joi, 1 decembrie 2011

5 Ways to Prime the Social Pump

5 Ways to Prime the Social Pump


5 Ways to Prime the Social Pump

Posted: 30 Nov 2011 11:56 AM PST

Posted by Dr. Pete

Old water pumpYou’ve finally finished that epic blog post [infographic, LOLCat, Thundercats remix…] and tomorrow morning you’ll unleash it on the world. So, what should you do between now and then? You could take a nap, sure, or you could start priming the social pump early. Here are 5 tips for how to put your network to work before you need it…

i. Be Genuine

This is the pre-tip that makes all the other tips work. I honestly hate giving social media advice, because I find that just about every “Always do…” or “NEVER do…” has an exception. There are people who can Tweet out the same link 10 times a day and see great returns. There are others who can talk about nothing but what they eat for breakfast and get 10,000 happy followers.

What’s the difference? Sincerity, and a little moderation. If you’re genuine, believe in what you’re doing, and aren’t just trying to game the system, people will forgive the occasional over-indulgence. Just like we all deserve to eat a bit too much for the holidays, we’re all allowed to get carried away when we’re passionate about something we’ve created. Just do it because you mean it, and try not to overdo it.

1. Participate

It’s sad that I have to say this one out loud, but priming the pump starts long before the eve of your launch. The first word in social media is “social” – if you just create an account on every platform, broadcast your own links, and never participate, you’ll get no results. The only exception is if you’re already famous. The rules that apply to Kim Kardashian don’t apply to you. Life isn’t fair.  If you’re already famous, congratulations – you can go read another post now.

The usual argument is “I don’t have time.” If that’s true, fair enough – focus your efforts. Better to spend quality time on one social network than just throw links at ten. Even one solid network you actively participate in can create amazing returns.

2. Pre-Announce

You’ve got a post scheduled, and you’re itching to click [Publish]. Why not share that excitement? Even if you don’t have a link yet, let people know you’ve got something great in the works. I don’t think there’s anything wrong with a Tweet like this:

Sample Tweet

Of course, please see Section (i) – for this to work, you have to mean it. If you’ve never been psyched about anything, or you send out this message twice a day, you’re going to sound like an ass. The best way not to sound like an ass is not to be an ass.

3. Be A Tease

This is the advanced form of pre-announcing. Did you ever watch a movie preview and it was so awesome you stopped caring about the movie you actually paid to see? Studios are great at turning short versions of their work into teasers – take the best minute or two, put it to dramatic music with a booming voiceover, and Bam – magic!

So, why not take a couple of the best bits of your post and pre-release them? It could be a bit of a copy, a piece of data, or even an illustration. For my recent dupe content mega-post, I posted this on Google+ just for fun:

Sample Google+ Post

I’ll admit it – this was a tease. I wanted people to think “Wow, I wonder what that post is about?” The trick, and the art, is to give people something of value (no matter how small). I honestly thought the quote was funny, and I wanted to share it. Of course, the other trick is to make sure that you don’t waste all the good bits in the previews, like almost all romantic comedies of the past 5 years.

I also did a bit of a post-post teaser, using the opening illustration:

Sample Google+ Post

I could’ve just as easily made that a pre-post teaser, but I was a bit afraid to waste it. I sometimes get a little too attached to my mediocre drawings. It’s all part of my charm, I imagine.

4. Create Buy-in

Have you ever seen someone post a survey asking for data or topics for a post? The magic of that tactic isn’t just that other people are helping create your content – it’s that each one of those people has just bought into your post. As soon as they provide data or feedback, they’ll want to know what you’ll do with it.

The trick to this one is that you have be specific and create something interesting enough that people want to participate. I’m not a big fan of Tweets like this:

Sample Tweet

Don’t get me wrong – it’s a perfectly valid thing to say, and it lets people know you’re human. Just don’t expect your boredom to result in someone else’s interest. If you want participation, you need to structure it – create a survey or even a simple poll, ask people for data, and generally get them invested in your idea.

