The author has been described by News Ltd as an "iconoclast", "Svengali", a pollie's "economist muse", and "pungently accurate". Fairfax says he is a "Renaissance man" and "one of Australia’s most respected analysts." Stephen Koukoulas concludes that he is "85% right", and "would make a great Opposition leader." Terry McCrann claims the author thinks "‘nuance’ is a trendy village in the south of France", but can be "scintillating" when he thinks "clearly". The ACTU reckons he’s "an enigma wrapped in a Bloomberg terminal, wrapped in some apparently well-honed abs."

Thursday, December 22, 2011

Euro banks bailed out by Euro taxpayers to tune of EUR489 billion

I am too tired to jump up and down about this. But from Banking Day again:

ECB backstop in heavy demand
22 December 2011 6:51am

The European Central Bank agreed to provide 489 billion euros in three-year funding to 523 banks overnight. It is the longest term-funding ever offered to banks in the eurozone and is one of many measures intended to shore up the stability of the banking sector after a difficult five months caused by continuing unease over public sector debt loads and the prospect of recession in many markets in Europe in 2012. The ECB also provided 30 billion euros in three-month funds to banks. The demand for long-term funds – equal to around US$640 billion – is a marker of the scarcity of long-term investment by privately managed institutional investors. The ECB plans to offer more three-year funds in a second auction at the end of February.
at 8:29 AM