Real estate: The
use of bubbles as the latest means of inflating the statistics…
Let’s now turn to
real estate which has “got going again” (which has been harped on about for at
least the last three years) and take a closer look at the causes of this
excitement. First of all, a chart on real estate prices putting this famous
recovery into some sort of context, which rather resembles a long stagnation.
The slight current rise only appears by adjusting the data for seasonal
variations. What is it due to? Like the stock exchanges, there’s only one
answer: the Fed. Via QE3 operations, it buys 40 billion dollars of real estate
debt each month, i.e. it annually injects approximately 500 billion dollars
into the property market under, roughly, the guise of loans to private
individuals, which corresponds to five million loans of 100,000 dollars. There
is no doubt that prices go up with such a measure...
BRICS agrees to
create $100 bn contingency fund
In a major
achievement for India in its campaign for reforming the international financial
architecture, BRICS nations on Wednesday decided to establish a new development
bank to finance infrastructure and to create a USD 100 billion Contingency
Reserve Arrangement to tackle any financial crisis in the emerging economies...
Chypre : les
mesures du plan de sauvetage détaillées
Une semaine après
une première tentative ratée, qui prévoyait l'instauration d'une taxe sur tous
les dépôts bancaires, un accord a été trouvé, dans la nuit de dimanche à lundi
25 mars, entre le président chypriote et ses bailleurs de fonds internationaux
pour parvenir à un plan de sauvetage de Chypre, d'un montant maximum de 10
milliards d'euros...
Royaume-Uni:
les banques vont devoir trouver 25 milliards de livres
Les
banques britanniques vont devoir combler un trou de 25 milliards de livres
d'ici la fin de l'année pour renforcer leurs fonds propres et se mettre à
l'abri des pertes provoquées notamment par le coût des scandales entachant la
City et les turbulences dans la zone euro...
Assad turns to
BRICS to 'stop the violence' in Syria
Syrian President
Bashar al-Assad urged the BRICS nations on Wednesday to help "stop the
violence" in his country and put an end to the suffering of his people he
said is caused by international sanctions...
From Finance to
Sex Therapy: London Bankers Escape
With thousands of
jobs axed and many more under threat in London's financial center, City workers
are leading an exodus from the City as they consider alternative careers and
dramatic life changes...
Russia, China
find compromise on gas deal after 15 year standoff
China has
accepted an olive branch from Russia's Gazprom after years of tough talks which
had failed to yield a deal on gas supplies, though the main point of conflict -
price - remains...
Australia to Shut
Bank-Rate Panel as HSBC, Citigroup Exit
Australia plans
to scrap the panel that sets its benchmark interbank borrowing rate, becoming
the first major developed economy to replace its rate-setting regime following
the global Libor-rigging scandal...
Food vouchers to
provide emergency help but prevent spending on alcohol
Many of the 150
local authorities in England running welfare schemes have confirmed that they
will issue the vouchers in the form of payment cards, which will be blocked or
monitored to prevent the holder using them for alcohol, cigarettes or
gambling...
Iceland offers
hard lessons for Cyprus on capital controls
For Iceland,
there was a sense of deja vu when Cyprus's finance minister said capital
controls would probably last "a matter of weeks". Five years after a
banking meltdown, the north Atlantic island has just extended its own controls
indefinitely.
Sommet des Brics:
une nouvelle «ruée vers l'Afrique»?
Les cinq pays
émergents qui forment les Brics – Brésil, Russie, Inde, Chine et Afrique du Sud
– sont en effet particulièrement actifs sur le continent (le président chinois
Xi Jinping en a fait d'ailleurs sa première tournée internationale), à tel
point que certains comparent cela avec la « ruée vers l'Afrique » de la fin du
XIXe siècle, lorsque les Européens ont colonisé le continent. Mais la comparaison
n'est pas tout à fait de mise..
Petraeus makes
public apology for affair that led to resignation from CIA
He made the
comments during his first public speech since his resignation in November to a
group of about 600 people, including many veterans at the University of
Southern California's annual Reserve Officers' Training Corps dinner. The hero
of the Iraq and Afghanistan wars has remained largely out of the public eye
since resigning...
Defense officials
worried over cuts to US military aid
Defense officials
expressed concern Wednesday that American financial cutbacks may result in
drastic cuts to military aid to Israel and could put anti-missile defense
projects such as David’s Sling and the Arrow 3 on the chopping block.
Chinese, S.
Korean leaders pledge to promote bilateral ties, maintain regional stability
Chinese President
Xi Jinping and his South Korean counterpart Park Geun-hye pledged Wednesday in
a telephone discussion to further relations between their countries and make
more efforts to maintain peace and stability on the Korean Peninsula...
Private Banks
Sell Debt in Worst Quarter Since ’11: China Credit
Chinese
high-yield dollar- denominated bonds are returning the least in more than a
year as private banks react to a flood of debt supply and rising global
interest rates by cutting holdings...
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