Europe

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 →

Continue ReadingBank depositors to suffer losses in new EU law

A Real Life Thelma and Louise: the US and the EU

"To be sure, there have been many warning signs along the road to indicate that to exit the car might have been a good idea, but, for whatever reasons, they did not. Now, it is becoming increasingly apparent to a larger number of people that the joy ride is soon to end, and end rather badly. As such, it would be understandable if we were to see the passengers in the back of the car request that they be let out. As Europe has some 740,000,000 inhabitants and the US has a further 310,000,000, even if only one percent chose to make an exit at some time in the next few years, this would mean an exodus which would be unprecedented in world history." Continue reading →

Continue ReadingA Real Life Thelma and Louise: the US and the EU

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

Bitcoin Comes To SWIFT

"The dichotomy between EU and U.S. approaches to e-money becomes even more apparent when one looks at the uniformity of the EU e-Money and Payment Services Directives versus the almost hostile FinCEN guidance on virtual currencies and the incomprehensible patchwork of state money transmitter laws. Because of this, I estimate that the EU currently enjoys at least a five-year head start over its U.S. brethren in accommodating evolving payments efforts. The U.S seems content to extinguish innovations like e-Gold in an effort to maintain complete control over money businesses and to project dollar hegemony within its borders." Continue reading →

Continue ReadingBitcoin Comes To SWIFT

Dutch tourist cannabis cafe ban leads to surge in dealing in the south

"The decision to ban foreigners not resident in the Netherlands from the country’s cannabis cafes has led to an ‘explosion’ in drugs-related crime in the south of the country, the AD reports on Saturday. The government’s decision to turn the cafes into members’ only clubs in the southern provinces last May led to a sharp rise in street dealing, the paper says. It bases its claim on police and city council figures. In Maastricht, at the forefront of efforts to reduce drugs tourism, the number of drugs crimes has doubled over the past year while in Roermond they are up three-fold with at least 60 active street dealers, the AD says." Continue reading →

Continue ReadingDutch tourist cannabis cafe ban leads to surge in dealing in the south

Luxury Living: Wiesmann Cars Have It All

"Wiesmann is the leading manufacturer of puristic sports cars. The name is well established in the luxury market and there are more than a thousand good reasons for that: Until today more than 1,500 handcrafteded cars left the Wiesmann factory. The company currently utilises dealership bases in Europe, the Middle East and Asia. With a bit of luck you might not only spot a Wiesmann in the Münsterland but also on the Champs Elysées in Paris or in front of the Burj Al Arab in Dubai. Those fortunate enough to hear, see or even drive a Wiesmann sports car will soon realise that there are more powers involved than just a strong engine." Continue reading →

Continue ReadingLuxury Living: Wiesmann Cars Have It All