Epstein Secrets

ior Managing Director Chairman Group Executive Vice-President, Human Resources and Synergies President and Chief Executive Officer Bureau Chief, Southern Europe Minister of Mining of Mongolia Columnist Chairman and Chief Executive Officer President and Chief Executive Officer, CAF - Development Bank of L

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ent Fluor Corporation USA Nikolai Dobrinov Vice-President ICT Group of Companies Russian Federation Daniel Doctoroff Chief Executive Officer Bloomberg LP USA Evgeny Dod Chief Executive Officer JSC RusHydro Russian Federation Volkert Doeksen Chairman and Managing Partner Alpinvest Partners BV Nether

in the dollar's trade basket, this would be close to impossible to achieve via such a bilateral accord. Casualties of the Currency Wars (other than Southern Europe) The first one is us. We did not anticipate the recent strength of the Euro vs the US dollar; since the summer, the Fed and the ECB have adopted op

rce ..l.P. Morgan F8 cal cul abons. world Gold Co uno I. G F MS. U.S. Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Jul-10 Geological Survey. IMF. Bloomberg, MSCI. BIS. Merrill Lynch. Source:Saudi Arabian ',smeary Agency. Saudi Arabia: pressures from a weaker dollar and how its investment parapets lim

tabilize not just EFTA00692522 Italy but Europe as a whole. But remember, Italy isn't unique: disreputable politicians are on the rise all across Southern Europe. And the reason this is happening is that respectable Europeans won't admit that the policies they have imposed on debtors are a disastrous failure.

and. Beyond the election losses in November, polling data shows that the majority of the American people are not with the GOP. According to a recent Bloomberg poll, only 35 percent have a positive image of Republicans (the same poll shows a 55 percent approval rating for the president), and only 44 percen

t ratios above 80%. And of course, if the current strategy doesn't work, the EU will simply have made the problem bigger for the ECB and EU banks. Southern Europe needs capital to finance both budget deficits and trade deficits. Private sector capital is going to need a reason to come back, and absent a much w

reserve requirement ratios, from 2% to 1% Spain's sovereign yield curve Pe cent 8% November 29,2011 January 24. 2012 5Y 10Y 20Y 30Y Source: Bloomberg. Source: Bloomberg. It should not be lost on anyone that first prize in the Central Bank balance sheet expansion race is not necessarily one you w

n foreign funding. We believe the European periphery will experience painful deflation and sovereign and private defaults. The crisis in Eastern and Southern Europe is ahead of us, not behind. > Government bonds are the only obvious existing bubble — We have highlighted many countries that are ripe for asset b

0(0 00.D:0 25.3:0 20.0:0 15.0:0 100:0 5.1):0 0 ; R ;;;IIIIIIIIIII% ro cc* 404)0 SOS@ 40.(00 Parcips a110MB IIIPMCIpi • 11140131 Source: Bloomberg 14 EFTA00612110 www.variantperception.com May 10 As of now. Spain needs to pay back 40% of all its outstanding principal and interest payments