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Showing posts with label euro zone. Show all posts
Showing posts with label euro zone. Show all posts

Wednesday, October 16, 2013

IMF proposes a 10% tax on all bank deposits to pay for sovereign crises

First there was Cyprus, where upwards of 60% of all bank deposits were confiscated to bail out private bank insolvency.  Then came new initiatives by several countries, including Canada, New Zealand the the ECB, to take depositor funds and use them to bail out financial institutions during the next economic or monetary crisis.
And on Oct, 14, we have the IMF proposing a new 10% tax on all European depositors to help bail out the increasing sovereign debts that have only expanded in the Euro Zone since the credit crisis of 2008.
 
Read more on this article here...

Monday, March 25, 2013

Church to lose $100 million as EU and ECB forge policy to steal lawful deposits

As Europe rejoices on March 25 as the ECB and EU complete a program to save the banks of Cyprus, other institutions in the island nation are not so jubilant.  The church of Cyprus, which is part of the Greek Eastern Orthodox church, is expected to lose $100 million of their money, as the Euro Zone bailout plan intends to steal 40% of everyone's money over $100 thousand euros.



The Orthodox Church of Cyprus has lost over EUR100 million reacted to its holdings in Bank of Cyprus. Church leader Archbishop Chrysostomos II, in comments on TV, noted that "Cyprus asked for 'crumbs' compared to large size of Europe’s budget," and that those responsible in Cyprus should be punished (he blames the outgoing government, Ministers of Finance, the Central Bank, and the Executive Directors of Banks) - "those that brought the place into this mess, should sit on the stool." - Church of Cyprus via Zerohedge

The church joins with former Russian KGB and current FSB depositors who themselves are expected to lose over $7 billion of their money, simply because they stored it legally in banks that corrupt ECB officials used to purchase toxic assets, derivatives, and massive bonuses.



Funny how legal depositors can lose 40% of their money simply for being a good customer, but a bank like HSBC can earn 90% of their windfall for providing money laundering services to known terrorists, drug cartels, and international criminals.

Monday, January 14, 2013

Ever wonder what hyperinflation looks like?

Most of us have heard the horror stories of hyperinflation through the lens of the Wiemar Republic and the nation of Zimbabwe.  However, distance and time have made these events superficial, and left to the imagination since Americans are far removed from them.



But in the past two years, hyperinflation in the Euro Zone is not only becoming a distinct possibility, and in the instance of Belarus, a fact.  Forget the images of Germans in the 1930's pushing a wheelbarrow of cash just to buy a loaf of bread, and instead watch how it takes a full backpack of cash notes just to get seven packages of beer.



Now, do we in America think this is possible?  Well, our history has once experienced this after the Civil War when the Greenback fiat currency was devalued to nothing, and the government was forced to put paper dollars back on a gold and silver standard.

When it comes, it will not come slowly overtime, but will begin fast, and escalate exponentially.

Wednesday, January 18, 2012

World Bank admits Europe in recession and to prepare for the worst

On Janury 17th, representatives from the World Bank publically admitted that the Euro Zone is an area wide recession, and for the member states to prepare for the worst as it continues to escalate in stature.

  • WORLD BANK CUTS GLOBAL GROWTH OUTLOOK, SEES EURO-AREA RECESSION
Bloomberg, which just released an embargoed summary of the World Bank action, summarizes it all.
  • World Bank cuts global growth forecast by most in 3 yrs as euro area recession threatens to exacerbate slowdown in emerging markets, World Bank says in Global Economic Prospects report.
  • Sees world economic growth of 2.5%, down from June est. of 3.6%
  • Sees euro area GDP contracting 0.3% in 2012, compared with pvs est. of 1.8% growth
  • World Bank estimates euro area entered recession in 4Q
  • U.S. outlook cut to +2.2% from +2.9%
  • Japan forecast cut to 1.9% growth from 2.6%
  • China’s GDP growth will slow to 8.4%, unchanged from interim revised projection released in Nov.
  • India forecast cut to 6.5% from 8.4%
And the punchline:
  • World Bank urges developing economies to “prepare for the worst” as it sees risk for European turmoil to turn into global financial crisis reminiscent of 2008
  • Even achieving much weaker outcomes is very uncertain - Zerohedge

Sadly, you know things REALLY have to be bad when the central banks actually tell the public the truth, and something we already knew, since over the last year these same institutions kept giving the world a false bill of sale on just how critical the Euro economic system really is.

