Best Scanner On The Market

Le previsioni meteo preannunciano un simpatica settimana fatta di pioggia e vento. Una volta si sarebbe liquidato il tutto appellandosi a qualche vecchio detto tipo: "Marzo pazzerello...". Verrebbe quasi da augurarsi che le cose fossero così semplici. Purtroppo, l'andamento climatico attuale sembra indicare qualcosa di più costante di una semplice pazzia transitoria. Se i miei amici dall'Olanda e dalla Finlandia arrivano a sfottermi perché li splende il sole - anche if it is slightly cooler - something must be changed.

Any worsening climate, however, pales in comparison to changes in the economic sphere and in the same way my personal disgust dell'incessante rain, seems to disappear when compared to the revulsion that some feel towards certain banks and bankers.

Ink paid to write the plan has not yet dried Geithner that Citigroup and Bank of America already have begun to exploit one of the many tricks that it makes available to them kindly. Both banks have turned to hunting for garbage - specifically CDOs - coming to contendersela for higher prices at the price of market price currently is around 30 cents for every dollar of face value (at a reasonable price a market exists for the garbage though Geithner & Co say the opposite). The strategy hinges on the belief that in future the two banking giants be able to pass on the shoulders of the taxpayer by PPIP (Public-Private Investment Program), the above junk to a larger amount than the purchase.

A nice net gain for the banks to recapitalize, which will perhaps in part, but it is certainly not what the U.S. Secretary of the Treasury, at least in words, intended to get his plan through.

now approximate the close of the quarter. Event potrebbe anche riservare alcune sorprese.

I CEO dei principali istituti bancari statunitensi, Jamie Dimon della JP Morgan, Ken Lewis di Bank of America insieme a Vikram Pandit presidente della Citigroup rivelarono poco tempo fa che le banche da essi gestite, durante i primi due mesi dell'anno avevano incassato dei profitti. La notizia aveva fatto intravedere la luce a più di un investitore e aveva rilanciato i valori azionari del settore finanziario. Un ritorno all'attivo poteva essere il segnale che una lenta ripresa dell'economia fosse in atto. Musica per le orecchie di chi investe in borsa.

A gelare le aspettative ci hanno pensato gli stessi 3 individui, dichiarando lo scorso venerdì in maniera sincronizzata (neanche si mettessero d'accordo), che durante il mese di Marzo vi sarebbe stato un aggravamento del mercato, con relativo calo dei ricavi.

Mentre tutti si chiedevano perplessi a che gioco stessero giocando i suddetti CEO, un post sul blog di Zero Hedge ha gettato un po' di luce sulla natura dei profitti incassati da Citi, JP Morgan e BofA durante Gennaio e Febbraio. A quanto pare, essi sarebbero merito esclusivo dell'AIG che chiudendo una serie di posizioni ancora aperte su strumenti derivati (CDS) avrebbe incassato consapevolmente ingenti perdite - facendo affidamento sul supporto statale per tappare eventuali buchi - a favore di una serie di banche che hanno potuto così, favoleggiare in giro su un imprevisto ritorno dei profitti.

It comes as no surprise that AIG is being used to funnel money to banks around the world - Goldman Sachs head. In the economic sector throughout the blogosphere has not escaped the game of obfuscation carried out by the U.S., aimed at arousing the indignation of the population against 160 million bonus pocketed by managers and by the former insurance giant at the same time, ignore the gifts made millionaires by the U.S. government, through the AIG itself to major banks. The fact that Obama, even Bernanke and Geithner, is a day on television and no one says much about the media strategy that the administration of U.S. President is taking.

It almost seems like trying to convince and reassure people with words, rather than with concrete actions.

concreteness which he feels a strong need and I personally hope to see materialize in the G20.

As you can guess from the title of this post, my hopes and expectations do not coincide completely. Willem Buiter in a recent article entitled: "G20, do not expect nothing, hope for the best and prepare for the worst" makes a number of suggestions that the G20 would do well to consider.

Buiter calls for a strong commitment to the maintenance of international free trade without restrictions of any kind are imposed, should be increased to 10 times the funds available IMF through the issue of SDRs, and especially looks forward to finally being recognized by all that the collapse of global financial system which has grown abnormally from 1980 onwards. A system that can not be fixed with the patches applied in a coarse, but that would require reaching and comprehensive reforms.

Buiter puts forward some ideas about the kind of reforms to be adopted. All reasonable and quite obvious if we want. So obvious that one would hope were on the agenda of the G20.

Yet, there seems to be only Buiter feel a pungent smell anything coming from the London meeting (on which work will start tomorrow). Even French President Sarkozy seems to have a smell practiced enough :

If the G20 will be 'low-profile, I get up and I'm leaving. "The threat comes from French President Nicolas Sarkozy that some British newspapers would be ready also for a boycott of the G20 which will begin 'in London tomorrow if you do not reach targets.

"France - said a source close to the Elysee - will not accept' a G20 with many words and little action"

Even British Prime Minister Gordon Brown in recent days had subdorando an inconclusive summit even suggesting that was put on the agenda during a further meeting of the G20 the current year. Distrust of Brown, perhaps stems from having seen leaked its draft for the final communiqué of the G20, the same draft that Brown, called for was subsequently signed by all participants at the close of business. In this paper, includes the commitment to help revitalize the global economy through a fiscal stimulus joint $ 2 trillion. One measure that seems to fit them fully with the resolution, which some would feed Brown, April 22 to announce yet another stimulus package for the UK economy. Stimulus to which it had previously opposed Mervyn King the head of the central bank said English when the country's finances do not permit più interventi simili.

Della stessa opinione di King sono sempre state anche Germania e Francia. Entrambi i paesi si sono numerose volte opposti a degli interventi di stimolo coordinati. Non si capisce bene come Brown pensi o pensasse, di riuscire a convincere le due nazioni a contribuire ai sopra citati, 2 trilioni di dollari.

Qualunque strada abbiano in mente di percorrere il leader dei G20 sarà il caso che si sbrighino ad imboccarla.

L'economia non sta certo ad aspettarli e continua il suo inesorabile deterioramento. I dati provenienti dai paesi esportatori sono un incubo. La contrazione delle esportazioni Giapponesi ha toccato un senza precedenti -49% a Febbraio rispetto l'anno precedente, gli ordinativi esteri dell'industria Germany son fell by 37%. According to the OECD in Italy this year and exports will fall by 15.9% and 4.3% of GDP in the face of our government that only a month ago he complained Confidustria for a forecast on the GDP of -2.5 % (later revised a few days ago and increased to -3.5%). Unemployment Italian touch, according to OECD estimates, in 2009 and 9.7% of private consumption will mark a -3%. The English government has just saved his first bank, the Savings Bank of Castilla-La Mancha, by granting a loan of $ 9 billion. Although this is a small institution, the past is anything but reassuring. Ireland's rating was cut yesterday by Standard & Poors, down from AAA to AA + and it is expected that the former Celtic Tiger GDP will contract by 6.5% during the year.

As expected the first taking place also addressed some of the whole euro area countries considered most stable:

In Grenoble the personnel director and three managers of the "Caterpillar "were seized and imprisoned by the workers of the company. The American company wants to lay off 733 people out of 2,500 employees, because sales were down 55%. Obviously, the dismissal of staff is the first and easiest solution to the crisis.

The kidnappers are not criminals or terrorists. Nicolas Benoit, delegate of the CGT trade union, the largest organization of French workers, equivalent of the CGIL, said it will retain them until you are open to negotiate.

addition to the manager about to "rationalize" the activities of enterprises, another target area for the public flogging, appear to have become bankers. Fred Goodwin's former head of Royal Bank of Scotland, a position he left pocketing a million dollar settlement after leading the institution into bankruptcy and forcing the government of his majesty in a hasty nationalization, has been seen to assault the house by a group of angry citizens who, after having prevailed at the sound of stones at the windows of the building have completed their relief smashing the car Goodwin. After this event, and in view of possible protests over the G20 was suggested to all RBS employees to come to work dressed as resigned, so that there is a risk of being mistaken for the bankers.