It doesn’t have to be complicated. While working on a recent slide deck, I Tweeted this:

Sample Tweet

Looking back, it’s a combination of teaser + participation – by asking people’s opinions, I was trying to get them both interested and invested. Ultimately, participation is just another facet of social influence and a way to impact people in your network.

By the way, if you want to know which caption won, tune into my free webinar on Tuesday – “Future-Proofing Your SEO: 2012 Edition” (see what I did there?)

5. Pre-Reciprocate

If you’re good at social media, you’ll thank the people who help you and try to help them back. If you’re great at social media, you’ll help them before they help you. Be active the day(s) before you put out an important link – talk to people, re-tweet/Like/+1 their URLs, and generally make yourself seen. Social media is all about perception. You don’t have to be online every waking minute, but it never hurts to look like you are.

Now You Know

Those are all my dirty little secrets, and my social media life is now ruined forever. Seriously, I fall back on Tip (i) – I can say this out loud, because I’m sincere. Yes, there’s method to my madness, and I probably scheme more than most people realize, but I also love what I do.

You can game social media to a point, but real success in the social world is ultimately a reflection of you. If you don’t care, neither will anyone else. If you’re excited about what you create, why not let your excitement be contagious?


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New Adwords Social Extension Displays Google +1's In PPC Ads

Posted: 30 Nov 2011 04:11 AM PST

Posted by Justin_Vanning

Hey there Mozzers! Today I'm going to talk about how to link your new Google+ Business Page to your Google AdWords account so you can start utilizing the new social extension feature.

As we all know, Google+ has been hard at work lately trying to increase their user base and trying to close the gap between them and Facebook. Over the past few weeks they have moved one step closer by rolling out their Google+ business pages - basically the equivalent to Facebook business profiles.

Now, before I go any further, I want to state a quick disclaimer; social extensions are brand new within AdWords and the folks over at Google are still ironing out the kinks. There are still many questions around how they will evolve over the next several months, but for now I will do my best to explain what social extensions are, how to set them up, and what they can do for your PPC performance.

What Are AdWords Social Extensions?

Social extensions within AdWords are Google's way of annotating your Google+ follower count to your PPC ads. Here's what it looks like in action:

Pretty cool, eh?

Now there's 2 types of Social Extensions that Google rolled out with, Personal and Basic. The example above is a Personal social extension. It shows you how many people within your Circles who have +1'd either the landing page or the Google+ Business Page. When the Basic social extension is shown, it will show you how many people across the web have +1'd the landing page or the Google+ Business Page. For example, if Roger Mozbot does a search on robot wheels he might see an ad that has the Basic social extension, "300 people have +1'd this". That means that 300 people across the web have either +1'd the landing page or the Google+ Business Page.

How Do You Set Up Social Extensions?

1. Setup your Google+ Business Page

The first thing you need to do is setup your Google+ Business Page, if you haven't done so already. Our Chief Community Wrangler, Jen Lopez, set ours up and told me it was quick and painless. But, if you need some help on how to set up your business page, check out this article by Search Engine Land.

2. Verify your site

In order for Google to verify that you are the owner of the Business Page, you need to do two things.

3. Activate social extensions in your AdWords account

After completing the first two steps, go in to your Google AdWords account and click on the "ad extensions" button, then make sure you are viewing "social extensions" and click "new extension".

 

Now you'll have to paste your Google+ Business Page URL in to the box:

After saving the new social extension, it may take a few days for Google to approve it. It will say "pending review" until it has been approved and then the status will change to "eligible". Now your ads should start showing social extensions. W00t!

What Are The Benefits Of Setting Up Social Extensions?

So now that you have everything set up properly, you're probably wondering what type of impact the social extensions will have on your ad performance. I can tell you that I have seen a nice bump in CTR on all of my ads that have been shown with the social extensions. The data is pretty preliminary since Google is only showing social extensions on a limited basis, but so far, the results look very good.

