The banks can't help themselves when it comes to taking on risky investments that endanger not only their livelihood if they fail, but the economy of the entire country. Do the words Lehman Brothers mean nothing to the crew directing JP Morgan? Just as the "99 per cent" start to recover (maybe) from the Great Recession, the banks are again playing roulette with the global economy's future. Is the recent JP Morgan case merely another one-off miscalculation or is it actually a good reflection of the world of banking to this day? If the banks need to be reformed, then how should it be done and by whom? CrossTalking with Andrew Schiff, Sam Bowman and Robert Gnaizda.
Monday, May 21, 2012
CrossTalk: Banking Mafia
May 21, 2012 by RussiaToday
The banks can't help themselves when it comes to taking on risky investments that endanger not only their livelihood if they fail, but the economy of the entire country. Do the words Lehman Brothers mean nothing to the crew directing JP Morgan? Just as the "99 per cent" start to recover (maybe) from the Great Recession, the banks are again playing roulette with the global economy's future. Is the recent JP Morgan case merely another one-off miscalculation or is it actually a good reflection of the world of banking to this day? If the banks need to be reformed, then how should it be done and by whom? CrossTalking with Andrew Schiff, Sam Bowman and Robert Gnaizda.
The banks can't help themselves when it comes to taking on risky investments that endanger not only their livelihood if they fail, but the economy of the entire country. Do the words Lehman Brothers mean nothing to the crew directing JP Morgan? Just as the "99 per cent" start to recover (maybe) from the Great Recession, the banks are again playing roulette with the global economy's future. Is the recent JP Morgan case merely another one-off miscalculation or is it actually a good reflection of the world of banking to this day? If the banks need to be reformed, then how should it be done and by whom? CrossTalking with Andrew Schiff, Sam Bowman and Robert Gnaizda.
Europe woes loom over Australian Super Funds
From SMH.com.au
By Madeleine Heffernan
Original source
Australians should brace themselves for the prospect of a loss in their super funds for the 2012 financial year, after fears over the European debt crisis once again knocked performances in May, according to projections by an industry researchers.
SuperRatings says the median balanced fund - the most common kind of fund in Austrlaia, with exposure to growth assets of between 60 and 76 per cent - edged up 0.3 per cent in the month of April, the fourth consecutive month of growth.
But the flaring up of the European debt crisis is tipped to send performance lower in May, with SuperRatings estimating losses of 3.2 per cent since the start of the month.
A fall of about 3 per cent fall in May would leave the median Australian balanced super option down about 5 per cent from its October 2007 high, it says.
For the three months to April 2012, the return for the median balanced option was 3.62 per cent, and for the financial year to April, 2.41 per cent, SuperRatings says.
Chairman Jeff Bresnahan says the markets' reactions to the ongoing European challenges over the next six weeks will be crucial to determining superannuation returns for the 2012 fiscal year.
Read more: http://www.smh.com.au/business/europe-woes-loom-over-super-funds-20120521-1z08l.html#ixzz1vUJTl9rp
Aussie Dollar to plunge if Greece quits Euro
From SMH.com.au
THE Australian dollar could fall below US90¢ if Greece pulls out of the eurozone, the chief currency strategist at Commonwealth Bank warned as leaders from the G8 group of nations worked over the weekend to combat the region's financial turmoil.
The dollar fell to US98.24¢ on Friday, its lowest level in nearly six months, after Moody's downgraded 16 Spanish banks, and the Fitch Ratings agency reduced Greece's credit rating to CCC on fears that anti-austerity parties would win the country's new elections.
Currency strategists say if Greece pulls out of the eurozone the dollar could fall much further.
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Last week the S&P/ASX200 suffered its worst five-day return since September, shedding 5.6 per cent in value. The local bourse shed 110.9 points on Friday, or 2.67 per cent, to 4046.5 points, its biggest one-day loss since November.
Not helping the local market were increasing concerns that the Chinese economy is slowing appreciably. The big miners were among the stocks sold off the most last week.
In the US the Dow Jones Industrial Average shed 73.1 points, to 12,369.4, and the S&P500 index losing 9.64 points, or 0.7 per cent, to 1295.22.
Read more: http://www.smh.com.au/business/dollar-to-plunge-if-greece-quits-euro-20120520-1yz10.html#ixzz1vRxHvxmj
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