For the European Central Bank, which is meeting Thursday to discuss monetary policy, the stronger euro is yet another headache. The bank’s Governing Council is not expected to make any changes to its stimulus program, which is already enormous.
Relations are in free fall. Lines are being drawn. As the two superpowers clash over technology, territory and clout, a new geopolitical era is dawning.
European stocks rose and U.S. equity futures eked out gains, trimming declines at the end of a week dogged by concern about a second wave of coronavirus infections and simmering tension between America and China. Oil climbed and Treasuries drifted.
Macron’s assault on living standards and liberty cannot be ignored any longer.
The physical cash holdings of German banks rose to a record 43.4 billion euros ($48 billion) in December, according to Bundesbank data published on Friday. That’s almost triple the amount at the end of May 2014, the month before the European Central Bank started charging for deposits and raising the pressure on Germany’s already beleaguered banks.
The State Department warned that the U.S. could shut down Iraq’s access to the country’s central bank account held at the Federal Reserve Bank of New York, a move that could jolt Iraq’s already shaky economy, the officials said.
Here’s how they got here
The specific mission undertaken by Volcker was to jack up interest rates and plunge the country into recession, creating mass unemployment as a means of breaking the social resistance of the working class.
A full accounting would reveal that his policies, imposed on behalf of the American ruling class, resulted in untold social misery and the premature death of millions of people, not only in the US but around the world, as he charted the path for ruling classes to follow everywhere.
Despite harsh language criticizing what Beijing calls U.S. interference in China’s domestic affairs, and a second summoning of the U.S. ambassador in a week, China’s leadership still wants a deal to help alleviate pressure on its fast-weakening economy.
John McAfee, who pioneered the McAfee antivirus software, pushed back against the notion that cryptocurrency companies have an obligation to combat criminal activity on their platforms.
McAfee argued in an interview that aired on Monday that officials can’t expect companies behind digital currency exchanges or cryptocurrencies to police such activity, even as he called himself troubled by digital currency being used for illicit means.
The version of the “unitary executive” put forth by Mr. Trump, the Justice Department and the shareholders would open the door for a president to fire for any reason — even personal reasons unrelated to the public interest or even for no reason at all — any head of an administrative agency, including the heads of “independent agencies” like the Consumer Financial Protection Bureau as well as the Federal Reserve, the Federal Trade Commission and the Nuclear Regulatory Commission. (These agency heads are nominated by the president and confirmed by the Senate.)
First, we learnt that the economy overall expanded by 0.3 per cent in July, significantly faster than the 0.1 per cent expected, and better than most of our main rivals. Next, we found out that the trade deficit narrowed slightly as imports fell. Finally, we learned that employment was at record highs and that wages were still growing at record rates.
How many times does this need to be restated? Germany desperately needs to change its economic model, now more so than ever as its own economy, that of the European Union, and the world as a whole, again teeter on the brink of recession.
Most of all, it needs to make itself more reliant on internal, domestic demand, and less on exports.
„We are drafting an intergovernmental agreement aimed at further expansion of settlements in national currencies in mutual trade. It will ensure uninterrupted transaction services,“ the President said.
So, while the EU might well be the apogee of constrained democracy, constrained democracy has many facets. Moreover, the model of constrained democracy existed on a national level before the EU was created. Indeed, the EU can be seen as the grotesque extension of a flawed system that was first developed within nation states after the First World War. For instance, the model of independent central banking was pioneered in Germany before being transposed to the EU much later on.
Most important, the League leader will have to decide where he really stands on fundamental questions that he has dodged so far – from Italy’s economic policy to its place in the euro zone and the European Union. Before now he could blame his weak coalition partner, the Five Star leader Luigi Di Maio, or his technocratic finance minister Giovanni Tria for any difficulties. The easy ride is over.
The number of unemployed in Italy jumped by more than one million people between the start of the global economic crisis in 2008 and 2012, the national statistical agency Istat said Thursday.
