ByDr. Constantin Gurdgiev
“Ireland’s corporation tax rate was in the sights of the man most likely to succeed Angela Merkel as German chancellor when he met Tánaiste Eamon Gilmore in Berlin. Peer Steinbruck, the Socialists’ candidate to lead the party in next year’s election, also said he doesn’t personally believe in using EU funds to pay down bank debt.”
Now, here’s the problem: Steinbruck has been “deeply critical of Ireland’s generous corporation tax, blaming it for Germany losing income from German companies, when he was finance minister in the previous coalition government with Ms Merkel.”
Per report, “the Tánaiste tried to reassure him that Ireland’s tax rate of 12.5% — the second lowest in the EU — posed no threat to Germany… …
full article at source: http://trueeconomics.blogspot.de/
Deutsch: Dr. Angela Merkel Bundeskanzlerin der Bundesrepublik Deutschland Vorsitzende der CDU Deutschlands (Photo credit: Wikipedia)
By Darrell Delamaide
“Both the German public and politicians should learn from history,” Lindner wrote in a commentary for Die Zeit that was also published in The Guardian. “Solidarity with the crisis countries is in Germany’s long-run interest. The German government should stop abusing its power to dictate economic decline to other nations. The alternative is economic stagnation and increased tensions between European nations.”
The situation has deteriorated since Lindner hoped in vain for some enlightenment on the German side. Instead, German Chancellor Angela Merkel and Bundesbank President Jens Weidmann have held to the prescription Lindner saw leading to disaster: “Germany and the German central bankers demand drastic austerity and only give piecemeal and insufficient help in return — too little, too late.” Read Lindner’s op-ed in English.
The latest austerity measures in Spain, approved by the national Parliament last week even as the economy continues to contract, has led to new riots in the streets, pushing the yields on Spanish bonds above the 7% level deemed manageable, and increasing the likelihood of contagion to Italy.
full article at source: http://www.marketwatch.com/story/euro-crisis-brings-world-to-brink-of-depression-2012-07-24
Image via Wikipedia
Chris in the USA highlighted this article for us
“…the world is a lot poorer than it was in June. But back then people still thought the Bernanke team was engineering a ‘recovery.’ Now we know, recovery hopes were fantasies. This is not an economy that can recover. It has to die. Then, a new economy will take its place.”
The Developed World Shifts from “More” to “Better”
Bill Bonner, The Daily Reckoning, 10/3/11
November 2011 through April 2012 are especially critical for the markets and economy, and thus for portfolio construction. The following is an overview and key essential guidelines for portfolio profit and protection.
“Dreams that are taking hold again now that with this package everything will be solved and everything will be over on Monday, won’t be able to be fulfilled.”
Steffen Seibert, Spokesman for German Chancellor Angela Merkel, 10/17/11
- The Eurozone will come to the cliff at the end of “The Road” by the spring, 2012 because an extraordinary large amount of sovereign, and other debt will have to be rolled, haircut down, or repudiated, this coming spring.
“Financial markets are driving the world towards another great depression with incalculable political consequences. The authorities, particularly in Europe, have lost control of the situation.”
full article here:http://www.financialsense.com/contributors/deepcaster/2011/10/20/essential-portfolio-considerations-into-2012
Image via Wikipedia
Germany said European Union leaders won’t provide the complete fix to the euro-area debt crisis that global policy makers are pushing for at an Oct. 23 summit. German Chancellor Angela Merkel has made it clear that “dreams that are taking hold again now that with this package everything will be solved and everything will be over on Monday won’t be able to be fulfilled,” Steffen Seibert, Merkel’s chief spokesman, said at a briefing in Berlin today. The search for an end to the crisis “surely extends well into next year.”
We noted on Friday, the markets were showing some signs of a possible short-term reversal. The recent rally off the October 4 intraday low was strong, which means it may take a day or two before any bearish trends re-emerge. Buyers may still step in over the next day or so on pullbacks
full article at source: http://www.financialsense.com/contributors/chris-ciovacco/2011/10/17/germany-solutions-to-extend-well-into-next-year
One of the many interesting aspects of the Eurozone crisis is how many key political and central bank leaders fail see (or at least admit) that Europe is out of time.
Even more peculiar are statements by ECB president Jean-Claude Trichet who finally does realize time is of the essence, yet Trichet “solution” is a set of measures that must be passed by all 17 nations when those nations cannot agree on EFSF funding, on Eurobonds, on collateral for Greece, or even on whether a fiscal union or transfer union must take place.
In some instances the differences boil down to big country vs. small country concerns. In other instances it is Southern “club-med” states vs. Northern states. Some countries refuse to give up sovereignty, while others welcome giving up sovereignty.
It does not help matters when German chancellor Angela Merkel seems to change her mind on something every other week
full article at source:http://www.financialsense.com/contributors/michael-shedlock/2011/09/08/europe-is-out-of-time-breakup-inevitable
This morning I was listening to the Eamon Dumpy show on Newstalk (Sunday Show)
Listen here:Newstalk radio show
I have promised myself not to buy Sunday newspapers because I am always upset that there is nothing in them .We always seem to have the same self-serving so called celebrity journalists and mouthpieces of the political élite spouting off or touting the latest government kites !.We do not have any real objective ,investigative journalism in this
country and we are only fed tripe from the well placed insiders who never stop
telling the rest of us we are not been taxed enough and things are not as bad
as they could be!
In any case I want to highlight this morning’s program because Dr. Constantin Gurdgiev managed again to spell out the utter dire folly of the current government’s efforts to continue with the previous government’s policies of appeasement to the ECB.
Morgan Kelly’s article last week was in some measure covered too.
The latest example was only last week when Nicolas Sarkozy and German chancellor Angela Merkel barely down from the podium demanding changes to our constitution and announcing a pan European corporation tax that would seriously damage the Irish economic competitiveness (so we have be told ) our finance minster Michael Noonan shot out on to the world stage and declared his total support for the these two chancres!
Jesus its embarrassing how far this guy has crawled up the rear end of these two self-serving politicians (Merkel&Sarkozy)
I warned that the markets would not be fooled by their half baked ideas and
sure enough the markets promptly tanked the rest of the week in response. The plunder of our national pension fund is almost complete and what did the 25 billion achieve? Nothing! It all went into a black hole and we don’t have anything to show for it!
The gob-sh***s who advocated we should put it into the banks have now disappeared or on long summer holidays .While the ordinary Joe soaps struggle to hold on to their sanity the ruling class are preparing us for the next round of “Austerity Measures” and we hear of the latest broken promises from our political gangsters and con artists who fraudulently won their way into the Dail.
Anyway I must say I felt better havening listened to this program as I agree with Constantin Gurdgiev assessment of our current economic crises. (part an end of tap spells it out the way I see it and I have been saying for the last three years)
We do not own the Banks the ECB does and let them take them by giving them the equity and then we should wash our hands of them period!
Why can’t we have the likes of Gurdgiev as a minster ? Someone who has b**** enough to
tell the ECB to go and get stuffed?