tag:blogger.com,1999:blog-14191693640284906582024-02-19T11:58:23.581+01:00SpainconomicsNo Spain no gainMartí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.comBlogger26125tag:blogger.com,1999:blog-1419169364028490658.post-7994992491113086062012-10-28T19:15:00.000+01:002012-10-28T19:15:08.365+01:00European citizenship<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh30ct4hwfuZ5ihbGJbuisz7pEkM6gdagjWhYv1ZoOgTlnLsib9cQ2ZEOGpmB_UatA878dSDoakUYa1u9u2crf97XGXnhiCBI2qgo4IV-zR3WSP9ySgSxlgtMLDD-zKdeFzVWGZ3TJZGp4/s1600/images.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="149" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh30ct4hwfuZ5ihbGJbuisz7pEkM6gdagjWhYv1ZoOgTlnLsib9cQ2ZEOGpmB_UatA878dSDoakUYa1u9u2crf97XGXnhiCBI2qgo4IV-zR3WSP9ySgSxlgtMLDD-zKdeFzVWGZ3TJZGp4/s200/images.jpg" width="200" /></a></div>
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<span style="font-family: Verdana,sans-serif;">Following the extensive discussion around new European countries resulting from secession, legal or illegal, that are already members states now I found it necessary to seek legal references exist on this controversial topic.<br /><br />Well, in fact I don't believe it is controversial, since the Lisbon EU Treaty, clearly states what's the definition of the concept of European Union citizenship.<br /><br />Article 20 (ex Article 17 TEC) provides in paragraph 1 that:<br /><br />"It creates a citizenship of the Union. Shall be a citizen of the Union every person holding the nationality of a Member State. Citizenship of the Union shall be additional to national citizenship and shall not replace it."<br /><br />So is being a citizen of a member country which European citizenship gives you and not the other. If you stop being a member state of the European citizenship is lost.</span></div>
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Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-6508814968150549952012-07-10T10:57:00.000+02:002012-07-12T23:45:19.419+02:00Style question<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpF4u6IqBZdKDhA2StZjluzK6i_aDoGO7bBqspu8iGP0kfrVj4XHj0v0k5JqBakklT_14hjYWC3x8q_YYeO7zZADBHjAU7S7XZMevInsQSEomjj7mi9oG0wWhBuedZkNidFt0dXOjiV8o/s1600/montoro-subida-iva--644x362-630x354x80xX-1.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="111" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpF4u6IqBZdKDhA2StZjluzK6i_aDoGO7bBqspu8iGP0kfrVj4XHj0v0k5JqBakklT_14hjYWC3x8q_YYeO7zZADBHjAU7S7XZMevInsQSEomjj7mi9oG0wWhBuedZkNidFt0dXOjiV8o/s200/montoro-subida-iva--644x362-630x354x80xX-1.jpg" width="200" /></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpF4u6IqBZdKDhA2StZjluzK6i_aDoGO7bBqspu8iGP0kfrVj4XHj0v0k5JqBakklT_14hjYWC3x8q_YYeO7zZADBHjAU7S7XZMevInsQSEomjj7mi9oG0wWhBuedZkNidFt0dXOjiV8o/s1600/montoro-subida-iva--644x362-630x354x80xX-1.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><span style="font-family: Verdana,sans-serif;">If we do a bit of memory and try to be minimally fair, remember that the last time got the PP in front of the Government of Spain, namely in 1996, the economic situation was radically different, this, far from buoyant was redirected through adjustment policies undertaken by the head of the Economy, Pedro Solbes.</span></div>
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<span style="font-family: Verdana,sans-serif;">The erosion of economic ajustment and the political (GAL affaire) for the last government Gonzalez, led the government relief. The PP was found with an economy still in recession but with the duties performed, so a tweak of the wheel, managed to capitalize on their own and others achievements.</span></div>
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<span style="font-family: Verdana,sans-serif;">The current situation can not be compared, obviously, the previous time the international economic situation which was supported and pushed the Spanish recovery, following competitive devaluations and improvement, the Spanish economy enjoyed the international climate to improve all indicators: growth, personal income, unemployment, etc. At the team responsible for then, Rato is assigned much of the success achieved but without offence, must be attributed a large share of that success to the international environment.</span></div>
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<span style="font-family: Verdana,sans-serif;">This time, the transfer of power has not been done in the same way, the crisis is not only national but rather international, Solbes, however much he tried, did not have a President of Government, at least at the beginning of problem, willing to sacrifice for the country, may not even really come to understand the proof of the problem.The PP has come, therefore, the government in an entirely different (though majority) since all the dirty work is done.</span></div>
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<span style="font-family: Verdana,sans-serif;">It is not worth the "laissez faire" to the ship back on track, we must roll up our sleeves. The current team in charge of economic affairs seems, however, have succumbed to the dilettante atmosphere of the Prime Minister, famous for his handling of "tempo": wait and see.</span></div>
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<span style="font-family: Verdana,sans-serif;">Be undertaken important structural reforms draft, have an absolute majority, years away for the next election. Citizens, no matter political color, if you explain things properly, understand them. All that is asked is that they act so that this agony is as short as possible.</span></div>
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<span style="font-family: Verdana,sans-serif;">What is not acceptable is to see the explanations after Guindos triumphalist European rebuke or see Montoro explain why rising VAT beacuse "there are much fraud." It is outrageous.</span></div>
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<span style="font-family: Verdana,sans-serif;">We are fed up that we always are compared with bullfighters and "old fashioned gentlemen", the Spanish are no longer so, only some of its politicians more dandruff.</span></div>
</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-81669897234643218982012-06-11T23:52:00.002+02:002012-07-10T10:57:57.663+02:00Markets<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4HRMYlyE8HkIFD9R0WJ6b1mq0Emue2qbvcqU-cSUecdGHl-aDOdFtd_8QIG2xOYfr3a4UGpo2lZEeYgSGdQzjfNf4l-dgBEUvqAqjm-0o01FnLouDqZQoq8HvNe8pj3_eQs2XpJpD8mc/s1600/bull-and-bear-markets.gif" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="123" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4HRMYlyE8HkIFD9R0WJ6b1mq0Emue2qbvcqU-cSUecdGHl-aDOdFtd_8QIG2xOYfr3a4UGpo2lZEeYgSGdQzjfNf4l-dgBEUvqAqjm-0o01FnLouDqZQoq8HvNe8pj3_eQs2XpJpD8mc/s200/bull-and-bear-markets.gif" width="200" /></a></div>
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At this point in the film there are still those who believe that financial markets are really markets?.</div>
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Today's session has been paradigmatic, initial increases of over 5% to close half a point in the negative zone, the premium risk down at the start to finish higher than it started.</div>
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Had not made the ransom to appease the "markets"?. I fear that something had to fail.</div>
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After the big news of the rescue, all the analysts who appeared on television given by "discounting" the news. This is one of the wonders of the market, everything is discounted, no more than apply the soft efficiency hypothesis and that's it. Everything is in the market, past and present. But today we have breakfast with almost 6% rise, anything went wrong? I can say that the initial movement was due to a monumental closing shorts, especially in banks. After the massive closing, someone could to put up money to have entered the rise, but again do this late in the film are who you want to invest?.</div>
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Individual investors withdrew a long time to try something in exchange, are beaten and run any risk. Are the institutions? Mutual funds and insurance companies and money unwillingness to sign them should be an adventure like today. Who is left? The banks themselves.</div>
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I fear that the protagonists of the creepy downs in recent months to be financial institutions themselves and are playing the dangerous game to cover their losses resulting outcomes in others. The HFT and speculative portfolios of banks are the absolute protagonists of the whole problem of falling asset prices and loss of confidence in the system.</div>
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<span style="font-family: Verdana,sans-serif;">We solve give them more money, where it used? Will they give a respite to the productive economy or continue with the speculation?.</span></div>
</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-17241477102820152692012-05-25T11:33:00.000+02:002012-05-25T11:33:05.761+02:00Junkie´s economy<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCFE-jwHbQV5gxBnWg0US1H8_BsQRqkNnJDCyNKY74d4fMwoIdh6vUAxrA9RsQW0NaavDDX0k0sfQurkjXzSgbMjjI45lWtNkHglEU3Gw8LmgYi9kGGNsEPMFO5nnAevsHIddXzWCTLkM/s1600/images.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCFE-jwHbQV5gxBnWg0US1H8_BsQRqkNnJDCyNKY74d4fMwoIdh6vUAxrA9RsQW0NaavDDX0k0sfQurkjXzSgbMjjI45lWtNkHglEU3Gw8LmgYi9kGGNsEPMFO5nnAevsHIddXzWCTLkM/s1600/images.jpg" /></a></div>
