Yearly Archives: 2013

Switzerland reintroduces immigration quotas after sudden influx of Europeans

"Switzerland will begin restricting residence permits to citizens from 17 European Union countries, including the UK, on June 1st. The measure, approved by the federal government and announced by the immigration department on Wednesday, was triggered by a safeguard clause in the freedom of movement agreement signed by the Swiss with the EU. The clause allows for the Swiss to restrict immigrants from the EU unilaterally until May 31st, 2014. It can be enacted if the number of residence and short stay permits issued to EU workers exceeds by at least 10 percent the average number of annual permits issued in the previous three years." Continue reading →

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Tories begin defecting to Nigel Farage’s UKIP over ‘loons’ slur

"Local Conservative party campaigners, including the chairman of one constituency association, will this week pledge their support for Nigel Farage after one of David Cameron’s allies described grassroots Tories as 'mad, swivel-eyed loons'. Six members of the Tory group on Merton council in south London are quitting. One, Richard Hilton, who has been acting chairman of the local Conservative association, said he would join Ukip because the insult was 'the final straw'. Lord Howe, the former chancellor, claimed Mr Cameron was 'losing control' of the party to growing euroscepticism." Continue reading →

Continue ReadingTories begin defecting to Nigel Farage’s UKIP over ‘loons’ slur

German Anti-Euro Party a Growing Challenge for Merkel

"Though the German left is splintered among three, or even four, parties, the right is a monolith. There is the CDU, its Bavarian wing known as the Christian Social Union, and its favorite coalition partner, the Free Democrats (FDP). But this election year is different. With the birth of the anti-euro party Alternative for Germany (AfD), Merkel is facing competition from within her own clientele. Furthermore, though her preferred strategy has been that of maintaining complete silence about the AfD so as not to lend it credibility, there are many in Merkel's party who disagree with that approach. And they are increasingly giving voice to their displeasure." Continue reading →

Continue ReadingGerman Anti-Euro Party a Growing Challenge for Merkel

Europeans Rapidly Losing Faith in EU Project

"Europe's ongoing economic crisis and lasting currency woes are beginning to rapidly erode faith among Europeans in the EU project. That is the result of a new survey undertaken by the renowned Pew Research Center in Washington D.C. and released on Monday evening. In just one year, the share of Europeans who view the European Union project favorably plummeted from 60 percent in 2012 to just 45 percent this year. Furthermore, only in Germany does a majority continue to support granting more power to Brussels in an effort to combat the ongoing crisis." Continue reading →

Continue ReadingEuropeans Rapidly Losing Faith in EU Project

Hell Freezes Over? French Support Spending Cuts by Overwhelming 4-1 Margin

"According to new polling data from Pew, the people of France support spending cuts over spending increases by a margin of 81-18, an astounding result. I’m also surprised that the Spaniards and Italians support spending cuts. The polling results are especially impressive considering that Pew asked the question in a very biased way, presupposing that Keynesian economics actually works. The fact that so many Europeans saw through this inaccurate wording is very encouraging." Continue reading →

Continue ReadingHell Freezes Over? French Support Spending Cuts by Overwhelming 4-1 Margin

France mulls ‘culture tax’ on smartphones

"The French government is considering creating a new tax on smartphones and tablets in a bid to raise millions to support the creation of digital cultural content inside France. The proposal, handed to President Francois Hollande Monday, outlines a 1 percent tax on the sale of Internet-compatible devices, targeting companies such as Google, Apple and Amazon. The tax would yield about 86 million euros per year. The revenue would help cultural industries create French content such as music, images and videos. The proposal is part of France's 'cultural exception,' a policy that protects French cinema and music industries, and other creative sectors, against competition." Continue reading →

Continue ReadingFrance mulls ‘culture tax’ on smartphones

Taxes on 8,000 French households were greater than 100% of income last year

"More than 8,000 French households' tax bills topped 100 percent of their income last year, the business newspaper Les Echos reported on Saturday, citing Finance Ministry data. The newspaper said that the exceptionally high level of taxation was due to a one-off levy last year on 2011 incomes for households with assets of more than 1.3 million euros ($1.67 million). President Francois Hollande's Socialist government imposed the tax surcharge last year, shortly after taking office. The government has been forced to redraft a proposed bill to levy a temporary 75 percent tax on earnings over 1 million euros, which had been one of Hollande's campaign pledges." Continue reading →

Continue ReadingTaxes on 8,000 French households were greater than 100% of income last year

Bank depositors to suffer losses in new EU law

"A draft European Union law voted on Monday would shield small depositors from losing their savings in bank rescues, but customers with over 100,000 euros in savings when a bank failed could suffer losses. From 2016, large depositors in the European Union might suffer losses if a bank gets into serious trouble, echoing a deal in Cyprus where wealthy depositors were hit hard at two banks to save the country from bankruptcy. Under the EU proposal, a bank would only dip into large deposits of over 100,000 euros once it had exhausted other avenues such as shareholders and bondholders." Continue reading →

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Maligned dollar flourishes in Venezuela

"Black-market dealers operating on the thriving underground market sell greenbacks at more than four times the official, government-set rate of 6.3 bolivars to the dollar. And the price they’re getting these days — 28 per dollar — is more than three times what it was just eight months ago. Because the bolivar is artificially overvalued and practically worthless outside Venezuela, everyone here is desperate for dollars, from auto-part importers to supermarkets to ordinary Venezuelans planning to travel abroad. Even government officials and the politically connected businessmen who have made fortunes off the free-spending state search out and trade in dollars." Continue reading →

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Marc Faber Buying Gold, But Won’t Keep It In America

"Marc Faber, publisher of The Gloom, Boom and Doom report, told Talking Numbers that he is buying physical gold and will buy more if it hits the $1,300 mark. But, he said that he isn't keeping it in the U.S. 'I bought gold at $1,400, I buy every month some gold, and I have an order to buy more at $1,300 because I want to keep an allocation towards gold – physical gold – and not stored in the United States at all times.'" Continue reading →

Continue ReadingMarc Faber Buying Gold, But Won’t Keep It In America