A proposed new agreement on dealing with failing banks, hammered out in a lengthy meeting of finance ministers, was headed for a summit of European leaders on Thursday. Described as an „historic achievement“ by Italian Economy Minister Fabrizio Saccomanni, the single-resolution mechanism (SRM) agency is designed to prevent failures like the collapse of Lehman Brothers in 2008. Ban
In supporting the European banking union, Germany’s highest court reveals its anti-democratic heart.
Yet Germany, which has a budget surplus and which can borrow money at sub-zero rates, doesn’t see the problem even as its own manufacturing sector contracts. Finance Minister Olaf Scholz told Bloomberg Television on Thursday, minutes before Draghi’s press conference, that he has no plans to loosen the country’s purse strings because it’s not “necessary or wise to act as if we were in a crisis.”
France’s top contender for the presidency of the European Central Bank is appealing to Germans to treat him as one of their kind.
Speaking — in German — to an audience of family businesses in Berlin on Friday, Bank of France Governor Francois Villeroy de Galhau highlighted his cultural and ideological links to the country. He said he shares German values, such as solidity, stability and realism, and understands the nation’s fears over financing other countries’ debts.
Respondents expect the deposit rate, already at a record low, to be reduced by 10 basis points to minus 0.5% in September. HSBC predicts a second cut of the same magnitude in December, and ABN Amro sees a second reduction at the start of next year. Money markets are pricing a 10-basis point cut in September.
(Published: February 17, 2018, 12:00 AM EST | Updated: June 28, 2019, 7:00 AM EDT)
On the eve of a meeting of European Union leaders to discuss the bloc’s top policy positions, Bloomberg’s poll of economists shows the Bundesbank president edging out his French rival Francois Villeroy de Galhau. Finnish central-banking veteran Erkki Liikanen tied with Villeroy for second place. Current Finnish Governor Olli Rehn took fourth, overtaking France’s Benoit Coeure.
French president Emmanuel Macron said arriving at the EU summit on Sunday that the decision on Mario Draghi’s successor at the helm of the European Central Bank will only be taken after the political posts such as the presidents of the EU commission and EU council.
John Gershman and Alec Irwin state in “Dying for growth”:
„100 countries have undergone grave economic decline over the past three decades. Per capita income in these 100 countries is now lower than it was 10, 15, 20 or in some cases even 30 years ago. In Africa, the average household consumes 20 percent less today than it did 25 years ago. Worldwide, more than 1 billion people saw their real incomes fall during the period 1980-1993. Meanwhile, according to the United Nations Development Program’s 1998 Human Development Report, the 15 richest people in the world enjoy combined assets that exceed the total annual gross domestic product of sub-Saharan Africa. At the end of the 1990’s, the wealth of the three richest individuals on earth surpassed the combined annual GDP of the 48 least developed countries.“
The Thistle won’t waste ink on how the wealthy have fared since the mainstream corporate press does a very commendable job in this respect.
The focus of the IMF programs was never institutional improvement but structural adjustments, which only protected the interests of a small elite, as these neoliberal policies worked well for them and not the general people.
Emirates NBD Capital Limited was global coordinator. The transaction was anchored and arranged by Commercial Bank of Dubai, Emirates NBD Bank, Noor Bank, Dubai Islamic Bank, Mashreqbank and Sharjah Islamic Bank.
The World Bank has approved $722 million loan for Pakistan that will largely be used for improving civic and public transport facilities in Karachi – the largest metropolis that needs nearly $10 billion additional investment to make it liveable.
For decades, the Pakistani authorities have been unable to establish effective tax collection practices. Currently, only one percent of Pakistanis pay their taxes and the country has one of the lowest tax-to-GDP ratios in the world.
Successive governments have avoided imposing stricter controls because they have been staffed by members of the same elites that are actively evading taxes. They are able to do so not only because of government inaction but also because of widespread corruption. In fact, it is cheaper for them to bribe than to pay their dues.
Pakistan’s Prime Minister Imran Khan had suggested ditching US dollar, urging the member states of the Shanghai Cooperation Organisation (SCO) to finalise arrangements for trade in local currencies.
