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Simone Foxman

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Reporter @business -- social issues meet $/business. Fmr Mideast correspondent. Opinions my own, RTs=hmm! ✉ sfoxman4@bloomberg.net Signal: SimoneFoxman.44
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This is how central banks could cause the next financial crisis

This is how central banks could cause the next financial crisis

Quartz — In their attempt to stop the world financial system from imploding, central banks have taken unprecedented measures. But in doing so, they may be sowing the seeds of the next financial crisis-in a way that no one is watching. Since the Great Recession began, central banks have been trying to restore confidence in the monetary system-but never, it seemed, trying quite hard enough. So when the US Federal Reserve announced its latest round of quantitative easing-QE3-on Sept. 13, the markets leapt for joy.
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The US is in the middle of a massive upheaval in how it moves goods, and ports are key

The US is in the middle of a massive upheaval in how it moves goods, and ports are key

Quartz — The near-total closure of the Ports of Los Angeles and Long Beach, which ended today after a week-long strike, could have crippled the flow of goods into the US. But it could be the start of new battles ahead for major US ports. The rise of bigger and more massive ships, the expansion of the Panama canal to accommodate them, and increasing coordination between trucks and trains to make the journey over land cheaper could mean an upheaval in the ports' dominance as early as 2015. This would completely alter the way goods enter the world's largest consumer market.
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GET READY: This Is What Happens If Greece Exits The Euro

GET READY: This Is What Happens If Greece Exits The Euro

Business Insider — Greece's banks have already witnessed severe capital flight, and that's only likely to continue in the event that the country leaves the euro currency.
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Major Economists Everywhere Are Freaking Out Over The Scarcity Of Safe Assets

Major Economists Everywhere Are Freaking Out Over The Scarcity Of Safe Assets

Business Insider — Amid elevated market uncertainty, investors have been clamoring to get their hands on so-called "safe assets," privately and publicly issued securities with little risk used to hedge against more volatile investments. Of primary focus has been sovereign bonds. U.S. government Treasuries, Japanese government bonds, and German bunds are trading at record highs, yielding little profit for investors. But the scarcity-and thus the high price of these securities-has been exacerbated by central bank measures taken to mend the troubles of the crisis.
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That Greek bailout you heard about? Now it's Greece's banks that are doing the bailing out

That Greek bailout you heard about? Now it's Greece's banks that are doing the bailing out

Quartz — The bond buyback plan that Greece announced today should make most people who have a stake pretty happy. The country will use €10 billion ($13 billion) to buy back some of its bonds for 30-40% of their face value (paywall)-this being all they are worth in the secondary market-but investors who sell their bonds back to Greece will get higher quality bonds issued by the EU bailout fund. That's good news for those desperately praying that the euro-zone will remain whole. And hedge funds that bought the debt back when it was even cheaper can still hold on to it in the hopes of one day getting paid back in full.
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Spaniards cope with crisis by drinking more beer

Spaniards cope with crisis by drinking more beer

Quartz — This year hasn't been going very well for the Spanish. With a quarter of the population out of work, it's hard for them to afford costly, memory-killing substances like whisky and brandy. The solution? Drink more beer! That's "clearly" what has happened, according to Morgan Stanley research analysts led by David Belaunde. Although beer remains expensive in Spain compared to the US and Germany, even the most cash-strapped consumers have been able to afford the beverage by skipping the bar and drinking ale at home. It's not certain that the fiesta for beer would continue if Spain's economic conditions worsen, as we have suggested they will.
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LIBOR EXPERT: The Fed Has Destroyed LIBOR

LIBOR EXPERT: The Fed Has Destroyed LIBOR

Business Insider — Intentional distortions of one of the world's most important financial benchmarks have sparked a worldwide scandal. What's more, suggestions that central banks knew about manipulations of the London Interbank Offered Rate (LIBOR) and looked the other way have led many to accuse central banks of failing in their duty of keeping the financial markets working properly.
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This Is What It Means When People Talk About 'Sterilized' QE

This Is What It Means When People Talk About 'Sterilized' QE

Business Insider — When the Federal Reserve purchases a bond, mortgage-backed security, or other asset as part of typical quantitative easing, it essentially injects cash into the economy, and theoretically the value of the dollar would decrease because of the greater supply. "Sterilization" at its essence just means that the Fed is not expanding its balance sheet (or creating money) when it purchases these assets because it's absorbing money from elsewhere in the system.
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