After setting up everything correctly in your AdWords account, if you want to see how the social extensions are performing, follow these simple steps:

  • Click in to one of your campaigns that has enabled social extensions
  • Click on the "ads" tab
  • Click on the "segment" drop down and select "+1 Annotations"

In the above screenshot you can see that while we only had a handful of impressions showing with the basic social extension, it has a much higher CTR then our standard ad. I reviewed some other ads within our campaign and am seeing a significant bump in CTR on all ads that were shown with either the personal or basic social extensions!

We know that these social extensions are still in their infant stages at Google, and I'm sure Google will be making some tweaks to them as they gather more data. But for now, there are several unique advantages you will have by turning on social extensions in your AdWords account.

  • Most advertisers still aren't utilizing social extensions so you can roll out with them before your competitors do
  • It only takes a few minutes to set up, it is free, and it will instantly give your ads more credibility and trust by having the social annotations appear within them
  • While the results are still very preliminary, it appears that ads with social annotations are generating higher CTRs
  • Increase the number of +1's you have on your Business Page since users who +1 your ad will count as a +1 to your Business Page

I hope you find this post helpful and can get some value out of turning on social extensions within your AdWords account. If you have already turned them on and are seeing results, please feel free to share them with me. Also, if you have questions, please let me know and I'll do my best to answer them. 


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The Beginning of the End of AIDS

The White House Your Daily Snapshot for
Thursday, December 1, 2011
 

The Beginning of the End of AIDS

Today is World AIDS Day, and President Obama is marking the occasion by speaking at "The Beginning of the End of AIDS," an event hosted by the ONE Campaign and (RED) at George Washington University.

Find out more and watch live.

Have questions about the global AIDS epidemic and what the Administration is doing to bring it to an end? Today at 2:30 p.m. EST, Gayle Smith, Senior Director for Development and Democracy at the White House, and Ambassador Eric Goosby, U.S. Global AIDS Coordinator will answer your questions on WhiteHouse.gov/Live. Find out how to submit your questions.

A red ribbon is hung from the North Portico of the White House on Nov. 30, 2011 to mark World AIDS Day, December 1, 2011. (Official White House Photo by Chuck Kennedy)

In Case You Missed It

Here are some of the top stories from the White House blog

By the Numbers: $1,500
The President's payroll tax cut would put an extra $1,500 in the pockets of a typical family earning $50,000 a year.

President Obama at Scranton High
If Congress doesn't extend the payroll tax cut, 6.7 million people in Pennsylvania will see their taxes go up. That's the message that President Obama took to Scranton.

White House Holiday Decoration Preview with the First Lady
First Lady Michelle Obama hosts military families to explore holiday decorations at the White House.

Today's Schedule

All times are Eastern Standard Time (EST).

10:05 AM: The President delivers remarks at a World AIDS Day Event

10:45 AM: The President receives the Presidential Daily Briefing

1:30 PM: Press Briefing by Press Secretary Jay Carney

5:00 PM: The First Family attends the National Christmas Tree Lighting; the President delivers remarks

WhiteHouse.gov/live
Indicates that the event will be live-streamed on WhiteHouse.gov/Live

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Seth's Blog : Four stages of the game

Four stages of the game

  • You don't even realize there's a game. (And any contest, market, project or engagement is at some level a game).
  • You start getting involved and it feels like a matter of life or death. Every slight cuts deeply, every win feels permanent. "This is the most important meeting of my life..."
  • You realize that it's a game and you play it with strategy. There's enough remove for you to realize that winning is important but that continuing to play is more important than that. And playing well is most important.
  • You get bored with the game, because you've seen it before. Sometimes people at this stage quit, other times they sabotage their work merely to make the game feel the way it used to.
  • And then a new, different game begins.
 

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miercuri, 30 noiembrie 2011

Mish's Global Economic Trend Analysis

Mish's Global Economic Trend Analysis


China Manufacturing PMI Plunges to 32-Month Low of 47.7; Reflections on Stocks Rallying on "Bad News"

Posted: 30 Nov 2011 10:56 PM PST

Equity markets soared on central bank manipulations and various rumors the past few days. However, neither rumors nor trivial actions (which is all that happened) can save the global economy.

