FINANCIAL News, Money, Banks, Economic and Financial Crisis, Sep 18, 2011

EU finance ministers break no new ground on debt crisis Reuters "We reached the conclusion that we need to make our financial system more robust," SpanishEconomy Minister Elena Salgado told reporters. The agreement does not mean European banks are likely to get large, additional capital injections from public ... See all stories on this topic »

Financial Crisis: can the euro hope to survive? Telegraph.co.uk And it is because of that widely held sentiment in the US financial community – the belief that European banks are sitting on crippling losses on their government bond holdings, and could go down like dominoes if Greece and others default – that the ... See all stories on this topic » Telegraph.co.uk

EU Makes Little Progress in Weekend's Debt Crisis Talks Neon Tommy Greece's Finance Minister Evangelos Venizelos and Greek central bank chief George Provopoulos in Wroclaw this weekend. (Reuters) As the United States struggles with its own economic outlook, members of the European Union concluded finance talks... See all stories on this topic » Neon Tommy

State's banks made money in past 6 months The Seattle Times The ratio, developed during the savings-and-loan crisis in the late 1980s and early 1990s, is widely considered a sign of stress. Many of the 13 are in the Seattle area: Regal Financial Bank, First Sound Bank, Viking Bank, HomeStreet Bank, ... See all stories on this topic »

Bank deposits soar despite rock-bottom interest rates Los Angeles Times Bankers such as Robert H. Smith, former chairman of LA's Security Pacific Corp., say the industry is being throttled by a combination of the weak economy and regulations that were tightened in the aftermath of the financial crisis. ... See all stories on this topic » Los Angeles Times

The ailing euro is part of a wider crisis. Our capitalist system is near meltdown The Guardian (blog) Suppose it had not been created and that the financial crisis in 2008 had broken over a Europe with multiple floating exchange rates and no European central bank – the eurosceptic utopia. The Irish, Portuguese, Greek, Spanish, Italian and French ... See all stories on this topic »

Permission for new banks defying consensus on the issue Financial Express Bangladesh We have to wait and see how the government of Bangladesh government responds to the IMF policy advice on new banks. The Finance Minister had underlined in a statement that new banks can be admitted from political considerations, belittling the role of ... See all stories on this topic »

German banks at risk if debt crisis widens: Bafin Reuters Roeseler said he saw no near-term panacea to calm financial market jitters. "In the medium term, we've got to slow the markets down. I'm particularly concerned that the derivatives markets have decoupled themselves from the real economy," Roeseler said ... See all stories on this topic »

Shooting the bankers, or themselves? The Economist (blog) But at a time of crisis, the question is an FTT might actually worsen the crisis. Might a euro-area FTT not weaken the euro area's banks? After all, the IMF is urging governments urgently to recapitalise their banks - not to draw money out off them ... See all stories on this topic »

Former British PM Brown Says Euro Crisis Worse than Lehman Bros. Midas Letter He added that the €440bn (£385bn) European Financial Stability Facility (EFSF) bail-out fund will need “substantially more resources” to cope, with an expanded role for the IMF to shore up the whole EMU system. “People do not believe that Greece can ... See all stories on this topic »

Exiting IMF loan programme a folly: economists The News International The State Bank of Pakistan (SBP) has been without a governor for the past three months and the country has seen four finance ministers since 2008, he said. “It seems that the economy is not among priorities of the leaders. They have set their eyes on ... See all stories on this topic »

Jeff Gelles: Pump-and-dump chumps | Philadelphia Inquirer | 2011-09-18 Philadelphia Inquirer He brings a wealth of inside perspective, as a former executive at Capital One Financial and Deutsche Bank. As the crisis unfolded in 2009, he founded the Cambridge Winter Center forFinancial Institutions Policy. Date is nominally in charge of the new ... See all stories on this topic »

Lessons From Last Week's Market Movers: Faith, Hope And Charity To The Rescue Seeking Alpha That, based on the history of the past years, the Troika would find a way to again at least defer afinancial crisis in order to buy time to shore up banks before Greece defaults (as a variety of actions suggest, including this past Thursday's Fed lead ... See all stories on this topic »

