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Tuesday, August 30

30th Aug EARLY - CEE no euro, hear no crisis




Summary: ECB signals easier monetary policy, Trichet and Rehn lie that European banks have sufficient capital and liquidity, BoA and Iceland went to China for money. The CEE countries are increasingly becoming disinterested in the euro process. A while back Polish and Czechs have criticized the euro as the reason for the current crisis, and have stated they have no interest in joining a transfer union and are not in a hurry to decide at the moment.

Joke of the Day: "There is no liquidity or collateral shortage for the European banking system" – ECB’s Trichet speaking to European Parliament yesterday


EURO CRISIS
Nice roundup of the euro situation, and not the first time I’ve liked Simon Derrick’s pieces.
Morning Briefing – BNY Mellon




Czech participation in the euro zone as "not an issue," blamed the euro for the financial crisis now roiling Europe.


Trichet and Rehn state that banks have sufficient liquidity and capital.


FINANCIAL CRISIS

WSJ and CNBC both note the high corr and talk to GS, Credit Suisse about it


30min video interview on Wealthtrack, talks about feedback loops, bearish on stocks, housing
Deep Thought from Robert Shiller – Pragmatic Capitalism

OTHER
The upmove in stocks is not confirmed by a drop in VIX – probably the low-volume move higher is just correction.

Has a scribd-link to the book “The Essays of Warren Buffett”


Recommended: has a link to a pdf file collecting all his posts to a book.


DIVERSION

China-Icelandic markets in everything – Marginal Revolution