Wednesday, June 8, 2011

Diary June 7

1) Difficult stuff but well worth the read:
"The stealth bailout that doesn’t exist: debunking Hans-Werner Sinn" by Olaf Storbeck in his blog Economics Intelligence 6/6/2011
His analysis tells me that financial systemics have become too complicated for even renowned commentators to fully grasp.
Food for thought: How can the average citizen/voter or even policy maker be expected to use finance or regulate finance when it's so complicated? Rely on uber-experts? Food for thought.

2) Apocalyptic (in Greek that simply means revealing): Robert Peston's BBCnews blog post "Eurozone woes are US woes" of 5/6/2011 uses BIS data to reveal which countries' banks have the largest actual and potential exposures to Greece, Ireland, Portugal, Spain. A abs must read, an eye opener! No spoilers!

3) Angela Merkel is on a US visit, last one was in April 2010, ie not that long ago.
Reading the reports I could not but wonder: In at least this US, is Mrs Merkel representing Germany, the EU or the Eurozone?
By the way, I am reminded of 2 older reports by Der Spiegel Online International:
a) 04/15/2010, "Angie Goes to Hollywood: Chancellor Merkel Discovers Glitz and Glamour" by Gregor Peter Schmitz
and even more so:
b) 12/10/2010 "US Diplomats in the EU: Manipulating the Political Dwarves of Europe" by Gregor Peter Schmitz

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BRs
Nick

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