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by Ambrose Evans-Pritchard, The Telegraph: The World Gold Council has advised Italy to deploy its 2,000 tonnes of gold to break free of EMU austerity dictates. By using the reserves – the world’s fourth largest – to collateralise the first chunk of any losses for bondholders, Italy could raise €400bn or so on the capital markets and determine its own future for a while. Italy did this in 1974 when it borrowed $2bn from [...] This carefully research article by Ellen Brown was first published in April 2009. It sheds light on the current crisis of the World monetary system. (GR ed. M. Ch.) In an April 7 [2009] article in The London Telegraph titled “The G20 Moves the World a Step Closer to a Global Currency,” Ambrose Evans-Pritchard wrote: “A single clause in Point 19 of the communiqué issued by the G20 leaders amounts to revolution in the [...] The Greek government is in disarray after the leak of an explosive report drawing up vast reparations claims against Germany, covering both the First and Second World Wars. by Ambrose Evans-Pritchard, The Telegraph: Premier Antonis Samaras held a special meeting with the foreign minister Dimitris Avramopoulos and other key officials this morning to limit the diplomatic damage from the 80-page report. The document – stamped “Aporito”, or secret – was drafted by a panel [...] Surge in Britons mulling euro transfer, says firm “Independent financial advisory company deVere Group on Tuesday reported a “surge” in the number of British expats seeking advice about moving funds out of some of the eurozone’s most troubled economies following the Cyprus bailout deal. At ground zero in Hiroshima the inscription for victims of the world’s first Atomic bomb is a pledge. We will never again repeat the evil of war. by Ambrose Evans-Pritchard, The Telegraph: The Japanese original is vague on who “we” is, but the English translation tactfully refers to mankind as a whole. Families come from all over Japan in a pilgrimage to visit the peace shrine. They look through the Cenotaph to the “A-Dome”, [...] Ambrose Evans-Pritchard In an earthquake result, the Five Star protest movement of comedian Beppe Grillo looked likely to emerge as the biggest single party in the lower house. The scourge of bankers and corrupt elites, Mr Grillo has campaigned for a return to the lira and a restructuring of Italy’s €1.9 trillion (£1.64 trillion) public debt. The conservative bloc of ex-premier Silvio Berlusconi looked poised to win the senate, [...] European regulators have the means to shut down key parts of London’s financial centre at a stroke if Britain left the European Union and would not hesitate to do so, leading central bank experts have warned. by Ambrose Evans-Pritchard, The Telegraph: Membership of the EU single market is the UK’s only legal defence against an onslaught of regulations aimed at forcing banks and fund managers to decamp to the eurozone, they say. “It would [...] from Zerohedge: As the world’s equity markets prepare to rally on the back of yet more central bank printing as Japan’s Shinzo Abe takes the helm with a 2% inflation target, to be announced momentarily, and a central bank entirely in his pocket, The Telegraph’s Ambrose Evans-Pritchard suggests a rather concerning analog for the last time a Japanese minister attempted to salvage his deflation/depression strewn nation: the 1930s ‘brilliant rescue’ by Korekiyo Takahashi, who [...] from The Daily Bell: Multiplying Europe’s fiscal suicide (technical) … The entire EU austerity plan is based on a false premise. This disastrous error is now clear beyond any reasonable doubt. The Teuto-Calvinists believe – or profess to believe, since much of their dogma is national self-interest dressed up as theory – that the fiscal multiplier is around 0.5. That is to say, fiscal retrenchment worth 1pc of GDP will cut output by half as much, or around [...] from Ambrose Evans-Pritchard: The catch-up boom in China, India, Brazil is largely over and will be followed by a drastic slowdown over the next decade, according to a grim report by America’s top forecasting body. Europe’s prognosis is even worse, with France trapped in depression with near zero growth as far as 2025 and Britain struggling to raise its speed limit to 1pc over the next three Parliaments. The US Conference Board’s global economic [...] ETF Daily News Charles Goyette: On learning that French gold was being held by the U.S. Federal Reserve, French President Charles de Gaulle is reported to have said, “I could hardly sleep easily with such an arrangement.” So in 1965 he ordered French navy ships to cross the Atlantic to pick up $150 million in gold held in the Fed’s New York vaults and deliver it to the Banque [...] Two days ago we reported that the German Court of Auditors demanded that the German Central Bank, the Bundesbank, verify and audit its official gold holdings consisting of 3,396 tons, held mostly offshore, namely New York, London and Paris, at least according to official documents. It also called for repatriation of 150 tons in the next three years to perform a quality inspection of the tungsten gold. Today, in a [...] Monti plans ‘Greek-style’ takeover of Sicily to avert default (Ambrose Evans-Pritchard) “Italian premier Mario Monti is mulling emergency action to take direct control of Sicily’s regional government before the island spirals into a full-blown financial crisis, fearing contagion to the rest of Italy.” “Mr Monti held an “urgent” meeting with the country’s president Giorgio Napolitano on Wednesday to grapple with the constitutional issue after it emerged that the region faces a deficit of [...] By Ambrose Evans-Pritchard Greece’s ex-premier Lucas Papademos has put a figure on the post-drachma fallout. “Some calculations I have seen suggest that inflation could accelerate to 30pc or even to 50pc, depending on the impact of such developments on inflation expectations and on the strength of the second-round effects of price increases on wages,” he told the Wall Street Journal. It certainly could, but there is no reason why it should. That would be [...] Telegraph By Ambrose Evans-Pritchard, International business editor 9:36PM BST 23 May 2012 591 Comments In a blunt warning to Athens, the Bundesbank said a Greek withdrawal