Angela Merkel says countries who want a rapid solution to the eurozone debt crisis should not oppose Robin Hood tax. Germany's Angela Merkel criticises opponents of a financial transaction tax in Karlsruhe on 14 October. Photograph: Franziska Kraufmann/AFP/Getty Images Germany's chancellor, Angela Merkel, led European Union critics of US and British attacks on their plans on Friday to resolve the sovereign debt and banking crises. Merkel criticised both Barack Obama and David Cameron for opposing EU proposals for a financial transaction levy, or Tobin tax, and demanding "big bang" solutions. Spain's economy minister, Elena Salgado, smarting from a cut in the country's credit rating from Standard & Poor's, insisted it would meet its tough deficit target and accused rating agencies of being too swayed by exaggerated eurozone problems. Merkel, speaking at a conference of the engineering trade union IG Metall in Karlsruhe, said: "It cannot be that those outside the eurozone who press us again and again for comprehensive action are, at the same time, comprehensively working together to prevent the introduction of a financial transaction tax." She added: "This is out of order. We must ensure that financial market actors share in the costs of fighting the crisis. I will push for this until it happens, at least in Europe but preferably worldwide." - The IVth. Reich is upon us, europeans !!!!!!!!!!!!
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Sunday, October 16, 2011
Angela Merkel says countries who want a rapid solution to the eurozone debt crisis should not oppose Robin Hood tax. Germany's Angela Merkel criticises opponents of a financial transaction tax in Karlsruhe on 14 October. Photograph: Franziska Kraufmann/AFP/Getty Images Germany's chancellor, Angela Merkel, led European Union critics of US and British attacks on their plans on Friday to resolve the sovereign debt and banking crises. Merkel criticised both Barack Obama and David Cameron for opposing EU proposals for a financial transaction levy, or Tobin tax, and demanding "big bang" solutions. Spain's economy minister, Elena Salgado, smarting from a cut in the country's credit rating from Standard & Poor's, insisted it would meet its tough deficit target and accused rating agencies of being too swayed by exaggerated eurozone problems. Merkel, speaking at a conference of the engineering trade union IG Metall in Karlsruhe, said: "It cannot be that those outside the eurozone who press us again and again for comprehensive action are, at the same time, comprehensively working together to prevent the introduction of a financial transaction tax." She added: "This is out of order. We must ensure that financial market actors share in the costs of fighting the crisis. I will push for this until it happens, at least in Europe but preferably worldwide." - The IVth. Reich is upon us, europeans !!!!!!!!!!!!
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European Union leaders are working on a plan that may force banks to raise 100 billion euros ($137 billion) to more than 300 billion euros in additional capital, according to analysts’ estimates. That money would come either from existing investors or state funding that may come with strings attached. Schroders Plc and Swisscanto Asset Management say they’re reluctant to invest, given a failure to resolve the region’s fiscal crisis may send financial stocks even lower.
“Banks need to regain investor confidence and show how they can perform before they can raise capital,” said Peter Braendle, who helps manage 52 billion Swiss francs ($58 billion) at Zurich-based Swisscanto, including Deutsche Bank AG shares. “The market is waiting for a good solution to the sovereign- debt problems.”
Read more: European Banks Face Investor Boycott in Search for Capital
Important: Can you afford to Retire? Shocking Poll Results
The tech bubble is about to burst because venture capital money is drying up, according to the Wall Street Journal, but the signs were there long before that. If you don’t know what sexy vampire costumes, companies with silly names and Ashton Kutcher have to do with macroeconomics (and the tech bubble), then you’ve come to the right place.
There are fundamental reasons why the bubble is occurring. With interest rates near zero for extended periods, reducing the risk attached to “lost opportunity dollars,” investors have sought other assets for their money. Last time around that was real estate. Now, for the second time in recent history, it’s tech companies.
But that’s the boring stuff. Here are nine non-quantitative signs that the tech sector has been in a bubble for a long time.
At first glance, German Chancellor Angela Merkel's decision to visit Mongolia precisely at a time when Europe's debt crisis is hotter than ever might seem peculiar. But cool-headed economic interests were behind the trip: The Central Asian country has raw materials that Germany's industry desperately needs.
On Thursday, the governments of the two countries signed a commodity partnership agreement. The deal promises, among other things, that no limits will be imposed on the quantity of raw materials that Mongolia supplies to Germany. Mongolia, for its part, wants to benefit from the deal by making sure that the raw materials are processed in the country.
"We have the raw materials, Germany has the latest technology and the know-how," said Mongolian Prime Minister Sukhbaatar Batbold, who described Merkel's visit as historic. Merkel promised that Germany intended to pursue "long-term, equitable and sustainable development."
Mongolia is one of the Top 10 countries in the world in terms of quantities of natural resources and is home to huge deposits of copper, gold, silver and uranium. The country also has large reserves of rare earths, expensive metals which are in demand in high-tech industries, where they are essential for manufacturing various products. German companies have expressed concern about access to rare earths, especially as China, which dominates the market, has imposed restrictions on their export.
"Germany needs to forge strategic alliances in the area of raw materials, which could become scarce in the coming decades," said Ekkehard Schulz, a member of the supervisory board of engineering giant ThyssenKrupp, in remarks given to the news agency Reuters
The conservative Die Welt writes:
"Despite all the drama in Europe, there are other regions and key issues that are of crucial importance for the German economy. This includes finding and securing raw materials."
"Demand is rising rapidly around the world. The scramble for rare earths already began a long time ago. China in particular, which possesses large deposits of rare earths, recognized early on the importance of raw materials. China dominates the market and can grant a competitive advantage to its own companies. Europe must be careful that, given its current preoccupation with its own problems, it doesn't get left behind."
"Rare earths have never been a priority of German economic policy. German industry has tried to help itself by forging partnerships with companies in Australia. Yet without agreements at the governmental level, their efforts remain piecemeal. With almost no natural resources of its own, Germany is dependent on partnerships with other countries in order to guarantee long-term access to scarce resources. In this respect, the commodity agreement with Mongolia is an important step. Merkel's visit can be viewed as a success."
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