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Strategies & Market Trends : Heinz Blasnik- Views You Can Use

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From: Eva	12/14/2011 11:32:43 AM
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updates -- trotsky, 11:01:15 12/14/11 Wed [1] 1. Comment on the FOMC Decision and US Economic Data Not surprisingly, the FOMC disappointed all those hoping for 'QE3' this time around. Given the combination of recently improving economic data and strong political headwinds, this was to be expected. The recent improvement in US economic data is however not really trustworthy. As ECRI's Lakshman Achutan points out, contractions are not a matter of everything going down in a straight line. The institute continues to assert that its forward looking indicators show that the risk of recession has strongly increased. This would be in keeping with our contention that the interventions to date have weakened the economy further on a structural level. acting-man.com 2. The Bundesbank and the IMF BuBa president jens Weidmann has now further clarified the bank's stance with regards to extending bilateral loans to the IMF. Clearly he wants to avoid any appearance that the central bank intends to finance government debt and so insists that non-European nations must contribute as well. This in turn means that the IMF proposal is effectvely DOA - as the US has already announced it won't contribute. One wonders why the Bundesbank raised hopes in the first place and why the euro-group did not coordinate its IMF plans with other nations. In remarks to journalists, Weidmann has once again reiterated his view that one can not win back market confidence by breaking the rules. However, he also insists that there 'is no plan B' - a breakup of the euro is simply not even contemplated. This particular view seems to be in urgent need of an update, given that a break-up looks ever more probable. acting-man.com

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