Friday, March 12, 2010

The whole world is sick of the banksters

It seems like the Europeans are going to restrict the activities of financial speculators.  Not a big deal by itself, but it's a start.
Economic Warfare? Europe versus Wall Street
Michael Collins | March 10, 2010 - 6:01am
Wall Street is headed toward international pariah status thanks to two recent actions by the European Union (EU).
On Tuesday, the EU announced that it was banning Wall Street banks from the lucrative government bond business in Europe. They didn't express official concern or fire off a warning shot. They simply banned Wall Street from financing government bond deals like the one Goldman Sachs sold to Greece. The Guardian pointed out that Wall Street bond business from European governments has gone down over the last two years. Now the business is gone period. In effect, the EU has labeled Wall Streets business tactics as too dangerous for their governments to handle.
Then on Wednesday, the President of the European Commission said that the EU was considering a ban on government debt speculation through Credit Default Swaps (CDS) President José Manuel Barroso announced that, "the Commission will examine closely the relevance of banning purely speculative naked sales on Credit Default Swaps of sovereign debt." While not an outright ban, the threat of banning CDS on national debt would be a major loss for the world's financial speculators, particularly those in the United States and Great Britain. more

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