Yesterday stocks rallied on news China Cuts Bank Reserve Ratios by .5 Percentage Points and Central Banks Cut Rates on Dollar Swap Lines.

However, the reason Chinese central bank reacted is hugely deteriorating conditions in China. The reason the Fed reacted is hugely deteriorating conditions in Europe.

Equities have rallied on reported "good news". However the first irony is the global economic picture outside the US is horrendous. The second irony is bottoms are formed on bad news (and tops on good news), but central banks intervention is really bad news widely recognized as good news.

With that in mind, please consider the HSBC China Manufacturing PMI for November 2011.
November data showed Chinese manufacturing sector operating conditions deteriorating at the sharpest rate since March 2009. Behind the renewed contraction of the sector were marked reductions in both production and incoming new business. The latest survey findings also showed a marked easing in price pressures, with average input costs falling for the first time in 16 months. In response, manufacturers reduced their output charges at a marked rate.

After adjusting for seasonal variation, the HSBC Purchasing Managers' Index™ (PMI™) – a composite indicator designed to give a single-figure snapshot of operating conditions in the manufacturing economy – dropped from 51.0 to a 32-month low of 47.7 in November, signalling a solid deterioration in manufacturing sector performance. Additionally, the month-on-month decline in the index was the largest in three years.

Manufacturing production in China fell for the first time in four months during November, with the rate of decline the fastest since March 2009. Panelists generally attributed reduced output to falling new business. The latest decline in new orders was marked, and the steepest in 32 months. Moreover, the month-on-month decline in the respective index was among the greatest since data collection began in April 2004.
China Manufacturing PMI



Stocks ignoring bad news is normally a very good sign. Stocks rallying on government intervention as bad news is presented as good is a different story indeed.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List


China to Protect Iran Even if Result Starts World War III; What's the Best Way to Deal with Iran?

Posted: 30 Nov 2011 06:31 PM PST

Does the US have the right to defend itself? If so why doesn't any nation have the right to defend itself? What is the best way for the US to deal with Iran?

Here is a video in Chinese, with English subtitles, in which China says it will defend Iran.



Link if video does not play: "China will not hesitate to protect Iran even with a third World War"

Here are a few panels about 2 minutes 15 seconds into the video in which China states an intent to protect Iran, if Iran is attacked, even if it means World War III.





I support the position (a few moments later and shown in the screen shot below) that suggests the Iranian people have little trust in their leaders and the best way to deal with Iran is to let the people rise up against the government as happened in Egypt and Libya.



With the US threatening Iran at every turn, and with the needless war in which the US destroyed Iraq killing or ruining the lives of hundreds-of-thousands of Iraqis, it is no wonder Iran wants to protect itself. Any country would want to do the same.

The US has no business instigating another war, yet that is exactly what economic sanctions are. The downright scary policies of Mitt Romney and Newt Gingrich go even further, and would have the US marching off to World War III before we know it.

The best way for the US to deal with Iran is to support the Iranian people (not the leaders). Nearly all the private citizens of Iran would have no grudge against the US if we would simply stop our policies of aggression in the region.

We do not need another war and certainly cannot afford one. Ron Paul offers the best hope of stopping yet another disastrous, and needless march to war.

In case you missed it, please consider President Obama and Mitt Romney are Nearly One and the Same!

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List


Maximum Intervention Moves Into Overdrive; Foreign Banks can Fund themselves Cheaper in US Dollars than US Banks; Discount Rate Cut Coming Up?

Posted: 30 Nov 2011 08:54 AM PST

Steen Jakobsen, chief economist for Saxo Bank offers his take on the liquidity moves by global central bankers.

