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Wolf Richter www.testosteronepit.com www.amazon.com/author/wolfrichter Like so many debacles in the EU, it started with the unelected European Commission. It’s immune to voters, but not to lobbyists and corporations. Under the guise of “consumer protection” or “food safety” or some other harmless moniker, it generates zany laws that tend to benefit large corporations. But last week, it went too far, even for Europeans – not that they don’t already have enough crises on their [...] This is the first time health care workers have been diagnosed with nCoV (novel coronavirus) infection after exposure to patients,” the WHO said in a statement. The two health care workers were among six new cases announced by the Saudi health ministry on Tuesday. The UN’s health body said that while other health care workers had contracted the deadly disease in Jordan, there had until now not been clear evidence that they [...] by George Dorgan, Testosterone Pit.com: We think that the Italian, other peripheral economies, and also France will follow Japan for a decade or more of balance sheet recession: stagnant wages, falling real estate prices and a reduction of private debt. On one side, we reckon that this might not be so bad because it will help exports and competitiveness, but still it will be a very hard time. On the other side, [...] UNITED NATIONS — Iran, North Korea and Syria blocked adoption Thursday of a U.N. treaty that would regulate the multibillion-dollar international arms trade which required agreement by all 193 U.N. member states. In an unexpected twist, Mexico proposed that the conference go ahead and adopt the treaty Thursday without the support of the three countries, saying there was no definition of “consensus.” Delegates then started debating whether this should be done [...] Stocks Sliding, Euro Tanking Uncertainty. This uncertainty is causing stocks to sell off and the euro to tumble. In fact, Bloomberg’s Sara Eisen reports that the euro is now below $1.29 for the first time since December. At $1.2858, its down 0.76 percent for the day.
FinViz Read more: http://www.businessinsider.com/market-update-march-19-2013-2013-3#ixzz2O0dApEHK Cypriot parliament rejects ruling party request to postpone vote!!! PIMCO says it is cutting allocations to Eurozone after Cyprus deposit levy!!! zerohedge‏@zerohedge zerohedge‏@zerohedge from europarl: Report on the proposal for a regulation of the European Parliament and of the Council on the strengthening of economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability in the euro area. by Honor Mahony, EUObserver: Beppe Grillo’s extraordinary success in the recent Italian elections tapped into anti-establishment feeling that is ripe for the plucking in other member states too, say analysts. Grillo’s 5-Star Movement, established by blog in autumn 2009, scooped 26 percent of the vote during last week’s elections, effectively putting him in kingmaker position as government negotiations begin. It was a stunning political debut. And represented an earthquake for Italian politics, marred by [...] from Telegraph: Controversy has erupted over next Tuesday’s European Parliament resolution “on eliminating gender stereotypes in the EU”, meant to mark international women’s day, after libertarian Swedish MEPs from the Pirate Party spotted the call for a ban in the small print. While not legally binding, the vote could be the first step towards European legislation as the EU’s assembly increasingly flexes its political muscle within Europe’s institutions. The proposal ”calls on the EU [...] Google Inc. (GOOG) avoided about $2 billion in worldwide income taxes in 2011 by shifting $9.8 billion in revenues into a Bermuda shell company, almost double the total from three years before, filings show. By legally funneling profits from overseas subsidiaries into Bermuda, which doesn’t have a corporate income tax, Google cut its overall tax rate almost in half. The amount moved to Bermuda is equivalent to about 80 percent of Google’s total pretax [...] Google Inc. (GOOG) avoided about $2 billion in worldwide income taxes in 2011 by shifting $9.8 billion in revenues into a Bermuda shell company, almost double the total from three years before, filings show. By legally funneling profits from overseas subsidiaries into Bermuda, which doesn’t have a corporate income tax, Google cut its overall tax rate almost in half. The amount moved to Bermuda is equivalent to about 80 percent of Google’s total pretax [...] On December 3rd, the world’s governments will meet to update a key treaty of a UN agency called the International Telecommunication Union (ITU). Some governments are proposing to extend ITU authority to Internet governance in ways that could threaten Internet openness and innovation, increase access costs, and erode human rights online. Internet [...] From FT: Economic hardship pushes public opinion to become more inward looking and focused on domestic problems. As a result, solidarity among eurozone countries may weaken. In response strong co-ordination of the fiscal policies of the member states could lead to a reduction in imbalances within the euro area and stimulate overall demand Read more The president of the European Central Bank (ECB) says the economic outlook for the eurozone remains weak with unemployment ‘deplorably high’, as the worsening debt crisis is taking a heavy toll on the 17-nation bloc. (PressTV) ”The euro area financial system has become increasingly disturbed,” said ECB President Mario Draghi on Wednesday while defending his controversial bond-purchase program to members of Germany’s lower house of parliament. The banker added that the euro zone [...] Spain just unveiled its 2013 budget to Europe and the world.
