1 of 71234567

Tag Archives: EU

Unrelenting immigration is easy for those rich enough (often through crony capitalism) to mitigate the impact

Peggy Noonan writes in the Wall Street Journal of a fundamental disconnect between what she refers to as “elites” (I despise this term, many, if not most people in power I have met are not what I would call “elite.”) and their indifference to the pressures which come from massive immigration. She makes an important point. A giant increase in immigration flows isn’t going to really impact the circle Angela Merkle runs in, except that perhaps the people in this circle will be able to pay their gardeners even less. But for the many unskilled and low-skilled workers in the West it has a very real impact. These people also, unlike Merkle and Company are not part of the deeply entrenched crony system. They are on the outside in their own countries. Now many of these people, in Europe and in the USA, see new immigrants pushing them even further to the economic margins.

As we have said many times we are generally for immigration, but just opening the gates completely is not a solution. We recognize that this puts us at odds with some of the people we consider intellectual brethren, but to deny that unrestricted immigration won’t have a serious (and likely negative) impacts on the US and Europe is to deny that one can have too much of a good thing.

To dismiss the immigration concerns of many middle and working class Americans and Europeans as simple-minded and bigoted is wrong. Policy makers need to listen more closely and must find a humane answer to the current challenges in Europe and the US.

It should also be noted that much of the chaos we see in the Middle East wouldn’t be happening had we not gone into Iraq 12 years ago. So much of this is of the West’s making. Lots of people won’t like us saying that either.

Read More

New attempt to conquer Europe: France’s Hollande Proposes Creation of Euro-Zone Government

Napoleon tried to do it. Hitler tried to do it. Both failed. Europe in the post medieval era has never been fully conquered. Europe has remained multiple states. Given that it is a continent defined by mountain ranges, peninsulas, and islands this makes sense. It is a landmass of cul-de-sacs. It is not a vast plain which is easily overrun. But now the eurocrats (many unelected) are trying to take over Europe via administrative means.

The goal is a “United States of Europe,” but don’t be fooled. This USE is not a democratic endeavor, as the recent subjugation of Greece shows. It is about domination and coercion.

As Nigel Farage head of the United Kingdom Independence Party said recently a USE would be more like the USSR than the USA.*

Read More

“Prime Minister Alexis Tsipras will return to face a mutiny within his coalition after he surrendered to European demands”

Tough decisions in Greece. Huge pressures.

I was watching Bloomberg last night just before midnight and they were reporting that the hashtag #thisisacoup was the highest trending hashtag on Twitter for a while yesterday. So what does that tell you?

The Germans (and others) wanted to crush Greece. And it looks like Deutschland may have succeeded.

Read More

Nigel Farage Destroys EU Group-Think: “There’s A New Berlin Wall… And It’s Called The Euro” (Video)

Farage addresses Greek Prime Minister Alexis Tsipras personally on the floor of the European Parliament and encourages the leader, and it appears that Tsipras is a leader, to exit the Eurozone “with (his) head held high.”

Indeed there are many “friends of Greece” around the world. More friends than Goldman Sachs, that’s for sure. Though Goldman’s friends tend to be more powerful.

Greece, pull an Iceland.

Read More

Gold, Greece and the end of the era of the central banker as (g)od

“You can run on for a long time…Sooner or later God’ll cut you down…” – Johnny Cash

Greece got “subprimed” into the EU. It didn’t have the credit rating to be part of the euro experiment but Goldman Sachs found a way to make Greek numbers palatable to Brussels (Brussels wanted Greece anyway) in 2000. Now reality has come and Europe’s southern economic headland is disintegrating.

As the author of the attached article correctly notes the most recent Greek crisis represents a transition in the economic narrative. (It’s not just Greece though. What’s happening in China and in South America is also a big part of it.) Of course the Austrian economists have known that this day would come sooner or later. Yes, one can print. Yes, one can paper over an economy for a while. But sooner or later the cracks in the paper mache appear.

Greece is a big crack.

Read More

Swindle Alert: How To Spot The Fed’s Impending Bailout Of Europe

How does the Fed get dollars to European banks when said banks run out of dollars in which to do dollar denominated business? Print some new ones, then have the euro banks swap euros for the new dollars. A little of this. A little of that. And presto, mini euro-bailout. (Or maybe not so mini depending on the circumstances.)

Read More

Want to get cash out of your bank account? You have to pay a tax first in Greece

At this point if you still have a pile of euros in a Greek bank you almost deserve to be taxed in such a terrible way. Of course most of the accounts in play here aren’t stuffed to the gills with money but are everyday accounts used for paying rent and buying groceries.

But not to worry, rich folks may soon see capital controls on transfers of over a million euros. And if you have a million euros in a Greek bank at this point, after all that has happened, I don’t have all that much sympathy.

Both the withdrawal tax and the capital controls still have to be approved by authorities. One can only assume that queues are wrapping around the Athens Wells Fargo as I write this.

Read More

Negative interest rates put world on course for biggest mass default in history

Call it the new abnormal.

Since 2008 the world has been turned upside down. In our collective panic we have disrupted whatever used to pass for economic homeostasis. Now the globe is moving (moved) toward a negative interest rate environment for government bonds.

Please, take my money. I’ll pay you to take my money! Why am I paying a government to hold my money? Well, because the economy is so healthy of course.

Read More

1 of 71234567