July 30, 2010
Germany and France look to rein in speculative trading
Published: 9 Mar 10 10:21 CET
Online: http://www.thelocal.de/money/20100309-25747.html
Germany and France are moving to curb or even ban the use of certain financial derivatives in the wake of the Greek debt crisis, daily Süddeutsche Zeitung reported Tuesday.
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Jean-Claude Juncker, the head of the Eurogroup and Luxembourg Prime Minister, and the Greek Prime Minister Giorgos Papandreou, were also backing the call for common international rules on the issue, the paper reported.
The goal was to have a common line on financial instruments such as naked short selling, in which stock market traders sell products which they neither own or have borrowed security to cover.
Such instruments have been widely blamed for financial turmoil in recent years. Recently, traders were making speculations on Greece going bankrupt.
According to the paper, Merkel, Sarkozy, Juncker und Papandreou were prepared to pursue the issue alone even if important G-20 partners such as the United States and China were not willing to join them.
“We cannot keep waiting until the last ones are on board,” the paper quoted a source as saying.
The Local (news@thelocal.de)
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Your comments about this article:
The solution is this: Change all accounting to the most basic form. If you received it, it's income. If you spent it (legally) it's expense. What's left is profit.
If you read this article carefully, you'll find a spot where it discusses changing the rules on "naked short selling." The article describes this as selling something you don't own. Okay, does anyone with half a brain think doing that is a good idea? If you don't own it, how can you possibly expect someone to pay you for it when you sell it?
Sure it's all about greed and finding "creative" ways to make more money. But, at it's heart, it's all about greed. So...what we need are rules that penalize greed. If you can make a Euro honestly, I'm all for you. Make as much as you can. But...do it honestly. The financial markets are worse than Monte Carlo or Las Vegas. At least there the house admits you'll lose in the long term.
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