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<span style="font-family: Verdana,sans-serif;">Much has been talk of the causes of the crisis being the ease of lending by financial institutions one of the reasons adduced to explain more.</span><br style="font-family: Verdana,sans-serif;" /><br style="font-family: Verdana,sans-serif;" /><span style="font-family: Verdana,sans-serif;">However true, so is that nobody forced to sign a mortgage. We have experienced a time when society in general has acted as a junkie and the financial system as a drug dealer. Going the distance, I think the picture is appropriate because the loss of purchasing power has been offset by increased access to credit which has allowed high rates of consumption. This consumption obviously has fallen when the pusher has stopped supplying the drug, in this case the easy money and cheap.</span><br style="font-family: Verdana,sans-serif;" /><br style="font-family: Verdana,sans-serif;" /><span style="font-family: Verdana,sans-serif;">In the underworld of drugs, the addict ends badly or in a detoxification clinic to remove the dependency, the pusher ends, at least in the movies, bad or in jail.</span><br style="font-family: Verdana,sans-serif;" /><br style="font-family: Verdana,sans-serif;" /><span style="font-family: Verdana,sans-serif;">Perhaps this is where the script away in real life, in our case the narco gets away with millions of euros in compensation and a new job waiting just around the corner.</span></div>
</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-612145010312951582012-05-16T20:57:00.000+02:002012-05-16T20:57:38.800+02:00Quid prodest Bankia?<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSZTpUpqB4mELMhc2UbT5Iw50rrmRQGAvmm7tRhDeKbbOClYB9iMcw7FpEyOu4h5v1cTIlfandIQrtjVT-rBMxqV6YdIQLzwMc3fIeXSukFr-W1Zu31R7BlCYkmgeFZES17r1mwhFPt1Y/s1600/images.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="149" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSZTpUpqB4mELMhc2UbT5Iw50rrmRQGAvmm7tRhDeKbbOClYB9iMcw7FpEyOu4h5v1cTIlfandIQrtjVT-rBMxqV6YdIQLzwMc3fIeXSukFr-W1Zu31R7BlCYkmgeFZES17r1mwhFPt1Y/s200/images.jpg" width="200" /></a></div>
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<span style="font-family: Verdana,sans-serif;">One of the main reasons that have brought this debacle in financial markets, as well as Greek and French elections, has been the involvement of Bankia.</span><br style="font-family: Verdana,sans-serif;" /><br style="font-family: Verdana,sans-serif;" /><span style="font-family: Verdana,sans-serif;">This has been facilitated by Deloitte's refusal to sign bills. Asserts a wealth gap due to the valuation of accounts Bankia in BFA.</span><br style="font-family: Verdana,sans-serif;" /><br style="font-family: Verdana,sans-serif;" /><span style="font-family: Verdana,sans-serif;">The paradox is that the same auditing firm validated the same accounts for just six months and also a little earlier because of the bank's IPO.</span><br style="font-family: Verdana,sans-serif;" /><br style="font-family: Verdana,sans-serif;" /><span style="font-family: Verdana,sans-serif;">Although it is true that the price has since fallen and Bankia traded well below book value, as other banking stocks, does not seem a sufficient reason for varying the auditor's opinion to the point of refusing to sign the audited accounts.</span><br style="font-family: Verdana,sans-serif;" /><br style="font-family: Verdana,sans-serif;" /><span style="font-family: Verdana,sans-serif;">Is responsible for the auditor to have signed a few bills on time last year were virtually equal to those who have refused to sign? What motivated this change of opinion? Is there a conflict of interest, since it also was responsible for auditing the accounts of members of the merger saving banks? Nobody will say anything, not even the CNMV also validated the IPO? Does repeated Enron?, Do not forget that the current Deloitte emerges from the ashes of Arthur Andersen and the Ibex that Deloitte audits from the current portfolio of clients from the old defunct auditing firm and disappeared but auditors reappeared on the other hand.</span><br style="font-family: Verdana,sans-serif;" /><br style="font-family: Verdana,sans-serif;" /><span style="font-family: Verdana,sans-serif;">Rato is now known that he wanted to change the auditors, can revenge?. Costs the country dearly.</span></div>
</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-23828651210566192012012-05-15T00:12:00.000+02:002012-05-15T00:12:38.441+02:00Rosebud<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7DvSOVo60vxdt4b5goKbpxPniY3DB2bBo_dW1rvrmU1c0agIxY_tYIaxfT_8NEnFChtwUbYuBXGJ7sLuLBaYk9YVn2v4ROFtvPvTZviWOBF4A-pTSlmCBaBVWyxl_V_9Depv9klsxFng/s1600/Rosebud.gif" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="146" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7DvSOVo60vxdt4b5goKbpxPniY3DB2bBo_dW1rvrmU1c0agIxY_tYIaxfT_8NEnFChtwUbYuBXGJ7sLuLBaYk9YVn2v4ROFtvPvTZviWOBF4A-pTSlmCBaBVWyxl_V_9Depv9klsxFng/s200/Rosebud.gif" width="200" /></a></div>
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<span style="font-family: Verdana,sans-serif;">Rosebud are the last words of Charles Foster Kane, Welles transcript created by narrating the life of William Randolph Hearst, american billionaire who came to have 28 headers of newspapers and that, among other things, used for political ends. A front page dictated the media and was responsible, for example, the end of the Spanish empire in 1898 to support and promote the war in Cuba and being, therefore, responsible for the loss of the last Spanish colonies overseas.</span><br />
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<span style="font-family: Verdana,sans-serif;">The need to sell newspapers is seen in current publications as Newsweek, featuring <a href="http://www.huffingtonpost.com/2012/05/13/newsweek-obama-gay-marriage-cover_n_1512794.html" target="_blank">Obama as the first gay president</a> of the U.S. to defend gay marriage. Obviously one thing to defend and another very different practice.</span><br />
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<span style="font-family: Verdana,sans-serif;">In our country we also have our dose of sensationalism, but is unknown for the time recipient of some news. So we have one of the most important national newspapers giving news to the first rank of a blog <a href="http://krugman.blogs.nytimes.com/2012/05/13/eurodammerung-2/?smid=tw-NytimesKrugman&seid=auto" target="_blank">post by Paul Krugman</a>. Krugman uses this blog for many things, obviously is a blog and not The Economist or other specialized published by a prestigious university. Lectures are colloquial and do not have, of course, the same depth of analysis research papers produced after months of study.</span><br />
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<span style="font-family: Verdana,sans-serif;">Well, they use a blog entry, even that of Krugman, who used to teach doctrine so as to mock his enemies (which aren´t few), to whip do not know who. The news that Krugman see that is possible in a few weeks out of Greece to the euro and a "corralito" in Spain and Italy is not only biased and irresponsible, but is practically constitute a crime against the country.</span><br />
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<span style="font-family: Verdana,sans-serif;">How far do you get in this spiral of the worse better?</span></div>
</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-81206480248434542392012-05-09T20:21:00.000+02:002012-05-09T20:21:05.158+02:00More wood, this is war¡¡<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Verdana,sans-serif;">It not seems that the storm will abate in the coming days, quite the opposite.</span><br style="font-family: Verdana,sans-serif;" /><br style="font-family: Verdana,sans-serif;" /><span style="font-family: Verdana,sans-serif;">The various factors that have converged in this May are too important to fade down the road without being lost some more feathers.</span><br style="font-family: Verdana,sans-serif;" /><br style="font-family: Verdana,sans-serif;" /><span style="font-family: Verdana,sans-serif;">It is these moments when you most envy the Americans: polls every four years, a monetary policy that conforms to what the economy needs, not an economy that is set by definition, clarity of ideas, leadership, etc..</span><br style="font-family: Verdana,sans-serif;" /><br style="font-family: Verdana,sans-serif;" /><span style="font-family: Verdana,sans-serif;">In contrast here in Europe continue to insist on the same recipes check despite not working, too much ego at stake and too Calvinist morality, too many elections and too many interests and the rating guys of "Insist and insist in the same way."</span><br style="font-family: Verdana,sans-serif;" /><br style="font-family: Verdana,sans-serif;" /><span style="font-family: Verdana,sans-serif;">The only alternative is a federal Europe, but there is currently no politician with sufficient size to lead the necessary step forward.</span><br style="font-family: Verdana,sans-serif;" /><br style="font-family: Verdana,sans-serif;" /><span style="font-family: Verdana,sans-serif;">How long we wait to decide who should decide? That clean up and clean out, everything else is quite simply a waste of time and money. If he had already done a couple of years, the only difference is that the bad times and we had taken us.</span></div>
</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-8448097584217563872012-04-22T10:56:00.001+02:002012-04-22T10:58:05.736+02:00The Ibex on the Brink<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkl_cKoTF2YTpStJ7qEkfe4rOf0kU7i_RK7oTlkeHQx09oN_i40qUJ_QAsicRhkqYeDdyzQ9clJjadslopJinrOvyz3gY-RaF2ktV5UgohXg1nNM-VAx9T1Xg7JtZ2SusAj1XlBleWizk/s1600/Ibex.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="276" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkl_cKoTF2YTpStJ7qEkfe4rOf0kU7i_RK7oTlkeHQx09oN_i40qUJ_QAsicRhkqYeDdyzQ9clJjadslopJinrOvyz3gY-RaF2ktV5UgohXg1nNM-VAx9T1Xg7JtZ2SusAj1XlBleWizk/s400/Ibex.jpg" width="400" /></a></div>
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<span style="font-family: Verdana,sans-serif;">The spring is not sitting at all well to Ibex, from its inception the corrections have been the main trend that has led the Spanish index to lows of 2009 and virtually the same area from which it rebounded following the dot com crisis early in the last decade. In stock terms, barring more inflation, we can speak of a lost decade.</span><br />
