Hard hitting global and local news
Hard hitting global and local news
ECB President Mario Draghi says Any Cyprus Gold Sale Must Cover Emergency-Loan Loss European Central Bank President Mario Draghi said the profits of any gold sales by the Cypriot central bank must be used to cover losses it may sustain from emergency loans to Cypriot commercial banks. European creditors today left a possible gold sale in the hands of the Cypriot central bank, which manages 13.9 metric tons of the metal, according to the World Gold Council.“The decision is going to be taken by the central bank,†Draghi said after a meeting of euro-area finance officials in Dublin. “What’s important, however, is that what is being transferred to the government budget out of the profits made out of the sales of gold should cover first and foremost any potential loss that the central bank might have from its ELA.†ELA stands for Emergency Liquidity Assistance, a lifeline that can be offered by national central banks in the euro region to commercial banks that can’t get funding.
Read this article: Spotlight on Slovenia as Debt Pressures Mount
Chicago Natural Resources Expo April 26 Those in the greater Chicago area should plan on attending the Chicago Natural Resources Expo on April 26 for a discussion about gold, silver, hard assets, inflation, currencies (or whatever else is on your mind). You also have the opportunity to meet with various natural resource company executives. Venue change: Previously this was a Friday evening-Saturday Afternoon event.
Even diehard supporter of the eurozone now see it cannot work. For example, please see Eurointelligence Founder Wolfgang Münchau, Once a Staunch Euro Supporter, Now Welcomes the Anti-Euro Party "Alternative for Germany"
See the article here: Eurointelligence Founder Wolfgang Münchau, Once a Staunch Euro Supporter, Now Welcomes the Anti-Euro Party "Alternative for…
Whether out of complete stupidity or pressure from the IMF or Brussels (I suspect all three) Cyprus to sell around 400 mln euros worth of gold to partially fund its bailout. Cyprus has agreed to sell excess gold reserves to raise around 400 million euros and help finance its part of its bailout, an assessment of Cypriot financing needs prepared by the European Commission showed.
Yahoo! Finance presents another video interview from the Wine Country Conference. This one is an interview of John Hussman by Lauren Lyster: U.S.
Michael Pettis Interview with Lauren Lyster: Decade of Slower Growth for China Here is an interview of Michael Pettis by Lauren Lyster from the Wine Country Conference. Pettis says China faces a decade of slower growth
Tweet My general view both in general and as a policymaker in my small local-office pond is that a widely held (few expert dissenters) and strongly held (high confidence) consensus position might as well be a fact as far as the policymaking is concerned . A contradictory study is just that, a study. If it turns out to be accurate, then the consensus will eventually fracture soon enough and create problems for policymakers, but there’s no need or even a rational way for policymaking to jump the gun