Austerity

The Real Story of the Cyprus Debt Crisis

"The country is increasingly reverting to a cash-economy with a consequent dive in tax revenues. The three Lufthansa consultants in charge of the Cyprus Airways restructuring are set to receive €1.3m. The remaining staff will suffer a 25% salary cut. In an act that beggars belief, the Cypriot Parliament has levied a 30% tax on the interest earned from bank deposits. In another measure which defies logic, a property tax was insisted on by the Troika of international lenders. The government aims to extract maximum tax revenue by inflating property prices by the annual rate of consumer price inflation since 1980. Currently, property prices are at an all-time low." Continue reading →

Continue ReadingThe Real Story of the Cyprus Debt Crisis

German Government Takes Off Mask, Emerges As Fascist Dictatorship

"The Greek national broadcaster was taken off air in the middle of a programme on Tuesday night without warning, without a public debate or a debate in parliament. A brave group of journalists have rebelled and keep a skeleton service going as a pirate station cheered on by supporters in scenes worthy of a fascist dictatorship. A poll shows two thirds of the Greeks oppose the closure of their national broadcaster, paid for by their taxes. The ERT was shut down by the police following a decree — considered illegal by many — by the EU/ECB/IMF Troika puppet, Greek Prime Minister Antonis Samaras. The move was greeted with applause by the German government." Continue reading →

Continue ReadingGerman Government Takes Off Mask, Emerges As Fascist Dictatorship

Lies the IMF Tells

"The International Monetary Fund has published a scathing internal self-assessment of its bailout of Greece three years ago. It isn't pretty. The IMF underestimated the damage that fiscal austerity would do to the Greek economy in its earliest rescue of the nation in 2010. It was too slow to promote a write-down of the nation's debts to more sustainable levels. And it was compromised by a sometimes unwieldy partnership with major European institutions in what became known as the 'troika.' The IMF could have handled its 2010 bailout of Greece quite a bit better, a staff review found." Continue reading →

Continue ReadingLies the IMF Tells

Bill Bonner: Fed’s policies are bringing poverty

"The Panic of 1907, before all these 'protections' were put in place, was over in 3 months...followed by full employment. The Crash of 1921 took longer - about 18 months - but when it was over anyone who wanted a job could find one. But now, we've been in the Great Correction for 5 years. Millions of people have given up; they're no longer even looking for work. And suicide has replaced car accidents as the number one threat to working-age Americans. You want to reduce the rate of suicide? Eliminate the barriers to saving, capital formation and employment." Continue reading →

Continue ReadingBill Bonner: Fed’s policies are bringing poverty

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 →

Continue ReadingSwitzerland reintroduces immigration quotas after sudden influx of Europeans

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

It’s Not Pretty: The EuroZone Economies

"The EuroZone is in the down phase of the business cycle and government regulations make it difficult for startups in most EZ countries to launch, regulations in most EZ countries also make it risky for established firms to hire. Further, unemployment packages make it attractive for most to stay unemployed once they are laid off. Thus you have economies that look like this. Unlike the European Central Bank, which has been doing only very modest money printing, the Fed has been flooding the markets, which has caused, yet another manipulated boom in the housing sector and stock market, that will, soon enough, experience another bust." Continue reading →

Continue ReadingIt’s Not Pretty: The EuroZone Economies