<span style="font-family: Verdana,sans-serif;">The question is what will happen from now. The index is in zone indicators bearings and with a strong oversold, so it is likely a reaction. The situation is if you lose the supports is very negative, it seems quite obvious ABC correction, with the current wave C correction of the whole movement. The question is whether end in the area where the wave A ended or will require a lower minimum, be produced and the length of the C of the same order of A, would lead to a target in the 3,000.</span><br />
<span style="font-family: Verdana,sans-serif;">Given the composition of the Dow with a heavy weight of the banking sector, this end would not be entirely unheard of, if you also add the important weighting Repsol, we have a likely scenario, compatible with punishment differed among the securities industry, with very punished and others resigned to the lateral inertia.</span><br />
<span style="font-family: Verdana,sans-serif;">In the above analysis we referred to the Ides of March and bearish tradition of St. Joseph, today we could bring up the English aphorism of "sell in may and go away". Only 4 days.</span></div>
</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-77066921051449240542012-04-19T20:16:00.001+02:002012-04-19T20:16:09.778+02:00The Nothing<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUGk6X9QO0AN4smgqqsm4GWwuxNzD5fADsNYxFS_qIrhyRJy66a0vz0_p00zcj4B-XUQbMyCze7gsuq-a38kPLzLOFkckmFSl18tYlQSPlnO_gHua12tCfiCKcZeKJifVg75ClNVmG_Cs/s1600/auryn-la-historia-interminable_design.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUGk6X9QO0AN4smgqqsm4GWwuxNzD5fADsNYxFS_qIrhyRJy66a0vz0_p00zcj4B-XUQbMyCze7gsuq-a38kPLzLOFkckmFSl18tYlQSPlnO_gHua12tCfiCKcZeKJifVg75ClNVmG_Cs/s200/auryn-la-historia-interminable_design.png" width="200" /></a></div>
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<span style="font-family: Verdana,sans-serif;">I'm walking through the streets of my city and watch, depressed, as The Nothing is becoming more widespread.</span><br style="font-family: Verdana,sans-serif;" /><span style="font-family: Verdana,sans-serif;">Shops, bars, restaurants are closed one after another without interruption.</span><br style="font-family: Verdana,sans-serif;" /><span style="font-family: Verdana,sans-serif;">It is true that open new stores. Six months. This is what last.</span><br style="font-family: Verdana,sans-serif;" /><span style="font-family: Verdana,sans-serif;">I get the impression that they are burning huge amounts of effort and resources continuously, without any purpose, without continuity, without any future.</span><br style="font-family: Verdana,sans-serif;" /><span style="font-family: Verdana,sans-serif;">Unfortunately only the tertiary sector are not going to get ahead and I fear that at present there is no industry to replace the building sector, so that the decline will be slow and cruel. What a shame.</span></div>
</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-74279313513011900882012-04-09T19:38:00.000+02:002012-04-09T19:38:35.464+02:00Civil servants<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-ZDxLKV0zelPgIcokX-ej1K9DbO0euKg1zjYSSmVlOCYZWPssCD5YjxWdfLOL5ZU5pIXME6qLMn-9gNVGQf86ea-vidBWjyRrd-RDG7v3EwCNUiPYSBSIGPYjqxL1r5qdgC0Abzpzb2w/s1600/442px.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-ZDxLKV0zelPgIcokX-ej1K9DbO0euKg1zjYSSmVlOCYZWPssCD5YjxWdfLOL5ZU5pIXME6qLMn-9gNVGQf86ea-vidBWjyRrd-RDG7v3EwCNUiPYSBSIGPYjqxL1r5qdgC0Abzpzb2w/s200/442px.jpg" width="147" /></a></div>
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<span style="font-family: Arial,Helvetica,sans-serif;">We are waiting for a New International Order, we live in a society in transition and it may last a few years yet, and meanwhile our solution was to give power to the technocrats.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">When society loses faith in its leaders turns his gaze toward the technical, ie those which are in principle free of ideological guidelines and should take only those measures that really are suitable to overcome the current crisis.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">That's in theory, because the technicians are a class by itself, the bureaucracy, characterized by immobility and the low-risk decision making.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">The economic measures taken by our government have not liked anything to markets, just look at the risk premium in our debt, at levels of intervention, and equity markets at year lows. They have not liked, among other things, because only with cuts does not solve the national problem now, growth.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">The current managers are acting as diligent CFOs, when things go wrong act cutting costs and investments, minimizing risk, are likely to take defensive positions. I'm not saying that is not appropriate to take such measures, but like many things in life, it's all about proportions.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">Companies that fall into the hands of CFOs have the danger of financial panic ahead, are dominated by visions in retrospect, that is, remake or break decisions made earlier in another context.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">The companies leading the markets are those in charge but not the CFO to the CEO, that figure should take into account financial aspects, especially in the context of lack of credit, but to have the courage to take risks future growth.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">Our leaders are too worried about their accounts and what they owe, when they should be concerned with how to generate the wealth of tomorrow.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">Again a question of allocation of scarce resources, they have chosen to safeguard the interests of its class, the civil service, and sacrifice the </span><span style="font-family: Arial,Helvetica,sans-serif;">public investment</span><span style="font-family: Arial,Helvetica,sans-serif;">.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">There is an undeniable fact: if it were not so well paid profession of officer graduates would not have so many that they should seek a job opportunity in this area.</span></div>
</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-45412770892453922372012-04-02T11:39:00.000+02:002012-04-04T19:36:34.106+02:00The wasted years<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHgIzpjei8x6tpgmwXG9VFttq-ziixjiYzZfHUJ9zqXdx7QWJfg3WCKHNzCzr9zZc41t-86RReJoUuNW6nrISrx93qXuMQzHd78BWCpiTY0jif5YifXZZMBVL2SeBHGPA96-MMJQEq4u4/s1600/Ibex.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><br /></a></div>
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<span style="font-family: Arial,Helvetica,sans-serif;">The markets may not go down well at the recent measures taken by the spanish executive, probably because they realize that they will not be much use, at least in the short term. It will not improve employment, will not improve the consumer, will not improve growth, will not improve the deficit (which makes sense since it is based on everything else). Budgets are fears that become applicable after the summer, so it has installed a sense of "another lost year".</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">It wasn't 2011, not 2012, it is doubtful that the 2013 and probably the start date of light recovery is 2014 or 2015. Overall, a waste decade for everyone. Those who have no work now, nor will in the coming years, so when the economy recovers it will be unrecoverable.</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">Whether you are young, because then it will be another cohort willing to take his place in the pyramid, and for the seniors, if they are now in an age when companies do not look at them, within 3 years and will flesh retirement 10 years although they are active. In economic terms this is called obsolescence, although the equipment to operate, companies prefer a new one, although it makes the same function have to look again, to be "cool", we like the Ipad, we started to the labour market and, at the same time, we are history .</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHgIzpjei8x6tpgmwXG9VFttq-ziixjiYzZfHUJ9zqXdx7QWJfg3WCKHNzCzr9zZc41t-86RReJoUuNW6nrISrx93qXuMQzHd78BWCpiTY0jif5YifXZZMBVL2SeBHGPA96-MMJQEq4u4/s1600/Ibex.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="277" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHgIzpjei8x6tpgmwXG9VFttq-ziixjiYzZfHUJ9zqXdx7QWJfg3WCKHNzCzr9zZc41t-86RReJoUuNW6nrISrx93qXuMQzHd78BWCpiTY0jif5YifXZZMBVL2SeBHGPA96-MMJQEq4u4/s400/Ibex.jpg" width="400" /></a></div>
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<span style="font-family: Arial,Helvetica,sans-serif;">The graph of the Ibex-35 does not inspire any hope, only the long-term support (7700) resist, if not, the fall can be historical. Anyway we are not alarmists, the trend is most likely the laterality until they clear up doubts.</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">We'll always have the option, if the Ibex 35 drops too low, that we can sell the whole countrie to China, and then he would be the way to be part of the EU, without meeting the convergence criteria and solve the problem of autonomic deficits: the Tibet's way.</span></div>
</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-57884510765586651572012-03-11T10:26:00.000+01:002012-03-11T10:31:23.620+01:00Early retirees<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGroo9f7I5X4yl0ggHVr2wyBpajjwv75nuHFQVNuzDy0Lc8TnVHngwclebS7Kws8Z8t6cSHs5dY_bINP8wGGEUUSzdzEE4zI0JqIi5VylBEkt9CDee2nczP9FX3EUeq9bfdysE_AdNHbI/s1600/1302610475_188162122_1-RELOJ-SENIOR-STENTOR-HECHO-EN-FRANCIA-Alicante.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="132" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGroo9f7I5X4yl0ggHVr2wyBpajjwv75nuHFQVNuzDy0Lc8TnVHngwclebS7Kws8Z8t6cSHs5dY_bINP8wGGEUUSzdzEE4zI0JqIi5VylBEkt9CDee2nczP9FX3EUeq9bfdysE_AdNHbI/s200/1302610475_188162122_1-RELOJ-SENIOR-STENTOR-HECHO-EN-FRANCIA-Alicante.jpg" width="200" /></a></div>
