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LOTS OF FROTH, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
A brand new development in the history of the ECB has occurred: leaks yesterday revealed the broad outlines of its new sovereign debt securities’ purchase programme. One cannot help thinking that it was necessary to prepare the ground in advance, with the ECB decisions…
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READING LIST FOR THE “STEWARDSHIP OF FINANCE” COURSE AT VUB, STARTING OCTOBER 4th
1. Historians of finance
Martin Meyer:
The Bankers, New York: Weybright & Talley, 1974
Markets, New York: Norton, 1988Peter L. Bernstein:
Capital Ideas, New York: Free Press, 1992
Against the Gods. The Remarkable Story of Risk, Hoboken: John Wiley & Sons, 1996Steve Fraser:
Every Man a Speculator. A History…
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LOOK NO FURTHER!, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
In Spain, nearly 220 billion Euros have vanished into thin air during the first quarter. According to the Bank of Spain, foreign investors, but also Spanish ones, are responsible for this massive exodus of capital which concerns loans and deposits, but also share portfolios…
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LE SOIR, ‘The only solution is to pool all the debts’, September 4, 2012
4 September 2012
An interview with Dominique Berns which appeared today in the economy pages of the daily newspaper, LE SOIR.
“To save the Euro, we must mutually pool the debts”
Q : The president of…
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THE DRAWBRIDGE MENTALITY, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
A united front of German banks has opened up, refusing any kind of interference from a supervisory body – in this case the ECB – due to their little idiosyncrasies and their little hidden frailties, but also the risk of being made to contribute…
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100 DAYS FOR THE NEW PRESIDENT
Le Monde, the 27th August : Hollande’s popularity falls by 11 points, according to Ipsos
Article first published on the 29th March:
In the context of a series of interviews commissioned by LELAB2012 on what is at stake in…
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UNDERSTANDING THESE TIMES IN WHICH WE LIVE
In the Wall Street Journal today:
Since the beginning of the crisis in 2007, one thing has become clear in European politics: the outgoing parties are not voted back in. Confronted by the incapacity of the governments and the majorities…
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THE LOBBYISTS AND US
In the Wall Street Journal today:
A new American law requires US-listed companies to mention on products containing certain minerals that their extraction fuels conflict in Central Africa.
Too expensive for businesses, said the lobbyists! Get rid of it!
The Securities and…
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BEHIND THE SCENES, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
There are some sinister goings-on behind the scenes of the European financial system, which are hardly being proclaimed from the rooftops! Even Mario Draghi himself is preoccupied by it, drawing attention to vague manifestations of “fragmentation” which are developing at the heart of the…
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KNOCKING IT OFF ITS PEDESTAL, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
As people return from their holidays, the convergence of internal political tensions in Germany, the attempt by the Greek Government to obtain a two year period of grace for its bail-out plan, and the ever-approaching Spanish derailment, have rendered the options for a European…
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ECUADOR OFFERS POLITICAL ASYLUM TO JULIAN ASSANGE
With Great Britain suddenly threatening to invade the Ecuadorean embassy in London, methinks we will be hearing more about this one. Methinks that this might just be the famous single spark that can start a prairie fire. Methinks that we…
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AH! THE IMAGE OF FINANCE!
We learned on Tuesday that the fifth largest British bank, Standard Chartered, had promised the New York State regulator that it would pay a fine of 340 million Dollars for illegal transactions with Iran. The matter is not yet…
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BALMY!
Patents on DNA sequences, on the Olympic rings, on the word “Olympic”, what next?
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WE ARE EXPECTING THE ECB, BUT WILL WE GET THE FED INSTEAD ?, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
The U.S. Federal Reserve’s Open Market Committee is due to meet on Tuesday and Wednesday, in the context of a renewed slow-down in the country’s growth (+1.5% in the second quarter), which has been apparent since the beginning of the year. What will be…
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LAST CHANCE FOR THE EUROSYSTEM, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
While the parties in the Greek Coalition government are trying to come to an agreement on a plan to make savings of 11.6 billion Euros over the coming two years, which is going to be painful even though they have to present it as…
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MARIO DRAGHI: WHAT IF IT WAS ALL A TERRIBLE MISUNDERSTANDING?
A short while ago, I was taking a siesta, sleeping with a sound conscience, when I woke up with a start, my heart beating wildly, my forehead soaked with sweat and prey to a strong emotion:…
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SURRENDER, YOU ARE SURROUNDED!, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
It is not just Italy and Spain causing problems, after the decisions taken during the last summit suffered a setback, in view of the spectacle of great confusion and nervousness we have witnessed with regard to the joint press release – which wasn’t one…
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WAITING IS NO LONGER A VIABLE POLICY, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
Once again, the European stock and bond markets have sounded the alarm. The fall in stock values has been accompanied by an increase in bond rates for the countries in the firing line. The capacities of the banks and of the states to fulfill…
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THE ONLY REMAINING MEANS OF SAVING THE EURO
Translated from the French by Tim Gupwell
In my articles here, I generally address myself to anyone who wants to read me, but just this once, I would like to direct my address to my fellow financial engineers, and moreover in a tone – also just this once – of provocation which is…