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Irish ‘rage’ after bank cheated on multi-billion bailout

Irish ‘rage’ after bank cheated on multi-billion bailout

“The taped conversations, obtained by the Irish Independent newspaper, between John Bowe and Peter Fitzgerald, who led Anglo-Irish’s capital markets and retail banking arms, respectively, indicate the Irish government was duped into pumping €7 billion of emergency cash into the bank on the assumption that it would plug the lender’s funding crisis. But the €7 billion figure was just a ruse to get the government to put ‘some skin in the game,’ with the bankers assuming that politicians would have no choice but to provide further emergency funding once they had been ‘pulled in’.” Continue reading

Italy Confronts Germany, Adding Additional Euro Pressure

Italy Confronts Germany, Adding Additional Euro Pressure

“Greece has been relegated to the status of a Third World country, the complicity of German leaders with the ever-inflating ECB is due for a judicial hearing, British leaders are committed to a referendum on whether Britain should pull out of the EU entirely, Spain is broke, Portugal is busted … and Italian leaders are getting ready to square off with German bankers over ‘austerity.’ That the euro has not always suffered some breakdown is testimony to the power of its globalist backers. It has, however, bankrupted half of Europe and even the healthier northern half is not happy with what Europe has become and is continuing to become.” Continue reading

Italy Denies Risk to Public Finances From Debt Derivative Deals

Italy Denies Risk to Public Finances From Debt Derivative Deals

“Italy’s treasury denied on Wednesday its use of derivatives as a hedge on its huge debt pile posed any risk to public finances, following reports the country faced billions of euros in potential losses from one set of contracts. The Financial Times and La Repubblica said the eight contracts, restructured at the height of the euro zone crisis in 2012, could result in combined losses of around 8 billion euros ($10.5 billion) based on market prices on June 20. The newspapers, which quoted a report from the treasury, said the contracts had been taken out in the 1990s, some while European Central Bank president Mario Draghi was director general of the Italian treasury.” Continue reading

Dollars Vanish as Tourists Grab Argentine Bondholder Cash

Dollars Vanish as Tourists Grab Argentine Bondholder Cash

“Argentina’s supply of dollars it needs to pay bondholders is dwindling at the fastest pace since the depths of the nation’s economic crisis 11 years ago. Since Fernandez banned buying dollars for everything but travel since July, the nation has posted a deficit from tourism revenue of $223 million this year through April, a 10-fold increase from a year ago, as more Argentines went abroad to buy dollars at a cheaper exchange rateand the nation attracted fewer visitors. On the black market, a dollar costs 8.05 pesos compared with the so-called ‘tourist dollar,’ which is the official rate plus a 20 percent tax on credit cards, or about 6.44 per dollar.” Continue reading

India Central Bank Restricts Lending Against Gold Assets By Rural Banks

India Central Bank Restricts Lending Against Gold Assets By Rural Banks

“The Reserve Bank of India’s, or RBI, offensive against gold continued Tuesday when it imposed restrictions on the country’s regional rural banks, or RRBs, for lending money against gold, in an attempt to discourage demand for the precious metal and reduce its imports. ‘It is advised that while granting advance against the security of specially minted gold coins sold by banks, RRBs should ensure that the weight of the coin(s) does not exceed 50 grams per customer,’ RBI said in a statement. The RBI, in recent months, has been hard at work trying to contain the appetite for gold, which is an integral part of India’s culture, lifestyle and festivals.” Continue reading

Is Obamacare About to Kill Hotel Room Service?

Is Obamacare About to Kill Hotel Room Service?

“In August, the New York Hilton Midtown, in the heart of Manhattan, will discontinue food and drink service to all 2,000 of its rooms. In its place will be a new self-service Herb n’ Kitchen stocked with grab-and-go items. A spokesman for the hotel, which is part of the chain that also operates the Waldorf, cited declining demand for room service as the reason; some hotel industry experts see the elimination of the labor-intensive amenity as a way for the chain to save money.” Continue reading

Keynesians Use Thomas Edison’s Advice For Destruction

Keynesians Use Thomas Edison’s Advice For Destruction

“Thomas Edison is known to have said the following: ‘I have not failed. I’ve just found 10,000 ways that won’t work.’ Unfortunately, instead of Keynesians admitting defeat (like they should have at least 40 years ago) they’re gonna go all Thomas Edison on us. This ‘experiment’ turns out to be nothing new at all, but the same old same old. So welcome Japanese citizens to the world of being a lab rat. We Americans have been poked and prodded ourselves for many years, and appreciate your company. Failed ideas die hard (e.g. Marx’s ideas died hard). Unfortunately, the mad scientist Keynesians will refuse to give up until economic law forces them.” Continue reading

UK moves forward with three-parent IVF treatment

UK moves forward with three-parent IVF treatment

“The British government has said it will pursue a radical fertility technique that uses DNA from three parents to create an embryo. The IVF-based technique is designed to avoid serious mitochondrial diseases inherited on the maternal side, such as muscular dystrophy. Mitochondria are the structures within cells that convert energy from food into a form that the body can use. The technique would replace some of the unhealthy DNA with healthy DNA from the so-called ‘third parent’. Politicians are due to debate the regulations in parliament next year, setting the stage for Britain to become the first country to offer the treatment.” Continue reading