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“It would be fatal if citizens got the impression that cash is gradually taken away from them”: Bundesbank President Weidman.

Over the last couple of days, bureaucrats at the European Commission and European Central Bank have expressed a keen interest in withdrawing the €500-note from circulation – barely a week after former Standard Chartered CEO Peter Sands published a report calling for the exact same measure. Allegedly the currency of choice for organized crime outfits around the world, the so-called “Bin Laden bill,” accounts for close to a third of the total amount of cash in existence in the Eurozone.

Then on Tuesday, Larry Summers, in an effort to keep his name in the media by hook or crook, called for the death of the $100 bill, though he lamented that removing existing notes was probably “a step too far”:

But a moratorium on printing new high denomination notes would make the world a better place. In terms of unilateral steps, the most important actor by far is the European Union. The €500 is almost six times as valuable as the $100. Some actors in Europe, notably the European Commission, have shown sympathy for the idea and European Central Bank chief Mario Draghi has shown interest as well.

We have warned for over two years (here, here, here and here) that a loose, albeit powerful, coalition of governments, central banks, big banks, credit card companies, fintech firms, NGOs, and large corporations seeks to pull the plug on cash, for their own disparate motives.

Those motives include sustaining and even intensifying the central banks’ nightmarish experiment with negative interest rates, increasing public dependence on big banks, destroying the last vestiges of personal financial freedom and anonymity, expanding government surveillance of and control over the economy, and in the case of credit card companies and fintech firms, doing away with their biggest competitor, physical currency.

…click on the above link to read the rest of the article…

New Safe Harbor Data “Deal” May Be More Politicking Than Surveillance Reform

February 3, 2016

New Safe Harbor Data “Deal” May Be More Politicking Than Surveillance Reform

Lobbyists, government officials, and technology executives celebrated newsfrom Strasbourg on Tuesday morning that the European Commission and the United States had reached an agreement to reinstate the free flow of massive amounts of data between companies in the United States and the European Union, safeguarding users’ privacy at a new level.

But while some cheered the new agreement, dubbed the “Privacy Shield,” and thanked negotiators for providing “certainty” to businesspeople who deal in big data, many were quite a bit more skeptical of its success and said they would reserve final judgment until the agreement is formally spelled out on paper, which could take weeks or months.

The Article 29 Working Party — a data protection authority set up the European Parliament — said on Wednesday morning that it was pleased an agreement had been reached, but expressed concerns about the commitment of the United States — especially regarding the scope of its surveillance activities and relevant legal remedies available to all people. The party said it would not formally weigh in until the text of the agreement surfaces, and assigned a new deadline to release it: the end of February.

The scramble to come up with a new data-sharing arrangement kicked off when the European Court of Justice (CJEU), the top court of the European Union, ruled on October 6 that the NSA’s indiscriminate overseas surveillance interfered with the “fundamental rights” of its citizens, whose data it has the responsibility to protect. The Safe Harbor agreement — the early 2000s principles agreed upon to guarantee U.S. companies were respecting European digital rights when transferring data overseas — was deemed invalid.

Austrian law student Max Schrems brought the issue to the attention of the CJEU after suing Facebook for ignoring European privacy laws when it transferred his personal data to the U.S., where he argued it was subject to collection by the NSA.

…click on the above link to read the rest of the article…

Gold – No Time Left for Conspiracy Theories

January 14, 2016

Gold – No Time Left for Conspiracy Theories

To some, this is a religious battle. To others, it is just a time to rip off a lot of people by selling fantasies and sophistry. I have stated this many times, so here it goes again: Gold rises when people lose confidence in government. It has nothing to do with inflation. So, you start to worry about government survival or who’s going to win a war when gold rises — not before.

Short term, we still have the risk of gold going under $1,000 per ounce. It’s going to flip when everything is right — not before. It will probably max out at $5,000 per ounce or perhaps $6,000 at best. That we will not know until we have the low and the projection angle from that low. We’re dealing with a very profound event, religion aside. Such events of political-economic trend resets come around every 309.6 years. The last one was the global revolution against monarchy which began in the United States.

If you just step back and look OBJECTIVELY at what is unfolding from electronic currency to G20 demanding info on everyone and every penny that changes hands, then you can see where the future is headed. We do not have a democracy; that is total nonsense. The president appoints the heads of all departments. Nobody stands for election right down to the head of the Federal Reserve.