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<span style="font-family: Arial,Helvetica,sans-serif;">Following takeover <a href="http://online.wsj.com/article/BT-CO-20120307-712286.html" target="_blank">Unnim by BBVA</a> has shown, again, who is bearing the brunt of the restructuring, employees seniors.</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">The statements of the head of BBVA in Catalonia made last week pointed in that direction, the adjustment will be based on relocations and, above all, the layoffs will be made based on early retirement.</span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">I searched Google images of seniors, in the vast majority belonged to elderly couples performing a fun, smiling, happy, carefree.</span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">It is possible that in some cases may be so, even after a certain age is unquestionable, especially if you have health to enjoy it, but in many cases we are hiding behind a perverse effect early retirement from the economic point of view and deeply unfair: is dismissed due to the greater or lesser proximity to the legal age of retirement is not based on your professional skills.</span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">In certain areas where physical activity is the differentiating factor may be reasonable to think that element of discrimination, however, in areas where the experience and background is everything, in sectors where the human element is the resource on which rests the corporate success or failure is difficult to understand him to be dispensed.</span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">The society we are creating a society that criminalizes the knowing and knowledge, despite making this flag, it penalizes productivity, are dismissed as a collective rather than less competitive but for belonging to a particular cohort of age.</span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">Curiously, the same as they were dismissed after they are sought as clients, apparently only a change of view.</span></div>
</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-84701563701039857492012-03-02T19:00:00.000+01:002012-03-02T19:00:09.020+01:00The Ides of March<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Arial,Helvetica,sans-serif;">I am a little concerned, although it seems that no matter how bad the news that appears, and that the market remains above the supports, approaches spring, or whatever it is, the Ides of March. The oldest of the place have always attributed a character bass in late winter and early spring, will be it that alters blood. The truth is that I prefer to think as M. Twain and hope that this month is as good or bad as the others.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkPQbZpYOi-Ro3yfRgavS37dfP36ZEFGj9PT_jChXUwfikDtsbIG4DhOnzcEgP_KxBapMYVgoikveTaf_XH8Ul5gS9JUY5QYutxf3KcMrdhtKtQg9hV6mInX-v6f_A6MCQShAKZADYoPA/s1600/Ibex.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="276" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkPQbZpYOi-Ro3yfRgavS37dfP36ZEFGj9PT_jChXUwfikDtsbIG4DhOnzcEgP_KxBapMYVgoikveTaf_XH8Ul5gS9JUY5QYutxf3KcMrdhtKtQg9hV6mInX-v6f_A6MCQShAKZADYoPA/s400/Ibex.png" width="400" /></a></div>
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<span style="font-family: Arial,Helvetica,sans-serif;">The Ibex, despite everything, is below the resistance line, an area that in recent months has been impossible to penetrate. The indicators are somewhat overbought so, barring any positive surprise, it not seems that there will be a break immediately.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">The finding by Rajoy that is impossible that what is impossible, despite the tenacity Calvinist from Central Europe, and the unstoppable rise in unemployment; the measures taken are not going to give short-term results, especially for what it really reduces the unemployment is growth, and I fear it is the only one not expect. As the pendulum rule requires, in addition, ministers are now more than ash and give no joy to anyone.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">Moreover, the evolution of certain commodities, especially oil, threatens to end to screw the little hope there, that the rest of Europe to grow and pull us.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">Bad times for poetry.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVvu0a-KqKJjfRx5SS74Mg1-nK3N4_gGINm5e20fu26O4sK74d6sVmST5TGyjVHaNLAdbkhL0ZvyfP3WZ16yWXJueDy6b2KYPJ5zL8V1KrJJ8nMnEbDK_DhepiZs98TOumZd01Cud3qmM/s1600/brent.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="248" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVvu0a-KqKJjfRx5SS74Mg1-nK3N4_gGINm5e20fu26O4sK74d6sVmST5TGyjVHaNLAdbkhL0ZvyfP3WZ16yWXJueDy6b2KYPJ5zL8V1KrJJ8nMnEbDK_DhepiZs98TOumZd01Cud3qmM/s400/brent.png" width="400" /></a></div>
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</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-78568436163566637772012-03-02T01:01:00.001+01:002012-03-02T01:09:11.710+01:00Barcelona front page of NY Times<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaHxLlppblRVPsgtcjKq7L-hqE-1WhAtXw4pEZukrxcWdRtgmpFh9TdOIx03nwp4KKzkKix8PrYaVIvhH9vqZ3GZTWYE3bWBMs08MLLqEvD3hKhKMnhOTmejyao6aUdENoQ_IN3IlyQIU/s1600/6a00d8341bfb1653ef01630243750b970d-550wi.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="143" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaHxLlppblRVPsgtcjKq7L-hqE-1WhAtXw4pEZukrxcWdRtgmpFh9TdOIx03nwp4KKzkKix8PrYaVIvhH9vqZ3GZTWYE3bWBMs08MLLqEvD3hKhKMnhOTmejyao6aUdENoQ_IN3IlyQIU/s200/6a00d8341bfb1653ef01630243750b970d-550wi.jpg" width="200" /></a></div>
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<span style="font-family: Arial,Helvetica,sans-serif;">Well, looks like we've done it again, Barcelona on the front page of newspapers worldwide, but not held during these days one of the most important congresses related to new technologies or the impact this event has on the local economy, no, once again we are news disturbances generated by a band of fanatics, who covered the mass engaged in urban terrorism with the approval of everyone.</span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">Everyone should be aware that the picture, its characters, they are still, despite the violence they contain, mere puppets of a much more elaborate joke.</span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">On one hand, the mass outrage, they raise rates by pursuing higher education. In Spain, ignorance leads us to hope that everyone has a college degree, in 60 years we have gone from being illiterate to high school graduates struggling to be civil servants or professionals prepared to nurture companies from outside our country, this is called a good investment.</span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">In addition it is intended that social mobility are paid by the state, ie, everyone. It might seem redistributive, but once again the wrong focus, redistribution is allow the best prepared reach the highest levels of knowledge without the cost prevents them from reaching, the rest, if you want, you pay. That is, more scholarships and the rest to pay the real cost of education. We live in a country where the middle and upper middle class send their children to school concerted, good private schools because we pay the rest part. That each hold your candle stick, who can afford private schools that pay and who not, to the public.</span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">Of course, we are in the country of half solutions, as we can not make a local finance law allow municipalities are financed by selling land and urbanized municipality, as we can not afford the education necessary public squares, to subsidize private schools.</span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;">That good business is done with the money of others. Almost I prefer the American model, it will be unfair in some respects, but ultimately prevails further effort and perseverance in his work as a true redistribution of income, the other are front pages.</span></div>
</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-61767361534732449362012-02-21T20:12:00.000+01:002012-02-21T20:12:27.059+01:00Solving the deficit<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7gLLQJ3l6ujrrcC83reaWjM1d3_qjoBBaj7U4veGKm8hLNaONcrcUuMKxB1yfIic5tD699ZSjInaviuYvJElMR2IHeCzQaUU_qQZ_PAcp694PO_vYF26YaG96hYoxvTzIDdk0gqMhocA/s1600/Unknown.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="146" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7gLLQJ3l6ujrrcC83reaWjM1d3_qjoBBaj7U4veGKm8hLNaONcrcUuMKxB1yfIic5tD699ZSjInaviuYvJElMR2IHeCzQaUU_qQZ_PAcp694PO_vYF26YaG96hYoxvTzIDdk0gqMhocA/s200/Unknown.jpg" width="200" /></a></div>
