Forex: EUR/USD plunges on Spain, banks and regions issues - BBH - FXStreet.com Forex: EUR/USD plunges on Spain, banks and regions issues - BBH - FXStreet.com

Friday, May 25, 2012

Forex: EUR/USD plunges on Spain, banks and regions issues - BBH - FXStreet.com

Forex: EUR/USD plunges on Spain, banks and regions issues - BBH - FXStreet.com
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Forex Income Map Review And Bonus For Piet Swart's New Program Revealed - Beaumont Enterprise

Forex Income Map review plus bonus for Piet Swart's new educational product is revealed on ForexIncomeMap.org. It is clarified if it is a scam or does it work.

Houston, TX (PRWEB) May 25, 2012

Piet Swart, a full time Forex trader, is releasing his training program Forex Income Map on May 30th and his training is already receiving raving reviews. After only a months time his Facebook fan page has close to 2,000 raving fans and the comments on his blog are even more after he gave away his PipKey Indicator.

A Forex Income Map review shows that this is one of the few training programs that actually has physical materials that are mailed to your door. Piet Swart's is not a fly by night type of operation. He will mail you 4 training DVDs, a printed manual plus there will be a private membership area on the Internet as well as live webinars and video training. Of course there will be question and answers with full time customer support at one's service if they invest in Piet's program.

One can go here to see if the free tools and trainings are available.

From http://ForexIncomeMap.org , a reviewer states, "Only 5% of Forex traders actually make money but with Piet's simple but proven system, he is on path to help increase those numbers. He normally charges $500 per hour to advise traders, so this program is definitely a big savings! This program should normally sell for $2499 but the Forex Income Map price will be much lower than that. With Piet's easy to learn system and great track record, there is no reason why any serious Forex trader should not get it. He's even offering a money back guarantee."

Even Forex Income Map reviews from Piet's site are postive. An example comment, "This tool is marvelous. Just watching the Piet's webinar two days before, I have won 6 trades of each 0.5 trade size (multiple pairs) without a single loss, worth $736. Yesterday night the two winning trades were unbelievable as without this tool I wouldn't have predicted the swing, " state Don R. from New Zealand.

For those who wish to learn more about the program and to get a complete review should visit: http://forexincomemap.org/forex-income-map-review-piet-swarts-program-work

For those who wish to buy Forex Income Map and get access to the training should go to the official site here.

For the original version on PRWeb visit: http://www.prweb.com/releases/prwebforex-income-map-review/piet-swart-bonus/prweb9540402.htm



Forex: EUR/CHF finds support at 1.2015 - FXStreet.com
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FOREX-Euro slides again vs dollar on fears of spreading debt crisis - Reuters UK

Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.

NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.



FOREX-Euro falls to near 2-yr low as Greece, Spain weigh - Reuters UK

Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.

NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.



FOREX-Euro off near 2-yr lows, outlook still bleak - Reuters

Fri May 25, 2012 7:31am EDT

* Euro gets a respite, still on track for weekly loss

* Traders cite option barriers at $1.2500, stops at $1.2480

* Uncertainty in Greece keeps sentiment bearish

By Anirban Nag

LONDON, May 25 (Reuters) - The euro inched up from two-year lows against the dollar on Friday as bearish investors took a breather from a sharp sell-off this week, but worries about a possible Greek exit from the euro zone and the risk of contagion could make gains fleeting.

The euro traded 0.4 percent higher on the day at $1.2581 , pulling away from $1.25155, the lowest level since July 2010 that was hit the day before. Traders cited a reported option barrier at $1.2500 that could check losses with offers around $1.2600 and stop-loss orders above $1.2620.

Despite the bounce, the common currency has lost more than 5 percent against the dollar so far this month and is on track for its fourth straight week of losses, raising the possibility of a test of the 2010 low of $1.1875.

Macro funds and institutional investors have ramped up euro selling after an inconclusive election in Greece left the country at risk of bankruptcy and a possible exit from the euro zone. Greeks vote again on June 17, with polls showing a close race between parties supporting and opposing terms of the country's international bailout, keeping markets on tenterhooks.

"The euro is a bit higher today, but I will be surprised if it takes stops above $1.2620. The medium-term prospects are not good," said Geoff Kendrick, currency analyst at Nomura.

"We think if Greece does not exit the euro zone, the euro will see a gradual decline to $1.23 in coming months. But if it does, then we see the euro falling to $1.20 by the end of the second quarter and $1.15 by the end the third."

Investors are also concerned about the health of the Spanish banking sector, chances of a deep and damaging slowdown in the euro area and the lack of any aggressive policy measures to address the escalating debt crisis.

Spanish lender Bankia, which was part nationalised this month, was set to ask the government for a bailout of more than 15 billion (US$19 billion) on Friday.