In Europe, you have the three-headed dragon they call the Troika — the European Commission (EC), the European Central Bank (ECB), and the International Monetary Fund (IMF). None of those three members heads have EVER stood for election. They too are undemocratic appointments. So the European population cannot even vote for their future.

…click on the above link to read the rest of the article…

Europe – Here we GO Again

November 24, 2015

Europe – Here we GO Again

The European economic crisis just keeps getting worse. The European Commission is now planning to pool all money for bank bailouts among nations. That means the funds set aside in Germany to weather German bank failures can be used in France. Meanwhile, the EU is preparing for relaxing the stability policy (austerity) because of refugees and terror. This emergency position will allow countries to now increase their debt under the exception of “Acts of God”. This clause can be pretty much justify anything.

Furthermore, now tens of thousands of pensioners in Germany have to pay taxes on their pensions for the first time in 2016. Through a pension increase of 2.5%, this will result in a lower net take-home for the first time since this will exceed the basic allowance in the coming year. The Ministry of Finance expects characterized with 310 million euros in additional tax revenue.

Leaked TAFTA/TTIP Chapter Shows EU Breaking Its Promises On The Environment

October 27, 2015

Leaked TAFTA/TTIP Chapter Shows EU Breaking Its Promises On The Environment from the toxic-trade-deal dept

As far as trade agreements are concerned, the recent focus here on Techdirt and elsewhere has been on TPP as it finally achieved some kind of agreement — what kind, we still don’t know, despite promises that the text would be released as soon as it was finished. But during this time, TPP’s sibling, TAFTA/TTIP, has been grinding away slowly in the background. It’s already well behind schedule — there were rather ridiculous initial plans to get it finished by the end of last year — and there’s now evidence of growing panic among the negotiators that they won’t even get it finished by the end of President Obama’s second term, which would pose huge problems in terms of ratification.

One sign of that panic is that the original ambitions to include just about everything are being jettisoned, as it becomes clear that in some sectors — cosmetics, for example — the US and EU regulatory approaches are just too different to reconcile. Another indicator is an important leaked document obtained by the Guardian last week. It’s the latest (29 September) draft proposal for the chapter on sustainable development. What emerges from every page of the document, embedded below, is that the European Commission is now so desperate for a deal — any deal — that it has gone back on just about every promise it made (pdf) to protect the environment and ensure that TTIP promoted sustainable development. Three environmental groups — the Sierra Club, Friends of the Earth Europe and PowerShift — have taken advantage of this leak to offer an analysis of the European Commission’s real intent in the environmental field. They see four key problems:

The leaked text fails to provide any adequate defense for environment-related policies likely to be undermined by TTIP. For example, nothing in the text would prevent foreign corporations from launching challenges against climate or other environmental policies adopted on either side of the Atlantic in unaccountable trade tribunals.

…click on the above link to read the rest of the article…

EU Ombudsman Investigating Industry-Dominated Fracking Expert Group

September 5, 2015

EU Ombudsman Investigating Industry-Dominated Fracking Expert Group

The European Ombudsman has opened a case into the European Commission’s industry-dominated Expert Group on the risky and dangerous practice of fracking for natural gas.

The Ombudsman, responsible for investigating complaints about maladministration in EU institutions and bodies, is looking into allegations that the Commission “wrongly allowed members associated with the shale gas industry to act as chairmen of the European Science and Technology Network on Unconventional Hydrocarbon Extraction.”

Despite massive public opposition to fracking, the Commission established the European Science and Technology Network on Unconventional Hydrocarbon Extraction last July with a mandate to recommend the most appropriate fracking techniques and technologies for Europe.

However, research by campaign groups Corporate Europe Observatory and Friends of the Earth Europe shows that of the network’s members who do not work for the Commission, more than 70% either represent or have direct financial links to the fracking industry, while all four chairs and co-chairs of working groups are fracking proponents and have even lobbied against tougher regulations.

Vested Interests

Putting such vested interests in charge of deeming which fracking techniques are most ‘appropriate’ for the EU is only going to serve the interests of a floundering industry, not the 500 million Europeans who will have to suffer the consequences.

The Ombudsman’s investigation, opened in August, follows a complaint by Corporate Europe Observatory and Friends of the Earth Europe, which calls on the Expert Group to follow the Commission rules for balance and conflict of interest.

However, the Commission denies the network is an Expert Group, despite its clear advisory role, and dismisses any worry with regards to balance. If the groups is not formally recognised as an Expert Group and made to conform to the existing rules, then both organisations have called for it to be scrapped.

