Europe

The Green Energy Religion Meets the Real World

"It seems political leaders in Europe have figured out that there are consequences for allowing faith to substitute for markets when it comes to energy. 'We face a systemic industrial massacre,' said Antonio Tajani, the European industry commissioner. Mr Tajani warned that Europe's quixotic dash for renewables was pushing electricity costs to untenable levels, leaving Europe struggling to compete as America's shale revolution cuts US natural gas prices by 80pc. Never fear – they have a solution: print money." Continue reading →

Continue ReadingThe Green Energy Religion Meets the Real World

Bern’s backing of FATCA ‘hits financial sector’

"Walter Boss, a tax lawyer with Poledna Boss Kurer AG in Zurich, said uncertainty was 'one of the worst enemies in the financial world.' But more clarity could come at a steep price, even for banks that maintain they have done nothing wrong. Forced to cough up US client records, they are basically being 'deemed guilty until proven innocent,' Boss said. Hornung was even more critical. 'It's not really an agreement, but more of a dictate from the United States,' he said. And after suffering the onslaught from Washington, the biggest danger could lie ahead if European tax authorities decide to take the same route as their American counterparts, Hornung warned." Continue reading →

Continue ReadingBern’s backing of FATCA ‘hits financial sector’

Meanwhile, This Is What Putin Is Doing…

"It will come as no surprise that amid the Mother Theresa acts, The Telegraph reports that Putin is readying delivery of more S-300 air-defense missile systems to Iran and will continue to discuss 'working together in the nuclear energy sphere.' Combine that with experts' views that Russia's plan to dismantle Syria's stockpiles of mustard gas, sarin, VX nerve agents is a long shot; initially 'sounding attractive, but very quickly, operational problems could derail obtaining international control, much less actually destroying the arsenal.' It would appear, despite all the chatter, that Putin is increasing his power-base in the region." Continue reading →

Continue ReadingMeanwhile, This Is What Putin Is Doing…

Iran’s new U.N. nuclear envoy gets harsh reception

"Western envoys gave Iran’s new ambassador to the UN atomic agency a frosty welcome Wednesday, saying Tehran’s new government should waste no time proving to the world it does not want the bomb. Speaking at a meeting of the International Atomic Energy Agency’s board of governors, US envoy Joseph Macmanus said Iran was refusing to comply with UN Security Council and IAEA resolutions demanding it suspend key parts of its nuclear programme. Iran denies seeking or ever having sought nuclear weapons and argues that the six UN Security Council resolutions passed against it since 2006 — four with sanctions attached — are illegal." Continue reading →

Continue ReadingIran’s new U.N. nuclear envoy gets harsh reception

What if everything you know is wrong?

"The revelation that Kurras was a long-term and highly valued agent of East German intelligence exploded like a bombshell, turning a generation’s worldview on its head. The man that Germany’s baby boomers loathed as the archetype of fascism, a living symbol of the evil Nazi-ish past, actually was a Stasi hero, a loyal servant of Communism. Many had no idea what to make of it, as the implications of the news were so stunning.The important question arose at once: Did Kurras kill Ohnesorg on the orders of the MfS, to bolster the radical Left movement in West Germany? It is impossible to answer this question with certainty, though it seems to be the obvious explanation for the crime." Continue reading →

Continue ReadingWhat if everything you know is wrong?

Iran Ruling In Europe Blocking Sanctions Draws Anger From U.S.

"In a setback for the United States’ attempts to isolate Iran, a European Union court threw out sanctions Friday on seven Iranian companies, including four banks, rejecting arguments that they were acting as front companies to bypass the punitive measures. The General Court in Brussels, the union’s second-highest tribunal, ruled that the bloc wrongly imposed sanctions against the Iranian companies as part of its efforts to stop Iran from developing nuclear weapons, a decision that immediately drew the ire of American officials. The United States Treasury took the opposite tack on Friday, imposing restrictions on a network of six individuals and four businesses for links to oil sales." Continue reading →

Continue ReadingIran Ruling In Europe Blocking Sanctions Draws Anger From U.S.

Eric Margolis: Syrian March To Disaster

"Politicians invoke credibility as a excuse after they have made a huge blunder –notably Obama’s foolish 'red lines' in Syria that boxed the president into a corner of his own making. What we are seeing is the latest, 21st century version of the new era of colonialism and imperialism, with a touch of Crusader zeal thrown in. Today, the favored euphemism is humanitarian intervention, but the song remains the same. Syria is not about poison gas or human rights: it’s about a proxy war against Iran, the only nation now challenging total US and Israel military domination of the Mideast. For France, it’s about reasserting its former colonial rule in Syria and Lebanon." Continue reading →

Continue ReadingEric Margolis: Syrian March To Disaster

After Bold Step on Syria, French Leader Finds Himself Dismissed as Lackey

"As portrayed in a satirical television show here this week, President François Hollande is left behind to hold President Obama’s coat while the American leader and President Vladimir V. Putin of Russia hold private talks. Mr. Hollande gullibly concludes he is playing a key role. In the show, 'Les Guignols de L’Info,' a rough equivalent of 'The Daily Show,' Mr. Hollande is seen interrupting a visit to a school to ask Mr. Obama’s permission to use the bathroom. If Mr. Hollande ever thought that his decision to stand steadfast alongside the United States in backing a retaliatory strike against Syria would give him new stature on the global stage or help him at home, the last week has been a sharp shock." Continue reading →

Continue ReadingAfter Bold Step on Syria, French Leader Finds Himself Dismissed as Lackey

Slovenia Liquidates, Backstops Two Banks to Stave Off Cyprus Fate

"Slovenia liquidated two of its smaller banks, Probanka d.d. and Factor Banka d.d., in a move described by Central Bank Governor Bostjan Jazbec as a preemptive action to avoid the fate of Cyprus. The cost of liquidation of Probanka and Factor Banka will be borne first by owners, followed by holders of subordinated debt, Finance Minister Uros Cufer said at the joint press conference with Jazbec yesterday. Even so, Slovenia will issue state guarantees of 490 million euros for Probanka and 540 million euros for Factor Banka 'that will ensure an unhindered liquidity and normal fulfillment of obligations of both banks to ordinary creditors,' Banka Slovenije said in an e-mailed statement." Continue reading →

Continue ReadingSlovenia Liquidates, Backstops Two Banks to Stave Off Cyprus Fate

Poland Confiscates Half Of Private Pensions To “Cut” Sovereign Debt Load

"Well, once you nationalize private assets, the public debt will lindeed appear lower than it was before confiscation: we give them that much. End result: 'The Polish pension funds' organisation said the changes may be unconstitutional because the government is taking private assets away from them without offering any compensation.... 'This may lead to the private pension systems shutting down,' said Rafal Benecki of ING Bank Slaski.' But best of all, in the aftermath of Cyprus, we now know what the two most recent European blueprints for preserving the myth of solvency are: bail-ins, which confiscate deposits, and pension fund 'overhauls', which confiscate, well, pension funds." Continue reading →

Continue ReadingPoland Confiscates Half Of Private Pensions To “Cut” Sovereign Debt Load