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This is a devastating chart. Eurozone unemployment hits a brand new high of 12.1%. Click the chart to enlarge. Eurostat
What else can you say but that this is a total disaster. From the report: Eurostat estimates that 26.521 million men and women in the EU27, of whom 19.211 million were in the euro area, were unemployed in March 2013. Compared with February 2013, the number of persons unemployed increased by 69 000 in the EU27 [...] By Michael The next Great Depression is already happening – it just hasn’t reached the United States yet. Things in Europe just continue to get worse and worse, and yet most people in the United States still don’t get it. All the time I have people ask me when the “economic collapse” is going to happen. Well, for ages I have been warning that the next major wave of the ongoing [...] 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 [...] by GoldCore Today’s AM fix was USD 1,677.00, EUR 1,258.06, and GBP 1,059.18 per ounce. Silver is trading at $31.92/oz, €24.05/oz and £20.26/oz. Platinum is trading at $1,692.75/oz, palladium at $718.00/oz and rhodium at $1,200/oz. Cross Currency Table – (Bloomberg) Gold fell $4.90 or 0.29% in New York yesterday and closed at $1,685.60/oz. Silver fell to $32.08 in Asia then rallied to [...] In Greece, Spain, Portugal and Italy the ECB has implemented a program where the sovereign guarantees some bank’s bonds. The bank then pledges them as collateral at the ECB and gets cash. The bank then turns around and lends the money back to the sovereign nation and provides liquidity and economic sustenance. The Transfer Union is completed as Germany guarantees 22% of the ECB and the European Central Bank is nothing more than a [...] Michael Snyder Why are Greece, Spain, Italy, Portugal and so many other countries experiencing depression-like conditions right now? It is because they have too much debt. Why do they have too much debt? It is because they allowed themselves to become enslaved to the bankers. Borrowing money from the bankers can allow a nation to have a higher standard of living in the short-term, but it always results [...] By Satyajit Das SYDNEY (MarketWatch) — Dear Doctor: Thank you for referring Mr. Global Economy to me. The patient’s history includes a seizure in 2007/ 2008 — financial losses, banking problems, a major recession. Liberal injections of taxpayer cash avoided catastrophic multiple organ failure, assisting a modest recovery. Governments ran large budget deficits in the period after the crisis. Interest rates around the world were reduced to historic lows, [...] Global economy’s cure is worse than the disease By Satyajit Das SYDNEY (MarketWatch) — Dear Doctor: Thank you for referring Mr. Global Economy to me. The patient’s history includes a seizure in 2007/ 2008 — financial losses, banking problems, a major recession. Liberal injections of taxpayer cash avoided catastrophic multiple organ failure, assisting a modest recovery. overnments ran large budget deficits in the period after the crisis. Interest rates around the [...] The eurozone faces a summer of unprecedented turbulence as the financial crises in Spain and Italy spread from the centres of government to the countries’ regions. In Spain, the disruption on the financial markets has triggered a series of public protests on the streets. These threaten to pose the biggest challenge to the country’s democratic system since the death of the dictator Franco in 1975, which ushered in a period of [...] French president Francois Hollande proposed a plan to revive European growth by investing in infrastructure, a move that Italy, France, Spain and Germany ‘the big four’ agreed to last week.
Stephen King, chief economist at HSBC however thinks the idea to raise €130 billion for investment in technology, transport, renewable energy etc. just isn’t going to work. First he thinks the amount itself is too small. The amount is less than 1 percent of a year’s [...] Maria Fekter amplified investors’ fears Europe is far from ending crisis FTSE-100 is 0.34% up; France’s CAC 40 up 0.32%; DAX up 0.39% Spain may have been temporarily saved from a complete economic meltdown with a €100billion bailout – but attention is now turning to Italy who could soon need similar help. Austria’s finance [...] Jeff Nielson: Nearly two and a half years ago, I first began warning readers of the “economic terrorism”which Wall Street had unleashed upon Europe – via the fraudulent manipulation of credit default swaps, and equally fraudulent “ratings cuts” from their accomplices, the ratings agencies. At a time when only Greece had begun to experience financial turmoil, I wrote: …It will be even more interesting to see what happens next. If the CDS [credit [...] John Taylor, founder of the world’s largest currency hedge fund FX Concepts, spoke with Bloomberg Television’s Sara Eisen and Erik Schatzker this morning and said that the euro is poised to rebound ahead of Greek elections next month before resuming its decline against the dollar. Europe’s banks, sitting on $1.19 trillion of debt to Spain, Portugal, Italy and Ireland, are facing a wave of losses if Greece abandons the euro. While lenders have increased capital buffers, written down Greek bonds and used central-bank loans to help refinance units in southern Europe, they remain vulnerable to the contagion that might follow a withdrawal, investors say. Even with more than two years of preparation, banks still are at [...] by Tyler Durden