Please consider Steen's Chronicle, Maximum Intervention Moves Into Overdrive
Our theme for Q4 was 'Maximum Intervention' and today was a new high for this exact concept. The day after the European Union Finance Ministers (ECO-FIN) meeting (which once again failed to produce any progress on the EU debt crisis) the Chinese cut the RRR-ratio - the minimum reserves each commercial bank must hold of customer deposits and notes - from 21.5 percent to 21.0 percent. (The RRR started the year in 18.5 percent and this is the first cut since 2008. Back in 2006 the RRR ratio was just below 8.0 percent for a number of years.) This is an indication that China's help to the growing outlook of a 'Perfect Storm' will be monetary easing despite relatively stubborn inflation numbers.


Coup-de-grace
Then in coup-de-grace style the Federal Reserve and five other major central banks cut the dollar funding rate for overnight swaps by 50 basis points, down from 100 basis points, and at the same time made this programme run through to February 2013.

This immediately raises the hope for further cuts in policy rates in the US and Europe. Right now, foreign banks can fund themselves cheaper in US Dollars than US banks. This will almost certainly mean the discount rate will be cut by 25 bps and before the weekend.

Mounting pressure on Monti
The market loves liquidity and this action shows the true determination of policymakers to address the growing funding crisis, but its ultimate success will depend on progress in the EU debt crisis, and whether this will again merely be a stand-alone action of throwing liquidity at a problem which remains one of solvency. In other words, the lack of structural changes in Europe – are the same both before and after this coordinated intervention. Alas, technocrat Monti remains more important to the future of this risk-on move than the move itself.

However, it should not be ignored that the market is looking for excuses to take the S&P 500 index higher, and there is no denial that the underlying economic data from the US has continuously surprised to the upside over the past month. Fundamentals are improving in the US, and the ADM report this morning gave indications that Non-Farm Pay-Rolls data on Friday could yet be another positive news story.

'Monster Santa' rally
Earlier this week I described this week as likely to be one of consolidation and potential for a rest at 1215/1220 – we have now clearly overshot this on the upside and the target 1240/50 might well be in full view. The market also likes the "seasonal play" of buying into year-end, and I am getting plenty of ammunition from tech-based analysts that the price action reminds them of September/October 2010 – the post Jackson Hole rally - making this the start of a 'monster Santa' rally.

I will remain sidelined with a negative bias, if only because, my generic models are short, and from a tactical point of view, I feel that to get a real solution to solvency, unlike liquidity, we need to see stock markets in mini-crash mode before politicians and policymakers truly understand the necessity to make a long-term commitment to austerity and growth. The signal today was: We are prepared to buy more time, and feel confident enough to float the market with cheap liquidity and an indication of further easing to come. The market will love that, but investors should also remember to stay sober when drinking from the cool-aid name: cheap money.

Go Santa,

Safe travels!
Discount Rate Discussion

The Federal Reserve website has this discussion of the Discount Rate.
The discount rate is the interest rate charged to commercial banks and other depository institutions on loans they receive from their regional Federal Reserve Bank's lending facility--the discount window. The Federal Reserve Banks offer three discount window programs to depository institutions: primary credit, secondary credit, and seasonal credit, each with its own interest rate. All discount window loans are fully secured.

Under the primary credit program, loans are extended for a very short term (usually overnight) to depository institutions in generally sound financial condition. Depository institutions that are not eligible for primary credit may apply for secondary credit to meet short-term liquidity needs or to resolve severe financial difficulties. Seasonal credit is extended to relatively small depository institutions that have recurring intra-year fluctuations in funding needs, such as banks in agricultural or seasonal resort communities.

The discount rate charged for primary credit (the primary credit rate) is set above the usual level of short-term market interest rates. (Because primary credit is the Federal Reserve's main discount window program, the Federal Reserve at times uses the term "discount rate" to mean the primary credit rate.) The discount rate on secondary credit is above the rate on primary credit. The discount rate for seasonal credit is an average of selected market rates. Discount rates are established by each Reserve Bank's board of directors, subject to the review and determination of the Board of Governors of the Federal Reserve System. The discount rates for the three lending programs are the same across all Reserve Banks except on days around a change in the rate.

