Warren Mosler To Participate In 3 Senatorial Debates

Warren Mosler To Participate In 3 Senatorial Debates To Be Hosted By League of Women Voters of Connecticut


September 13, 2010 08:03 AM Eastern Daylight Time

WATERBURY, Conn.–(EON: Enhanced Online News)–Warren Mosler, Independent candidate for US Senate from Connecticut today announced that he had been invited by the vetting committee of the League of Women Voters of Connecticut Education Fund to participate in a series of 3, 60-minute Senatorial debates to be held in October.

“I am deeply honored by my inclusion in these debates as the candidate of the Independent Party of Connecticut,” stated Mosler. “The League carefully examined my qualifications, my academic and professional endorsements, my career history, and my proposals to fix our economy, before deciding that I could make a positive contribution to the discussions.” Mosler has also requested his inclusion in a debate scheduled for October 4, sponsored by the Hartford Courant and Fox News, however, the lineup has yet to be finalized.

Each of the The League of Women Voters of Connecticut Education Fund and the Hearst Connecticut Media Group Senatorial debates will be paired with a 60-minute Gubernatorial debate. These debates will be held at various locations throughout Connecticut with the order of the debates being determined by coin toss. The first one-hour debate will begin at 7:00 p.m. and conclude promptly at 8 p.m. to be followed by the second debate, from 8:30 p.m. to 9:30 p.m. All media outlets will be invited to cover the event. An experienced representative from the League of Women Voters of Connecticut Education Fund will moderate.

Debate Locations:
October 7, 2010 The Portuguese Cultural Center, Danbury
October 21, 2010 The Ferguson Library, Main Branch, Stamford
October 28, 2010 The Klein Theater, Bridgeport

About Warren Mosler

Warren Mosler is running as an Independent. His populist economic message features: 1) a full payroll tax (FICA) holiday so that people working for a living can afford to buy the goods and services they produce. 2) $500 per capita Federal revenue distribution for the states 3) An $8/hr federally funded job to anyone willing and able to work to facilitate the transition from unemployment to private sector employment. He has also pledged never to vote for cuts in Social Security payments or benefits. Warren is a native of Manchester, Conn., where his father worked in a small insurance office and his mother was a night-shift nurse. After graduating from the University of Connecticut (BA Economics, 1971), and working on financial trading desks in NYC and Chicago, Warren started his current investment firm in 1982. For the last twenty years, Warren has also been involved in the academic community, publishing numerous journal articles, and giving conference presentations around the globe. Mosler’s new book “The 7 Deadly Innocent Frauds of Economic Policy” is a non-technical guide to the actual workings of the monetary system and exposes the most commonly held misconceptions. He also founded Mosler Automotive, which builds the Mosler MT900, the world’s top performance car that also gets 30 mpg at 55 mph.

Learn more at www.moslerforsenate.com

Basel Accord, like Dodd and Frank, doesn’t know beans about banking

Bank capital rules are irrelevant for world growth.

Bank capital arises endogenously from the economy to meet regulatory needs.

Banks price loans to realize risk adjusted rates of return needed to raise any needed capital.

Banks lending suffers only if non bank sources offer loans at better terms.

Therefore all this banking news is mainly relevant to underwriters of new capital who will profit enormously.

And we all know who those infinitely clever ones are as they again fool enough of the people enough of the time to stay highly profitable.

And everyone seems to have missed the fact that each nation is best served by making its own capital rules.

When it comes to bank capital rules, nothing is gained by international cooperation (apart from generating international underwriting fees for the world’s underwriters).

Ironically, this lone area of actual, effective international cooperation is also the one area where all are best served by going it alone (apart from generating international underwriting fees for the world’s underwriters).

Who would have thought…

ECB’s Ordonez Says Transition Period for Basel Rules Sufficient

Sept. 13 (Bloomberg) — European Central Bank Governing Council member Miguel Angel Fernandez Ordonez said banks will have a sufficient period of time to comply with the new Basel rules on banking regulation.

“We have a transition period that’s enough for everybody,” Ordonez told reporters in Basel, Switzerland, today. “I’m very, very happy with the result.”

The new accord “finishes uncertainty” because banks are now aware of capital requirements, buffers and the timeframe to phase-in the new rules, he said. The decision on the new regulation was taken unanimously, he added.

Zapatero Says Decision on New Basel Rules Is ‘Good’ Move

Sept. 13 (Bloomberg) — Prime Minister Jose Luis Rodriguez Zapatero said the decision on new banking rules is a “good” move. He spoke at a news conference in Oslo today.

Lagarde Calls Basel Accord’s 7% Capital Rule an ‘Achievement’

Sept. 13 (Bloomberg) — French Finance Minister Christine Lagarde comments on yesterday’s international agreement to raise capital requirements on banks. She spoke to reporters today in Oslo.

The Basel Committee on Banking Supervision will require lenders to have common equity equal to at least 7 percent of assets, weighted according to their risk, including a 2.5 percent buffer to withstand future stress.

“It’s a significant progress.
“Our purpose was to improve the quality and the quantity of capital held by banks in order to avoid the recurrence of risk.
“Moving to 7 percent is clearly an achievement.”

Bank capital is about price, not quantity

As previously discussed, there is no numerical limit to the amount of available bank capital.

It’s about price, not quantity.

Borrowing by Europe’s banks soars

September 12 (FT) — European banks are borrowing at their fastest rate in almost six months and are set to continue exploiting a positive market mood in spite of longer-term funding concerns and worries about the economic health of weaker eurozone governments.

Financial institutions in the region last week raised $20.5bn, their busiest week since March, according to Dealogic. Bankers expect similar data this week.
Institutions tapping the market included Santander unit Abbey National, BNP Paribas, UniCredit, Banesto, Banco Popolare and Lloyds Banking Group.

The renewed investor appetite will come as a relief to many banks. The bank debt markets virtually froze in May and June as the eurozone sovereign debt crisis erupted, putting some banks behind with their funding plans. September is typically a busy month as investors and bankers return from summer breaks with only three full months left before activity subsides again in December.

The borrowing comes as the Basel Committee on Banking Supervision met at the weekend to hammer out final capital rules that will force banks to raise their capital cushions further in the coming years.

Last week was also notable because it included a handful of deals from second-tier banks in weaker eurozone countries.

“Now it’s not just the national champions,” said Vinod Vasan, European head of financial institutions for debt capital markets at Deutsche Bank, who noted that some smaller Spanish banks had issued covered bonds, a form of ultra-safe securitisation that gives investors recourse to the bank if the underlying assets decline.

Bankers had feared that this month’s bond market would be disrupted by concerns about banks’ ability to refinance debt.

Ireland’s banks have been hit by these worries because they are due to repay about €25bn of debt this month as a 2008 government guarantee wears off. A new guarantee was put in place last week and analysts expect Bank of Ireland to test market interest in the next few weeks.

But some bankers caution against believing that the bond markets are fully open for all financial institutions. “National cham pions still have funding needs,” said Chris Tuffey, co-head of Credit Suisse’s European credit capital markets group. “So if there is investor appetite, they’ll be the ones to nail it.”