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Great uncertainty in equity markets and currency, which direction to take?

Greece After the financial crisis is exploding in Ireland. This is the dominant factor in recent days has disturbed the sleep of the stock and currency traders.

at a time when the markets seemed well oriented, the exacerbation of problems of PIGS (or PIIGS ) marked a di controtendenza , anche per l'euro che dopo gli annunci di nuovi quantitative easing della Fed aveva ripreso il suo trend rialzista.

Ora si tratta di capire se si tratta di una nube passeggera o di un potenziale inversione di tendenza.

Noi propendiamo per la prima ipotesi , per i seguenti motivi:

1) FMI e UE sono già al lavoro per trovare una soluzione al problema irlandese, verso il cui sistema anche le banche inglesi sono molto esposte e quindi non è interesse di nessuno affossare.

2) il recente precedente greek, however, still not fully resolved, created the basis for a recurrence of interventions to support, without which it would open the door to the very serious accusation, for policy makers Europeans have used two lost and two measures.

3) since Bernanke has "rekindled the printer to make dollars," says as Jim Rogers that still has a little 'too much (in shades), the market liquidity Financial and insurance and some can not help but join the action as other activities, bonds and commodities, are so over-quoted by touching the risk bubble.

4) the prices of the shares are now cheaper than bonds. Just consider the dividends that are distributed the average of U.S. listed companies, in excess of about double the returns of bond coupons the same companies. When one is found in the same conditions, historically has always started a cycle of rising stock prices.

And the euro dollar exchange , whose correlation with the market trend is still valid, should continue its uptrend , pushed particularly by the spread of short-term rates for the single currency. In fact, the ' Euribor 3 months share just 1:04 against the 0:28 libor , fertile ground for lovers of carry trade, which speculate on the best return of liquidity using the opportunities offered by leverage.

also placing repeated and continuous money U.S. should create an effect depreciation on the cross, which is already showing signs of rebound after the clouds Irish momentarily obscured the view.

Warning But the Italian stock exchange , is suffering more than others, even for the political uncertainties. In fact, together with Spain and Portugal is the worst in Europe, having a negative performance in the last 12 months.

And judging by recent events, the economic and political landscape is far from rosy.

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forecast euro dollar exchange rate? Look at the interest rates in August

After year lows touched in June to 1.19, the euro has made a remarkable run against the dollar.

Let's summarize reasons.

problems that had burdened the euro, in particular the situation in Greece and the PIGS , although far from resolution, have just been buffered by the newfound willingness of policy makers not blow up the European single currency.

However if this will be stable over time we will see him since November 2011 when, in all likelihood, the governor of the Bundesbank Alex Weber pass at the helm of the ECB taking the place of Trichet .

The second aspect that is playing for the euro is due to improving the economic prospects of the EU , mostly in Germany for the rest because we are still back in conjunction with the risk for a relapse into recession in the U.S..

The third point that makes you want the markets to bet on the euro again regards statements the Federal Reserve , which seems determined to intervene with a new quantitative easing , or print money. And since with increasing quantities of a given product on the market its price resize the announcement of new liquidity traders are falling stocks dollars in the portfolio.

The fourth reason is probably the most crucial of all: differential between interest rates between the two currencies is increasing day by day . In fact, we find ourselves with a Euribor 3-month period has passed the psychological threshold of 1%, while the libor U.S. stable under the 0.30% sailing.

Historically, the spread between the rates was a crucial element in composition of the exchange ratio and a trend which, if not substantially change things, should continue, unless the big surprises we may find ourselves to the psychological threshold of 1, 50% and then even further, down to the absolute maximum of 1 .60.

The capital flow, the same risk, where they are better paid, the U.S. and now even more shabby look of old Europe.

So what determines the value of the euro-dollar cross bears more resemblance to a " Ciappa -no", where according to the event, operators indirazzano to the uniform that, from time to time, is considered less dangerous.

Meanwhile G20 Korea , breaking news, is proclaimed the "blood volume bbene " through the agreement on paper to avoid competitive devaluations of currencies.

We'll see, especially for problems that the strong yen is causing the Japanese exports, as this proclamation will be maintained in practice.

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Bye bye Blog. Consumo Meno chiude.

Gli addi non mi vengono mai bene pertanto vedo di farla breve. Aprire un blog è stato molto bello. Mi è servito all'inizio, da finto metodico che sono, per far ordine nelle cose. Poi ho scoperto che condividerle con voi è stato ancora più affascinante.

Ho scoperto però che è anche molto impegnativo nella sua gestione. Ricercare, sperimentare, scrivere, analizzare, rispondere, conoscere, salutare, incontrare, ...