The reason everyone is watching: at this point, Spain submitting a bailout request to EU and ECB lenders is seen as the next big step in the euro crisis now that the ECB has laid out its bond-buying plan to help distressed euro-area member states contain funding costs. The catch is that Spain has to meet political preconditions in order to qualify [...] Former ECB Chief Economist Says ECB Is In Panic Zero Hedge If anyone thought the bad blood between Germany and the rest of the insolvent proletariat, aka the part of the Eurozone which is out of money (most of it), and which has been now confirmed will be supporting Obama (one wonders what the quid for that particular quo is, although we are certain we will find out as soon as [...] Zerohedge If anyone thought the bad blood between Germany and the rest of the insolvent proletariat, aka the part of the Eurozone which is out of money (most of it), and which has been now confirmed will be supporting Obama (one wonders what the quid for that particular quo is, although we are certain we will find out as soon as December), complete collapse of the Greek neo-vassal state of the globalist agenda [...] myfoxdc.com Explosive blasts destroyed power lines to Iran’s underground nuclear facility at Fordo last month, the head of Iran’s atomic agency said at a meeting of UN atomic agency member states Monday. “On … 17th August 2012, the electric power lines from the city of Qom to the Fordo complex … were cut using explosives,” Fereydoon Abbasi Davani told the 155-nation International Atomic Energy Agency gathering in a speech. Davani did [...] Confirmed: We Are In A Depression & The FED and ECB Are Out Of Bullets! FED ANNOUNCES UNLIMITED QE The Federal Reserve decision is out, and it’s a biggie. There are two main components. The first is that the Federal Reserve has extended its guidance for low rates through 2015. The second is that there’s going to be open ended quantitative easing. The Federal Reserve will buy $40 billion worth of Mortgage Backed Securities without end. Whereas in [...] Jurriaan Maessen Former Malaysian First Minister Harris Saleh: “The Security Council will pave the way to setting up of a World Parliament and a World Cabinet making the UN the most powerful and having full authority on earth.”
Yesterday the Malaysian Daily Express reported on a plea by former Malaysian “first minister”, Harris Salleh calling on the United Nations to reform itself, changing the current system to a single “World Parliament with [...] Not entirely surprising following the outlook changes for Germany, France, UK, and Holland but still an intriguing move right before Draghi’s big unveiling: Moodys maintains AAA rating but shifts to outlook negative. “Moody’s believes that it is reasonable to assume that the EU’s creditworthiness should move in line with the creditworthiness of its strongest key member statesconsidering the significant linkages between member states and the EU, and the likelihood that the large Aaa-rated [...] SEPTEMBER 12TH…THIS IS THE MOST IMPORTANT COURT CASE YOU WILL SEE…WHAT IS DECIDED HERE HOLDS UP OR DESTROYS THE EURO…THE GERMAN COURT TO DECIDE WHETHER IT IS LEGAL FOR GERMANY TO BAILOUT THE REST OF EUROPE. IF THEY RULE NO..THE EURO WILL CRASH AND THE US DOLLAR WILL BE HIT SHORTLY AFTER. I HOPE GERMANY SAYS NO! LET THIS FINANCIAL PYRAMID SCHEME FALL ONCE AND FOR ALL SO WE CAN [...] Upcoming IAEA report to detail increased Fordow capacity, AFP reports; West urges Arabs not to target Israel’s nukes. A new report to be circulated to IAEA member states later this week is expected to say that Iran installed 350 new centrifuges in its underground Fordow facility since May, AFP quoted Vienna-based diplomats as saying on Wednesday. Iran is enriching uranium to a fissile concentration of 20 percent — easily upgraded to the 90 percent [...] BANGKOK, Aug. 25 (Xinhua) – China’s currency could be eventually used as an alternative to the U.S. dollar and Euro by southeast Asian countries, experts said. Phathanaphong Phusuwan, a senior official of the Bank of Thailand, said in a seminar on Thai-Chinese trade, investment and finance relations on Saturday that the yuan would likely be used more between China and ASEAN member states in the long run. “In the long run from 2015 [...] European Economic and Monetary Affairs Commissioner Olli Rehn spoke with Bloomberg TV’s Sara Eisen today and said that Spain’s government is considering a request for a bailout. Rehn said, “The Spanish government has an open mind on this issue, but no decision has been made. We stand ready to act if there is a request.” Rehn also said that “negative bond yields are not a healthy phenomenon. They’re not good for [...] http://www.twitter.com/zerohedge It seems German lawmakers reject a banking license for ESM to access ECB; even if funds buy bonds, will be limited by capacity EFSF <€200bn http://www.twitter.com/lindayueh
Showdown Is Imminent Between The Germans And Draghi European Central Bank President Mario Draghi hinted to investors last week that the ECB would take action in short order to prevent Spanish and Italian borrowing costs from soaring out of control. He promised to “do whatever it takes to save [...] Anyone hoping that the bitter animosity between Mario Draghi and Germany will be any less hostile this morning, following last week’s guarantee by Draghi that all shall be well and the ECB will do “anything” to preserve the EUR, only to be followed by Germany’s Schauble essentially saying this is certainly not the case, today we get a clarificationary follow up by Joerg-Uwe Hahn, a member of Merkel’s junior coalition [...] Britain will not be able to block an inflation-busting rise in the EU’s budget, which will cost taxpayers an extra £350million. The UK is expected to vote against a proposal to raise the budget by 2.8 per cent for 2013, but the EU’s system of qualified majority voting makes it unlikely the increase will be thrown out. The Netherlands and Sweden are expected to join Britain’s call for more fiscal prudence, but [...] by Alasdair Macleod There was yet another European Union summit at the end of June, which (like all the others) was little more than bluff. Read the official communiqué and you will discover that there were some fine words and intentions, but not a lot actually happened. However, there are some differences when compared with past meetings that need explaining: The European Council is being asked to consider permitting the European Central Bank to have [...] A majority of Germans oppose the idea of introducing joint eurobonds in the Eurozone even if member states agree on forming a fiscal union, according to a survey released Friday. http://www.efxnews.com/story/13544/germany-survey-majority-opposed-issuing-europbonds?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Efxnews+%28eFXnews+%29 Finland would consider leaving the eurozone rather than paying the debts of other countries in the currency bloc, Finnish Finance Minister Jutta Urpilainen has said. “Finland is committed to being a member of the eurozone, and we think that the euro is useful for Finland,” Ms Urpilainen told financial dailyKauppalehti, adding though that “Finland will not hang itself to the euro at any cost and we are prepared for all scenarios”. The [...] |
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