Federal Reserve to Bail Out European Banks (Again!)
Written by Charles Scaliger, The New American
To the list of mega-corporations bailed out by the United States government, we now must add — Europe. In an announcement that rocked financial markets worldwide, the European Central Bank announced today a concerted effort in combination with four other major central banks — the Bank of England, the Bank of Japan, the Bank of Switzerland, and yes, the United States Federal Reserve — to use dollars rather than euros in an attempt to paper over the European Union’s economic woes.
http://jlne.ws/oreNZQ
Dissent Persists on European Debt Crisis
By LAURENCE NORMAN,BERND RADOWITZ and COSTAS PARIS, WSJ.com
WROCLAW, Poland—Germany and Austria rejected calls to boost the euro zone's current bailout fund, and Germany's cabinet delayed discussing a proposed permanent rescue fund, even as the region's finance ministers met here in a bid to ease market tensions caused by escalating sovereign debt problems.
http://jlne.ws/nWj0Dn
Bernanke Lacks Tools to Prevent Double Dip, Stiglitz Says
By Benjamin Harvey, Bloomberg
Monetary policy changes aren’t enough to save the U.S. from a “double dip” recession, as the Federal Reserve has only limited ability to boost the economy, Nobel-prize winning economist Joseph Stiglitz said.
http://jlne.ws/r7p4Ph
Central bank loan pledge lifts markets
By Ben Chu, NZ Herald News
The world's major central banks have pledged to extend large loans to Europe's fragile banking sector, boosting stock markets around the globe. The European Central Bank, the US Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank all announced, in co-ordinated statements yesterday, their intention to provide three-month dollar loans to the financial sector over the rest of the year.
http://jlne.ws/qbPhGw
Houston Futures Exchange Announces Interest Rate Derivatives Acceptance
(PressRelease) September 16, 2011 - The Houston Futures Exchange (HOUFEX) announces today that it will be accepting interest rate derivative products into its clearinghouses via one of the worlds leading electronic platform for processing over-the-counter (OTC) derivatives.
http://jlne.ws/qRbyUi
Brazil Real Snaps Losing Streak on European Support for Greece
By Gabrielle Coppola and Josue Leonel, Bloomberg
Brazil’s real snapped a nine-day losing streak after European leaders’ pledge to support Greece and lend to euro-area banks spurred optimism policy makers will contain the region’s debt crisis.
http://jlne.ws/pwIkWh
Hungary Risks Bond Slump on Holdings, SocGen, Buda-Cash Say
By Andras Gergely, Bloomberg
Foreign investors’ holdings of Hungarian government debt surged to a record, posing the risk of a “significant” sell-off, according to Societe Generale (GLE) SA and Buda-Cash Brokerhaz Zrt. http://jlne.ws/qc9bEk
U.S. Household Worth Declines by $149B
By Shobhana Chandra, Bloomberg
Household wealth in the U.S. dropped in the second quarter for the first time in a year, hurt by falling share prices and declining home values. Net worth for households and non-profit groups decreased by $149 billion, a 1 percent drop at an annual pace, to $58.5 trillion, the Federal Reserve said today in its flow of funds report from Washington.
http://jlne.ws/p9S12F
ECB’s Stark: Bailouts are just buying time
By: Jamie Coleman, FX Street
Outgoing ECB chief economist Stark says the ongoing bailouts of euro zone countries does not solve problems per se. It is just mean to buy time.
http://jlne.ws/o7JuRg
Boehner Urges Debt Panel to Tackle Tax Code Revamp
JANET HOOK, WSJ.com
House Speaker John Boehner wants Congress's deficit-reduction committee to initiate a broad rewrite of the tax code that closes loopholes without adding new tax revenue. Mr. Boehner (R., Ohio) reiterated his party's firm opposition to raising taxes as he laid out Thursday his most detailed response yet to President Barack Obama's $447 billion job-creation plan, which Mr. Obama has proposed paying for with tax increases.
http://jlne.ws/pZYxR8
Growing divergence seen in emerging market monetary policy
By Stefan Wagstyl in London, FT.com
For most central bankers in the developed world the only monetary policy question that matters is whether to loosen the purse strings. For their colleagues in emerging markets, the issue is not so simple: the Indian central bank’s decision on Friday to raise interest rates highlights a growing divergence in emerging market monetary policy.
http://jlne.ws/omY9iQ
Obama’s Hot Topics in N.Y.: Europe Debt Crisis, Arab Spring
By Jared A. Favole, WSJ.com
President Barack Obama will meet with an array of world leaders Wednesday in New York, including French President Nicolas Sarkozy, U.K. Prime Minister David Cameron and Japanese Prime Minister Yoshihiko Noda, the White House said Friday.
http://jlne.ws/pW8TBS
Treasury 10-Year Yields Set for Biggest Weekly Rise in 11 Weeks
(Bloomberg) -- Treasury 10-year note yields were poised for the biggest five-day advance in 11 weeks on optimism European leaders meeting today will step up efforts to halt the euro region's debt crisis, damping demand for the safest assets.
http://jlne.ws/nlOGR0
Chile Keeps Rate at 5.25% on Signs of Slowing World Growth
By Randall Woods, Bloomberg
Chile’s central bank kept its benchmark interest rate unchanged yesterday for the third straight month and indicated that a tight labor market may prevent it from following Brazil and cutting rates next month.
http://jlne.ws/qyxW5R
Kenyan shilling steady vs dollar, c.bank watched
NAIROBI (Reuters) - The Kenyan shilling was steady against the dollar on Friday and traders said they expected the local currency to gain some support after the central bank lifted its key interest rate earlier in the week.
http://jlne.ws/n2x6aV
Bank Group Courts IMF, BRICs On EUR20B Greek Debt Proposal
WSJ.com
By Ian Talley Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--The bank industry group negotiating Greece's debt refinancing is asking the International Monetary Fund and major emerging markets to back a private-sector-led plan for Athens to buy back EUR20 billion ($27.6 billion) of its debt.
http://jlne.ws/o9w9pg
BRIC Outlier India May Raise Rates Further on Inflation Threat
By Kartik Goyal, Bloomberg
India’s central bank may extend its record interest-rate increases, economists predicted after Governor Duvvuri Subbarao said a “premature” change in the monetary policy stance may fan inflationary expectations.
http://jlne.ws/o2CMXz
Ivory Coast gets major IMF loan
UPI.com
ABIDJAN, Ivory Coast -- The Ivorian government is taking steps toward rebuilding a war-torn economy, though the road from crisis to recovery needs more financial support, the IMF said.
http://jlne.ws/oCUQOY
HEARD ON THE STREET: Europe Can't Swap Its Banking Problem
By THOROLD BARKER, WSJ.com
It's the pattern investors have grown used to since the rolling financial crisis began in 2008. The market zeroes in on a point of weakness, policy makers finally apply a band aid, financial apocalypse is averted and the bears retreat before moving on to the next target.
http://jlne.ws/nGhr3w
Obama White House Warned Solyndra Bad For Reelection
ABC News
White House budget analysts warned in January that a controversial decision to restructure a $535 million government loan to a struggling solar power company "could easily be portrayed as bad judgment or worse," just-released emails now show.
http://jlne.ws/p1xplm
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