Just when one thought it was safe to come out of hiding from under the school desk after the latest nuclear bomb drill (because Europe once again plans on recycling the Euro bond gambit – just like it did in 2011 – so all shall be well), here comes David Rosenberg carrying the launch codes, and setting off the mushroom cloud. From Gluskin Sheff Growing Tensions Anti-austerity demonstrations in Frankurt. Massive emigration [...] May 14, 2012 – 11:28 AM By: Shamus_Cooke After the Greek elections struck fear into the hearts of the global banksters, the fallout remains uncertain. If the next Greek election produces an anti-austerity government, Greece will almost certainly make a speedy exit from the euro. If this happens — and it is looking increasingly inevitable — the consequences for the global economy are spectacularly gloomy. Yet U.S. media and U.S. politicians are largely [...] From Carpe Diem: From the U.K. Spectator’s report on the amazing success of supply-side economics in Sweden and finance minister Anders Borg, the man behind it: “When Europe’s finance ministers meet for a group photo, it’s easy to spot the rebel — Anders Borg has a ponytail and earring. What actually marks him out, though, is how he responded to the crash. While most countries in Europe borrowed massively, Borg did not. [...] Posted by Mybudget360 We are reaching a point of no return with global debt. The US will be running deficits for as far as the indebted eye can see. This isn’t a new or novel trend but the magnitude certainly is. Since we stepped on the deficits do not matter accelerator in the 1980s the US Dollar Has Been Losing Its Purchasing Power year after year. This might not be a big deal for [...] kingworldnews.com
With gold trading just below $1,700 and silver above $32.50, today King World News interviewed 25 year veteran Caesar Bryan. Gabelli & Company has over $31 billion under management and Caesar Bryan has managed the gold fund since its inception in 1994. Caesar told KWN that Greek bonds are now trading at 19% and Europe is headed for trouble once again. Caesar also discussed gold and silver, but first, here [...] via TVR: In case they didn’t cover it in your weekly programming, the biggest debt write-down in human history occured on 3.9.12. SDA Announces a Credit Event Has Occurred No need to worry, the ISDA, IMF, ECB, US Fed, Euro Zone Leaders and every other Frankenstein group have everything under control. Don’t worry that they changed their minds more times than your wife changes shoes before coming to this “solution.” This time they’re sure. [...] The euro-region’s defenses are being breached. Investors yesterday propelled Italy’s 10-year bond yield to close at a euro-era high of 7.25 percent after the promised exit of Prime MinisterSilvio Berlusconi failed to convince them that his country can slash Europe’s second-largest debt burden. The biggest signal yet that the single currency’s third- largest economy is falling prey to its two-year debt crisis forces German ChancellorAngela Merkel, European Central Bank President Mario Draghi and their [...] From NYT: PARIS — The crisis of the euro zone has finally hit the potholed road of real politics, with the Greeks now openly questioning whether their commitment to Europe and its single currency still matters more to them than control over their own future and economic well-being. During the two-year financial crisis, the wealthier countries of northern Europe, led by Germany, have insisted that their heavily indebted brethren in the south [...] The good news is that MF Global isn’t big enough or connected enough for its collapse to risk serious damage to the financial system. It is a medium size broker, with a leading position in futures, which was in the process of being turned into a mini Goldman Sachs by its prominent chairman, Jon Corzine – who, as it happens, was chairman of Goldman for much of the 1990s (before a [...] The good news is that MF Global isn’t big enough or connected enough for its collapse to risk serious damage to the financial system. It is a medium size broker, with a leading position in futures, which was in the process of being turned into a mini Goldman Sachs by its prominent chairman, Jon Corzine – who, as it happens, was chairman of Goldman for much of the 1990s (before a [...] by Michael Snyder, Economic Collapse Once the euphoria of the initial announcement faded and as people have begun to closely examine the details of the European debt deal, they have started to realize that this “debt deal” is really just a “managed” Greek debt default. Let’s be honest – this deal is not going to solve anything. All it does is buy Greece a few months. Meanwhile, [...] Published on Energy Bulletin (http://www.energybulletin.net) The peak oil crisis: contagion Published by Falls Church News-Press on Wed, 10/12/2011 – 08:00 Original article: http://www.fcnp.com/commentary/national/10285-the-peak-oil-crisis-contagion.html by Tom Whipple With every passing day it is becoming more apparent that the crisis of the depletion of cheap oil has become deeply enmeshed in the European debt crises. The sequence of events is well known. Greece’s economy is imploding; the government can no longer pay its bills [...] BRUSSELS (Reuters) – The euro zone acknowledged for the first time some form of Greek default may be needed to cut Athens’ debts, but markets seized on the lack of a deadline for action and a lukewarm response from the IMF to heap pressure on Italy and Spain. Dutch Finance Minister Jan Kees de Jager said on Tuesday euro zone finance ministers had effectively accepted that if [...] |
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