Nobel prize winner in economics calls to 'teach the speculators a lesson'

[Doggy Styles]

Actually I think he's taking a leaf out of the bankers blackmail manual... basically saying.

"Bail us out on our terms, or we'll take your precious Euro down with us..."

We won't get off scot free on this, but even so, we can console ourselves with the thought that he's not saying it to us!

[centurian]

Actually I think he's taking a leaf out of the bankers blackmail manual... basically saying.

"Bail us out on our terms, or we'll take your precious Euro down with us..."

[HairyArsedBloke]

And are the Greeks grateful for the fact that other members of the Euro are now contemplating bailing them out

Not exactly....

http://news.bbc.co.uk/1/hi/world/europe/8513430.stm

Ungrateful #@%$

I bet his phone is red hot with people telling him to STFU

This is third hand reporting, there is a feeling of "'nuff of this 'scape goat lark. We're gonna 'ave ya" attitude brewing in the financial community.

No prizes for guessing which side HAB is on.

[centurian]

And are the Greeks grateful for the fact that other members of the Euro are now contemplating bailing them out

Not exactly....

http://news.bbc.co.uk/1/hi/world/europe/8513430.stm

Ungrateful #@%$

[DiscoStu]

what do you mean

You type all your old toot and do your self-righteous bit several times a day, but when I give you hard quantitative data that illustrates your position all you give me is

Anyone would think that you didn't understand what you bang on about.

[HairyArsedBloke]

what do you mean

You type all your old toot and do your self-righteous bit several times a day, but when I give you hard quantitative data that illustrates your position all you give me is

Anyone would think that you didn't understand what you bang on about.

[HairyArsedBloke]

Watch Stiglitz get torn a new one here:

http://www.youtube.com/watch?v=E4MAifsp-8E

[Scary]

Watch Stiglitz get torn a new one here:

http://www.youtube.com/watch?v=E4MAifsp-8E

[AtW]

Remember this?

This weeks figures came out earlier. EUR Net short has gone from 43,741 to 57,152 (31%) worth $9.8billion.

Don't tell Gordon, but the figures for GBP is not nice. It's gone from a net short of 33,968 to 52,756 (55%) - worth nearly $5.2 billion.

[HairyArsedBloke]

Contracts on the Chicago Mercantile Exchange (CME), a closely-watched speculation barometer, showed that in the past week net short positions against the euro rose from 39,500 contracts to 43,700 – worth €5.5bn ($7.5bn). Greek prime minister George Papandreou has characterised the behaviour of capital markets, which have put a rising premium on interest rates to his government, as part of a broader speculative attack on the currency.

Remember this?

This weeks figures came out earlier. EUR Net short has gone from 43,741 to 57,152 (31%) worth $9.8billion.

Don't tell Gordon, but the figures for GBP is not nice. It's gone from a net short of 33,968 to 52,756 (55%) - worth nearly $5.2 billion.

[AtW]

Actually, the Commodity Futures Trading Commission.

[HairyArsedBloke]

Actually, the Commodity Futures Trading Commission.

[AtW]

It is true that the speculative positions reported in the weekly CoT released on Friday did show a large net short position.

Was the list released by HM Prison Service?

[HairyArsedBloke]

Atw, I've been waiting HOURS for you to write your nonsence on this item.

Joe Stiglitz, the guy quoted, is doing the rounds of the media promoting his latest book. He was on Bloomberg this morning. He is a pot noodler of the first order.

It is true that the speculative positions reported in the weekly CoT released on Friday did show a large net short position.

[AtW]

Pressure on the Greek government to put its books in order or face a bail-out intensified as investors continued to flee its debt, pushing the country further towards a possible debt spiral.

Yields on Greek debt rose by 14 basis points, as investors digested the fact that G7 and eurozone finance ministers refused at their weekend summit to provide more detail on a rescue package for the troubled economy.

Alongside Portugal, Spain, Italy and Ireland, Greece has been the focus of widespread market selling over the past few weeks, with investors fearing the countries may be unable to repair their balance sheets alone. The interest rate on Greek 10-year benchmark debt is now 6.75pc, compared with fellow euro member Germany’s rate of 3.14pc.

Suspicions that the Greek crisis could give way to a full-blown attack on the euro have been reinforced as it emerged that currency speculators have increased their bets against the currency to the highest level since its creation.

Contracts on the Chicago Mercantile Exchange (CME), a closely-watched speculation barometer, showed that in the past week net short positions against the euro rose from 39,500 contracts to 43,700 – worth €5.5bn ($7.5bn). Greek prime minister George Papandreou has characterised the behaviour of capital markets, which have put a rising premium on interest rates to his government, as part of a broader speculative attack on the currency.

The CME figures will spark fears that, much like George Soros in the early 1990s, hedge funds will lay siege to the single currency. Since Greece, Portugal, Spain and Italy, all of whom are facing similar issues, cannot devalue or inflate their way out of the crisis, economists suspect that they will have to receive assistance from other euro nations to avoid inflicting cuts of unprecedented ferocity on their economies.

Economist Joe Stiglitz, who is advising the Greek government, last night denied that the country would require a bail-out, and urged national authorities to intervene in markets to "teach the speculators a lesson". Likening the situation to the Asian financial crisis, in which even healthy economies were targeted as hedge funds and investors withdrew from the region, he told the Sky's Jeff Randall Live show: "The speculators will always look for the weakest link. What they're doing now is a version of the Hong Kong double play in 1997 /1998.

"What Hong Kong did in response was to raise interest rates and intervene in the stock market. They burnt the speculators and Europe needs to do the same thing."

Source: CyberTorygraph

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It always suprised me that no arrest warrant was issued to get Mr Soros - if something causes you massive economic damage, then they should become, at the very least, a person whose presence is not conductive to public good.