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business newsChina Debates: Should it Save the World?
Minyanville's daily roundup of some of the best commentary from around the Web.
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China Real Time Report
Link: China Debates: Should it Save the World?
"Reports this week that China might consider buying Italian bonds unleashed a slew of skeptical and sarcastic comments. Many wondered why China – a nation where many families still struggle to put food on their tables, and where children from poor villages walk a couple of hours each day to sit in dilapidated classrooms – should help out Europeans with easier lives."(For related content read, How to Profit from China's Bailout of Italy)
Free Exchange
Link: Central Banks to the Rescue
"The pledge by the world’s leading central banks to provide unlimited dollar liquidity in three month-loans to battered European lenders cheered up markets on September 15th. European stockmarkets closed up, by more than 3% in France and Germany. French bank shares, which have been in the eye of the storm, recovered sharply (BNP Paribas was up 13% on the day while Société Générale rose by 5%). But the co-ordinated action, while helpful, is a palliative rather than a solution." (Take a look at, Central Bank Announcement Keys Fourth Day Rally)
Real Time Economics
Link: Trichet’s ECB Defense: ‘Unthinkable’?
"Last week, President Jean-Claude Trichet made a forceful defense of European Central Bank. This is an excerpt: “We were called to deliver price stability! We were called on by all the democracies of Europe to deliver price stability and, in particular, of course by the 17 democracies that asked us to issue the currency in their 17 countries. We have delivered price stability over the first 12-13 years of the euro! Impeccably! I would like very much to hear some congratulations for this institution…”"
Credit Writedowns
Link: Why didn't the Fed Release a Statement on the Dollar Liquidity Bailout?
"Look at the post yesterday from the BoE, “Additional US dollar liquidity-providing operations over year-end”. At the end of that press release, there is a link to the statement of every other central bank participating in the liquidity measure… except the Fed. In fact, I was looking for the Fed statement yesterday and didn't find it. And that’s when I went to the BoE and saw they linked out to the other CB statements (sans Fed)." (Also read, Stocks Rally on Confirmation of Liquidity Crisis)
Felix Salmon
Link: When Investment Banks Hire Risk-Takers
"Matt Taibbi is quite right about the $2 billion of rogue-trading losses at UBS. Basically, investment banks hire for risk-takers; they shouldn’t be surprised when this kind of thing happens. In fact, investment bankers by nature have huge appetites for risk, and most of them take pride in being able to sleep at night even when their bets are going the wrong way." (Please read, Rogue Trader Blame Game a Joke)
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