The past and present bailouts of each and every bank (and 'IMPORTant' industry) will, one day, be seen as a generational offense is how MEP Daniel Hannan begins this thoroughly British demolition of the three critical myths surrounding the crisis, that despite market optics, we are still living through. From the idea that capitalism has failed (it has not in his view, it has been ravaged by political pandering), to the crisis being caused by lack of regulation, and that greed is the single-driver of the mess that we remain in; Hannan suggests in a brief but extremely eloquent debate that there is a world of difference between being pro business and pro market as he destroys any semblance of credibility that the political (and elite) class has echoing a young Ron Paul in his thoroughly libertarian free-market sensibilities.
De Indiase overheid wil de IMPORT van goud beperken en heeft om die reden de heffing opnieuw verhoogd. In plaats van 4% betaalt men straks 6% op de invoer van zuivere goudbaren. Voor onzuivere dore goudstaven van 25 kilogram gaat de invoerheffing zelfs van 2 naar 5 procent.
Volgens olie analist Arthur Berman is de 'schaliegas revolutie' in de VS zwaar overdreven. De kosten van de technologie zijn relatief hoog en het rendement van de boorinstallaties zou binnen enkele jaren al drastisch afnemen. Ondanks verbeterde technieken kan schaliegas Amerika niet onafhankelijk maken van olie IMPORTen.
De grootste koper van goud ter wereld is India. Dit omdat het land grote hoeveelheden goud vraagt om te voldoen in de behoefte van de bevolking die goud gebruikt voor het fabriceren van sieraden. Daarnaast investeren veel inwoners in goud als belegging, vanwege de zwakke eigen valuta. Door de grote IMPORT van goud zijn er problemen met de betalingsbalans van India, waardoor de regering genoodzaakt is om aan de noodrem te trekken.
We've written a lot about the weakness of the Japanese yen, a move that's associated with the country's new Prime Minister, and his aggressive agenda of monetary and fiscal easing.
In a note this evening, SocGen's Sebastien Galy observes that shifts are underway not just in the yen (JPY) but also in the Swiss Franc (CHF) and the US dollar:
FX implied volatilities have been rising from ultra low levels, as they did pre-Lehman times. It is an IMPORTant sign not of impending doom, but of a global reallocation of capital. Old regimes are dying and FX is the first sign of this process. We are seeing this in JPY, are starting to see this in CHF and will eventually see it happen in USD, hopefully in H2 or Q4 as the US economy steadily recovers. As capital is reallocated across the world, the allocation between bonds and equities as ultimate “domestic” claims to global growth will eventually also become more unstable. For now, these wobbles will be crushed as monetary policy remains very expansive globally, but the process started. FX is the warning sign.