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Keyword: eu

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  • Durban (South Africa Climate Summit) : what the media are not telling you

    12/09/2011 10:42:30 PM PST · by Enchante · 32 replies
    Watts Up With That ^ | December 9, 2011 | Christopher Monckton
    A new International Climate Court will have the power to compel Western nations to pay ever-larger sums to third-world countries in the name of making reparation for supposed “climate debt”. The Court will have no power over third-world countries. Here and throughout the draft, the West is the sole target. “The process” is now irredeemably anti-Western. Ø “Rights of Mother Earth”: The draft, which seems to have been written by feeble-minded green activists and environmental extremists, talks of “The recognition and defence of the rights of Mother Earth to ensure harmony between humanity and nature”
  • The Swiss Government Is Getting Ready For The Collapse Of The Euro

    12/09/2011 5:56:13 PM PST · by SeekAndFind · 15 replies
    Business Insider ^ | 12/09/2011 | Wolf Richter
    The Swiss government is preparing for a collapse of the euro, according to Swiss Finance Minister Eveline Widmer-Schlumpf. She told parliament that a work group was studying the imposition of capital controls and negative interest rates to protect Switzerland from the capital flight that a euro collapse would engender (Handelsblatt). A tidal wave of euros would drive up the Swiss franc, devastate Switzerland’s export economy, and devalue its vast wealth invested in other countries. Already in August, the Swiss National Bank instituted a currency peg and swore to defend it by acquiring “unlimited” amounts of euros, a risky strategy if...
  • US Should Not Participate in $1.4 Trillion European Bailout Fund

    12/09/2011 8:50:45 AM PST · by IbJensen · 8 replies · 1+ views
    Right Side News ^ | 9 December 2011 | Cathy McMorris Rogers
    Rep. Cathy McMorris Rodgers (WA-05) and Sen. Jim DeMint (R-SC) Dec 8 - With the European debt crisis dominating the news and threatening to pull the world into a double-dip recession, there are growing calls for Uncle Sam to come to the rescue. The U.S. is already committing untold billions to the $1.4 trillion European bailout fund, but that's not enough, according to some European leaders and even U.S. politicians. They say that while the EU bailout is costly, it's also necessary. They are only right about the cost. These endless bailouts are not only unnecessary, but are in fact...
  • Jim DeMint: How the U.S. Can Help Europe: Just Say No

    12/09/2011 6:57:22 AM PST · by SeekAndFind · 20 replies
    Wall Street Journal ^ | 12/09/2011 | Jim DeMint
    If the United States wants to help Europe find a way out of its current debt crisis, we must be a strong, world economic leader, not merely the lender of last resort. American taxpayers sent $40 billion to Greece last year, through the International Monetary Fund, to stave off an economic collapse. But the bailout did not prevent Greece's day of fiscal reckoning. It only delayed it. Austerity measures are still needed throughout Europe's socialized economy and the debt contagion has not been stopped. Financial chaos has spread from Greece to Ireland, Portugal, Italy and Spain, and it now threatens...
  • Let’s open the door to the European Union

    12/07/2011 6:18:27 AM PST · by bremmer · 2 replies
    Euronewsweek international ^ | 7.12.2011 | Bremmer
    With the euro zone crisis still dominating headlines, developments in the European Union's eastern neighborhood are perhaps not drawing as much attention as they deserve. Ukraine has had to be content with being part of the EU's European Neighborhood Policy (ENP) and Eastern Partnership and been given a “to-do-list”, which, over time seems to become longer and more difficult. Being situated at the heart of Europe, Ukraine is without doubt a bona fide European state. Kiev has craved closer ties with the EU, but progress has been slow, because the EU has preferred to keep the country at arm's length....
  • EU: Half of Europeans say Islam is a religion of intolerance

    12/06/2011 8:26:01 AM PST · by bayouranger · 14 replies
    europeanson.net ^ | 12-01-11 | Islam in Europe
    The Friedrich-Ebert-Foundation published a study on intolerance and prejudice in Europe. The study "Intolerance, Prejudice and Discrimination" is available in German and English. I bring below the section relating to Muslims. Via FES (h/t Euro-Islam.info): After statistical testing, three statements were used to produce the anti-Muslim attitudes mean scale (Table 7, items 18 to 20). These cover the general impression that there are too many Muslims in the country, the charge that Muslims make too many demands, and broad-brush criticism of Islam as a religion of intolerance. Four further statements were surveyed in a random half of the sample. These...
  • The solution for the Eurozone debt crisis is simple (But no one wants to try it)