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<span style="font-family: Arial,Helvetica,sans-serif;">The chairman of the Committee for Economic and Financial Policy of the CEOE, Jose Luis Feito, has found the remedy the deficit, since the item of unemployment benefits is most important. Admittedly, the measure could lead, without any doubt, to compete for the Nobel laureate himself.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">It is that any unemployed person refuses a job offer will be withdrawn automatically entitled to collect unemployment benefits. Although, <a href="http://www.lavanguardia.com/economia/20120221/54258745035/el-gobierno-rechaza-eliminar-la-prestacion-a-quien-no-acepte-un-trabajo.html" target="_blank">according to his own words</a>, the job is located in Lapland (far away from Spain, of course).</span><br style="font-family: Arial,Helvetica,sans-serif;" /><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">The hypothesis is that the unemployed are lazy they would rather be at home to work, prefer loafing and receiving a grant to work with the country's progress, they prefer to stay with a handout to earn his salary through effort.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">Personally I think the vast majority of unemployed in this country, first it is not by choice, and second, the rejection of a job can be given at a time when no jobs and the unemployed know that if you can wait a little longer to find a placement in better condition than it offered. I do not think we're in this situation and all unemployed person know that, or take what comes, whatever it is, or there will be a second chance.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">The verbiage and lack of sensitivity seems to have been installed in certain sectors of the <a href="http://www.ceoe.es/ceoe/portal.portal.action" target="_blank">CEOE</a>, not realizing that there are now many people who have a hard and are not directly responsible for that to happen.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">To say that we have to accept a job even in Lapland shows that the worker is not known in our country, a few days ago we saw a story on the failure of many Spanish who have gone to find work in Norway and live on charity. I do not think will be a problem is a problem that no work.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">Anyway, as has its charms, solves the problem permanently, to Gerona unemployed are offered a job in Huelva, to La Coruna in Murcia, the Canary Islands from Madrid, engineers work mason and bricklayers pilot work and so on, certain that the deficit is reduced but not unemployment.</span></div>
</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-19009021286863834002012-02-16T20:05:00.000+01:002012-02-16T20:05:32.759+01:00Mediterranean axis and carnival<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhoJLvgeiuFAz7w6SNI0ldEPXhGgN1sVqmvzPKPb4YpcpZdXfErmpDmWC1rpurAoeioD89nzJNsVYQzIgaRo0sV2aaep-guCviaXRW9pT1MPL1g3acCytyUAWjv4rd9t78K9-06BBRyAIo/s1600/venecia-carnaval-08.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="132" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhoJLvgeiuFAz7w6SNI0ldEPXhGgN1sVqmvzPKPb4YpcpZdXfErmpDmWC1rpurAoeioD89nzJNsVYQzIgaRo0sV2aaep-guCviaXRW9pT1MPL1g3acCytyUAWjv4rd9t78K9-06BBRyAIo/s200/venecia-carnaval-08.jpg" width="200" /></a></div>
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<span style="font-family: Arial,Helvetica,sans-serif;">There should be a product of chance that one of the most budget ministers handled has been dropped by Barcelona during the week of Carnival.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">Carnival is fun anticipating the period of Lent, dates on which Christians are taking a hard period of reflection and penance before the week of passion (Easter).</span><br style="font-family: Arial,Helvetica,sans-serif;" /><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">The carnival comes probably from pagan festivals like the feast of Dionysus Greek or Roman the Bacchanalia. A festival in other words.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">Well, in this healthy environment, we had the visit of Mrs. Pastor, who before the cluster of accidents in the suburban rail network in Barcelona, has come with its cornucopia before "Mardi gras" and has offered, bountiful, plenty of investment (on paper) to unclog the delays endemic to the rail network in Catalonia. Among others also came to reaffirm the government's interest in promoting the Mediterranean axis, the structure of vital importance not only for Spain but throughout Europe, as it would bind using a communication channel, high-capacity North Africa through Morocco to northern Europe.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">So far nothing abnormal, the problem has jumped at once that the minister has removed the mask to say, pleased himself, that central government support as a priority the construction of railway infrastructure, but instead of using the natural step of the Mediterranean, which also includes the most important Spanish ports from the point of view of commercial activity, Valencia, Tarragona and Barcelona, would support a priority axis passing through Madrid and then through the Pyrenees. The crossing of the Pyrenees would be done through a tunnel of new construction of over 40 km long and budgeted (now) at over 6,000 million euros.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">The problem is not, as the minister said that in other parts of Spain are also entitled to be a priority, because that experience and have lived with the AVE that we have mistaken for the Metro. This is rationally make the investment needed to boost the country and be competitive. Pass the train through the center of Spain is not an efficient decision and Brussels, reject it last year.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">All you get with this nonsense is that large projects will always stop to have clear ideas and entertain least try to please everyone. At the end is always a question of leadership, as in previous years, you are missing a lot right now.</span></div>
</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-39879772497104983552012-02-11T00:10:00.000+01:002012-02-11T00:10:37.320+01:00You're fired<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjD4dsrl0k8D8WiDOHV_WfoL_vYLfkft9Lr1dY2dNiN74YrtJAUqEYypLFRuv_P16X-5lsr_Pt2vL1BA9XSXz6egqftF2ozKj_qJm1Tp-ThL9-gsLHqYV-9Zmjx1_96aROIlXvqfOY9MEc/s1600/George-Clooney.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="119" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjD4dsrl0k8D8WiDOHV_WfoL_vYLfkft9Lr1dY2dNiN74YrtJAUqEYypLFRuv_P16X-5lsr_Pt2vL1BA9XSXz6egqftF2ozKj_qJm1Tp-ThL9-gsLHqYV-9Zmjx1_96aROIlXvqfOY9MEc/s200/George-Clooney.jpg" width="200" /></a></div>
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<span style="font-family: Arial,Helvetica,sans-serif;">Well, that's it. It has reduced the dismissal. Now, it's time to create jobs. There are no excuses.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">Nor was there before. In fact, new workers covered by the guarantee of 45 days, at present, practically nonexistent. Those who are hired after the publication in the BOE is going to hurt, so far worth 45.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">There is no doubt that the duality of the Spanish labor market is tightening (or was) and that this prevented the fixed and favored the hiring of temporary chain. But the measures taken today are not going to lower the unemployment rate, not even going to arrest the further deterioration. It's a long-term measure and for now, and for a long time, there will be no results.</span></div>
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<iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.youtube.com/embed/-ar6F-pyaDM?feature=player_embedded' frameborder='0'></iframe></div>
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<span style="font-family: Arial,Helvetica,sans-serif;">But it's media. It was seen on camera Guindos staging his "petit committee." Please.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">Unemployment decreases with growth in Spain, historically, it takes 2 points of GDP growth to reduce unemployment by one point. Do the calculations, 25% unemployment means ...... phew.</span><br style="font-family: Arial,Helvetica,sans-serif;" /><br style="font-family: Arial,Helvetica,sans-serif;" /><span style="font-family: Arial,Helvetica,sans-serif;">The other element is to reduce unemployment with competitiveness, and as we will not compete with emerging economies (<a href="http://www.reuters.com/article/2012/02/08/us-germany-jobs-idUSTRE8170P120120208?feedType=RSS&feedName=everything&virtualBrandChannel=11563" target="_blank">or with the Germans if they charge at 1 € per hour</a>) we will have to, investing in R & D, ie knowledge. But, there's always a but, if we not invest when we could invest, did we do now? No, now we cut spending and firing people. Always pro-cyclical measures. When will we learn?</span></div>
</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-85279827581975673062012-02-07T12:11:00.002+01:002012-02-07T12:48:32.808+01:00Estapé<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijoNs6U-5Yan14yvfJcXsZf37J9zA56zhv3qUZxP_HgV9Q0nxeBzEhZ-shpcNj392GHTty0I1GhwNK8R42-28_40JD8-5nU88CL2sEEPktDDra0LHC807509hDsQgKNVo8f4bIHVZLMVc/s1600/fabian-estape.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="81" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijoNs6U-5Yan14yvfJcXsZf37J9zA56zhv3qUZxP_HgV9Q0nxeBzEhZ-shpcNj392GHTty0I1GhwNK8R42-28_40JD8-5nU88CL2sEEPktDDra0LHC807509hDsQgKNVo8f4bIHVZLMVc/s200/fabian-estape.jpg" width="200" /></a></div>
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<span style="font-family: Arial,Helvetica,sans-serif;">Today I read the professor Estapé <a href="http://dl.dropbox.com/u/40902506/HOCUS%20POCUS.pdf" target="_blank">article posthumous</a> and would like to share. Probably not his best article but if that proves once again that irony, intellectual rigor and independence of judgment of which he always had shown, had not abandoned and remained so "fine" as ever.</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">I remember with nostalgia the lectures I had the opportunity to enjoy the faculty of economics: its faculty. His deep economic knowledge and personality made them to be a real intellectual enjoyment, encyclopedic knowledge, humanism and the bonhomie of which he displayed have been a reference for many of us intellectual.</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">A heartfelt remembrance.</span></div>
</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-7695417080885611832012-02-04T08:45:00.000+01:002012-02-04T08:45:21.320+01:00Chapter 11 killer's<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjtsqBDNmGr7TyWal67wIgJJakPeZNWKwZ5ApgXYhzGLPx4q1POml2AtcsRrkufI-dFkZMiShM-oxAQSLWe-Vw-G0ZYKvxJ1kekRxwYEKFoqOWxf4s_mCGcpXWkrICb4yxwXNMEKQpkPoU/s1600/Spanair-suspende-vuelos-como-reclamar.gif" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="155" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjtsqBDNmGr7TyWal67wIgJJakPeZNWKwZ5ApgXYhzGLPx4q1POml2AtcsRrkufI-dFkZMiShM-oxAQSLWe-Vw-G0ZYKvxJ1kekRxwYEKFoqOWxf4s_mCGcpXWkrICb4yxwXNMEKQpkPoU/s200/Spanair-suspende-vuelos-como-reclamar.gif" width="200" /></a></div>
