In the normal financial system, which constitute the banks, all institutions have owners that are represented by the respective boards of directors. These tips caregivers, for their own benefit, not to extend credit to insolvent companies or who is supposed to taxation systems and detects when there are problems, provisions such loans, and proceeded to execute warrants that are taken, if that exist. But bankers can not do what they want with the claim that handle as the bank is not theirs. Are accountable to shareholders, depositors before (because misuse of credit can break the institution and we all lose their money) and before the public finances if, for example, is regarded as an expense credit granted in the knowledge that it would not be returned.
That was the case of Mario Conde who was sentenced to six years in prison for paying 600 million pesetas for a company, without any endorsement Argentia Trust (which later were shown to that company then distributed the money among various Spanish political influence to in governmental decisions in favor of the interests of Mario Conde was not the reason for his detention but he who gave that money without guarantees of payment). I know that in recent times and in some countries, the bankers have ignored these rules and to cap it had not been punished but for the moment in Spain are not in that situation and all banks are reporting profits.
Unfortunately, the savings in the hands of local politicians, it can grant credit without running and without provisions for guarantees, especially political parties, or can not?, Or may not be? If it does occur fairly often ... And now it is intended that these boxes are made even stronger by joining them. No doubt it is a good solution for their survival (in exchange for thousands of layoffs, yes) but also magnify the problem of these entities whose management is so unclear.
The boxes have lost their land, they open branches across the country and even have the largest investments abroad. There is a market Murcia, La Rioja, or Basque, a European level in that category regionalist no sense. It could be said of its social function but that is a vague concept whose spending is little quantifiable and that could be replaced by an increase in tax relief to certain tasks of banking as the sponsorship of culture. If we convert the biggest move in two things: whether it is within the same community, its economic importance is so great that the economic power and political autonomy is even more confused if they join together and boxes of different communities, how to ensure balance, how to unify criteria if the political influence of each autonomous community is different, and yet it remains how to ensure that CajaMadrid-for example, is just in its social spending with Murcia event of a merger with the Fund of Murcia? I think the management problems worsen.
(more ...)
Written by Droblo on December 3, 2008 with 294 reviews
Read more articles on Euribor.
The black money is one that is not controlled by the authorities and may come either from legal activities (the lower volume, usually occurs when writing a retail value of the house that really is negotiated or when not declared an income for rent etc.y that is the easiest is detected) or illegal activities, the more damage it does, both the Treasury, because the volume is huge defraudatorio as by the social implications of this illegal activity.
Outside of those two groups have prostitution in most cases is simply a labor-droit (non-regulated), but it moves a huge amount of money that escapes the treasury (18,000 million € per year) and which is known for and all accepted. I wonder, why? If it is known that some people have an income for work they do, why not pay? And we entered the hypocrisy of the obvious and the laws recaudatorias so obvious to social security, contracts and even the very existence of something that seems to many like the inconvenience that some people rent out their bodies to others for a limited time .
But the most serious cases are those that encompass the black money from the trafficking in women, weapons, drugs, business-screen that never pay taxes, terrorism and so on. All these crimes and generate some more money, mostly, we know where he is. And yet we continue to prefer to pursue the camel neighborhood or the owner of the Puti-club before tackling the root of the problem. I speak of course of tax havens.
These are areas (sometimes country, sometimes not) to protect the identity of companies that have and / or bank accounts there. It is clear that the companies that have and / or bank accounts in a tax seeks to conceal something the treasury of his country. We all know and the authorities also know it. And we should not go too far because there are even within the European Union but outside its jurisdiction as is the case of 1 Gibraltar as a British territory (in this page you can view the list of tax havens).
Why are allowed to have sites where they can escape the capital that would do much good in their respective countries is something we do not know but it is terribly unjust punishment to those who suffer because of our lawful activity and to charge for payroll, we ultravigilados by the Treasury. However, apart from the actual crime prosecutor, the most serious and most sad and, of course, the most hypocritical, is that they permit, and that if such havens exist and could not have control of large flows of money move in the world, it would be much easier to break the networks of illegal activity. Drug trafficking, as we understand it at present, would disappear, the money diverted to terrorist groups were quickly discover, that is, win in the economic, social, in politics ... not only increase the income of tax, disappear entire networks of subversive activities.
