Editorial: quantitive easing Gulf Of Mexico
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"In some cases, abbreviation is euphemism"
So we’ve been through TARP (Troubled Assets Relief Programme), TALF (Term Asset-Backed Securities Loan Facility), the first round of QE (Quantitative Easing), QE2, and now QE3 is about to touch down with a bang on or around the 13th September.
With a likely half trillion dollars to be announced for the purchase of US Treasury bonds, look out for a sharp spike in energy prices, and rally in the markets….and QE4 sometime in the new year, possibly under a new President.
The US Treasury is not the only entity worried about troubled assets. BP has announced the divestment of some $5.6bn of its acreage in the Gulf of Mexico to stock up on cash ahead of landmark fines to be levied in the Deepwater Horizon settlement. Rig owner Transocean is in discussion with the justice department to pay $1.5bn to resolve civil and criminal claims after the tragedy – BP’s punishment is projected to be up to 20 times more costly.
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