Further information on the discount window, including interest rates, is available from the Federal Reserve System's discount window web site.
Discount Window



Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List


China Cuts Bank Reserve Ratios by .5 Percentage Points; Central Banks Cut Rates on Dollar Swap Lines; German 1-Year Bond Yield Negative First Time Ever; Futures Soar

Posted: 30 Nov 2011 07:09 AM PST

Equity futures sharply reversed an overnight pullback on a pair of central bank actions, one in China, the other an agreement between the US and Europe.

China Cuts Bank Reserve Ratios by .5 Percentage Points

The Wall Street Journal reports China Cuts Reserve-Requirement Ratio
The People's Bank of China, China's central bank, said Wednesday it will cut the reserve-requirement ratio for banks by half of a percentage point, the first such cut since December 2008. The cut essentially frees up banks to lend additional money.

The cut late Wednesday in Beijing cheered European markets, with the benchmark Stoxx Europe 600 index up 0.8% midday, while London's FTSE was up 0.8%.

"The data for the last few weeks has been bad," said Mark Williams, China economist at Capital Economics. "There's zero growth in property starts, electricity output growth has slowed, the export numbers for November will be awful and they may have had a sneak preview of that. All of these things could have triggered a shift in policy."

Wednesday's move will take the reserve-requirement rate to 21% for major banks. It will free up around 390 billion yuan (about $61 billion) in funds for the banks to lend, according to calculations by The Wall Street Journal based on data for bank deposits in October.

The cut in reserve ratio "is a clear signal that Beijing has decided that the balance of risks now lies with growth, rather than inflation," said Stephen Green, regional head of research in Greater China for Standard Chartered, in a note following the PBOC's move. Mr. Green predicts that China will reduce the reserve ratio again in January due to a potential liquidity crunch coming up before Chinese New Year.

The PBOC has raised the reserve requirement ratio six times so far this year, and has raised benchmark lending and deposit rates five times since October last year to combat stubbornly high inflation. The previous reserve ratio increase took effect June 20, and the last interest rate hike was effective July 7.

There will likely be more such reserve ratio cuts, with one more cut of 0.5 percentage point coming as soon as the beginning of next year, said Yao Wei, China economist with Société Générale, adding that she doesn't expect any interest rate cut in the next six months.
Central Banks Cut Rates on Dollar Swap Lines

Bloomberg reports European Stocks Rally After Central Banks Cut Rates on Dollar Swap Lines
European stocks rallied for their longest stretch of gains in seven weeks as the Federal Reserve and five other central banks lowered the cost of dollar funding and China cut its reserve ratio for banks.

The Fed, Bank of Canada, Bank of England, Bank of Japan, European Central Bank and Swiss National Bank agreed to reduce the interest rate on dollar liquidity swap lines by 50 basis points and extend their authorization through Feb. 1, 2013.

Finance ministers of the 27-nation European Union are meeting in Brussels today to seek agreement on how to temporarily guarantee banks' bond issuance in order to improve funding conditions for lending. EU leaders agreed last month to provide the guarantees to restore investor confidence in banks.
German 1-Year Bond Yield Negative First Time Ever

Investment Week reports German 1-year bunds move to negative yield for first time ever
The yield on 1-year German bunds turned negative today for the first time ever, according to Bloomberg data, as the European Central Bank looks set to ramp up measures to fight the debt crisis.

The yield on the 1-year note fell 13 basis points to -0.05% by midday. This is the first time it has seen a negative yield since Bloomberg began compiling data on the asset class in 1995.

Yields on the 6-month bunds, known as Bubills, turned negative last week, dropping to -0.05% on Friday. It was the first time 6-month bunds have offered a negative yield since the creation of the euro.
S&P Equity Futures are up another 3 Percent, Bond Market Yawns

Global equities are sharply higher with this global coordinated action. S&P 500 futures are up another 3 percent and will gap higher.

