Saturday, June 23, 2012
Counting the Cost - Was the Spanish bank bailout botched?
Jun 23, 2012 by AlJazeeraEnglish
It has been a big week in Europe, with what was for a long time seen as a periphery problem now clearly heading towards the core.
The big economies of Spain, Italy and even France are now looking increasingly shaky.
It has been a big week in Europe, with what was for a long time seen as a periphery problem now clearly heading towards the core.
The big economies of Spain, Italy and even France are now looking increasingly shaky.
Syria's downing of Turkish warplane
Jun 23, 2012 by AlJazeeraEnglish
Turkish President Abdullah Gul has said it was not possible to ignore the fact that Syria had shot down one of its fighter jets.
Turkish President Abdullah Gul has said it was not possible to ignore the fact that Syria had shot down one of its fighter jets.
Weekend Chillout - To disappear without a trace
This weekend's chillout is inspired by the dramatic news this week of Julian Assange seeking asylum in Ecuador. As Julian has stated he doesn't fear Swedish questioning but he does the USA hoping he disappears without trace.
Background:
Some maybe wondering why I am supporting Julian Assange on this blog, well it basically falls into these categories:
Background:
Some maybe wondering why I am supporting Julian Assange on this blog, well it basically falls into these categories:
- He is a top Aussie stirring the possum and taking the piss out of the US and Australian governments, a noble cause that many top Australians have done before him.
- Wikileaks was one of the sparks that set off the Arab Spring, which has been extensively reported on this blog.
- The most worryingly, this blog has published US diplomatic cables from Wikileaks, and hence is in many ways is guilty of the same "crimes" that Julian and Wikileaks are accused of in the USA. Although I am in the good company of the New York times and The Guardian in this respect.
Julian Assange update
Jun 22, 2012 by AustralianGreens
Australian Greens Senator Scott Ludlam asks the Australian Government to explain statements made by the Prime Minister, the Attorney-General and the former Attorney-General claiming WikiLeaks conducts illegal activities and threatening to cancel the passport of WikiLeaks editor-in-chief Julian Assange.
Jun 22, 2012 by TheBigPictureRT
Australian Greens Senator Scott Ludlam asks the Australian Government to explain statements made by the Prime Minister, the Attorney-General and the former Attorney-General claiming WikiLeaks conducts illegal activities and threatening to cancel the passport of WikiLeaks editor-in-chief Julian Assange.
Jun 22, 2012 by TheBigPictureRT
Research request
I need some help with some research.
Background:
I have an Australian based client who wishes to purchase a residential property as an investment, borrowing 80% LVR on the property (to avoid the cost of mortgage insurance) and borrowing against his gold holdings for the remaining 20% (instead of cashing in his gold to fund the 20% gap).
I have done some research already which consisted of:
Background:
I have an Australian based client who wishes to purchase a residential property as an investment, borrowing 80% LVR on the property (to avoid the cost of mortgage insurance) and borrowing against his gold holdings for the remaining 20% (instead of cashing in his gold to fund the 20% gap).
I have done some research already which consisted of:
- Asking my finance broker to ring around their financing partners.
- Spoken to lending managers at Arab Bank and the Bank of China.
- JP Morgan (for a laugh if nothing else)
So far I have failed to find any lender that would entertain such request. I also asked on my own behalf "could I borrow some money to buy physical Gold or Silver, using the purchased metal as a security?" Again no takers.
Actually is was a fun exercise pointing out to the lenders that they are willing to lend money on a new car, using said car as the security in the full knowledge that the moment the car is driven out of the showroom the loan is underwater and the security will continue to decrease in value forever. Yet they won't lend me money to purchase an asset that has been increasing in value by 10 - 15% pa for the last ten years as it too "risky" to use as a security.
These conversations were particularly funny when speaking to the Arab Bank loan officer at a branch in a predominately middle eastern suburb of Sydney, they said "no we don't accept gold as collateral", when almost every person walking past their branch owns some gold - mindless. The Bank of China was equally useless, I asked the loan manager "gee if a Chinaman won't take my gold as a security what hope I have got of finding anyone who will?" he responded "not much mate".
Request:
Does anyone know of a lender in Australia who will lend money using physical Gold or Silver (not an ETF) as full or part security?
I would also like to hear from anyone who knows of such practices outside of Australia, such as Turkey and India.
To answer please leave a comment below. This can be done anonymously.
Thanks in advance.
China pumps Iran's oil harder as sanction shutdown looms
Jun 22, 2012 by RussiaToday
A day after Hillary Clinton declared that China appeared to be curbing its oil imports from Iran, new figures show that those imports are actually at record highs this year. Beijing imported almost 524,000 barrels per day, a 35% jump from the previous month. The rise comes even as the US has asked countries to cut oil imports from Iran and threatened to impose sanctions against financial institutions doing business with Iran's energy sector.
