Tag Archives: Bailout Fail

Jobless Greeks Resolved to Work Clean Toilets in Sweden

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“The number of Greeks seeking permission to settle in Sweden, where there are more jobs and a stable economy, almost doubled to 1,093 last year from 2010, and is on pace to increase again this year.  Greece is in its fifth year of recession, with the economy expected to contract 6.9 percent this year, the same as in 2011, according to the Athens-based Foundation for Economic and Industrial Research. Since 2008, the number of jobless has more than tripled to a record 1.22 million as of June, out of a total population of 10.8 million.”

http://www.bloomberg.com/news/2012-09-07/jobless-greeks-resolved-to-work-clean-toilets-in-sweden.html

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Separatism threatens the future of Spain

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“Alongside the eurozone crisis and Spain’s worsening public finances and chronic lack of economic growth and jobs, Madrid looks to be sleepwalking into a constitutional crisis that could lead to the break-up of Spain.  Next Tuesday, Catalans celebrate their national day, or Diada, in a year when the clamour for independence for the first time commands the support of more than half the population – including figures such as Jordi Pujol, the mainstream nationalist who ran the restored Catalan autonomous government from 1980 to 2003, and Pep Guardiola, the former manager of Barcelona’s football team.”

http://thecomingcrisis.blogspot.com/2012/09/separatism-threatens-future-of-spain.html

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Money and People Leave Spain as Economic Gloom Deepens

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“In July, Spaniards withdrew a record 75 billion euros, or $94 billion, from their banks — an amount equal to 7 percent of the country’s overall economic output.  Capital departing the country equaled a startling 50 percent of gross domestic product over the past three months — driven largely by foreigners unloading stocks and bonds but also by Spaniards transferring their savings to foreign banks.  More disturbing for Spain is that the flight is starting to include members of its educated and entrepreneurial elite who are fed up with the lack of job opportunities in a country where the unemployment rate touches 25 percent.”

http://www.nytimes.com/2012/09/04/business/global/money-and-people-leave-spain-as-economic-gloom-deepens.html?_r=2&hpw&pagewanted=all

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Corporate Europe’s Deepening North-South Divide

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“For months now, the most useful credit-analysis tool for European investors has been a very simple one: a map. Corporate borrowing costs are being determined almost entirely by where a company happens to be based, even if its businesses are pan-European or global. And some recent bond deals show that the difference between north and south is becoming extreme. Investors weighing up what the European Central Bank will do next should pay attention. Northern European borrowers are increasingly able to lock in extremely cheap financing—including at negative real rates—while southern companies are left out in the cold.”

http://online.wsj.com/article/SB10000872396390443759504577628820384171692.html

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The Fantasy of Debt: No Trade-Offs, No Sacrifices

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“Credit leverages income.  Lowering interest rates increases leverage. We are now at the end-game of these two expansions of leverage: incomes are no longer rising, and interest rates have been cut to near-zero when adjusted for inflation (a.k.a. loss of purchasing power).  Relying on credit to fuel ‘growth’ in everything only worked when incomes were rising and interest rates could be cut. Now that incomes are stagnant for 90% of the populace and interest rates have been slashed, there is no way to increase leverage.”

http://charleshughsmith.blogspot.com/2012/08/the-fantasy-of-debt-no-trade-offs-no.html

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The Real Reverse Robin Hood: Ben Bernanke and his Merry Band of Thieves

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“Amidst electioneering chatter about a ‘reverse Robin Hood’ who steals from the poor to give to the rich, it’s important to identify the real Reverse Robin Hood: Ben Bernanke and his Merry Band of Thieves, a.k.a. the Federal Reserve. It’s especially appropriate to reveal Ben as the real Reverse Robin Hood today, as the Chairman is as omnipresent in the media as Big Brother due to the Cargo-Cult confab in Jackson Hole, Wyoming.  Please answer the following questions before launching a rousing defense of the All-Powerful Fed and its chairman.”

http://charleshughsmith.blogspot.com/2012/08/the-real-reverse-robin-hood-ben.html

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The Federal Bailout That Saved Mitt Romney

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“Mitt Romney likes to say he won’t ‘apologize’ for his success in business. But what he never says is ‘thank you’ – to the American people – for the federal bailout of Bain & Company that made so much of his outsize wealth possible.  The federal bailout ultimately engineered by Romney screwed the FDIC – the bank insurance system backed by taxpayers – out of at least $10 million. And in an added insult, Romney rewarded top executives at Bain with hefty bonuses at the very moment that he was demanding his handout from the feds.”

http://www.rollingstone.com/politics/news/the-federal-bailout-that-saved-mitt-romney-20120829

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Almost All Nations Are Heading for Collapse, but Greece Is Special (in a Bad Way)

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“The government is paving the way for negotiations with the European Commission regarding the creation of special economic zones (SEZ) in Greece, Development Minister Costis Hatzidakis confirmed on Tuesday in Athens. …’SEZ will give a boost to the basis of the real economy,’ said Hatzidakis, reiterating that the existing labor legislation will be fully respected. ..This forms part of the 10-point priority plan Hatzidakis announced yesterday aimed at boosting growth. The bill to be prepared will include subsidies of up to 80 percent for smaller companies… Public-private partnerships will be used for bolstering regional growth.”

http://danieljmitchell.wordpress.com/2012/09/01/almost-all-nations-are-heading-for-collapse-but-greece-is-special-in-a-bad-way/

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China’s manufacturing slumps in August

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“China’s manufacturing activity slumped in August to a nine-month low in the latest sign of serious weakness in the world’s second-largest economy.  China’s economy slowed to growth of 7.6 percent in the second quarter up until the end of June, the worst performance in three years.  Trade, industrial output and retail sales figures for July came in weak, raising concerns that government efforts to stimulate growth may be insufficient.  China has tried to boost its economy with interest rate cuts and by lowering the amount of funds that banks must keep on hand in a bid to spur the kind of lending that could stimulate a rebound.”

http://www.rawstory.com/rs/2012/09/01/chinas-manufacturing-slumps-in-august/

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THIS. IS. HYDRA!

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“When tax inspectors from the Greek government descended on a small seafood restaurant on the island of Hydra, they expected to collect sales receipts and take the owner into custody. Things didn’t quite work out that way.  Significantly, this incident received negative coverage in Germany, whose government-aligned banks lent huge sums to the Greek government. Greek citizens are depicted as deadbeats for refusing to pay off the foreign banks that are bailing out their failing welfare state.”

http://prolibertate.us/index.php/this-is-hydra?blog=7

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