BBC News - What's the matter with Italy?:
The country that came up more and more during meetings between ministers looking to solve the eurozone debt crisis was Italy, but why should it be affected by the Greek crisis?
Greece's debt problems are already widely known and the immediate consequences of a Greek default largely anticipated.
Moreover, the size of the Greek economy is small enough that the direct damage if Greece stopped paying its debts should be quite manageable for the eurozone.Instead, the big fear is "contagion" - that a Greek default could trigger a financial catastrophe for other, much bigger economies.
That is why European leaders announced in October a significant expansion of the European Financial and Stability Facility (EFSF).
And it seems it is Italy, not Spain, which is seen as lead candidate for that contagion among Europe's big economies and the main possible beneficiary of the enhanced fund.
Why is that?
Prudent Italy?
According to Germany's chancellor, Angela Merkel, "Italy has great economic strength, but Italy does also have a very high level of debt and that has to be reduced in a credible way in the years ahead."
As with Greece, she and other eurozone leaders believe the solution is more government austerity - spending cuts and tax rises - by Rome.
However, some economists might disagree with her assessment.
Showing posts with label Financial. Show all posts
Showing posts with label Financial. Show all posts
Monday, 31 October 2011
Rand hit as Japan weakens yen: Fin24: Markets: Currencies
Rand hit as Japan weakens yen: Fin24: Markets: Currencies
The rand has weakened sharply against dollar after Japanese authorities intervened to weaken their currency, sending the dollar to a 3-month high.
“It primarily seems to be driven by the large move in the euro/dollar and also on the back of the Japanese intervention. That seems to be the main driver,” said Leon Myburgh, Sub-Saharan Africa Strategist at Citi.
The rand has weakened sharply against dollar after Japanese authorities intervened to weaken their currency, sending the dollar to a 3-month high.
“It primarily seems to be driven by the large move in the euro/dollar and also on the back of the Japanese intervention. That seems to be the main driver,” said Leon Myburgh, Sub-Saharan Africa Strategist at Citi.
Tuesday, 25 October 2011
Moneywebtax - Treasury expects R13bn tax revenue shortfall - BUDGET
Moneywebtax - Treasury expects R13bn tax revenue shortfall - BUDGET:
South Africa's economic situation is moving from bad to worse as the downward spiral continues even the tax income is dwindling. In the meantime the Regime is trying to present a variety of excuses for the shortfall, while it is clear that the whole country is headed for a crash.
CAPE TOWN - Treasury is estimating a R13bn under collection in tax revenue and this will require the government to temporarily increase its borrowings.
Minister of Finance Pravin Gordhan said tax revenue collections had not yet recovered fully from the effects of the recession.
With the shortfall of R13bn the estimated gross tax revenue has been reduced to R728.6bn, largely due to a downward revision in net VAT receipts. The VAT receipts have fallen by R13,4bn to R187.5bn, owing to an underestimation of VAT refunds for 2011/12 at the time of budget.
"What this requires is an application of our counter-cyclical policies," Gordhan said.
He added that higher borrowing would be carefully managed as capital markets were volatile and debt servicing costs already the fastest growing category of expenditure. However Gordhan pointed out that Treasury would not introduce a new bond to raise more money.
See more details on "Budget deficit widens" story
South Africa's economic situation is moving from bad to worse as the downward spiral continues even the tax income is dwindling. In the meantime the Regime is trying to present a variety of excuses for the shortfall, while it is clear that the whole country is headed for a crash.
CAPE TOWN - Treasury is estimating a R13bn under collection in tax revenue and this will require the government to temporarily increase its borrowings.
Minister of Finance Pravin Gordhan said tax revenue collections had not yet recovered fully from the effects of the recession.
With the shortfall of R13bn the estimated gross tax revenue has been reduced to R728.6bn, largely due to a downward revision in net VAT receipts. The VAT receipts have fallen by R13,4bn to R187.5bn, owing to an underestimation of VAT refunds for 2011/12 at the time of budget.
"What this requires is an application of our counter-cyclical policies," Gordhan said.
He added that higher borrowing would be carefully managed as capital markets were volatile and debt servicing costs already the fastest growing category of expenditure. However Gordhan pointed out that Treasury would not introduce a new bond to raise more money.
