Today: FINANCIAL News, Money, Banks, Economic and Financial Crisis, Nov 20, 2011

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Nov 20, 2011

FINANCIAL News, Money, Banks, Economic and Financial Crisis, Nov 20, 2011

IMF Can No Longer Avoid Larger Role In Resolving Europe Debt Crisis
Huffington Post
Uncertainty is turning into frustration and near-panic among policymakers outside Europe as larger European economies such as Italy, Spain and France come under attack byfinancial markets and bank funding stresses worsen. Until now, Europe has tried ...
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European Debt Crisis Threatens US Money Market Funds
Huffington Post
WASHINGTON (Mark Felsenthal) - When Lehman Brothers collapsed in 2008 and shattered the belief that US money market funds would never "break the buck," Washington rushed to limit the damage. But as Europe's debt crisis threatens to put the US financial ...
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McFarlane issues storm warning for banks
The Australian
FORMER ANZ Bank chief executive John McFarlane, eyeing the financial storm engulfing Europe, has urged Australian banks to resist risky activities as they chase growth in a "constrained" domestic market. Labelling the crisis as "very serious", ...
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The euro is a macro-economic weapon of mass destruction - it simply must be ...
Telegraph.co.uk
This is the conversation, the tortured debate, now taking place among policymakers, financial analysts and, increasingly, the general public, across Western Europe. Nowhere is this ghastly dilemma - tough-it out, or move to a smaller, ...
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Telegraph.co.uk
IMF And Fed Data: A Wake-Up Call For Long Term Investors
Seeking Alpha
This represents a 35% increase in reserves since 2008 when the world economic crisisbegan and a 112% increase since 2005. One might be inclined to believe that since thebanks are flush with reserves, there should be enough money to overcome the huge ...
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Rolls-Royce tastes lead to fiat money – time we wean ourselves off high debt
The Guardian (blog)
Asset purchases by central banks boost the balance sheets of financialinstitutions and drive down the interest rates on government bonds, making other forms of investment more lucrative. The idea is for the moneycreated by QE to flow out of the banks ...
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The Guardian (blog)
Money tip: How consumers can find a banking champ
The Seattle Times
Small banks are known for down-home service. Round 5: Ownership: Big banks are obligated to make as much money as they can for shareholders, which often is on the backs of customers. And if you're mad at big banks for their role in the financial crisis...
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Doubts rise over euro rescue fund
AFP
BRUSSELS — Economists are increasingly questioning the relevance of the eurozone rescue fund as pressure builds on the European CentralBank (ECB) to lead a lasting and massive debt crisis response. The European Financial Stability Facility (EFSF), ...
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AFP
PM: Crisis-ridden nations should learn what to do from Turkey
Today's Zaman
Nations around the world, most of them in the West, were forced to bail out many bankswhile multiple financial institutions collapsed. The latest worries surrounding the globaleconomy's health are, however, because of public indebtedness, ...
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Union Finance Minister Shri Pranab Mukherjee's Speech at Business World Best ...
Press Information Bureau (press release)
The Global Financial Stability Report of the International Monetary Fund states that thefinancial crisis is deepening. The indications are that we may have to face prolonged repercussions. Unlike the financial crisis in 2008-09 when the banking system ...
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What will he do next?
Business Recorder (blog)
In a rare show of fair consultations in Pakistan, Finance Minister Dr Abdul Hafeez Shaikh chaired an unusual but important meeting in Islamabad with former governors of the State Bank of Pakistan before he proceeded to Dubai to meet IMF officials for ...
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Wilbur Ross eyes a profit from British anger at banks
Telegraph.co.uk
Banks won't be allowed to get into “all of these super-sophisticatedfinancial engineering things that really got them in trouble”, he says. “We think there will be a kind of a reversion in banking.” Having started life on Wall Street straight from ...
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Telegraph.co.uk
As the euro crisis ripples spread, are your savings completely safe?
The Independent
"Banks from the European Economic Area (but not outside Europe) can opt for a different type of protection, known as the Passport scheme," explains Andrew Hagger offinancial information site Moneynet. "In essence, it means if they went bust, ...
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First Tennessee chairman Mike Rose reflects on 4 years at city's top bank
Memphis Commercial Appeal
By Ted Evanoff Retiring First Tennessee Bank chairman Michael D. Rose helped guide the bank through the 2008 financial crisis. After losing half a billion dollars in the nation's 2008 financial crisis, First Tennessee Bank looked ripe for a takeover. ...
