...what about (y)our dreams?
From self love to the Tea Party (19-07-2010):
Carpe diem!
Showing posts with label UK Banking. Show all posts
Showing posts with label UK Banking. Show all posts
Sunday, 19 September 2010
Wednesday, 27 January 2010
ignore! I want war!
telegraph: Government knew 'no leg to stand on" legally to go to war in Iraq
It is amazing with how much you can get away with these days!
Carpe diem!
It is amazing with how much you can get away with these days!
Carpe diem!
Monday, 19 October 2009
God sends crashes?
Telegraph article: "A sterling crash is a godsend"
Apart from who should send what kind of crashes I doubt that the idea of hoping for a weakening currency makes much sense.
A currency mirrors the state in which an economy is in; the weaker the currency the more fragile the economy becomes and – most important - vice versa. TheSterling
On the long run, how will the Sterling win the race that all major currencies are competing in which is trying to support exports and breeding inflation, the obvious two only ways out of the absolute and disastrous figures?
Just to see the full picture: Pound versus Euro started off in 1999 at 0.65874 and yesterday was 0.9131; that has made all exports round about 40% more competitive for our export partners, so where is the export boom?
At the same time imports are inflated by 40%, that, under normal circumstances would trigger "imported inflation"; once the deflationary trend is over with such "normal circumstances" might strike back and in the mix with a weak and affluent currency lead to (hyper) inflation.
Of course, all equities and liabilities will be relative, then.
Carpe diem!
A currency mirrors the state in which an economy is in; the weaker the currency the more fragile the economy becomes and – most important - vice versa. The
On the long run, how will the Sterling win the race that all major currencies are competing in which is trying to support exports and breeding inflation, the obvious two only ways out of the absolute and disastrous figures?
Just to see the full picture: Pound versus Euro started off in 1999 at 0.65874 and yesterday was 0.9131; that has made all exports round about 40% more competitive for our export partners, so where is the export boom?
At the same time imports are inflated by 40%, that, under normal circumstances would trigger "imported inflation"; once the deflationary trend is over with such "normal circumstances" might strike back and in the mix with a weak and affluent currency lead to (hyper) inflation.
Of course, all equities and liabilities will be relative, then.
Carpe diem!
GBP versus DM between 1983 and 1997
source: Deutsche Bundesbank
source: Deutsche Bundesbank
Tuesday, 14 July 2009
Do you believe in Miracles?
Telegraph story and BBC's Robert peston on the same subject
$3.44bn in 90 days!
I believe they are right!
Carpe diem!
$3.44bn in 90 days!
What a remarkable resurrection? $3.44bn in just three months, only some months after they had to be bailed out by the tax payer. But then they had not only received cash but grandiose monetary instruments that allowed them to re-valuate rubbish and garbage.
Not only are they making serious profits; they have also repaid the $10bn of tax payers' money already: good boys!
Incidentally the same good boys, Goldman managers, sold $691m of their own shares between 09/2008 and 04/2009 - into a falling market. Compare this to $435 being sold by the same mangers between 09/2007 and 04/2008, when shares were almost three times higher... which makes it a +300% increase in volume; so does that mean they do not believe in the generous offer of balance sheet cosmetics, ultra low interest rates and cash floods being sustainable and sufficient to make holding on to Goldman shares worthwhile?
Not only are they making serious profits; they have also repaid the $10bn of tax payers' money already: good boys!
Incidentally the same good boys, Goldman managers, sold $691m of their own shares between 09/2008 and 04/2009 - into a falling market. Compare this to $435 being sold by the same mangers between 09/2007 and 04/2008, when shares were almost three times higher... which makes it a +300% increase in volume; so does that mean they do not believe in the generous offer of balance sheet cosmetics, ultra low interest rates and cash floods being sustainable and sufficient to make holding on to Goldman shares worthwhile?
I believe they are right!
Carpe diem!
Sunday, 26 April 2009
BaFin
SPIEGEL ONLINE: original article
A chance to compare future debt levels: UK/Germany
The above “secret” article on a secret paper is only in German; you will immediately understand why I could not find it in any other language… so far:
Bad Bank? Here is the chance to understand how bad such a "Bad (German) Bank" will have to be causing debt levels unheard of: mysteriously a list has made its way into the (German) public domain, a list that BaFin put together on 17 German banks and their exposure to toxic papers. The list differs between toxic papers and currently “non marketable” papers giving a combined total of € 816bn. From an accounting point of view what is the difference? May be a “higher Memo Value”?
The majority of the banks mentioned are in public hands anyway (Landesbanken + HRE = €623bn). BaFin on Friday night tried to limit the damage by arguing the list would “not only include toxic papers” but also “questionable assets”; by “no means” this list would allow for “any conclusions” on the risk or creditworthiness of the listed German banks; “this list” had “not meant to become public”; therefore the Munich office of investigation was called in to go: find the leak!
The equity capital of all German banks sums up to approx. €330bn; put the above figure in and the result will make the term “the banks are factually insolvent” this century’s understatement.
Has anybody spotted the equivalent UK, US or, better still, the combined EURO-countries’ list so far?
Carpe diem!
A chance to compare future debt levels: UK/Germany
The above “secret” article on a secret paper is only in German; you will immediately understand why I could not find it in any other language… so far:
BaFin is a federal institution governed by public law. It has legal personality (a legal entity) and operates within the portfolio of the Federal Ministry of Finance(Germany) (Bundesministerium der Finanzen - BMF.
Bad Bank? Here is the chance to understand how bad such a "Bad (German) Bank" will have to be causing debt levels unheard of: mysteriously a list has made its way into the (German) public domain, a list that BaFin put together on 17 German banks and their exposure to toxic papers. The list differs between toxic papers and currently “non marketable” papers giving a combined total of € 816bn. From an accounting point of view what is the difference? May be a “higher Memo Value”?
Die 816-Milliarden-Summe setzt sich nach SPIEGEL-Informationen so zusammen:
* Landesbanken: 355 Milliarden Euro Davon 180 Milliarden toxische Papiere, 175 Milliarden Euro derzeit nicht handelbare Papiere. Allein für die HSH Nordbank setzt die Bafin rund 100 Milliarden Euro an - etwa 13 Milliarden Euro davon sollen Giftpapiere sein. Nach Informationen der "SZ" sind bei der Landesbank Baden-Württemberg 92 Milliarden in der Bilanz, bei der Westdeutschen Landesbank 84 Milliarden.
* Hypo Real Estate: 268 Milliarden Euro
* Volks- und Raiffeisenbanken: 54 Milliarden 25 Milliarden davon toxische Papiere und 29 Milliarden derzeit nicht handelbare Papiere
* Privatbanken - wie Commerzbank und Deutsche Bank: 139 Milliarden Euro
Davon werden 53 Milliarden als toxisch angesehen, 86 Milliarden als nicht handelbare Papiere. Die Deutsche Bank hat allerdings so gut wie keine Giftpapiere.
[German Milliarden = British billion]
The majority of the banks mentioned are in public hands anyway (Landesbanken + HRE = €623bn). BaFin on Friday night tried to limit the damage by arguing the list would “not only include toxic papers” but also “questionable assets”; by “no means” this list would allow for “any conclusions” on the risk or creditworthiness of the listed German banks; “this list” had “not meant to become public”; therefore the Munich office of investigation was called in to go: find the leak!
The equity capital of all German banks sums up to approx. €330bn; put the above figure in and the result will make the term “the banks are factually insolvent” this century’s understatement.
Has anybody spotted the equivalent UK, US or, better still, the combined EURO-countries’ list so far?
Carpe diem!
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