Europe

Czech pharmacies begin selling medical marijuana

"Medical marijuana legally went on sale Tuesday in pharmacies across the Czech Republic for patients suffering from cancer, Parkinson’s disease, multiple sclerosis or psoriasis. The new law does not foresee health insurance coverage for marijuana, touted by some as a medical miracle drug. The prescription-only drug formally became legal on Monday, but was virtually unavailable as most pharmacies across the ex-communist European Union state of 10.5 million were closed over to the Easter long weekend. An EU member since in 2004, the Czech Republic provides some of the most liberal access to soft drugs in Europe." Continue reading →

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Cyprus, The First Domino?

"For the investor, if he has been preparing himself carefully for the events that will unfold in the next few years, Cyprus will have been an event that did not impact him at all. This sounds like economic heresy, because the very idea that banks would systematically and intentionally steal the money of its depositors is a major, major event. Yes, it is quite definitely a major event, but one that should not have impacted the seasoned investor, as it is an event that is a mere comma in his overall outlook – it is an event that was anticipated." Continue reading →

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The Financial Situation in Cyprus and the End of the Euro

"There are several lessons to be learned here: 1. Politicians lie. Only a few weeks ago, politicians in Cyprus promised that deposits in local banks would be backed 100% and that euro-zone taxpayers would finance any bailout. Obviously, that turned out not to be true. 2. The swift win the race. Those depositors who got their funds out of Cyprus banks before the bailout get to keep 100% of their capital. Those who delayed face losses up to 60%. 3. Cash is king. While the value of the euro has slumped in recent weeks, anyone with euros in cash form, rather than in an account, is far better off than with euros in a bank account. [..]" Continue reading →

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The Eurozone Unemployment Picture

"The unemployment rate for the currency bloc’s 17 nations was a seasonally adjusted 12% in February, up from 10.9% in February 2012. Among member nations with the lowest unemployment rates are Austria, at 4.8%, and Germany, at 5.4%, reports WSJ. Among members with the highest unemployment rates is Spain, at 26.3%. Three things are going on here." Continue reading →

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Risks Across All Markets Necessitate Careful Asset Allocation

"It’s obvious to everyone by now that the global rally has been primarily driven by central bank money printing, creating an artificial financial environment. The world’s biggest central banks have added an astounding $8.7 trillion of liquidity since 2008, while slashing interest rates well below the rate of inflation. This massive amount of liquidity has found its way into the markets. At some point, all this quantitative easing will end. The resulting worldwide deleveraging will create massive problems for the equity markets. There’s no telling when this sea change will happen, so it’s imperative that you develop an exit strategy now." Continue reading →

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French Socialist budget minister charged with hiding money in UBS account

"France's former budget minister Jérôme Cahuzac confessed on Tuesday to having hidden €600,000 ($770,000) in foreign bank accounts for the last 20 years, reversing repeated denials weeks after a probe was launched into his alleged Swiss account. The minister, who faces five years in prison and a fine of up to €375,000 said he had been 'caught up in a spiral of lies and lost his way.' Cahuzac had been leading the government's charge against wealthy French citizens evading taxes through foreign accounts." Continue reading →

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Jim Rogers: ‘Run for the Hills’ Now, I’m Doing It

"The EU/IMF raiding bank accounts in Cyprus to bail out the country's financial system sets a dangerous precedent and investors should 'run for the hills' said investor Jim Rogers, chairman of Rogers Holdings. Rogers said that with Cyprus, politicians are saying that this is a special case and urging people not to worry, but that is exactly why investors should be concerned. 'If you're going to listen to government, you're going to go bankrupt very quickly,' he added. 'I, for one, am making sure I don't have too much money in any one specific bank account anywhere in the world, because now there is a precedent,' he said." Continue reading →

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So, What’s It Like To Have a Business in Cyprus Right Now?

"The most of circulating assets on our business Current Account are blocked. Over 700k of expropriated money will be used to repay country's debt. Probably we will get back about 20% of this amount in 6-7 years. I'm not Russian oligarch, but just European medium size IT business. Thousands of other companies around Cyprus have the same situation. The business is definitely ruined, all Cypriot workers to be fired. We are moving to small Caribbean country where authorities have more respect to people's assets. Also we are thinking about using Bitcoin to pay wages and for payments between our partners." Continue reading →

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Bank of Cyprus savers could lose up to 60%

"Big savers in Cyprus’s largest bank face losses of up to 60 percent, far greater than originally feared under the island’s controversial EU-led bailout plan, officials said on Saturday. Cyprus meanwhile launched an investigation into a list published in Greek newspapers of Cypriot politicians who allegedly had loans written off by two banks at the heart of the financial meltdown. Officials said Bank of Cyprus savers will see at least 37.5 percent of funds over 100,000 euros ($128,000) turned into shares, but a further 22.5 percent will be held until authorities know they can satisfy the terms of the bailout." Continue reading →

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Beekeepers sue EPA over failing to stop harmful pesticides

"The US government is being sued by a coalition of beekeepers, conservation and food campaigners over pesticides linked to serious harm in bees. The lawsuit accuses the Environmental Protection Agency (EPA) of failing to protect the insects – which pollinate three-quarters of all food crops – from nerve agents that it says should be suspended from use. Neonicotinoids, the world’s most widely used insecticides, are also facing the prospect of suspension in the European Union, after the health commissioner pledged to press on with the proposed ban despite opposition from the UK and Germany." Continue reading →

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