Thus, there is no excuse. Why wait?
PD - In this official liaison USA month to month we can see the source of the money flows abroad to invest in assets that country. It is very interesting in itself but what is most striking is so high because they receive the "Caribbean bankings" (obviously tax havens where many Americans have their capital to invest in assets without paying taxes for the Treasury of his country)
Droblo written by the November 26, 2008 with 336 reviews
Read more articles on Euribor.
With a little delay I leave with you the comment of the week, this time from the hand deI hyperactive ICG
November 14, 2008, at 9:32.
Well, well ... it is Friday!
We are pleased to reach safe and sound ... one more week.
I say that if these ladronzuelos and high areas do not realize what's really happening ... then I will explain it! Mss. And Messrs.'s That are up there leading the herd (in which I too am) ... pay attention to what I'm going to say:
The central and basic cause for the slowdown is occurring (wink to Solbes and ZP), crisis, recession, estanflacción, depression ... or as we like to call it, is a simple and easy reason is that ... and ... have gone from Thread! Have skipped the last round of the nut ... at the time of squeezed and enslaved. This is just the reason that the cow no longer gives more milk. We have no milk in the teats ... and we do not have good grass-fed ... and now we are skeletal cows.
It's that simple. Consider:
A) If I collect like my father ... and do not growth. Yes!, Ladies and gentlemen, charging the same thing that my dear father and have spent 20 years. I repeat: the same salary after 20 years ...! Taking into account that I am a thousand times better than him (my father was a pastor and then operator of the assembly line ... does not have an elementary school) ... and I, with EGB, ESO, and Bachelor degree ... and I the same salary ... (how sad, by God!)
B) And if the price of everything has been multiplied by 2, 3, 5 or 10 ... (food, entertainment, restaurants, gasoline, flats, rentals ... and what has not grown ... the CPI has risen at least, that if clothes, cars, ...)
Well ... ... NOT BLOCK THE ACCOUNTS. I left patatero zero in their pockets! Yes, yes ... listen: zero Zapatero! Not one euro. And you wonder: What I have to revive consumption? Well, wait ... because he sat me how to say ... I ask another credit?
Economy and so many masters, many advisers and analistos ... .. what!? Please .... respondanme ... economic elites and rulers of the Spanish comedy farce! for what?
Let's see the rest: whether to "A" less "B" ... what gives? Well, negative numbers, numbers do not mean ... RED? Well I say this in your language: numbers with NEGATIVE GROWTH ... (or numbers slowed).
So I see it:
YEAR 2008: I income 1,200 euros a month (ie "A") ... and it turns out that the concepts of monthly "B" give a whopping 700 euros rent, $ 100 petrol, 100 euros for food, such and such ... ... gives me Yields: -500 euros. I have no NOTHING in their pockets to spend ... on the contrary, the "life" compels me to throw credit card to survive those $ 500 monthly debt.
YEAR 1990: my father entered 200 billion pesetas ( "A") ... and it turns out that this has kept three children, pay floor, car, food ... such and such ... result: still saved money !!!!! Le envelopes!! (eye! And my father has had steady job and fixed his entire working life ... I, however, garbage contracts, agencies and other guarradas ...)
Now they see it more clearly? Eooo ... ... eooo! Lords ruling, employers, entrepreneurs ... ..!!!! eooooo .... where are they? Come accounts? And you know what I see around: the congress and the senate ... .. EMPTY. Our representatives .... those who have to sail through our welfare .... as are pluriempleados and with the 5 billion euros monthly deputy can not come to the end of the month ... because deputies do not work and dedicated to the self-employed or employed person who also have. (Please, a little shame and respect for citizens ... to attend parliament. Claim compulsory attendance of all deputies and senators to all sessions of both houses of parliament).
And so, all I can say that I am as Spanish is what I feel: SHAME! Outrage! IMPOTENCE!