    12/06/2011 6:58:12 AM PST · by SeekAndFind · 5 replies
    Calafia Beach Pndit ^ | 12/06/2011 | Scott Grannis
    There was some excitement today over the announcement that Merkel and Sarkozy have decided that the European Union treaty needs to be rewritten to include sanctions on countries that exceed the 3% debt/GDP limit that they all agreed to way back when the EU was first established. The problem with this "solution" is that the mechanism for enforcing sanctions is a deeply flawed concept. The best, and probably the only way to impose real sanctions on governments who spend and borrow too much is to let the market do it. When the yield on your bonds starts to skyrocket, you...
  • Report: S&P to place ALL 17 Euro nations on downgrade warning

    12/05/2011 1:53:56 PM PST · by SeekAndFind · 7 replies
    Hotair ^ | 12/05/2011 | Tina Korbe
    Ahead of a planned summit of European Union leaders, the credit rating agency Standard & Poor’s has put all 17 Euro nations on review for a credit downgrade, which means France and Germany could lose the pristine AAA ratings they presently enjoy, Bloomberg News is reporting. The euro area’s six AAA rated countries are among the nations to be placed on a negative outlook pending the result of a summit of European Union leaders on Dec. 9, the people said today on condition of anonymity because the decision has yet to be announced. The euro reversed its gains and U.S. Treasuries rose...
  • Joe Biden "Jokes" About Bringing Hundreds Of Millions Of US Taxpayer Dollars To Bail out Greece

    12/05/2011 11:50:30 AM PST · by SeekAndFind · 8 replies
    Zero Hedge ^ | 12/05/2011 | Tyler Durden
    Vice President Joe Biden, now best known for being the man who relies primarily on Jon Corzine for financial advice, continued his recent roll of epic linguistic blunders this morning. As Reuters reports, the VP, "joked during a visit to debt-choked Athens on Monday about bringing money to help Greece out of its deepest financial crisis in decades. Introducing a member of his delegation during a meeting with Greek President Karolos Papoulias, Biden said: "This man represents the Treasury department. He's brought hundreds of millions of dollars." His comments drew laughs from both the Greek and U.S. delegations." It...
  • The Gathering Storm (video)

    12/05/2011 8:09:20 AM PST · by combat_boots · 5 replies
    YouTube via Trevor Loudon ^ | 12/4/2011 | Pat Condell (?)
    (Wake up, Europe, and smell the treachery. Video by Pat Condell, I think.)
  • Contagion Catastrophe: Europe is closer than you think to bringing down the American Economy

    12/02/2011 9:02:26 AM PST · by SeekAndFind · 19 replies
    National Journal ^ | 12/02/2011 | By Jim Tankersley
    This is the worst-case scenario from Europe, and it just might come true: Italy defaults on its debts. Every major Italian bank collapses. Recession grips the eurozone. Sovereign defaults and bank failures ripple across the Continent. Saddled with bad loans to nations and lenders in Europe, American banks hemorrhage cash. Credit freezes in the United States. Multinational companies, unable to raise money, curb U.S. investment and hiring. Wall Street demands, but fails to get, new bailouts. The entire developed world plummets into recession and, quite possibly, depression. This, in contrast, is the placid warning that President Obama gave Americans about...
  • Fed saves Europe's banks as ECB stands pat

    12/01/2011 7:33:37 AM PST · by Pan_Yan · 6 replies
    Telegraph ^ | 9:01PM GMT 30 Nov 2011 | Ambrose Evans-Pritchard
    Stripped to essentials, America is once again having to rescue Europe from itself. The interwoven banking and sovereign debt crisis in the eurozone has become so dangerous for the world that the US Federal Reserve has been forced to take emergency action, acting as global lender of last resort to shore up Europe's banking system. That it should have to do so as Germany and the European Central Bank hold back for legal reasons and refuse to commit decisive power adds a strange diplomatic twist. The move came once it was clear that Europe's prostrate banks would struggle to roll...
  • Fed Leads Other Central Banks In Applying Band-Aid (Printing money won't help EU's problems)