Friday, January 13, 2012

Greece Fire: complete economic and societal destruction predicted if they leave the Euro Zone

A London based Hedge Fund, Toscafund, came out yesterday with an analysis of what would happen to Greece if they should voluntarily, or be forced to evacuate the Euro Zone.  The results are not pretty as the fund predicts hyperinflation, massive riots and social unrest, and a potencial coup which would topple the government.

"A Greek exit from the euro zone would be worse than catastrophic and could provoke greater social unrest, Zimbabwe-style inflation and a military coup, said London-based hedge fund firm Toscafund. In a stark note to clients, chief economist Savvas Savouri said introducing a new currency instantaneously in the wake of a euro exit would be impossible and the delay would lead to "a run on banks and evacuation of capital that would make what has already been seen as nothing by comparison". "The word catastrophic would not do it justice enough," said Savouri, who comes from a Greek Cypriot background. "Those who imagine some post-euro-exit stability would be restored ... quite simply fail to understand the magnitude -- social, economic and political -- of such an eventuality." - Zerohedge

Citizens of the Mediterranean country should make sure to stock up on ouzo, since its alcoholic content makes wonderful molotov cocktails.

Monday, January 9, 2012

Germany in recession

2011 saw Italy, Spain, Ireland, and Greece in the headlines, both as nations in default of their debts, and experiencing social unrest for a declining economy and mass unemployment.  Entering the new year, we can now add Germany to the growing list of countries in recession, as noted by more than a dozen economists who have come to this conclusion.

The German economy is in for a weak start in the new year. This is the result of a survey of "World Online" under 14 bank economists. The majority of experts expected that the gross domestic product (GDP) over the past three months has shrunk.
In the first quarter of 2012, this decline is likely to intensify further. Technically, Germany is thus already in the midst of a recession. An economy is by definition in decline when economic output is two consecutive quarters. - Zerohedge via Bild

A German economy in recession will only complicate the matters in the Euro Zone, as staunch inflation hawks will now fight against a growing population who will demand intervention if the economic downturn continues over an extended period of time.  What this means for the rest of the EU, and if Germany will be willing to help bailout its neightbors has yet to be seen.

Saturday, January 7, 2012

As the Euro turns

Not more than a month after the US Federal Reserve tried to backdoor bailout Europe and the Euro by lowering the dollar swap-rates, the western currency has fallen well below its level at the time of the Fed intervention, and is falling towards the dangerous levels of 125.

Because of this inevitable fall, short action in the markets on the Euro is at an all-time, thus increasing the pressure on the Euro Zone, and the central bank's ability to purchase dollars.

The trend of relentless shorting of the Euro currency in the form of non-commercial spec contracts, and as reported by the Commitment of Traders, continues for one more week. As of January 3, EUR shorts rose by another 9%, hitting an unprecedented 138,909 net contracts short - a fresh all time record. What is curious that unlike previously, when an increase in EUR bearishness implicitly meant a increase in USD bullishness, this time that is no longer the case as net spec USD contracts actually declined, and are trading at relatively subdued levels. - Zerohedge

With this increased pressure on the downside, the markets are almost forcing the ECB and the Fed to intervene... and intervene soon.  These same short traders may very quickly reverse course if an whiff of QE3 comes to the forefront.

Monday, January 2, 2012

Recession continues in Europe as economy contracts for 5th straight month

GDP growth in European countries contracted for the 5th straight month, solidifying the fact that the Western economies are in recession, and have little expectation of coming out of it anytime soon.

Or as Clubber Lang (Mr. T.) predicts for the Eurozone...



