June 2011
- 1 June 2011
1. US House rejects debt limit increase
* 2 June 2011
1. State credit default swaps beat Obama on budget cuts
2. Defaults poised to grow from Brazil to India as inflation spurs rate rises
3. Stocks fall around the world
4. S& P say $600 billion written off markets since highest
5. Geithner advises that US borrowing facility will run out 2 August 11
6. Trichet call for a Euro Finance Ministry. The surveillance of fiscal, budgetary, and representative Government formation NB
* 6 June 2011
1. UK- 53 economists prepare a plan B. Green new deal, tax policy & real financial reform. UK facing the largest deficit in peace or war time history
2. Greece- German (23 Billion) & French Banks (57 billion) – top exposure to Greek Debt. Credit Agricole has largest exposure. Austerity measures are followed by massive demonstrations in Athens. PM Papandreou faces backlash. Removal from the EMU recommended to exit Debt trap- Euro Credit
3. Goldman Sachs Criminal probe
* 8 June 2011.
1. Greek Bond rollover risks the rest of euro bonds going to Junk status- euro Credit
2. IMF call on BOJ to speed up asset purchases to avoid deflation
3. Jamie Dimon (JP Morgan) asks Bernanke if Post crisis rules are holding back US growth.
* 13 June 2011.
1. Roubini says a ‘perfect storm’ brewing may descend on the global economy 2013. US Fiscal, Japan stagflation, China slow down & EU defaults
2. Hong Kong property prices tumble
3. Bilderberg meeting in Davos. Discussions in private for the World’s most pressing issues. Not a secret society, but rather a meeting of minds (They shape the way we think) . Henry Kissinger, Bill Clinton, Trichet, Pascal lamy, Prince Charles… (Private rather than conspiratorial). One simply gets an invitation by telephone says Andrew Kakabadse (Cranfield University)- author of ‘The Bilderberg People’.
4. WTO working toward an early harvest of trade liberalization- Pascal Lamy WTO Director General
5. $ 3 Trillion vanish from markets as risk appetite wanes as the Stoxx 600, S& P, MCI Emerging Markets, Dow Jones ect. Are down by an average 5-7% all record stock losses over the past 6 weeks
6. Trichet cold war with Germany may risk damage that may force compromise
7. William Cohan, “ Money & Power” ( Goldman Sachs took advantage of clients money and bet on the mortgage market
8. IMF targeted in IMF attack. International law was breached. Andy Purdy formed the International Cyber Agency and says Countries like Russia & China have the capability. Can’t jump to the conclusion that China is behind the attack. What we are hearing from the news , but this is the tip of the iceberg, particularly multi-nationals
9. Stanley Fischer making a last minute bid for IMF
* 14 June 2011
1. HUAXI Village, CHINA the richest socialist & communist village in China. Plays by its own rules ( HU Renbao & Son)
2. Greece branded by S&P; as the World`s worst currency with its default status & credit rating
3. The Worlds monopoly on Global grain producers in the hands of 4 producers. Two trade publicly & the other private from Switzerland. CARGILL (US)< LOUIS DREFUS ( French), BUNGE & Archer Daniell`s Midland (ADM) US. Between them, 90% of the grain trade
4. Europe`s last dictator must choose between IMF aid or manage Belarus economy alone.
5. Bank of Israel says IMF won`t let Stanley Fischer run because of his age
6. US- Lawrence Summers says US may be facing a lost decade, similar to China or Japan. The aftermath of a huge credit bubble. Different to any post war slump, structural reasons for low growth or lack of stimulus. Japan has unsustainable debt. Niall Fergusson =London School of Economics says the problems are structural. More stimulus not necessarily the best option because of deficit. Even Keynes would be doubtful of a new round of stimulus.
7. Carlyle buys a stake in a hedge Fund with 55% controlling stake with Kevin Kenny to continue as CEO. Fund to focus on emerging markets. Emerging Sovereign Group with $1.65 billion in assets
8. Carlyle said to interview banks with initial 41 Billion IPO offering
* 15 June 2011
1. French banks under review with Greek exposure. Moody`s downgrading on Credit Agricole, and BNP Parisbas, Societe General
2. Bank of Ireland becomes a ‘slave’ to the country`s debt problems
3. Kissinger donates 1 million documents
* 22 June 2011
1.French Agricultural Minister wars of a century of hunger & urgent rationalization required globally to stabilize & manage (Bloomberg)
* 27 June 2011
1. Soros says the EMU will ultimately fall apart with sovereign default. Chinese Premier continues to support EURO.
2. Greek Political Crisis Reaches Boiling Point
3. Iran Plays Regional Chess, Amid Power Struggles at Home.
4. Iran has been exerting influence across the region—especially on the other side of the Persian Gulf—from behind the scenes. Meanwhile, intergovernmental fault lines are widening, and even strong oil prices won’t be enough to keep Iran’s economy from stagnating in 2011.