The Fed’s Phony Benefits

Published by Philippe Herlin | Jan 17, 2013

There is very significant news that has barely made the headlines : Last week, the Fed has paid $89 Billion in benefits to the U.S. Treasury. It is 18% more than last year’s payment and it wipes out the $79 Billion 2010 record

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Bye, bye, Basel III !

Published by Philippe Herlin | Jan 10, 2013

Incredibly, banks’ wishes have come true in the very first week of 2013 ! Should we rejoice ? Well, not really, because one of the main dispositions of Basel III, where prudential norms of the world banking sector are being discussed, has been emptied of its substance. The crisis of 2008 has show...

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Eurozone’s Fragile Structure

Published by Philippe Herlin | Dec 13, 2012

We won’t be cruel by reminding you that François Hollande, recently, and his predecessor Nicolas Sarkozy, last spring, had declared the Eurozone crisis « over »... All the different bailout plans are only fragile undertakings, and the smallest shock can bring them down, as we know and are witnessing...

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Banks just won’t learn !

Published by Philippe Herlin | Nov 1, 2012

While publishing its last quarterly results, Morgan Stanley, the American bank, announced it had « modified its VaR model in order for it to be more receptive to the recent market conditions ». What’s behind this weird wording ?

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