BERLIN – Trying to tamp down concerns about government over-reach, President Barack Obama on Wednesday defended U.S. Internet and phone surveillance programs as narrowly targeted efforts that have saved lives and thwarted at least 50 terror threats.
“This is not a situation in which we are rifling through ordinary emails” of huge numbers of citizens in the United States or elsewhere, the president declared during a news conference with German Chancellor [...]
Austerity comes to Germany: GERMAN GOVT PLANS TO INCREASE 2014 BORROWING: RHEINISCHE POST
Is The Eurozone Crisis Set To Flare Up?
I have written in the past that all is not solved in the Euro-zone. In fact, despite the ongoing jawboning from the ECB that they stand ready to “do anything,” in reality they have done little to this point other than just talk. While that has worked to a large degree to suppress [...]
In many cities and counties in Bavaria, Thuringia and Saxony is an emergency alert because of flooding. Passau to about 150 German soldiers assist local forces. View more information
The death toll from flooding in central Europe has reached nine so far and more heavy rain is expected. In Germany, soldiers have been called out to help evacuate towns and pile sandbags while the historic old town of Passau is already under water. [...]
Merkel – Hollande agree on need for powerfull Eurozone president
France and Germany are pushing for the creation of a full-time president for the 17-country euro currency bloc with stronger powers to drive economic policy.
French President Francois Hollande and German Chancellor Angela Merkel, meeting in Paris, say they agree on the need for a new high-level leader of the eurozone as a way to improve coordination.
Speaking Thursday at a joint press [...]
Angela Merkel, Germany’s chancellor, is facing fresh scrutiny over her political activities in the former East Germany, with a book alleging she took part in the Communist regime’s propaganda activities.
“The author and euro-critic Udo Ulfkotte believes that Angela Merkel already thinking “behind closed doors” about a split in the euro zone. She stand positive to a North Euro because she knows that the euro in it’s current form can not exist. In the new anti-euro party AFD Ulfkotte sees a serious threat to Merkel. Well revenge on it’s assessment of the undemocratic introduction of the euro, which was orchestrated [...]
by Phoenix Capital Research
Europe is leading the world higher today on two items:
1) EU President Barroso stating that there are limits to austerity.
2) Spain’s Prime Minister Rajoy agreeing with Angela Merkel that nations must cede sovereignty if Europe is to last.
The first of these issues is just political grandstanding. Europe’s problems are not related to whether or not EU politicians pursue austerity or growth policies; they are related to EU [...]
The liquidity tsunami that started in September of 2012 in the Marriner Eccles building and continued with the BOJ’s own epic QEasing expansion three weeks ago, has so far provided the impetus for Europe to kick the can of its inevitable dissolution for a few more months, yet slowly but surely the market is starting to read through the artificial levels implied by Italian and Spanish bonds, driven by recycled [...]
by Jack Ewing, NY Times:
When Wolfgang Schäuble, the German finance minister and war horse of European politics, celebrated his 70th birthday at a theater in Berlin last September, two of the most powerful women in the world offered warm words in his honor. `
One was Chancellor Angela Merkel.
The other, delivering the keynote speech, was Christine Lagarde, the managing director of the International Monetary Fund.
Ms. Lagarde’s presence reflected her close, longtime friendship [...]
by Phoenix Capital Research
More signs of trouble.
We’ve been told countless times that Europe was “fixed.” The problem with this is that the market is beginning to realize this is not true.
Much of the European recovery counts on Germany. The ECB owns the printing presses… but without Germany’s support, the Euro is done for.
However Germans are only going to be supportive of the Euro up to a point. That point is [...]
Wealth tax to pay for EU bail-outs
Senior advisers to Chancellor Angela Merkel are pushing for better-off households to pay towards the cost of any future bail-outs for the weaker members of the single currency.The proposals, from members of Germany’s council of economic experts, raise the prospect of taxes being imposed on property in a country like Spain if its government was forced to seek a bail-out.
Senior figures in Germany are now [...]
Billionaire speculator says single currency’s prospects would be better without Germany, the eurozone’s most dominant member
George Soros, the billionaire speculator best known as “the man who broke the Bank of England” in 1992, has launched a stinging critique ofGermany‘s role in the euro crisis and suggested the single currency’s prospects would be improved if its most dominant member were to quit.
In an incendiary speech made on Tuesday afternoon in Germany’s financial centre of [...]
Cyprus Shifts To Plan ‘DD’ (Douple-Dip The Large Depositors)
It seems that the Cypriot government is going full circle on its plans to save its nation and its people. As UK Think Tank Open Europe notes, “it now seems we have come all the way back round to the deposit levy as a solution in Cyprus. Overnight, the EU/IMF/ECB Troika rejected the plans for a Cypriot solidarity fund, particularly one based on pension assets and [...]
Whole of Germany is talking about the new anti-euro party – a German tea party movement and a nasty shock for Merkel
Political revolt against the euro construct has spread to Germany.
A new party led by economists, jurists, and Christian Democrat rebels will kick off this week, calling for the break-up of monetary union before it can do any more damage.
“An end to this euro,” is the first line on [...]
For all the groundless, starry-eyed optimism permeating Europe’s bureaucratic corridors of the fading oligarchy these days (because this time is not like every other time that, too, was different), there has always existed one sure, never-fail antidote: Germany, which without fail has managed to ground Europe any time its delusion of grandure hit escape velocity. Sure enough, while all the statist soothsayers who threatened with armageddon if the outcome of the [...]