The British, French and German Ambassadors to Iran welcomed representatives from INSTEX and E3 technical experts to Tehran this week for discussions with the relevant Iranian experts and counterparts. These discussions, funded by the EU TAIEX instrument, have helped to advance our collective efforts to ensure trade with Iran that is compliant with EU and international law can continue, including through the special purpose vehicle “INSTEX”.
We understand the economic pressure the Iranian people are facing. We are committed to working with Iran to deliver INSTEX’s first transaction as quickly as possible.
INSTEX will probably fail or prove to be wholly inadequate in the short term. The dollar’s dominance in global transactions — which has been a huge benefit for the United States — will be hard to displace, but INSTEX is a warning sign, the canary in the coal mine. The United States’ closest allies are working hard to chip away at a crucial underpinning of U.S. global power.
The currency has been criticized for making economic planning for the developing countries of French West Africa all but impossible since the CFA’s value is pegged to the euro (whose monetary policy is set by the European Central Bank). Others disagree and argue that the CFA „helps stabilize the national currencies of Franc Zone member-countries and greatly facilitates the flow of exports and imports between France and the member-countries“. The European Union’s own assessment of the CFA’s link to the euro, carried out in 2008, noted that „benefits from economic integration within each of the two monetary unions of the CFA franc zone, and even more so between them, remained remarkably low“ but that „the peg to the French franc and, since 1999, to the euro as exchange rate anchor is usually found to have had favourable effects in the region in terms of macroeconomic stability“
CFA franc. These two words probably do not mean much to most readers, but they encapsulate one of the world’s most enduring – and little-known – economic experiments. In the simplest possible terms, the CFA franc is a currency used by 14 countries of Western and Central Africa, all of which are former French colonies.
Trade unions have called a general strike on 29 May 2019 to oppose austerity measures in Argentina. The Macri government has brought the country to the brink of economic collapse, with workers’ purchasing power decreasing due to high inflation, unemployment, recession and a sharp increase in poverty.
This is the fifth national strike to protest against the Argentinian president, called by different social organizations and the General Confederation of Workers (CGT) union, and it is taking place simultaneously throughout the country.
The General Confederation of Labor (CGT) began a 24 hour general strike at midnight to protest the economic policy of President Mauricio Macri.
Public transport was expected to be paralyzed, including trains, buses, metro and national and international aircraft.
Governing SYRIZA “did not sustain the strategic defeat that New Democracy was looking forward to,” government spokesman Dimitris Tzanakopoulos said on Sunday after exit polls gave the conservative opposition a solid lead over the leftist party.
Composed of Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, the Netherlands and Sweden, the group, dubbed the New Hanseatic League, is starting to have some influence.
; and its poor are growing ever-more angry and resentful towards the political establishment.
However, the second belief – that war between former nations will ensue – is unfounded. There is no appetite among EU member states for another European conflict, and no signs of animosity between nation states on the continent, as there clearly were prior to 1914 and 1939. The only hostility evident today is directed against the EU and Germany’s leadership itself.
This week’s European parliamentary elections will launch a scramble for the continent’s top leadership jobs, but won’t decide the winners. Here is a guide to the horsetrading.
Juliette Binoche, Emmanuelle Béart, Edouard Louis, Alain Damasio, autant de personnalités qui apportent leur soutien à un mouvement «sans précédent dans l’histoire». Un mouvement qui représente tous les métiers de la culture. Un mouvement que le pouvoir cherche à discréditer et réprime sévèrement alors que la violence la plus menaçante est économique et sociale.
Mr. Trump is now moving ahead with plans to impose 25 percent tariffs on all remaining Chinese imports. Those new tariffs could go into effect in a matter of weeks.
In a statement Friday evening, the United States trade representative said Mr. Trump had “ordered us to begin the process of raising tariffs on essentially all remaining imports from China, which are valued at approximately $300 billion.”
European stocks rose on Friday, recovering from a six-week low as investors hope the United States and China can still resolve their trade dispute, even as a planned increase in US tariffs on Chinese imports comes into effect.
