Germany criticizes U.S. Fed

APEC looks to safeguard growth amid US plan tension
Asia Pacific Finance Ministers will call on countries to rein in large imbalances to safeguard Growth at an APEC meeting, amid tension over US Monetary Policy and its Economic proposals. Finance chiefs from the 21-nation Asia Pacific Economic Cooperation group including the United States, China and Japan met in Kyoto on Saturday, after an October G20 meeting in South Korea vowed to avoid "competitive devaluation of currencies". But fault lines have emerged over a US proposal that countries ass...

2ND LD: APEC financial chiefs vow to cut global imbalances+
KYOTO, Nov. 6 (AP) - (Kyodo)—(EDS: UPDATING. 3RD LEAD TO FOLLOW) Pacific Rim Finance Ministers pledged Saturday to make concerted efforts to address global trade imbalances, in a move that could put pressure on some surplus members, including China, to move away from unfairly undervaluing their currencies as a way to boost exports. The Ministers of the 21-member Asia-Pacific Economic Cooperation forum, which accounts for some 40 percent of world trade and more than half of the global econ...

APEC ministers meet as doubts grow over U.S. approach
By Stanley White KYOTO, Japan | Fri Nov 5, 2010 11:44pm EDT KYOTO, Japan (Reuters) - Asia Pacific Finance Ministers, including from the world's three biggest economies, met on Saturday amid mounting criticism of U.S. Monetary Policy and its proposals to solve economic imbalances. The Japanese hosts said the Asia-Pacific Economic Cooperation (APEC) meeting will issue a statement that is expected to reaffirm commitments to fiscal discipline, Free Trade and infrastructure investment. But the gat...

Bernanke answers Fed's global critics
By Pedro Nicolaci da Costa JACKSONVILLE, Florida | Fri Nov 5, 2010 6:28pm EDT JACKSONVILLE, Florida (Reuters) - Federal Reserve Chairman Ben Bernanke on Friday defended the U.S. Central Bank's bond-buying against beggar-thy-neighbor criticism, saying the return to a strong U.S. Economy was critical for Global stability. He suggested doing so would bolster a dollar whose weakness has sparked cries of foul from Bogota to Beijing. The Fed's decision to buy $600 Billion of government Debt has dra...

Japan, U.S. to seek cooperation in addressing global imbalances+
TOKYO, Nov. 6 (AP) - (Kyodo)—Japanese Finance Minister Yoshihiko Noda said Saturday he and U.S. Treasury Secretary Timothy Geithner have shared the view that their countries must cooperate in undertaking policies that would help address global trade imbalances. "I think it is our shared goal that we will cooperate in macroeconomic policies and correct lasting imbalances," Noda told reporters after the two held talks on the sidelines of the meeting of Finance Ministers from the Asia-Pacific...

A look at economic developments and activity in major stock markets around the world
A look at Economic developments and activity in major Stock Markets around the world Friday: ___ LONDON — Better than expected U.S. jobs data supported Stocks Friday following massive gains a day earlier in the wake of the Federal Reserve's decision to pump $600 Billion in newly created money into The Economy. The Dollar surged after the forecast-busting jobs figures. In Europe, the FTSE 100 index of leading British shares closed up 12.56 points, or 0.2 percent, at 5,875.35, its highest...

APEC ministers meet as doubts grow over U.S. approach
By Stanley White KYOTO, Japan (Reuters) - Asia Pacific Finance Ministers, including from the world's three biggest economies, met on Saturday amid mounting criticism of U.S. Monetary Policy and its proposals to solve economic imbalances. The... When is it the Fed’s cue to leave? U.S. Treasury Secretary Timothy Geithner (C) talks with Australia's treasurer Wayne Swan while Japan's Finance Minister Yoshihiko Noda prepares to pose during a photo call at the Asia-Pacific Economic Cooperation...