In questo periodo mi sto concentrando di più alla vita "reale" e meno a quella "virtuale". Sto aumentando la percentuale di vegetariano che c'è in me (non lo sono ancora al 100%), spread the word of PV between those who know me, I enjoy the weekend outdoors with my family, I read more than usual and I have narrowed significantly the time to the PC.

Currently closed but the blog will remain online until at least still arouse interest.

I do not make lists of friends to thank: Thanks to those who wanted to spend a few minutes of his life going from here, who helped me, who has linked to me, who has just read, who commented, who I met and who not me never born (this category does not exist of course but I put it to give some credibility to the list).

Hello!

Marco

(PS to those who wonder how that turned out the history of television .'s Unveiled a compromise: it is true that I have not bought a new TV but I have not given up on seeing her. Just my brother has given its used:-D)

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I fondi etici collocati sul mercato italiano

I still can not comprehend the fact that ethical funds that have signed are all productive in interest income. I never tire of repeating how my small investments made in the past with banks 'traditional' I have always led the losers and, among other things, insisting on the very type of fund to choose.

What are the ethical funds talked about that. However, there are only funds Ethical Bank (or better Etica Sgr ). A guide attached to the weekly LIFE shows us all the ethical funds operating in the Italian market. I quote here a list of all the funds in the Italian market, reminding you that you do not need an account with the bank that issues the fund to join. Surely, however, find that your bank there are ethical funds may be easier to adhere to many moving part, if not all, of their savings (small or large).

Needless continue to profess in word peace, lovers of the environment and against the exploitation of child labor if they do not do even the slightest effort to adhere to these types of savings that certify the ethics of the fund and invest only in states and / or companies which guarantee certain ethical parameters.

GOLDEN Ethical Finance
AVIVA Sust. Future Pan-Europena Equity
AXA WF Response. Development Bonds A

Telethon BNL

CAAM Funds Euro SRI

DEXIA Equities Sustainable World Sustainable
DEXIA DEXIA Emu

Sustanaible Euro Bond
DEXIA Sustainable Euro Corporate Bonds

DEXIA Sustainable Emarging Market
DEXIA Sustainable Green Planet
DEXIA Sustainable Euro Short Term Bonds
DEXIA Sustainable Europe
DEXIA Sustainable Europ. Balanced High

DEXIA Sustainable Europ. Balanced Low

DEXIA Sustainable Eur. Balanced Medium

DEXIA Sustainable North America

DEXIA Sustainable Pacific

DEXIA Sustainable World Classic
DEXIA Sustainable World Bonds

DWS Invest Responsability

EFFICIENCY European Ethical Bonds

EURIZON Azionario Internazionale Etico

EURIZON Diversificato Etico

EURIZON Obbligazionario Etico

FORTIS L Fund Equity Sri Europe

FORTIS L Equity Sri World Classic

FORTIS L Strategy Balanced Sri Europe

FORTIS L Strategy Growth Sri Europe

FORTIS L Strategy Stability Sri Europe

FORTIS L Green Future C ACC

GESTIELLE Etico per AIL

GROUPAMA Euro Capital Durable Retraite

ING L Invest Sustainable Growth

JPMF Global Socially Responsible

NORFONDO Etico Obbligazionario Misto

OYSTER Responsible Development

PARVEST Euro Corp. Bond Sustain. Develop.

PARVEST Europe Sustaninable Development
PICTET Clean Energy

PICTET European Sustainable Equities P

PIONEER Global Sustainable Equity F

PIONEER Global Ecology Class A

PIONEER Obbl. Euro Corporate Etico

RAIFFEISEN Azionario Etico
SAM Smart Energy Fund EUR

SARASIN OekoSar Portfolio

SARASIN Sustainable Bond Euro

SARASIN Sustainable Equity Europe

SWIP Pan European Sri Equity Fund

UBI Pramerica Azionario Etico

UBS (Lux) Equity Fund - Ecoperfomrance

UBS (Lux) Equity Fund - Global Innovators

VALORI Responsabili Azionario

VALORI Responsabili Bilanciato

VALORI Responsabili Monetario

VALORI Responsabili Obbligazionario Misto

Nikki Fairchild Wikipe

Bags: technical analysis invites us to focus on Wall Street

"Sell in May and go away" says the old adage now stranoto between operators di borsa, detto che nasce dalla comparazione di dati statistici che vedono il periodo compreso tra giugno e settembre come il meno favorevole per gli investimenti azionari.

Dando un'occhiata al grafico sopra, che riguarda l'indice statunitense Standard & Poor's, possiamo verificare se in questo 2010 questo proverbio così popolare tra gli investitori e i broker si sta confermando valido o meno.

