Slovenia sticks to bond sale despite ‘junk’ status
By Valentina Pop | EUobserver Slovenia is struggling to avoid a eurozone bailout after Moody’s ratings agency downgraded its sovereign to “junk” status. The Slovenian finance ministry on Wednesday (1 May) said it will resume a bond sale that was halted just hours before Moody’s downgraded the country to junk. “After Moody’s downgrade of Slovenia, [...]
Read More →The New “Nazis” Of Spain
By Wolf Richter | Testosterone Pit On Saturday, Popular Party Secretary-General María Dolores de Cospedal, number two of the governing party in Spain, said that she knew she was going to get criticized, “but this is pure Nazism.” On Sunday, rather than resigning, she repeated it. For more precision, she added that going to someone’s [...]
Read More →How Central Banks’ Easy Solution Could Devastate the Global Economy
By Sasha Cekerevac | Set You Free News Central banks around the world have opened the floodgates with massive levels of quantitative easing in an effort to try to stimulate their respective economies. Turning on the quantitative easing tap is easy; putting the genie back in the bottle will be extremely difficult for central banks globally. [...]
Read More →Judge rules Stockton, Calif., to enter bankruptcy
AP | Bloomberg A judge accepted the California city of Stockton’s bankruptcy application on Monday, making it the most populous city in the nation to enter bankruptcy. U.S. Bankruptcy Judge Christopher Klein said the bankruptcy declaration was needed to allow the city to continue to provide basic services. “It’s apparent to me the city would [...]
Read More →Luxembourg is the next Cyprus
The offshore countries of the European Union are gripped by fear. No one wants to repeat the fate of Cyprus but it seems that the European authorities are set to destroy the “business model” of the offshore economies. The small duchy of Luxembourg could be the next target on Angela Merkel’s hit list.
Read More →Banking with a gun to your head
By Jim Jones | Pravda.ru When I was young, I believed I had all the answers – oh the arrogance of youth! Now as I am older, I realise I have more questions than answers and am aware of just how little I actually do know. This and the realisation of my own mortality, drives [...]
Read More →Much of the big Russian money in Cyprus has escaped, small depositors still can’t access savings
By Nick Sorrentino | Against Crony Capitalism Der Spiegel is reporting that the Cypriot central bank may have looked the other way as large sums of capital exited the island earlier this month. Whether this happened just before the bank holiday or right after the holiday began is unclear. What is increasingly clear however is that those [...]
Read More →BRICS Nations Plan New Bank to Bypass World Bank, IMF
By Mike Cohen & Ilya Arkhipov | Bloomberg The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund. The leaders of the so-called BRICS nations — Brazil, Russia, India, China and South Africa — are set to approve the establishment of a new development [...]
Read More →Cypriot parliament votes against deposit levy
RT The Cypriot parliament has voted against a revised bank deposit levy. The tax was meant to shave 9.9% off any deposits over €100,000 and has since caused uproar in the country. Thirty six deputies voted against the proposal to tax bank deposits in the 56-member chamber, while 19 abstained. One deputy was not present [...]
Read More →IMF: Eurozone Banks Are In Trouble, Trample Taxpayers And Democracy To Bail Them Out!
By Wolf Richter | Testosterone Pit Why is it that 17 nations have to fundamentally reorganize themselves and shift sovereignty away from national parliaments to new layers of transnational, beyond-control bureaucracies that can extract untold wealth from taxpayers—just to save the banks? That’s what the Eurozone has to do, or else banks will topple, and the [...]
Read More →Jaw-Dropping Crimes of the Big Banks
WashingtonsBlog Preface: Not all banks are criminal enterprises. The wrongdoing of a particular bank cannot be attributed to other banks without proof. But – as documented below – many of the biggest banks have engaged in unimaginably bad behavior. You Won’t Believe What They’ve Done … Here are just some of the improprieties by big banks: Funding [...]
Read More →Senate investigation finds JP Morgan hid mistakes as trade losses grew
By Heidi Moore | The Guardian JP Morgan’s $6.2bn London Whale trading debacle was born out of secretive trades and creative bookkeeping as the bank attempted to limit losses using a practice that one regulator called “make believe voodoo magic”, a Senate investigation has concluded. The report by the Senate subcommittee on investigations, published on Thursday, detailed [...]
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