World economy talk

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Bank of England

Ailing Britain's central bank turns money taps back on | Reuters

(Reuters) - The Bank of England launched a third round of monetary stimulus on Thursday, saying it would restart its printing presses and buy 50 billion pounds of government bonds with newly created money to help the economy out of recession.

European Central Bank

ECB Cuts Main Rate to Record Low, Deposit Rate to Zero - Bloomberg

The European Central Bank cut interest rates to a record low and said it won’t pay anything on overnight deposits as the sovereign debt crisis threatens to drive the euro region into recession.

Some “downside risks to the euro-area economic outlook have materialized,” ECB President Mario Draghi said at a press conference in Frankfurt after lowering the main refinancing rate and the deposit rate by 25 basis points to 0.75 percent and zero respectively. “Economic growth in the euro area continues to remain weak with heightened uncertainty weighing on both confidence and sentiment,” Draghi said.

People's Bank of China

PBOC Cuts Benchmark Lending, Deposit Rates

BEIJING--China's central bank lowered interest rates Thursday for the second time in less than a month, a surprising move that signals alarm by the authorities in Beijing at the state of the world's second-largest economy.

The People's Bank of China said in a statement it would cut the one-year yuan lending rate by 0.31 percentage point and the one-year deposit rate by 0.25 percentage point.

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In some of the strongest U.S. remarks yet on a crisis that has divided the United Nations Security Council along Cold War lines, Secretary of State Hillary Clinton told the Paris conference that Russia and China must "pay a price" for blocking U.N. sanctions that might press Assad into stepping down.

Defection cheers anti-Assad coalition at Paris meet | Reuters

It's been a pleasure joining this forum, gentlemen

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[ame=http://www.youtube.com/watch?v=lRvPc9q1y5w]Child's Play: Indian street youth develop model banking system - YouTube[/ame]

something you won't hear from our country

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I still believe Obama will get re-elected. Romney is just not good enough a candidate to be honest. And his rich breeding will go against him especially now when people tend to support more socialism when they are in trouble. Unemployment is still stubbornly high in the US and I am not talking about the government numbers. I am talking about REAL UNEMPLOYMENT! Rumored to be much closer to 20% in the US.

either way, they're still pretty much screwed. there's not much difference between the two. I recall there was this ObamneyCare gaffe/slip in the conference call...

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this morning

China's deflating economy

China: CPI increased only 2.2% in June

FXstreet.com (San Francisco) - China's consumer price index (CPI), a major gauge of inflation, increased only 2.2% in the year to June and decreased 0.6% in June this year, according to latest statistics released by the National Bureau of Statistics. The YoY reading came in slightly weaker than the consensus forecast of 2.3%, while the monthly drop surpassed market expectations of a decline by 0.3%. The nation’s Producer Price Index (PPI) also showed a weaker than expected reading in the year to June with a 2.1% decline vs. the consensus forecast of -1.9%. This latest data adds to concerns of weak Asia-growth.

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so much for the EU summit

Spain 10 yr yield 7%

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again, US 10 yr yield



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Norwegian oil fields may go on strike...

LONDON: World oil prices advanced on Monday, rebounding from recent losses ahead of a looming lockout of Norwegian production.

Norway confirmed that oil and gas production would be halted from Tuesday as a result of an industry lockout, after talks between employers and unions failed to end a prolonged strike.

"As the situation stands now, the lockout will be enforced from midnight (2200 GMT Monday)," petroleum and energy ministry spokesman Haakon Smith-Isaksen said on Monday.

"The consequence of the lockout is a controlled close-down of all Norwegian petroleum production and exports" when stocks are exhausted, he said.