See more details on "Budget deficit widens" story
Sunday, 23 October 2011
1929 Wall Street Stock Market Crash - YouTube
1929 Wall Street Stock Market Crash - YouTube:
The most devastating stock market crash in the history of the United States;
Documentary by PBS - New York.
The most devastating stock market crash in the history of the United States;
Documentary by PBS - New York.
Saturday, 22 October 2011
Daily Maverick :: As Mantashe warns of implosions, Youth League plans revolt in October
Daily Maverick :: As Mantashe warns of implosions, Youth League plans revolt in October:
From the same young people who grandly claim to have influenced the revolts that overturned the Egyptian government and others, come plans of mass action on financial institutions as well as the country’s Presidency. CARIEN DU PLESSIS reports on the ANC Youth League’s plans for 27 and 28 October.
The ANC Youth League must have known that ANC secretary-general Gwede Mantashe expressed concerns about their “confrontational and aggressive posture against the ANC” during the ruling party’s national executive committee meeting last Friday and Saturday.
From the same young people who grandly claim to have influenced the revolts that overturned the Egyptian government and others, come plans of mass action on financial institutions as well as the country’s Presidency. CARIEN DU PLESSIS reports on the ANC Youth League’s plans for 27 and 28 October.
The ANC Youth League must have known that ANC secretary-general Gwede Mantashe expressed concerns about their “confrontational and aggressive posture against the ANC” during the ruling party’s national executive committee meeting last Friday and Saturday.
Global Politician - South Africa: What Future Is There For Whites And Other Minorities?
Global Politician - South Africa: What Future Is There For Whites And Other Minorities?:
The reality in South Africa, let's take stock
South Africa is run by a Marxist regime. They are hell bent on having major black tribes dominating politics and the economy, and will not stop until they have achieved their goals. It is the same thing every other African country has tried to achieve. The inevitable result is:
Total destruction of the economy
Total destruction of food production
Famine
Total destruction and collapse of infrastructure
Substandard education
The eradication of all possible resistance, whites and other minorities through forced emigration, famine or genocide.
A pure Communist state
Zimbabwe-style Communist dictatorship is what the ANC is planning long-term for South Africa. Whether you think it is stupid is totally irrelevant to them. The aim is to stay in power forever. They do not care what they destroy or how many people they brutally kill in the process.
The reality in South Africa, let's take stock
South Africa is run by a Marxist regime. They are hell bent on having major black tribes dominating politics and the economy, and will not stop until they have achieved their goals. It is the same thing every other African country has tried to achieve. The inevitable result is:
Total destruction of the economy
Total destruction of food production
Famine
Total destruction and collapse of infrastructure
Substandard education
The eradication of all possible resistance, whites and other minorities through forced emigration, famine or genocide.
A pure Communist state
Zimbabwe-style Communist dictatorship is what the ANC is planning long-term for South Africa. Whether you think it is stupid is totally irrelevant to them. The aim is to stay in power forever. They do not care what they destroy or how many people they brutally kill in the process.
For $1 billion, one dictator | Exclusive - Yahoo! News
For $1 billion, one dictator | Exclusive - Yahoo! News
Important extracts from the Yahoo article :
Call him the billion-dollar man. One billion for one dictator.
According to the Pentagon, that was the cost to U.S. taxpayers for Muammar el-Qaddafi's head: $1.1 billion through September, the latest figure just out of the Defense Department.
And that's just for the Americans.
The final totals will take some time to add up, and still do not include the State Department, CIA, and other agencies involved or other NATO and participating countries. Vice President Joe Biden said that the U.S. "spent $2 billion total and didn't lose a single life." NATO does not track the operational costs to each member country, but the funds directly taken from a common NATO account for Libya operations have totaled about $7.4 million per month for electronic warfare capabilities and $1.1 million per month for headquarters and command staff, a NATO spokesman said.
Since the operation began on March 31, getting to Qaddafi's final stand required 7,725 air sorties and 1,845 strike sorties, 397 of which dropped ordnance, and 145 Predator drone strikes.