Managers of the major Swiss banks, but was ordered not to leave the country Switzerland, even for business trips. The fear is that once they landed abroad can be taken by local authorities and subsequently questioned about possible tax evasion facilitated by the institutions for which work. The previous disagreement between the U.S. and UBS launched from Europe and the repeated threats against tax havens are leaving their mark. Among the destinations are prohibited U.S., Germany and France.

He feels well, a faint smell from 1870, when the bankers chased and were chased out of a population that demanded the hanging.

And if too many states still do not seem to have decided to intervene in the economy sharply, major central banks have proved much more active. At the party called QE, are also to join two of the last survivors: the European Central Bank and the Canadian.

The ECB worried by the latest data on the economy fatto capire , tramite il suo vice presidente Lucas Papademos, che potrebbe lanciarsi in misure di quantitative easing arrivando ad acquistare sul mercato secondario bond di diverse società (quali non è dato sapere). Ad essa ha fatto eco la banca centrale canadese ventilando anch'essa il ricorso al QE. Sembra che dopo lo zirp (tasso di interesse 0) globale stiamo finalmente arrivando al quantitative easing globale.

Le banche centrali dunque, si stanno tutte muovendo e nella medesima direzione.

Purtroppo quella odierna non è una crisi che possa essere risolta per via monetaria o indebitando gli stati in modo che l'aumento della spesa pubblica vada a compensare il calo della domanda aggregata.

During the G20, the major nations of the world have the opportunity to lay the groundwork for an economic system that is at least more reasonable than the present, abandoning once and for all the illusion that the situation will soon return to being that of two years ago. That means even begin to redefine the roles consumer / producer in the U.S. and China.

A good first step would be to settle once and for all the banking system, eventually creating smaller banks and better regulated so that would not pose a significant systemic risk. Returning to separate the functions of investment banks than commercial banks. Recapitalising institutions in a decent way, by charging the price to those who deserve it - the shareholders and bondholders. System once and for all the hell the OTC derivatives market, especially that of the CDS.

Unfortunately I do not think any of this happen in London. As Simon Johnson, former IMF chief economist wrote in The Atlantic in a wonderful article , the U.S. prisoners of an oligarchy composed of bankers and financiers. Any government intervention will benefit them regardless of what may be the public interest. A film that Johnson has seen several times during his stay IMF. Usually the performers were in developing countries or countries with the democratic deficit as Russia and Argentina. During each of these cases, the U.S. was there to press because the oligarchs were overridden and sacrificed so that we could effectively apply the reforms necessary for a recovery of the country.

It ironic to note that the U.S. is right now, to behave as those nations which have spent whole decades to criticize.

It 'obvious that Geithner does not want to damage the banking oligarchy or risk to charge the right price to the bondholders of banks, including a host of pension funds already shaky. The U.S. Secretary of the Treasury has recently stated the naked CDS (CDS issued without there being demonstrated by the real intention of the purchaser to secure a debt) should not be prohibited.

To be fair, Geithner should be checked at least admitted that the solvency of the issuer of the CDS, so as to reduce the risk that they will be sold in industrial quantities by companies that they can never pay in case of problems. The basic intention remains the same, however: do not be too hard against the financial of the establishment.

A choice that I find outrageous.

Until you decide that the time has come that some oligarchs pay for their sins never really emerged from the mess we find ourselves immersed. This hour does not seem to be even junta. For this reason I am willing to bet that the G20 will be revealed tomorrow, once again, a meeting of nothingness.

Dudley Combination Recovery

side doors. Threshold

When you are looking for a particular parts, expensive and often found in poor condition, should someone contact you to sell a "perfect" I suggest you take a car, motorbike, train, plane or shuttle to get there and make sure the thing.
doors of my bus were charged in a desperate condition: the lower part is marked in the forty and someone tried to fix it a frame of wood resin to the inside of them but this has done nothing but worsen the situation . Say good third of both doors had rotted and more the curvature of the original has been lost further complicating the matter.
What to do I ask in the forum, write in a variety of sites and look around ... silence for a good couple of months later, one afternoon, I called a boy, possibly a lord of Vicenza, saying that he found my ad on split cargo doors somewhere in the garage and has a pair of loading doors in perfect condition for a van like mine.
ports in question are two doors from a bus load perfect that he has torn to pieces (and we do not understand why), are free ports prior to 1965 because the notch on the right and, reluctantly, I pass above and I agree to send him my (malincuorissimo to lose because the original but unfortunately when you are with the water in the throat you have to make crap) plus 500 € of credit.
The worst transaction in this restoration to put it tutta.Per luck in the world there are people like Bazza I then saved to a gearbox problem behaving like a true gentleman ... a glass raised my friend.
wait a few days and courier arrives to deliver the doors "new" and to pick up the old ... (that dislike).

What Are My Chances Of Getting Lung Cancer

end ...

Once submitted the threshold we finished welding the two sides and then, once I closed the box that would become unreachable after installation of stessa, abbiamo puntato la lamiera nei principali punti soggetti a flessione.


Un paio di punti per ogni traverso e soprattutto, parte peggiore, abbiamo messo a giusta quota la parte esterna, quella che deve allinearsi coeln porte di carico.Questa parte è stata la più complessa perchè ogni minimo errore andava a compromettere le luci delle porte e inoltre l'operazione è stata piuttosto complessa perchè le porte che avevo non erano perfettamente sane.
Dopo una settimana circa di prove e misurazioni siamo arrivati al finale che grossomodo è quello in foto.
Dopo una verifica finale abbiamo saldato tutti i fori praticati in precedenza e la soglia si è presentata così:



The work was then completed by adding the angular cut above (in the photo above you can see already welded "L" between the threshold and profile seal around the van) is in the rear area in the front . It 'was also rebuilt the inner box side partition (the one which carries the locking tab of loading doors).

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problems threshold

The load thresholds are commonly available from South America and in theory should be adaptable to the bus split until 1979 or so (in Brazil has split the production was much longer and this is indulged with more versions strange ... 13,15,21,23 glass in various combinations as well as the much sought after in Italy loading doors positioned in the strangest ways ... the so-called Fleetline that in this period also are coming to us seeking the usual fools ) but in practice it can be adapted to any bus. At least
easily. My
, besides being off-axis at the level of solder was also longer than nine inches high and inside, which would have to go and hit the frame, however was too small.


In photo shows the riser to recovery and a first draft of the coupling threshold.
In the end you can see the sheet while it is folded and shortened evidente come il profilo in cui dovrà andare la guarnizione di battuta porte è piegato veramente male.La zona dovrebbe avere gli angoli ben definiti e in realtà la "C" ha gli angoli molto curvi.
Per quanto riguarda la lamiera inferiore siamo riusciti a farla allineare con i supporti cric e abbiamo dovuto fare alcuni buchi di scolo (come in origine) perchè il manufatto ne era privo.
Dopo quattro o cinquecento bestemmie siamo arrivati ad una versione finale.
Ovviamente dopo aver ripreso tutta la parte anteriore che si presentava così:

• la curvatura esterna del fianco era stata ricostruita in resina quindi inesistente
• la soglia era completamente bucata per tutta la lunghezza del taglio (in foto mancava la rimozione dell'ultimo tratto di ondulato)
• il montante interno e i relativi scatolati erano compromessi e sono stati riscotruiti con questi pezzi

Fianco esterno tra passaruota e soglia con lamina per il fissaggio su interno soglia di carico (3 pezzi saldati)

Piastra di sostituzione zona irrecuperabile tra cabina guida e area carico

Piastre laterali sinistra e destra carico più angolo montante.
A questi elementi abbiamo aggiunto alcune piastre di maggior spessore (4 mm circa) che abbiamo usato per rinforzare l'interno dello scatolato tra cabina e area passeggeri e abbiamo usato come appoggio per il fissaggio the threshold. (see item welded "L" in the second photo below).