Many strategists expected euro selling to resume next week, although heavy short positioning would slow the momentum.

"We have got a standoff where the market is short and the news is bad and so we have tended to go down in stages," said Kit Juckes, currency strategist at Societe Generale.

"Although it's almost impossible to imagine a set of circumstances where we get good news. The pullbacks in this move down since the break of $1.30 have got really tiny."

DARKENING PICTURE

Investor skittishness was well-reflected in the options market, where euro/dollar one-month implied volatility spiked to 13.13 percent, its highest in more than four months.

With the euro on the backfoot the dollar has been the chief beneficiary, with its index against a basket of major currencies edging up to 82.411, the highest since September 2010.

Against the yen, the dollar was steady at 79.51 yen, supported by Tokyo importers and investors squaring positions ahead of a long weekend in the United States. Sell offers around 80.00 yen were poised to cap any further gains, traders said.

The euro was flat against the Swiss franc at 1.2015 francs, having jumped to 1.20769 francs on Thursday, its highest since mid-March on market talk the Swiss government is going to impose a tax on deposits and chatter that the Swiss central bank initiated a short squeeze in the pair.

Traders said the Swiss National Bank has been buying euros in the past few weeks to protect the floor at $1.20 francs, although some investors were still piling on bets through the options market that the peg will be breached in coming days if the euro zone crisis escalates.



Money and morality - New Statesman

All money tends to corrupt, and absolute money corrupts absolutely.  This is an ancient message.  You can find it in the Bible ("the love of money is the root of all evil"), in the writings of ancient Greek philosophers and Renaissance moralists, and more recently in the Occupy movement that set up camp last year outside St Paul's Cathedral.  This Wednesday, the cathedral was packed for a rather more sedate explanation of the same ideas featuring the Harvard philosopher Michael Sandel.

Sandel, currently plugging his new book What Money Can't Buy, has been difficult to avoid in recent days.  His central thesis is twofold.  Firstly, when you put a price on something you alter its intrinsic properties, and this can be morally corrosive.  Secondly, the past few decades have seen a market economy replaced by a "market society" in which "everything is up for sale".  Markets, he says, "are not neutral instruments, they crowd out values worth caring about" - values like altruism, human dignity and the common good.  As a result we have seen a great hollowing-out of communality and public political discourse.

He asks such questions as: is it right to create a market in blood, rather than rely on altruistic donors?  Should unhealthy people be given financial incentives to adopt healthier lifestyles?  Should school pupils be "bribed" to read books or achieve higher marks?  To all these questions Wednesday's audience answered an emphatic "no", which suggests that Sandel is, at least in terms of public opinion, pushing at an open door.  

This may explain the tremendous popularity he now enjoys.  (The Guardian described him the other day as "currently the most effective communicator of ideas in English" and suggested that his latest book "should be the bedside companion of every Miliband aide".)  The free market "experiment" of the past few decades has led to rising inequality and an economic disaster, the only beneficiaries of which would seem to be a handful of already wealthy bankers.  We should not be surprised if Sandel's deeply traditional complaints about the corrosive effect of money on the human soul find a ready echo, especially when voiced in a cathedral whose history and location give it a somewhat ambiguous relationship with wealth.

The idea that money has destroyed all vestige of civic virtue was hackneyed already in Roman times.  For all Sandel's current vogue on the progressive Left, his message is inherently a conservative one, in that it implicitly looks back to a Golden Age before money ruined everything.  Another way of saying this is that there's nothing new about the "market society".

One of Sandel's examples relates to privately-run prisons in California in which convicts with sufficient means can upgrade to a better cell.  This was standard practice in 18th century London.  Also popular in the 18th century was the "tontine", a form of gambling in which a group of people pooled their resources and the last one left alive collected the jackpot: not too dissimilar, in essence, from the market in third-party life insurance that Sandel criticises today.

But then to talk about the 18th century is to realise just how much more thoroughgoing the marketisation of society used to be.  From the horrors of the slave-trade and the near-slavery of indentured labour, to the open purchase of Parliamentary seats through "rotten boroughs", almost everything was up for sale.  Commissions in the British army and civil service appointments were bought, rather than given on merit, well into the 19th century.  What we think of as basic public services such as policing and the upkeep of roads were wholly private or at best put out to tender. And it's unlikely to be a coincidence that prostitution in the 18th century was vastly more extensive and exploitative than anything seen today.  

The present-day "market society", for all its deficiencies, is a pale shadow of the ruthless and money-driven world of two or three centuries ago.  Sandel is squeamish about students hiring out their foreheads to advertisers or paying homeless people to stand all day in queues so that a richer and busier person can get into Congressional hearings.  There used to be an actual trade in human beings.  Things aren't likely to get that bad again, however badly things go in Greece.