With interest rates so low, what's a saver to do? Los Angeles Times (Mel Melcon, Los Angeles Times / September 18, 2011) By Walter Hamilton, Los Angeles Times Laraine Watts called her financial advisor for help with an urgent issue — what to do when her bank certificate of deposit comes due at the end of this month.... See all stories on this topic » Los Angeles Times

Financial Terrorists Strike, Again Pacific Free Press By Yves Smith, Naked Capitalism Watching re-enactments of scenes from the global financial crisis is a very peculiar experience indeed. The opening by the Fed of currency swap lines to allow the ECB and other central banks to extend dollar funding to ... See all stories on this topic »

Kucinich joins Republicans in warning against European bank bailout The Hill (blog) The debt crisis in Europe has spread to US shores, causing gyrations to financial markets also unnerved by the near-failure of the administration and Congress to raise the debt ceiling. However, Kucinich blasted the plan as “throwing money down the ... See all stories on this topic »

Afghanistan loses $1.8b if Kabul Bank crisis remains unsolved, official 2011 ... Wakht News Agency The government would face a considerable economic crisis if the Kabul Bank crisis is not tackled with the IMF, asking the house of people for approving the government allotted 53million USD to end the Kabul Bank crisis. Acting Central Bank governor ... See all stories on this topic »

Europeans Split Over Debt Crisis NPR There's deep concern among people who still have some savings in the banks; an exit from the Eurozone terrifies them because they fear a big loss in value. The crisis has forced all Greeks to suddenly become financial experts. ... See all stories on this topic »

Global Systemic Crisis: Implosive Fusion of Global Financial Assets Center for Research on Globalization Yet for decades, this was the prevailing idea that fueled the tremendous growth of thefinancial economy: “Heads I win, tails you bail me out”. Even the existence of large Western banks and insurance companies has become intrinsically linked to this ... See all stories on this topic » Center for Research on Globalization

Internet Worsened the Economic Crisis, Says New Book International Business Times Citing the financial crisis in Iceland, Davidow says the Internet tricked the banks in the small island country. The Internet had allowed the Icelandic banks to suck up deposits from around Europe, but without safeguards in place to prevent a calamity. ... See all stories on this topic »

ARF parliament member warns against consequences of new wave of global crisis Arka News Agency An Armenian parliament member from the opposition Armenian Revolutionary Federation (ARF) has warned today that a new wave of global financial crisis may hit Armenia's economy severely. Speaking at a news conference Artsvik Minasian said a shock at ... See all stories on this topic » Arka News Agency

From an American in London, Global Warnings New York Times ... optimistic about how quickly the global economy would recover from the financial crisis. The joint action by central banks on Thursday to make it easier for weak European banks to borrow dollars is no doubt a policy nod in Mr. Posen's direction, ... See all stories on this topic » New York Times

Germany Rejects Geithner's Leveraged Rescue Fund Proposal; First Time Ever ... HoweStreet.com “If it's done via the central bank it constitutes monetary state financing,” which is forbidden under European Union rules. “We don't think that real economic and social problems can be solved by means of monetary policy,” said German Finance Minister ... See all stories on this topic »

International Forecaster September 2011 (#5) - Gold, Silver, Economy + More Gold Seek The week of September 11th will leave a very important imprint on the system of finance worldwide. We are sure that behind the scenes the Fed is working feverishly with European banks and governments to create money and credit in order to bail these ... See all stories on this topic »

What would happen to us if Greece defaulted? thejournal.ie To meet the financial adjustments required by the EU and IMF so that they release the next batch of loans to stop Greece descending into default on its debts. TheJournal.ie has asked a raft of experts for their opinion on what would happen should ... See all stories on this topic »