At this point, the area was partially recovered.
lacked the final fixing of the threshold and the external sheet of both sides that have been welded shut, in the sense that once established in an area accessible it was going to lose.

first set piece was the side of the sheet metal (recovered from the left side that I ordered and it arrived several months later, when I needed it most).
This sheet was cut longer than about two inches and cut the ends so that they can be riveted to the upright rebuilt and to have a little more material to anchor the load threshold.



Inside:

Detail of the clipping plate and mating with the post (the threshold was still to be determined).

Front (the outermost zone was later revised). The wheel is left in this side because the original is still in good condition (and definitely better than a reproduction).


Fixed these parts (even if they seem just a mountain) we cleaned the area, cutting across the threshold of load wrong and we brushed the area.


Then we made the top of wavy, cut and filed down to size.

And finally we scored the floor at the side-members and consequently we scored the corrugated (2 holes for each wave of the sheet for 5 matches). 3.5 mm hole.

Ny Temporary Visitors Driver's License

barrage

E 'from the day the new U.S. president took office at the White House that the world waited for an answer to the problem of toxic assets still on banks' balance sheets. The hope that the Secretary of the Treasury chose Obama, Timothy Geithner, he quickly made a bold and decisive plan, he died soon. Geithner proved awkward and unprepared, caught between the desire of bankers to help his friends out of their impasse head-on - and above all with deep pockets - and the need to resolve the situation convincing the taxpayer that very little state money would be used.

For weeks rumors have shot many as Geithner meant to behave to achieve those goals, but few precise details are leaked about it. Then, yesterday morning, the turning point. Finally, the U.S. government has thrown a bit 'light and he did release an official document . It shows in some detail, the operation of the plan early in the past by Geithner, even if only in words.

The lists have reacted to the event by making a take euphoria and unbridled skyrocketing. The project put forward by U.S. Treasury Secretary, then appears to have grossed approval of the market.

objectives that the plan aims are twofold: to clean up banks' balance sheets from Legacy Legacy Loans and Securities. If you're wondering who is meant by those two terms, well, imagine a big pile of stinking garbage. The term

Legacy Loans born last July by the CFO for the JP.Morgan Mike Cavanagh, as a way to distance the banks in the collective imagination gone bad loans granted in previous years. It is simply a word whose sound was found to be more reassuring than "assets at risk". The same goes for Legacy Securities, although in this case means all those assets which were then resold on the secondary market, translated: derivatives built on mortgages and the like.

In the case of Legacy Loans, the plan provides that an auction is carried out between individuals to determine the price at which they will be sold from time to time, by this or that bank. Most of the amount in question will be disbursed by the state in the form of a guarantee FDIC. An amount of money equal to that undertaken by the private, will then be ripped directly from the treasury.

To understand better, let's say the illustrative example in the document of government:

Step 1: If the bank has a pool of residential mortgages with a face value of $ 100 and wants disinvest, it will continue to do this with the FDIC

Step 2: The FDIC will determine, according to the process above (referring to the original document ed), willingness to provide the pool in question is a leverage of 6 to 1 based on the debt-investment

Step 3: The pool will then be auctioned FDIC, with other private sector actors who will present an offer. The highest bid of the private sector - in this case $ 84 - will win and will form a fund for public-private investment pools that buy the loans in question.

Step 4: On the $ 84 purchase price, the FDIC will provide guarantee of funding to $ 72, leaving uncovered $ 12 initial investment.

Step 5: Treasury then provide 50% of this initial investment alongside private investors. In the example, the Treasury will invest about $ 6, while the private sector will provide another $ 6.

Step 6: The private investor then will manage the pool of assets and the time of its disposal - asset managers using approved and supervised by FDIC.

The first thing you might notice is that the private investor at $ 84 investment, it pays out only physically 6. 6 others are put directly from the treasury. The remaining 72 are scrape on the market by selling bonds for this purpose. The value of these bonds is guaranteed FDIC, since no one would dream private, without a guarantee behind it, to lend money because it is then used to buy junk. The FDIC is an institution that depends on the government itself. Its primary purpose should be to liquidate the failed banks, while protecting the deposits of account holders. In this case, however, is used as the guarantor of the value of bonds issued under the PPIF. In a nutshell, even the possible loss of leverage over $ 72 (otherwise known as debt) will answer the U.S. Treasury.

The American taxpayer then will called to account for 92% -96% of the total figure and the private answer the remaining 8% -6%. Once purchased, the $ 84 of toxic assets, pardon Legacy Loans, will be managed until the final settlement approved by managers FDIC itself.

whole operation conceived by Geithner, it reduces the introduction of a third party, used to give the illusion that there is behind this blatant trick, not the state, but a group of individuals. This intermediary will pocket a nice nest egg for the work of recovery and the management of capital assets, while every loss - which does not exceed 92% -96% of the total - will fall on the shoulders of the U.S. government.

Who would not want to participate in a project like this?

Project which Krugman summed up as: "head I win, tails you lose".

The part of the plan regarding the Legacy Securities is different, but again most of the money comes from the government. We see the example shown in the official document about it:

Step 1: The treasure will launch the subscription process for managers involved in the Legacy Securities Program.

Step 2: A fund manager may submit a proposal and it will pre-qualify for the recovery of private capital, aiming to participate in a program of joint investment with the treasure.

Step 3: The government agrees to provide a dollar of capital for every dollar of private capital that the fund manager will be able to recover and provide a certain level of leverage to finance the proposed Public-Private Investment Fund.

Step 4: The fund manager then makes from the sales process for the investment fund and is able to recover it for $ 100 of private capital. The Treasury provides another $ 100 as an investment that goes to support private capital and will provide a loan of $ 100 to the Public-Private Investment Fund. The Treasury may also consider requests from the fund manager for an additional loan that could total up to a maximum of $ 100.

Step 5: As a result, the fund manager has $ 300 (or in some cases $ 400) of the total capital available and we can start the program for the purchase of the securities in question.

Step 6: The fund manager has full discretion over investment decisions, although in principle follow a strategy of long-term "buy and hold". The Public-Private Investment Fund if the fund manager so decides, will also have access to the expanded version of the rule on legacy TALF securities, when it is launched.

Legacy Securities Even in the case of the bulk of the money is spent by the government although numerous details not yet known, especially on the conditions that relate to loans under the program. What is clear is that compared to an initial investment of $ 100, you can get up to $ 300 for state funding grant (it is non-recourse loans). In addition, a good number of these securities is likely to be discharged later on the state budget through the TALF.

The whole plan worked out by Geithner is nothing but a giant rape operated by a group of bankers and speculators against the entire U.S. population. All with good peaceful and under the supervision of the government.

disgusting is an understatement.

The reason why the government does not buy all the toxic assets directly from banks making it over once and for all, it was not possible in a scenario similar to dilute in spending time, as it believes it can do by applying the plan Geithner. In addition, the pressures of a population increasingly exasperated against the banking sector, would prevent the adoption of such a strategy and the simultaneous rescue of bankers Friends Geithner.

I think even the U.S. Secretary of the Treasury - as going around to ensure that such a miracle will happen - I truly believe that his plan would bring about a market for junk. Individuals will have access to funding state will eventually bounce between them until the toxic assets the government funds will last, meanwhile pocketing a fee for each step. Who will invest in these funds will not risk its nothing any gain will end in his pockets, and any loss will be marked on the state budget.

Another question that arises, from the document issued by the government, whether there is any mechanism that prevents a bank to establish an ad hoc structure to participate in the Treasury.