Acknowledging that continued talks on Friday stateside will be „positive,“ Nick Marro, analyst at the Economist Intelligence Unit, said …
Last week, during a raucous May Day protest, the gilets jaunes ransacked Paris’s Pitié-Salpêtrière hospital. Thirty-two protesters were arrested. This was an ‘attack’ by ‘anti-capitalist, ultra-left militants’, according to France’s interior minister Christophe Castaner.
Except it wasn’t.
China will have to take necessary countermeasures, said the delegation, which is currently in Washington for the 11th round of China-U.S. high-level economic and trade consultations.
Mr. Trump’s decision to proceed with the tariff increase came after a pivotal round of trade talks in Washington on Thursday night failed to produce an agreement to forestall the higher levies. The White House said talks would resume again on Friday but it remains uncertain whether the two sides can bridge the differences that have arisen over the past week.
China’s chief trade negotiator will travel to Washington this week, according to the commerce ministry, tempering fears that talks to resolve a protracted trade war between the US and Beijing had been scuppered.
Liu He, a vice-premier, will hold negotiations in Washington on Thursday and Friday, according to the Chinese ministry, which did not elaborate on the agenda.
We find that the sanctions have inflicted, and increasingly inflict, very serious harm to human life and health, including an estimated more than 40,000 deaths from 2017–2018; and that these sanctions would fit the definition of collective punishment of the civilian population as described in both the Geneva and Hague international conventions, to which the US is a signatory. They are also illegal under international law and treaties which the US has signed, and would appear to violate US law as well.
As many as 40,000 people may have died in Venezuela as a result of US sanctions that made it harder for ordinary citizens to access food, medicine and medical equipment, a new report has claimed.
The report, published by the Centre for Economic and Policy Research (CEPR) a progressive, Washington DC-based think tank, says those deaths took place following the imposition of sanctions in the summer of 2017.
Many senior figures from the radical left marched with them, including Jean-Luc Melenchon, the leader of France Unbowed and one of Macron’s most vocal critics.
Welcoming this show of unity, Melenchon told BFM TV: “It’s the first time that there has been a call of this kind, that’s to say union organisations, associations and political movements.”
À Paris, différents événements Facebook rassemblent environ 6.000 participants déclarés. Le plus important d’entre eux, intitulé „Riposte générale“, appelle à une convergence des luttes avec les syndicalistes. La manifestation partira du quartier de Montparnasse, à l’appel de la CGT notamment, et prévoit de rallier place d’Italie.
FACE À UN GOUVERNEMENT MINORITAIRE QUI AGIT DANS L’INTÉRÊT D’UNE POIGNÉE DE RICHES PRIVILEGIÉS, L’URGENCE SOCIALE NOUS IMPOSE D’AGIR ENSEMBLE, DANS L’UNITÉ LA PLUS LARGE, POUR CONCRÉTISER LA CONVERGENCE DES LUTTES ET DES MOBILISATIONS EN COURS.
In his first press conference in two years as president, Macron promised €5bn (£4.3bn) worth of cuts to income tax for lower and average earners as well as pension rises for the poorest and vowed no more schools or hospitals would be closed during his presidency, as he responded to protests.
Vorgeworfen wird ihm unter anderem „Beleidigung einer Amtsperson“ sowie die „Teilnahme an einer Versammlung, die darauf aus ist, Gewalttaten zu begehen oder Schäden zu verursachen“ – nicht nur für Mediapart ist dies ein „schwerer Angriff auf die Informationsfreiheit“. Auch der in Frankreich bekannte Intellektuelle Geoffroy de Lagasnerie verurteilt das autoritäre Vorgehen der Polizei und betont die Notwendigkeit einer unabhängigen Presse.
A group of South Korean officials will head to Washington this week for follow-up talks on a U.S. decision not to extend sanctions waivers for South Korea and seven other importers of Iranian oil.
After 22 weekends of protest, the gilets jaunes show no signs of slowing down. The movement has rocked the French government. The government has made major concessions but has also launched a brutal crackdown. After weeks of repression, police violence and mainstream-media smears, how have these protests lasted so long?
Police fired tear gas and stun grenades amid tensions at a march of several thousand people from France’s Finance Ministry toward the Place de la Republique plaza in eastern Paris.