NATO aircraft, including those supplied by the U.S., totaled 26,089 sorties and 9,618 strike sorties through Wednesday.
More than 70 U.S. aircraft have supported the operation, including Predator drones.
NATO flew 67 sorties and 16 strikes sorties over Libya one day before Qaddafi was killed.
The NATO mission also employed submarines, aircraft carriers, amphibious assault ships, destroyers, frigates, and supply ships—as many as 21 vessels at one time.
Additionally, as of one week ago, the U.S. had sold participating countries in the operation roughly $250 million in ammunition, parts, fuel, technical assistance, and other support, according to the Pentagon.
The Congressional Research Services estimate the Afghanistan war has cost nearly $500 billion so far. With Iraq, the figure easily tops $1 trillion.
Important extracts from the Yahoo article :
Call him the billion-dollar man. One billion for one dictator.
According to the Pentagon, that was the cost to U.S. taxpayers for Muammar el-Qaddafi's head: $1.1 billion through September, the latest figure just out of the Defense Department.
And that's just for the Americans.
The final totals will take some time to add up, and still do not include the State Department, CIA, and other agencies involved or other NATO and participating countries. Vice President Joe Biden said that the U.S. "spent $2 billion total and didn't lose a single life." NATO does not track the operational costs to each member country, but the funds directly taken from a common NATO account for Libya operations have totaled about $7.4 million per month for electronic warfare capabilities and $1.1 million per month for headquarters and command staff, a NATO spokesman said.
Since the operation began on March 31, getting to Qaddafi's final stand required 7,725 air sorties and 1,845 strike sorties, 397 of which dropped ordnance, and 145 Predator drone strikes.
NATO aircraft, including those supplied by the U.S., totaled 26,089 sorties and 9,618 strike sorties through Wednesday.
More than 70 U.S. aircraft have supported the operation, including Predator drones.
NATO flew 67 sorties and 16 strikes sorties over Libya one day before Qaddafi was killed.
The NATO mission also employed submarines, aircraft carriers, amphibious assault ships, destroyers, frigates, and supply ships—as many as 21 vessels at one time.
Additionally, as of one week ago, the U.S. had sold participating countries in the operation roughly $250 million in ammunition, parts, fuel, technical assistance, and other support, according to the Pentagon.
The Congressional Research Services estimate the Afghanistan war has cost nearly $500 billion so far. With Iraq, the figure easily tops $1 trillion.
Thursday, 20 October 2011
Ranking of economies - Doing Business - World Bank Group
Ranking of economies - Doing Business - World Bank Group
Whoever develops this ranking does NOT live in the New South Africa.
If ease of doing business is referring to how easy is is to start selling home-made art along a busy road earning R50 - R100 per day, then certainly we belong in 35th place.
If and starting a business is referring to how easy is is to start selling home-made art along a busy road earning R50 - R100 per day, then certainly we belong in 44th place.
Dealing with construction permits 31st place? Have they ever tried getting construction permits in SA? Do they get this information from our corrupt Regime? They should ask any construction company about this before listing us at 31st place.
Registering a property in the New SA is 100% dependent on how large a bribe one is prepared to pay and even then it would take months to years. That is if the documentation does not get lost along the way.
Getting electricity in the New SA is much easier than starting a business or getting a property registered. Doing business with all the power outages is another problem altogether.
Getting credit with our new Credit Act is virtually impossible and has been killing the economy since coming into place. Add the new Consumer Protection Act and making money becomes a nightmare.
This ranking system is a joke and was obviously compiled by someone that had never set foot in the New South Africa and not even worth any further discussion.
Whoever develops this ranking does NOT live in the New South Africa.
If ease of doing business is referring to how easy is is to start selling home-made art along a busy road earning R50 - R100 per day, then certainly we belong in 35th place.
If and starting a business is referring to how easy is is to start selling home-made art along a busy road earning R50 - R100 per day, then certainly we belong in 44th place.
Dealing with construction permits 31st place? Have they ever tried getting construction permits in SA? Do they get this information from our corrupt Regime? They should ask any construction company about this before listing us at 31st place.
Registering a property in the New SA is 100% dependent on how large a bribe one is prepared to pay and even then it would take months to years. That is if the documentation does not get lost along the way.
