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From: frankw19001/22/2012 11:04:13 PM
of 24454
 
Interesting interview on Charlie Rose with Jim O'Neil, the chairman of GS Asset Management.

Among other things he thinks the US is starting to look promising.....

Korea on every measure scores better than any G7 economy except Canada, "so why do we call it an emerging economy?"

Rose asked him about the EU at the end of the year and O'Neil said the most likley thing is that it's still altogether including greece simply because the cost of someone leaving is so unknown but he says it's his "best guess." But here's always a small chance of a disorderly Greek default with unfortunate German response - "you're out" - and possible political repercussions in France and elsewhere with maybe a "Lehman moment".... He says in the Anglo-Saxon investing world there are folk who, since they never believed from the start Euro was a good idea think that now it looks so weak,." it will all unravel. But it won't be as easy as that"

What happens in China depends on what China does; they are very set on that particularly since events of last August....effective convertability of Reminbi by 2015....

Between 13:00 and 40:00 it gets very interesting as he talks about China and the US. US productivity gains, demographics, energy sufficiency, how soon US might meet Chinese productivity.

Worth watching

charlierose.com 

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To: frankw1900 who wrote (20485)1/23/2012 1:31:20 AM
From: ahhaha
of 24454
 
But what did Kaminski have to do with it?

Kaminsky was trying to put a smiley face on an edifice that has become dark and foreboding. The building looked ominous and empty.

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From: ahhaha1/23/2012 2:12:50 AM
of 24454
 
Iran wants to trade yen for oil with India, Bloomberg, by Pratish Narayanan, Anto Anthony


Tensions with Iran have risen, with Vice President Reza Rahimi warning on Dec. 27 that Iran, the second-biggest producer in the Organization of Petroleum Exporting Countries, after Saudi Arabia, may close the Strait of Hormuz if western nations block its crude oil sales.

A potential decision by the EU to freeze Iran’s central bank assets and impose a ban on Iranian oil imports requires unanimous backing among the bloc’s 27 nations. The embargo would hurt Greece, Italy and Spain, which depend on Iranian supplies and would need to find alternative sources.

U.S. President Barack Obama on Dec. 31 signed into law measures that deny access to the U.S. financial system to any foreign bank that conducts business with the central bank of Iran. The law includes language that allows the president to waive the sanctions if he determines they would threaten national security.


With the noose tightening in spite of Indian and other cheating Iran will have to close the Straits to force DM to waive sanctions.

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To: frankw1900 who wrote (20487)1/23/2012 7:49:01 AM
From: sixty2nds
of 24454
 
There is still a lot more "faith" in the U.S. and U.K. gov't than the Spanish gov't.

In Spain? What makes you think that?



The high interest rates on debt Vs U.S/U.K.

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To: ahhaha who wrote (20490)1/23/2012 9:10:26 AM
From: cmg
of 24454
 
From Zero.

Currency Wars - Iran Banned From Trading Gold and Silver

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To: cmg who wrote (20492)1/23/2012 11:36:24 AM
From: ahhaha
of 24454
 
Do you think that hack Durden has better info than I do? Worse, the guy is a headline monger, and that means counter productive exaggerator. If you like what he says, why not make your own comments without referring to him and not posting a link. You have better judgment than he has.

You can't be a loose cannon and make money winning decisions.

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To: ahhaha who wrote (20493)1/23/2012 11:35:08 PM
From: ahhaha
of 24454
 
About Durden :

Zero Hedge

While the news that Mitt Romney has joined Warren Buffet in the “my secretary makes more than me” 15% tax club has come and gone, even as America appears largely confused or dismissive that Romney, at least on paper appears to be precisely the puppet that Wall Street wants to put in charge, we are not so sure how it will react to discovering that in addition to all of the above, Romney also holds a substantial of his assets deep offshore, in the much maligned recently Cayman Islands. As a reminder, it has long been Obama’s “tax-policy” to force repatriation of virtually all individual tax holdings held abroad, both legally and illegally, much to the detrimental collapse in the UBS business model. Yet apparently when it comes to potential future presidents, loopholes are quite welcome. Especially when as ABC reports, “the offshore accounts have provided him — and Bain — with other potential financial benefits, such as higher management fees and greater foreign interest, all at the expense of the U.S. Treasury.” As a reminder: “Rebecca J. Wilkins, a tax policy expert with Citizens for Tax Justice, said the federal government loses an estimated $100 billion a year because of tax havens.” But who needs taxes when America can just print all the money it will need to fund its deficit in perpetuity. Just ask the Neo-Keynesians. Perhaps all these are questions that the candidate that so hard is trying to channel Ronald Reagan and so far failing, can finally address once and for all, before he moves into one of his patented Obama bashing subject changing routing.