In effetti dalla fine di aprile, dove è stato raggiunto un massimo di periodo a 1.220, le quotazioni azionarie sono scese sino a toccare ai primi di luglio i 1010 punti per poi rimbalzare sino ai 1131 nella prima decade di agosto.

Da allora i corsi stanno nuovamente scendendo con un primo target di 1050, violato il quale si aprirebbe la strada per un ulteriore ribasso sino al successivo supporto di 1010.

Pertanto, in attesa che si chiariscano le nubi poste dagli stessi policy maker statunitensi (oltre che dai dati macro-economici) sull'entità della ripresa americana, potrebbe valere la pena agire con cautela, visti anche i segnali di ripiegamento dell'euro e del petrolio, indicatori wage level of confidence expressed by the operators, as well as the current signals of risk aversion expressed by the boom in treasury bonds and German bunds.

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Il dentrificio "natural power" del Paridao

Waiting for the second episode of "TV & Dish" is a case of sending advertising. Paridao thought for me, we've already known some time ago with the discussions on the use of ' tap water. Here are his tips for a good natural toothpaste made in house.

One morning a few months ago I opened the tube of toothpaste and I thought that was the most banal and everyday operation could do. But no: I had just opened up a Pandora's box! The eye had fallen on word "fluoride" and if the Diploma in chemical foreman still had a value in the drawers of my memory, it was open I would solve the oxymoron given the presence of fluoride, one of the most poisonous gas on the periodic table, in my mouth. is not my intention to be a terrorist myself and I know full well that 36 years of banquet with the Captain and his amalgam I still toothless. I also know that this gas stop being scary when it binds to salt with other elements, but from there to think it is the source of my well-being it runs. So, even with the cap of the preparation of the fingers, I'm aware, numerous forums on this, just for example, type "& Toothpaste poison" on a search-engine, I found that quite a few friends are allergic to certain metals, I realized the impact of this product on waste water and I noticed other uncertainties related to the packaging. Awakened my part proactive, I have tested various products and much more natural now, I suggest that I am using the poultice for several months with satisfaction:

• Green Clay superventilated 85%-is in any herbal-
• Bicarbonate Sodium 7% - Herbs, but probably also supermarkets-
• 2% essential oil of your choice-Taste-
• Dried mint, chopped 6%

Keep this mixture in a closed jar drawing a bit of a spoon directly with the brush wet. You can play with the percentages, it is important not to overdo the baking soda to avoid giving too much alkalinity in the mouth. E 'doubts right back in my dentist about these crafts, the Doc believes the clay too abrasive in the long term. After fierce negotiations, I decided to use green clay more fine-super-ventilated and sometimes alternating the use of this mixture to the reopening of Pandora's box. Hello Paridao

Nikki Fairchild Wikipedia

Stop the CCT, the Treasury launches CCTeu

are now on the launch pad CCTeu , the new financial instrument that the State will make available of investors replacement of old CCT.

The novelty is, provided everything else including the 7-year maturities, the benchmark indicizzazione , precedentemente i BOT, ora il tasso Euribor a 6 mesi.

L' Euribor è il tasso interbancario , ovvero il parametro utilizzato dagli istituti di credito per scambiarsi il denaro tra di loro, già in vigore per quanto riguarda i mutui ipotecari.

I vecchi CCT non spariranno di colpo , ma quelli già emessi resteranno sino alla loro scadenza naturale e il Tesoro ha già assicurato la necessaria liquidità per mantenere regolari scambi.

Il provvedimento per ora interessa solo gli investitori Institutional but once created a critical mass in the market, CCteu be purchased in placement, even by individuals who since the first issue will still buy them on the secondary market.

The transition to CCTeu is considered altogether positively , as well as an adjustment to the European practice, allows for a more indexing corresponding to market prices, as the ' Euribor rate is a more representative that of Bot . Also is an alignment with respect to expected parameter for calculating the rates payable for the customer (mortgages).

For the first issues on the spread ' Euribor should be 0.80, which adds 1% of current' Euribor at 6 months for a final gross rate of 1 .80% of . Nothing sumptuous, but in these times of limited rates, that's something considering that it is a variable and then potentially increased if market conditions complied with the standard medium.

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A proposito del tempo delle cose.... tv e lavastoviglie rotte all'unisono.

Mentre latito un po' dal blog per dedicarmi a girovagar per l'italia e all'educazione della Nina , si son rotti contemporaneamente TV e Lavastoviglie.

Eh... il tempo di vita delle cose ....

Dopo molte settimane d'attesa per la pigrizia -elevata a virtù- di dover chiamare un tecnico che riparasse la lavastoviglie (già ci immaginavamo la ricerca impossibile di un tecnico, la diagnosi, i tentativi, telefonate, appuntamenti, ....) abbiam deciso di non ripararla e di farne a meno.

