The European banking system is in crisis, says Hendry. The hedge fund manager went on BBC Newsnight to play pessimist against Jeffrey Sachs, an economist from Columbia University. Of course the two get into a fight. It's awesome.
This thing can blow up in our faces any moment now, with one fire igniting another across countries and within them. There’s just too many people falling by too many waysides, and too many of them will very simply not go gently into that night...
Four new Spanish savings banks are considering a "cold fusion" which is another name for future bailout of one instead of four. The four banks are CajaMurcia, CajaGranada, Sa Nostra, Caixa Penedes and their assets amount to over €100 billion.
The grand experiment of the State controlling the private economy has failed. The grand experiment was to eliminate capitalism (risk, loss, destruction of wealth via competition) from "Capitalism" and thus banish competitors to the Plutocratic Elites
Australia's brilliant political satire team of Clarke and Dawe do a great job here in exposing the fundamental and terrifying ridiculousness of the Euro debt-crisis and the world's teetering economic state.
Whereas gold is seen as a store of value and a hedge against economic Armageddon, what some call "Dr. Copper" is said to be the metal with a Ph.D. in economics for its ability to presage the future of the global economy.
A must watch two part interview of Eric Sprott by BNN, in which the Canadian asset manager shares his views on the economy, financial markets, sovereign overleverage, industrial commodities, and, of course, gold.
Six weeks of vacation a year. Retirement at 60. Thousands of euros for having a baby. A good university education for less than the cost of a laptop.
The system known as the European welfare state was built after World War II as the keystone of a
Max Keiser at his best, deconstructing the global ponzi with Gerald Celente, another very much outspoken critic of the broken financial system. Most ZH regulars will be quite familiar with the overriding themes exposing the mass corruption perpetrate
At the very least, any emergency budget needs to take stock of this raw sense of popular victimisation and deliver a convincing story about the sharing of burdens. To do otherwise is to guarantee that a bad situation gets very ugly, very fast.
Eyjafjallajokull's far bigger cousin, which has always erupted whenever Eyjafjallajokull went active, and whose seismic readings many have been keeping an eye on, has now recorded 5 earthquakes in the past 5 days, with 2 in a 3 hour span today alone.
One of the beautiful woman de jure reporters on a financial channel, again repeated the message with something to the effect, "what Europe needs is what we have here in the United States, one fiscal system, one political system and one country."
Asian stock markets slid on Friday as worries about the euro zone and the flare-up in market volatility prompted investors to sell shares and keep cash until calm returns.
Trading was choppy in foreign exchange markets as the euro bounced back aga
The last time Greeks were shown to be storming their parliament on live TV, we got a 1,000 point drop on the Dow Jones. Today, another 100,000 protesters of austerity are expected to hit the streets as the entire country is essentially shut down.
The euro erased initial gains and edged lower on Thursday to trade above the previous day's four-year lows as political divisions in Europe and fears of more market regulation kept investors on edge and pressured stocks.
The Value of Pre-Euro Currencies
The European Union’s single currency continued to slump, despite a $1 trillion rescue loan package, as traders and investors remained skeptical about the fiscal strength of euro zone members like Greece and Por
The fact is that I've been seeing deterioration in the stock market ever since early-April, and this in the face of improving business news. The D-J Industrial Average is composed of 30 internationally known top-quality blue-chip stocks.
A Katla eruption would likely be about ten times as powerful at the Eyjafjallajokull eruption and could cause worldwide disruption while expelling huge volumes of volcanic ash into the stratosphere which would circle the globe potentially for years..
Isn't it interesting that the European version of a stimulus package isn't being touted as a "jobs creation package" or an "economy saving" idea?
No - the leader of Germany, Angela Merkel says,
We have done nothing more than to buy ti
Where do bad debts go after they die? On Monday, investors seem to have convinced themselves that they just disappeared…like Amelia Earhart or TARP funds. But by Tuesday, they began to worry about ghosts.
President Nicolas Sarkozy slammed his fist on the table and threatened to pull France out of the euro at a meeting of European leaders deciding Greece's aid package last Friday, according to Spain's El Pais newspaper.
More than a year and a half after Iceland's major banks failed, all but sinking the country's economy, police have begun rounding up a number of top bankers while other former executives and owners face a two-billion-dollar lawsuit.
This is now playing out before our eyes. Club Med governments have built up €7 trillion sovereign debt under the cover of monetary union, which shut down the warning signals for borrowers and creditors alike. We are now near – or beyond...
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