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From: ahhaha1/24/2012 12:58:02 AM
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"Regarding risks to the inflation outlook, some participants noted that increases in energy and other commodity prices as well as in the prices of imported goods from EMEs posed upside risks. Others, however, noted that the pass-through from increases in commodity prices to broad measures of consumer price inflation in the United States had generally been fairly small. Some participants expressed concern that in a situation in which businesses had been unable to raise prices in response to higher costs for some time, firms might increase them substantially once they found themselves with sufficient pricing power. In any case, the factors affecting the ability of businesses to pass through higher prices to consumers were viewed as complex and hard to monitor in real time. Most participants saw the large degree of resource slack in the economy as likely to remain a force restraining inflation, and while the risk of further disinflation had declined, a number of participants cited concerns that inflation was below its mandate-consistent level and was expected to remain so for some time. Finally, some participants noted that if the very large size of the Federal Reserve's balance sheet led the public to doubt the Committee's ability to withdraw monetary accommodation when doing so becomes appropriate, the result could be upward pressure on inflation expectations and so on actual inflation. To mitigate such risks, it was noted that the Committee should continue its planning for the eventual exit from the current exceptionally accommodative stance of policy."

The last sentence shows just how clueless the stooges at FED have become. None of them there now know anything about what FED went through from the ''50s to the '80s. The hard lessons have been lost. When any authoritative group fails to conduct itself by principle they leash disaster on all those whom they influence.

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From: ahhaha1/24/2012 1:20:09 AM
of 24454
 
I happened to come across this ditty :

But of all the countries I have been to, the poorest one I have been to is America.” Somewhat shocked, the reporter informed Mother Teresa that America was one of the richest countries and questioned how it could? be the poorest. “Because”, she replied, “America suffers most from the poverty of loneliness.”

Poverty of loneliness?

I see a lot of older people towing around yappy little dogs that they use for companions. In India, everyone is always surrounded by dozens of family members. I think I'd prefer the ice.

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From: ahhaha1/24/2012 10:37:47 AM
of 24454
 
From Yahoo SPY :

(FED will show)more transparency

FED reveals everything that they do. They do it because they'd lose credibility otherwise. Further, every week they publish all that they do.

and stratedy that would come into play if the economic outlook deteriorates and asset purchases are required..qe3,

QE3 = QE1. QE1, the purchase of mortgage backed securities had no economic effect. That's why they launched QE2. QE2 had no economic effect either.

no change in the forward inflation outlook of 1.75 to 2%

No one including FED has been able to accurately predict future inflation.

range and that rates will stay low till 2014,,,basically a more accommodative tone...

It can't be said that FED provides accommodation. How is FED accommodating? They sterilize all their Permanent purchases and banks have yet to need to draw down any of the giant pile of reserves FED created. The other half of monetary policy, Temporary, or interest setting reserve manipulation, has been closed since 2008. The ff rate is at 8 BP because the market can't use the excess reserves in the system. Can't push on a string.

Pretty amazing that in spite of the supporting evidence no one in the world publicly expresses a comprehension of this elementary fact. Instead, all these uninformed people say, "FED is accommodative". Just shows that few know how the institution works.


The response :

they dont reveal eveything they do.....they have no made clear their long range goals and strategy if the economy takes a downturn and how it will approach its dual mandate that we have diceussed in the past.....

Incoherent babbling from someone who knows nothing.

it was not in the Dec statement.....

Shows this guy only knows what media programming has led him to believe.

remember bernancke is set to address congress in late feb....

So what?

yes inflation targets are included in FOMC summaries..

Didn't read nor comprehend a word I wrote, talks to himself, and to his myths.

however long-run estimates of unemployment need to be addressed with more clarity..

Why? This assumes that FED can control unemployment. Most do in spite of the last 4 years.Maybe more grievous is the vague "address with more clarity". The guy is buying into the FED's current obfuscation of their impotence. Believes FED's deceptions as though they're pertinent.

maybe well get that, so it is not as tranparent as you say,

! An unbelievably self contradictory assertion. Says we'll get clarity while denying transparency as though false statements by FED which he claims he doesn't believe refute what I wrote. How does one deal with this confusion?

you never know how the officials will vote..

Quite the contrary. For 30 years they've always voted for some promoting policy which they believe will provide or prop eternal prosperity. It never does, but it does introduce subtle destabilization that accrues and increases cycle swing amplitude.

..you are stuck in your thesis (no dual mandate until i forced it out of you,

There is no Dual Mandate. FED abandoned inflation control in 1994 when AG finally got back control of Temporary. They've been lucky for the last 6 years and have been able to neglect the inflation side since the ever growing depression makes wage increases impossible. Ironically, there's enough economic activity so that intermediate material prices rise although the price increases are more due to legacy costs, and in anticipation of the disastrous cost of Obamacare, than they are associated with raw material cost increases.

does not influence markets, how operation twist works etc)...

Who knows what this babbling is saying?

.professor put the books down..think for yourself

How do you like this pretense? Worse than what the jerks in SI would say when they would come here to show how wrong I was. They wouldn't know diddly but they were so convinced by the validity of their indoctrination that they had to show it off. Now, if they read what they wrote, they'd say, "I didn't write that".

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