In essence, the bank could raise at the bottom pincopallo, do participate in an auction for a brand of the same pool of assets at the bank, win the auction by offering a stratospheric figure, sborsare solo il 5%-6% della cifra in questione liberando così i bilanci della banca ed accollando allo stesso tempo, ogni perdita allo stato.

Un gruppo di managers della Goldman Sachs qualche tempo fa, abbandonò l'istituto ed annunciò l'intenzione di fondare una società per sfruttare le possibilità di investimento che il governo avrebbe messo a disposizione del mercato tramite il PPIF (Public-Private Investment Fund). Cosa vieterebbe a questi signori di farsi prestare un 6% di fondi iniziali dalla loro ex banca ed utilizzarli per acquistare, pagandola eccessivamente, spazzatura dalla Goldman stessa?

Il sospetto che lo scopo dell'intero progetto sia proprio questo è forte.

Ovviamente the stock has appreciated enormously the plan. The rest would be strange otherwise. The government has promised to give money at all, banks and brokers and pocketing every loss. For investors and bank balance sheets because it is very positive. It remains to be seen how this will actually fix the books of lenders and how many losses will ultimately absorb the U.S. Treasury.

Just yesterday, the Fed announced he had transferred the assets of the state budget of AIG and Bear Sterns that kept parked at the bottom called Maiden Lane (actually divided into three funds: Maiden Lane 1-2 and 3 ) and whose value according to the latest available data, would amount to 72.1 billion dollars. How many losses creeping in these assets is not known. We only know some background. For example, 3 Maiden Lane, paid a number of banks, 62 billion dollars for the purchase of certain insured CDO dall'AIG through CDS, so that these CDS were canceled. In return for these 62 billion, the Fed has got assets worth 30 billion dollars.

All losses contained in Maiden Lane now have a problem with the U.S. government. This shows how Willem Buiter wrote in a recent article , that the Fed is able to fail (at least in theory). It relies heavily on the U.S. government and is unable independently to cope with huge losses. Any loss will inevitably turn from the Fed on the state budget.

It also seems to be quickly reinstated the uptick Rule. It is a rule adopted by the SEC in 1937 with the objective of limiting the sale of securities on the cheap. According to it, before you can play on a title fall, expect the value of that goes back and it appears, however, higher than that seen during the immediately preceding sale.

The uptick rule was abolished in 2007 by the SEC, after several studies have demonstrated its irrelevance. It must be said that the tests in question were made by examining the conditions of a market under great stress, those where we are surrounded by year, for example. In a volatile market like that of recent months, sales decline are considered "evil" (true or otherwise). Pressure from many sides have come to a reintroduction dell'Uptick Rule and everything suggests that the SEC, at the next meeting on 8 April will sell to them.

in recent weeks have taken a series of measures extremely heavy. To recap: the Fed has launched with $ 300 billion buying direct long-term Treasury bonds, Geithner has submitted its plan scam (at least to the taxpayers), has been suspended mark to market, it will (almost certainly) reinstated the uptick Rule and the Fed has just released part of its balance sheet, download the losses on the accounts of the Treasury.

We are witnessing a veritable barrage.

The reasons behind these measures could be trivial.

For a couple of months of taking office was not Obama's long overdue action, the submission of details of the plan Geithner had been delayed too long. Markets was essential to show the intention to grab the bull by the horns. Might as well, then, act in a massive and coordinated by adopting a series of measures frowned upon by major financial players.

The other possibility is that the Fed and the U.S. government are to have first-hand data on the economy. Data that does not really want to know because it takes away the sleep and based on them have decided to take action in advance with a shock therapy in an attempt to stabilize the credit market and to trace the lists.

In the latter case, we would be facing the economic equivalent of the Maginot Line.

Whatever the truth, the United States are very close to playing for everyone and everything as you find hideous most of the measures taken, I can only wish them to win this risky bet doubled.

Can U Have A Cold Shower After Waxing

The last round

Sunday 60 minutes interviewed Ben Bernanke : an unprecedented event. The head of the Federal Reserve had always declined any invitation to do so, perhaps to keep that golden mystery and inscrutability that always surrounds the central bank of the United States.

But times change. An economic crisis that is unprecedented in recent history and the jib of protest against the scandalous conduct of the directors of ' AIG - the insurance giant rescued by the U.S. government to sound of 180 billion dollars - that regardless of any torn from the taxpayer money, they are self-allocated $ 160 million in bonuses, have forced the old Ben a scendere in campo rivolgendosi direttamente alla nazione.

Il servizio di 60 minutes cerca in ogni maniera di mostrarci il lato umano di Bernanke . La storia della sua famiglia, i suoi studi, come si fosse preparato una vita intera per affrontare una crisi economica come quella odierna. Ad un certo punto, l'intervistatore interroga Ben, in merito ai salvataggi che la FED ha operato nei confronti di una serie di società finanziarie. Bernanke con aria afflitta, risponde di non aver potuto agire altrimenti e annuncia di essere profondamente infuriato nei confronti di queste entità, in particolar modo dell' AIG , la cui vicenda lo avrebbe riempito such a rage, to drive him several times to slam down the telephone receiver while debating the issue. It is perhaps the most touching moment of the entire interview. Reflected a genuine pain almost from the words of the old Ben.

As I followed the interview and was looking for, seized by emotion, to grab a packet of tissues, Bernanke totally changed gear and catch me unprepared to do with reassuring by declaring, "But we have a plan. We're working on. And I think that able to stabilize (the economy ed), and that we will probably end the recession this year. We will begin shooting next year. "

All right then. Ben

Fed tightening and the rudder firmly in their hands and have taken a route that will lead us out of the raging sea by the end of the year.

then came Wednesday, the day of the scheduled meeting of ' FOMC - the Committee of Federal Reserve which decides monetary policy of the United States - and everything changed. Generally, the committee shall undertake adjustments to the interest rate, but the rate at historic low of 0.25% was very little left now to retouch.

L ' FOMC decided to use the grounds as a final solution justification for the decision: The

information received from Federal Open Market Committee , the meeting of January to date indicate that the economy continues to contract. The job losses, declining wealth and value of housing and a lack of credit have weighed on the mood of consumers and their propensity to spend. A deterioration of sales prospects and the difficulty in obtaining credit, have led companies to cut inventories and fixed investment. U.S. exports have plummeted since an increasing number of trading partners have fallen into recession.

L ' FOMC continues for yet a few lines to describe a situation that is ill-ever-worsening concilia con i discorsi fatti da Ben a 60 minutes su una prossima ripresa. La vera e propria bomba però, arriva poco più sotto nel prosieguo del comunicato:

Per fornite un maggior supporto ai prestiti per mutui e al mercato immobiliare, il comitato ha deciso di aumentare le dimensioni del bilancio della Federal Reserve arrivando ad acquistare fino a 750 miliardi di dollari aggiuntivi in mortgage backed securities dalle agenzie, portando il totale degli acquisti di queste securties ad un massimo di 1,25 trilioni nel corso dell'anno, e di aumentare l'acquisto di debito emesso dalle agenzie di 100 miliardi di dollari bringing the total of 200 billion. In addition, to help improve the conditions of the private credit market, the Committee decided to purchase up to 300 billion of treasury bills in the long run over the next six months.

, by itself, the announcement of the doubling of the purchases of MBS (securitized mortgages ) in possession of the two major GSEs , Fannie Mae and Freddie Mac is significant. Until now, this seemed to be the approach to the "quantitative easing " Ben's favorite, although the head of the Fed had threatened several times, from December onwards, di lanciarsi nell'acquisto diretto di buoni del tesoro a lungo termine. Un'opzione che però, si era sempre rifiutato di adottare concretamente.

Mercoledì è finalmente giunta la resa.

Non c'è modo di minimizzare la gravità del passo deciso dall' FOMC .

