Europe

Russia Says World Is Nearing Currency War as Europe Joins

"The alert from the country that chairs the Group of 20 came as Luxembourg Prime Minister Jean-Claude Juncker complained of a 'dangerously high' euro. The push for weaker currencies is being driven by a need to find new sources of economic growth as monetary and fiscal policies run out of room. The risk is as each country tries to boost exports, it hurts the competitiveness of other economies and provokes retaliation. The skirmish may lead to a clash of G-20 finance ministers and central banks when they meet next month in Moscow, three months after reiterating their 2009 pledge to 'refrain from competitive devaluation of currencies.'" Continue reading →

Continue ReadingRussia Says World Is Nearing Currency War as Europe Joins

Is The ECB Responsible For The Second Coming Of Bitcoin?

"Why the ECB suddenly felt threatened so much by Bitcoin, it felt an imperative to issue a 55 page paper decrying such electronic currencies we will never know. What we do know, however, courtesy of a reminder by Bloomberg's Max Raskin, is that since the publication of said paper, the value of Bitcoin as tracked by the Mtgox exchange, has soared some 40% in just under three months, from a 'fiat equivalent value' of $13 to a most recent closing price of $18.50, and has doubled in the past 12 months alone." Continue reading →

Continue ReadingIs The ECB Responsible For The Second Coming Of Bitcoin?

Two-thirds of French people agree with labour minister’s statement that country is ‘totally bankrupt’

"Michel Sapin made the gaffe in a radio interview, which left French President Francois Hollande and other ministers racing to undo the potential damage to the country's reputation as a solid economy for investors. It came as several high profile individuals, including the actor Gérard Depardieu, have left the country to avoid punitive taxes. Last week it transpired that Bernard Arnault, France's richest man, had transferred his entire fortune to Belgium, where he hopes to gain citizenship. France last balanced its budget in 1973. State spending accounts for almost 57 per cent of gross domestic product while public debt has now reached 91 per cent of GDP." Continue reading →

Continue ReadingTwo-thirds of French people agree with labour minister’s statement that country is ‘totally bankrupt’

Iceland Kicked Out FBI Agents Who Flew in Unannounced to Investigate WikiLeaks Operations in the Country

"According to the RUV, the Icelandic National Broadcasting Service, FBI agents landed in Reykjavík in August 2011 without prior notification in an attempt to investigate WikiLeaks operations within the country. However, their plan was interupted when Home Secretary Ögmundur Jónasson learned about the FBI's visit and sent them packing. The Icelandic government then formally protested the FBI's activities with U.S. authorities." Continue reading →

Continue ReadingIceland Kicked Out FBI Agents Who Flew in Unannounced to Investigate WikiLeaks Operations in the Country

Germany Plans to Deploy Armed Drones

"Bowing to pressure from the German armed forces, the Bundeswehr, the federal government in Berlin is preparing to deploy armed, unmanned drones in foreign conflicts. In an answer to an official query made by the far-left Left Party, the German government wrote that its experience in foreign combat operations has made it clear that reconnaissance vehicles must be armed 'in order to provide protection against sudden and serious changes in the situation.' It went on to say that the weapons boost safety and security through 'credible deterrence,' pointing to the 'Predator' drones used by the United States as a possible model." Continue reading →

Continue ReadingGermany Plans to Deploy Armed Drones

At Bank of England, Carney to put growth at top of list

"The new Governor of the Bank of England has signalled that he will put growth at the heart of his approach to the job and is willing to see higher inflation for longer in order to support the economy. Using the US as an example, Mr Carney said economies needed to be allowed to reach an 'escape velocity' in which they were out of danger of slipping back into recession. That would suggest keeping interest rates lower for longer while considering further quantitative easing, indirect provision of monetary stimulus via the financial system." Continue reading →

Continue ReadingAt Bank of England, Carney to put growth at top of list

Italian tax dodgers uncovered by the Redditometro

"The Italian authorities have been accused of resorting to police state-style tactics with the introduction of a new weapon to hunt down the nation's many tax dodgers. The new procedure makes it possible to scrutinise any family's spending pattern, and compare this with what it says it earns. But some commentators have been outraged by this month's launch of what is called the Redditometro - the Income Meter. It has been described as unacceptably intrusive, the sort of thing that East Germany's secret police might have dreamt up." Continue reading →

Continue ReadingItalian tax dodgers uncovered by the Redditometro

France Proposes an Internet Tax

"France, seeking fresh ways to raise funds and frustrated that American technology companies that dominate its digital economy are largely beyond the reach of French fiscal authorities, has proposed a new levy: an Internet tax on the collection of personal data. The idea surfaced Friday in a report commissioned by President François Hollande, which described various measures his government was taking to address what the French see as tax avoidance by Internet companies like Google, Amazon and Facebook." Continue reading →

Continue ReadingFrance Proposes an Internet Tax

France ‘totally bankrupt’, says labour minister Michel Sapin

"'There is a state but it is a totally bankrupt state,' Mr Sapin said. 'That is why we had to put a deficit reduction plan in place, and nothing should make us turn away from that objective.' The comments came as President Hollande attempts to improve the image of the French economy after pledging to reduce the country’s deficit by cutting spending by €60bn (£51.5bn) over the next five years and increasing taxes by €20bn. Data from Banque de France showed earlier this month that a flight of capital has already left the country amid concerns that France’s Socialist leader intends to soak the rich and businesses." Continue reading →

Continue ReadingFrance ‘totally bankrupt’, says labour minister Michel Sapin