Friday, May 10, 2013

Who do you think you are kidding Mrs Merkel?

Following German Unification, the Euro was another cunning plan to make Germany the, albeit financial, master race in Europe. Now it's all going awry for the Germans who, yet again, have overstretched their capabilities and their current lords and masters are seemingly living in denial protected by their own economic bubble, or bunker, while the German Euro master plan crashes in financial flames all around them. Meanwhile, past members of the hierarchy try to broker some kind of financial peace treaty while Britain remains steadfast protecting it's financial beach heads and the USA does its utmost to keep out of the, albeit financial, fighting while protecting it's worldwide financial interests. The appropriate words are all in Lafontaine's statements. "The Germans have not yet realized that southern Europe, including France, will be forced by their current misery to fight back against German hegemony sooner or later".  Chancellor Angela Merkel will "awake from her self-righteous slumber" once the countries in trouble unite to force a change in crisis policy at Germany's expense. "Hopes that the creation of the euro would force rational economic behavior on all sides were in vain" adding that the policy of forcing Spain, Portugal, and Greece to carry out internal devaluations was a "catastrophe". I love the way the German refers to "rational economic behavior" by which I assume he means "Germany's economic interests"! "They don't like it up 'em!" do they?  As before, methinks this could end up costing Germany dear in what can only be described as reparations for their ill fated financial master plan which caused so much suffering and misery across Europe and is likely to take several years to return to business as usual.


Anonymous said...

The EU is controlled by a left wing elite. Unfortunately this means they will always be incompetent in real world decision taking as they are only driven by one moral driver - harm/care.

....The left thus incentivizes all of the wrong goals for a successful society, such as self-indulgence and moral and financial irresponsibility, and fails to incentivize the autonomy, initiative, industry, integrity and mutuality essential to a good life....

Left thinking is driven by an equity agenda.
The EU has never had policies to reward initiative and industry because this would be in direct contradiction of equity as it means creating winners ( and hence losers). The elite hate banks, the markets and competition which they see as creating the crisis.

In fact they created the crisis by how they designed the eurozone ensuring a debt crisis was inevitable as all economists knew.

They never take responsibility for their own actions so blame the banks and the markets and not the fact they they created a humongous unpayable debt. They are incapable of seeing their own errors so pursue a losing policy endlessly into the future.

The design had to favour Germany which meant that the PIIGS has to be left with ever increasing debts to pay for German products. Germany insisted no mutualisation of debt thus guaranteeing a German surplus at the expense of a PIIGS deficit.The FTT shows they have zero understanding of markets and even less interest. All left organisations are based on centralisation of decision making and rules and regulations. This guarantees a totally inflexible response to a changing world with the attendant low economic growth this creates.The developing world will surge past the EU and leave it as an economic backwater.

You cannot save the EU as it's only target is to become more centrally controlled and inflexible than today. It will create a level playing field but the price will be that the EU will be monstrously inefficient and uncompetitive with the rest of the world. This translates in turn to the EU public becoming poor but more equally poor .

The EU will ever become driven to become competitive as this is not compatible with left wing principles.

Anonymous said...

David Cameron has attacked Europe for its plans to impose a Robin Hood tax on financial trading, claiming it would be dangerously counter productive.

The PM was explaining the key reasons why firms should invest in the UK - and the first one he cited is the City.

It's clear that this is an industry where we have a massive advantage...we should be proud of that.

We shouldn't spend our time in politics bashing banks and financial institutions.

Cameron then told the business leaders at the Global Investment Conference that the EU's plan for a Financial Transaction Tax -- a small levy on any euro-denominated trade -- was a blunder.

Unless it is introduced all across the world it is a mistake for Europe.

He argues that the City of London was essential to the UK, and valuable to the rest of the EU too - as it generated 40% of Europe's financial services.

It is not just an industry that serves Britain, but serves Europe.

Quite an attack on his fellow leaders from the PM -- but not a surprise, as Britain has already decided to launch legal action in the hope of blocking the plan.