Per la Tv ero invece in minoranza. Ero l'unico in famiglia a volerne un'altra. Above all now that I've heard that Carlo Fruttero can not do without zapping the night. But I managed to find a good compromise. What? A little 'suspense. There the story in the next post!

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Jim Rogers condemns the Euro and raises the raw materials

"I wish that the euro could survive but I do not see how it could. "

With these words, the legendary investor, former partner of George Soros and his time co-manager of the Quantum Fund , expressed his opinion on the future of the single currency in an interview to 'Hera Research LLC, reported by site www.businessinsider.com , of \u200b\u200bwhich these lines are a summary.

Rogers believes that the western world is too debt and long proclaimed the need to include in your portafoglio gli investimenti in materie prime , sulle quali ha creato un paniere di indici che prendono il suo nome.

"Certamente penso che nel 2012 0 2013 l'Euro esisterà ancora" prosegue Rogers , "ma non so se sarà presente nel 2023 . E' stato progettato per essere una valuta forte e solida, ma da allora è diventata una moneta politica e la maggioranza di questi accordi tra le istituzioni politiche internazionali non durano a lungo.

Nessuna unione monetaria ha mai resistito nel tempo, è stato provato. Il mondo ha bisogno di qualcosa che possa competere con il dollaro e l'euro, sulla carta, ha un huge role, but people who have signed his birth are no longer in place and those who decide they want to buy votes now, so I do not see how it could survive .

I also expect a pickup in inflation in Europe, as well as the United States and Great Britain, printing money because it is inevitable to generate, eventually, inflation.

When things go wrong rulers printed currency in recent decades have always done this and continue to do so because is what they do. "

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E' arrivata la compostiera!

To be honest it was already there for a while, but I found the time (and desire) to write the post just now.

have always been accustomed since childhood to separate waste. Under the sink had two bins for collection. Differentiate the damp dry. The latter my dad picked it up for the "ruins" in the garden was nothing but a compost bin. The paper instead was kept for the Oratory, which was the collection to seeing you in the local paper. The glass you ridava traded back to the vacuum system to make.

not upset me, therefore, the introduction of separate collection a few years ago in our common . Now you can also buy compost directly at the municipal offices. After months of waiting for the compost bin has arrived and finally we work with our production of compost.

Who does not know what compost direct you to where this link is explained clearly what it is and as you get.

now handles much of the damp in house we apply the common a discounted rate on waste. In fact, it decreases the amount of wet garbage to be delivered door to door. Something, however, has yet to be given (the bones for example).

For the moment we are just load up, just come to light the first "fruit" I'll tell you what happened.

And you, apart from the Danda who is our mentor on the topic, use the compost? How are you finding? Problems, suggestions?

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Il tosaerba manuale

My old electric mower has ceased to live. Further attempts to adjustment would be considered aggressive treatment. I do not seem appropriate to insist.
This time we decided to buy a manual also saw the impressive dimensions of our garden (100sqm).
E 'was a wonderful discovery. The mower is very light to push (less than a power mower), quiet and comfortable to move. No electrical wires around.
If you cut the lawn with some frequency (which is also good for the circulation of the blood) is not even necessary to collect the grass (the remains are very fine and biodegradable). There are various schools of thought whether or not to leave the clippings on the lawn. Queste dissertazioni sono però superiori al nostro livello di prato che, come potete vedere dal video, è molto selvaggio.
In ogni caso il bidone del compostaggio è sempre lì a pochi passi pronto per fare il suo dovere (ma di questo ve ne parlerò in un altro post).

Nel video ho lasciato volutamente anche il rumore di sottofondo per farne ascoltare la silenziosità.

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Griglia solare

Prego vegetariani e vegani di perdonarmi per questo post ma ormai conoscerete bene i miei limiti e ve ne sarete fatti una ragione.
E poi non è detto che l'apparecchio di cui sotto non possa servire anche per cotture che non siano solo di carne (accidenti quante negazioni ho messo in sta frase, faccio fatica a capirla anche io).
Fanatici eco amanti del barbecue... è arrivata la Griglia solare!!!!

Biogrì è una griglia ad energia solare, innovativa ed ecologica.

Non utilizza infatti alcun combustibile, fiamme dirette o indirette, piastre riscaldate, resistenze o altro: la sola luce solare, opportunamente riflessa, determina la cottura dei cibi.