Following today's release of European manufacturing PMI data we are sadly no closer to getting any resolution on which way the great US-European divergence will compress. Because all we learned is that, very much as expected, Europe managed to contract for a fifth month in a row, with the average PMI in Q4 2011 the weakest since Q2 2009, essentially guaranteeing a sharp recession once the manufacturing slow down spills over to GDP. The only silver lining was that the contraction across the continent was modesty better than expected, however if this merely means that the band aid is being pull off slowly and painfully instead of tearing it off is up for question.
The released December manufacturing PMIs were as follows:
  • Italy: 44.3 vs 44.0 previously, exp. 43.8
  • France: 48.8 vs 47.3 previously, exp. 48.7
  • Germany: 48.4 vs 47.9 previously, exp. 48.1
  • Greece: 42.0 vs 40.9, nobody cared about expectations as the economy is total freefall
-          Zerohedge

Thursday, December 29, 2011

Europe has no idea as seen by today's comments from Italy's PM three card Monti

To know for sure that the Euro and Euro Zone are toast, all one has to do is look at the multiple contridictions said last night by Italian PM Mario Monti, and his complete failure to say anything in regards to the future of the debt crisis.

  • *MONTI SAYS EUROPE MUST NOT GIVE UP MODEL OF SOCIAL WELFARE
  • *MONTI SAYS EUROPE CAN'T SUSTAIN CURRENT WELFARE SPENDING
  • *MONTI SAYS EFSF NEED `SIGNIFICANTLY MORE' FUNDING
Oh and this...
  • *MONTI SAYS NOTHING JUSTIFIES CURRENT ITALIAN SPREAD - Zerohedge

It is almost hilarious (sad funny) how ignorant these technocrats think the markets are, and how ignorant in fact, they themselves appear to everyone.  It beckons back to a time of Saturday morning cartoons, and Bullwinkle trying to sell is his own three-card Monti.


Thursday, December 8, 2011

Adolph Hitler chimes in about the Euro Zone collapse

It didn't take long for someone to come up with a parody of the failing Eurozone on video, and who best to chime in on the disaster than the once and mighty dictator himself, Adolph Hitler.


I wonder if Angela Merkel can contact the ghost of Hitler and reign some blitzkreig terror on the PIIGS and central bankers who have brought down the new 4th Reich.

Wednesday, November 9, 2011

James Turk and Eric Sprott discuss gold

Two of the leading economists and investors on sound money, gold and silver sit down in a great interview at the Munich precious metals conference.

With Angela Merkel's inquiry into leaving the Euro Zone today, the discussion of gold and money has never been greater.

Sunday, October 30, 2011

Here it comes... Europe begging the US for a bailout

Now that the Hopium of a Greek bailout is over, and the reality that the troika accomplished very little to save the Euro and Euro Zone, the next little piig(gie) is going beyond the ECB for help, and instead is looking for the US to provide the bailout.

Now it is Portugal's turn. Reuters reports that "Portugal asked Mexico on Saturday to tell fellow G20 members next week that the United States should offer "financial help" to resolve the euro zone sovereign debt crisis, describing it as a "systemic and global" problem, a Portuguese government source said." Of course, the "US" is a clear proxy for "everyone else" - Reuters via Zerohedge
Hey... we knew this was coming.  Now the question will be, will the Congress allow 2008 to comes again, and have taxpayers bailout European banks AND nations, or will the Fed be the one to step on, assuring an inflationary landscape that will create more turmoil than just Occupy Wall Street.

Wednesday, October 26, 2011

Gold meet inflation as prices climb over $1700 an ounce

Over the past 30-45 days, gold, silver, and most metals have been given a fine haircut by the markets, and especially the Hedge Funds who needed to sell off to cover positions in the equity markets.

Over the past 3 days however, gold, silver and copper have rebounded strongly in the face of the Euro and US debt crises.  The reason?  Inflation.  And the cause assuredly is tied to a sudden influx of dollars by the Fed in certain 'programs' that have been achieved under the table, and outside the mainstream processes.

The growing risk now is that in a desperate attempt to solve the crisis, bankers and bureaucrats in the EU, US and elsewhere are practicing an extreme form of financial alchemy which risks stagflation and possibly in a worse case scenario hyperinflation.
Monetary economics and history shows that there will be costs and ramifications for the creation of billions and trillions of euros, dollars, pounds, yen and other fiat currencies. - Goldcore via Zerohedge
Chart courtesy of Zerohedge

Already this morning, gold is up $13.50, and there events in Europe are far from being resolved.