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Daily Dispatches
Treasury's plan backfires as IMF targets dollar's overvaluation instead of yuan's
Submitted by cpowell on Thu, 2007-08-23 09:01 Section: Daily DispatchesBy Christopher Swann
Bloomberg News Service
Thursday, August 23, 2007
http://www.bloomberg.com/apps/news?pid=20601087&sid=a1nc9c96MQI0&refer=home
WASHINGTON -- The U.S. Treasury took two years to persuade the International Monetary Fund to police global currency markets -- and just two months to trash the initiative once the IMF adopted it.
Cancel interest rate increase, German industry pleads
Submitted by cpowell on Thu, 2007-08-23 01:18 Section: Daily DispatchesBy Ambrose Evans-Pritchard
The Telegraph, London
Thursday, August 23, 2007
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/08/23/cnecb1...
German industry has appealed to the European Central Bank to cancel a rise in interest rates next month, warning that the credit crunch risks triggering a worldwide economic downturn.
Central banking is easy; the challenge is to stay in power
Submitted by cpowell on Thu, 2007-08-23 01:04 Section: Daily Dispatches1a Thursday, August 23, 2007
Dear Friend of GATA and Gold:
Today's edition of The King Report by Bill King (M. Ramsey King Securities, Burr Ridge, Illinois, http://www.mramseyking.com/thekingreport.html), maybe the best daily letter about the financial markets, shows how easy central banking is:
Debt overtaking GDP in Britain too
Submitted by cpowell on Wed, 2007-08-22 23:32 Section: Daily DispatchesRecord Numbers Face Debt Meltdown
By Edmund Conway
The Telegraph, London
Thursday, August 23, 2007
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/08/23/cndebt...
Countrywide confirms Bank of America's $2 billion investment
Submitted by cpowell on Wed, 2007-08-22 19:43 Section: Daily DispatchesBy Alex Veiga
Associated Press
via Yahoo News
Wednesday, August 22, 2007
http://biz.yahoo.com/ap/070822/countrywide_bank_of_america.html?.v=1
Straight from the discount window to a bailout for Countrywide
Submitted by cpowell on Wed, 2007-08-22 18:40 Section: Daily DispatchesBank of America to Invest $2 Billion in Countrywide
By Valerie Baurerlein
The Wall Street Journal
Wednesday, August 22, 2007
Bank of America Corp. is making a $2 billion equity investment in Countrywide Financial Corp., the embattled mortgage giant, according to people familiar with the situation.
John Rubino: Nope, that's not money
Submitted by cpowell on Wed, 2007-08-22 17:55 Section: Daily Dispatches5:55p ET Wednesday, August 22, 2007
Dear Friend of GATA and Gold:
John Rubino, co-author with GoldMoney's James Turk of "The Coming Collapse of the Dollar," has written a wonderful little essay, "Nope, That's Not Money," about the misperception of debt as money. You'll enjoy it even if you have a clue about what IS likely to be money, and you can find it at Gold-Eagle here:
Delinquent real-estate loans up by 36% in a year
Submitted by cpowell on Wed, 2007-08-22 17:24 Section: Daily DispatchesBy John Poirier
Reuters
Wednesday, August 22, 2007
http://www.reuters.com/article/gc06/idUSWBT00744320070822
WASHINGTON -- The Federal Deposit Insurance Corporation, which insures bank deposits, said on Wednesday it is keeping a close eye on the unpaid real estate loans that are piling up at U.S. banks and thrifts.
Fed optimistic it has bought time and can avoid rate cut
Submitted by cpowell on Wed, 2007-08-22 17:19 Section: Daily DispatchesBy Mark Felsenthal
Reuters
Wednesday, August 22, 2007
http://www.reuters.com/article/ousiv/idUSN2234990120070822
WASHINGTON -- The Federal Reserve is hopeful that it has bought enough time with moves to soothe jittery credit markets to hold off any cut to the benchmark federal funds rate before a September meeting, if any easing is necessary at all.
Fed's strategy of boosting liquidity survives another day
Submitted by cpowell on Wed, 2007-08-22 17:06 Section: Daily DispatchesBy Craig Torres
Bloomberg News Service
Wednesday, August 22, 2007
http://www.bloomberg.com/apps/news?pid=20601109&sid=aS.2chxvsOi8&refer=home
The Federal Reserve's strategy of increasing liquidity rather than resorting to a cut in the benchmark interest rate survived a third day.
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