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Daily Dispatches
ECB funding fails to relieve euro interbank market
Submitted by cpowell on Thu, 2007-08-23 13:44 Section: Daily DispatchesBy David Milliken
Reuters
Thursday, August 23, 2007
http://www.reuters.com/article/bondsNews/idUSL238417220070823
FRANKFURT, Germany -- The European Central Bank's first ever emergency injection of three-month funds was swamped with demand from banks on Thursday but brought little relief to an interbank lending market beset by credit worries.
David Callaway: Money-center banks aren't fooling anybody
Submitted by cpowell on Thu, 2007-08-23 13:33 Section: Daily DispatchesBy David Callaway
MarketWatch.com
Thursday, August 23, 2007
http://www.marketwatch.com/news/story/four-little-piggies-went-market/st...
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.
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