Cameron also argued that the UK's clear industrial policy was another reason to invest in Britain (and he could point to today's decent manufacturing data to back him him).

Anonymous said...

The Mayor of London said that he has "always been narrowly in favour" of Britain staying in the EU and "particularly of protecting British interests in the single market", but said there was also a "real opportunity to get a better deal from Europe".

He backed David Cameron's efforts to renegotiate Britain's relationship with Europe.

However, he added: "It follows from our desire to have a renegotiation that we must also be prepared to say, OK, fair enough, we can't get the terms that are suitable, then we will walk away."

Referring to a call by Lord Lawson, the former Chancellor, for the UK to leave the European Union, he said: "Big beasts, large and small, lean, big whatever their dimensions, should recognise that only David Cameron is offering both a referendum and a renegotiation."

The Mayor, speaking on the sidelines at the third annual Global Investment Conference in London, dismissed some claims that Britain would suffer outside the EU.

Anonymous said...

LONDON—Steel titan ArcelorMittal Friday said it made a net loss in the first quarter due to lower steel shipments and prices, but maintained its full-year earnings guidance on expectations that steel and iron ore sales will pick up during the year.

ArcelorMittal, the world's largest steelmaker by volume, said it made a net loss of $345 million in the first three months of the year compared with a net profit of $92 million in the same quarter a year before.

Sales dropped 13% on the year to $19.75 billion.

Anonymous said...

Christine Lagarde, who shared a platform with Schäuble and Osborne at the London conference, said the eurozone was in the bottom tier of a three-speed global recovery and was in danger of becoming a third-tier economy.

The IMF boss urged leaders to "do their homework" to find ways to promote growth and prevent the eurozone from slipping behind the US and developing nations.

Merkel's cabinet on Wednesday endorsed legislation putting the ECB in charge of supervising eurozone banks. But Berlin is hostile to further moves that would share risk and liability across the eurozone banking sector, such as pooled funds for winding up failed banks and spreading responsibility for guaranteeing savers' deposits. The latter is viewed as a no-go area in Germany while Berlin takes the view that a bank resolution system should be essentially national rather than European.

The German finance ministry has been arguing for the past fortnight that a full eurozone banking union would need a renegotiation of EU treaties, an arduous and lengthy process. The eurozone agreed in June last year to create the banking union and to use bailout funds to recapitalise weak banks directly without adding to governments' debt levels. But the Germans then delayed and diluted the policy which is to be revisited at an EU summit next month.

Washington voiced exasperation. "It is important to move forward with full banking union. Last year, European leaders vowed to break the feedback loop between banks and sovereigns, but momentum has waned," said the senior official.

"Recent events in Cyprus highlight the importance of Europe redoubling efforts toward a full banking union, including not only a single supervisory mechanism but also resolution authority and recapitalisation capacity along with a backstop for national deposit insurance, so as to build a framework for oversight and risk sharing across the euro area that matches the cross-border reach of the banking sector, restores confidence, and restarts credit."

Anonymous said...

Finance ministers from the G7 group of industrialised nations are set to begin a two-day meeting on Friday.

Banking reforms will be top of the agenda at the meeting, which is being held close to London.

March's emergency rescue of Cyprus will still be fresh in ministers' minds.

The meeting is a rarity, because in recent years the G7 have tended to get together on the sidelines of the G20 and the International Monetary Fund (IMF) meetings.

The G7 is comprised of the United States, Germany, Japan, the UK, Italy, France and Canada.

UK Chancellor George Osborne, who will be chairing the meeting, said: "We will be talking about how to nurture the recovery.

"There is no doubt that there is greater stability - and that is reflected in financial markets - than perhaps there was last year."

The meeting will give Mr Osborne the chance to meet with the man he has chosen as the next governor of the Bank of England, Mark Carney, who is due to step down as the head of Canada's central bank at the beginning of June.

Mr Carney will replace Sir Mervyn King, who is stepping down as governor of the Bank of England after 10 years.

Anonymous said...