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Examining the big lie: How the facts of the economic crisis stack up
Washington Post
The big lie of the financial crisis, of course, is that troubling technique used to try to change the narrative history and shift blame from some of the bad ideas and terrible policies that helped create it. Based on the scores of comments, ...
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Banker installed as new Greek prime minister as class struggle heats up
Party for Socialism and Liberation
The EFSF is a Europe-wide bailout fund, set up to infuse massive funds into financial institutions and governments to prevent economic collapse. Finally, private banks are required to raise 106 billion euros in capital to protect against possible ...
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Party for Socialism and Liberation
Fortunes, and Tables, Turn for Portugal and Angola
New York Times
“We should take advantage of this moment of financial and economic crisis to strengthen our bilateral relations,” he said gingerly, mindful that Angola's economy is predicted to grow 12 percent next year while his own country's is expected to shrink ...
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'No one's safe' in this economic crisis
Financial Times
Probably the US. The trade linkages are about equally strong, but the financial linkage is stronger. My colleague Hyun Song Shin at Princeton has pointed out to me lately that the shadow banking system in the US is largely European banks. ...
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Brazil's FX Reserves: Take Care When Investing In Real Assets
Seeking Alpha
Although about half of the reserves are longer term government debt that will be stable in a financial crisis of some sort, the rest of the reserves can be extremely volatile. In fact, this volatility could be seen clearly this year between last July ...
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No sign of crisis in banks in Serbia
EMportal
... banks, whose majority stake holders are foreign banks, told Tanjug on Saturday that they are not planning to reduce the scope of their business in Serbia, nor are they intending to withdraw their capital due to a new wave of financial crisis in the ...
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Cameron's debt blast misfires
The Australian
Mr Cameron and Mrs Merkel remained at loggerheads on proposals for a Europeanfinancial transaction tax, which Mrs Merkel wants, but which Mr Cameron fears would harm London's banking centre. Mr Cameron wanted to avoid changes to the EU treaty but, ...
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Big investors redo portfolios
USA Today
Similarly, Tepper's move out of financial stocks — and a significant paring in equities overall — sends a message about how big money is viewing the fallout from intensified banking regulation and financial exposure to the European debt crisis. ...
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USA Today
China's banks use gold as legal currency
Press TV
A political economist says that China's economic importance is growing strong and steady that the ailing US and EU economies will exchange their gold reserves for Beijing's financial bailouts. G-20 leaders are facing growing pressure at home over the ...
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Press TV
The big lie about the economic crisis, explained
Bangor Daily News
The market share of financial institutions that were subject to the CRA has steadily declined since the legislation was passed in 1977. As noted by Abromowitz & Min, CRA-regulated institutions, primarily banks and thrifts, accounted for only 28 percent ...
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Repeating history
New York Post
Carl Levin's Permanent Subcommittee of Investigation in April 2010, and before that theFinancial Crisis Inquiry Commission on Jan. 13, 2010. None were indicted for fraud. Then: The Glass-Steagall Act passed in 1933 to break up banks into commercial ...
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UK will ultimately join euro says Lord Heseltine
BBC News
"I hope they will because the downside for the British economy of the eurozone going under is catastrophic. People have no idea of the scale ofmoney British banks are owed by European banks." He said European co-operation since the 1950s had been ...
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BBC News
Bill Miller's exit marks fresh start for Value Trust fund
Baltimore Sun
But despite huge winners such as Apple, bets on banking companies as well as Eastman Kodak haven't worked out, as the European financial crisis challenged the global economy anew. Last year, Value Trust trailed 98 percent of its mutual fund peers....
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15 High Yield Stocks Now In Morgan Stanley's 13F Portfolio
Seeking Alpha
Central banks all around the world are flooding markets with cheap money. The Fed is committed to ultra-low interest rates for at least two more years. Financial markets are dealing with one crisis after another and firms don't have any appetite to ...
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Forex Technical and Fundamental Analysis for November 21, 2011
Inside Futures
On the other hand, the EU debt crisis still has its negative effect on the financial market and on other economies, which fuels fears over the global economic outlook and driving investors to abandon higher-yielding currencies. On Monday at 15:00 GMT, ...
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Week ahead in business and economics: Nov 21 - Nov 25
Telegraph.co.uk
Some in-bound sales activity has started again but there is still a possibility of a Financial Services Authority (FSA) investigation. Henry Carver, an analyst at Peel Hunt, said: "The key questions are: how long will it take to absorb the impact from ...