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<span style="font-family: Arial,Helvetica,sans-serif;">The last failure in Spain again shows that bankruptcy is not nothing but a liquidation form.</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">While in other countries is a tool for companies to have a period of time unless the demands of creditors and can successfully renegotiate a viability plan, see the recent case of <a href="http://online.wsj.com/article/SB10001424052970204449804577067880541410146.html" target="_blank">American Airlines</a> or <a href="http://money.cnn.com/2005/09/14/news/fortune500/delta/" target="_blank">Delta Airlines</a> presented the "chapter 11 "in September 2005, to cite two examples in the industry, here in Spain bankruptcy has only served to liquidate the company, in fact the ultimate goal of most companies that use this procedure (Air Madrid, Air Comet).</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">The insolvency regulation, although recently renovated, looking more preserve the rights of creditors that the viability of the company, much more complicated, both for the vast majority of "bankruptcy administrators" basically legal training, the Spanair has gone to "touch" to a law firm controlled by the </span><span style="font-family: Arial,Helvetica,sans-serif;">Gispert </span><span style="font-family: Arial,Helvetica,sans-serif;">Group "curiously" related with the president of the Catalan Parliament, to the managers of the companies seeking, as it seems in this case, throw in the towel after failing the resource who have been welcoming in recent times, institutional manna.</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">The other big difference with the suspension of payments that have been able to regain economic viability is presented in a reasonable long before the box is dry, because then if it is impossible to reverse.</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">It's a shame that an instrument used elsewhere to revive companies in crisis, something that is outside the normal business, here becomes a purely administrative procedure to close a new company more.</span></div>
</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-733999607725165332011-12-31T13:36:00.000+01:002011-12-31T17:25:29.426+01:00First Strike<div dir="ltr" style="text-align: left;" trbidi="on">
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During the Cold War was called "First strike" the first blow in a hypothetical nuclear confrontation because of its devastating power left virtually unresponsive to the enemy.<br />
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Among the strategies of Mutual Assured Destruction (MAD) is probably the most emphasizes the escalation in the number of nuclear weapons as only having a considerable number of vectors are able to maintain some capacity to respond to a "Second Strike".<br />
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Yesterday we had a "First Strike" economy in Spain. The battery of measures taken by the newly appointed Council of Ministers of Rajoy leaves little doubt of his character. Designed to demolish the morale of the Spanish middle class (which contributes about two thirds of effort), warning that only the "beginning of the beginning" (that is hard to use biblical phrases like this to warn the pseudo Apocalypse come), clears little doubt that had that election campaigns are purely propaganda.<br />
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In media can't advertise a product that has a different use than advertised or contains elements different from those contained in the explanation. We fined for misleading advertising. Instead, political parties play, without exception, to promise heaven and deliver instead, at least, purgatory.<br />
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Nobody doubted that further measures were needed to control the deficit, but we expected more. Those who have announced so far are more of the same, for it was not necessary to change the government.<br />
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Direct reading of that can only prolong the recession and have zero impact on unemployment in the short term, undermine the private consumption and reduce investment.<br />
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Have endeavored to give a horse a purgative to cure indigestion. They are using nuclear weapons and may not have learned that Von Neumann already predicted that conflicts with nuclear weapons summarized in equation 1 + 1 = 0.<br />
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Happy New Year 2012 (despite everything).</div>
</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-57028698205139139502011-12-28T18:58:00.000+01:002011-12-28T19:00:17.880+01:00Efficient markets<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqoTi6qqkNDppGOrQT_wngdmyiOAwkzkcq0fQKfsWctz-5fLwNxoAV6YzHf4u6LBcgk6rr3EFyUWw9r6M1o3I-IYSjfFGpfZQhZasO_7XDBufaiWt4vNWMR5xXdOCaPEuy-7tvkGWwct4/s1600/cartas-marcadas.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqoTi6qqkNDppGOrQT_wngdmyiOAwkzkcq0fQKfsWctz-5fLwNxoAV6YzHf4u6LBcgk6rr3EFyUWw9r6M1o3I-IYSjfFGpfZQhZasO_7XDBufaiWt4vNWMR5xXdOCaPEuy-7tvkGWwct4/s200/cartas-marcadas.jpg" width="137" /></a></div>
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A long time ago that financial markets are no longer efficient markets, to be should have a number of essential elements such as the participation of a large number of buyers and sellers, information handy to everyone and equal conditions access to markets and effective regulation to prevent conflicts of interest.<br />
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Regarding the number of buyers and sellers has been watching the gradual professionalization, which means a significant reduction in the number of independent investors as compensation for its replacement by an elite of managers. Investment funds, including hedge funds, are the current major players in the market function.<br />
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With regard to information has never been easier to access it and has never been so complicated as well, clearing the dust from the chaff, we have not only better information more noise. Something similar to what happens on television, the emergence of more channels has not only improved the level has increased crying.<br />
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In relation to equal access, the ever more numerous automatic trading programs (HFT) will fit trends, creating volatility where there is none to his orders, immense in amount and speed of execution, since they are machines those who shoot, make the most possible where there is nothing. So, ordinary mortals do not have anything to do about it, it is impossible to follow a trend because they are custom made machines.<br />
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The latter would not be so simple if there is background volume, but as it has driven out the small and medium investors, the game is between the tables of the large international brokers and managers who possess the technical and financial capacity to do so.<br />
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Regarding the law, what to say?, the collapse of 2007 seemed to gain momentum in this regard, but again everything has been watered down, the industry is always ahead of the legislator, is faster in the adjustment and pays much better .<br />
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Today the Ibex have fallen by 2% for no apparent reason except that you ignore a possible new war, this time with Iran.<br />
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The year has ended and the profitability of portfolios and funds will not improve in these four days left, to waste this year.<br />
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Large hands are always taken advantage of their privileged position, but now are moving earnestly, now just play with marked cards.</div>
</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-18794666948008668432011-12-20T11:50:00.000+01:002011-12-20T11:50:38.849+01:00Closing the books<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjIEopXZLiKMV0B1267oPqUiAt_INBq1Z9zviUFdpGxjXZZNVCy-BQ7LYMjaU25lDyJg2-MNi1cNzH2PAv4g6Wl1UU9cqoN9JSBDOHf45gAfVZ8tovt6jb3P7N4Gfleif5aVnlQ2Pki-M/s1600/Ibex.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="276" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjIEopXZLiKMV0B1267oPqUiAt_INBq1Z9zviUFdpGxjXZZNVCy-BQ7LYMjaU25lDyJg2-MNi1cNzH2PAv4g6Wl1UU9cqoN9JSBDOHf45gAfVZ8tovt6jb3P7N4Gfleif5aVnlQ2Pki-M/s400/Ibex.png" width="400" /></a></div>
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Approaching the end of the year and is not expected to unravel the enigma about the future evolution of Ibex. We reamain within the lateral pattern with the "good" news that the media seem to be holding and we could have an upward bounce during the first weeks of January to the area of ten thousand.<br />
<br />
Indicators, nevertheless, remain positive, so for now we continue to neutral in the short to medium term. We will have to wait for the breakdown of some of the important areas.<br />
<br />
The only truth is that the great lateral movement that the market started in 2009 remains virtually intact, but the encouraging news is that, if sustained, we are at the bottom of it.</div>
</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-70093447099579980212011-12-16T00:13:00.000+01:002011-12-16T00:47:40.146+01:00Ratings<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnA3vuwQ1qnNlqyrB9oNGk6uQ-ki5jBa4baX9IReJPfG2gbnOI0udpH6DiB7zrT7hVnOBb9HFCFT0FKzGC1y8DXMSF_kS4HSquXow2KzUoHRBnOc0dMqphfaBXxrewBd563zg4YvnjrIQ/s1600/inquisicion_006.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="151" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnA3vuwQ1qnNlqyrB9oNGk6uQ-ki5jBa4baX9IReJPfG2gbnOI0udpH6DiB7zrT7hVnOBb9HFCFT0FKzGC1y8DXMSF_kS4HSquXow2KzUoHRBnOc0dMqphfaBXxrewBd563zg4YvnjrIQ/s200/inquisicion_006.jpg" width="200" /></a></div>