E' l'equivalente economico dell'aver spinto uno di quei bottoni rossi protetti da piccoli schermi di vetro. Quelli che solitamente nei film vengono premuti come ultima risorsa in contemporanea al girare simultaneo di una coppia di chiavi.

Se si è intrapresa una simile azione significa che la situazione sta tutt 'altro che migliorando. Altro che ripresa all'inizio del 2010.

Mercoledì afternoon, while everyone is still waiting for the release of ' FOMC and said, for the most part, make sure that did not contain any significant announcement, the stock market going on a casino. The dollar fell, gold as well, the ' XLF (an index of financial stocks comprising the S & P 500) galloped on the upside and was bought up purchase options on treasury bills to 10 years by some subjects. It seemed that someone knew in advance what was to exit from the rooms of the Fed . Naively, not really thinking that Ben would come to announce the direct purchase of long-term bonds, liquidai some extreme movements as the product of a few limited operations speculative.

Analizzando col senno di poi gli avvenimenti, specialmente ciò che è accaduto al prezzo dell'oro, colato a picco poco prima dell'annuncio dell' FOMC e salito alle stelle subito dopo, risulta evidente che in molti sapessero. Se non altro sono in buona compagnia. Rick Santelli ha dichiarato ironicamente alla CNBC , di essersi sentito estremamente stupido, quando un ora prima che fossero rese pubbliche le decisioni del comitato della Federal Reserve , si scatenò la caccia ai buoni del tesoro. Santelli dice di non averne capito le ragioni sul momento, dato che dal suo punto di vista non era affatto scontato ritenere Ben and his associates would be launched in some measures of "quantitative easing . He does not speak explicitly of insider trading, but the sarcastic grin that lights up his face as comments is more than enough to understand how he is ( here you can see the movie with Santelli ).

The latest demonstration that any illusion of legality and transparency of the market has gone down the drain for some time.

manipulations apart from Wednesday economists and commentators have been launched in the analysis of the possible consequences of the choice made by ' FOMC.

First it is interesting to note that the Federal Reserve's decision to brutally print money to buy stocks that foreign investors, especially central banks, have stopped buying for a few months: MBS and GSE debt of and long-term treasury bills.

Brad Setser in a recent article explained how the trend of purchases of bonds to raise long-term more of a concern. In the chart below you can see how foreign demand collapsed on them and on the titles of agencies:

The graph stops in December, but also during the month of January, the decline continued. I grandi investitori esteri preferiscono concentrarsi sui buoni del tesoro a breve termine, quelli a scadenza trimestrale, per non correre il rischio di rimanere intrappolati negli eventuali problemi futuri degli Stati Uniti.

Conclude Setser il suo articolo:

E se - come sembra probabile - la domanda da parte straniera per buoni del tesoro svanirà prima del deficit fiscale USA, il tesoro USA dovrà vendere una grandissima quantità di buoni del tesoro agli investitori americani. Per alcuni anni ho argomentato che fosse impossibile esagerare l'impatto che la domanda delle banche centrali estere ha sul mercato dei buoni del tesoro USA.

Essa potrebbe non esserci più guardando al futuro.

The world is changing. The global reserves are not growing. The echo of the peaks that we observe in the data passed on treasury bills will disappear.

As the play's debt to buy goods produced by developing countries - China and India in the first place, but also other children - is broken, the funds available to foreign central banks should be recycled as good Americans, are scarce. The Fed

decided to intervene, directly taking on the long-term treasury bills. The most classical form of monetization of debt.

300 billion that Ben has committed to print this purpose, represent about 5% of the market - the market for U.S. treasury bonds amounted to 5.8 trillion - and, as reported David Rosenberg of Merrill Lynch in a recent report, the announced expansion of the budget of FED additional 1.15 trillion total is nothing compared to a ratio of private credit to GDP in excess of 8 trillion historically sustainable levels and that will necessarily shrink in the near future (the chart below shows the trend over time in the U.S. private debt - business groups - relative to GDP).

Because of this imbalance, Rosenberg does not see real changes of trend in the market liquid and recent gains as the rally in a down market.

The main concern of Ben & Co, seems to concern the impact that the flight of foreign investors may have on the yields of long-term bonds. Bernanke wants to avoid that they will increase, aggravating the situation of all those borrowers who pay interest, the rate of which is attached to these returns. As might be inferred, even reading between the lines of the statement issued by ' FOMC, the problem would then be private debtors, first of all homeowners (as well as companies) and owners who are facing the last measurement of FED .

The most direct consequence of a "quantitative easing " operated by buying Treasury bonds in the long term will be an inevitable decline in yields. Along with them will also decrease the amount of interest on pretended loans. Anyone who has a loan contract will have the option to refinance at a lower interest, but those who intend to buy a house for the first time may obtain loans on more favorable terms.

At least in theory. In practice, the extent of the interest sought by banks depends on many factors, including expectations about the economy. When the overall situation is perceived as dangerous, banks claim in each case a high spread on interest, as protection from the risk that loans will not be returned.

The strategy announced Wednesday by ' FOMC can thus be summarized as a further incentive to the property market and indirect. If until now the U.S. had always acted in the state into debt or taking steps soft of "quantitative easing " as the purchase of mbs agencies, now Fed has decided to proceed straight as a ram and use brute force.

The primary danger in such an approach is that the Fed over time happens to be the only buyer of long-term treasury bills. In England, when the BOE (the British central bank) has taken the road of "quantitative easing " a few weeks ago, it was found to have, during the purchase, a " bid to cover "of 7.35. In essence, for each treasury bill that the BOE was willing to buy the market, it offered 7.35. The investors - and speculators who had bought up anticipate the moves of the BOE - have downloaded en masse British treasury bills. Nothing dramatic at the moment, but if this trend continues, the BOE would soon be mired in an extremely slippery. Another consequence negative of "quantitative easing " was the drastic drop in demand for those bonds that are not among the cuts by the central bank bought English. The British treasury bills that expire in March 2014 for example, have had a bid to cover 1.45, the lowest since 2005.

The U.S. fiscal deficit, planned for this year will amount to some $ 2 trillion. Taking a simple division, the United States will be obliged to sell 160 billion dollars in vouchers to several deadlines each month. 300 billion a figure likely to be insufficient if the flight of foreign investors from long-term bonds should continue. If so, Ben will inevitably be forced to increase the financial commitment of the Fed , since its possible withdrawal - and then the disappearance of the buyer of last resort - might produce a dislocation in the market for treasury bills, which can to rocketing returns and interest on debt related. A half

financial Armageddon.

Even in a progressive increase in purchases by the Fed that exceed the limit announced 300 billion, if the pressure produced by the flight of foreign buyers exceeded a critical threshold, there would be printing money by the Federal Reserve , able to avoid dislocation.

This is the scenario by the end of time that takes away the sleep, a couple of years now, to Karl Denninger (find her blog in my blog roll).

A remote possibility that personally I think at the moment, but Tutt 'simply impossible.

Other observers however, are concerned with a chance almost the opposite: that all this money creation can produce both a galloping inflation which will culminate in a devastating and terminal hyper inflation.

I am very skeptical about it. It 's true that the ability to inflate the market for a central bank è teoricamente infinita. Essa ha il potere di creare tutto il denaro che vuole e sparpagliarlo in giro in 1000 modi differenti. Nella realtà però, esistono dei limiti varcati i quali, un economia come quella americana si auto-distruggerebbe ben prima che una reale iper inflazione possa prendere piede.

Intanto, in casi come questo non si tratta mai di sistemi chiusi. Anche volendo inflazionare l'economia, quanta di questa inflazione si riverserebbe negli stipendi della gente? In altri termini, se la maggior parte dei beni di consumo vengono prodotti dai paesi emergenti, quanta dell'inflazione prodotta dalla FED si riverserebbe negli stipendi degli americani e quanta confluirebbe all'estero?

