Eurostat reports that October industrial production (IP) in the euro area dropped sharply in October, and was down 6.0% in the euro-zone and 4.0% in the EU (17 and 27 countries, respectively).
Please go to the LINK and note the chart of IP since 2003. It tracks that of the U.S. fairly closely. It is [...]
“Sir, What could be more appropriate than rebranding euro bank notes with Europa* to improve security? The euro’s strength is a myth and its bosses’ attempted seduction is all bull.”
- Clark McGinn, Dublin 4, Ireland, in a letter to the Financial Times, 10.11.2012.
*Europa, in Greek mythology, after [...]
The unremitting deterioration of the eurozone’s sovereign debt landscape continues to fuel uncertainties about the longevity of the euro as a hard currency. Such uncertainties are not only leading to capital flight from the EMU’s periphery to the core and destabilizing markets worldwide, but they are also beginning to frighten southern European savers into seeking refuge [...]
The European Central Bank (ECB) has decided to bailout its bankrupt members, mainly Italy and Spain, by buying their shorter-term bonds ( 1 to 3 years) with newly created money. The idea is to drive down their interest rates to alleviate their debt cost burden, and to send a message to the world (the financial markets) [...]
A BOOK advising married women to have affairs has sparked renewed interest in really bad advice. Experts say Catherine Hakim’s The New Rules of Marriage, which claims that having affairs makes relationships stronger, shows a demand for self-help advice that is not merely trite but actively harmful.
Greece was able to float enough new debt to pay its old debt and avoid default. What a charade. They got the money from the bailout fund and used it to pay back the bailout fund:
The auction, which attracted more than €4.2 billion in bids, was more show than substance, mainly reflecting Greek banks’ [...]
Today’s report by Markit on the Eurozone economy sobered up the markets a bit today:
Falling output in the southern Eurozone economies offset rising output in northern countries to cause an overall contraction of the Eurozone economy in the three months to June.
Gross domestic product fell 0.2% in the Eurozone in the second quarter, according [...]
File this story under “You Can’t Get Out”. More “economic” crimes, which means you have to suffer the devaluation or confiscation of your money when the government ruins the economy, or … else. — JH
Italian border police seize record amounts of gold, cash Saturday, 11 August 2012 14:38
ROME: Italian police [...]
[This research note is from Deutsche Bank's DB Reasearch group.]
Since the outbreak of the financial crisis in 2007, Europe’s banks have been gradually retreating from the US market, thereby making room for others to step in. At their peak in September 2007, euro-area banks held assets equivalent to 50% of all foreign bank assets. [...]