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Understanding the securitization crisis


's been four years since the beginning of the financial and economic crisis more 'serious since 1929.
worldwide measures have been taken to curb the so-called systemic risk by covering the debts of banks and financial institutions through public debt.
In Europe, some countries have found and are on the verge of collasso.Il un'abbassamento risk of living standards and a general impoverishment is visible to everyone.
I wonder: was including the origin of the crisis?
And also: who knows, he told us everything?
I have to say no to both questions.
The origin of the crisis is due to the use of sophisticated financial instruments and adapted for this purpose, but still was not taken any steps to prevent the destructive use and repetition of catastrophic events.

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critical - part

securitizations represent real advances in loans that generate future cash or money-market investments should generate at least equal amount of receivables sold. It

can therefore be defined as extraction of current monetary value of assets and sources of future economic activity: they consume future resources in the face of future guarantees reliable and also uncertain. From this point of view, the fundamental difference between normal bonds, issued to rake in the credit market, and bonds related to a process of securitization is that while the former are issued against collateral in the current (eg mortgages) the latter are related to future income.

The process of securitization developed on subprime mortgages, has sent in a short reaction SIV is the chain that intermediary banks themselves, and what happened at increases in interest rates. All families of credit derivatives are developed from the need to address better the credit risk related to an increase of interest rates. As we have seen, but also the securitization, and with explosive force undergo the risk rates.

But the dangers of securitization does not end here, or in relation to interest rates, is developed at low rates (implying a default at the same growth) rate is high (which implies fact of having to pay high rates on bonds issued by SIV also at rates of falling and at a lower market value of the bonds)

There are two elements that make this fund highly dangerous instrument.

The first is that it is fundamentally characterized as an outrage against the future (and how to sell lunch tomorrow to eat today!)

The second is that it represents a form of money creation extra channels for the public.

The subtraction is accomplished in the future from the sale of receivables in the future as this Note that part of the operation, the part rule, and since there is a bond of purpose, is also void the need to use, really productive resources taken from the future and in fact they are not even treated as debt, but as assets. The securitization norm is a sort of securitization should develop initial investment and profits of the same size: this should have been and should be the general case. Otherwise, a securitization that is essentially intended to make financial provision creates what we call subtraction of the future. In summary we can add that if a securitization process starts to cover difficult financial balances it inevitably generates bad debt and increasing risks, if it is intended to recover unpaid debts the bond issue is expected on a speculative basis.

The second point is, however, by far the most important from the point of view of economic theory. The dream of the monetarist movement (let's call it for convenience) has always been one: to show that substantially in the long run the amount of money was neutral with respect to the real economy, and indeed it could be used intrinsic virtues: the fact that could create money out of monetary institutions and central banks have represented for many years to demonstrate their theorems. After the crisis of 2oo7 this is no longer plausible. The fact

to create money for extra public channels (that we call leverage, or

moral hazard, or securitization or that you simply attach all'ingordigia not change anything)

And 'The fact that it analyzed in terms of economic policy.

In other times, the depiction of the crisis was as follows: someone from outside the system

printing paper money and someone inside the system - the Central Bank - certifies the value.

The representation is primitive, but the same result: a massive destruction of real value!

The process of creating public money for extra channels, although it is behind the crisis of 2007 began a few decades earlier. In this time we are worn out and weakened the main instruments of government of the money from the system.

The main victim of this process were the interest rates. As it was stated that the creation of public money for extra channels, the money became less and less sensitive to interest rate movements. (Of course effect of the statement of the risk rate swaps)

From "Il sole 24 ore" to Tuesday, February 9, 2010 in the USA and we learn that only 21 of the main primary delears have access to the Fed Fund. In Europe, the intervention rate is still very effective even if less than 20 years ago.

This is very consistent with the usual "overthrow" of the monetarist movement: they are the interest rates that determine inflation, money supply is neutral. The current financial crisis is showing us instead the role of interest rates is also worn in the case of a will

enlargement of the monetary base.

This has many consequences. Since the role of interest rates on changes in the debt becomes almost negative, the governability of the debt of banks, companies and states but also is seriously in question .

This is a direct result of having injected liquidity into the system regardless of any parameter Journal, or to have created a credit market in the margins of the official .