Meanwhile Spanish 10-year bonds rallied (yields fell) a mere 7 basis points to 6.32%, Spanish 2-year bonds rallied a mere 8 basis points to 5.51%, Italian 10-year bonds rallied 10 basis points to 7.13%, and Italian 10-year bonds rallied 9 basis points to 7.00%.

Whatever the equity markets see, the bond market doesn't. A flight to safety of German bonds is back on, that China needs to cut reserve requirements is a huge sign of weakness (and no it will not stop a hard Chinese landing).

Also bear in mind that on September 15, there was coordinated swap-line action that did nothing.

Bloomberg reports ECB Coordinated Policy Action Is 'Big Deal,' Blanchflower Says
September 15, 2011 11:35 AM EDT

The Frankfurt-based ECB said today that it will coordinate with the Federal Reserve and other central banks to conduct three dollar liquidity-providing operations with a maturity of approximately three months. The loans are in addition to the bank's regular seven-day dollar offerings and will be conducted as fixed-rate tenders with full allotment, the bank said. It will offer the loans on Oct. 12, Nov. 9 and Dec. 7.

"The dollar funding situation has caused headaches for some banks," said David Schnautz, a fixed-income strategist at Commerzbank AG based in London. "The ECB's measures help ease those problems. It will be interesting to see if there is more to come."

Basis swaps allow banks to borrow in one currency, while simultaneously lending in another.

The ECB's measure is a "really big deal," according to Dartmouth College Professor David Blanchflower. "The fact that these central banks have acted together and said we'll backstop banks is really big news," Blanchflower, a former member of the Bank of England's Monetary Policy Committee, said today at the Bloomberg Markets 50 Summit in New York.
Here is an interesting chart on ZeroHedge that shows what happened the last time there was coordinated swap-line action.



What's Changed?

Nothing much that I can see. China cut the reserve-requirement rate to 21% from 21.5% and the Fed and ECB renewed swap lines at a slightly lower rate.

Yields on Italian bonds are still at or above 7%, and nothing has been done to solve any long-term structural issues.

Nonetheless it's party time for equities, crude, and metals, particularly gold and copper.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List


German Finance Minister says "Big Bazooka" Not Ready, Would Not Stem Crisis, Even IF it Was; Plans Too “Intricate and Complex” for Investors to Understand.

Posted: 30 Nov 2011 12:39 AM PST

In a huge non-surprise to the bond markets (but not to bullish equity buffoons), Wolfgang Schauble admits euro bail-out fund won't halt crisis
Europe's "big bazooka" bail-out fund is not ready and won't stem the debt crisis that on Tuesday pounded Italy and the European Central Bank (ECB), admitted Wolfgang Schauble, Germany's finance minister.

Mr Schauble said eurozone finance ministers, who are meeting in Brussels, could not agree on the terms of the European Financial Stability Facility (EFSF). He told Germany's Handelsblatt that although Europe needed a fund "capable of action", plans for the EFSF were too "intricate and complex" for investors to understand.

The finance ministers, who were meeting ahead of a full Ecofin summit today, acknowledged the €440bn (£376bn) fund would not win support to leverage it up to €1 trillion. Its capacity would be between €500bn and €700bn instead – a total that is unlikely to be big enough to rescue Spain and Italy.

However, the ministers concurred that the €8bn of international aid to Greece should be disbursed before Athens runs out of cash in two weeks. Evangelos Venizelos, Greece's finance minister, said: "In Greece we have all the necessary conditions in order to go ahead with the next disbursement."
Necessary Conditions Met?!

The only way "necessary conditions" can possibly have been met is if "necessary conditions" have changed.

Germany, the Netherlands, and the IMF have all insisted that all Greek coalition leaders sign off on agreement to IMF and EU demands.

However, the leader of the Greek New Democracy party still refuses to sign as noted on November 22 in Showdown in Greece; EU Gives Deadline on Signatures; Samaras Won't Sign, Sends Letter Instead, Seeks Policy Changes.

Either the EU has blinked or I missed a "signing party".  Regardless, Greece is going to default anyway, signing party or not.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List


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