At least when something has a price it shows that someone puts a value on it.  Not charging for goods or services can lead to problems of a different order.   The BBC's Stephanie Flanders, taking part in the debate at St Paul's, pointed out that in the age of the internet, many goods and services which would in the past have been paid for are available for free.  The thought struck me that perhaps not charging for a service, or expecting things to be free, can be at least as morally corrupting of basic goods as Sandel believes money is.  

If people expect to, and can, receive their news and entertainment for free, why should they pay for it?  And how can the producers make an honest living?  The Bank of England's Andrew Bailey contends that free banking distorts the market, is less transparent and leads to poorer service to consumers. It is at least an arguable case.  And as regards to "free" internet services like Google and Facebook, it has well been said that the non-paying users are not the customers, but are themselves the product.

Is money the source of the problems Sandel identifies, or rather a convenient scapegoat for human beings who can't bear too much reality?  You can't buy a friend, he points out, because if you know you've paid someone to be nice to you it ceases to be a "real" friendship.  Has he never noticed that rich people tend to have more "friends" than poor ones?  Sandel also raised the example of a professionally written wedding speech.  Would the bride and groom feel quite the same way, he wondered, if they knew that the best man had spent $150 dollars on buying a speech rather than investing his heart and soul by writing it personally?  Perhaps not, but it's not obvious to me why the payment of money in itself is corrupting.  

The problem, surely - if there is a problem - is that the speech is not the best man's own; not that he has paid for it.  I rather doubt that the newlyweds would be happier to learn that the best man had found the speech on a website and simply downloaded it for free.



President has no intention of paying money back Bain Capital for campaign contributions - Catholic Online
LOS ANGELES, CA (Catholic Online) - "No one aside from Mitt Romney is running for President highlighting their tenure as a corporate buyout specialist as one of job creation, when in fact, his goal was profit maximization," LaBolt says. 

"The President has support from business leaders across industries who have seen him pull the economy back from the brink of another depression, manufacturing and the auto industry revived, and support his agenda to build an economy that lasts where America out-innovates and out-educates the rest of the world and economic security for the middle class is restored."

Vice President Joe Biden defended the attacks this week on Romney's tenure at Bain Capital. Though he insisted he wasn't "criticizing private equity firms," Biden said there were many examples of Romney and his Bain colleagues causing tremendous harm.

"You hear all these stories about his partners buying companies . where they load up with a tremendous amount of debt. The companies go under, everybody loses their job, the community is devastated, but they make money," Biden says. "They make money even when a company goes bankrupt, when workers lose their jobs."

President Obama described Bain and other private equity firms as a "healthy part of the free market" filled with many "folks who do good work."

However, Obama also said the priority of private equity companies is to "maximize profits," which is "not always going to be good for businesses or communities or workers." Because of this, the president said Romney's work at Bain Capital isn't good preparation for the presidency.

"If your main argument for how to grow the economy is, 'I knew how to make a lot of money for investors,' then you are missing what this job is about," President Obama said. "It doesn't mean you weren't good at private equity. But that's not what my job is as president. My job is to take into account everybody, not just some."

2012, Catholic Online. Distributed by NEWS CONSORTIUM.



Accusations that climate science is controlled by money are mistaken - Wired.co.uk

Ars Technica

One of the unfortunate memes that has made repeated appearances in the climate debate is that money isn't just influencing the public debate about science, but it's also influencing the science itself. The government, the argument goes, is paying scientists specifically to demonstrate that carbon dioxide is the major culprit in recent climate change, and the money available to do so is exploding.

Although the argument displays a profound misunderstanding of how science and science funding work, it's just not going away. Just this week, one of the sites where people congregate to criticise mainstream climate science once again repeated it, with the graph accompanying this story. That graph originated in a 2009 report from a think tank called the Science & Public Policy Institute (notable for using the serially confused Christopher Monckton as a policy advisor).

The report, called " Climate Money: The climate industry: $79 billion (£50.4 billion) so far -- trillions to come" (PDF) and prepared by Australian journalist Joanne Nova for the Science & Public Policy Institute, claims to show how money has distorted climate science. There are several aspects to this argument, but we'll start with the money itself.

Who's got the money?
Many discussions have focused on the fact that businesses with a large carbon output (like fossil fuels extractors) have funded PR and lobbying efforts that, in part, have attempted to undercut the scientific case for human-driven climate change. It notes that there is now significant money being made by companies that build carbon-neutral energy sources and energy efficient technology, some coming from tax incentives and subsidies. In addition, carbon-trading markets are predicted to grow rapidly over the coming decades. Combined, the report asserts, this money provides an incentive to keep the spotlight focused on carbon.