from the eurozone would be disruptive but “manageable”, undermining claims by Greece’s radical anti-austerity leader, Alexis Tsipras, that Europe would not dare pull the plug. “When the Eurosystem provided Greece with large amounts of liquidity, it trusted that the programmes would be implemented and thereby ultimately assumed considerable risks,” said the [...] Telegraph Pressure on Greece increased dramatically on Wednesday night after Germany’s central bank called for a suspension of financial support to Athens and eurozone finance ministries agreed to draft contingency plans for a Greek exit from the euro. By Ambrose Evans-Pritchard, International business editor 9:36PM BST 23 May 2012 266 Comments In a blunt warning to Athens, the Bundesbank said a Greek withdrawal from the eurozone would be disruptive but “manageable”, undermining claims by Greece’s radical anti-austerity [...] The embattled Spanish government has begun the process of financial sector reform via the nationalization of BFA, which indirectly means the government has taken a 45% stake in a publicly traded company, Bankia. While Prime Minister Mariano Rajoy is set to announce further measures to strengthen the banking sector on Friday, with the BFA-Bankia takeover, the Spanish government is preparing to take control of the biggest chunk of toxic real [...] By Ambrose Evans-Pritchard
Another vast pledge to save the euro, another chance lost to break the hold of Europe’s austerity mystics and force a shift in strategic direction. “We’re north of a trillion dollars,” said Christine Lagarde, the International Monetary Fund’s queen bee. Kudos to her for netting such sums in her Louis Vuitton handbag but what exactly does this achieve, given that Europe remains bent on committing “economic suicide” — in the [...] By Ambrose Evans-Pritchard, telegraph.co.uk The European Central Bank’s €1 trillion (£824bn) lending spree over the winter has stored up a host of fresh problems, leaving parts of the banking system more vulnerable than before as the short-term “sugar rush” nears exhaustion. Credit experts say the Spanish and Italian banks are trapped with large losses on sovereign bonds bought with ECB funds under the three-year lending programme, or Long-Term Refinancing Operation (LTRO). Andrew Roberts, credit chief [...] By Ambrose Evans-Pritchard Markets took no notice of fresh austerity pledges from premier Mariano Rajoy, including new cuts worth €10bn in health and education – seen as a belated move to salvage Spain’s credibility after a spat with Brussels over fiscal slippage. Mr Rajoy said the bond attack should dispel the illusions of those who think Spain can muddle through without serious austerity. “Markets can decide to lend or not to lend, and [...] A Look At This Week’s Show: About the Guest: Ambrose Evans-Pritchard is International Business Editor of The Daily Telegraph. He has covered world politics and economics for 30 years, based in Europe, the US, and Latin America. He joined the Telegraph in 1991, [...]
A Look At This Week’s Show: About the Guest: Ambrose Evans-Pritchard is International Business Editor of The Daily Telegraph. He has covered world politics and economics for 30 years, based in Europe, the US, and Latin America. He joined the Telegraph in 1991, [...] telegraph.co.uk By Ambrose Evans-Pritchard, International Business Editor 7:00PM GMT 11 Mar 2012 The global liquidity cycle has already rolled over. Assuming that no fresh action is taken, world economic growth will peak within a couple of months and then fade in the second half of the year - with grim implications for Europe’s Latin bloc. Monetarists have had a good run during the Great Recession, and were quick to spot the turn-around in the US economy in mid-2011. By Ambrose [...] By Ambrose Evans-Pritchard Economics Last updated: March 5th, 2012 (Photo: Corbis) The Spanish rebellion has begun, sooner and more dramatically than I expected. As many readers will already have seen, Premier Mariano Rajoy has refused point blank to comply with the austerity demands of the European Commission and the European Council (hijacked by Merkozy). Taking what he called a “sovereign decision”, he simply announced that he intends to ignore the EU deficit target of 4.4pc of GDP [...] Ambrose Evans-Pritchard Premier Enda Kenny said Dublin was acting on legal advice from Ireland’s attorney-general that “on balance” the fiscal compact requires a vote under the country’s constitution. “It gives the Irish people the opportunity to reaffirm Ireland’s commitment to membership of the euro,” he told ashen-faced members of the Dail. All three major parties back the treaty but analysts say there is a high risk of rejection by [...] telegraph.co.uk Germany’s ruling parties are to introduce a resolution in parliament blocking any further boost to the EU’s bail-out machinery, vastly complicating Greece’s rescue package and risking a major clash with the International Monetary Fund. Chancellor Angela Merkel’s office said an increase in the ESM was ‘not necessary’ since Italian and Spanish bond markets have recovered Photo: AP By Ambrose Evans-Pritchard, and Louise Armitstead “European solidarity is not an end in itself and should not be a [...] By Ambrose Evans-Pritchard,
Germany’s Bundesbank has entirely exhausted its stock of private assets and run up a quarter of a trillion euros in liabilities propping up the eurozone system, testing the political limits of EMU solidarity in Germany.”” The operations are part of the European Central Bank’s ‘TARGET2′ network of automatic payments between the national central banks of the Euroland club. The Bundesbank has already provided €496bn (£413bn) to countries in trouble, chiefly [...] |
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Get Ready For The Reckoning: Stock Markets Heading For A Surprising Fall
Top Economist Hussman: US Likely Entered into a Recession in Mid-2012
The U.S. economy likely slid into a recession during the middle of 2012, said economist and fund manager John Hussman.
The U.S. economy officially grew 1.3 percent in the second quarter and 2 percent in the first quarter, but such assumptions are made with backward-looking indicators, or those that capture events that have already happened.
Leading indicators, which point to where the economy [...]