Posts Tagged ‘Nicholas Sarkozy’

Notes From Underground: Listen, Do You Want To Know A Secret (Said Yellen to Hilsenrath)???

May 21, 2014

Listen,do you want to know a secret

Do You promise not to tell,whoa,oh

Closer,let me whisper in your ear

Say the words you long to hear  (The Beatles)
Yesterday’s blog post addressed Boston Fed President Eric Rosengren’s interview with Jon Hilsenrath and New York Fed President William Dudley’s effort to communicate how the FED plans to deal with a bloated balance sheet in a “rising interest rate” environment. Today’s FOMC minutes from the April 29-30 meeting addressed just that. The Fed’s uncertainty in its methods has resulted in the need for Janet Yellen to get out front in explaining to the public, and, especially the markets, about the difficult task ahead in shrinking its balance sheet. The closed meeting of the Fed Governor’s ahead of the scheduled conclave was to discuss among a small group of Fed officials the tools that the System Open Market Account (SOMA) had been contemplating and testing.


Notes From Underground: Europe Has the World Living On Hope

December 6, 2011
Courtesy of Leon Russell:

Notes From Underground: Going to the European prom; Merkel tells Sarkozy she has to wash her hair

June 7, 2010

A previously planned meeting between Frau Merkel and President Sarkozy has been canceled as Merkel claimed to be too busy pushing through an €80 billion cut in the German budget that will take place during the next four years. The meeting between the European powerhouses was meant to resolve some ill will that had resulted from the Greek bailout and were undoubtedly the result of Sarkozy’s preening like a Peacock in thinking that he had bested the German political establishment. We will hear more about this as we approach the European summit scheduled for June 17-18. The Sarkozy-Merkel meeting has reportedly been moved back to June 14–we await further developments. It is of more than passing interest that it is Germany pushing hard for budget cuts as it is setting the bar ever higher for the profligate nations. The German banks, and now government, are on the hook for a lot of money so they are going to push for greater European austerity–this will not amuse U.S. Treasury Secretary Tim Geithner. Also, Europe has now determined that the €750 billion package to buy stressed debt is officially set up as a special purpose vehicle (SPV), so all that bond buying will be carried off the balance sheet of the ECB and this phrase reminds us of Enron. We will look into the plumbing the more info that becomes available.