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Tonight's Newsnight - Euro Drama

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Tonight our Economics editor Paul Mason delivers a succinct critique of the only show in town. This will be the year of the euro drama. Welcome to Estonia, but will that beautiful country, and all the other eurozone countries be searching for a new national currency before the end of the year?

Just one statistic to make your ears bleed, courtesy of The Guardian's Larry Elliot, Spain's intra-eurozone bank-to-bank debt is $1 trillion. So which eurozone country will need money fastest this year, and when will the help run out?

I'll be asking France's Finance Minister, Christine Lagarde, and then talking to market players and economic experts.

http://www.bbc.co.uk/blogs/newsnight/fromthewebteam/2011/01/thursday_6_january_2011.html

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Spain's banks are looking increasingly FUBAR'ed with each passing day.

I do hope the British taxpayer isn't (edit) being set up to bail them out. Santander is nearly back at its November lows against a strongly rising market. :ph34r: (edit: Nov not August. It's well below August)

Edited by Red Karma

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Spain's banks are looking increasingly FUBAR'ed with each passing day.

I do hope the British taxpayer is being set up to bail them out. Santander is nearly back at its November lows against a strongly rising market. :ph34r: (edit: Nov not August. It's well below August)

You can keep on hoping then! Because the second spain goes kaput we'll bail them out Ireland went pop and we bailed them out immediately. 7bn right there and then, which is why austerity is balls. When Italy/Greece/Spain/Portugal go pop, we'll keep bailing them out and we'll be overspending by 2 trillion a year.

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Spain's banks are looking increasingly FUBAR'ed with each passing day.

I do hope the British taxpayer is being set up to bail them out. Santander is nearly back at its November lows against a strongly rising market. :ph34r: (edit: Nov not August. It's well below August)

Does this show why bankers should be paid zillions and zillions? If Santander had offered António Horta-Osório zillions more would he have stayed on instead of leaving to join Lloyds in ? Perhaps then the share price might be zooming higher?

Incidentally on the subject of António Horta-Osório I asked the BotfsiE why he had to stand down from being a Non Executive Director there when he takes over at Lloyds.

http://www.bankofengland.co.uk/publications/news/2010/086.htm

They said:

"In their work on the Bank’s Court and its sub-committees, NEDs are likely sometimes to come into possession of privileged information, which could afford them an unfair advantage over their commercial competitors. In the case of Mr Horta-Osório, he had started as a NED on the Bank’s Court when he was the Chief Executive Officer (CEO) of a UK subsidiary of a Spanish bank. When it was announced that he would be taking over as the CEO of one of the main UK clearing banks on 1st March 2011, it was mutually agreed by Mr Horta-Osório and the Court of the Bank that it would be inappropriate for him to remain as a NED of the Bank from that date, because of possible conflicts of interest. He will therefore cease to be a NED of the Bank on 28th February 2011."

Does their reply mean Santander potentially have an unfair advantage over their commercial competitors until 28th Feb?

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Spain's banks are looking increasingly FUBAR'ed with each passing day.

I do hope the British taxpayer is being set up to bail them out. Santander is nearly back at its November lows against a strongly rising market. :ph34r: (edit: Nov not August. It's well below August)

Is Spain goes under Mystic Merv will be working overtime for about 1 min to create all the electronic money he needs to prop up the system.

It's all contained.

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Meanwhile, on the BBC News at Ten this evening, the banks are awarding astronomical bonuses to themselves again and Osbourne et al are saying there is f*ck all they can do about it

Rope and lamposts.....

It's the only solution

Edited by tallguy

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The Euro will be dead by Christmas 2011 he predicts.

Forget the Euro the EU will be dead within the next 5 years. Dissent is growing among the populations of the richest countries. The political wing will disintegrate as they withdraw returning to EFTA. This country where we were sold out by our politicians will just be a straw blowing in the wind as none of them are fit for purpose.

Poor old Schultzy and Dany will see their socialist dream confined to the dustbin of history as this dictatorship burns in the fires of hell.

Now how about a loud rendering of Jerusalem. ;)

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Forget the Euro the EU will be dead within the next 5 years.

The huge crate of booze, party hats and those little whistle things that pop out when you blow them are already covered with 3" of dust, so it had better bloody happen soon or i won't even be able to find 'em

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1.29900

Technical boys will be in a frenzy now it has broken through the resistance point with a delta triple top and underlying sub-wave forming.

Edited by Realistbear

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Meanwhile, on the BBC News at Ten this evening, the banks are awarding astronomical bonuses to themselves again and Osbourne et al are saying there is f*ck all they can do about it

e

Which do you think makes International Jewry giggle the most? The fact that you've given them all those trillions, or the fact that you are now campaigning for them to have lower staffing costs so they can keep even more of the trillions for themselves?

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Does this show why bankers should be paid zillions and zillions? If Santander had offered António Horta-Osório zillions more would he have stayed on instead of leaving to join Lloyds in ? Perhaps then the share price might be zooming higher?

Incidentally on the subject of António Horta-Osório I asked the BotfsiE why he had to stand down from being a Non Executive Director there when he takes over at Lloyds.

http://www.bankofeng...ws/2010/086.htm

They said:

"In their work on the Bank's Court and its sub-committees, NEDs are likely sometimes to come into possession of privileged information, which could afford them an unfair advantage over their commercial competitors. In the case of Mr Horta-Osório, he had started as a NED on the Bank's Court when he was the Chief Executive Officer (CEO) of a UK subsidiary of a Spanish bank. When it was announced that he would be taking over as the CEO of one of the main UK clearing banks on 1st March 2011, it was mutually agreed by Mr Horta-Osório and the Court of the Bank that it would be inappropriate for him to remain as a NED of the Bank from that date, because of possible conflicts of interest. He will therefore cease to be a NED of the Bank on 28th February 2011."

