Global Intelligence
WASHINGTON (Reuters) – Three of the world’s most powerful bankers warned of terrible consequences if the United States defaults on its debt, with Deutsche Bank chief executive Anshu Jain claiming default would be “utterly catastrophic.” “This would be a very rapidly spreading, fatal disease,” Jain said on Saturday at a conference hosted by the Institute […]
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The general in charge of the US Air Force’s long-range nuclear missiles has been sacked due to “loss of trust and confidence”, officials have said. The Air Force said Maj Gen Michael Carey’s removal was for “behaviour during a temporary duty assignment”. The sacking was not linked to the operation of the nuclear arsenal, which […]
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10 October 2013 BERKELEY – The dollar is the world’s go-to currency. But for how much longer? Will the dollar’s status as the only true global currency be irreparably damaged by the battle in the US Congress over raising the federal government’s debt ceiling? Is the dollar’s “exorbitant privilege” as the world’s main reserve currency […]
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The markets shuddered slightly as the debt ceiling neared. The yield on short-term Treasuries has risen tenfold. Fidelity Investments sold off its short-term government debt. But the shudder was slight — and today saw a relief rally in equities on news that House Republicans might agree to suspend the debt ceiling for six weeks in […]
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By Gavin Finch and Liam Vaughan – Oct 9, 2013 Royal Bank of Scotland Group Plc has handed over records of instant messages to U.K. regulators after concluding a former currency trader’s communications with counterparts at other firms may have been inappropriate, according to two people with knowledge of the matter. The messages related to […]
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08 October 2013 NEW YORK – When the US investment bank Lehman Brothers collapsed in 2008, triggering the worst global financial crisis since the Great Depression, a broad consensus about what caused the crisis seemed to emerge. A bloated and dysfunctional financial system had misallocated capital and, rather than managing risk, had actually created it. […]
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David Stockman, author of The Great Deformation [79], summarizes the last quarter century thus: What has been growing is the wealth of the rich, the remit of the state, the girth of Wall Street, the debt burden of the people, the prosperity of the beltway and the sway of the three great branches of government […]
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“Everybody, sooner or later, sits down to a banquet of consequences.” Robert Louis Stevenson “They don’t have intelligence. They have what I call thintelligence. They see the immediate situation. They think narrowly and they call it ‘being focused.’ They don’t see the surroundings. They don’t see the consequences.” Michael Crichton The Fed is faced with […]
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German Chancellor Angela Merkel’s choice of coalition partner will play a key role in deciding how far the foreign-exchange market is burdened by a proposed financial-transactions tax in 11 European Union states. Merkel, who last year backed a European Commission plan for a broad-based tax on trades in stocks, bonds, derivatives and other assets, is […]
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