Bernanke answers Fed's global critics
JACKSONVILLE, Florida (Reuters) - Federal Reserve Chairman Ben Bernanke on Friday defended the U.S. Central Bank's bond-buying against beggar-thy-neighbor criticism, saying the return to a strong U.S. Economy was critical for Global stability. He suggested doing so would bolster a dollar whose weakness has sparked cries of foul from Bogota to Beijing. The Fed's decision to buy $600 Billion of government Debt has drawn scathing comments from nations which contend it is generating Global instabil...

Dollar Drops Most in Four Weeks as Federal Reserve to Buy Bonds
Nov. 6 (Bloomberg) -- The Dollar fell the most in four weeks against the currencies of six major trading partners after the Federal Reserve said it will pump more money into the U.S. Financial System to spur Inflation and employment. The greenback slid versus 15 of its 16 major counterparts after the Fed said it will buy $600 Billion of U.S. Treasuries through June. It pared losses after data yesterday showed Payrolls grew more than forecast. The Australian and Canadian currencies reached parity...

Dollar Drops Most in Four Weeks as Federal Reserve to Buy Bonds
Source: Bloomberg Nov. 6 (Bloomberg) -- The Dollar fell the most in four weeks against the currencies of six major trading partners after the Federal Reserve said it will pump more money into the U.S. Financial System to spur Inflation and employment. The greenback slid versus 15 of its 16 major counterparts after the Fed said it will buy $600 Billion of U.S. Treasuries through June. It pared losses after data yesterday showed Payrolls grew more than forecast. The Australian and Canadian currenc...

China and Germany criticise US central bank
Germany and China have expressed concerns over US plans to pump $600bn (£373bn) into the US Economy. German Finance Minister Wolfgang Schaeuble said the US would not solve its problems, but create "extra problems for the world" instead. Some countries fear that the US Federal Reserve's move could hurt their exports by making their currencies stronger. China's Central Bank head Zhou Xiaochuan urged a reform of the international currency system. He did not elaborate how th...

USFK announces security measures, restrictions ahead of G-20
SEOUL — U.S. Forces Korea personnel are banned from going within a 600-meter radius of the COEX mall and convention center complex Wednesday through Friday, one of several security measures affecting the Military community during the upcoming G-20 summit, U.S. Army Garrison-Yongsan officials said Friday. The economic summit will be attended by 32 heads of State and more than 10,000 participants. Protests at previous G-20 meetings have become violent, and delays are expected on all forms of...

FT.com / In depth - US shifts G20 currency focus to trade deficits
US officials said they will push for firmer commitments at the forthcoming G20 meeting in Seoul to correct global economic imbalances, but played down the chance of a rapid resolution of tensions over China’s currency. Speaking on Monday ahead of next week’s meeting of G20 heads of government in South Korea, Mike Froman, the White House deputy National Security adviser and working-level representative to the grouping, said it was a chance for incremental change. EDITOR’S CHOICE Seoul opt

U.S. Army officials announce security measures, restrictions ahead of G-20
SEOUL — U.S. Forces Korea personnel are banned from going within a 600-meter radius of the COEX mall and convention center complex Wednesday through Friday, one of several security measures affecting the Military community during the upcoming G-20 summit, U.S. Army Garrison-Yongsan officials said Friday. The economic summit will be attended by 32 heads of State and more than 10,000 participants. Protests at previous G-20 meetings have become violent, and delays are expected on all forms of...

Exporting Our Way to Stability
AS the United States recovers from this Recession, the biggest mistake we could make would be to rebuild our economy on the same pile of Debt or the paper profits of Financial speculation. We need to rebuild on a new, stronger foundation for Economic Growth. And part of that foundation involves doing what Americans have always done best: discovering, creating and building products that are sold all over the world. We want to be known not just for what we consume, but for what we produce. And th...

Exporting Our Way to Stability
AS the United States recovers from this Recession, the biggest mistake we could make would be to rebuild our economy on the same pile of Debt or the paper profits of Financial speculation. We need to rebuild on a new, stronger foundation for Economic Growth. And part of that foundation involves doing what Americans have always done best: discovering, creating and building products that are sold all over the world. We want to be known not just for what we consume, but for what we produce. And th...

