Monthly Archives: January 2013

Switzerland and Britain are now at currency war

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“‘Everybody is trying to weaken their currency at the same time. The Swiss have got away with it and now the Japanese want to try. The Sandinavians are pulling their hair out. The Turks are cutting rates even though the economy is overheating, and putting in credit controls instead because they don’t want the currency to rise.  Policymakers are doing things that if you had suggested four years ago they would have put you in a straitjacket and thrown you in a cell. I don’t rule out anything any longer in this market. Desperate times lead to desperate acts,’ said David Bloom, currency chief at HSBC.”

http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100022037/switzerland-and-britain-are-now-at-currency-war/

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Portugal warns EU-IMF troika to back off on austerity demands

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“Portugal has taken its medicine with stoicism until now, winning praise from the EU leaders for sticking to its bail-out terms. But Troika officials fear that ‘social cohesion’ is fraying as the slump deepens. The country saw the biggest street protest this autumn since the end of the Salazar dictatorship.  Portugal’s jobless rate has risen from 13.7pc to 16.3pc over the past year, reaching 39pc for youth, even before the full impact of austerity hits.”

http://www.telegraph.co.uk/finance/financialcrisis/9776701/Portugal-warns-EU-IMF-troika-to-back-off-on-austerity-demands.html

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Nigel Farage: This Is My Greatest Worry As We Head Into 2013

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“What really has me worried, and this may go beyond 2013, but I think the one thing that is going to change is we’ve been through a period, since 2008, of interest rates being virtually zero.  During that period of time, governments have racked up vast, vast amounts of debt, and are continuing to run huge budget deficits.  And I think we are going to be heading into a world of rising interest rates.  That is when our governments, who are continuing to run these deficits, are going to be in real, real trouble….”

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/1/8_Nigel_Farage_-_This_Is_My_Greatest_Worry_As_We_Head_Into_2013.html

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2013/1/9_MEP_Nigel_Farage_files/Nigel%20Farage%201%3A9%3A2013.mp3

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Thought The Euro Crisis Was Over? These 18 Charts Show The Real Crisis That Lies Ahead

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“The latest Eurostat unemployment figures released today remind of a far bigger problem that the eurozone now must face – staggering levels of youth unemployment across the region.  Governments on the euro periphery – which desperately need to institute difficult economic reforms to put budgets on sustainable paths – receive little support from a younger generation that feels like its opportunities and its future have been crushed already by the very same actors.”

http://www.businessinsider.com/the-eurozones-youth-unemployment-crisis-2013-1?op=1

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Doug Casey – Let’s Do A Tour Around The World

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“I think time is growing short, as the economy emerges from the eye of the current hurricane. After which it will encounter several more even bigger ones. There you have it. But don’t look at this as idle information. I suggest you allocate some time, call your travel agent, and get going.”

http://www.internationalman.com/global-perspectives/lets-do-a-tour-around-the-world

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North Korea Enlists German Help to Prepare Economic Opening

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“Pyongyang may be preparing to open up its economy. A report in a prominent newspaper claims the regime has enlisted the aid of German economic and legal experts to lay the groundwork for foreign investment in North Korean companies. The move could be made as soon as this year. Still, even as there are many in the country’s leadership who are in favor of opening up the country to investments from Japanese, South Korean and Western companies, the professor the paper cites notes that it is far from a done deal.  ‘The military in North Korea,’ he told the paper, ‘will not want to give up power.'”

http://www.spiegel.de/international/world/german-paper-reports-north-korea-preparing-economic-opening-a-875844.html

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Turkish gold exports rise 800 pct on demand from Iran

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“Turkey is Iran’s biggest natural gas customer but Western sanctions prevent it from paying Tehran in dollars or euros. Iran is instead paid in Turkish lira – of limited value on international markets but ideal for buying gold in Turkey.  Couriers carrying millions of dollars worth of gold bullion in their luggage have been flying from Istanbul to Dubai, where the gold is shipped to Iran, industry sources with knowledge of the business told Reuters last year.  New sanctions are due to take effect in February and could include measures to try to curb the trade.”

http://www.reuters.com/article/2013/01/04/turkey-gold-exports-idUSL5E9C466F20130104

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America’s tactical interests cannot dictate Britain’s sovereign destiny

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“The White House does not want to be distracted by internecine European disputes as it switches its main focus to the Pacific Rim – the ‘Asian Pivot’ – and deals with the really dangerous issue of China’s maritime conflict with Japan and South East Asia. But at the end of the day, the British people cannot let America’s taste for tidy structures in Europe determine policy on matters that go to the heart of our democracy and sovereign self-government.  For me the snapping point was the disgraceful saga of the European Constitution, which I covered in minute detail as it wended its way through the Convention.”

http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100022213/we-cannot-let-americas-tactical-interests-dictate-britains-sovereign-destiny/

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Now Greece Bans Cash – Again

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“Greece is going to ban most cash transactions. As of last year, cash transactions over 1500 euros were banned. This moves the ban down by 1,000 euros.  In fact, the Greek Parliament is voting today on a new tax bill that broadens the tax base to raise another 2.5 billion euros, and also introduces new annual income thresholds for salaried taxpayers. It does away with tax breaks for the self-employed.  Entrepreneurs have emerged as the latest ‘bandits’ in Greece’s ongoing efforts to bleed the wretched Greek carcass of its last available drop of revenue. Government benefits have been slashed, taxes raised and Greeks are being pursued with maniacal determination.”

http://www.thedailybell.com/28569/Now-Greece-Bans-Cash–Again

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Jim Grant Exposes “The Bureau Of Money Materialization” And A Submerging America

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“Jim Grant spends exactly the correct amount of time (zero) discussing the ‘urban myth’ of the trillion dollar coin in this brief interview on CNBC; instead deciding to try and strike up some intelligent understanding of the dire situation we face. By providing context for our massive 16 trillion dollar debt (360 million pounds of $100 bills), and explaining how exponential the idiocy has become, Grant brings us full circle.”

http://www.zerohedge.com/news/2013-01-10/jim-grant-exposes-bureau-money-materialization-and-submerging-america

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