The comment has been slightly censored, you have the original here.
Greetings and who are very good weekend ... I do what I'm feeling, I assure you everyone.
Written by Carlos Lopez on November 16, 2008 with 42 comments
Read more articles on Euribor.
Personal comment.
On Friday the markets seemed to launch a feeling of strength: General Motors touched historic lows and reported that without government help would go into bankruptcy and unemployment in the U.S. grew in two months in more than half a million people and yet the stock market rose. However, if one takes into account that since 1896 he had never lost the Dow Jones in the three days of a presidential election, which the lower SP on Wednesday and Thursday together is the biggest in two days since 1987 and that the rebound technician, was lowered after so much with little volume, and could give an explanation and feared it was an exception to the trend weekly. The large package of measures the Chinese government at the weekend ($ 600 billion is the fifth of GDP, "it will be another and a few cartridges) extended this positive feeling in Asia and Europe on Monday morning With the exception of Ibex. There are over the joys until the afternoon of Thursday in USA.
The bank Santander on Oct. 28, at the mouth of its CEO Alfredo Saez, refused to need more capital. On November 10 announced an expansion. In these few days has been convinced of the impossibility of selling the Bank of Venezuela, the assets in ABN shares, Cepsa, which manages the funds and insurance, at the price demanded. In short, you have bought unsold before and now has been found with a liquidity problem ... (safe somewhere caught in a mortgage-bridge that sounds something) and the expansion is costing him all shareholders in market capitalization million euros. And serve to illustrate what is happening with the economy and that makes this crisis unique: no matter how much lower interest rates, including the Euribor, if that cheaper finance is not paid and if there is interest in using this possible liquidity to invest. Until Santander wants to sell assets and unable to do so raises the liquidity of its shareholders or tries to tap new. Santander can do that but, how many companies can do the same, how much they will get lower financing rates?
I attached two charts USA, with shaded on the cycles of recession, one is the unemployment rate in the U.S. and its forecast to reach 8%
This is another of the ISM manufacturing index:
In Spain the situation is similar, we have known in the past economic data and much worse if we do if the figures do not even bank bad debt is still worrisome (http://www.economistas.tv/la-morosidad-oficial-no- is-so /) As can be seen in other economic cycles figures have been more hopeless, it could be a cyclical crisis and give more reason for the optimists who think they can get out of it in months. But it is necessary to recover the credit market, without that status data will continue to deteriorate and, as we have seen this week, the suspensions of payments that began in financial, went to banks and then to insurance companies, will reach shops and industrial companies.
And that perception is reversing in the economy and stock markets, the beneficial impact of lower interest rates. If we add to this the fact that I commented on the need to sell assets as they lose value to dispose of cash, accounts for the balance of the week. The best quality of the bag-your-liquidity is now one of the biggest obstacles to the upward trend because it is one of the few markets to resort to if you need cash, even at the level of citizens is easier to sell shares even though much is lost to try to sell some other property. As positive aspects of this bad stock market week, two factors: the low volume on downhill (although it can mean that we are still far from the capitulation of course also of the soil) and the finding by the Telecoms sector as a refuge-of-date valid. Now we have to have faith in the famous meeting this weekend but particularly in the aspect stock market got more faith in the possible manipulation of the bullish effect by next Friday 21 to the expiration of some futures (which is the Ibex) and options almost all indices. In fact, statistically the next week is a pretty favorable to the stock exchanges.
Finally, it is very remarkable, despite a rebound from yesterday evening, the lower crude (although the effect of the weakness of € and other causes less understandable its effect on the price of a liter of fuel is less noticeable) of gas natural and generally of all raw materials. This is no longer seen as something positive on the stock exchanges because it's getting a lot of problems in economies where there are a lot of money invested ... the prime example is Russia. You may see manipulative maneuvers to prevent the oil-icon of all raw materials-stop-down and personally I hope to make a speculative-operation in a possible rebound in oil prices and gold. (More ...)
Droblo written by the November 14, 2008 with 337 reviews
Read more articles on Euribor.
