By Dialogo March 22, 2012 “There are 24 dead and 10 captured,” Santos said in his message, which was also posted in his official webpage. “A huge blow against the FARC in Arauca where they killed our soldiers,” Santos wrote. Colombian troops killed 24 FARC leftist rebels and captured 10 others during a gun battle in the country’s eastern Arauca province, President Juan Manuel Santos said in a Twitter message on March 21. The violence follows FARC rebel overtures — deemed insufficient by the government — to make peace with the Bogota government. Over the weekend, the Revolutionary Armed Forces of Colombia rebel group ambushed an army unit in Arauca, killing 11 soldiers. The FARC officially renounced abduction of civilians late last month, but still holds 10 members of Colombian security forces, though it has pledged to release them soon. The FARC, believed to have 8,000 members, has been at war with the government since 1964. It began a campaign of kidnappings in the mid-1980s, seizing army hostages to serve as bargaining chips for FARC prisoners. Santos has said he would open a direct dialogue with the FARC only when all hostages are released and the group vows to cease “terrorist” actions. He also wants the FARC to stop recruiting children.
Amazingly, it has taken us more than four years to get here. Perhaps even more amazingly, the QE has arrived long after the apparent crisis point for the euro-zone has passed – the hair-raising weeks of 2012 when Greece looked to be on its way out of the single currency and peripheral bond yields were rocketing skywards. Today, Spain’s 10-year bonds barely yield 1.5%, and the euro has weakened enough to generate a healthy current account balance.The ultimate and most politically controversial of emergency monetary measures comes not in response to impending crisis but in pursuit of the central bank’s core mandate of price stability. Some have said today’s decision is the logical conclusion of current president Mario Draghi’s promise, at the height of the crisis, to do “whatever it takes” to preserve the single currency’s integrity. But, in fact, it is simply the logical and possibly the only way the ECB can pursue its core mandate as deflation takes hold and its interest rates bump up against the zero bound. (While the Swiss National Bank has recently shown a possible way forward into the strange world of deeply negative rates, it is notable the ECB kept all of its rates unchanged today).Does deflation represent a threat to the integrity of the single currency? Given the indebtedness of some members, it certainly could, if left to fester, Japan-like, for a long time. Does the market anticipate such an outcome? Looking at the way it has been pricing things over recent weeks, one would have to conclude that it does.Not only have bond yields and inflation breakevens been plummeting – while the oil price has halved, gold has been getting a bid for the first time in ages, which suggests investors have started thinking about it as a currency without a counterparty again, rather than just another commodity, and are no longer turned off by the thought of holding an asset that generates zero income.This is why the way markets responded to today’s news is so important. The central bank came out with a slightly stronger package than expected, and all of the pro-QE plays that had been selling-off over the last couple of days caught a bid: yields were back down, slightly, and the euro sold off modestly. Gold headed back through $1,300/oz. It was looking like we would get a classic case of buying the rumour and selling the news – which, by the way, is precisely what we saw around the QE decisions from the Bank of England and the US Federal Reserve. That would have been a comforting sign that a lot of the positioning taken up over the past month or so has been technically rather than fundamentally driven: speculators on the margins making sure they caught the up-draught into the increasingly inevitable ECB QE decision, rather than hunkering down for a long haul of falling consumer prices and stagnating growth.Should we revisit that thesis in the light of today’s moves? Not necessarily. The modestness of those moves suggests they are not reflective of market disappointment but rather of appreciation that the central bank really is serious this time. The open-ended nature of the programme Draghi described in the press conference was notable, for example. The response of stock markets back this interpretation up.It’s early days, but if this more optimistic take on things sticks over the next days and weeks, we could be seeing the beginnings of what could be a powerful bull market in European risk assets – but perhaps not the long-overdue and much-needed correction in safe-haven rates. IPE’s Martin Steward analyses today’s long-awaited European Central Bank announcement“We are not running money printing presses,” said the president of the ECB.That was in the early summer of 2010, the man in charge was Jean-Claude Trichet, and he was reassuring French radio listeners that the recent decision to begin sterilised secondary-market purchases of private and government bonds was not the prelude to US and UK-style QE. He needed to do so because the central bank was running desperately low on credibility. Days earlier, Trichet had insisted this big step had not even been discussed; and the ECB had previously broken its promise that “no state can expect special treatment” on collateral eligibility requirements in order to try and get on top of the worsening Greek debt crisis.In my opinion column for IPE at the time, I made the fairly unsophisticated argument that the losses of the financial crisis were in the process of being socialised through the ECB, and that this would happen either through defaults on debts that were now held at the ECB, or through the soft default of “runaway inflation” as the euro was trashed with a massive programme of all-out QE.
Wellington Police notes for Monday, October 6, 2014:â€¢8:15 a.m. David R. McComb, 54, Wellington was arrested, charged and bonded with theft in the 1200 W. 8th, Wellington.â€¢10:37 a.m. Officers investigated a theft and criminal damage to tractor parts in the 400 block E. 3rd Wellington.â€¢2:57 p.m. Non-Injury, private property accident in the 2000 block E. 16th, Wellington involved vehicles operated by Frederick N. Winter, 49, Anthony, and Amy D. McLain, 46, Wellington.â€¢3:45 p.m. Non-Injury accident in the 1200 block N. U.S. 81, Wellington involved a vehicle operated by Jeremy L. Marlow, 36, Wichita, fixed objects/electric poles owned by city of Wellington and Cable Television poles owned by Sumner Cable TV, Wellington.â€¢3:45 p.m. Jeremy L. Marlow, 36, Wichita, was issued a notice to appear for inattentive driving.â€¢On October 5, 2014 at 3:45 p.m. Juvenile male, 17, Wellington was arrested, charged and confined with burglary, theft and criminal damage to property.â€¢4:57 p.m. Officers investigated a burglary in the 200 block S. Haslet, Wellington.â€¢7:30 p.m. Officers investigated a theft of building materials in the 1100 block N. Washington, Wellington.â€¢On October 5, 2014 at 8:18 p.m. juvenile, male, 17, Milan was arrested, charged and confined with burglary, theft and criminal damage to property.â€¢9:23 p.m. Officers took a report of suspicious activity in the 900 block S. C, Wellington.â€¢10:12 p.m. Joseph F. McCracken, 34, Wellington was arrested, charged and confined with criminal trespass and disorderly conduct.