Essendo quindi la luce del sole l'elemento fondamentale che determina la cottura, non ci sono differenze sostanziali tra estate e inverno ma è importante l'orario where you have to use it (the maximum radiation occurs in the middle of the day) and impidezza atmosphere.

biography reaches maximum temperature of 230 ° -240 ° (the cooking takes place at an average temperature of 180 ° -200 °) and there are times of pre-heating the food immediately begin to heat up because of sun exposure .

biography is ecological: Anodized aluminum base, structural part of natural wood with no paint solvents. With only recyclable packaging (not polystyrene, nylon or plastic). It was filed on patents as a utility model, in addition to the trademark biography. Biography is easily transportable, three-legged base with removable and lockable.
also features a collection tank of cooking oil and grease to avoid soiling the mirror, easily removable for quick cleaning and spit 6-way adjustable fixed (for even cooking on all surfaces), for the use of spit Automatic battery.

Cooking is free of fumes and particles from combustion (such as occurs with traditional wood or charcoal barbecue) to more healthy and natural foods. The orientation towards the sun is through a double-rotation device, using a viewfinder-centering for perfect alignment.

does not require the presence and continued monitoring of the cooking because non vi e’ una fiamma viva e quindi non c’e’ pericolo di bruciature.

E’ necessario un semplice riposizionamento verso il sole ogni tanto: non producendo fumi da combustione è possibile utilizzare BIOGRI’ su balconi, terrazze, giardini, corti e in tutte quelle situazioni in cui i classici barbecue possono creare fastidio alla comune convivenza.

Essendo facilmente trasportabile e non avendo bisogno di combustibili, è particolarmente adatto all’utilizzo in campeggi, pic-nic in campagna, boschi, al mare.

Costo? 228 €

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La Nina

the first stroke of lightning we had read her story on the site of ' ENPA Saronno : a dog than a year has always forced the chain malnourished and in need of a new family.
After a few days we Nina was in a few months and has recovered weight and courage.
And to say that I never had much confidence with dogs .... now a joyful life without the assaults of Nina would seem strange.

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Now the ECB is raising rates

After the severe riots in Athens following the catastrophic political management of the Greek Grisi , references, unfortunately, with Argentina becoming increasingly evident.

Speculation rife pressing CDS spreads by creating a further expansion of already very high, with the help of credit rating agencies that issue a downgrade on a day PIGS (perhaps as a few days is just minutes from the end of the market) and the other threatens to change the outlook.

Since the politicians of the EU are proving unable to successfully manage the situation, the central bank must take care of the problem finally uncomfortable making a decision, but at this point inevitable raise rates interest without prior notice, to break the eggs in the basket to speculation and give a little 'tone to a € dying.

Among other things, inflation pressures are beginning to be hours and the increase of prices continues to inexorably erode the already declining purchasing power of citizens Europe.

Ioltre the market is already starting to price increases in short-term rates, as evidenced by the increase in Euribor.

After a probable first moment of bewilderment, with relative and likely temporary decline in stock indices and also the bond market, speculators they would realize that continuing to shoot on Europe may now be too risky.

Today there is great expectation for the press conference, Trichet, Jean Claude courage!

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In Umbria si insegna l'autocostruzione di un forno solare

would have done in my case! But I'm busy with other matters.
In Umbria, throughout the months of May and June at the Park for renewable energy, many are active (for) courses among them that of how to build a solar oven.
For those who want more info: http://www.paea.it/it/percorsi_paea.php

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With stock markets collapsing, how to defend themselves from the crash?

black day on financial markets around the world.

European stock indexes are losing 3 to 6%, while America suffers wave of sales, which is hitting all over the world, leaving when the terrreno 2 to 3% losses.

The fear is that this will be the beginning of a reversal quite heavy, which grafted on a bull cycle in place since March 2009.

The situation is very critical as well as European stock markets are losing even the bonds, including German bund, which hitherto had represented a safe haven even in the highest tides.

currently in effect is falling more o meno tutto , si salvano solo il dollaro e i bond governativi statunitensi , entrambi in forte incremento. Oltre alla pancetta di maiale, che peraltro riteniamo interessi a pochi.

Nei momenti di forte timore, con un'Unione Europea che sta perdendo forza e credibilità, l'unico rifugio per gli investitori è dunque il biglietto verde.

In questo post , al quale vi rinviamo, avevamo indicato come difendersi con l'utilizzo di valute forti dalle turbolenze di borsa ed ora tra queste il greenback sembra il porto più sicuro, insieme allo yen, to shelter from the storm.

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America has rediscovered the importance of a strong dollar

After policy Bush penalized the greenback, the illusory hope of recovering competitiveness on international markets and heal the strong U.S. trade deficit , with the 'Obama is now coming to a street renewed interest in a firmer U.S. dollar.

In this post
can find some reasons to support this recovery in the euro dollar cross.

economist J. Frankel, already in 2006 had drawn attention on the changing role of the dollar in the international context writing in his paper:

"The greenback is senpre was the main currency in which they are denominated international reserves and the U.S. have always played the role of World Bank, and recipients of large capital flows.

