Community Views : What’s on the boards today….3rd Dec 2010

3rd December 2010


The Daily Telegraph

Jean-Claude Trichet, the ECB's president, said emergency lending support for eurozone banks would be extended until at least April next year, citing "acute tensions" in the market. However, Mr Trichet said there had been no decision to step up purchases of peripheral bonds to a whole new level – the so-called "nuclear option" – despite the potentially dangerous rise in Spanish, Italian, Belgian and even French yields over the past three weeks.

Expatnhappy thinks: "So the Bernanke Helicopters have been stowed and will not be used to shower the Eurozone Banks and bondholders with newly printed Euros. So, that option having been ruled out, one can only wait for the inevitable end of the Euro with Germany refusing to fund further bailouts and/or a PIG default."

The Guardian is causing confusion to readers on this subject and are saying:

WageslaveX14 comments: "I've just looked back at your previous article, Pip, which had the headline: "ECB dashes hopes as it refuses to pump extra money into eurozone", which was written only 2 hours before this one. Can you PLEASE start writing articles which explain the reality of the situation? one of the reasons the banksters get away with what they do is because you guys don't report it properly. This is VERY important!"

The Economist is discussing yesterday's decision that emergency lending support for eurozone banks would be extended until at least April next year.

"The euro is proving horribly costly for some. A break-up would be even worse"

pedrolx writes: "when will these anti-Euro, Euro bashing news items will end? We have grown tired of them, the crisis exists in the media, and in the media only. Worry about the Californian or the British debt for a while. Be a little be better than yourselves, become better journalists. Show a different side to the story. As if, the Euro was the only thing the financial world had to worry about. The English-media party is over. Bond yields are falling (Portuguese bonds aka Obrigações do Tesouro are now reaching 5.9%) . Sorry guys you schadenfreude has just been postponed. Maybe next decade."

The Wall Street Journal readers are saying:

James Kass thinks: "Debt Markets Dont Believe Ireland's Lucky Charm"

And Michael Selden says: "Just as the fed taxes everyone's savings (through currency devaluation) to finance connected people who make bad choices the ECB will be taxing European savers to finance their own well connected folks."

FT Alphaville

Despite Thursday's European Central Bank bond purchases and the announced extension to April of its liquidity function, BNP Paribas' Paul Mortimer-Lee thinks it's inevitable that much more will be needed, and soon.

mojomogoz says: "With 10%pa of GNP being used for debt payment poor little Ireland is fd. It's people and/or markets will realise that quite soon and rebel against the stupidity. With the Irish job as the last evidence of crisis management European style it is going to take much more than showy moves by the ECB and debt buying posturing to prevent market getting their knickers in a twist. We will look at yesterdays jolly japes as laughable poor…the market can be a little slow sometimes but it will hold the ECB in mistrust now. Silly silly people"

The Independent

"The Government has scrapped plans to force big businesses to disclose the difference in pay for men and women they employ, on the day it emerged that little progress had been made in bringing women into the boardroom."

49niner thinks: "Not sure what government can or should do to tell companies how they should pay their staff. The best thing government can do is to lead by example in the way of equal pay. If companies won't be open about they policies on pay, people should draw their own conclusions. Incomes policies in various forms have been tried in the past and failed dismally. This is probably a sensible decision to scrap a policy that would have ended is disappointment and failure."

The Daily Mail

"MPs were paid £3.1 million in expenses in the first three and a half months after the general election – but members are still complaining about the new system."

Very mixed opinions on this:

Richard says: "Look – the amount is irrelevant. Were these expenses claimed legitimately on government business, necessary to the professional execution of the scrounging MP's job and were they accompanied by a proper receipt? If so then we have to pay up. If not the Fraud Office should for once feel their collars severely"

Whereas will smith thinks: "A pig is a pig and nothing will change."

This is Money

"Around 700,000 extra people will be forced to pay higher-rate tax next April, dragging many teachers, nurses and other professionals into the 40% band."

georgehants starts with: "It would be wonderful to know how many, as a percentage of higher rate tax payers do a job that benefits society equally to say a nurse, dustman, teacher, road sweeper,
etc. etc."

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