunned buybacks for four decades, will repurchase shares for as much as 110 percent of their book value, saying the stock is undervalued after falling 17 percent this year. Berkshire jumped in New York trading. http://jlne.ws/qpCvAW
Germany downplays hopes of fast new crisis course
Boston.com
German officials on Monday downplayed prospects of any quick and dramatic change of course in the eurozone debt crisis, days before a parliamentary vote on beefing up the continent's rescue fund.http://jlne.ws/nPsWSJ
An Examination of U.S. Dollar Declines
Federal Reserve Bank Of New York
Although the dollar strengthened somewhat recently, its level relative to the currencies of the United States’ main trading partners is nonetheless 11 percent lower than it was at the start of 2009. This represents one of the more pronounced periods of dollar weakness over the past two decades and consequently has garnered considerable attention from market participants and policymakers alike.
http://jlne.ws/pb0bjF
New U.S. home sales fall 2.3% in August to 295,000
MarketWatch
The sale of new U.S. homes fell 2.3% in August to an annual rate of 295,000, marking the fourth decline in a row, the Commerce Department reported Monday. Sales last month dropped to the lowest level since February. Economists surveyed by MarketWatch had forecast sales to drop to 292,000 last month.
http://jlne.ws/oxg9Js
Mounting concerns over Fed's Operation Twist
By Chris Sloley, CityWire
The US Federal Reserve’s major policy announcement – dubbed Operation Twist – lacks enough positive market impact and there is a fear the programme will fail.http://jlne.ws/oVO0wQ
U.S. September Dallas Fed Business Outlook Report (Text)
Bloomberg
The following is the text of the Texas manufacturing activity from the Federal Reserve Bank of Dallas.
Texas factory activity increased in September, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, rose from 1.1 to 5.9, suggesting growth picked up this month after stalling in August.
http://jlne.ws/mUiukq
Membership Changes Made to New York Fed’s Community Depository Institutions Advisory Council
Press Release
The Federal Reserve Bank of New York today announced several changes to the membership of its Community Depository Institutions Advisory Council (CDIAC).
http://jlne.ws/oqpeFR
UBS’s Grübel Steps Down, More May Follow
WSJ.com
Even as Oswald Grubel’s decision to resign over a trading scandal that cost UBS $2.3 billion is shaking the banking industry Monday, talk that more high-level departures may be needed is growing louder.
http://jlne.ws/nBVtLe
ISDA Comments on CPSS/IOSCO Consultative Report
The International Swaps and Derivatives Association, Inc. (ISDA) filed a comment letter on September 23 with the Committee on Payment and Settlements Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) in response to their consultative report on over-the-counter (OTC) derivatives data reporting and aggregation requirements.http://jlne.ws/niRcEw
Trade Associations Oppose Global Financial Transaction Tax
Press Release
A broad group of trade associations sent a letter to U.S. Treasury Secretary Timothy Geithner reiterating their opposition to a financial transaction tax and urged him to continue to encourage other G20 members to resist pressure to adopt proposals for this tax on a global basis.
http://jlne.ws/qNF5tZ
Dealers' CDS Coverage Doesn't Seem To Match Greek Exposure
By Katy Burne, Dow Jones Newswires
Dealer banks do not seem to have purchased enough insurance for the catastrophe that could be a Greek debt default in the coming quarters. A back-of-the envelope calculation using the maximum amount that derivatives dealers could collect on sovereign default insurance tied to Greece highlights how inadequate payouts could be when contrasted with the exposures of even a few banking institutions.
http://jlne.ws/nLVdVK
World Bank: Eurozone Crisis Clouds Recovery In Emerging Europe And Central Asia
Press Release
Economic recovery is underway in the Emerging Europe and Central Asia (ECA) region, but at a slow pace and is at risk from the troubled Eurozone, according to the World Bank at a press briefing during the World Bank/IMF Annual Meetings 2011.
http://jlne.ws/ogfMY2
Lagarde's Clout Limited, Despite Her Star Power
WSJ
Despite her new fame as the first woman to head of the International Monetary Fund, Christine Lagarde is learning that star power doesn't necessarily translate into political power on the world stage.
http://jlne.ws/rmxRWu
Only the IMF can solve the eurozone crisis
Financial Times
The world markets expected concrete steps from Washington over the weekend on how governments would resolve the European crisis. They did not get it. Instead, the International Monetary Fund’s policy setting body asserted that the “Euro-area countries will do whatever is necessary to resolve the euro-area sovereign debt crisis”. Unfortunately, this statement seems to be based more on hope and prayer than on evidence.
http://jlne.ws/mPHtwz
G-20: Globalization's Two-Edged Sword
International Business Times
Even as G-20 leaders grapple with the global financial crisis, a larger, over-arching concern is limiting GDP growth in the U.S., and, to a lesser degree, in other developed economies and, by extension, decreasing the capacity of the these nations to counteract the crisis: inadequate wage growth.
http://jlne.ws/nYOKrY
Deutsche Bank CEO Says Euro-Fund Approval 'Crucially Important'
Bloomberg
Deutsche Bank AG (DBK) Chief Executive Officer Josef Ackermann said it was "crucially important" for euro area governments to implement a July 21 agreement to beef up the rescue fund for their common currency.
http://jlne.ws/nfFUPA
Ermotti Named Interim Chief at UBS as Gruebel Resigns After Trading Loss
Bloomberg
Sergio Ermotti , UBS AG (UBSN) 's European head and a former derivatives banker, was named interim chief executive officer as Switzerland's biggest bank seeks to rebuild client and investor trust after a $2.3 billion trading loss.
http://jlne.ws/nT0nYQ
Bank of America Mortgages Heading to Hedge Fund: Report
TheStreet.com
Bank of America is in talks to sell its correspondent mortgages business to a unit of Fortress Investment Group, the Wall Street Journal reported, citing people familiar with the situation. The Fortress unit - Nationstar Mortgage Holdings - has been conducting due diligence in recent weeks, according to the report. A Bank of America spokesperson declined comment on a ...
http://jlne.ws/n5NKs8
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