Yah, Berlin vouldn’t like that.
Germany is in trouble generally. Why is it that prominent socialists always like to “live rich”? This is almost without exception.
Germany and Greece had “ties” before.
The EU, the dream, the de facto European (monetary) empire based officially in Brussels but in many if not most respects in Berlin is on the edge of imploding. Currently on deck for possible European Union exit, France, The Netherlands, Italy, Greece. Britain famously of course has already decided to leave.
The European Union is eroding from its periphery and it is collapsing in pieces even in Germany and France. It is highly fragile and if real recessionary winds blow the EU will start to crumble at a faster pace.
We say the faster, the better.
The bureaucrats are clinging to the dream, but the dream has morphed into something very different for many in Europe. We can’t say that we’re disappointed.
Yes, yes, everything is fine economically. So what if the largest FOREX trader in the world and the globe’s 11th largest bank is teetering because after all this time the DOJ in America finally decided to levy a fine of consequence against a major bank.
My question is why is the US trying to break Deutsche Bank? If it wrote fraudulent mortgages and packaged fraudulent mortgage backed securities it deserves to feel pain. But other banks got off with wrist slaps.
No reason eh? It’s perfectly OK for a central bank to buy the market. Price discovery? Reality? Such things are so passe. So pre-2008.
Remember when people used to talk about this sort of thing in hushed tones? It wasn’t that long ago. Now? Right out in the open. Heck in some places it’s already DONE right out in the open.
Looks like a revolt is happening against the European Central Bank. This could be a very interesting development for the world economy in coming months.
Central banks don’t like cash, particularly when they want to impose negative interest rates on a failing global economy. (If banks were to offer negative rates cash would provide a yield and as such few would put money in the bank. The central bankers are very afraid of this scenario because it takes control away from them.) Central governmental authorities don’t like cash either because they can’t track each and every transaction for tax purposes if people do business in cash.
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.
Farage giving us an update this past summer on the fight against the EU.
I don’t agree with everything Mr. Farage has to say, but I do agree with a good bit. I had the opportunity to listen to him speak in Washington recently and I was impressed. He is as entertaining in person as he is on the floor of the European Parliament. His voice is a critical one as Europe appears to be spinning headlong into an autocratic abyss.
I used to have a VW bus which looked just like this. It put out some emissions. That is for sure.
VW may see as much as $18 billion in fines from the EPA.
Apparently VW had installed “defeat devices” into its diesel vehicles which were able to recognize when a vehicle was being tested for emissions. When the diagnostics were run for emissions the vehicles then adjusted their engines to emit lower levels of pollutants than normal.
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.
German bonds have seen massive inflows during the Greek crisis. Every time Greece got hot more money flowed into Deutschland in a “flight to safety.” This lowered rates. Germany then had cheaper money to play with.