Del resto, da quasi 20 anni a questa parte l'intero sistema si è basato sull'esportazione dell'inflazione USA in Cina e nei paesi emergenti. Dato che la produzione avveniva in quei luoghi anche il denaro vi confluiva invece di infilarsi nelle tasche degli americani andando ad incentivare la produzione industriale locale e la creazione di ricchezza negli Stati Uniti. La crisi attuale non ha ancora cambiato questa situazione. Le industrie non sono state rilocalizzate negli USA e neppure sono comparse (ancora) sostanziali barriere commerciali nei confronti della Cina. Considerando quanto gli USA dipendano da essa come acquirente di buoni del tesoro, non è neppure detto che ne vedremo entro breve. Nel caso accadesse, ciò equivarrebbe ad una vera e propria dichiarazione di guerra commerciale, una misura possibile, ma che puzzerrebe tanto di ultima spiaggia.

Se il resto del mondo seguisse l'esempio di Bernanke con il "quantitative easing ", forse l'andamento ricorderebbe più da vicino quello di un sistema chiuso, ma sebbene alcuni dei principali stati si siano lanciati a stampare denaro, all'appello mancano ancora fondamentali soggetti come la UE e la Cina. Inoltre, anche stampare qualche trilione qua è la, non può bastare a compensare una distruzione globale di capitalizzazione pari a 35 trilioni di dollari e la poderosa contrazione del credito a cui stiamo assistendo.

A questo va aggiunto l'effetto che l'aumento della disoccupazione, the bad performance of the economy and the destruction of stocks and shares is having the attitude of the population. The propensity to spend has been steadily declining while the save is increasing. Unfortunately, the propensity to party - as shown Mish in one of his last post - Recent research shows that 50% of U.S. citizens is at a distance of two incomes from economic collapse (in the United States is a month ) while 28% would not be able to keep going for more than two weeks without pay. 57% of respondents also said it will spend less than ever this year and none of those contacted said they intend to increase their costs.

To be able to squeeze a population in debt and completely unwilling to consume and expose themselves further, Ben inflation would run so fast to produce, well before obtaining the desired result, the performance of the economy. If in the future there will be significant inflationary effects schizophrenics and will be located. Some goods will rise in price, but without it to make substantial impacts of general inflation or signal a real recovery.

Gold will likely continue to strengthen given what you like the Monet prints. The yield on the U.S. are expected to decline. Some say they are confident that the Fed will not only to buy the long term, but will buy a good all maturities. We'll see. The dollar will probably continue to show signs of weakness and oil could realistically appreciate, even if it does no longer the current situation in the work of "hedge" against inflation which he performed last summer. For it all depends on the real economy. New stock market declines that signal a continuation of the difficulties and a decline in industrial demand, slowing down the value of black gold.

Just from the standpoint of the scales, the decision taken by the Fed is likely to have an impact so significant. Japan can give us a lesson in that regard, as elucidated by Rosenberg in his report. When the Japanese central bank began with the "quantitative easing" in March 2001, the Nikkei was at 12,190. The index rose a good 20% over the next two months and touched up to 14,529 on May 7, 2001. Within four months, the Nikkei share returned to 12000. His descent continued in 2002-03 to arrive in mid-2003, at an altitude of 8900, 30% below the level at which he was when he introduced the QE.

The contraction of GDP and the collapse of corporate earnings - equivalent to a 30% year over year in 2001 - had the better of the transient positive effect produced by the "quantitative easing" of the Bank of Japan.

There is a saying who plays the stock market that goes something like: "Do not go against the Fed." In substance, should never underestimate the ability of an entity like the Federal Reserve to influence the market, especially in the short term but the medium to long term there is little that the Fed might do if the economic fundamentals play against. And right now, the fundamentals do not bode well.

The decision Wednesday by Ben Bernanke dell'FOMC and gentlemen, is the last cartridge available to the Fed (apart from printing money to directly buy shares) and seems to indicate, the precise determination to transform the Federal Reserve in what BOJ (Bank of Japan) was during the period called "the lost decade." This is not to take more time, because time is usually needed when you want to calmly weigh the possible strategies.

take time hoping for a miracle is the strategy right now, as it was for Japan then.

Some say that Ben has loaded cartridge and it is stuck the barrel of the gun in his mouth. Other that the barrel is pointing to his head in debt and a population that expresses the super silent threat: "spend, consume, and yet indebitatevi Please do not think absolutely save you."

remains once again, the impression of being in the hands of an armed Brancaleone impegnata a sparare colpi nel buio nella speranza che uno di essi centri il bersaglio giusto.

Ma se la FED, con l'ultima manovra avesse veramente esaurito le munizioni a sua disposizione, cosa si potrà mai inventare in futuro il vecchio Ben per stupirci?


PS:
Obama ha promesso che domani, i dettagli del piano di Geithner per la gestione degli assets tossici in pancia alle banche, verrano finalmente rivelati al mondo. Abbastanza è già trapelato da scatenare reazioni disgustate da parte di diversi economisti (potete leggere qua cosa ne pensa Krugman e qua l'opinione di Yves Smith ). A riguardo ho già detto abbastanza. Mi limiterò ad aspettare la spiegazione di Obama (o Geithner se Obama ha ancora il fegato di farlo parlare in pubblico) con un pacchetto di popcorn in mano.

Is Upconverting Receiver Necessary

Nuclear Option

Da qualche giorno è terminato l'incontro dei ministri delle finanze dei G20,anche se sarebbe più corretto dire G22 dato che sia Spagna che i Paesi Bassi sono stati eccezionalmente invitati in virtù della loro rilevanza economica. Tutti speravano che la riunione avrebbe gettato un po' di luce sulla via che i "grandi" del mondo intendono imboccare per condurci fuori dall'oscuro tunnel della crisi economica. Purtroppo ancora una volta i grandi ci hanno regalato una delusione. L'intero meeting si è ridotto a qualche mangiata, poche discussioni e nessuna reale conclusione.
Looking for some hot
article about the event, I had noted with disappointment, as a part of the Italian press found most interesting delay Tremonti of the group photo with the other ministers present at the meeting to the content of the meeting. Not that the statements by the G20 outputs are particularly exciting, but certainly a bit more important than Tremonti who stops to speak with a colleague forgot to pose.

The number one on the sidelines of the OECD, has made an obvious but always welcome statement reported by an article on Reuters :

In the words of a number of the Organisation for Cooperation and Development (OECD), Angel Gurria, "there is no'apriti sesame ', it is not pulling rabbits out of a hat."

What is finally penetrating the concept that there are no magic formulas is to be welcomed. Maybe stop behaving as if he had suddenly come to save us a miracle. At least that has always been my hope. Hope that was brutally shattered 10 lines down:

Perhaps what matters most now, economists say, are two things: the joint commitment to do everything possible to save the world economy and plans to combat Washington against the toxic assets from the crisis è partita e con i quali continuerà ad alimentarsi fino a quando resteranno nei bilanci delle banche.

"Restiamo appesi alla speranza che gli Usa trovino finalmente la ricetta magica per riportare la fiducia nel settore finanziario e che lo facciano presto", dice Marco Annunziata, chief economist di UniCredit a Londra.

In sintesi, i mercati finanziari in cui la bufera è iniziata cercano soluzioni facili e veloci per una situazione complicata

Sembra che per certi banchieri l'opzione miracolosa resti quella principale ed il miracolo in questione lo dovrebbe compiere niente meno che Timoty Geithner, il ministro del tesoro USA. Un tizio che quando appare in pubblico emana la stessa aurea di sicurezza di uno studente che non ha fatto i compiti. Tanta è la fiducia che ispira Geithner nei suoi ascoltatori che l'ultimo discorso ufficiale sull'economia USA fu tenuto a sorpresa da Obama. Uno dei suoi soliti discorsi: ispirato, affascinante e generico. Un discorso da campagna elettorale (qualcuno dovrebbe avvisare Obama che ha già vinto le elezioni) in cui furono sciorinati una lunga sfilza di generici propositi su cambiamento, miglioramento, grandezza della società americana e bla bla bla e al termine del quale Obama, scendendo dal pulpito strinse la mano a tutti tranne Geithner. Evidentemente non deve aver apprezzato particolarmente l'inadeguatezza del suo ministro del tesoro.