Climate Talks

The Ombudsman has given the Commission until the 30th November to respond, the same day that this year’s UN climate talks are set to begin in Paris.

…click on the above link to read the rest of the article…

Greek Stocks, Economy Collapse, Suffer Worst Declines In History

August 3, 2015

Greek Stocks, Economy Collapse, Suffer Worst Declines In History

The Athens Stock Exchange reopened on Monday and unsurprisingly, some folks were selling.

Trading was suspended five weeks ago after PM Alexis Tsipras’ dramatic midnight referendum call precipitated capital controls and a lengthy bank “holiday.” Shares opened lower by nearly 23% and the country’s banks traded limit-down, which makes sense because they are, after all, largely insolvent. Here’s NY Times:

The Athens Stock Exchange plunged 22.8 percent when it reopened on Monday after a five-week shutdown imposed by Greek authorities as part of efforts to prevent a financial collapse.

Bank stocks, which are particularly vulnerable as Greek lenders are set for new recapitalization in the coming months, took a battering, falling by as much as 30 percent.

Although foreign investors face no restrictions in the Athens exchange, local traders can only use existing cash holdings to buy shares; they are prohibited from tapping local bank deposits to buy shares as the authorities seek to prevent capital flight.

Asked about the harrowing decline, European Commission spokeswoman Mina Andreeva had no comment but did say that Brussels has “taken note” of the reopening. Amusingly, she also said the decision was made by “competent” Greek officials. A ban on short-selling was due to expire on Monday but will be extended, an unnamed official told Reuters.

Meanwhile, monthly PMI data from Markit confirmed that the Greek economy suffered an outright collapse in July. Last month marked the 11th consecutive month of contraction, but it was the depth of the downturn that was truly shocking as the index plummeted to 30.2 from 46.9 in June. It was the lowest print on record. New orders plunged to 17.9 from 43.2.

“July saw factory production in Greece contract sharply amid an unprecedented drop in new orders and difficulties in purchasing raw materials,” Markit said. Here’s more from the report:

…click on the above link to read the rest of the article…

Greece May Not Get Bailout, Grexit “The Better Way”, Schaeuble Says

July 16, 2015

Greece May Not Get Bailout, Grexit “The Better Way”, Schaeuble Says

Last Saturday, the EU finance ministers who gathered in Brussels in a last ditch effort to keep Greece in the eurozone were forced to confront a rather inconvenient truth. A bailout for Athens would likely cost nearly €80 billion, far more than the €53 billion figure mentioned in the draft proposal submitted by Alexis Tsipras two days earlier. The revised figure included a €25 billion provision for the recapitalization of Greece’s ailing banking sector. A day earlier, we warned that the banks would need at least €10 billion and likely more – “don’t tell Merkel”, we warned.

Judging by the date on a document that began to circulate once the finance ministers began to voice their consternation at the larger figure, Germany had already assessed the possibility that the cost of a potential third program for the Greeks was likely to climb prompting the finance ministry to prepare a document outlining two alternative options for Athens. One of these options was a 5-year Greek “time-out” from the eurozone. Initially (and by “initially” we mean for perhaps a few hours after the document was first distributed) the “time-out” idea was written off as simply another manifestation of Wolfgang Schaeuble’s frustration, but by Sunday it was clear that the idea was no laughing matter – indeed, had the bloc’s sleep deprived leaders not inked a ludicrous agreement at 6am in the morning, the “soft” Grexit scenario might already be well underway.

Now that reports from both the IMF and the European Commission on Greece’s debt sustainability are public, the world is well aware that no one, anywhere, truly believes the Greeks will ever be able to return to economic prosperity if they are forced to labor under their current debt load. In short: a “re-profiling” is necessary.

…click on the above link to read the rest of the article…

Russian Gas: There Is No Alternative For Europe

May 18, 2015

Russian Gas: There Is No Alternative For Europe

The sanctions are now in their second year; the ruble is still not quite itself; and national champions Gazprom and Rosneft are both bracing for what can generously be called a down year. Still, while Russia’s political relationship with the west continues to be redefined, the broader element of codependence remains relatively unchanged – though its worth is hotly disputed. Nowhere is that dispute more pronounced than in the energy sector.