ITALIAN STOCKS PLUNGE NEARLY 5% — Borrowing Costs Surge After Upset On Election Night
Italy 10yr /quotes/zigman/3483462 4.76 +0.33 7.47%
Spain 10yr /quotes/zigman/3483373 5.36 +0.25 4.96%
ECB bond-buying program may not be there to save Italy! Italy’s inconclusive election results have thrown financial markets into a tizzy.
The Spanish Market Is Collapsing Too
Berlusconi won’t ally with Monti’s party: report
Big Italian bill auction today … € 8.75 bln in short-term debt
Banks Are Diving [...]
by George Washington
According to numerous high-level insiders, the global currency war is accelerating:
Current Bundesbank president Jens Weidmann
St. Louis Federal Reserve Bank president James Bullard
Philadelphia Federal Reserve Bank president Charles Plosser
Outgoing Bank of England chief Mervyn King
Russian Central Banker Alexei Ulyakeyev
European Central Bank board member Benoit Coeure
Reserve Bank of Australia Governor Glenn Stevens
Brazil’s finance minister Guido Mantega
German chancellor Angela Merkel
Billionaire investor George Soros
Chinese central bankers and state-run media
The former president of the Bundesbank – and now UBS chairman - Axel Weber
And Japan’s escalation of the currency war has caused [...]
It should have been a glorious event for Spanish Prime Minister Mariano Rajoy: a tête-à-tête with German Chancellor Angela Merkel. At the press conference following the 24th German-Spanish government consultation, he’d stand next to her, illuminated by her glory. He’d brag about implementing structural reforms, cleaning up the bailed-out banking sector, and moving Spain forward. He’d point at yields on government debt trending down toward normalcy. No, Spain wouldn’t [...]
‘Blame The Weather’ As UK Heads For Unprecedented Triple-Dip-Recession
How many ‘dips’ before a recession cycle becomes a depression structure? That is likely the question on Carney’s mind as he enters his role as top man at the BoE shortly. As The Guardian reports, an unprecedented third slump in four years looms for the UK as shoppers stay at home and vital transport links grind to a halt amid paralyzing weather. As snow [...]
A new, strongly worded warning against Britain leaving the EU has come from a delegation of visiting German MPs.
It follows Wednesday’s expression of concern from a senior US official.
The cross-party delegation from the Bundestag’s EU Affairs committee was in London to highlight Germany’s growing alarm at the danger of a possible UK exit.
The chairman of the committee said if Britain left the EU, it would be disastrous for its [...]
London Gold Market Report
from Ben Traynor
Monday 3 December 2012, 07:30 EST
Gold “Remains in Long Run Uptrend”, Euro Gains After Merkel Comments on Greece
SPOT MARKET gold prices fell back below $1715 an ounce Monday morning in London, more-or-less in line with where they were two weeks ago after failing to hold gains made during Asian trading.
“Gold is still following its long term uptrend from 2008 lows,” say technical analysts at Scotiabank, [...]
from The Daily Bell:
Merkel’s day of reckoning as taxpayer haircut on Greece looms … Germany, Holland, and the creditor states of northern Europe have not lost a single cent on eurozone rescue packages, so far. Greece needs €100bn of debt forgiveness to get back on its feet, and a lot of this is coming Germany’s way … We are at last nearing the awful moment when the curtain is ripped away. [...]
Protests have started in Portugal’s capital Lisbon, where Chancellor Angela Merkel is visiting. People there blame the German leader for their nation’s economic hardships. The country had to adopt severe austerity measures to receive a bailout worth almost 80-billion-euros last year. RT’s Sara Firth is in the Portuguese capital.
Also, to discuss the latest events in the Eurozone, RT’s joined by Oliver Yanich, the leader of the libertarian German Party of [...]
In the past, incumbency was an advantage, not just in US elections but in every advanced industrial democracy with a reasonably robust economy. Since the 2008 crisis, incumbency hasn’t proved such a prize – with the notable exceptions of Angela Merkel, who limited her calls for austerity to other countries, and Barack Obama, who would have spent even more on stimulus if congressional Republicans had let him. Now, he [...]
Debate: Conference of Presidents meeting with German chancellor Angela Merkel
• European Parliament, Brussels, 7 November 2012
• Speaker: Nigel Farage MEP, Leader of the UK Independence Party (UKIP), Co-President of the ‘Europe of Freedom and Democracy’ (EFD) Group in the European Parliament - http://nigelfaragemep.co.uk
• Debate: Conference of Presidents meeting with German chancellor Angela Merkel
James Bond, Buffett’s Martian, and Europe’s New Gold Standard
by Adrian Ash
Wednesday, 24 October 2012
Europe’s huge gold reserves are currently more useless than Bond-villain Auric Goldfinger could wish…
LET’S SAY you owe the world €2 trillion, but you also hold the world’s 4th largest hoard of physical gold.
Sounds like a no-brainer, right? Use Italy’s gold to pay Italy’s debt.
Trouble is, Rome’s gold would be worth only a drop in the bucket – [...]
BERLIN—The European Union summit that ended Friday suggested Germany and France, always awkward partners in managing the three-year-old euro crisis, are increasingly at odds over how to resolve it.
The summit produced a tortuous compromise between the currency bloc’s two biggest nations over the creation of a new euro-zone banking supervisor, but it also brought simmering disagreements between Berlin and Paris into the open.
German Chancellor Angela Merkel balked at setting up [...]