Euro

Bailout Rebellion In Germany

by Wolf Richter •  • Comments Off on Bailout Rebellion In Germany

“We’re on the way to a worldwide financial dictatorship governed by bankers,” said Peter Gauweiler, German Member of Parliament. “We don’t support Greece. We support 25 or 30 worldwide investment banks and their insane activities.”

‘Let the Euro Die,’ Said the Woman Who Could Be the Next French President

by Wolf Richter •  • Comments Off on ‘Let the Euro Die,’ Said the Woman Who Could Be the Next French President

Marine Le Pen, president of the Front National and one of the top contenders in the 2012 presidential election, said the unspeakable. And the media printed it. And now word is out.

Knife Drawn, the Bundesbank Attacks the ECB, and German Industrialists Tremble

by Wolf Richter •  • Comments Off on Knife Drawn, the Bundesbank Attacks the ECB, and German Industrialists Tremble

The Bundesbank lashes out at the ECB for its decision to print money and buy crappy bonds of eurozone countries that lived high on the hog for years but are crumbling under a pile of debt. This puts it on collision course with the German industrialists that got rich off those countries. Angela Merkel is caught in between.

Swiss Franc Wreaks Havoc In Switzerland

by Wolf Richter •  • Comments Off on Swiss Franc Wreaks Havoc In Switzerland

The run-up of the Swiss franc entailed a stock-market crash, gigantic hits to wealth invested overseas, and big losses in Swiss pension funds. Companies are reeling. Layoffs and a recession are next. The Swiss National Bank (SNB) flooded the market with francs, intervened in the currency markets, and forced real interest rates into negative territory. Without much success.