European banks near ‘terrifying’ crisis: Raoul Pal (VIDEO)

Sure, “European banks.” All banks.

People in America are just plugging along seemingly oblivious to the storm which continues to gather strength overseas and in some cases is already buffeting the United States. It is foolhardy. We have just gotten used to the new post-2008 lower standards of living in this country and we want to think that the global depression which started in 2007-2008 is all over. It’s not.

Will the world go to hell in a hand basket tomorrow?

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How Laissez-Faire Made Sweden Rich

An excellent piece of history here. Sweden became an economic leader because of its long commitment to liberal markets and free trade. The wealth created from this free market situation (more free market than the US at the time according to the author) was then taken for granted and many believed that this wealth could be used to finance a cradle to grave welfare state. Turns out wealth needs to be generated on an ongoing basis and regulating commerce into oblivion is not a prescription for long term prosperity.

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After Poland Compares EU To Nazis, Brussels Launches “Unprecedented” Review Of Polish Media Laws

Big surprise that the NPR coverage of this story this morning emphasized the European Union’s supposed commitment to “the rule of law.” The backward Poles we were to understand were the ones in the wrong, and now Brussels (really Berlin) had to deal with the Warsaw yokels.

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UKIP ‘furious’ after details of ‘assassination attempt’ against Farage leaked

I had the pleasure of meeting Mr. Farage this past summer in Washington. I found him to be as passionate, straight forward, self effacing, and as generally good natured as his “official” persona. Not always a given with politicians. He called for the UK’s exit from the European Union. He emphasized the importance for the United States that Britain reassert its sovereignty and the need for the UK to look to the US not across the Channel. He warned of a federal Europe dominated by Germany.

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Canada Just Warned That Negative Interest Rates Are Coming

As we’ve said before, we live in fascinating economic times. (Not always the most fun though.)

This should be interesting. It is widely thought that the Federal Reserve will move to raise rates a bit this month. Meanwhile Canada, our largest trading partner appears to be moving in the opposite direction. (Along with Europe.)

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France Moves To Strip Citizens Of Civil Liberties After Paris Attacks

Of course it does. It’s not that the entire population (nearly) of France is unarmed that’s the issue. It’s not that Western leaders have facilitated a war in Syria which started as a pi–ing match between Russia and the USA over oil/gas transport corridors and then looked the other way while a stream of “refugees” from that war marched into Europe. (Seriously, if you were an ISIS commander, don’t you think you’d have your people marching along with the legitimate refugees?) No,

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Guess what? It isn’t just VW with emissions issues, And ‘regulators’ are also to blame, and likely not in the way you think

 

It seems the emissions scandal which started with Volkswagen now extends to many other car manufacturers, though it does not appear that these manufacturers had “defeat devices” like the VWs.

Some believe that this just shows why it is that there must be an even larger regulatory regime. That throwing more money at the issue, and by hiring more regulators, etc. will solve the problem. It won’t. The problem here is that car makers and regulators were essentially both in on the deal.

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Telegraph: US interest rate rise could trigger global debt crisis

Between a rock and a hard place.

Could? Well, I suppose so. In the same sense that taking drugs away from an addict is likely to trigger a “drugs crisis.”

If you don’t know, the entire financial world is on tenterhooks right now waiting for the latest declaration from the Federal Reserve, or as David Stockman puts it, the financial politburo. Will they raise rates or won’t they? Look to the skies. Stare into the crystal ball. What will the masters of the universe do?

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Dow futures skid 500 points as Wall Street preps for steep selloff

China down 8.5% FOR THE DAY. Europe down broadly, 3-4% on huge volume. And on Bloomberg everyone is asking, why?

The new China ride?

Why? Because China (just China?) is in deep trouble. Because the Chinese central bank has intervened big time and has failed. The market has overwhelmed a large central bank and that is new.

I’m guessing that there were more than a few meetings at the Federal Reserve over the weekend.

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

The last time Europe “unification” was attempted.

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.

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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.

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Greece’s Problems Explained in Six Charts (and one movie clip)

See, now that we know what the problems are, getting the whole Greek economic crisis thing under control should be pretty easy.

Ha!

Mohamed El-Erian says the Greek “no” vote is like this scene from the classic movie Network.

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