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“…I wish to remain alone with the account manager, the risk manager, the fundamental analyst, and the technical analyst… we were using only 20x leverage and you tell me it’s all gone!!”

“I will never trust a central banker again in my life”

 
This Cool Video is from the Financial TimesIn the five minute video, two FT journalists, Ralph Atkins and Ferdinando Giugliano discuss the ECB’s decision to accelerate its asset purchase program. The discussion takes place shortly after the decision was announced. 
Initially, they took the 60 bln euro program at face value.  However, as has become clearer, the 60 bln euros includes the 10 bln euros of asset backed securities and covered bonds that are being purchased on a monthly basis.  In addition, another 5 bln euros a month will be used to purchase European supra-national bonds, such as EU and EIB bonds.  That leaves 45 bln euros for sovereign bonds and agencies (like KfW in Germany).  
When the topic turned to structural reforms, it was even more revealing.  Giugliano, who is Italian and previously a consultant to the Bank of Italy, took Italian reforms for granted, but questioned French commitment.  What would a French reporter say? It is true some some labor reform legislation has been approved in Italy, but the implementation still faces many hurdles.  In addition, Renzi the third consecutive un-elected Prime Minister, has had to resort to ruling by decree. 
Greek elections on January 25 are unlikely to be conclusive.  And before it is resolved, Italy’s presidential election may begin (January 29).  Berlusconi and one-time ally Alfano (who serves as Interior Minister in the Renzi government) have joined forces again to support former defense secretary Martino, a member Berlusconi’s Forza Italia party.  A week away from the first round of the selection process and Renzi has still not tipped his hand.  

Body parts on a chip- Video

21 January 2015 - 14:10 pm

 

But this year, much of Mr. Obama’s policy wish list and broad themes will be well-known when he walks onto the House floor tonight. Here is what the president is widely expected to focus on in his address… >> Read More

 

has warned that 2015 is set to be very volatile, urged international diversification and owning “physical precious metals stored outside the U.S.” 

Jayant Sinha, India’s minister of state for finance, talks to the FT about the government’s reform programme and the country’s push to improve its manufacturing sector

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Team ASR,
Baroda, India.