They also experienced significant gains due to ' appreciation of certain foreign currencies and have the great privilege of earning on its activities abroad with a rate of return greater than what they pay on their bonds ( carry trade).

than in the past but today there is a currency that is able to act as a leader in international reserves , since it holds many of the characteristics essential for this role, is the euro.

The cost for the U.S. hegemony of the euro could be very high. "

Frankel understood then, four years ago, the risks that lurk in the loss of value dollar, which after a peak of 0.82 against the euro had fallen to a minimum of 1.60, effectively halving its value against the euro.

From a standpoint of capital flows, America now has a primary need, therefore, continue to attract foreign investors (since the U.S. not spare) to finance the growing debt and What better than a loss of credibility of the European Union to avert euro capital?

Perhaps it explains the repeated downgrade the creditworthiness of countries made by the euro (americane. ..) Rating agencies , while the U.S. retains the triple A, or the excellence, despite the appalling speed multiplication of their debt . This

without wanting anything away from the blindness of many European countries, that with a strict fiscal policy are also not putting them in the tunnel of no return due to the bitter end.

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Marmellata d'arance solare - The Movie

Yes, yes, I admit. And 'I spend a little bit (very little) time to blog. I did not really want to keep writing these days pc. To forgive me, in collaboration with The , here is a beautiful videoricetta solar.

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The case of Greece: a double advantage for the United States and Germany

who previously was a managing apparent " amateur " greek the problem of possible default, resulting in worsening of the crisis in Greece, implies a number of advantages for the two major Western powers.

Germany overriding need to increase the number of employees and to do so must necessariamente incrementare la penetrazione nei mercati internazionali .

Gli Stati Uniti, anch 'essi alle prese con la crisi e la disoccupazione , hanno però un problema ancora più importante: guadagnare credibilità in modo da convincere gli investitori mondiali, prevalentemente asiatici, che i loro soldi investiti in treasury bond siano al sicuro e non subiranno forti svalutazioni .

Il che, con un debito pubblico americano che sfiora 13.000 miliardi di dollari e che cresce a vista d'occhio (al ritmo di 1000 miliardi l'anno) come potete notare qui , appare tutt 'altro che scontato.

Ecco quindi che il protrarsi del nodo ellenico , come sta avvenendo da molti mesi, e soprattutto di una sua non definitiva risoluzione, sta scatenando un certo allarme sui mercati finanziari mettendo in piena luce le debolezze di un'Unione Europea che adesso appare men che unita.

A fronte di queste tensioni e preoccupazioni il dollaro, che molti davano per spacciato, sta rifiorendo ed è passato contro euro da 1,51 a 1.32 in 4 mesi, trasmettendo message to the world that the United States are solid, its president knows his stuff (which is maybe true but that's another story) and the creditors' money is and will be safe in the future.

Meanwhile Germany from now on will improve its competitiveness markets, facilitated by a change now more favorable to 'interchange and finally reversed an upward trend that was also worried on a prospective basis, as about to become the main currency on the planet.

Thanks to Greece, in PIGS and the obvious weakness of the European Union clearly manifested on this occasion, this danger is averted for now and more will be long and tortured evolution of the crisis, the lower the chances of a € considered too strong, at least for the United States and Germany.

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Merkel likely to complain?

Greece The case continues to keep alive the attention of traders as well as financial the political world, the reflections that a default would have on economic and monetary balances in the euro .

As reported here economist German Joachim Starbatty, a professor at the University of Tubingen , promised to appeal, along with 3 colleagues, the German High Court for breach of the Maastricht Treaty, as soon as Berlin would have helped Athens.

As reported by the site Wallstreetitalia the complaint would be imminent, although because the initiative would be more that supported by the German population, which according to polls is convinced that Greece never return the loans is about to receive from Germany and other countries in the 'EU .

the wake of this news the stock markets have reversed the uptrend because gain a complicated scenario, in light of the points made yesterday in my post .

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Greece out of the euro? It would be the ideal solution for both

What has been bitterly defined the last "Greek tragedy" continues to hold counter enlivening both stock markets and those bond not counting speculative raids between credit default swap , or the cost of 'insurance contro l'eventuale mancato rimborso dei titoli governativi ellenici.

Ricapitoliamo i fatti principali.

La Grecia per entrare nel sistema euro " aggiusta il suo bilancio" tramite i derivati con l'aiuto (e la regia) dell'immancabile Goldman Sachs .

Per far parte dell'accordo s'impegna a rispettare determinati ratios patrimoniali e di bilancio che non riesce a mantenere anche in virtù della crisi (come peraltro quasi tutti gli altri paesi), ma in proporzioni molto amplificate, also because of fiscal policy Tutt 'anything but rigorous.