Fed considers new twist on stimulating the economy Milwaukee Journal Sentinel But those rock-bottom rates also foreshadow a growing unease that "something wicked this way comes," like the disintegration of the eurozone, another global financial crisis, or a double-dip recession. Judging from the effects of the Fed's first two ... See all stories on this topic »

Here's $5 trillion the bankers don't deserve to earn The National It feels quite iniquitous that bankers, having helped to cause today's financial andeconomic troubles, are the only class that is not suffering from them - and in many cases are actually benefiting. Mainstream megabanks are puzzling in many respects.... See all stories on this topic » The National

Protesters Begin Effort to 'Occupy Wall Street' ABC News (blog) Fair and equitable regulations for the US banking / investment / financial industry such as more US govt , or at least more independent 3rd party oversight , Dodd-Frank type legislation being a common practice in the USA rather than some liberal ... See all stories on this topic » ABC News (blog)

No sacred cows in taxation system, says Tareen The Nation, Pakistan Zaidi pointed out that the contribution of large textile sector to national exchequer is only 3 percent while telecommunication, oil and gas and banks and financial institutions pay more than 90 percent of the total taxes. ... See all stories on this topic »

Buying stock in love Salon This may sound like mood-killing data, but it's just the sort of blunt financial-cum-romance advice that is visible these days. It's terribly unromantic to talk about relationships in terms of economic principles, but there is something almost fitting ... See all stories on this topic » Salon

Why Minister Ngeleja ditched Songas IPPmedia We queried them (Songas) over their source of finance, they said they could borrow from worldfinancial institutions such as the World Bank, an answer which was not possible for the government to rely on,' the minister intoned. ... See all stories on this topic »

Some want to stop dual track of loan mods, foreclosures SignOnSanDiego.com In May, a revised version died in the Senate's Banking and Financial Institutions Committee, chaired by state Sen. Juan Vargas, D-Chula Vista. He joined with two Republicans to block the bill. Vargas said federal and state prosecutors are suing banks ... See all stories on this topic »

Legalize the Constitution, on Currency Tenth Amendment Center For the past 40 years we have lived in a world in which the issuance of money is completely at the discretion of governments and central banks, and we are reaping the consequences. The fiat moneystandard has led from one financial crisis to another, ... See all stories on this topic »

UBS rogue shows folly of banks' war on rules TODAYonline A coalition of 44 Republican senators vowed to block any nominee - not just Elizabeth Warren - proposed head of the new Consumer Financial Protection Bureau unless the agency is essentially gutted. (Warren's replacement, Richard Cordray, ... See all stories on this topic »

Weekly Treasury Update Gulf Times US Treasury secretary Timothy Geithner told Europe's leaders to stop bickering and take control of the debt crisis that has brought “catastrophic risk” to financial markets. In a blunt warning that reflected Washington's growing concern, Geithner urged ... See all stories on this topic » Gulf Times

EFSF could make Germany liable for 465 billion euros: Ifo Reuters Germany's Frankfurter Allgemeine Zeitung (FAZ) in its Saturday edition estimated Germany's liability in a worst-case scenario at over 400 billion euros, citing calculations by Deutsche Bank. A spokesman for the German Finance Ministry said late on ... See all stories on this topic »

China charms Europe, but Beijing has own agenda The Associated Press Most immediately, many European countries are looking for a lifeline to extricate themselves from the continent's severe sovereign debt crisis, which threatens to collapse the continent's financialsystem. In the latest example, Rome officials ... See all stories on this topic »

NewsDaily: EU finance ministers break no new ground on debt crisis By Jan Strupczewski and Gareth Jones NewsDaily: Your best source for breaking news ... Greece's Finance Minister Evangelos Venizelos (R) and Greek central bank chief George Provopoulos arrive for an informal meeting of the Economic and Financial Affairs Council (ECOFIN) in Wroclaw September 17, 2011. REUTERS/Kacper ... "He (Geithner) conveyed dramatically that we need to commit money to avoid bringing the system into difficulty," Austrian Finance Minister Maria Fekter told reporters after the meeting. "I found ... NewsDaily: Top Headlines

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