The money created in the margins of the system for extra channels public is not as sensitive to interest rates that created the parameters and constraints official.

The analysis of the relationship between credit derivatives and the trend in interest rates will be the subject of a forthcoming study.

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pistachio tart and chocolate banana tart with lemon

Here is a pastry with pistachio and chocolate banana smoothies ...

Ingredients

• flour 250g
• Sugar 75g Salt
• 125g butter 2 eggs
• roasted pistachios 70g
• Bananas 250g dark chocolate 150g cream 10cl

Cooking

• 26cm diameter round baking oven
• 180 ° C, static, central shelf
• 20 +5 minutes

procedure

• Cut the butter into cubes and let soften
• Mix the butter with the flour (working with your fingers without too much heat compound)
  
• Add eggs Add sugar and 70g chopped pistachios
  
• Knead well, make a ball and let rest in refrigerator at least 60 minutes
• Roll out the pastry into the pan leaving a high
• Cover with wax paper and use of dry beans as a weight
• Cook 20 minutes and then another 5 without beans
• Dissolve (in a double boiler or microwave) dark chocolate
• Boil
• Mix the cream and chocolate cream, mix well and let cool
• Blend bananas
  
• After based on the cooking, add the chocolate and banana smoothies
• Cool

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criticism of securitization - the first part

carticolarizzazione The sub-prime loans is causing the current financial crisis.

The purpose of securitization (credit) is to allow banks, organizations, companies, financial intermediaries etc.. etc.. to obtain immediate liquidity through the sale of future receivables management company specializing in ( variously known as SPV, SPV, conduit, etc.)

These companies issue bonds to cope with in the purchase and credit flows expected and payable, the SPV will ensure the return of the bonds themselves.

With this technique an economic or financial funds obtained without recourse to the regular credit market. In Anglo-Saxon countries is also called "originate to distribute".

extensive and widespread use of this technique, has determined that the process also referred to as disintermediation, banking, or the process by which the bank itself out processes by supplying money.

In terms of specific monetary policy instruments can have zero-rate financing or even earn (in Italy the future disposal of assets is a consideration, L.130, 1999).

In general the instrument of securitization is used by businesses that have steady streams of revenue: banks: loans, Social Security: contributions, leasing companies: rate, real estate companies: rentals, service companies: water bills, electricity , gas. In some countries, school fees and hospital.

Companies that securitize have the advantage of generating their own streams of funding financial for new investments. However, not all companies can securitize: no known cases of engineering firms, textiles, chemicals etc. etc. using this instrument.

We have thus two different types of companies: cartolarizzanti and cartolarizzanti and therefore we will have two different answers to each intervention on interest rates.

Companies cartolarizzaanti not be totally sensitive to movements in interest rates, because their supply of liquidity continues to be sought through bank credit, while companies cartolarizzanti will have a supply of liquidity insensitive to interest rate movements .

Funding liquidity cartolarizzanti companies do not will be determined by the performance of interest rates, while companies cartolarizzanti liquidity will be determined by the amount of flows of the securitized loans. At the center

nthe process of "originate to distribute are banks and finance companies in their triple function:

1) cartolarizzanti, as their flows constants allow securitization of revenue shares;

2) issuers of bonds, as participants in the specialty management (conduit or SPV)

3) financial market traders of bonds issued by special purpose vehicles, for

own account or for third parties. If

for companies transferring the credits, the relationship with the interest rate is zero for the special purpose vehicle that issuing bonds, the relationship with the trend of interest rates becomes

fundamental and this because of the fact that the profitability of the bonds will be in constant relationship with interest rates, bonds, since they will still have a higher return than government bonds, but the performance may still not be greater than the revenue streams special management in the vehicle. So the optimal condition of the life of a bond with an underlying linked to a process of securitization is that for the duration rates are constant or declining.

The effect of lower interest rates will be to increase the marketability and profitability, back in the face of rising rates, since the remuneration of securities can not go beyond the margins guaranteed by inflows, the issuer may suffer losses due to claims for reimbursement under the waves of selling on the license, poor marketability, and profitability.