In short, some of the green industries are now in the same position as their fossil fuel counterparts, in that they have an incentive to shape policy and the public support for it. There's a definite element of truth to this, although there are clearly reasons other than climate change -- ocean acidification, energy security, extending the lifetime of finite resources -- for promoting efficiency and green energy.

But the key thing here is that, at best, these companies can influence things like public perception and policy responses. They don't influence the underlying science because almost none of them are paying any scientists to gather data. So, although a focus on the income of various companies might tell us something about public opinion, it doesn't really say much about the science.

The false assertion that money is distorting the science comes, in part, from a spectacular misreading of the graph that accompanies this article.

The graph ostensibly shows how the US has gone from essentially funding nothing in the way of climate research to spending over $7 billion (£4.47 billion) a year. But the vast majority of that money is in the form of "Climate Technology," and a careful reading of the report indicates that this goes to things like wind and solar power, biofuel production, and things of that nature. None of that money goes to the researchers who are actually generating the results that point to anthropogenic warming, so it can't possibly provide an incentive to them.

The money that is actually going to climate science is on the bottom of the graph, in purple. And, as that shows, funding has been essentially flat since the early 1990s. (Funding has gone up slightly in recent years, but is still in the neighbourhood of $2 billion (£1.2billion) annually.) A lot of that money doesn't actually go to scientists, either, as it pays to support everything from some of NASA's Earth-monitoring satellites to land and ocean temperature monitoring.

The other issue with this graph is that it gives the false impression that funding shot up from nowhere around 1990. The truth of the matter is that the US has been funding climate science for decades. It's why we have things like a record of CO2 levels that goes back to the 1950s, temperature records that span over a century, and a detailed history of periods like the ice ages. People didn't just suddenly start studying this stuff in 1990 -- and much of the work from before that date was funded by the government. What changed was the accounting. There are over a dozen different branches of the government that fund some sort of science, but it wasn't until 1990 that the government formed the Climate Change Science Program, which started aggregating the expenditures across agencies.

There has never been any sudden boom in government funding for climate research that is luring people onto the research track, much less inducing them to support the consensus view. If anything, many years of flat funding would provide an incentive for people to look to getting out of the field. The graph, held up as evidence that climate scientists are being led around by money, actually shows the exact opposite.

Where's that money going?
But maybe that money is somehow being directed in a biased manner, distributed in a way that ensures the current consensus is supported. "Where is the Department of Solar Influence or the Institute of Natural Climate Change?" Nova asks, elsewhere claiming, "Thousands of scientists have been funded to find a connection between human carbon emissions and the climate. Hardly any have been funded to find the opposite."

This displays an almost incomprehensible misunderstanding of how science research works. Thereare institutes that are dedicated to studying the Sun -- the Naval Research Laboratory has one, as does NASA. But those institutes are focused on learning about what the Sun actually does, not squeezing what we learn into some preconceived agenda. For decades, solar activity has been trending downwards, even as temperatures have continued to rise. It's not that the researchers are being induced or compelled to some sort of biased interpretation of the data. Reality just happens to have a bias.

The same thing works in other areas as well. A number of countries have spent large sums of research dollars to put Earth-monitoring satellites in orbit, not with the intent of finding anything in particular, but because monitoring the Earth can tell us important things. This hardware has imaged the Greenland ice sheet -- again, not because of some sort of bias, but because the sheet is very big and very significant. Most of these studies have suggested that ice loss is accelerating, but a recent one concluded, "sea level rise from Greenland may fall well below proposed upper bounds."

The researchers weren't from some sort of "Institute to discover a stable sea level." They were from departments focused on polar research and Earth sciences. What Nova doesn't seem to get is that the people who study the planet actually pay attention to what the planet tells them, not to what their institute may be titled.

(Incidentally, this paper is also a clear indication that research that indicates things aren't as bad as they could be not only gets published, but makes it into very prestigious journals.)

Like many other self-proclaimed skeptics, Nova also has the bizarre idea that research normally proceeds by "auditing" existing studies. "Auditing AGW research," she writes "is so underfunded that for the most part it is left to unpaid bloggers who collect donations from concerned citizens online." But nobody audits the JPL to see if it's handling the Cassini probe properly; geneticists aren't being asked to open their books so that other scientists can see if they're fudging the numbers.

Science simply doesn't proceed through audits. The Greenland paper linked above provides a much more typical picture of how things work. The researchers behind it didn't simply reanalyse what others had done; they got new (and, in many ways, better) data that addressed the same issue and provided a more comprehensive picture of what was going on at the ice sheet's glaciers.

In short, you generally don't make an impression on science by auditing past data; you do it by coming up with better data.

It's pretty strange that people find in the graph (which shows research stuck in neutral for decades) evidence of a flood of money into climate science that distorts its conclusions. But it's unfortunately typical that an argument focused on climate science leaves the facts behind from the start.

Source: Ars Technica


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