Austerity

An assault on living standards set to run and run

"Sir Mervyn King, Governor of the Bank of England, warned this week that the next generation may have to live under the shadow of today's economic correction 'for a long time to come'. The Governor is still as reluctant as ever to concede the central bank's own culpability in the crisis. In his own speech, Sir Mervyn makes a clear distinction between what he calls 'good' money printing of the type the Bank of England is already practising through quantitative easing, and 'bad' money printing of the 'helicopter' variety." Continue reading →

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Firings Highest Since 2010 as Ford to Dow Face Slump

"Ford Motor Co. (F) and Dow Chemical Co. (DOW) joined a growing number of companies firing thousands of workers as sluggish U.S. growth and Europe’s deepening recession lead to a persisting slump in sales. North American companies have announced plans to eliminate more than 62,600 positions at home and abroad since Sept. 1, the biggest two-month drop since the start of 2010, according to data compiled by Bloomberg. The reductions coincide with a majority of U.S. companies missing analysts’ third-quarter revenue estimates and a focus on jobs in the final weeks of the U.S. presidential campaign." Continue reading →

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Spanish unemployment tops 25 percent

"Spain announced Friday that its unemployment rate broke the 25-percent barrier for the first time as austerity cuts squeezed the recession-struck economy. Tens of thousands of jobs were destroyed in the third quarter, even as Prime Minister Mariano Rajoy’s government raised taxes, cut spending and pondered whether to snatch a eurozone rescue line. Among workers aged 16-24 the jobless rate towered at 52.34 percent in the third quarter, only slightly down from 53.27 percent in the previous quarter, the institute said. After more than a year of recession, the soaring jobless figures and biting cuts have prompted growing street protests." Continue reading →

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Nigel Farage: We Are Headed To A ‘One World Government’

“We’ve reached a point in this where, despite the massive economic the massive economic, political, and social problems that exist within the eurozone, and indeed an argument that the North and the South of Europe are diverging by the day, despite all of that, the political class have got so much the upper hand in Brussels, that, actually, they are moving to more and more extreme tactics. (This is being done) to lock countries in to a new form of government which is so far removed from any concept of liberal democracy that I think it’s quite frightening." Continue reading →

Continue ReadingNigel Farage: We Are Headed To A ‘One World Government’

Greek government loses track of, asks again for stolen Swiss account data

"Greece has asked France to re-send it a list of Greeks with Swiss bank accounts, Finance Minister Yannis Stournaras said on Wednesday, after an original list delivered in 2010 apparently went missing. The list was originally acquired from France's then finance minister Christine Lagarde two years ago and is part of account data leaked by an HSBC bank employee in Switzerland. The first recipient of the data, former finance minister George Papaconstantinou, on Wednesday told a parliamentary committee that he did not know what had happened to the original version." Continue reading →

Continue ReadingGreek government loses track of, asks again for stolen Swiss account data

Secession Fever Sweeping Europe Meaningless Without Debt Repudiation

"It is time for the restoration of formerly independent countries, each with their own unique cultural and ethnic heritage, that were forced at gunpoint into larger empire states. Venice wants out of Italy, Catalonia out of Spain, Bavaria out of Germany, Scotland and Wales want to leave the United Kingdom, the Flemish want out of Belgium. Even Vermont and some in the South want to regain their former status as sovereign republics separate from the most debt-ridden empire in world history, the U.S. Just as important, Greece, Italy, Ireland, Spain and Portugal – with demands in Germany itself – want to leave the EU and euro witches' brew created by their leaders." Continue reading →

Continue ReadingSecession Fever Sweeping Europe Meaningless Without Debt Repudiation

Cash-strapped Cyprus plots Russian exit from austerity

"The Russians, quite correctly, view Cyprus as a convenient backdoor to the European Union – and they are not alone. The Chinese have also started arriving, encouraged by what they regard as an incredibly low bar to immigration. Forget all those tricky visa forms, for anyone prepared to spend €300,000 on a property in Cyprus there is the bonus of eligibility for permanent residency. Once this is achieved, the owner is entitled to move anywhere within the EU. For the price of a shoebox in Shanghai, Cyprus is offering a gold-card travel pass and much more besides." Continue reading →

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Nigel Farage: ‘Bailouts’ are a means for total subjugation of nation states

"No, this is now a divided, split Europe, with neo-Nazi politics on the rise, with violent demonstrations in the streets. And I frankly think that the award of that Nobel Prize devalues that whole organisation. Well, it's not all bad news, because in Britain the opinion polls are clear that a clear majority of Brits now want to leave this Union, leaving David Cameron as piggy-in-the-middle, trying to pretend to be a Eurosceptic when he comes over here, going back home and claiming victories - but he's stuck. And I predict one thing: Big political change is coming in Britain because he's losing the support of millions of his own voters." Continue reading →

Continue ReadingNigel Farage: ‘Bailouts’ are a means for total subjugation of nation states

Spanish savers move money to Switzerland

"Crisis-hit savers in Spain are transferring their their money to Switzerland for safety, the head of Geneva's 80-strong banking association said on Wednesday. In addition to an increase in Spanish funds, Droux said Geneva banks had seen an inflow of cash from other eurozone countries so far this year, as well as from the Middle East and developing countries including those in South America. Switzerland is not a member of the European Union and so is not a member of the eurozone." Continue reading →

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Spain To Ban Photos of Police on Duty

"Deputy Prime Minister Soraya Saenz de Santamaria said after months of television and Internet scenes of sometimes violent clashes between police and demonstrators, a balance had to be struck 'between citizens' right to protest' and the need 'to uphold the integrity of state security forces.' The government's plans were unveiled a day after Spain's director general of police, Cosido Ignacio, said efforts are under way to secure such a ban. Television images of clashes near Parliament on Sept. 25 showed several protesters bloodied and in need of medical attention." Continue reading →

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