Per fortuna non dovremo aspettare molto per scoprire che coniglio nasconda nel hat the old Tim. A few days ago the U.S. Treasury has said that this week will finally be good. Over the next few days should be disclosed details of ingenuity Geithner second floor that will heal the budgets of the banks, but something has transpired :

The Government will provide further details on the level of public / private Geithner, aimed at remove toxic assets from bank balance sheets, at the end of the week, said a senior official of the Department of the Treasury. The official said the Treasury is willing to release enough information in the course of the week to allow potential participants to judge the best proposal. Based on information currently known, the plan should provide leverage for public and private capital to buy assets with government funding. The funds initially available should come from what remains of the 700 billion rescue fund (the TARP ed), but a measure included in Obama's tax plan for 2010 would require about 750 billion in new funds. Neel Kashkari, the interim administrator of the fund $ 700 billion, told lawmakers last week that private investors are ready to invest in asset-based loans in default, provided that they have access to finance. Without any form of financing available, they could only afford to pay low prices because they are accepted by banks.

goes round and round we are always there. If individuals do not want to buy 100 and sell at 20 banks do not want the money to make up the difference will put the state. In part because they offer private paying more and some paying banks because it reduces the sales price.

If this is indeed the cornerstone of the whole project, what Geithner will pull a rabbit out of the hat will be flaccid, obese and sickly. A disease that could prove infectious spreading to Europe too.

The issue of toxic assets has been identified as the fundamental problem to be solved in a statement of intent issued in 7 points during the G20. The document also referred to as the fundamental fiscal stimulus and expressed a strong intention to make the books more transparent accounting rules for reviewing the budget and fighting the practice of off-balance sheet assets. How these ideas can marry with the predicted depletion of the mark to market is not known.

The G20 has also lashed out against the rating agencies, suggesting that in future their work is supervised by an international body. How and when this should happen, answers are not received. That rating agencies should be reformed, there is no doubt. I wonder though, because is so difficult to get to the root of the problem and remove the original sin: the conflict of interest arising from being paid by the same subjects that you give the rating. There is a small agency, the Egan Jones acting in the opposite way, for a fee from investors eager to know the rating of the various companies. As it happens, it had set out the principal evils which had afflicted the economy well before the crisis exploded. Once the other agencies operate in a similar way, in the 50's would be horrified all the idea of \u200b\u200baccepting money from companies to assign a rating, then during the 70's everything changed.

Maybe a little 'wisdom of the past would not hurt when you seeks to address certain reforms.

The point which has raised interest among those listed in the document of the G20, concerns the intention of the participating countries to double the funds available to the IMF, almost exhausted because of the financial assistance granted to a plethora of nations in distress. They proposed $ 250 billion to swell the coffers of the IMF, an operation that would raise the total available to fund 500 billion, but the U.S. will say about the amount of money: they say too little. They want it to be erected to a total of 750 billion dollars.

100 billion of the funds requested would be paid while another 100 would come from Japan the European Union. 50 billion would remain discovered that no one knows where they can get. The usual Yu Yongding, which seems to be now become the mouthpiece of the establishment said the Chinese economy has skeptical about the possibility that the Chinese president, decides to help increase funding for the IMF:

If you do '- says Yu China Daily - will seem 'that the poor are helping the rich. "According to Yu, who heads the Institute of World Economics and Politics and Chinese Academy of Social Policy, the general public in China will not' agree with him, 'cause some European countries have anti-Chinese bias.

the G20, Europe and the U.S. have declared that the IMF and World Bank should be reformed to better reflect the reality of economic importance such as China. A sign of openness that could make us forget to President Hu Jintao, the annoyance that nourish his countrymen against the West, accused of having produced the current crisis and be forever in search of money with which to support their decadent economic system.

In an international situation like that, you might wonder where the U.S. think they can recover 250 billion additional dollars to bring the total money available to the IMF's 750 billion dollars.

In this article answers a the Telegraph: the IMF would simply print them out.

Simon Johnson, former IMF chief economist said: "The principle behind this is that everyone will receive bonus dollars without the Federal Reserve has to print them, all those who receive them.

" The goal is to create an avalanche monetary union. However, should all go out and spend this money this could be extremely inflationary "

Basically it relies on the use of a sort of super transnational currency SDR (special drawing rights). Today, even the Kremlin has spoken :

The Kremlin proposes that the G20 ask the International Monetary Fund (IMF) to examine the possibility of establishing a supranational currency reserves, which could be issued by international financial institutions. The site says the Russian presidency.

"It seems appropriate to consider the role of the IMF in this process and determine the possibility and necessity of 'adoption of measures to facilitate the recognition of international reserve assets, SDRs of the IMF - as the currency of' super reserves' by the whole the world community, "is written on the site of the Kremlin.

According to Joseph Stiglitz, Nobel laureate for economics, the SDR could be the prelude to the emergence of a world currency. Were created to replace gold as a currency of international exchange. Since the amount of gold in circulation increases very slowly, while the size of the economies involved in the IMF increases with a higher speed, was introduced a form of "paper gold" the SDRs to compensate for this difference. The main feature of a gold card is just the fact that you can print at will.

The SDR is a claim that countries with trade surplus may have against countries with deficits. Instead of managing these differences using gold, expensive and logistically difficult to move, it is preferred to use a piece of paper. The unit value of SDR is based on a basket of currencies: euro, sterling, dollars and yen (on the website of the IMF are reported the various exchange rates).

In essence, after the U.S., England, Japan and Switzerland have offered to print money ... er, playing at the "quantitative easing", even the IMF is to join with the game ' going to flood it with new pieces of paper. Print

money is also called "nuclear option". One option that is being tested as never before (if we exclude some limited earlier) and supra-national scale, with consequences that are difficult to predict.

Short Term And Long Term Effects Of Syphilis

Murder Plan B premeditated

Three days ago an internal memo written by the CEO of Citigroup, Vikram Pandit, has mysteriously ended up in the hands of the press, making the public domain. The document riportava i dati preliminari per il primo quarto del 2009 evidenziando un netto miglioramento della situazione finanziaria dello storico istituto. Sulla base di essi, Pandit stesso, ha scritto di prevedere per la società, il risultato migliore dal 2007, nel corso dei primi 3 mesi di quest'anno.

La notizia ha infiammato gli investitori, facendo schizzare alle stelle il titolo della Citigroup salito dal 9 Marzo ad oggi di oltre il 60%. I primi a lanciarsi sulle azioni della banca pare siano stati alcuni pezzi grossi dell'istituto stesso, cosa che ha fatto avanzare ipotesi di insider trading . Non è stato però, solo titolo della vecchia C a salire come un razzo. L'intero mercato, quasi aspettasse un qualunque segnale positivo, per quanto labile o transitorio, si è riscosso lanciandosi in una lunga cavalcata al rialzo.

In effetti, era da alcuni giorni che un crescente numero di analisti prevedeva un rialzo delle borse. Quando anche dei rinomati pessimisti come Jeremy Grantham consigliano di acquistare azioni viene il concreto dubbio che il sentimento dei mercati si stia modificando.

Naturalmente risulta molto difficile dire se un fondo, anche solo temporaneo sia stato toccato. Le notizie che continuano ad arrivare da mezzo mondo non si possono certo definire positive, anche se alcuni dati risultano meno negativi di quanto gli analisti si aspettassero ed in tempi come questi, you do not throw anything away, this might be enough to cheer investors.