A look at economic developments around the globe
LONDON — Better than expected U.S. jobs data supported stocks Friday following massive gains a day earlier in the wake of the Federal Reserve’s decision to pump $600 Billion in newly created money into The Economy. The Dollar surged after the forecast-busting jobs figures. In Europe, the FTSE 100 index of leading British shares closed up 12.56 points, or 0.2 percent, at 5,875.35, its highest close since June 2008. Germany’s DAX also ended at its highest levels since then, after...

Ben Bernanke, stock booster
I noted last week that there is some vocal – and well-placed – opposition to Fed Chairman Ben Bernanke’s Quantitative Easing plans. The big criticism, made clear by GMO Chairman Jeremy Grantham, is that this experimental form of Monetary Policy Easing gooses Share Prices. And in the process, it threatens to inflate more asset bubbles which will cause more damage somewhere down the road. In a Washington Post op-ed column that outlines the reasons behind this second round of qua...

China, Germany Criticize U.S. Quantitative Easing
China and Germany, the world's second-largest and fourth-largest economies respectively, expressed concern about Federal Reserve plans to pump $600 Billion into the U.S. economy. The Fed announced plans to buy $600 Billion of assets earlier this week. The Fed hopes that the move, known as Quantitative Easing, will help boost the U.S. economy and lower Unemployment. German Finance Minister Wolfgang Schaeuble said Quantitative Easing would not solve the problems in the U.S. economy, but would c...

Fed foreshadowing from the Bank of Japan?
In a grim preview of what Ben Bernanke may find himself advocating next year, the Bank of Japan this week started loading up on Stocks and Real Estate investments. Like the Federal Reserve, Japan's Central Bank is trying to rouse a slumbering economy at a time when the typical tool of Monetary Policy, a cut in short-term Interest Rates, is not available. The BoJ's basic discount Rate hasn't been above 1% since 1995, and the Bank cut it last month to 0% in its latest effort to boost de...

It goes to the Feds motive
IN COURTROOM dramas, the prosecutor often dredges up some seemingly irrelevant fact about the accused by arguing, “It goes to motive, your honour.” That’s where the Fed finds itself in today. Quantitative Easing is fully justified by high Unemployment and falling Inflation at home, but the Fed is being pummeled in the court of Public Opinion because its motives are suspect: other countries think the Fed is trying bludgeon them into assuming more of the burden of global growth via a vastl

Blinded By Natural Science
For at least the past hundred years, Economists have attempted to forge an alliance with the natural sciences. The goal: for Economics to develop theories supported and substantiated with mathematics. The attraction is alluring; mathematics ups the bona fides quotient with the certitude that numbers impart. Like their counterparts in the natural sciences, Economists have taken mathematics to sometimes bewildering, Greek-lettered heights. But simple is more expedient, as John Maynard Keynes disc...

You can't fault the Fed
The Federal Reserve announced that it will try again to spur The Economy through a second round of "Quantitative Easing," which is Washington-speak for "conjuring money out of thin air." But the Fed's plan to purchase $600 Billion worth of long-term Treasury Bonds won't double the country's sluggish growth rate or slash Unemployment. It's just a nudge to The Economy, not a shove. The problem for the Fed is that it is failing at one of its core missions — to keep Unemployment low — a...

Gates of Vienna News Feed 11/5/2010
The German government is very unhappy with the Federal Reserve’s decision to buy up an additional $600 Billion in U.S. Treasury Bonds. Finance Minister Wolfgang Schäuble says the Fed won’t be able to solve America’s financial problems in this manner. The move is seen as detrimental to the Euro countries because it causes the value of The Dollar to drop, and thus gives American exports an advantage. In other news, despite playing a major role in the policies that just led t...

U.S. Forces Korea officials reassess command sponsorships
SEOUL — What one U.S. commander described as a "big Tsunami" of Military Families moving to South Korea has forced officials to consider new rules to determine which Troops get command sponsorship. In 2008, the Military announced that it would allow more servicemembers to serve in South Korea on longer tours with their Families. Since then, the number of command-sponsored Troops has more than doubled, from 1,800 to 4,400. Officials say those families have maxed out infrastructure...