No S*it Economic Commentary of the Year

 

Russia’s central bank said it would have to tear up its previous economic forecasts due to uncertainty surrounding the impact of sanctions imposed by Europe and the US over the conflict in Ukraine.  No, really?

The State of Global Economy…

…one quote at a time.

  • “I will read about it in the newspapers just like everyone else.”  – President Obama deflecting France’s appeal to intervene as BNP Paribas, the largest French bank, faces a potential multibillion-dollar US fine over currency transactions
  • “The worldwide concern is unfortunately waning as the international financial crisis recedes.” – German chancellor Angela Merkel in a speech about how the regulation of ‘shadow banks’ needs to be a central issue at the G20 summit this fall
  • “Zero is just a number.  The world goes on.” – Chief analyst at Danske Bank in Copenhagen Arne Rasmussen shrugging off a move to charge banks interest for deposits kept at the European Central Bank, given that no financial chaos erupted when Denmark’s central bank had a negative deposit rate in 2012.

Writer’s note – as I type this, BNP Paribas have decided to plead guilty and pay almost 9BN in fine for violating US sanctions.  As the world turns…

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