Many of Europe’s and America’s biggest banks have begun begging, cap in hand, for a new, innovative way of raising vast sums of dirt-cheap debt on Europe’s financial markets.… Read More Is that the Smell of Desperation Hanging Over Europe’s Banking System?
Vast liabilities are being switched quietly from private banks and investment funds onto the shoulders of taxpayers across southern Europe. It is a variant of the tragic episode in Greece, but this time on a far larger scale, and with systemic global implications.… Read More Unpayable Debts and an Existential EU Financial Crisis – Are Eurozone Central Banks Still Solvent?
The mushing together of “fake news” and what the Times describes as “anti-European Union propaganda” is insidious. The first relates to consciously fabricated stories; the second involves criticism of a political institution, the E.U,, which is viewed by many Europeans as elitist, remote and disdainful of the needs, interests and attitudes of average citizens.… Read More NYT’s Fake News about Fake News
As Greece and the eurozone prepare for the worst (again), Goldman Sachs’ role in the country’s downfall has been largely forgotten, as is the much ignored fact that ECB President Mario Draghi was Vice Chairman and Managing Director at Goldman Sachs International between 2002 and 2005, the period immediately after the infamous swap arrangements were executed for the Greek government. .… Read More Forgotten History: How Goldman Sachs Helped Greece Destroy Itself
It’s time for international debtor rights, economist Michael Hudson tells The Real News Network… Read More IMF Lent to Greece Knowing It Could Never Pay Back Debt
CETA contains rules which corporations have pushed for years, but which have never before been part of an EU trade deal.… Read More CETA Approval in EU Parliament Sinks Corporate Hooks (Deeper) into European Democracy
There is a strong anti-‘politics-as-usual’ sentiment blowing across the Netherlands, which—through a voter swing to the right—may set the country on the anti-establishment path blazed by Brexit and Trump.… Read More Euroland: Will the Netherlands Be the Next Domino To Fall?
Trump’s proposed border adjustment system would be “the biggest shake-up in the global corporate tax system in almost a century, according to tax experts.”… Read More “Biggest Case In WTO History”: Europe Prepares Legal Challenge Against Trump Border Tax
So long as Greece remains in the Eurozone, it will not be able to reverse austerity and direct its fiscal policy towards unemployment, explains Former SYRIZA MP Costas Lapavitsas.… Read More Is Grexit Back on the Table?
Le Pen is campaigning on taking France out of the euro (after holding a referendum) and re-denominating the entire €2.4 trillion pile of French government debt into new franc. Then the government can just print the money it wants to spend… Read More What Would it Cost a Country to Leave the Euro? That’s What Everyone Suddenly Wants to Know
“In reality there was never a basis for hope that the toxic third bailout would be gradually rationalized, in terms that the European Commission would support Athens so that the austerity and anti-social IMF measures would relax, the IMF would force Berlin to accept debt restructuring and lower primary surpluses, and the ECB would include Greece in the bond purchase program (QE),” Varoufakis wrote… Read More Grexit 4.0? Varoufakis Urges Tsipras: Ditch Negotiations, Adopt “Parallel System”