    12/01/2011 6:29:25 AM PST · by SeekAndFind · 6 replies
    Debt Crisis: Led by the Fed, top central banks added dollars to the global financial system on Wednesday as Europe's crisis deepened. We hate to rain on anyone's parade, but this won't solve the EU's problems. The central banks' bold action, though met with wild enthusiasm by financial markets, amounts to little more than a multibillion dollar Band-Aid on a deep, dangerous wound. It also turns the U.S. Federal Reserve into Europe's lender of last resort — a dangerous precedent, and something we don't recall American voters approving, though they'll certainly pay up if it fails. Obviously the Fed, worried...
  • U.N. Climate Conference's Goal? One-World Gov't

    11/30/2011 3:48:40 PM PST · by opentalk · 13 replies
    IBD ^ | November 29, 2011 | PHYLLIS SCHLAFLY
    The United Nations Climate Change Conference in Durban, South Africa, opening on Nov. 28, called COP-17, is one of a series of U.N. meetings working toward a specific goal. Advertising for this meeting features a long list of celebrities, including Angelina Jolie, U2's Bono, Ted Turner, Arnold Schwarzenegger, Al Gore and Michael Bloomberg. The U.N. goal is to move the United States into a global government by environmental regulations and a vast network of taxes. These newly imposed taxes will give the U.N. a tremendous stream of money in addition to U.S. dues and congressional appropriations.The plan for taxes was...
  • MARKETS SURGE AS FED/ECB/BOJ/BOE/SNB/BOC ANNOUNCE COORDINATED INTERVENTION

    11/30/2011 7:12:04 AM PST · by SeekAndFind · 22 replies
    Business Insider ^ | 11/30/2011 | Joe Weisenthal
    All the world's central banks have just announced a big coordinated intervention to lower swap rates. What does that mean? Basically this: European banks have been parched for liquidity, and need access to dollars. The ECB can't supply them dollars unless it borrows them from the Fed. Essentially today's action makes it easier for the ECB and thus European banks to borrow dollars. It's not a solution to the euro crisis by any means; it just means that the most acute liquidity problems will be mitigated for now. The market is loving the news. US markets had been down by...
  • EU Threatens Tiny Switzerland Over Low Taxes

    11/29/2011 12:53:32 PM PST · by Mikey_1962 · 27 replies
    New American ^ | 11/29/11 | Alex Newman
    Despite not being a member of the European Union, Switzerland is under intense pressure from Brussels to raise taxes as companies flee high-tax EU welfare states in favor of more business-friendly Swiss cantons. And if the nation refuses to bow down soon, so-called “eurocrats” are threatening retaliation. The Swiss government has been in discussions with EU bosses for over a year regarding Switzerland’s non-compliance with the “EU Code of Conduct for Business Taxation.” The EU’s goal, according to the Swiss Broadcasting Corporation, is to eliminate what the supranational regime in Brussels calls “harmful tax practices” — low taxes which attract...
  • Obama ready to help EU with debt crisis

    11/28/2011 7:57:03 PM PST · by bruinbirdman · 36 replies · 1+ views
    Straits Times ^ | 11/29/2011
    President Barack Obama said the United States was ready to help Europe solve its fiscal problems on Monday, following a summit with European Union leaders dominated by the euro zone crisis. 'The United States stands ready to do our part to help them resolve this issue,' Mr Obama said after hosting EU representatives at the White House, stressing the potential for a European fiscal disaster to crash upon US shores. 'This is of huge importance to our economy. If Europe is contracting, or if Europe is having difficulties, then it's much more difficult for us to create good jobs here...
  • EU threatens tiny Switzerland over low taxes

    11/28/2011 10:43:23 PM PST · by ReformationFan · 19 replies
    The New American ^ | 11-28-11 | Alex Newman
    Despite not being a member of the European Union, Switzerland is under intense pressure from Brussels to raise taxes as companies flee high-tax EU welfare states in favor of more business-friendly Swiss cantons. And if the nation refuses to bow down soon, so-called “eurocrats” are threatening retaliation. The Swiss government has been in discussions with EU bosses for over a year regarding Switzerland’s non-compliance with the “EU Code of Conduct for Business Taxation.” The EU’s goal, according to the Swiss Broadcasting Corporation, is to eliminate what the supranational regime in Brussels calls “harmful tax practices” — low taxes which attract...
  • Is Obama Going to Bail Out Europe?

