Cleaning up
About Greece.
The best quote on the Greek parliament's vote of confidence for Prime Minister George Papandreou - and thus his austerity plan:
"This is not a program to salvage the economy, it's a program for pillage before bankruptcy," said Alexis Tsipras, head of the small opposition Left Coalition.
It's not just Greece.
As PhD economist Michael Hudson said in 2009::
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The giant financial institutions have already killed their host - the real American economy
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Since they realize that the American economy is dead, they are trying to suck as much blood out of America as possible while the corpse is still warm
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Because the American economy is dead, their plan is to soon jump to another host. They will ship all of their money overseas
Not only Paulson struggled. Among the star names in negative territory are also Caxton Associates, whose main fund is down 3.38%, Tudor Investment’s main fund is down 2.25%, Moore Capital’s flagship is down 2.84% and Fortress has seen its macro fund dip 2.44%, according to the latest May and June figures from investors in the funds. (FT.com ) Add Anthony Bolton’s to that list .Here is his account of why his China Special Situations fund has tanked recently, contained in its first annual report. That contrasts with Ray Dalio´s Bridgewater’s Pure Alpha Up 11 Percent This Year [II]
Hedge Funds Increasingly Bullish on Equities
Hedge Funds are increasing their gross exposure to equities to a greater degree than institutional investors. The total market value disclosed and attributable to equities for the average hedge fund in AlphaClone's universe increased 8% to $3.2 billion in Q1 2011 vs Q4 2010. By comparison the total market value attributable to equities for the average institutional fund decreased by 6% over the same period. The S&P 500 returned 5.4% in Q1 2011.AlphaClone by Maz Jadallah
Steel stocks to watch:Quite an international list. Mittal (NYSE:MT) Steel Dynamics Inc. (NASDAQ:STLD), Haynes International Inc. (NASDAQ:HAYN), Kubota Corp. (NYSE:KUB), Mechel OAO (NYSE:MTL), United States Steel Corp. (NYSE:X), POSCO (NYSE:PKX), Allegheny Technologies Inc. (NYSE:ATI), Nucor Corp. (NYSE:NUE), and AK Steel Holding Corp. (NYSE:AKS) are all posting gains today. from Wall St. Cheat Sheet
After The US and China here is India http://www.economist.com/content/indian-summary If provinces would be countries.
Former Wall Street quants looking to start companies that apply the principles of high frequency trading to the emerging market for real-time bidding across online ads,” said Bryan Birsic, a senior associate at Village Ventures.
Expansion and growth wherever you can find it. Google plunked down a $400 million offer for New York’s AdMeld, a lot of local venture folks were surprised at the price.
RBA sees no problem with financial investors in commodities.Not everybody agrees though
http://macrobusiness.com.au/2011/06/the-commodity-bubble/
China
From SCMP.com this morning some positive news on housing
Remember last year when the world was shocked by a survey supposedly from the State Grid Corporation of China which said that 65 million apartments were empty, fuelling concerns of a property bubble? Well, stockbroker CLSA has investigated these claims and says that the figure is bogus. After talking to 20 developers in 54 cities across China CLSA believes there are approximately 16 million empty apartments.
China preparing for a hedge fund invasion.A delegation of more than 20 hedge fund operators, government officials and representatives of business organizations spent much of Monday visiting area firms and at a reception at the Stamford branch of the University of Connecticut, discussing their desire to establish a hedge fund community in FengXian, one of 18 districts that comprise Shanghai .DealBreaker.com
At China Real Time Report, Stanley Lubman examines the “critical disconnect” between China’s national and local governments, its historical roots, and its consequences in areas from food safety tointellectual property protection
Law professor Wang Weiguo recently called for reform of land ownership in China, according to Caixin Online
The Atlantic’s Max Fisher asks whether the implicit pact between Party and people in China is unravelling
Forbes Asia editor Tim Ferguson, meanwhile, argues that serious imbalances are “choking” China’s economy and brewing social instability.