This will have at least two consequences. The first is that in the face of rising rates push to increase the spread (the difference) compared to government bonds will push the issuing company to securitize credit classes at higher risk and therefore more profitable. The second consequence is that to protect themselves from the risk of higher interest rates the car companies will resort to other derivatives such as futures, swaps, credit default, expanding and multiplying the systemic risk.

Since the boards of the derivatives are processed in order to enhance the positions most at risk in case of loss they also consume solid margins and non-risky positions.

In some securitization processes, whose underlying assets are solid, a variation on the high interest rates could send the vehicle at a loss not only special but also the same company that securitization. In this case an extension of credit may send in your default sound and solid underlying corresponding to the production of goods, service, a product.

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Why limit themselves to a lemon marmalade? put a little 'zest even in the pastry ...





Ingredients

• flour 300g sugar 100g
• Sale
• 125g butter 3 eggs, lemon zest
• graattugiata
  
• Jam lemons 350g

Cooking

• 26cm diameter round baking
• oven 180 ° C, static, top Central
• 25 minutes

procedure

• Cut the butter into cubes and let soften
• Mix the butter with the flour (working with fingers but without heating the mixture too)
• Add lemon zest grated
  
• Add eggs
• 
  
• Add sugar Mix well, make a ball and let rest in refrigerator at least 60 minutes
  
• Roll out the pastry into the pan leaving a high
• Cover with the lemon marmalade
  
• Bake

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chocolate cake and chocolate and pear tart apricots

Sacher torte chocolate and apricots are taught that a happy marriage ...






Ingredients

• flour 100g sugar 150g
• 
  
• 80g Butter 200g dark chocolate 4 eggs
• apricot jam 400g
  

Cooking

• 24-25 cm diameter round baking
• oven 160 ° C, fan, top Central / low
• 40 minutes

procedure

• Beat the egg yolks with sugar
• Melt butter and chocolate separately
• Add them to the eggs and sugar
• Add the apricot jam and stir Add flour
• Place the egg whites until stiff and add it to Mix well composed
• Place in baking pan and bake

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PARABLE OF THE INDIAN FARMER AND CREDIT DERIVATIVES

THE PARABLE OF INDIAN FARMERS AND CREDIT DERIVATIVES

(or the destructive force of the credit derivatives)

's been three years since the financial crisis more serious, heavy and long the second world war.

E 'now fairly ascertained its connection with the process of financialization economy that have traveled the world over the last forty years.

E 'was also highlighted its connection with the emergence of economic doctrines

So-called monetarist.

However, until the financial crisis linked to subprime mortgages, no one has highlighted the close link between the financial crisis and its root cause and that the credit derivatives.

We can not avoid the conclusion that if the financial crisis is tied to the housing bubble

USA (of which, however, if they knew the data since 2002), regardless of its credit derivatives, could not cause the effects we are suffering.

To put it clear the financial crisis is bound to double strand of credit derivatives.

And after three years we are witnessing something extraordinary and shocking. (Maybe even a scandal!). Nobody, nobody goes, all over the globe is challenging

Financial instruments that caused the same crisi.Lo Paul Krugman (Nobel prize for economics, 2008), also considered a antimonetarista speaks of in excess' use of leverage, as well as others talk about the need for greater regulation and transparency, but not a word has been spent for their removal.

If one is questioning their danger from the financial point of view, you look at their use and their excesses, but no one questions the destructive power on the real economy or the key assets of the planet: food resources, energy, natural etc. etc. ..

In this regard it is illuminating the "parable of the Indian farmer" in the journalism used to justify the use of credit derivatives and instruments of financial innovation.

Francesco Gavazzi wrote in the Corriere della Sera on September 20, 2008 (five days after the crash of Lehman Brothers and one year after the start of the crisis), "but even more tools to enrich the rich: the financial markets are opportune for a first the poor. Just ask an Indian farmer what it means for him to be able to sell its product on a futures market and thus insure themselves against fluctuations in the price!

And so Federico Fubini writes on "Economy Courier" of October 19, 2009 "A derivative can help a farmer in India Rajastan not be ruined by the drought. If you are concerned to collect less grain because of low rainfall, may sign a contract with a bank in which the two actors exchange risks swap-a-.Nel where rains fall below a certain amount the bank will compensate the 'farmer, however, if the rains showing more than that amount a farmer the bank pays a fee to cover "

The bank or the financial intermediaries which will address our farmer will negotiate the swap with other swaps in the financial markets around the world. The bank or the financial intermediaries will be able to do the swap meet of the Indian farmer with a demand equal but opposite sign, for example an Indian farmer in Mississippi, which, being surplus in its production, it needs a swap in order to stabilize the price of its wheat.