Since all nodes come home to roost sooner or later, then is forced to declare his difficulties to seek help from fellow (mis) fortune in Europe, but in the meantime the figures of government debt grew at a rate so hyperbolic as to doubt the accuracy of the information dates just days before.

We know that markets do not like uncertainty and punish those who do not just tell , and especially in the dramatic day yesterday, are systematically bonds sold off the crumbling Greek nei prezzi raggiungono per chi si volesse avventurare nell'acquisto un rendimento record del 20% !! per le scadenze a 2 anni (sempre che non vada in default).

Intanto il premier Papandreu fa il giro del mondo per chiedere aiuti magari a tassi bassi (dopo che solo 1 mese fa sbandierava incautamente che i greci ce l'avrebbero fatta da soli) e gli Stati europei più indebitati (dopo di loro) naturalmente si dicono favorevoli ai soccorsi, se non altro in quanto timorosi un giorno di fare la stessa fine.

All'accorato appello del Premier greco, che comincia a perdere la sua sicurezza anche perché entro il 19 maggio deve trovare un acconto di 9 miliardi , finora ha risposto chiaramente solo il FMI mentre l'UE è imballata dalla posizione tedesca che non sa come districarsi dall'incomodo, in quanto la popolazione ha chiaramente dimostrato nei sondaggi di non voler mettere mano al portafoglio.

Oltretutto la Merkel ha le mani abbastanza legate dalle prossime elezioni, che non vorrebbe perdere a causa di una decisione contro la volontà popolare, ma viene a sua volta pressata da mezza europa che in assenza di un consenso tedesco al piano di aiuti la riterrebbe co- responsabile di un eventuale default greco e dei conseguenti danni per l'intero sistema.

Nel frattempo l'euro si avvita su se stesso e si avvicina alla soglia psicologica di 1.30 contro dollaro, pagando i rischi di un contagio finanziario che colpirebbe gli altri paesi dell'area più indebitati, Portogallo in primis.

Considerazioni .

La vicenda greca ha purtroppo molte analogie con quella Argentina , finita come sappiamo con un'insolvenza del debito pubblico e una crisi pesantissima.

Come l'Argentina, la cui valuta all'inizio del millennio era legata al dollaro, anche la Grecia si trova con grosse difficoltà economiche, un debito pubblico devastating and no solutions to the euro currency as a cast in a system of fixed exchange rates.

In this situation any measure of the monetary policy is foreclosed, because it can no longer decide on its own but depends on Brussels.

Therefore it can not devalue the currency to make its sluggish economy more competitive it nor print money and not act on the lever of interest rates lowering them further.

So is linked to the European bandwagon, which emerge in different situations that badly be reconciled with each other.

then provide billions in loans to Greece in this situation will only delay the moment the default but you can not see what effect it may have also decisive because the interest due on the loan will only magnify the economic deficit.

Meanwhile the EU is losing credibility and precious time.

Then the least harmful way would be to drive an output of the euro in Greece so as to enable those measures monetary and foreign exchange transactions that are still made of Germany (through the EU) are currently barred .

In short, the single currency will certainly be affected , but the storm passed, the euro strengthened and Greece will be able probably would be saved, though suffering but this is now inevitable.

Also because it would induce an important precedent for the nations belonging to finally make a serious and rigorous fiscal policy , from which one can not ignore to try to heal in time, the battered western banks of sovereign states.

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Il piano cottura della cucina solare. Come migliorare l'appoggio di pentole e tegami.

The "cooking" the purchase of solar cooking as it appeared in the photo below. The grids thus did not allow large pans to cook with more time or simply use a coffee maker for making coffee that was difficult to balance.

With a perforated aluminum support now the coffee can be left safely to the kitchen. Most likely, efficiency was slightly decreased but now you can simultaneously cook with more pans without the risk of capsizing on a parabola. Since we simply placed the shelf can be removed in case of use della cucina con pentole di grandi dimensioni. Nella foto iniziale il nuovo piano al lavoro con le ricette della Lo .

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Obama rejects the allegations have triggered the SEC against Goldman Sachs

In a television interview Obama talks about Sec and intentions on the reform of finance:

"Since 2007 there was talk of placing the financial system and we have absolutely interfered with Sec in case Goldman Sachs .

The amount received during the election campaign by the investment bank ($ 1 million - ed) I do not feel embarrassed because have always been transparent.

banking activities do not impair the country, indeed we have to finance our development, however, we must create a system of rules to protect people from the excesses.

Even in the 30's there were difficulties, Roosevelt said, we set the rules, we now need to update them and if rebuild the trust that has failed will return.