    I just saw these headlines on Zerohedge, which came from their Bloomberg terminal: OBAMA SAYS U.S. `READY TO DO OUR PART' TO RESOLVE EURO CRISIS. - BBG OBAMA SAYS SOLVING EURO CRISIS OF `HUGE IMPORTANCE' TO U.S. - BBGIt's hard to actually write a cogent critique of this as this is just such a horrible idea, it practically renders me speechless. What exactly is our part? Are we part of the Euro? Wasn't the Euro created in part to be a competitor to the supremacy of the US Dollar? So isn't it partly in our interest, in order to keep...
  • The eurozone really has only days to avoid collapse

    11/28/2011 7:42:21 AM PST · by SeekAndFind · 31 replies · 1+ views
    Financial Times ^ | 11/28/2011 | Wolfgang Münchau
    In virtually all the debates about the eurozone I have been engaged in, someone usually makes the point that it is only when things get bad enough, the politicians finally act – eurobond, debt monetisation, quantitative easing, whatever. I am not so sure. The argument ignores the problem of acute collective action. Last week, the crisis reached a new qualitative stage. With the spectacular flop of the German bond auction and the alarming rise in short-term rates in Spain and Italy, the government bond market across the eurozone has ceased to function. The banking sector, too, is broken. Important parts...
  • All EU ratings threatened by crisis: Moody's

    11/28/2011 12:48:58 AM PST · by TigerLikesRooster · 10 replies
    AFP ^ | 11/27/11
    All EU ratings threatened by crisis: Moody's US rating agency Moody's warned Monday that all European Union sovereign ratings were threatened by the current financial crisis. "The continued rapid escalation of the euro area sovereign and banking credit crisis is threatening the credit standing of all European sovereigns," the agency said in a new special comment. Moody's said that "in the absence of policy measures that stabilise market conditions over the short term, or those conditions stabilising for any other reason, credit risk will continue to rise." Greece, Ireland and Portugal all suffered rating downgrades that accelerated unsustainable rises in...
  • Italy Is Closer To Collapse Than Anyone Realized, And So Is The World

    11/27/2011 2:56:37 PM PST · by blam · 58 replies
    TBI ^ | 11-27-2011 | Bruce Krasting
    Italy Is Closer To Collapse Than Anyone Realized, And So Is The World Bruce Krasting, My Take On Financial Events Nov. 27, 2011, 1:29 PM Some stories in European press (La Stampa - Zero Hedge link) suggest that Italy is working on a very big loan package from the IMF. I have no doubt that there are ongoing discussions. There has to be. Either someone puts a finger in the dike or Italy goes tapioca. That thought is difficult for me to fathom. How could we be so close to the brink? At this point there is zero possibility that...
  • Prepare for riots in euro collapse, Foreign Office warns

    11/26/2011 6:08:42 PM PST · by mandaladon · 106 replies · 1+ views
    The Telegraph ^ | 27 Nov 2011 | James Kirkup
    British embassies in the eurozone have been told to draw up plans to help British expats through the collapse of the single currency, amid new fears for Italy and Spain. As the Italian government struggled to borrow and Spain considered seeking an international bail-out, British ministers privately warned that the break-up of the euro, once almost unthinkable, is now increasingly plausible. Diplomats are preparing to help Britons abroad through a banking collapse and even riots arising from the debt crisis. The Treasury confirmed earlier this month that contingency planning for a collapse is now under way. A senior minister has...
  • Britain's Foreign Office Prepares For Riots In Europe. Sees Euro Collapse "When, Not If"

    11/26/2011 1:40:29 PM PST · by SeekAndFind · 43 replies
    Zero Hedge ^ | 11/26/2011 | Tyler Durden
    As every major developed economy hits Bass's Keynesian Endgame, the status quo is set to change dramatically. Nowhere is this climax playing out louder than in Europe and the implicit solution of Germany-uber-alles (while seemingly inevitable though nevertheless lengthy in execution) is likely to not sit well with many of the EMU nations. To wit, The Telegraph today reports that Britain's Foreign Office is advising its overseas embassies to draw up plans to help expats should the collapse of the Euro turn explosive. Almost incredibly, a senior minister has revealed that Britain is now planning on the basis that a...
  • OECD Figures Suggest Britain's Economy Will Slip Back Into Recession At The Start Of Next Year

    11/25/2011 2:31:08 PM PST · by Steelfish · 5 replies
    Guardian (UK) ^ | November 25, 2011
    OECD Figures Suggest Britain's Economy Will Slip Back Into Recession At The Start Of Next Year Britain will slip back into recession at the start of next year, ministers have been told. Robert Winnett, 25 Nov The Organisation for Economic Development and Cooperation (OECD) is predicting that the economy will shrink, the Government was warned on Thursday. Whitehall sources said the forecasts suggest that growth would be negative during the first six months of next year due to the euro crisis. The prediction, to be published on Monday, is the first from a respected forecaster to indicate that Britain faces...
  • Spain rejects socialism – only three per cent of EU citizens now have Left-wing governments