The nuclear power plant in Springfield where Homer works, shows us an excellent opportunity to discuss the monopolies and competition.
In this monopoly, has come mainly by two factors. First by high barriers to entry (not exactly cheap to build a nuclear plant and will need several decades to be paid off) and second because there are no substitutes (in the case of Springfield have total dependence on electricity produced by the plant).
In one of the best episodes of the Simpsons (Who shot Mr. Burns, Part 1). Montgomery Burns, the owner of the nuclear power learns that one of the substitutes for the electric light was threatening its dominant position and fix it by buying the competition:
Smithers: Well, sir, certainly has defeated all his enemies: the school, tavern, the residence of the elderly ... should be very proud.
Burns: [looking at the money in your wallet] No, not while my great nemesis continue offering our customers free light, heat and energy. I call this enemy ... The Sun. Since the beginning of time, man has yearned to destroy the sun. Siguiete ... And I will block it.
Smithers: Very good!
Bums: Imagine, Smithers: Electricity and heating power running all day
Smithers: But sir! All plants and trees will die, the owls will leave us deaf ... and the sundial of the people will be useless. I do not want to be part of this project is unimaginably diabolical.
Monopolies are not always so exaggerated, dangerous and unfair. Sometimes it is more than a company with the creation of a "cartel". One of the best known is the OPEC formed by the major oil-exporting countries (They control 75% of oil reserves) which will cut production enough to trigger a price increase. That is the basis of a monopoly, its ability to influence the price of goods.
Other times monopolies are simply making good business, as was the case of the agreement between Google and Yahoo! they finally broke last week due to the pressures that were legal. Another good example was the aggressive distribution strategy from Microsoft that led him to the European courts for more than 10 years.
In the interbank, there is no monopoly but sometimes I get the feeling that they are acting as a cartel What if there is no explanation that the Euribor is ticking so high a differential with regard to the official price of money?. Recall that the official price money in Europe is at 3.25%, we are talking about a spread of more than 1.25%. The number of transactions that ultimately intersect in the interbank is so low that if a few banks are agree are able to raise the value of Euribor above its natural value. (More ...)
Written by Carlos Lopez on November 12, 2008 with 291 comments
Read more articles on Euribor.
The other day I read that the American figure that the state is being spent on trying to resolve the financial crisis is already 2.7 billion dollars, and that in a country that already, even before all this and much needed money. He also knew the number of jobs: 524 thousand new unemployed in two months. And I began to search for information on the actual state of U.S. finances. Let a couple of numbers and put all the zeros, that more than a trillion translates as billions and trillions when we lees and I had to document only on American websites:
- A day on November 11 at 09.14, the debt is U.S. $ 10.635.794.969.002, an amount that is increasing second to second, and in fact there is a ticking clock that will (http://en.wikipedia.org/wiki / National_Debt_Clock) and discussed here not long ago that going from 9 billion to 10 had to fix it. Currently 500.000.000.000 is increasing each month since October, a figure of growth that is expected to be sharply reduced because it is what they grew on average annually since 2003. In September the U.S. government expanded, very appropriately, the limit of indebtedness from 10.6 trillion to 11.3 but everything points that will run short in 2009
- The estimated GDP-American 2007 is 13,800,000,000,000, then the current debt is around 75% of GDP and it seems to get worse closer to 90% only by increasing the debt if we have to account that GDP may actually be reduced if there is recession, this could be even worse. They are not the all-time highs as can be seen in figure but let's remember that it was exceeded 100% due to World War II:
However, many countries are worse off and for years (from among the "big" Japan is close to 200%, in Europe and Italy, Belgium and Greece around 100%) the big problem is that this is only the debt State that is a fraction of the total debt of banks, families and American companies estimate is about 50,000,000,000,000, almost 5 times more than the public and more than 3 times the entire GDP. In Spain, where we have this sense of indebtedness total private debt is double the GDP. (More ...)
Droblo written by the November 11, 2008 with 243 comments
Read more articles on Euribor.
'Oldest
There are no more new items