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Europe during the Middle Ages lived the scourge of the Inquisition, were times of religious persecution in which to prove that there wasn't demoniac was a difficult undertaking, since it had to survive the "judgments of God," torture by the which could only be saved by divine intervention, as it was physically impossible to save.<br />
<br />
Something similar happens to us today, countries can not escape the inquisition courts organized by the rating agencies.<br />
<br />
Just today, <a href="http://www.letelegramme.com/ig/generales/france-monde/france/christian-noyer-l-accord-de-bruxelles-est-bon-15-12-2011-1534967.php?xtmc=banque%20france&xtcr=4" target="_blank">the governor of the Bank of France</a>, also is a member of the ECB, has once again questioned the objectivity of the above agencies to the new threats that have been announced with great fanfare. Threats, curiously, raged just before the EU Summit and after the covenants laid down by them.<br />
<br />
They are responsible for continually sabotage any progress, however minimal, putting everything into question. It also states that agencies have a bias because they "forget" that <a href="http://www.bbc.co.uk/news/10604117" target="_blank">the UK </a>is probably worse than their European counterparts former (the UK are not Europe).<br />
<br />
This afternoon, S & P has also lowered the rating to <a href="http://www.reuters.com/article/2011/12/15/us-spain-banks-sp-idUSTRE7BE1SV20111215" target="_blank">10 Spanish financial institutions</a>, including CaixaBank, Sabadell and Popular.<br />
<br />
Not content with the reduction has already warned that in the next four weeks can drive them to downgrade again.<br />
What has changed in 4 weeks? Why does this leak? What do they know or do not know?<br />
<br />
The following table represents the historical probability of default depending on the rating assigned.<br />
<br />
As you can see is corporate and municipal bonds. The level of "investment grade" is lost below BBB.<br />
<br />
The rating is assigned to CaixaBank A to S & P assigned a default rate of 3%.<br />
<br />
Importantly, in the worst cases, the default rate for speculative assets, junk bonds, is 42.35%. Less than half, so not quite understand the panic generated by any redevelopment except that the problem is that nothing seems to add up.</div>
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<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-family: Helvetica; font-size: 13pt;">Cumulative Historic
Default Rates (in percent)</span></b></div>
<div style="text-align: justify;">
</div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: medium none; margin-left: 0px; margin-right: 0px; text-align: left;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="background: #EFEFEF; border: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" width="108"><div align="center" class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<b><span style="font-family: Helvetica; font-size: 13pt;">Rating
categories</span></b></div>
</td>
<td colspan="2" style="background: #EFEFEF; border-left: none; border: solid #9A9A9A 1.0pt; mso-border-left-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 127.0pt;" width="127"><div align="center" class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<b><span style="font-family: Helvetica; font-size: 13pt;">Moody's</span></b></div>
</td>
<td colspan="2" style="background: #EFEFEF; border-left: none; border: solid #9A9A9A 1.0pt; mso-border-left-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 127.0pt;" width="127"><div align="center" class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<b><span style="font-family: Helvetica; font-size: 13pt;">S&P</span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="background: #EFEFEF; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div align="center" class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<b><span style="font-family: Helvetica; font-size: 13pt;">Municipal</span></b></div>
</td>
<td style="background: #EFEFEF; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div align="center" class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<b><span style="font-family: Helvetica; font-size: 13pt;">Corporate</span></b></div>
</td>
<td style="background: #EFEFEF; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div align="center" class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<b><span style="font-family: Helvetica; font-size: 13pt;">Municipal</span></b></div>
</td>
<td style="background: #EFEFEF; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div align="center" class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<b><span style="font-family: Helvetica; font-size: 13pt;">Corporate</span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="background: #F7F7F7; border-top: none; border: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" width="108"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">Aaa/AAA</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">0.00</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">0.52</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">0.00</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">0.60</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="background: #F7F7F7; border-top: none; border: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" width="108"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">Aa/AA</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">0.06</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">0.52</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">0.00</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">1.50</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="background: #F7F7F7; border-top: none; border: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" width="108"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">A/A</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">0.03</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">1.29</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">0.23</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">2.91</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5;">
<td style="background: #F7F7F7; border-top: none; border: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" width="108"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">Baa/BBB</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">0.13</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">4.64</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">0.32</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">10.29</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 6;">
<td style="background: #F7F7F7; border-top: none; border: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" width="108"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">Ba/BB</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">2.65</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">19.12</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">1.74</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">29.93</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 7;">
<td style="background: #F7F7F7; border-top: none; border: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" width="108"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">B/B</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">11.86</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">43.34</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">8.48</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">53.72</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 8;">
<td style="background: #F7F7F7; border-top: none; border: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" width="108"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">Caa-C/CCC-C</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">16.58</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">69.18</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">44.81</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">69.19</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 9;">
<td style="background: #F7F7F7; border-top: none; border: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" width="108"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">Investment Grade</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">0.07</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">2.09</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">0.20</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">4.14</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 10;">
<td style="background: #F7F7F7; border-top: none; border: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" width="108"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">Non-Invest Grade</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">4.29</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">31.37</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">7.37</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">42.35</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 11; mso-yfti-lastrow: yes;">
<td style="background: #F7F7F7; border-top: none; border: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" width="108"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">All</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">0.10</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">9.70</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">0.29</span></div>
</td>
<td style="background: #F7F7F7; border-bottom: solid #9A9A9A 1.0pt; border-left: none; border-right: solid #9A9A9A 1.0pt; border-top: none; mso-border-left-alt: solid #9A9A9A 1.0pt; mso-border-top-alt: solid #9A9A9A 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.0pt;" width="61"><div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica; font-size: 13pt;">12.98</span></div>
</td>