    11/25/2011 5:16:21 AM PST · by Arcy · 30 replies
    The Telegraph ^ | 11-21-11 | Daniel Hannan
    It's not often that you get the same headline in ABC and El País , but a result on such a scale allowed no room for interpretation: the two old rivals agreed that Spain had entrusted her future wholly to the conservatives. Happily, no one can now question the PP's mandate. Throughout the campaign, Rajoy promised to cut the debt and get people back to work by reforming Spain's sclerotic labour laws.
  • Europe’s debt crisis takes toll in China as exports slow (may run trade deficit soon)

    11/24/2011 10:49:23 PM PST · by TigerLikesRooster · 11 replies
    WP ^ | 11/24/11 | Keith B. Richburg
    Europe’s debt crisis takes toll in China as exports slow By Keith B. Richburg, Published: November 24 BEIJING — Exports are down. Some small factories have closed. Growth projections for next year have been lowered. Foreign exchange reserves have lost their value. And in a further sign of just how badly the continuing debt crisis in the euro-zone economies is affecting China, a few economists here are even speculating that China could soon see its first trade deficit in two decades.
  • THE RALLY COLLAPSES IN EUROPE: Stocks Slide, Italian Yields Shoot Back Above 7%

    11/24/2011 7:44:06 AM PST · by blam · 11 replies
    TBI ^ | 11-24-2011 | Joe Weisenthal
    THE RALLY COLLAPSES IN EUROPE: Stocks Slide, Italian Yields Shoot Back Above 7% Joe Weisenthal Nov. 24, 2011, 9:29 AM Tower of Pisa It looked initially like today might be quiet in Europe, a merficul gift to those of us in the US who were hoping for a quiet Thankgiving. In fact, there was a pretty solid rally across the board, with yields down and stocks much higher. But all that's changed. At a press conference with Nicolas Sarkozy, Angela Merkel, and Mario Monti, talk of an unlimited ECB bailout for all of Europe was downplayed. Since then markets have...
  • EU: Brussels to put bad pupils under tutelage

    11/22/2011 8:43:55 PM PST · by bruinbirdman · 4 replies
    Presseurop ^ | 11/22/2011
    “Europe seeks power to place weak states in ‘administration’", leads the Irish Times. Reporting that “the Commission wants the Brussels authorities to be given the power to place distressed eurozone countries in a form of EU ‘administration’”, the Dublin daily notes that “Germany has resisted [this initiative] for months.” For Dutch daily De Volkskrant, this may lead to increasingly stringent recommendations, to mandatory reports, stress tests for banks, inspections by the men from the Commission and, in severe cases, an obligatory loan from the European Financial Stability Facility (EFSF) and placement under trusteeship, or even the stripping of subsidies. De...
  • Credit Suisse: We've Entered the Last Days of the Euro

    11/21/2011 3:24:20 PM PST · by Eleutheria5 · 11 replies
    Arutz Sheva ^ | 21/11/11
    Economists from the Swiss bank Credit Suisse wrote on Monday that “it seems that we’ve entered the last days of the euro as we know it” and that “extraordinary things must happen for the currency and the European Union to survive.” In a statement they released in light of the financial problems in Europe, the economists added that “in the short term, the ECB cannot handle the crisis and the new governments in Greece, Italy and Spain cannot do so either.”
  • Spanish right wins election by landslide: exit poll

    11/20/2011 11:56:52 AM PST · by Arthurio · 67 replies
    Spain's right stormed to a landslide election victory Sunday, an exit poll said, as voters toppled yet another eurozone government engulfed in a deepening debt crisis. Bowed by a 21.5 percent jobless rate, a stalled economy and spending cuts, the 36 million-strong electorate ended the Socialists' seven-year rule with a shattering defeat, the exit poll showed. Opposition leader Mariano Rajoy's Popular Party took an absolute majority of between 181 and 185 seats in the 350-member Congress of Deputies, said projections based on an exit poll by public broadcaster RTVE. The ruling Socialist party PSOE won between 115 and 119 seats,...
  • The Coming European Superstate That Germany Plans To Cram Down The Throats Of The Rest Of Europe

    11/20/2011 7:42:19 AM PST · by blam · 22 replies
    TEC ^ | 11-20-2011
    The Coming European Superstate That Germany Plans To Cram Down The Throats Of The Rest Of EuropeNovember 20, 2011 A lot of people were puzzled about what German Chancellor Angela Merkel meant when she recently stated that the ultimate solution to the financial crisis in the EU would "mean more Europe, not less Europe". Well, now we are finding out. A leaked internal German government memo entitled "The Future of the EU: Required Integration Policy Improvements for the Creation of a Stability Union" actually proposes the creation of a "European Monetary Fund" which would be given the power to run...
  • The Run On Europe Begins, As Global Investors Head For The Hills...