Getting electricity in the New SA is much easier than starting a business or getting a property registered. Doing business with all the power outages is another problem altogether.
Getting credit with our new Credit Act is virtually impossible and has been killing the economy since coming into place. Add the new Consumer Protection Act and making money becomes a nightmare.
This ranking system is a joke and was obviously compiled by someone that had never set foot in the New South Africa and not even worth any further discussion.
Daily Maverick :: As Mantashe warns of implosions, Youth League plans revolt in October
Daily Maverick :: As Mantashe warns of implosions, Youth League plans revolt in October
From the same young people who grandly claim to have influenced the revolts that overturned the Egyptian government and others, come plans of mass action on financial institutions as well as the country’s Presidency.
CARIEN DU PLESSIS reports on the ANC Youth League’s plans for 27 and 28 October.
Is this the trial run working towards the New South Africa's revolution?
The New SA has all the signs pointing towards a revolution.
From the same young people who grandly claim to have influenced the revolts that overturned the Egyptian government and others, come plans of mass action on financial institutions as well as the country’s Presidency.
CARIEN DU PLESSIS reports on the ANC Youth League’s plans for 27 and 28 October.
Is this the trial run working towards the New South Africa's revolution?
The New SA has all the signs pointing towards a revolution.
Wednesday, 19 October 2011
South African Black Economic Empowerment Explained
Shortly after class, an economics student approaches his economics professor and says, "I don't understand the point of BEE.
Can you explain it to me?"
The professor replied, "I don't have any time to explain it at my office, but if you come over to my house on Saturday and help me with my weekend project, I'll be glad to explain it to you."
The student agreed.
At the agreed-upon time, the student showed up at the professor's house.
The professor stated that the weekend project involved his backyard pool.
They both went out back to the pool, and the professor handed the student a bucket.
Demonstrating with his own bucket, the professor said, "First, go over to the deep end, and fill your bucket with as much water as you can."
The student did as he was instructed.
The professor then continued, "Follow me over to the shallow end, and then dump all the water from your bucket into it."
The student was naturally confused, but did as he was told.
The professor then explained they were going to do this many more times, and began walking back to the deep end of the pool.
The confused student asked, "Excuse me, but why are we doing this?"
The professor matter-of-factly stated that he was trying to make the shallow end much deeper.
The student didn't think the economics professor was serious, but figured that he would find out the real story soon enough.
However, after the 16th trip between the shallow end and the deep end, the student began to become worried that his economics professor had gone mad.
The student finally blurted out,
"All we're doing is wasting valuable time and effort on unproductive pursuits. Even worse, when this process is all over, everything will be at the same level it was before, so all you'll really have accomplished is the destruction of what could have been truly productive action!"
The professor put down his bucket and replied with a smile, "Congratulations. You now understand BEE."
Can you explain it to me?"
The professor replied, "I don't have any time to explain it at my office, but if you come over to my house on Saturday and help me with my weekend project, I'll be glad to explain it to you."
The student agreed.
At the agreed-upon time, the student showed up at the professor's house.
The professor stated that the weekend project involved his backyard pool.
They both went out back to the pool, and the professor handed the student a bucket.
Demonstrating with his own bucket, the professor said, "First, go over to the deep end, and fill your bucket with as much water as you can."
The student did as he was instructed.
The professor then continued, "Follow me over to the shallow end, and then dump all the water from your bucket into it."
The student was naturally confused, but did as he was told.
The professor then explained they were going to do this many more times, and began walking back to the deep end of the pool.
The confused student asked, "Excuse me, but why are we doing this?"
The professor matter-of-factly stated that he was trying to make the shallow end much deeper.
The student didn't think the economics professor was serious, but figured that he would find out the real story soon enough.
However, after the 16th trip between the shallow end and the deep end, the student began to become worried that his economics professor had gone mad.
The student finally blurted out,
"All we're doing is wasting valuable time and effort on unproductive pursuits. Even worse, when this process is all over, everything will be at the same level it was before, so all you'll really have accomplished is the destruction of what could have been truly productive action!"
The professor put down his bucket and replied with a smile, "Congratulations. You now understand BEE."
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