Paying a high price for too many elites and their ‘frivolous cravings’ Nowadays many countries’ social and political structure relies on debt-driven consumption and increasing levels of entitlements. Blame the policy makers. To drive economic growth, boost living standards, and manage growing inequality, policy makers have used debt and monetary tools to create economic activity. This has [...]
Tag: EU
Greece May Sign Russia Gas Deal As Soon As Today
It appears that Herr Schaeuble will be left in the cold as following comments from the Greek energy minister that a deal is coming "soon," it is being reported that: *RUSSIA MAY SIGN GAS LINK ACCORD W/ GREECE TODAY: ROSSIYA 24 According to Gazprom's CEO comments on Greek TV, following his meeting with Greek PM Tsipras, Russia will guarantee 47BCM/YR of gas via Greece with the link to be[...]
Eurozone Can’t Survive in Current Form, Says PIMCO
Single currency area must become a "United States of Europe" in order to secure its future, says manager of world's largest bond fund. By Szu Ping Chan The eurozone is "untenable" in its current form and cannot survive unless countries are prepared to cede sovereignty and become a "United States of Europe", the manager of the world's biggest bond fund has warned. The Pacific Investment[...]
The Economic Consequences Of Greece
Authored by Alberto Bagnai, Brigitte Granville, and Antoni Soy, originally posted at Project Syndicate, The first sentence of the 1957 Treaty of Rome – the founding document of what would eventually become the European Union – calls for “an ever-closer union among the peoples of Europe." Recently, however, that ideal has come under threat, undermined by its own political elite, which[...]
Ukraine “Truce” Fails: Withdrawal Deadline Passes, Debaltseve Situation Deteriorating
UPDATE: *POROSHENKO SAYS UN MUST NOT ALLOW FULL-SCALE WAR IN EUROPE As the game of chicken between Greece and the Eurogroup hots up, it appears another - potentially far more deadly - is escalating in Ukraine as neither side is willing to follow through on the terms of the Minsk Summit peace deal - removing heavy weaponry from the frontlines - as a key deadline passes without agreement. As The[...]
China Prepares To Bailout Russia – East Continues to Break Away from West
Earlier this evening China's State Administration of Foreign Exchange's (SAFE) Wang Yungui noted "the impact of the Russian Ruble depreciation was unclear yet, and, as Bloomberg reported, "SAFE is closely watching Ruble's depreciation and encouraging companies to hedge Ruble risks." His comments also echoed the ongoing FX reform agenda aimed at increasing Yuan flexibility which The South China[...]
Europe: the storm clouds are gathering once more
Britain faces five more years of austerity, and Europe’s woes will only increase the pain By Jeremy Warner For many people in Britain, Jean-Claude Juncker represents all that is worst about the European Union – arrogant, complacent, instilled with an unshakeable belief in the manifest destiny of ever closer union, and apparently anti-British to boot. Yet everyone has at least one[...]