It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Originally posted by redhatty
You know what those mysterious "Financial assets" consist of?
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Credit market instruments
Agency- and GSE-backed securities
Mutual fund shares
Originally posted by Hastobemoretolife
reply to post by RetinoidReceptor
I don't have a subscription to WSJ, so I can't read the entire article just the beginning.
So instead of re-enacting Glass-Steagall, they want politicians to "sit" on the boards of the companies to dictate what can and cannot be done. Right?
More at Links...
World Bank cuts forecasts
TOKYO/LONDON (Reuters) - The Organization for Economic Cooperation and Development added to a grim outlook from the World Bank on Monday, saying major economies will contract throughout 2009 and the problem of unemployment will linger.
"We see a very difficult 2009, with negative growth in the OECD area. Unemployment problems are going to continue to linger," Angel Gurria, the head of the Organization for Economic Cooperation and Development told Reuters television in an interview on the sidelines of a conference in Paris.
Earlier the World Bank said prospects for the global economy remain "unusually uncertain" as it cut 2009 growth forecasts for most economies.
Citi urges governments to pull bank foreclosure trigger
LONDON (Reuters) - Toxic real estate mortgages are holding the global economy to ransom and the banking sector will not return to health without a purge of its distressed property assets, the CEO of Citigroup Property Investors said.
The burgeoning economic rally could fizzle out by the end of the year unless governments take more affirmative action to protect it, by forcing bailed-out banks to sell off distressed property, Roger Orf told the Reuters Global Real Estate Summit.
"Any time that you have got clouds on the horizon, it means there is not clear sailing ahead. And these are thunderclouds, maybe even a cyclone," Orf said.
"I personally feel the best way to do that is through creative destruction as opposed to a malaise where you let the air out of the tire over a number of few years," he said.
"Regrettably, governments are not forcing banks to sell assets and that's one of the fundamental things needed to restore equilibrium to property markets," Orf said.
Bank Holiday Coming? Prepare?
Sunday, June 21, 2009
Harry Schultz, dean of newsletter writers, has quoted the Chapman letter of May 30 regarding US embassies being sent large amounts of cash with which to buy local *currencies, to last them a year.
Here is Harry’s remarkable take on the situation: “My HSL suspicion is that the elite plan another FDR style “bank holiday” of indefinite length, perhaps very soon, to let the insiders sort-out the bank mess which is getting more out of their control every day.*Insiders want/need to impose new bank rules. Widespread nationalization could result, already under way. It could also lead to a formal US$ devaluation, as FDR did by revaluing gold (& then confiscating it). But devalue against what? The euro? Doubtful. Gold? Maybe. Or vs. the IIMF basket of currencies (which seems more likely)—& much in the news recently. Any kind of bank holiday will push the US$ lower, which may be a bonus benefit to their ongoing scenario of letting the $ fall. Such a fall would get the devaluation they want without having to declare it.
In sum, the insiders want more bank & system control, fewer banks & a lower US$. A bank holiday would suit all their needs.