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Telegraph.co.uk
Government bonds win 'safe haven' tag
AFP
The central bank injected £200 billion into the economy between March 2009 and January 2010 but the economy has struggled to recover after exiting a deep recession sparked by the 2008 global financial crisis. "The reason that gilts are outperforming, ...
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AFP
When Even the Clearing Houses Start to Malfunction
Economic Populist
Behind all of this they see the machinations of the big banks and financial interests. Whether this is a correct interpretation of what is going on can be argued. One might also say that both the CME and the large US banks have acted according to their ...
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Don't blame the banks
ArabianBusiness.com
Can Europe's banks and leaders sort out their mess? “Money alone ain't gonna do it.” Is this is the biggest financial crisis in history? “I agree”. Did Standard Chartered not join the over-lending stampede four years ago? “We were not guilty. ...
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ArabianBusiness.com
Indian banking's downgrade by Moody's absurd: Montek Singh Ahluwalia
IBNLive.com
Montek Singh Ahluwalia: I wouldn't actually expect government to meet 4.6 per cent fiscal deficient target and I know the finance minister has been very careful, he has said I can't say now. But I will go little further and I think some of his ...
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IBNLive.com
Elliott Parker: Why is this recession different?
Nevada Appeal
People assume a depression is just a word for a bad recession, but those who study the history of recessions know it as a downturn caused by a financial crisis. Why is that so different? In a financial crisis, banks and other financial institutions ...
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Stock Market Outlook: It All Comes Down To Confidence
Seeking Alpha
This is where the crisis in confidence begins to unravel, as investors begin to flee thefinancial institutions that are on the hook for much of the sovereign debt across the region. Selling soon begets more selling as banks begin liquidating assets ...
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Bill Jamieson: Tsunami too late to turn the tide
Scotsman
The euro crisis is sapping concentration and confidence across the business and financial world. Photograph: Getty Images By Bill Jamieson ONLY one intervention now stands between our current state and a headlong slide into an economic and social fire ...
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Scotsman
Sandi Toksvig on the value of money
Telegraph.co.uk
I suppose the good news about the financial crisis is that all the world leaders are dealing with it. Unfortunately, the bad news is also that all the world leaders are dealing with it. The legendary Greek statesman Demosthenes (born in 384BC) once ...
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The euro elephant in the room
Malta Independent Online
The European Central Bank lacks the firepower and authority to guarantee and under-pin the EU's financial system. A “one-size-fits-all” interest rate inevitably generates destabilising imbalances between member states in the eurozone. ...
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Breaking up the euro? Try unscrambling an omelet
Malaya
Given European banks' exposure to the likes of Italy and Greece, confidence in thefinancial system could easily collapse across the currency bloc and beyond. Bankruns would not be confined to those countries at the center of the debt crisis. ...
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Indian jitters over freefalling rupee
AFP
It began unravelling when Lehman Brothers collapsed later that year, triggering the last global financial crisis, and struck its lowest level of 52.20 rupees to the dollar on March 2, 2009 when global stock markets dived. Diminishing India's appeal to ...
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AFP
Who is right in the big pay debate?
Telegraph.co.uk
Anger at excessive executive pay is growing among investors as thefinancial crisis hits dividends and share prices at blue chip companies. By Alistair Osborne As the tough-guy of the telecoms industry, John Pluthero dished it out. ...
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Telegraph.co.uk
Last of 7 Parts: Answers to Your Questions on Student Loans and Scholarships
New York Times (blog)
To help readers of The Choice navigate the maze of scholarships available to them — as well as to further their understanding of President Obama's recent proposal to ease the repayment of some student loans — Mark Kantrowitz, a financial aid expert ...
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President Obama's Hopeless 'Malaise' Moment
Forbes
At various times he has blamed the stagnant US economy of 2009-2011 on President Bush, on the financial crisis of 2008, on the Japanese tsunami, the “Arab Spring,” the European debt crisis, the weather – and now, on otherwise productive Americans ...
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IMF Survey: Afghanistan to Get $133.6 Million IMF Loan
Afghanistan has started to take corrective steps in wake of Kabul Bank crisis; IMFprogram provides framework to manage economic impact of troop ... to effectively manage the Kabul Bank crisis and strengthen the financial sector based on .... area of anti-money laundering, and enhancing supervision and enforcement; and ...
www.imf.org/external/pubs/ft/survey/so/.../CAR111511A.htm

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