To be sure, Gazprom is in trouble. Last year, the gas giant saw its profits fall 70 percent to $3.3 billion. Through the first three quarters of 2014, Gazpromdeliveries fell 3 percent, 13 percent, and 8 percent to Europe, former Soviet republics, and domestic consumers respectively. Its debt burden is up and opportunities for long-term credit are few. Moreover, its legal woes are growing by the day. Recent antitrust filings from Poland and Ukraine join the European Commission’s (EC) April charges that could cost the company up to 10 percent of its global turnover.

For its part, Europe – more specifically, the European Union – is still attempting to define the terms of its own energy security. Plans for the 28-member bloc to unite in an energy union are still a go, though only marginally more clear than when they emerged. In a recent statement at the European Economic and Social Committee’s Plenary Session, Energy Union commissioner Maros Sefcovicdescribed the goals of the union as follows: a fully integrated energy market; energy efficiency above all else; decarbonization; a commitment to R&D; and securing supply through solidarity and trust.

…click on the above link to read the rest of the article…

This Could Sink Banks in Greece, Portugal, Spain, and Italy

April 9, 2015

This Could Sink Banks in Greece, Portugal, Spain, and Italy

Not that much has changed in Spain since the climax of the debt crisis during which its collapsing banks were bailed out. Some of them were recombined into a bank with a new name – Bankia – and sold to the public via an IPO that immediately sank into red ink and scandal. Spanish government debt sported yields that reflected the risks of owning it. At this time in 2012, six-month T-bills yielded over 3.2%.

But that part has changed. In this absurd era when risks no longer exist in a quantifiable manner, the Spanish government today joined a growing club: it issued its first debt – 6-month T-bills – with a negative yield. Spain!

But the European Commission is now contemplating pulling the rug out from under the banking miracles in Spain, Portugal, Greece, and Italy.

Turns out, these four countries have been smart in how they propped up their rickety banks. They and their banks have declared something a “high quality” asset even though it has a dubious value, no market price, and can’t be sold. And they have included this totally illiquid asset of dubious value in the “core capital” of the banks. This asset significantly increases the “capital buffers” and makes the bank more resistant to shock and collapse, on paper. That’s how they solved their banking crisis.

…click on the above link to read the rest of the article…

David Cameron’s New Definition of Fracking ‘Political Not Scientific’

February 27, 2015

David Cameron’s New Definition of Fracking ‘Political Not Scientific’

Last week, DeSmog UK revealed how David Cameron’s government snuck a new definition of fracking onto the statute books. Kyla Mandel investigates where this definition actually came from.

The definition of hydraulic fracturing adopted by theUK coalition government has all the hallmarks of industry influence, finds DeSmog UK.

The fracking definition was slipped into thecontroversial Infrastructure Act without a chance forMPs to vote on it. And it is almost identical to thatrecommended by the European Commission in January 2014.

However, both of these definitions are based solely on the volume of fluid used during fracking and are closely aligned with the shale gas industry’s specific definition of hydraulic fracturing.

‘Political Definition’

Antoine Simon, extractive industries campaigner at Friends of the Earth Europe, said: “Long story short, this is a political definition of fracking, but surely not a scientific one.”

According to the EU Recommendation ‘high-volume hydraulic fracturing’ means: “injecting 1,000 m3 or more of water per fracturing stage or 10,000 m3 or more of water during the entire fracturing process into a well.”

…click on the above link to read the rest of the article…

Briefing For A Descent Into Hell

February 26, 2015

Briefing For A Descent Into Hell

Oh well, some are more equal than others. One day after Eurogroup head Dijsselbloem says France won’t get any more lenience …

France Must Respect EU Budget Rules

France must meet EU budget targets or risk damaging the bloc’s entire framework for policing countries’ spending plans, the head of the Eurogroup said on Tuesday. “I don’t think small or larger countries should be treated differently … It is crucial for the credibility of the whole fiscal framework that also France commits to it, both in fiscal terms and in reform terms,” Jeroen Dijsselbloem, who chair meetings of eurozone finance ministers, told the European Parliament. “I think that the Commission has allowed itself and France more time to scrutinise the figures but also to take more measures and prepare more proposals. The Commission will assess them first and then report to us at the beginning of March.”

… the EC overrules him. Just like he overruled them a few days ago on the proposal for Greece that EC head Juncker had prepared for Varoufakis, but which Dijsselbloem swept off the table. A tit for tat battle of the peacocks? Talking with one voice it ain’t.