    11/20/2011 7:06:00 AM PST · by blam · 24 replies · 1+ views
    TBI ^ | 11-20-2011 | Henry Blodget
    The Run On Europe Begins, As Global Investors Head For The Hills... Henry Blodget Nov. 20, 2011, 9:11 AM Until recently, the concern about Europe was mostly theoretical--a potential train-wreck that would occur if/when the world's lenders decided that the continent's problems extended beyond the basket case known as Greece to Europe's "core" and starting pulling back. Well, that concern is no longer theoretical. It's happening. The world's lenders are increasingly deciding that it's better to be safe than sorry, and they're pulling their money out of Europe As a result, the borrowing costs of many European countries are rising...
  • EU bans claim that water can prevent dehydration

    11/19/2011 4:26:43 PM PST · by mkmensinger · 124 replies · 1+ views
    The Telegraph ^ | 6:20AM GMT 18 Nov 2011 | By Victoria Ward and Nick Collins
    "EU officials concluded that, following a three-year investigation, there was no evidence to prove the previously undisputed fact."
  • EU Settles For 2% Budget Increase (EU Spending Going Up Despite EuroZone Crisis Alert)

    11/19/2011 7:20:40 PM PST · by goldstategop · 3 replies
    BBC News ^ | 11/19/2011 | BBC News
    However there are concerns that, while the 2012 budget has been limited, the EU's spending commitments have not been cut accordingly. The 2% increase for 2012 will take the budget up to 129bn euros (£110bn). But member state governments gave in to the European Parliament's demands to allow EU spending commitments to rise to 147bn euros. EU Budget Commissioner Janusz Lewandowski said this could lead to a hole in the accounts. "There is now a serious risk that the European Commission will run out of funds in the course of next year, and will therefore not be able to honour...
  • Wall Street Analysts Everywhere Are In Agreement: THE WORLD IS ENDING

    11/19/2011 5:32:16 PM PST · by blam · 61 replies
    TBI ^ | 11-19-2011 | Joe Weisenthal
    Wall Street Analysts Everywhere Are In Agreement: THE WORLD IS ENDING Joe Weisenthal Nov. 18, 2011, 5:55 PM Image: Wikimedia Commons If you like your Wall Street analysis with a heavy dollop of rapture and Armageddon, today was the day for you. Blame the weighty issues of the day (Europe, mostly), and yesterday's big selloff for the spasm of bearishness. It started off with Nomura's Bob Janjuah. He said that any talk of the ECB saving Europe was a mere pipedream, and that if the ECB did go whole-hog buying up peripheral debt to suppress yields, then that would prompt...
  • Right Now Officials In Brussels Are Threatening To Cross A Line That Will Set Off Panic

    11/19/2011 11:58:50 AM PST · by blam · 44 replies
    TBI - My Take On Financial Events ^ | 11-19-2011 | Bruce Krasting
    Right Now Officials In Brussels Are Threatening To Cross A Line That Will Set Off Panic Bruce Krasting, My Take On Financial Events Nov. 19, 2011, 10:10 AM Image: flickr/ mariocutroneo There are some folks in America who will wake up this morning and read that Jefferies has been sued for its role in a bond deal with MF Global and they will vote with their feet (Zero hedge Link). They will close their accounts with JEF and move to a safer address. That’s an example of capital flight. There are people all over the globe who have looked at...
  • Super Committee and Europe are Volatile Combination for Markets (More turmoil ahead)

    11/18/2011 7:57:43 AM PST · by SeekAndFind
    CNBC ^ | 11/18/2011 | By: Patti Domm
    Brace yourself for yet another day of financial markets vertigo. Stock traders Friday will be watching headlines from Europe, and increasingly they will be turning to Washington for any signs of movement by the Congressional "super committee." It is also a day for options expirations, another source of volatility. The bi-partisan super committee has until Wednesday to agree to $1.5 trillion in deficit reductions over 10 years. But the committee still appears far apart and is likely to continue negotiations over the weekend. It is seemingly still split along party lines on the topics of taxes and entitlement programs. Investor...
  • EU SAYS WATER IS NOT HEALTHY