The vast majority of Americans do not accept more bailouts of banks if the same were to act in a reckless , we have saved from worse damage but will not do it anymore.

derivatives have been defined by Warren Buffett financial weapons of mass destruction, we must regulate use, we do not want us in the crisis as a year and a half ago.

Let us be clear, the derivatives should be traded in a transparent, such as equities, so that everyone knows what is happening.

We need transparency and reliability and we propose a reform to give greater transparency to these tools. "

on the budget then stated:

" We have to be disciplined on the fiscal front, we must put ourselves in line with expenses.

We can not cut taxes further, it is essential to reduce the deficit and reduce our heavy debt.

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Stock Exchange: the bull is too strong, even if the Goldman Sachs scares

When the bull pawing groped can be dangerous to stop him.

In the past a story like that of Goldman Sachs (Sec struggling with a particularly aggressive and unusually ) would have overwhelmed the markets or at least annoyed, but now the American Stock Exchange ago shrug.

The title of largest U.S. investment bank has been penalized only Friday, dragging the prices of other banks and the U.S. index downward, while yesterday, the Dow Jones, after a thoughtful start , closed even higher.

at this time European stock markets are too 'they positive in the wake of future overseas.

What reflections can do in this situation?

stock markets are clearly very difficult to set and , long as you keep this framework, investors' optimism may be cracked.

elements that give life to this trust are: low inflation, expectations of economic recovery and the yield curve set correctly.

We therefore yet another confirmation that q hen these 3 parameters match the bags run , everything that happens around counts for little.

Not to mention the famous adage increasingly popular in Wall Street , " trend is your friend."

And the trend now appears to be highly favorable.

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The use of currency markets to defend themselves from the turmoil in the stock market

After a long period of rises, the U.S. stock market and also because of the story especially Goldman Sachs , began what could be a correction.

This hypothesis is strengthened by some macro economic data below expectations, particularly the unemployment ever expanding, and one from the technical analysis sees several indicators that run warning signals ( rsi - stating that there is overbought, fibonacci , vix ).

recent periods of stock markets have demonstrated the utility of a small geographical and sectoral diversification , because when Wall Street drops also involves other stock markets that look to you to set the operation and actually end up amplify the trend, given the smaller size and consequent greater volatility.

For example, yesterday against a U.S. index falls S & P 500 1 .61%, our Ftse Mib left field on the 2.26%.

This raises the problem of finding ways to cushion the impact of these effects on the value of the portfolio , perhaps trying to increase the value as financial markets generate, in any situation, risks and opportunities.

do so for the defense of asset in which they committed the daily responsible trading in major banks as well as Hedge Fund .

A solution is represented use of the exchange channel, as some foreign currencies can be used as cover equity investments since their progress against the euro is inversely correlated with the stock market.

The main currencies in question are the Swiss franc, the dollar and the yen especially .

In fact, the Japanese currency, to always remain at odds yesterday, reported an increase of 1, 3% sul'euro. This, therefore, largely offset by the decrease of the bag.

Looking at the period of autumn 2008, the time of the collapse, we note that the ' appreciation of the yen was 30%, who therefore had time assets in that currency, mainly in bonds, could therefore defend brilliantly its portfolio.

A similar movement, although less violent, we can find in going the U.S. dollar, which tends too 'it to increase in value in times of increased risk perception by investors .

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SEC accuses Goldman Sachs and paves the way for reform of financial markets

Powerful Goldman Sachs , a leading U.S. investment bank , was accused by Us Securities and Exchange Commission di frode . Si tratta dell'accusa peggiore che può essere mossa ad una banca , che basa sulla fiducia tutta la sua attività di intermediazione del denaro.

Le contestazioni si riferiscono ad operazioni di derivati sui mutui sub-prime, che dal 2007 in poi hanno agitato i mercati finanziari sino al loro crollo del 2008, e vengono mosse proprio nel momento in cui l' Amministrazione Obama si appresta a varare la riforma con la quale intende regolamentare la finanza speculative.

The timing, I must say, it's perfect.

As was the perfect coincidence, in September 2008, when in full campaign failed (hit!) Lehman Brothers , giant world and the 4th U.S. bank, sparking known reaction Chain international markets , such as to bring the crisis in the banking system and then throughout the economy.

thus offering the 'opportunity the Democrats to launch a powerful offensive by calling the election moralization of Wall Street .

The results are known: Obama won the election in a landslide .

Returning to the present, these accusations heavy certainly lead to a process that will run its course over time even because the investment bank has already announced that it will defend itself vigorously . Meanwhile

is legitimate to think that the thrust of public opinion will be a powerful encouragement for the ' approval by the Congress, a reform that until a few days ago seemed all but a foregone conclusion.