Monthly Archives: July 2014

Greek Banks See Quadrupling of Housing Loans by Next Year

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“Greece’s four largest banks, encouraged as the economy claws itself out of recession, plan to double mortgage lending this year and may do it again in 2015, according to Kalantonis. Home loan originations in Greece plunged from 15 billion euros at the peak in 2007 to less than 250 million euros ($340 million) last year, he said. [Banks] are counting on the growth rate of non-performing loans to stabilize once a law preventing banks from foreclosing on property is dismantled.  The government, under pressure to strengthen banks after receiving a total of 240 billion euros in aid, is forcing homeowners, who can pay their mortgage but don’t, to do so.”

http://www.bloomberg.com/news/2014-07-10/greek-banks-see-quadrupling-of-housing-loans-by-next-year.html

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Portugal banking crisis sends tremors through Europe

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“A mounting crisis at one of Portugal’s biggest banks and signs of a deepening economic slowdown in Europe have sent tremors through financial markets, triggering a sharp fall on European bourses and a flight to safety across the world.  Portugal’s regulator suspended trading of Banco Espirito Santo after its share price crashed 17pc in Lisbon, reviving worries about the underlying health of Europe’s banks. Data released on Thursday showed that industrial output for May fell 1.7pc in France and 1.2pc in Italy. It has fallen for three months in a row in Germany, hit by Russia’s recession and weakness in China and Japan.”

http://www.telegraph.co.uk/finance/financialcrisis/10960563/Portugal-banking-crisis-sends-tremors-through-Europe.html

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Bulgarian Pres. Blames ‘Lack Of Faith In Institutions’ For Bank Runs

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“Bulgarians’ lack of faith in institutions sparked runs on two banks and triggered the worst financial crisis in 17 years, the nation’s president said.  ‘Let me make this very clear: there is no banking crisis in my country, but there is a crisis of confidence,’ Rosen Plevneliev said today.  With low trust in institutions, rumors, attempts at destabilization and speculative attacks can ‘create a panic,’ the president said.  The central bank blames an ‘organized attack’ of ‘criminal actions’ for the run on First Investment Bank. Corporate Commercial Bank lost deposits because of a dispute between a majority shareholder and a large depositor, Capital newspaper reported June 18, citing unidentified people.”

http://www.bloomberg.com/news/2014-07-04/bulgarian-leader-rues-confidence-crisis-after-bank-runs.html

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The Curious Case Of The Bulgarian Bank Runs

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“Because of the extent of the fraud, BNB say that nationalizing CorpBank is not an option – it describes it as ‘a bottomless barrel’. The Bulgarian Finance Ministry estimates that the cost of the deposit guarantee will raise the public deficit from 1.8% of gdp to 3%, putting it at the Maastricht treaty limit. This will be seen as a considerable disappointment in Brussels, which in the recent European Semester report advised the Bulgarian government not to allow the deficit to rise any further. And it raises considerable questions about the capability of the BNB to supervise banks effectively. Only a month ago CorpBank was given a clean bill of health. Now it is bankrupt because of a major fraud.”

http://www.forbes.com/sites/francescoppola/2014/07/12/the-curious-case-of-the-bulgarian-bank-runs/

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Europe counts the value of prostitution, drugs to bolster GDP

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“As of September, all European Union countries will be required to take fuller accounting of trade in sex, drugs and other underground businesses as part of an overhaul of economic measurements by Eurostat, the European statistics agency.  Because GDP is such an important number one that can sway national policies and make or break politicians the European Union wants numbers ‘better reflecting the economic environment’, said Vincent Bourgeais, a Eurostat spokesman.  With EU governments obliged to reduce debt as a percentage of their economies, the changes are also expected to make growth rates look better, possibly also making debt ratios seem rosier.”

http://www.afr.com/p/world/europe_counts_the_value_of_prostitution_IpOxFOYSD6lXb4JVCl9buK

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In Jefferson County, Drug Cops Run Wild

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“Last year, seven law enforcement agencies in Missouri didn’t supply the required documents to the Auditor’s office for their annual report. State Law makes this lack of compliance a class A misdemeanor, and also prevents the Department of Public Safety from issuing [federal] funds to agencies who have not complied.  Moreover, some members seem to openly disdain public oversight and their roles as public servants. As part of another research inquiry, open records requests were filed with the JCMEG in November 2013. The commander of the task force, Corporal Chris Hoffman, was extremely hostile and disorganized in his response.”

http://show-mecannabis.com/2014/07/in-jefferson-county-drug-cops-run-wild/

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The Booming Industry of Legal Marijuana: The Next Dot-Com

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“I recently had the privilege of attending the very first national conference of the relatively young (they were founded in 2010) National Cannabis Industry Association (NCIA). NCIA is the first national trade organization focused on the entire cannabis plant. It was also my first visit to Denver since stores opened up in January, and the feelings of freedom and anticipation for the future were palpable.  Believe it or not, very few people are making a large profit from this new market in Colorado so far. Yes, the tax revenues are coming in from large quantities being sold. But starting a new business is never easy, much less one for a market that has been underground for decades.”

http://show-mecannabis.com/2014/07/smc-newsletter-july-9-2014/

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Role of the Alternative Media in Covering Cannabis Legalization

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“The nightmare of law enforcement is having crime go down when criminal acts are legalized. That seems to be what’s happening when it comes to marijuana.  And one can extrapolate that some or even much of the lawlessness that government intends to protect us from likely doesn’t exist.  On the contrary, it will likely create a good many jobs, a thriving additional industry and improve the quality of life for many who will enjoy the plant recreationally or use it medicinally. One could, of course, extend this observation to numerous other so-called victimless crimes where both parties consent to the so-called criminal activity.”

http://www.thedailybell.com/news-analysis/35435/Role-of-the-Alternative-Media-in-Covering-Cannabis-Legalization/

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Roberto Escobar on Colombian Cocaine, Pablo, and the Drug War

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“Roberto, of course, is specially placed to speak about the failed war on drugs. And like many others who have firsthand experience with the war on drugs, he understands the basic futility of the current approach and speaks to the ramifications in a logical and even eloquent way. Mr. Escobar also makes the practical point that along with the inevitable legalization of marijuana –­ and potentially many other drugs as well ­– ought to come some form of education. Roberto comes across as a person who seems at peace with his life and the tumultuous events that he has experienced. Even more importantly, he doesn’t seem embittered despite all he has undergone both mentally and physically.”

http://www.thedailybell.com/exclusive-interviews/35471/Anthony-Wile-Roberto-Escobar-on-Colombias-Cocaine-History-Pablo-Escobar-and-the-Failed-War-on-Drugs/

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The Evolution of the Marijuana Marketplace

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“For the better part of 30 years, due to the war on drugs suppoted by prohibition, marijuana production was driven indoors, away from peering eyes. The advances that were made in technologically-driven growing have been impressive to say the least.  This is, in fact, one of the reasons that drug company resistance to marijuana [legalization] is likely to fail.  It would seem that those seeking to support this particular prohibition are probably not aware of the political and economic forces lined up against them.  A political consensus will drive drug legalization forward; technological innovations will boost productivity and the bottom line. This is a powerful combination.”

http://www.thedailybell.com/editorials/35472/Anthony-Wile-The-Evolution-of-the-Marijuana-Marketplace/

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