    11/18/2011 5:35:41 AM PST · by weldAllday · 40 replies
    express.co ^ | Friday November 18,2011 | Giles Sheldrick Exclusive
    "In a scarcely believable ­ruling, a panel of experts threw out a claim that regular water consumption is the best way to rehydrate the body. The bizarre diktat from Brussels has far-reaching implications..."
  • Holy Cow, The Italian Economy Is Crumbling

    11/18/2011 4:01:30 AM PST · by blam · 28 replies · 1+ views
    TBI ^ | 11-18-2011 | Joewisenthal
    Holy Cow, The Italian Economy Is Crumbling Joe Weisenthal Nov. 18, 2011, 4:36 AM Image: Wikimedia Commons According to Forexlive, Italian industrial orders in September (before things reached this new level of tension), fell 8.5% sequentially. That's worse than the 6% sequential decline that analysts had expected, though even that would have been quite a tumble. It's pretty hard to imagine, at this point, that most of Europe isn't in recession. Even Germany has seen a string of fairly ugly data over the past several weeks, pointing to a pretty rapid economic contraction. Of course, this is exactly what these...
  • Germany's secret plans to derail a British referendum on the EU

    11/17/2011 5:19:14 PM PST · by bruinbirdman · 24 replies
    The Telegraph ^ | 11/17/2011 | Bruno Waterfield, in Brussels
    Germany has drawn up secret plans to prevent a British referendum on the overhaul of the European Union amid concerns it could derail the eurozone rescue package, leaked documents obtained by The Daily Telegraph disclose. Angela Merkel, the German chancellor, is today expected to tell David Cameron that Britain does not need a referendum on EU treaty changes, despite demands from senior Conservatives for more powers to be repatriated to Britain. The leaked memo, written by the German foreign office, discloses radical plans for an intrusive new European body that will be able to take over the economies of beleaguered...
  • Watch Nigel Farage Dance On The Euro's Grave (In EU Parliament, Speaking The Truth!)

    11/17/2011 1:04:18 PM PST · by tcrlaf · 15 replies
    Zerohedge ^ | 11-17-11 | Tyler Durden
    Nigel Farage needs no introduction: the famous Euroskeptic is one of very few men who has had the temerity to question, often in an abnormally high decibel fashion, the stupidity of the Eurozone leaders from day one. Now that he has been proven correct, he has every right to gloat, which he does to everyone's delightful amusement in the European parliament. The look on the unelected von Rompuy's face, especially as he watches his decade-long bureaucratic nirvana crash and burn every single day, is quite priceless. http://www.youtube.com/watch?v=bdob6QRLRJU&feature=player_embedded
  • 'What if' plan for two-tier euro, says Hayes (EUR Breakup - Irish Department of Finance Plans)

    11/16/2011 9:08:17 PM PST · by Murtyo · 6 replies
    The Irish Times ^ | Nov 17, 2011 | SIMON CARSWELL
    THE MINISTER of State for Finance Brian Hayes has said the department had been involved in contingency plans in case there was a break-up of the euro or the establishment of a two-tier euro. Speaking at a business conference in Dublin, Mr Hayes said that “contingency planning is part and parcel of every government department, particularly the Department of Finance”. Asked what the plans involved, the Minister joked: “It is a bit like someone says in a middle of a war, ‘If I told you that, I’d have to shoot you’.” The October 26th plan to save the euro was...
  • And Now Europe's Banks Are Starting To Panic As The Oxygen Gets Sucked Out Of The Room

    11/16/2011 9:05:41 PM PST · by blam · 16 replies
    TBI ^ | 11-16-2011 | Henry Blodget
    And Now Europe's Banks Are Starting To Panic As The Oxygen Gets Sucked Out Of The Room Henry Blodget Nov. 16, 2011, 9:27 PM European banks are scrambling to engineer new sources of funding as traditional ones dry up, David Enrich of the Wall Street Journal reports. For example, the banks are now entering into "liquidity swaps" with one another, whereby they exchange illiquid assets that can't be used for collateral for assets that can. And in so doing, they're tying Europe's financial system even tighter together at the very moment that the crisis seems to be coming to a...
  • EU: Latin showdown with Germany over ECB