France Gets More Time to Meet EU Budget Rules

European Union officials on Wednesday gave France until 2017 to bring its government finances in line with the bloc’s budget rules, despite the country’s continued failure to adhere to them. The European Commission said it was recommending that France be given what amounted to a two-year extension to cut its deficit, which is expected to come in at around 4.1% of GDP this year and next, well above the 3% ceiling for the bloc. The commission, the executive arm of the European Union, is charged with signing off on member states’ budgets to ensure they comply with Union rules.

…click on the above link to read the rest of the article…

Bilderberg – Part 10

February 15, 2015

Bilderberg – Part 10

I previously examined the functions of the Bilderberg meetings; the composition and concentration of financial markets and the Mafiocracy that rules them; the nature of technocracy, and the role of finance ministers, central banks and the IMF in managing the European debt crisis. This installment takes a closer look at the top technocrats of the European Council and the European Commission.

The “Troika” of the European Central Bank (ECB), International Monetary Fund (IMF) and European Commission (EC) was largely tasked with managing the response to the debt crisis, organizing bailouts, imposing austerity and saving the banks at the expense of the populations of Europe. The Troika reported to the Eurogroup of 17 finance ministers who represented all of the countries that used the euro as their single common currency.

The European Union project evolved and expanded over decades since the end of World War II, and always with an elite-driven, technocratic structure. As the E.U. moves through the debt crisis, its solutions and actions invariably delegate more authority to both existing and new technocratic institutions that wield immense power over nation-states within the E.U. Sovereignty is increasingly transferred from the nation and its democratically elected leaders to the supra-national technocratic structure of the E.U., and the top bureaucrats and technicians who run it.

…click on the above link to read the rest of the article…

Troika Punches Panic Button on Greece and Spain

January 25, 2015

Troika Punches Panic Button on Greece and Spain

After four years of inflicting economic pain and misery on Europe’s semi-bankrupt periphery, the Troika (IMF, ECB and European Commission) is suddenly in a lather over the potential political consequences of its disastrous economic policies: “I wouldn’t like extreme forces to come to power. I would prefer if known faces show up,” said European Commission president Jean-Claude Juncker regarding the upcoming Greek elections.

Speaking at a press conference in Pekin, the IMF’s Chief Economist Oliver Blanchard warned that unemployment in Spain remains too high, fueling a surge of support in “populist movements” and “political parties that do not want to form part of the euro.”

Blanchard’s words were a barely veiled reference to the phoenix-like rise of Podemos, a stridently anti-establishment but far from Eurosceptic political party. In recent polls of voter intentions for the upcoming municipal elections (March) and general elections (September), the new party, now in its second year of existence, has consistently commanded between 25% and 30% of the votes – more than either of the two main parties.

The fear among the political elite, both in Madrid and Brussels, is palpable. In the last few days, Prime Minister Rajoy dispatched his Vice-President, Soraya Sáenz de Santamaria, and Minister of Industry, José Manuel Soria, on a vital mission to persuade Spain’s biggest media conglomerate, Grupo Planeta, to adopt a more critical tone in its reporting on Podemos. In return the government will offer the broadcaster more licenses for more channels. Bienvenido a España!

…click on the above link to read the rest of the article…

Russia Cuts Off Ukraine Gas Supply To 6 European Countries

January 14, 2015

Russia Cuts Off Ukraine Gas Supply To 6 European Countries

Vladimir Putin ordered the Russian state energy giant Gazprom to cut supplies to and through Ukraine amid accusations, according to The Daily Mail, that its neighbor has been siphoning off and stealing Russian gas. Due to these “transit risks for European consumers in the territory of Ukraine,”Gazprom cut gas exports to Europe by 60%, plunging the continent into an energy crisis “within hours.” Perhaps explaining the explosion higher in NatGas prices (and oil) today, gas companies in Ukraine confirmed that Russia had cut off supply; and six countries reported a complete shut-off of Russian gas. The EU raged that the sudden cut-off to some of its member countries was “completely unacceptable,” but Gazprom CEO Alexey Miller later added that Russia plans to shift all its natural gas flows crossing Ukraine to a route via Turkey; and Russian Energy Minister Alexander Novak stated unequivocally, “the decision has been made.”

As Bloomberg reports,

Russia plans to shift all its natural gas flows crossing Ukraine to a route via Turkey, a surprise move that the European Union’s energy chief said would hurt its reputation as a supplier.

The decision makes no economic sense, Maros Sefcovic, the European Commission’s vice president for energy union, told reporters today after talks with Russian government officials and the head of gas exporter, OAO Gazprom, in Moscow.

…click on the above link to read the rest of the article…

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