Everyone’s Fucked
Russia:
Russia has allocated 3 trillion rubles ($127.7 billion) to support the country’s financial markets. During one Cabinet meeting on Sept. 18, the government decided to buy shares in Sberbank, VTB and Rosneft to the tune of 500 billion rubles ($21.3 billion).
I am not sure what the Kremlin means by “state support for the stock market.” It’s also not clear how this type of support is fundamentally different from insider trading, a financial crime that in other countries is punishable by lengthy prison terms.
Continue reading at the Moscow Times
Iran:
TEHRAN, Sept 24 - Iran’s government is likely to strengthen its influence over monetary policy with the appointment of a new central bank governor, and its push for looser credit risks stoking inflation.
Mahmoud Bahmani, who analysts describe as an experienced banker but lacking the political clout of his predecessor, was picked as the new bank chief on Tuesday. He replaced Tahmasb Mazaheri who had several public run-ins with the government.
Mazaheri tried to curb inflation, now running at 27 percent, by seeking higher interest rates and controlling credit to projects the cabinet said would create jobs. The government pushed to keep rates well below the inflation rate and wanted banks to offer more loans.
Continue reading at Forbes
China:
BEIJING Sept 21 (AFP)  Chinese Premier Wen Jiabao has warned the global economic slowdown and financial turmoil may get worse, pledging more flexible policies to maintain the country’s growth, state media said Monday.
Both the central bank and the banking regulator issued statements earlier this month calling for more loans to boost the national economy, after Beijing in August raised this year’s quota of new local-currency loans by five percent.
The finance ministry also unveiled 10 days ago a package of subsidies worth 3.51 billion yuan (510 million dollars) to help small and medium-sized firms.
Continue reading at AFP
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