Monthly Archives: September 2012

Super-Mario’s new dawn

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“The economic news from Europe could hardly be more depressing for Mario Draghi, head of the European Central Bank.  He has thrown $1.3 trillion in credit at Europe’s stricken banks, launched an ‘unlimited’ program of buying euro government bonds in secondary markets and now has a $650 billion war chest to bail out the euro weaklings. That is why he has been dubbed Super-Mario.  But Super Mario has been mugged by reality. With Italy moving into crisis and France looking as if it could be next, a dismayingly bumpy road map now looms ahead for Europe.”

http://www.upi.com/Top_News/Analysis/Walker/2012/09/24/Walkers-World-Super-Marios-new-dawn/UPI-90601348482600/

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Nigel Farage: We Are Now Entering The Terrifying End Game

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“What is really happening here is the eurozone crisis is so serious, and so dire, public opinion across Europe is turning so quickly in every country against the project, that what they are trying to do is seal and complete the project before everybody really wakes up to what’s being done in their name.  That’s what they are about.  We are now entering the end game in what has been a 50 year political project.  This is all going to come to a very dramatic head over the course of the next two years.”

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/9/24_Nigel_Farage_-_We_Are_Now_Entering_The_Terrifying_End_Game.html

Complete interview:

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2012/9/25_MEP_Nigel_Farage_files/Nigel%20Farage%209%3A25%3A2012.mp3

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Euro Zone to Hike Bailout Fund to 2 Trillion Euros

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“The European Stability Mechanism (ESM) would have two instruments like its predecessor, the European Financial Stability Facility (EFSF), that would only allow public money to be used for particularly risky transactions such as buying Spanish bonds, while private investors would provide the rest.  If the ESM gets approval to use the same leverage techniques as the EFSF, it would have a lending power of around 2 trillion euros without countries having to contribute any more capital to the fund.  But these leverage options have not been approved by all euro zone member states and Finland is especially reluctant to agree to them.”

http://www.cnbc.com/id/49142032

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UK’s deficit ‘could be bigger than Greece’s’

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“Economists at the investment bank calculated that Britain’s budget deficit could total £126bn, or 7.8pc, of gross domestic product in 2013-14.  That would make Britain’s the highest projected European deficit, with Morgan Stanley predicting that Greece’s would stand at 6.3pc and Spain’s at just under 6pc. In the five months to August, and excluding the one-off savings created by the Royal Mail pension fund and the Bank of England’s Special Liquidity Scheme, the Government borrowed £61.3bn – 26.7pc more than in the same period last year. The official borrowing target for the year is a rise of just 0.5pc.”

http://www.telegraph.co.uk/finance/economics/9560986/UKs-deficit-could-be-bigger-than-Greeces.html

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50,000 Anti-Austerity Marchers in Greece

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“It’s a general strike, by the economically clueless, who want government support, when the government doesn’t have any money  Their solution: eurozone (read Germany) should give them the money.  Specifically, the protest is against planned government spending cuts of 11.5bn euros ($15bn; £9bn). The government of Prime Minister Antonis Samaras is proposing to save money by slashing pensions and raising the retirement age to 67.”

http://www.economicpolicyjournal.com/2012/09/50000-anti-austerity-marchers-in-greece.html

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Debt crisis: Spain ‘will need extra bail-out’

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“A bank-by-bank test of financial stability due on Friday is expected to conclude that Spain’s lenders are dangerously over-burdened with toxic debts and need to be recapitalised, restructured or shut down.  The stress test is expected to show a dramatic deterioration since the previous tests were carried out at the beginning of the summer which suggested a €60bn cash injection would be the worst-case scenario.  Last week, the Bank of Spain said bad debts at Spanish lenders had risen to record levels, with almost one in 10 loans in arrears. It is the highest bad-loan ratio since central bank records began in 1962.”

http://www.telegraph.co.uk/finance/financialcrisis/9559991/Debt-crisis-Spain-will-need-extra-bail-out.html

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Spain Recoils as Its Hungry Forage Trash Bins for a Next Meal

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“Most recently, the government raised the value-added tax three percentage points, to 21 percent, on most goods, and two percentage points on many food items, making life just that much harder for those on the edge. Little relief is in sight as the country’s regional governments, facing their own budget crisis, are chipping away at a range of previously free services, including school lunches for low-income families.  For a growing number, the food in garbage bins helps make ends meet. The Caritas report also found that 22 percent of Spanish households were living in poverty and that about 600,000 had no income whatsoever.”

http://www.nytimes.com/2012/09/25/world/europe/hunger-on-the-rise-in-spain.html?_r=2&emc=eta1&pagewanted=all

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Spanish Military Threatens Treason Charges As Catalonia Seeks Secession Referendum

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“The traditionally separatist-minded province has decided to pull a Greece – and escalate with a move to secession. A resolution, on the right of the Catalan people to cut off ties with the Spanish state, will be voted on Thursday by the regional parliament.  This statement of ‘the will of Catalan people to vote on the bond with the State of Spain’ opens the way for forthcoming elections to become a referendum on the sovereignty of Catalonia. The Spanish military are not taking this lying down with the counter-threat that these ‘separatists’ and their ‘inappropriate and unacceptable’ threat to break-up Spain shall be charged with high treason.”

http://www.zerohedge.com/news/2012-09-24/spanish-miltary-threatens-treason-catalonia-seeks-secession-referendum

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Police fire rubber bullets at Madrid protest

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“Spanish riot police fired rubber bullets at baton-charged protesters Tuesday as thousands rallied near parliament in Madrid in anger at the economic crisis, in clashes that left 14 people wounded.  Riot police in helmets charged to clear thousands of protestors who swamped the Plaza de Neptuno square yelling ‘Shame!’ and ‘Resign!’, addressing the government.  An emergency services official said at least 14 people had been hurt during the protests, including one with a serious back injury. Police said 14 people were arrested.”

http://www.rawstory.com/rs/2012/09/25/police-fire-rubber-bullets-at-madrid-protest/

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German economic miracle leaves the poorest behind

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[Thank a central bank near you…]  “As Germany finally begins to feel the pinch from a crisis that has pushed most of its neighbours into recession, it is the low-wage workers and the old-age pensioners who are being hit hardest, critics charge.  According to a new four-yearly poverty report drawn up by the labour ministry, the gap between rich and poor in Europe’s top economy is continuing to widen.  In 1998, 45 percent of Germany’s total wealth was owned by the wealthiest 10 percent of the population.  Ten years later, that proportion had risen to 53 percent, while around half of all households owned just 1.0 percent, the study found.”

http://www.rawstory.com/rs/2012/09/24/german-economic-miracle-leaves-the-poorest-behind/

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