Posts Tagged ‘Jim Flaherty’

Notes From Underground: Geithner to Europe–Walk This way; Merkel to Geithner–Dream On

October 17, 2011

Just when it looked like the risk-on paradigm was gaining some traction, Chancellor Merkel, through her spokesman, Steffen Seibert, said, “…dreams that are taking hold again now that with this package everything will be solved and everything will be over on Monday won’t be able to be fulfilled.” The global equity markets were experiencing a continued rally from Friday when the Merkel statement was released and the market immediately went into sell mode and risk off. The U.S. equity markets tried to maintain Friday’s sizable rally as the news of CITI and WELLS FARGO earnings provided a momentary boost. Overnight the U.S., markets were supported by the news that KINDER MORGAN was buying the pipeline and energy producer, EL PASO.

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Notes From Underground: Franco/German spat ahead of this week’s SUMMIT of LOVE

March 23, 2011

This Thursday and Friday the European Union had hoped to put the finishing touches on the European Stability Mechanism that will go into effect in 2013. The Sarkozy/Merkel-crafted plan would give succor to Chancellor Merkel ahead of this Sunday’s elections in Baden-Wurttemberg and hopefully halt the German voters’ antipathy toward all things EU. However, there appears to be friction between the giants of the European Union. Sarkozy is reportedly furious at the Germans for abstaining on the UN vote to impose a no-fly zone in Libya. Also, the French believe that Frau Merkel played politics and an anti-French card by moving to halt electricity production at seven NUCLEAR POWER plants, thus making the French look bad as well as having the impact of driving up electricity prices.

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Notes From Underground: How could a citizenry have NO CONFIDENCE in the best-run G-7 nation?

March 21, 2011

There is a story circulating that the Canadian Parliament may have a “NO CONFIDENCE” vote on Prime Minister Stephen Harper’s government. The Conservative Party holds power but it is not a majority government and therefore always susceptible to losing a vote. Tomorrow, Finance Minister Jim Flaherty is to table the new budget. The problem appears to be the opposition to the proposed cuts in the corporate income tax that will cost the government C$6 BILLION in revenue.

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