The Big Bailout of the Eurozone (Another crisis coming? - Seriously)

[foxcommander]

The anglo boys get 240 hours of community service for what they did. 6 weeks of picking up dog poo for helping bankrupt a country. Beyond belief.
Their heads should be on pikes.

http://www.rte.ie/news/2014/0731/634154-anglo-irish-bank/

The financial regulator at the time should be the first up the gallows steps if there's going to be any lynchings.

I'm not too worried about the order they'd be executed...

[foxcommander]

Interestingly there is a case in the US where Deloitte & Touche are being sued for 7.6 BILLION for their negligence in a mortgage fraud scheme.

http://www.huffingtonpost.com/2011/09/27/deloitte-sued-mortgage-fraud_n_982804.html

I've always thought that since the state was paying for external audit services and they failed to pick up on Anglo should they be
sued as well. They got a pretty nice sums for their "services". Haven't heard of any heads rolling.
Suing them for a few billion each would help to ease the taxpayers burden.

http://www.independent.ie/business/irish/were-the-bank-auditors-conflicted-26652955.html

[muppet]

Interestingly there is a case in the US where Deloitte & Touche are being sued for 7.6 BILLION for their negligence in a mortgage fraud scheme.

http://www.huffingtonpost.com/2011/09/27/deloitte-sued-mortgage-fraud_n_982804.html

I've always thought that since the state was paying for external audit services and they failed to pick up on Anglo should they be
sued as well. They got a pretty nice sums for their "services". Haven't heard of any heads rolling.
Suing them for a few billion each would help to ease the taxpayers burden.

http://www.independent.ie/business/irish/were-the-bank-auditors-conflicted-26652955.html

Agreed, between auditors, regulators & rating agencies you'd wonder why we bother paying these people at all.

[foxcommander]

Agreed, between auditors, regulators & rating agencies you'd wonder why we bother paying these people at all.

Seems like Deloitte settled this case before it went to court as to hide the amount they actually settled for. So if they were looking for 7.6 billion they at least must have paid half? 3 odd billion is better than nothing right?

Why isn't the state chasing up on this?

http://www.bloomberg.com/news/2013-10-03/deloitte-touche-settles-suits-over-taylor-bean-collapse.html
http://economia.icaew.com/news/october-2013/deloitte-settles-over-taylor-bean

[TabClear]

http://www.bbc.co.uk/news/uk-northern-ireland-28479060

Ulster Bank posting stronger results than expected and looking like its going to be sold. Looks like the RBS has a firm plan in this with the sale of the £1bn loan portfolio last week.

Hard to know if its good or bad news for those people/comapnies with big exposures to UB.

[armaghniac]

http://www.bbc.co.uk/news/uk-northern-ireland-28479060

Ulster Bank posting stronger results than expected and looking like its going to be sold. Looks like the RBS has a firm plan in this with the sale of the £1bn loan portfolio last week.

Hard to know if its good or bad news for those people/comapnies with big exposures to UB.

By all accounts the plan is to partition the Ulster Bank. What is the policy of SF on such things?

[muppet]

Things have been really tight down here:

[Rossfan]

When did we go back to the £ ??

[muppet]

[seafoid]

German bond yields are below 1%. The EZ is heading for deflation. Very bad news for debt dynamics and the prospects of government debt being paid off in full. Inflation reduces the real value of debt. Deflation increases it.

[muppet]

German bond yields are below 1%. The EZ is heading for deflation. Very bad news for debt dynamics and the prospects of government debt being paid off in full. Inflation reduces the real value of debt. Deflation increases it.

QE on the way in the EZ?

[magpie seanie]

I see where the head of the crowd of fcukers behind us having to pay for a basic human right is in a wee bit of bother. Any time you see Bernard Tapie's name mentioned you'd have to wonder! Nice to see us being dictated to by such fine upstanding ethical people.

[seafoid]

German bond yields are below 1%. The EZ is heading for deflation. Very bad news for debt dynamics and the prospects of government debt being paid off in full. Inflation reduces the real value of debt. Deflation increases it.

QE on the way in the EZ?

I am not sure QE works against deflation. AFAIK it just rises asset prices but they are v high already . Inflation and debt forgiveness might help but there is a lot of opposition from germany and undercapitalised german banks stuffed with sov bonds. It could get very messy again.

[armaghniac]

I am not sure QE works against deflation. AFAIK it just rises asset prices but they are v high already . Inflation and debt forgiveness might help but there is a lot of opposition from germany and undercapitalised german banks stuffed with sov bonds. It could get very messy again.

A plan is needed to direct resources into labour intensive consumption not bidding up assets. My idea was to give everyone in the Eurozone a €1000 holiday voucher, even given free choice in the matter most people would have chosen to spend this in places like Portugal or Cyprus with plenty of spare capacity.

[muppet]

German bond yields are below 1%. The EZ is heading for deflation. Very bad news for debt dynamics and the prospects of government debt being paid off in full. Inflation reduces the real value of debt. Deflation increases it.

QE on the way in the EZ?

I am not sure QE works against deflation. AFAIK it just rises asset prices but they are v high already . Inflation and debt forgiveness might help but there is a lot of opposition from germany and undercapitalised german banks stuffed with sov bonds. It could get very messy again.

I finished the above recently. Amazing stuff. It doesn't forecast a dollar crisis so much as say it is absolutely inevitable. It forecast 4 possible outcomes after such a crisis, the most likely of which is the least desirable - chaos.

The book discusses the Tea Party's success in preventing Obama raise Government spending a few years ago and thus left him with the only alternative to create growth. QE.

The book then tracks the effects of that QE. It agrees with you and says QE had only a small effect on deflation - IN THE US -. However a nasty side effect was to export inflation to other currencies. The author argued that this was the tipping point that triggered the so-called Spring Tide revolutions, the civil war in Syria and following on from that I guess you could add the rise of ISIS.

QE in the Euro zone might not have quite as much impact, but there could be some unintended consequences elsewhere.