    11/16/2011 1:51:18 PM PST · by bruinbirdman · 6 replies
    The Telegraph ^ | 11/16/2011 | Ambrose Evans-Pritchard
    Germany is facing a moment of strategic truth. The sacred union with France that has held together through thick and thin for half a century is in growing danger as contagion spreads North, engulfing the French bond market. For EU veterans, the drama has has echoes of 1993 when the Bundesbank ditched orthodoxy to rescue France, after first cutting Britain and Italy adrift in the Exchange Rate Mechanism. But this time the stakes are much higher. On that occasion, Chancellor Helmut Kohl pulled rank, more of less ordering his bankers to obey. "We must always bow three times before the...
  • Citi's Willem Buiter Says Europe Could Just Have Weeks Or Days Before A Financial Catastrophe

    11/16/2011 12:49:41 PM PST · by blam · 22 replies
    TBI ^ | 11-16-2011 | Joe Weisental
    MUST-READ: Citi's Willem Buiter Says Europe Could Just Have Weeks Or Days Before A Financial Catastrophe Joe Weisenthal Nov. 16, 2011, 3:17 PM This is a fantastic interview with Citi's Willem Buiter on Bloomberg TV. You can hear the anger in his voice as he argues that Europe may have a matter of days before an unnecessary default and a financial catastrophe. The answer: the ECB must act fast, and ignore the Germans who don't get it. While some people don't think that the ECB can really monetize sovereign debt this way, Buiter believes there's absolutely nothing preventing the ECB...
  • "Germany is dominating Europe" NIgel Farage in the EU parliament

    11/16/2011 12:43:59 PM PST · by ScaniaBoy · 26 replies
    YouTube ^ | 16 November 2011 | N Farage
    In Europe things are getting uglier and uglier. The economy is in a free fall and the EU will try to use the crisis for yet another power grab, reducing our national democracies to nought. In the toy parliament, the democratic fig leaf of the European Union, only one man is speaking for the peoples: Nigel Farage.
  • Eurozone crisis stokes tension between Britain and Germany

    11/15/2011 5:30:52 PM PST · by MinorityRepublican · 7 replies
    The Guardian ^ | Tuesday 15 November 2011 | Patrick Wintour
    Angela Merkel and David Cameron are due to meet on Friday to discuss the eurozone crisis further. Tensions between Germany and Britain over how to handle the crisis in the eurozone deepened after allies of the German chancellor, Angela Merkel, claimed she would not allow the UK to "get away" with its refusal to back a European financial transactions tax. Speaking ahead of a meeting between Merkel and David Cameron on Friday, the parliamentary leader of her Christian Democratic Union said "Britain had a responsibility to make Europe a success". Volker Kauder, at the CDU conference in Leipzig, said: "I...
  • Clegg brands those seeking to reform the EU 'populists, chauvinists and demagogues'

    11/15/2011 11:34:28 AM PST · by wolfman23601 · 6 replies
    UK Daily Mail ^ | 11/15/2011 | Daily Mail Reporter
    Nick Clegg clashed with the Prime Minister today after criticising plans to claw back powers from the EU. The Deputy Prime Minister said that only 'populists, chauvinists and demagogues' could benefit from a treaty negotiation, even though David Cameron yesterday re-affirmed his intention to repatriate powers. Mr Clegg warned that European politicians should focus on 'jobs and growth' rather than attempting to reform EU institutions. Read more: http://www.dailymail.co.uk/news/article-2061798/EU-treaty-change-Nick-Clegg-clashes-David-Cameron-reform.html#ixzz1dnt5E4wa
  • Europe’s Debt Crisis Spirals Out Of Control Towards Economic Collapse

    11/14/2011 6:14:42 AM PST · by blam · 17 replies
    TMO ^ | 11-13-2011 | Bob Chapman
    Europe’s Debt Crisis Spirals Out Of Control Towards Economic Collapse Politics / Global Debt Crisis Nov 13, 2011 - 05:39 AM By: Bob Chapman As Chancellor Merkel and PM Sarkozy search for a solution that doesn’t exist they continue to lose credibility. Nothing of substance has been agreed upon that is legal and can be implemented. At the IMF Christina LeGarde is frantically waving her arms like a cheerleader telling anyone that will listen that if the six sovereigns in financial trouble are not aided the euro will fail and peace in Europe will disappear. The elitists are frantic because...