There was a Reuters story yesterday by William Schomberg, “G7 Finance Chiefs to Discuss Bank Reform Push.” Very few people picked up on this but it seems strange that all the sudden a meeting is called to discuss what elements of bank reform. Are they going to try to persuade Germany to get behind the EU push for a banking union and if so why the hurry before the September German elections? The idea of a banking union with resolution authority is sure to be a lightening rod for all the German angst about the bailouts of the peripheral nations. The Reuters piece notes that some G-7 officials are upset that the U.K. called the meeting so soon after the recent IMF talks in Washington. One official said, “I am really annoyed I’ve got to give up my weekend for this.”
Posts Tagged ‘Korean won’
Notes From Underground: Why Are The G-7 Finance Ministers Meeting In England This Weekend?
May 10, 2013Notes From Underground: BEEN DOWN SO LONG IT LOOKS LIKE UP TO ME*
October 6, 2010Tuesday was another day of currency fluctuations as the U.S. DOLLAR tumbles. Since the Sept. 21 FOMC meeting, the U.S. currency has been sliding against all the world’s major tradeable currencies. The market has become convinced that the FED’s more pronounced desire for a second round of QE is a desire to achieve some DOLLAR depreciation. A lower dollar with global competitive devaluation has been a panacea for the risk-based algorithms so we are saddled with all assets rising in harmony . The metals and most other commodities have been the recipient of the global flood of liquidity and even EQUITIES have joined the chorus of “MAY THE CIRCLE BE UNBROKEN.”