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Desperately Trying to Salvage Canada-EU Trade Pact after Brexit, EU Escalates Assault on Democracy
Desperately Trying to Salvage Canada-EU Trade Pact after Brexit, EU Escalates Assault on Democracy The European Commission, it seems, will never learn. Despite the existential crisis caused by Britain’s decision to leave the EU and the serious questions being raised about the EU’s gaping lack of democratic legitimacy, the European Commission just escalated its assault […]
“The Specter of a Break-up Is Haunting Europe”
“The Specter of a Break-up Is Haunting Europe” Internal Strife and Divisions Blossom in Euro Land. Since the Eurozone’s sovereign debt crisis began, in 2010, Europe’s leaders have faced a Herculean task: keeping the rickety European edifice intact. Now, five years later, there are much more ominous signs of wear and tear. Everyone is focused on the dire threat […]
The Banking Crisis in Spain is Back
The Banking Crisis in Spain is Back The shares of Banco Popular got crushed. After three years of relative calm and one month before yet another round of do-or-die general elections, the words “banking” and “crisis” are back on the front pages of Spain’s newspapers. Despite the untold billions of euros of public funds lavished on “cleaning […]
Negative-Interest-Rate absurdity is another “rabbit out of the hat.”
Negative-Interest-Rate absurdity is another “rabbit out of the hat.” For the second time this year, Spain’s caretaker government just managed to sell 50-year bonds in a €3 billion ($3.4 billion) deal. Despite maturing in the year 2066, when many of us won’t even be alive and the duty to pay back the debt (assuming it […]
Saudi Arabia’s Oil-Bust Cash-Flow Debacle Begins to Bite
Saudi Arabia’s Oil-Bust Cash-Flow Debacle Begins to Bite Hangover of oil dependence has only just begun. It was supposed to be the biggest, most ambitious, most lucrative infrastructure project Spain’s construction industry had ever undertaken on the Arabian Peninsula. Launched three years ago, the high-speed rail link project between Medina and Mecca was a dream […]
Spanish Banks Brace for Ultimate Showdown
Spanish Banks Brace for Ultimate Showdown “Very serious threat … to Spain’s entire mortgage market”: Moody’s A bitter, long-simmering conflict finally appears to be reaching its finale in Spain. On one side of the divide are the country’s biggest banks and some of the world’s largest investment funds; on the other are hundreds of thousands […]
A Torrid Week for the Transatlantic Corporatocracy
A Torrid Week for the Transatlantic Corporatocracy The carefully woven fabric is unraveling. A new survey conducted by YouGov for the Bertelsmann Foundation showed that only 17% of Germans believe the Transatlantic Trade and Investment Partnership (TTIP) is a good thing, down from 55% two years ago. In the United States, only 18% support the deal compared to 53% […]
With Impeccable Timing, ‘Economic Miracle’ in Spain Unravels
With Impeccable Timing, ‘Economic Miracle’ in Spain Unravels The European Union on the verge. Since the granddaddy of all housing bubbles popped in Spain between 2008 and 2009, unleashing one of the deepest recessions in living memory, the nation’s public debt has more than doubled, from just over 40% of GDP to almost exactly 100% […]
“We Cannot Afford another Draghi”: Germany Attacks ECB
“We Cannot Afford another Draghi”: Germany Attacks ECB Negative interest rates, helicopter money trigger Clash of Titans. Relations between the government of Europe’s biggest economy, Germany, and Europe’s most powerful financial institution, the European Central Bank, have soured to the point of curdling. The latest volley of barbed remarks came from Germany’s dour Finance Minister […]
It’s Gotten So Bad in Europe, Even Eurocrats Begin to Worry
It’s Gotten So Bad in Europe, Even Eurocrats Begin to Worry You know that things are bad when even the firmest believers begin questioning their faith. That’s what’s starting to happen in Europe, where the EU faces a dizzying constellation of threats and challenges and even the staunchest of eurocrats are beginning to express doubts. […]
Next Shoe to Drop on Spanish Banks
Next Shoe to Drop on Spanish Banks “The mortgage ‘floor clauses’ are a fraud.” Thursday, April 7, 2016, could go down in history as a great day for Spanish mortgage holders and a very grim one for many Spanish banks, thanks to a new ruling that the so-called mortgage floor-clauses that were unleashed across the […]
“Are We Prepared to Impose Temporary Debt Standstills?”
“Are We Prepared to Impose Temporary Debt Standstills?” In a remarkable turnaround, foreign investors are estimated to have pumped over $35 billion into emerging market (EM) stocks and bonds in March, the highest monthly inflow in nearly two years, according to the Institute of International Finance. One of the biggest beneficiaries is Latin America, which […]
Monsanto Losing Its Grip?
Monsanto Losing Its Grip? The earnings warning was just a precursor. Monsanto, the world’s largest seed manufacturer, is not having a good year. The company recently slashed its 2016 earnings forecast from the $5.10-$5.60 per share it had forecast in December to $4.40-$5.10, claiming that about 25-30 cents of the reduction was due to the […]
Brexit Meltdown at the Bank of England
Brexit Meltdown at the Bank of England But it’s supposed to be “independent” from national politics. Project Fear — the massive PR campaign aimed at sowing and watering the seeds of dread about the potential consequences of a YES vote in the upcoming referendum on a British exit from the EU — is in full bloom. […]
