MOSCOW (AP) — Gerard Depardieu, the French actor who has waged a battle against a proposed super-tax on millionaires in his native country, has been granted Russian citizenship.
A brief announcement on the Kremlin website revealed that President Vladimir Putin signed the citizenship grant on Thursday.
The former Oscar nominee and star of the movie “Green Card” has been vocal in his opposition to French President Francois Hollande’s plans to raise the [...]
How bad has the global economy really gotten? We are In a depression, whether you’re agree or not but one thing is for sure, the dire situation are getting worse and people are doing desperate things.
McGrath: “You Better Look at Reality… and Understand What’s Coming Next”
Everywhere we look the masses are hurting. Whether it be the 100 million Americans dependent on the government safety net to survive, or the millions of Europeans rioting in [...]
October 1st, 2012
Everywhere we look the masses are hurting. Whether it be the 100 million Americans dependent on the government safety net to survive, or the millions of Europeans rioting in the streets of Spain and Greece, a sense of serious crisis is in the air.
Over the last four years, slowly and without abatement, the economic outlook across the globe has worsened significantly.
In France, a new 75% income tax on individuals earning over [...]
Some 60m euro is stolen from bank accounts in a massive cyber raid, after fraudsters raid dozens of banks around the world.
By Pete Norman, Sky News Online
Sixty million euro has been stolen from bank accounts in a massive cyber bank raid after fraudsters raided dozens of financial institutions around the world.
According to a joint report by software security firm McAfee and Guardian Analytics, more than 60 firms have suffered from [...]
If we go belove 1.20, I have a pure EU mutual fund at Vanguard that I’m ready to pounce on and gamble a little with … still will be very careful ;-)
(One of top 5 funds and I have made some of my best $$$ in buying when euro is low and riding to $1.40 and selling)
P.S. Favorite Vanguard fund below (very aggressive earnings & losses … so you [...]
via Bloomberg’s Linda yueh
Gold’s London AM fix this morning was USD 1,642.50, EUR 1,251.24, and GBP 1,015.90 per ounce.
Yesterday’s AM fix was USD 1,652.50, EUR 1,257.71 and GBP 1,020.44 per ounce.
Silver is trading at $30.49/oz, €23.31/oz and £18.92/oz. Platinum is trading at $1,559.00/oz, palladium at $661.90/oz and rhodium at $1,350/oz.
Gold fell $8.10 or 0.49% in New York yesterday and closed at $1,653.60/oz. Gold has been slowly falling off in Asian and early European [...]
Keith Fitz-Gerald: Despite all of its best hopes, Wall Street will never escape what’s happening in the Eurozone. The 1 trillion euro ($1.3 trillion) slush fund created to keep the chaos at bay is not big enough. And it never was.
Spanish banks are now up to their proverbial eyeballs indebt and the austerity everybody thinks is working so great in Greece will eventually push Spain over the edge.
Spanish unemployment is already at 23% and climbing while the official [...]
The worst may be yet to come in the global financial crisis as the central bank spending that kept defaults low runs out, according to Deutsche Bank AG. (DBK)
Credit-default swap prices imply that four or more European nations may suffer so-called credit events such as having to restructure their debt, strategists led by Jim Reid and Nick Burns said in a note. The Markit iTraxx SovX Western Europe Index [...]
How can the insolvent provide funds for the insolvent?
G20 inches toward $2 trillion in rescue funds
(Reuters) – Germany is easing its opposition to a bigger European bailout fund, officials said, smoothing the way for the world’s leading economies to secure nearly $2 trillion in firepower to prevent further fallout from the euro-zone’s sovereign debt crisis.
The plan is to merge Europe’s temporary and permanent bailout funds, the European Financial Stability Fund [...]
by Charles Hugh Smith from Of Two Minds
Could the Euro Trigger A 2008-Like Crash? Si, Oui, Yes.
If we dispense with all the fancy stuff, we end up with a simple see-saw with the euro and global equities on one end and the much-hated U.S. dollar on the other.
If we scrape away the ever-hopeful headlines predicting a new figurehead lackey or another vote will magically fix Greece, Italy, the euro, Europe’s crumbling [...]
1) Italy, Spain Spreads Widen on Concern Crisis ‘Self-Fulfilling’
“Italian and Spanish 10-year bonds dropped, pushing yields up to euro-era records versus benchmark German bunds, on concern that slowing growth will hamper efforts to tame the nations’ debt loads.”
“The yield on 10-year Italian bonds jumped 18 basis points to 6.18 percent as of 8:48 a.m. in London, the most since November 1997. The 4.75 percent security maturity [...]
Italian and Spanish government bonds slumped, increasing the yield relative to benchmark German bunds, on speculation Europe’s aid package may not be sufficient to prevent contagion.
German bonds rose for a fourth day after Finance Minister Wolfgang Schaeuble said the government is against a “blank check” for the European Financial Stability Facility to buy bonds of troubled euro members in the secondary market. European bank stocks slid. The yield on benchmark [...]
Looking at it since the inauguration of the current sitting President against some other currencies that ACTUALLY float against the dollar – that leaves out the HKD and RMB obviously.
From January 2009 to now:
Euro – $1.2930 to $1.4575, a change of $0.1645 or 12.7%
GBP – $1.3887 to $1.6495, a change of $0.2608 or 18.9%
Really not bad, but those two are actually ALSO weak currencies now. Let’s [...]
According to irishtimes:
The euro zone region’s inability to fund future bailouts will probably force some of the 16 euro nations, including Ireland, to abandon the currency within five years, the head of the world’s largest bond management firm has warned.
Mohamed A El-Erian, chief executive of investment management firm Pacific Investment Management Company (Pimco), told CNBC that Spain and Portugal are likely follow Ireland in drawing on the European Union’s bailout [...]
Soros is just telling us what we all know, but some people donÃ¢â‚¬â„¢t want to admit. No wonder the right hates him so much.
Spending increases aggregate demand and grows the economy. When the private sector is too far in debt to narrow the output gap and reduce unemployment, the government has to pick up the slack. Fiscal stimulus cuts the deficits by generating more government revenue.
People mistakenly believe that deficits [...]
Euro Breakup Talk Increases as Germany Loses Its Currency Proxy
May 14 (Bloomberg) — Romano Prodi recalls how he persuaded Germany to allow debt-swamped Italy into the euro: support our membership and we’ll buy your milk, he said.
When Prodi toured Germany’s agricultural heartland after becoming Italian leader in 1996, he pitched “a big milk pipeline from Bavaria,” pointing to a three-year, 40 percent plunge in the Italian lira that was hurting [...]