From a financial point of view, perhaps the interests of farmers are safe, but there are some consequences.

The first consequence, of course, is that corn prices will tend to rise as burdened by commissions and thus by insurance, which the contractors must pay to the banks.

The second consequence is that the swap rate, traded, will help to determine the real market price of wheat. (For convenience and to facilitate the understanding of the phenomenon we omit the fact that it will be traded on the OTC markets, that is over the counter, that is, non-regulated markets)

The third consequence is that the problem of drought ; or vice versa flooding will not be solved!

A swap, which is a derivative of the claim, a simple and solitary swap may intervene in the climate of the planet and the food chain.

The founding philosophy of the mechanism is that the problem of drought the farmer about his side only any financial losses, but certainly not on the side of grain production. This parable illustrates the use of swaps on the production of food resources, but

swaps largely determine the prices of inputs and manufactured goods.

We got to as a derivative, but there are other of dangerous-especially the securitization-which will be discussed shortly, but we want to return to talk about the extraordinary step of myopia that we are experiencing.

The extraordinary fact is that three years after the financial crisis, the only real action taken by states and governments, has been an unprecedented injection of liquidity into the system.

Everything has an explanation.

For forty years the so-called monetarist economic doctrines are monopolizing the knowledge economy: they are il riferimento teorico e pratico dei governi, delle accademie, dei consigli di amministrazione delle società, delle banche, delle società finanziarie e financo dei giornali.

In pratica chi dovrebbe decidere come si esce dalla   crisi , ha a disposizione solo consiglieri e professionalità cresciute e formatisi all’ interno delle dottrine del monetarismo.

  Tutto ciò costituisce un ostacolo enorme al superamento della crisi in atto.

                                                                                                                     Giorgio bellucci

next treaty of criticism of securitization and swaps.

;

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Critics of monetarism and derivatives Credit

We are entering the fourth year of the financial crisis.
To date, according to the interventions that states continue to do if it is included only if the crisis linked to the central liquidità.Dopo financial crisis now attacking the sovereign states, governments and citizens on downloading long-term consequences. For some economists, at least for now, this crisis is challenging the economic theories dominanti.Sotto indictment, sufficiently clearly, are the economic theories that have dominated both in doctrine that in politics the last decades: the economics of monetarism. The extraordinary thing is that you continue to make mistakes, or do nothing, without developing any line of criticism.
At present it is unclear whether regulators await the input of the doctrine economic, or are being blocked by interest contrapposti.Il basic theme of the discussion will then be: CRITICISM OF CASH AND CREDIT DERIVATIVES.

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Other friends for chocolate: here are the pears, and, while we're a bit 'rum ...






Ingredients

• 100g sugar 150g flour
• 
  
• 80g Butter 200g dark chocolate 4 eggs
• Pere
• 400g Rum 3 tablespoons (6cl)
  

Cooking

• 24-25 inch round baking dish diameter
• oven 160 ° C, fan, top Central / low
• 40 minutes

procedure

• Beat the egg yolks with sugar
• Melt butter and chocolate separately
• stacking Whisk eggs and sugar
• pears and add to mixture
• Mix well
• Add flour
• Beat stiff the whites and add to mixture
• Add rum and mix well
• Place in baking pan and bake

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chocolate cake and raspberry mousse with chocolate and hazelnuts

Now we combine the chocolate with raspberry jam ...







Ingredients

• flour 100g sugar 150g
• 
  
• 80g Butter 200g dark chocolate 4 eggs
• raspberry jam 350g
  

Cooking

• 24-25 cm diameter round baking
• oven 160 ° C, fan, top Central / low
• 40 minutes

procedure

• Beat the egg yolks with sugar
• Melt butter and chocolate separately
• Join us for eggs and sugar
• Add raspberry jam and mix
• Add flour
• Beat stiff the whites and add to mixture Mix well
• Place in baking pan and bake