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’And on the eighth day He created a supranational institution with universal competence
From our Lord and Saviour, via his earthly representative and the New York Times:
The Vatican called on Monday for an overhaul of the world’s financial systems, and once again proposed the establishment of a supranational authority to oversee the global economy,
Thy god is a capricious god
RTRS-GREEK FINMIN SAYS JULY 21 EU DEAL IS THE BIBLE FOR GREECE
Sadly the Greek government is effectively the only one left thinking the bailout and light bond haircut are still set in stone…
Is God a fan of austerity?
Erm, OK, not God. Not even the Pope — although an editorial in L’Osservatore Romano by the Pope’s banker comes close:
During a prolonged crisis, inheritance taxes, new forms of taxation or similar alternatives reduce or wipe out resources for investments,
Holy rollers
Are you a Christian? Have you had enough of all this ‘evil’ finance fuss? Do you want to go good?
Meet the Stoxx Europe Christian index.
It comprises 533 European companies that only derive revenues from sources approved “according to the values and principles of the Christian religion”
JP Morgan, I put a spell on you
There’s nothing like hard times to bring out the bank-bashing craziness.
And JP Morgan is no stranger to recession-induced weirdness. For instance, in 1933, in the midst of the Great Depression, John Pierpont Morgan Jr.
Citi’s Christmas Credit Carols
‘Tis the season for festive levity from analysts.
And fittingly on Friday, while snow drifts gently down in London, and FT Alphaville prepares for its Xmas AVent party, Citi’s annual Christmas carols have just landed in our inbox.
Goldman Sachs abandons kittens (really)
A fresh PR disaster for Goldman Sachs.
The investment bank stands accused of abandoning kittens. Really.
Kittens, we might add, that could look like this:
The Villager, a New York newspaper,
Holy See names new CEO
No, we’re not talking about the Pope; Benedict XVI is no fan of capitalism, in any event.
But not everyone in the Vatican City would bewail the futility of money and ambition, as the Wall Street Journal reported on Thursday:
‘The Fed is pursuing an immoral course’
Or, the ethics of quantitative easing.
George Bragues, business professor at the University of Guelph-Humber, is taking central banks to task for immoral monetary policy in an academic paper.
Here’s the synopsis:
A homely parade in the currency ‘ugly’ contest
After the “flight to safety” panic of last year which saw investors flocking to government bonds among a dwindling choice of “save haven” investments, the mood appears to be turning nearly 180 degrees against government debt – as seen in the FT’s latest survey of leading asset managers and strategists,
Existential Libor
McFear in action.
From Bloomberg News (HT FJ):
Late on Oct. 7, as U.S. stock indexes tumbled to their biggest annual declines since 1937, AXA Investment Managers, a unit of Paris-based Axa SA, sent out an updated list of acceptable counterparties to about 50 of the firm’s most senior investors and traders.
Repent, ye fiscal sinner
If you’re not praying already, you might want to consider starting sometime around now.
From Yahoo News (HT Dead Ringa):
Oct. 6 – VATICAN CITY – Pope Benedict XVI says the global financial crisis show the futility of money and ambition.
What would Jesus short?
Or perhaps more appropriately: Money lenders in the temple?
From PA:
CHURCH OF ENGLAND ACCUSED OF SHORT-SELLING TACTICS
By Paula Fentiman, PA
The Church of England was accused by a think-tank today of using short-selling tactics to maximise profit on its £5 billion investments.
God, spivs and specs
Of course someone had to bring God into this at some point. And how. Britain’s archbishops are condemning spivs and speculators for “worshipping the false god of money” and urging a further crackdown on financial markets,
Northern Rock’s new hope – God
Forget HM Treasury. Northern Rock’s deposits could be guaranteed from the top. The very top.
Northern Rock has been approached with a bid offer from a group of Spanish banks, according to reports from Spanish daily newspaper El Mundo.