A day after Hillary Clinton declared that China appeared to be curbing its oil imports from Iran, new figures show that those imports are actually at record highs this year. Beijing imported almost 524,000 barrels per day, a 35% jump from the previous month. The rise comes even as the US has asked countries to cut oil imports from Iran and threatened to impose sanctions against financial institutions doing business with Iran's energy sector.
Turkish fighter jet shot down over Syria?
Jun 22, 2012 by RussiaToday
FULL STORY & UPDATES http://on.rt.com/tlll80
Turkish Prime Minister Recep Tayyip Erdogan could not bring any light to what happened to a military plane that was reportedly shot down by Syria, as he talked to media after the plane's disappearance.
Erdogan did not confirm reports that Damascus had apologized for shooting down the plane. The PM also refrained from sharing any information about the fate of the two pilots, who were reported as rescued earlier. Further statements are expected after a security meeting.
The plane crashed into or nearby Syrian territorial waters earlier today, according to reports. A missile fired by the Syrian defense system shattered it to pieces after which the jet plunged into the Mediterranean Sea.
FULL STORY & UPDATES http://on.rt.com/tlll80
Turkish Prime Minister Recep Tayyip Erdogan could not bring any light to what happened to a military plane that was reportedly shot down by Syria, as he talked to media after the plane's disappearance.
Erdogan did not confirm reports that Damascus had apologized for shooting down the plane. The PM also refrained from sharing any information about the fate of the two pilots, who were reported as rescued earlier. Further statements are expected after a security meeting.
The plane crashed into or nearby Syrian territorial waters earlier today, according to reports. A missile fired by the Syrian defense system shattered it to pieces after which the jet plunged into the Mediterranean Sea.
CrossTalk: Euro-Lehmans
Jun 22, 2012 by RussiaToday
19 emergency meetings since the beginning of the crisis... What's next for the eurozone? Will there be enough money to bail out Italy and Spain? How will the recent Greek elections echo in Brussels? CrossTalking with Augusto Lopez-Claros, Tom Conroy and Cevdet Akcay at the SPIEF.
Follow Peter Lavelle on Twitter http://twitter.com/PLCROSSTALK
19 emergency meetings since the beginning of the crisis... What's next for the eurozone? Will there be enough money to bail out Italy and Spain? How will the recent Greek elections echo in Brussels? CrossTalking with Augusto Lopez-Claros, Tom Conroy and Cevdet Akcay at the SPIEF.
Follow Peter Lavelle on Twitter http://twitter.com/PLCROSSTALK
Max Keiser: Banks Are Dead!
Jun 22, 2012 by RussiaToday
Moody's has slashed the ratings of fifteen of the biggest banks in Europe and the U.S. in the latest slap in the face to the ailing financial sector. Those hit include Goldman Sachs, Morgan Stanley, Royal Bank of Scotland and Deutsche Bank - financial powerhouses domestically and internationally. The move could make it more expensive for the banks to attract funds. It's also feared the downgrades could trigger fresh market panic, and a new exodus to gold. For more analysis RT talks to RT's financial guru Max Keiser, who joins us from the International Economic Forum in St. Petersburg..
Follow Max Keiser on Twitter: http://twitter.com/maxkeiser
Moody's has slashed the ratings of fifteen of the biggest banks in Europe and the U.S. in the latest slap in the face to the ailing financial sector. Those hit include Goldman Sachs, Morgan Stanley, Royal Bank of Scotland and Deutsche Bank - financial powerhouses domestically and internationally. The move could make it more expensive for the banks to attract funds. It's also feared the downgrades could trigger fresh market panic, and a new exodus to gold. For more analysis RT talks to RT's financial guru Max Keiser, who joins us from the International Economic Forum in St. Petersburg..
Follow Max Keiser on Twitter: http://twitter.com/maxkeiser
Eric Sprott: Ministry of [Un]Truth
Ministry of [Un]Truth
By: Eric Sprott & David Baker
Speaking at a Brussels conference back in April 2011, Eurogroup President Jean Claude Juncker notably stated during a panel discussion that “when it becomes serious, you have to lie.” He was referring to situations where the act of “pre-indicating” decisions on eurozone policy could fuel speculation that could harm the markets and undermine their policies’ effectiveness.
Everyone understands that the authorities sometimes lie in order to promote calm in the markets, but it was unexpected to hear such a high-level official actually admit to doing so. They’re not supposed to admit that they lie. It is also somewhat disconcerting given the fact that virtually every economic event we have lived through since that time can very easily be described as “serious”.
Bank runs in Spain and Greece are indeed “serious”, as is the weak economic data now emanating from Europe, the US and China.Should we assume that the authorities have been lying more frequently than usual over the past year?
Bank runs in Spain and Greece are indeed “serious”, as is the weak economic data now emanating from Europe, the US and China.Should we assume that the authorities have been lying more frequently than usual over the past year?
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