</tr>
</tbody></table>
<div style="text-align: justify;">
</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
One last fact, these are the probabilities of the bonds issued by municipal entities and corporate that have historically had actually default experiences. In the case of countries, should we assign the same probability or is even smaller?<br />
<br />
In Spain we are talking (AA-) of a lower default probability of 1.50%. Does it explain the spread is likely to be paid in relation to German bonds?.</div>
</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-3794940580924326682011-12-14T20:55:00.002+01:002011-12-14T20:59:44.002+01:00Discounting expectations<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfukoBISQ9E7jUojwMQ_5vzBsw4DOR51-qVOv0Ub-krOcOthbx3dWPD3slmevXjyF2SxCQl3igq2tjDpnnkgLtUVLXmigto30duxCKkRTaBIbUAVinYr7TS65JWHufxsY_BaURxD5DcO8/s1600/agenda-dominada-incertidumbre-global_CLAIMA20111213_0072_19.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="188" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfukoBISQ9E7jUojwMQ_5vzBsw4DOR51-qVOv0Ub-krOcOthbx3dWPD3slmevXjyF2SxCQl3igq2tjDpnnkgLtUVLXmigto30duxCKkRTaBIbUAVinYr7TS65JWHufxsY_BaURxD5DcO8/s200/agenda-dominada-incertidumbre-global_CLAIMA20111213_0072_19.jpg" width="200" /></a></div>
<div style="text-align: justify;">
<span class="" id="result_box" lang="en"><span class="hps">We are now</span> <span class="hps">tuck the</span> <span class="hps">end of this</span> <span class="hps">year and the</span> <span class="hps">markets</span> <span class="hps">are not likely</span> <span class="hps">to change</span> <span class="hps">his sad</span> <span class="hps">journey.</span> <span class="hps">The lack</span> <span class="hps">of clarity in the</span> <span class="hps">European policy</span> <span class="hps">adds uncertainty</span> <span class="hps">rather</span> <span class="hps">than reduce it.</span><br /><br /> <span class="hps">How is it possible</span> <span class="hps">that only</span> <span class="hps">four days</span> <span class="hps">after closing a</span> <span class="hps">highly controversial</span> <span class="hps">summit</span><span class="">, Merkel</span> <span class="hps">is dispatched</span> <span class="hps">with a statement</span> <span class="hps">contradicting</span> <span class="hps">the statement</span><span class="">?</span> <span class="hps">What are</span> <span class="hps">then</span> <span class="hps">the Summit</span><span class="">?</span><br /><br /> <span class="hps">Somebody</span> <span class="hps">say</span> <span class="hps">that they were</span> <span class="hps">mere expectations</span> <span class="hps">and</span> <span class="hps">forward</span> <span class="hps">markets</span> <span class="hps">to discount</span> <span class="hps">something that</span> <span class="hps">was not closed</span> <span class="hps">yet</span><span class="">, but</span> <span class="hps">we are so</span> <span class="hps">in need of</span> <span class="hps">good news or</span> <span class="hps">perhaps</span><span class="">, only</span> <span class="hps">in</span> <span class="hps">news.</span><br /><br /> <span class="hps">We were</span> <span class="hps">only</span> <span class="hps">a few days without</span> <span class="hps">bad omens</span><span class="">, we might</span> <span class="hps">think with a</span> <span class="hps">little more clearly</span><span class="">, we might</span> <span class="hps">even stop</span> <span class="hps">to think.</span></span></div>
</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0tag:blogger.com,1999:blog-1419169364028490658.post-40874223521186812892011-12-07T13:47:00.001+01:002011-12-07T14:23:19.292+01:00Moral hazard<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi01H_ZBQAeb0vBErIdUf49cBcpvao5kKzXQeiq_PPBFhFq7PH2lWXelLpdMYx5Q-FqsgM6IeXfIELaXo5RYANLeV4HSE9Ws7fHw22744QA4QwGD9-4keELtFyv91r7OkovrIwbSROa8es/s1600/-utopia.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="153" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi01H_ZBQAeb0vBErIdUf49cBcpvao5kKzXQeiq_PPBFhFq7PH2lWXelLpdMYx5Q-FqsgM6IeXfIELaXo5RYANLeV4HSE9Ws7fHw22744QA4QwGD9-4keELtFyv91r7OkovrIwbSROa8es/s200/-utopia.png" width="200" /></a></div>
<div style="text-align: justify;">
<span class="" id="result_box" lang="en"><span title="Quisiera destacar varios artículos aparecido recientemente, uno es la entrevista realizada a Juergen Stark, economista jefe del BCE que dimitirá en breve al no estar de acuerdo con la política del BCE.">I
would like to highlight several recent article, first is an interview
with <a href="http://www.creditwritedowns.com/2011/11/juergen-stark-on-ecb-inflation-monetisation.html" target="_blank">Juergen Stark</a>, ECB chief economist resign shortly to disagree with
the policy of the ECB. </span><span title="El otro es el artículo publicado en El País del Premio Nobel J.">The other is the article published by Nobel Prize </span><span title="Stiglitz y una declaración (más que artículo) del expresidente francés Giscard d'Estaing sobre la visita a Europa del secretario del Tesoro norteamericano Timothy Geithner."><a href="http://www.project-syndicate.org/commentary/stiglitz146/English" target="_blank">Stiglitz</a>
and a statement (rather than paper) from the French president Giscard
d'Estaing on the visit to Europe by U.S. Treasury Secretary <a href="http://www.lemonde.fr/crise-financiere/article/2011/12/07/le-secretaire-americain-au-tresor-au-chevet-de-l-europe_1614108_1581613.html#ens_id=1268560" target="_blank">Timothy Geithner</a>.</span></span><br />
<span class="" lang="en"><span title="En la primera, Stark, nos dice básicamente que no debe pedir ayuda al BCE puesto que esto supone un riesgo moral."><br /></span></span><br />
<span class="" lang="en"><span title="En la primera, Stark, nos dice básicamente que no debe pedir ayuda al BCE puesto que esto supone un riesgo moral.">In the first, Stark, says basically that the ECB should ask for help since this is a moral hazard. </span><span title="Si se permite su ayuda, los gobiernos "pecadores" no tendrán su "penitencia", por lo que en el futuro no corregirán adecuadamente los desajustes.">If
allowed to help governments "sinners" will not have his "punishment", so
in the future does not adequately correct the imbalances. </span><span title="Quizás olvida que son circunstancias muy especiales las que han abocado a determinados países a esta situación, excepto para Grecia el resto de países tienen un problema de crecimiento, no de deuda.">You
may forget that they are special circumstances which have focused on
certain countries to this situation, except for Greece, other countries
have a growth problem, not debt. </span><span title="Los mercados creen que no se les pagará por qué creen incapaces de generar ingresos a los países deudores, no por qué su deuda sea desorbitada.">The
markets believe that they are not paid for what they believe incapable
of generating income to the debtor countries, not why your debt is
exorbitant.</span></span><br />
<span class="" lang="en"><span title="Stglitz nos recuerda que los niveles de deuda han sido provocados por un exceso de liberalismo en los mercados financieros, que aprovechando la desregulación no han sabido cuantificar correctamente los riesgos."><br /></span></span><br />
<span class="" lang="en"><span title="Stglitz nos recuerda que los niveles de deuda han sido provocados por un exceso de liberalismo en los mercados financieros, que aprovechando la desregulación no han sabido cuantificar correctamente los riesgos.">Stglitz
reminds us that debt levels have been caused by an excess of liberalism
in the financial markets, taking advantage of deregulation have failed
to properly quantify the risks. </span><span title="Los estados se han endeudado para salvar al sistema financiero del colapso fruto de la codicia de unos y del exceso de confianza de los otros.">The
states have borrowed to save the financial system from collapse result
of the greed (greed is good) of some and the overconfidence of others.</span></span><br />
<span class="" lang="en"><span title="Giscard pone el contrapunto de la Europa clásica, la de la "grandeur"."><br /></span></span><br />
<span class="" lang="en"><span title="Giscard pone el contrapunto de la Europa clásica, la de la "grandeur".">Giscard makes the counterpoint of classical Europe, that of the "grandeur". </span><span title="¿Quiénes son los americanos para darnos lecciones?">Who are the Americans to teach us? </span><span title="Nosotros sabemos hundirnos sólos.">We know sink alone.</span></span><br />
<span class="" lang="en"><span title="En un momento en el que se discute el papel del BCE contraponiéndolo precisamente con la Reserva Federal y el mito de que las políticas expanivas con recesión generan inflación a largo plazo."><br /></span></span><br />
<span class="" lang="en"><span title="En un momento en el que se discute el papel del BCE contraponiéndolo precisamente con la Reserva Federal y el mito de que las políticas expanivas con recesión generan inflación a largo plazo.">At
a time when we discuss the role of the ECB contradistinction precisely
with the Federal Reserve and the myth that expansion policies with recession generate long-term inflation. </span><span title="La curva del 10 años americano debería estar por las nubes en ese caso.">The curve of U.S. 10 years should be through the roof in that case. </span><span title="¿Por qué continúan los mercados prestando dinero barato a los americanos con el déficit por cuenta corriente que tienen?">Why markets continue to provide cheap money to the Americans with current account deficits have? </span><span title="¿Confianza?.">Trust ¿?.</span></span><br />
<span class="" lang="en"><span title="¿Cómo podemos generar en la zona euro esa confianza?"><br /></span></span><br />
<span class="" lang="en"><span title="¿Cómo podemos generar en la zona euro esa confianza?">How can we generate in the euro zone that trust?</span></span></div>
</div>Martí Pachaméhttp://www.blogger.com/profile/14771451861645908552noreply@blogger.com0