Does their reply mean Santander potentially have an unfair advantage over their commercial competitors until 28th Feb?

Isn't there a law against using such information in that way? They appear to be saying he cannot be trusted. In which case why is he there in the first place? :lol:

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1.29900

Technical boys will be in a frenzy now it has broken through the resistance point with a delta triple top and underlying sub-wave forming.

You working for George Soros now RB? laugh.gif

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Paul Mason seemed to be quite angry and trying to keep a lid on his bearishness.

Did anyone else see the French finance minister being interviewed, she really had her BS scripted answers at the ready but it was her constant false smile while talking and at the end of her answer that it was easy to see she's a very worried woman.

I am even more convinced after seeing this that the Euro is doomed.

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Meanwhile, on the BBC News at Ten this evening, the banks are awarding astronomical bonuses to themselves again and Osbourne et al are saying there is f*ck all they can do about it

I'm curious. So.. if I own 80% of a business, I can't do anything about the managers I appoint to run the business awarding themselves whatever pay rises and bonuses they feel like?

I suppose though, if they really are that clever and worth all that money, they certainly do not need state support in any way - including any scheme to compensate savers.

One thing that makes you think.. I assume a lot of this stuff is around trading, which is already heavily computerized, highly mathematical and done over phone/network remotely. What's to stop someone starting up a trading center outside of London - say near Warwick which has a decent maths department - paying salaries that are much higher then anything else available locally, but much lower than the City. If you could get similar returns with lower costs, you'd thrash the competition...

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You can keep on hoping then! Because the second spain goes kaput we'll bail them out Ireland went pop and we bailed them out immediately. 7bn right there and then, which is why austerity is balls. When Italy/Greece/Spain/Portugal go pop, we'll keep bailing them out and we'll be overspending by 2 trillion a year.

Yes, but that was an indirect gift to British banks who are owed billions in Ireland.

It's only public spending if it's the people who benefit, like it's only inflation if it's pay rises. Do keep up.

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I'm curious. So.. if I own 80% of a business, I can't do anything about the managers I appoint to run the business awarding themselves whatever pay rises and bonuses they feel like?

I suppose though, if they really are that clever and worth all that money, they certainly do not need state support in any way - including any scheme to compensate savers.

One thing that makes you think.. I assume a lot of this stuff is around trading, which is already heavily computerized, highly mathematical and done over phone/network remotely. What's to stop someone starting up a trading center outside of London - say near Warwick which has a decent maths department - paying salaries that are much higher then anything else available locally, but much lower than the City. If you could get similar returns with lower costs, you'd thrash the competition...

I have wondered the same myself.

Why does trading have to be located in the Square (Golden) Mile anymore? This is a long way from a new question.

I could only conclude that it has to do with insider dealing and the rumour mill.

I don't swallow thw Gordon Gekko "lunch is for wimps" line. I suspect the well lubricated encounters with former colleagues are the

most profitable activity of the day.

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1.29836

Very little movement but an unwillingness to go any longer given pending problems resurfacing in Ireland and the big ? over Portugal's fate .

Edited by Realistbear

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Paul Mason seemed to be quite angry and trying to keep a lid on his bearishness.

Did anyone else see the French finance minister being interviewed, she really had her BS scripted answers at the ready but it was her constant false smile while talking and at the end of her answer that it was easy to see she's a very worried woman.

I am even more convinced after seeing this that the Euro is doomed.

He did. It appeared to be more in frustration that these people refuse to discuss reality in a grown up manner, prefering the Comical Ali approach of public denials.

It's pretty clear to me France and Germany are going to protect their alliance and let the little piggies go at some point despite her pretense to the contrary. Her words were very carefully chosen. They're not going to pre-announce it, rather let the markets and rioters do it for them.

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I'm curious. So.. if I own 80% of a business, I can't do anything about the managers I appoint to run the business awarding themselves whatever pay rises and bonuses they feel like?

I suppose though, if they really are that clever and worth all that money, they certainly do not need state support in any way - including any scheme to compensate savers.

One thing that makes you think.. I assume a lot of this stuff is around trading, which is already heavily computerized, highly mathematical and done over phone/network remotely. What's to stop someone starting up a trading center outside of London - say near Warwick which has a decent maths department - paying salaries that are much higher then anything else available locally, but much lower than the City. If you could get similar returns with lower costs, you'd thrash the competition...

The hedge funds and banks have spent quite a bit of cash installing their high frequency trading systems actually in the exchange (or very close by). Obviously normal punters would not be allowed to do this. Given that London has large existing concentration of datacentres (especially in the East End) suggests that the latency incurred by basing outside London, or even a few miles away, would be unacceptable.

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I'm curious. So.. if I own 80% of a business, I can't do anything about the managers I appoint to run the business awarding themselves whatever pay rises and bonuses they feel like?

I suppose though, if they really are that clever and worth all that money, they certainly do not need state support in any way - including any scheme to compensate savers.

One thing that makes you think.. I assume a lot of this stuff is around trading, which is already heavily computerized, highly mathematical and done over phone/network remotely. What's to stop someone starting up a trading center outside of London - say near Warwick which has a decent maths department - paying salaries that are much higher then anything else available locally, but much lower than the City. If you could get similar returns with lower costs, you'd thrash the competition...

Because the people who make all this money want to live somewhere poncy where they can show off to everyone else how much they are spending ?

If they moved it all the Warwick then the same would happen. Ferraris would appear. Buildings would grow. Poncy eateries would appear from nowhere. 'Executive' apartments would shoot up like mushrooms. House prices would soarrrr..:D

Probably makes sense keeping the whole sorry mess exactly where it is.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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