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Italy Races To Defuse €200 Billion Bad Loan Time Bomb With “Bad Bank”
Italy Races To Defuse €200 Billion Bad Loan Time Bomb With “Bad Bank” When Portugal “surprised” senior Novo Banco bondholders with a €2 billion bail-in late last month, the market got an unwelcome reminder that euro periphery banks are far from “solid.” Novo was supposed to house the “good” assets salvaged from the wreckage of […]
Yanis Varoufakis Reveals – Berlin Blocked Greece From Chinese Funding During Crisis
Yanis Varoufakis Reveals – Berlin Blocked Greece From Chinese Funding During Crisis Hundreds of millions of people throughout the Western world are being forced to admit an obvious, yet uncomfortable reality. Democracy is dead. Your vote and your voice doesn’t matter. Not at all. No group of people understand this as intimately as the Greeks. They voted […]
France in State of Economic Emergency
France in State of Economic Emergency President Francois Hollande has publicly stated that the French economy is now in a state of “economic emergency.” He set out a €2bn job creation scheme in a desperate attempt to lift France out of an economic death spiral created by his socialistic policies that have raised taxes and chased […]
Austria suspends Schengen agreement, steps up border control, tells EU to sort out migrant crisis
Austria suspends Schengen agreement, steps up border control, tells EU to sort out migrant crisis Migrants walk during snowfall before passing Austrian-German border in Wegscheid in Austria, near Passau © Michael Dalder / Reuters Vienna is radically changing its policy towards migrants and refugees, Austrian Chancellor Werner Faymann told local media. Faymann said that with […]
The International War on Cash
The International War on Cash Back in 2008, I began warning of increasing capital controls that we would see in the future, as a component in the decline of Western economies (Western in the broad sense, including Japan, Australia, etc.) Along the way, it occurred to me that, at some point, governments might collectively attempt […]
The EU Bail-In Directive: Dark Clouds are Gathering
The EU Bail-In Directive: Dark Clouds are Gathering Portugal’s Rickety Banking System After the unseemly bankruptcy of the Espirito Santo Group and the associated bank, then Portugal’s second biggest (likely a result of not praying enough, see: “Big Portuguese Bank Gets Into Trouble” and “Fears Over Banco Espirito Santo Escalate” for the gory details), Portugal’s […]
Nations Scramble to Compete in ‘Currency War’ as China’s Yuan Falls to Five-Year Low
Nations Scramble to Compete in ‘Currency War’ as China’s Yuan Falls to Five-Year Low Allan Ajifo / (CC BY 2.0) China, Europe and Japan are driving down the value of their currencies in order to make their exports more attractive on the global market, leaving millions of workers in associated industries “protected or vulnerable, depending on which […]
Can the UK Survive Brexit?
Can the UK Survive Brexit? LONDON – The upcoming referendum on the United Kingdom’s continued membership in the European Union, almost certain to be held this year, could turn out to be yet another major catastrophe to hit Europe. If, as seems increasingly plausible, British voters chose to leave, the result would be a profoundly […]
The Europe Question in 2016
The Europe Question in 2016 NEW YORK – At the cusp of the new year, we face a world in which geopolitical and geo-economic risks are multiplying. Most of the Middle East is ablaze, stoking speculation that a long Sunni-Shia war (like Europe’s Thirty Years’ War between Catholics and Protestants) could be at hand. China’s […]
Will 2016 Bring Another 2008-Type Crash? Pt. 1
Will 2016 Bring Another 2008-Type Crash? Pt. 1 The world is lurching towards another Crash. Japan, which has been ground zero for Keynesian insanity, is back in technical recession. This comes after the Bank of Japan launched the single largest QE program in history: a QE program equal to 25% of GDP launched in April 2013. This […]
2016 – the BIG SHIFT
2016 – the BIG SHIFT As we close 2015 and begin a new year, the markets generally closed flat to neutral with a warning that as we approach the political year from hell being 2017, this is by no means going to be a walk through the park. We are more likely than not going […]
Happy New Year — Bail-In Passed for Europe’s Banks
Happy New Year — Bail-In Passed for Europe’s Banks The mainstream media is not extensively reporting on the “experimental” bail-in that the EU imposed on Cyrus. The bail-in, that they swore would never be applied to Europe, will officially begin in January. This new power will be in the interest of taxpayers as they will no longer […]
A Crisis Worse than ISIS? Bail-Ins Begin
A Crisis Worse than ISIS? Bail-Ins Begin While the mainstream media focus on ISIS extremists, a threat that has gone virtually unreported is that your life savings could be wiped out in a massive derivatives collapse. Bank bail-ins have begun in Europe, and the infrastructure is in place in the US. Poverty also kills. At the […]
A State of Confusion
A State of Confusion In the wake of Paris and COP21 both sides are claiming victory. The Greens believe they finally have a treaty that will deliver the dismantling of the fossil fuel industries and capitalism propelling the human race into a renewable idyll. The Sceptics see Paris as toothless mush that will likely deliver […]
Spain Says “No”
Spain Says “No” For the third time in a year, the tight-fisted, austerity policies of the European Union (EU) took a beating, as Spanish voters crushed their rightwing government and overturned four decades of two-party reign. Following in the footsteps of Greek and Portuguese voters earlier this year, Spaniards soundly rejected the economic formula of […]