The rating of General Electric has recently been downgraded from AAA to AA + by Standard & Poor's and it seems that the financial arm of the group may revise downwards its estimates for the fourth year. Fitch cut its rating instead of the Berkshire Hathaway from AAA to AA. Now there are only 5 companies in the United States, not part of the financial sector to maintain the notorious triple such rating assigned by S & P, according to Michael Yoshikami, chief investment to YCMNet Advisors, soon there will remain only a "The triple-A in the final analysis, probably will be assigned only to the U.S. Treasury, when all is said and done, "says Yoshikami Bloomberg.

Moody's on the other hand, almost to want to forgive years of oversights on the ratings assigned to various companies and a range of financial products have proved after toxic, has updated his "list of death," a long list showing the names of those considered at risk of default. The companies added by Moody's to the list have been 126, bringing the total number of contacts to share 238 .

positive signals coming from the markets at the moment are fairly ambiguous. On the financial side, some banks flaunt safety. The Chairman of Citi, Richard Parson said in an interview that his group does not need further infusion of capital by the government and said it was also absolutely certain that no hypothesis of nationalization will be carried out against the bank. Ken Lewis, CEO of Bank of America, echoed the optimism of Parson revealing results in surplus in January and February and by providing for the institution, more than $ 100 billion in revenues and 50 billion in pure profit, excluding taxes, in 2009.

All these statements and positive data, such as the slowdown in the decline of retail sales in February - less than 0.1% instead of -0.4% expected - and a resumption Industrial production in China in the first two months of the year - increased by 11% only in February (although one must consider the increase in working days from the previous year due to timing issues) - thanks mainly to the economic stimulus government managed to balance the vertical collapse of exports (-25.7% in February), have heartened investors, prompting them to buy shares, especially those in the financial sector.

The real bomb, however, exploded in the U.S. yesterday, during a session of the Subcommittee on Financial Services of the room, whose agenda centered on the hypothesis to suspend or relax the rule of the budget call "mark to market", con l'obbiettivo di ridare fiato ai conti degli istituti finanziari ( qua potete guardarvi l'intera seduta se siete curiosi o siete dei nerd di queste cose come il sottoscritto). I politici del comitato a partire dal presidente Paul E. Kanjorski, hanno ascoltato una serie di rappresentati degli organi regolatori (SEC, FASB, Office of the Comptroller of the Currency) e di varie associazioni, nel tentativo di comporre un quadro più chiaro su come comportarsi nei confronti del "mark to market".

Questo sulla carta almeno. In realtà seguendo la seduta ci si rende conto velocemente, di quanto i politici del comitato sembrino odiare visceralmente il "mark to market" e di come incalzino i regolatori sulla necessità della sua sospensione. Diversi esponenti della SEC avevano in precedenza affermato di non ritenere necessario sospendere il "mark to market". Ieri il comitato della camera è stato brutalmente chiaro a riguardo, arrivando praticamente a minacciare i regolatori: "o vi muovete ed in fretta su questa questione, o vi obbligheremo noi a farlo" hanno intimato i politici.

Il "mark to market" è una regola che fu imposta in seguito al crack della Enron per evitare che altre aziende potessero ricorrere agli stessi trucchi utilizzati dall'ex gigante dell'energia, capace di portare alcune tecniche di aggiustamento dei bilanci, incentrate sull'attribuzione di valori fittizi a tutta una serie di asset, allo stato dell'arte. Sulla carta the accounts of Enron's health seemed to explode while in reality hid a tangle of losses.

"Never again!" many said after the failure of Enron. It was considered necessary to force companies to make certain budget instruments based on their market value.

companies complained a little at the set rate. During periods when the majority of assets are also appreciates the value of those accounts made salt in the same way. This helps to inflate the earnings of the company, under which are granted to management bonuses and stock options. All happy during the boom years, then: both managers and shareholders. The

problem, of course, was born when the market decided to collapse. With it fell the value of a number of pieces of paper, forcing de facto institutions to mark their losses in the budget. In this sense, the "mark to market" is defined as pro cyclical. During the expansionary phase is very popular and tends to reward excessive risk who often played with assets of dubious quality when the market is contracting tends to punish everyone, even those who do not deserve. One of the suggestions that are more mundane advanced to overcome this problem requires the adoption together with the "mark to market" of measures against cyclical. Basically, when everything goes up, it should set aside a certain amount of capital be used as a buffer in case the market fails.

a banality that Keynes also suggested to take to the states.

Unfortunately, history shows that when all goes well, most or all, spend and spreading by investing in the wrong way and when the situation falls, you go to mass at the front door of the states in search of assistance. The states on the other hand, certainly do not give a good example. They too rarely save limited, when a crisis occurs, increase their borrowing to finance various economic incentives (as long as people are continuing to lend them money at least).

Most of the problematic assets in the belly banks, then the old "Mark to model". All mortgages re-packaged for example in this category. Instruments that were traded on the market, but in the dark closet between two different subjects. Since there for them, a true market value of resorting to mathematical models to determine the price. Model that works more or less: "the assumption that house prices continue to rise, as the historical data available to us suggest, our model will give a pretty complicated piece of paper built on the calculator the value x".

When the housing market was no longer wanted to go down in dark little rooms to buy certain pieces of paper. Who created them and still had tons disposed of, then tried to sell on the market making them automatically "mark to market". The market gave them a value between ex x/20 / 3 (between 5 and 30 cents on the dollar). The panic. He shouted "stop! No longer sell that stuff."

The market value was considered too low, slashing. Nobody wanted to put the assets on the balance sheet at these prices. It was decided to pretend nothing has happened, they took most of the assets, they are transformed from a level two assets ("mark to model") in Level 3 assets, otherwise known as "mark to fantasy" and they began to budget to a set value "on the basis of non-observable. Basically everyone is inventing the price he preferred.

I problemi con gli asset di livello 3 nascono quando degli elementi osservabili fanno la loro comparsa. In altri termini quando qualcuno vende un certo tipo di assets sul mercato, rendendo palese quanto (poco) esso valga. Per poter mantenere la finzione di non aver incassato perdite a causa di questi assets, va quindi impedito che essi vengano valutati in base al "mark to market". Si sta insomma, cercando di bloccare in ogni maniera il "price discovery", una delle funzioni fondamentali del mercato perché "il price non sarebbe giusto".

Alcuni argomentano affermando che il "price discovery" non funzioni più, perché attualmente un vero mercato per certi assets non esisterebbe e come prova indicano i prezzi da liquidazione to which they are passed from hand to the past (the few times they were sold). I have always found that argument unconvincing.

The problem ultimately is that banks, hedge funds and the like, are filled with waste paper that can not and certainly do not want to assess the market price and are trying for months to obtain a suspension of "mark to market".

Looking at the debate held yesterday at the chamber of the United States, I had the impression that American politicians are planning the murder of the "mark to market" (not having done much to hide it). The form will probably remain, but will be allowed companies to ignore it whenever they consider that the price indicato dal mercato sia troppo basso. Una sottile legalizzazione del falso in bilancio.

Anche se si parla da diverso tempo di sospendere il "mark to market", fino ad ora l'ipotesi non aveva mai avuto veramente seguito. Questa volta però, i legislatori sembrano agguerriti, decisi ad agire in prima persona se i regolatori si rifiuteranno di farlo. L'intenzione pare essere, di arrivare ad una riscrittura delle regole in tempo per la chiusura del primo quarto (a fine mese), in modo da consentire a tutte le società finanziarie di "aggiustare" i bilanci e riportare risultati migliori delle aspettative.

Una manovra che sembra inserirsi perfettamente nella strategia della casa bianca di rimandare ogni intervento risolutivo il as long as possible, hoping that in the meantime there is a miracle can save us all. A coup that could bring the price lists and financial stocks touching new heights.

But the problem remains. The reality does not change the stroke of a pen, writing 100, 20 and should be written with reality, sooner or later, the accounts will be made once and for all.