Europe
Cyprus, ‘A Money Laundering Machine For Russian criminals’ – Amounts, Flows, and Mechanics
by Wolf Richter • • Comments Off on Cyprus, ‘A Money Laundering Machine For Russian criminals’ – Amounts, Flows, and Mechanics
Russia’s booming underground economy with its dizzying flows of illicit oil money is at the core of an 84-page report by Global Financial Integrity. It advises the Russian government on how to tackle this problem. But buried deep inside is a gem: the flows and amounts of Russian “black money” into and out of Cyprus.
Self-Medicating With Watered-Down Bourbon: An Insidious Inflation
by Wolf Richter • • Comments Off on Self-Medicating With Watered-Down Bourbon: An Insidious Inflation
We’ve had an endless series of products whose ingredients have been cheapened in order to maintain the price. Consumers won’t be able to taste the difference, the theory goes. So, as the horse-meat lasagna scandal in Europe is spiraling beautifully out of control, we’re now getting hit where it hurts: Maker’s Mark is watering down its bourbon.
Draconian Cash Controls Are Coming To France
by Wolf Richter • • Comments Off on Draconian Cash Controls Are Coming To France
Prime Minister Ayrault himself presided over Monday’s meeting of the National Anti-Fraud Committee. “A first for a head of government,” he said at the press conference, to hammer home just how important this was. But he wasn’t worried about run-of-the-mill fraud that might fleece an old lady of her life savings. He was worried about people not paying their taxes. And he had a remedy.
French Socialist Nightmare: ‘The State Cannot Do Everything’
by Wolf Richter • • Comments Off on French Socialist Nightmare: ‘The State Cannot Do Everything’
French Workers Threaten To Blow Up Their Factory
by Wolf Richter • • Comments Off on French Workers Threaten To Blow Up Their Factory
Tuesday morning, the 168 remaining employees of DMI in Vaux, a tiny town near Montluçon in the Department of Allier, smack-dab in the middle of France, rigged about ten gas cylinders throughout the factory they’d been occupying and threatened to blow it up—unless their demands were met. Another day in the decline of the private sector à la Française.
French Government Fears ‘Social Implosions Or Explosions’
by Wolf Richter • • Comments Off on French Government Fears ‘Social Implosions Or Explosions’
The drumbeat of layoffs and plant closures has been riling up desperate workers who have little hope of finding a job elsewhere, with unemployment at 10.5%. But now the Socialist government, worried about a “radicalization” of these angry workers, has instructed police intelligence services to keep an eye on them. Not exactly one of the campaign promises.
The Confidence Crisis In Spain Sends Out Shock Waves
by Wolf Richter • • Comments Off on The Confidence Crisis In Spain Sends Out Shock Waves
It should have been an exciting event for Spanish Prime Minister Rajoy: a tête-à-tête with German Chancellor Merkel. Afterwards, he’d stand next to her, illuminated by her glory. He’d brag about implementing structural reforms, cleaning up banks, and moving Spain forward. She’d endorse him with her benevolent smile. Instead, it was a slugfest about corruption.
The Putrid Smell Suddenly Emanating From European Banks
by Wolf Richter • • Comments Off on The Putrid Smell Suddenly Emanating From European Banks
“The Politics of Removal”: Dressing Up French Unemployment
by Wolf Richter • • Comments Off on “The Politics of Removal”: Dressing Up French Unemployment
Ugly unemployment numbers are politically inconvenient in democracies. Red-faced politicians have to come up with excuses. Elections are lost over them. So, countries use inscrutable statistical systems to make unemployment look better. But France also has an administrative tool: removing tens of thousands of people every month from the unemployment rolls for spurious reasons.