German economic miracle leaves the poorest behind

Posted on by Freedomwat.ch Staff

[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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Large manufacturers begin moving production back to the United States

Posted on by Freedomwat.ch Staff

“Watch out China and Canada, ‘Made in America’ has an attractive ring to it these days. Four years after the height of the financial crisis, marked by a drastic drop in salaries, the United States is again finding favor among manufacturers. According to a Boston Consulting Group survey and referenced by Obama, 48 percent of executives at companies with $10 billion or more in revenues said they plan to bring back production to the United States from China — or are considering it.”

http://www.rawstory.com/rs/2012/09/23/large-manufacturers-begin-moving-production-back-to-the-united-states/

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Greek state tries to stem neo-Nazi rise

Posted on by Freedomwat.ch Staff

“Following its unprecedented election to parliament, Greece’s neo-Nazi group Golden Dawn has been engaged in ‘law and order’ crackdowns and solidarity gestures that have boosted its popularity, alarming the state. In recent weeks the once-fringe group has organised Greeks-only food handouts and blood donations, and has twice ousted migrant peddlers from street markets to the delight of local operators and the outrage of authorities. And it has sent squads of black-clad supporters to harass and intimidate political opponents at public events.”

http://www.rawstory.com/rs/2012/09/20/greek-state-tries-to-stem-neo-nazi-rise/

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Top Hedge Fund Manager Warns on Hitler Scenario

Posted on by Freedomwat.ch Staff

“I don’t know whether we’re beyond the point of being able to successfully manage this. And I worry then about– social disruption. I worry about– another leg down in the economies– causing– social disruptions. Because deleveraging– can be very painful, it depends how they’re managed. But when people– get at each other’s throat, the rich and the poor and the left and the right and so on, and you have a basic breakdown,that becomes very threatening.”

http://www.economicpolicyjournal.com/2012/09/top-hedge-fund-manager-warns-on-hitler.html

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Crisis Hits German Luxury Carmakers

Posted on by Freedomwat.ch Staff

“In the first sign that the global economic crisis may be returning to the luxury car industry, Germany’s Daimler has reduced its earnings forecast for next year, while Porsche said it would also build fewer cars. The market in China, which helped keep German manufacturers above water in recent years, is slowing.”

http://www.spiegel.de/international/business/crisis-hits-carmakers-daimler-and-porsche-cut-expectations-for-2013-a-857183.html

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Greece sells off London consulate and royal cemetery

Posted on by Freedomwat.ch Staff

“Other lots will include an office building in Brussels, property in Belgrade, a home in Llubljana and land in Nicosia, Cyprus. Last year Greece agreed to raise €50bn before 2020 by auctioning off assets including the state gas utility DEPA and gas distributor DESFA as part of conditions attached to its €240bn bail-out rescue. The country has even identified 40 uninhabited islands which it plans to lease out for as long as 50 years. So far only €1.8bn has been raised and the latest property sales are unlikely to be completed before 2013.”

http://www.telegraph.co.uk/finance/financialcrisis/9552923/Greece-sells-off-London-consulate-and-royal-cemetery.html

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AMR expects about 4,400 job cuts, warns 11,000

Posted on by Freedomwat.ch Staff

“American Airlines is sending layoff warning notices to more than 11,000 employees. Over the summer American agreed to give bonuses to flight attendants and ground workers who quit. So far 1,800 flight attendants and 800 ground workers have applied to take the money and leave. Layoff notices went to nearly 3,000 workers in the Dallas-Fort Worth area, where a maintenance facility will close, and nearly 3,000 more at a base in Tulsa, Okla. Also receiving notices were about 1,200 workers in Miami, 1,100 in New York and Newark, N.J., 900 in Chicago, and smaller numbers elsewhere.”

http://online.wsj.com/article/AP11fe570d7a7543f5877ae9c9554c4da1.html

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‘Restructuring’ Bank of America to cut 16,000 jobs

Posted on by Freedomwat.ch Staff

“Bank of America plans to cut 16,000 jobs as part of a major restructuring plan by the end of 2012, when it would no longer be the largest US banking employer, the Wall Street Journal reported Thursday. Most of the cuts are expected to come from the consumer banking division, as the bank plans to close 200 branches, on top of 178 shut down in 2011, the newspaper said, citing an individual familiar with the document.”

http://www.rawstory.com/rs/2012/09/20/restructuring-bank-of-america-to-cut-16000-jobs-report/

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Debt crisis: central bank action is work of the devil, says Germany’s Jens Weidmann

Posted on by Freedomwat.ch Staff

“Jens Weidmann said that efforts by central banks to pump money into the economy reminded him of the scene in Faust, when the devil Mephistopheles, ‘disguised as a fool’, convinces an emperor to issue large amounts of paper money. In Goethe’s classic, the money printing solves the kingdom’s financial problems but the tale ends badly with rampant inflation. Without specifically mentioning Mario Draghi’s bond-buying programme, he said: ‘If a central bank can potentially create unlimited money from nothing, how can it ensure that money is sufficiently scarce to retain its value?'”

http://www.telegraph.co.uk/finance/financialcrisis/9551348/Debt-crisis-central-bank-action-is-work-of-the-devil-says-Germanys-Jens-Weidmann.html

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Deposit Flight From Europe Banks Eroding Common Currency

Posted on by Freedomwat.ch Staff

“A total of 326 billion euros ($425 billion) was pulled from banks in Spain, Portugal, Ireland and Greece in the 12 months ended July 31, according to data compiled by Bloomberg. The plight of Irish and Greek lenders, which were bleeding cash in 2010, spread to Spain and Portugal last year. The ECB has taken the place of depositors and other creditors who have pulled money out over the past two years, largely through its longer-term refinancing operation, known as LTRO. The Frankfurt-based central bank was providing 820 billion euros to lenders in the five countries at the end of July.”

http://www.bloomberg.com/news/2012-09-18/deposit-flight-from-europe-banks-eroding-common-currency.html

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The Freedom Watch

International Intelligence for the Resistance

Tag Archives: Bailout Fail

German economic miracle leaves the poorest behind

Large manufacturers begin moving production back to the United States

Greek state tries to stem neo-Nazi rise

Top Hedge Fund Manager Warns on Hitler Scenario

Crisis Hits German Luxury Carmakers

Greece sells off London consulate and royal cemetery

AMR expects about 4,400 job cuts, warns 11,000

‘Restructuring’ Bank of America to cut 16,000 jobs

Debt crisis: central bank action is work of the devil, says Germany’s Jens Weidmann

Deposit Flight From Europe Banks Eroding Common Currency