China is firmly opposed to any punitive duties set by the European Union targeting Chinese solar companies, and the government will defend the rights of domestic companies, a senior Chinese official said on Thursday.

"China expects the EU to be cautious in taking any sort of measures," said Yao Jian, a spokesman for the Ministry of Commerce, during a news conference. "We don't want to see a trade war."

As major trade partners, China and the EU should resort to dialogue and consultations to resolve frictions, he said.

Chinese photovoltaic solar panel manufacturers face import tariffs of up to 67.9 percent at EU borders under a plan from the 27-nation bloc's executive body.

The tariffs could range from 37.3 percent to 67.9 percent, and could be 47 percent on average, the European Commission draft proposes.

"The proposed tariffs are much higher than the forecasts by Chinese industrial insiders," said Gao Hongling, deputy secretary-general of the China Photovoltaic Industry Alliance.

Anonymous said...

EBRD cuts growth forecast for emerging Europe

Over in Istanbul, the European Bank for Reconstruction and Development is meeting and has cut its growth forecast for emeging Europe and North Africa shaprly. EBRD president Suma Chakrabarti said:

The outlook for growth in both of our regions has been revised down significantly

Anonymous said...

EBRD cuts growth forecast for emerging Europe

Over in Istanbul, the European Bank for Reconstruction and Development is meeting and has cut its growth forecast for emeging Europe and North Africa shaprly. EBRD president Suma Chakrabarti said:

The outlook for growth in both of our regions has been revised down significantly

Anonymous said...

U.S. stock futures advanced on Friday as investors looked to close out the week on a high note.

The Dow Jones industrial average stock futures index rose 0.43% to 15, 108, the Standard & Poor's 500 stock futures index added 0.09% to 1, 626 and the Nasdaq 100 stock futures index tracked 0.14% higher to 2, 962.25.

On Thursday, stocks eased back. The Dow fell 0.2% percent to 15,082.62. The S&P 500 dropped 0.4% to 1,626.67. The Nasdaq composite fell 0.1% to 3,409.17.

THURSDAY: Stocks slip after two days of record closes for the Dow

Japan's benchmark stock index surged Friday after the dollar hit a four-year high against the yen. The Nikkei 225 index in Tokyo jumped 2.93% to 14,607.54.

The yen was falling further against the dollar on Friday to stay just above the 100 level.

In Europe, the benchmark Stoxx Europe 600 index pushed modestly higher, on track for a fourth straight session of gains.

Benchmark oil for June delivery was down 58 cents to $95.81 in electronic trading on the New York Mercantile Exchange. The contract lost 23 cents to finish at $96.39 a barrel on Nymex on Thursday.

Anonymous said...

Agentia spatiala americana (NASA) a anuntat ca echipajul ISS, format din sase persoane, a detectat joi o scurgere de amoniac provenind de la un sistem de racire, dar a subliniat ca acest eveniment nu prezinta niciun pericol nici pentru astronauti si nici pentru Statie.

Totusi, seful segmentului rusesc pentru ISS, Vladimir Soloviev, a afirmat ca este vorba de o "anomalie foarte grava".

Acesta a precizat ca specialistii rusi si americani isi concerteaza activitatile pentru a organiza o iesire in spatiu a echipajului, cu scopul de a verifica provenienta acestei scapari de amoniac.

Comandantul misiunii pentru ISS, canadianul Chris Hadfield, a recunoscut pe Twitter ca este vorba despre o "situatie serioasa" si a anuntat un pic mai tarziu ca iesirea in spatiu ar urma sa aiba loc sambata.

"Iesirea in spatiu este pentru maine, Chris Cassidy si Tom Marshburn isi pregatesc combinezoanele si sasul", a scris el, vineri.

Potrivit site-ului specializat Spaceflight101, aceasta iesire in spatiu ar urma sa dureze circa sase ore.

Potrivigt unui comunicat al NASA, echipajul ISS a alertat joi centrul de comanda al Statiei, din Houston (Texas, sudul SUA), de prezenta unor "mici fulgi albi plutind in jurul Statiei".

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