The march was one of several Yellow Vest events around Paris and other French cities Saturday.
Die EU veröffentlichte kurz vor Weihnachten (also quasi außerhalb der Wahrnehmungsschwelle) eine Pressemitteilung mit Informationen über die staatliche Unterstützung europäischer Banken. Der Pressetext stellte nur die in Anspruch genommene Unterstützung heraus, nicht jedoch die genehmigten Hilfen. Die zeigen aber erst, welchen Haftungsbeitrag der europäische Steuerzahler insgesamt übernommen hat. Diese Zahl war mir zumindest in der Höhe neu: 5.089,9 Mrd. Euro. Man findet sie gut versteckt auf Seite 9 des Berichts über staatliche Beihilfen. Dort heißt es:
“In der Zeit vom 1. Oktober 2008 15 bis zum 1. Oktober 2012 genehmigte die Kommission Beihilfen in Höhe von 5.058,9 Mrd. EUR (40,3 % des EU – BIP) für den Finanzsektor. …
Wer eine Vorstellung bekommen möchte, was eine Finanzkrise so kostet, erhält nun eine Zahl aus Brüssel: Allein in der Zeit von 2008 bis 2011 stützten die Länder der Europäischen Union die Bankbranche mit der praktisch nicht mehr vorstellbaren Summe von 1,6 Billionen Euro.
Sanders, who is running for the Democratic presidential nomination, includes a version of this line in his stump speeches — as part of a slew of statements that he says demonstrates how the system is rigged in favor of the rich and powerful.
But his language is a bit slippery and exaggerated.
The audit of the Fed’s emergency lending programs was scarcely reported by mainstream media – albeit the results are undoubtedly newsworthy. It is the first audit of the Fed in United States history since its beginnings in 1913. The findings verify that over $16 trillion was allocated to corporations and banks internationally, purportedly for “financial assistance” during and after the 2008 fiscal crisis.
Sen. Bernie Sanders (I-VT) amended the Wall Street Reform law to audit the Fed, pushing the GAO to step in and take a look around.
Jean-Luc Mélenchon vient d’adresser au Premier ministre le courrier suivant :
Paris, le 22 mars 2018,
Monsieur le Premier ministre,
Mercredi 20 mars, votre gouvernement a annoncé la mobilisation des militaires de la force Sentinelle dans le cadre des prochaines manifestations des « gilets jaunes » qui auront lieu demain samedi 23 mars. Cette décision a sidéré de nombreux républicains. En effet, le maintien de l’ordre n’est pas une tâche dévolue à l’armée. L’armée a pour charge de défendre la nation contre ses ennemis. En aucun cas des manifestants ne peuvent être considérés comme des ennemis de l’intérieur.
Ce vendredi 22 mars, le gouverneur militaire de Paris, le général Bruno Leray, a déclaré que ces militaires pourront « aller jusqu’à l’ouverture du feu ». De tels propos sont graves et nourrissent une escalade mortelle. Ils mettent la cohésion du pays et celle du lien entre l’armée et la Nation à la merci de n’importe quelle provocation.
The French government is to deploy its military anti-terror force as reinforcement during Act 19 of Saturday’s Gilets Jaunes (Yellow Vests) protests, President Emmanuel Macron decided on Wednesday.
Goldman Sachs, JP Morgan, Deutsche Bank: Wenn die Bundesregierung in der Finanz- und Wirtschaftskrise Rat sucht, geben sich die Top-Manager der großen (Investment)-Banken im Kanzleramt und den Bundesministerien die Klinke in die Hand. Mehr als 300 Mal haben Vertreter der Bundesregierung in dieser Wahlperiode die wichtigsten Bankmanager getroffen, wie das Finanzministerium jetzt eingeräumt hat. Laut Handelsblatt wolle man „durch Offenlegung jede Skandalisierung vermeiden“.
The fall in Britain’s currency accelerated on Wednesday afternoon after a leaked paper indicated Brussels would strongly oppose an extension in the Brexit date to the end of June, dealing a fresh blow to the UK prime minister.