Much digital ink has been spilled about the US oil & gas boom, and whether or not it will lead to energy independence, or even turn the US into an oil exporter. Now a “confidential” report by the German version of the CIA, the Bundesnachrichtendienst, seeped to the surface. It sketched out the boom’s geopolitical consequences. Biggest loser? China.
Europe
The Next Shoe To Drop In France
by Wolf Richter • • Comments Off on The Next Shoe To Drop In France
A War To Reverse The French Government’s Descent Into Unpopularity Hell
by Wolf Richter • • Comments Off on A War To Reverse The French Government’s Descent Into Unpopularity Hell
Normally, the media would have given it priority: French President Hollande and Prime Minister Ayrault have become more unpopular than ever before. But the poll was shoved into the background by France’s bombing campaign in Mali—which released an avalanche of positive comments and support from all sides, at least in France. With impeccable timing.
CEO of German Multinational: Costs Of Monetary Union Too High
by Wolf Richter • • Comments Off on CEO of German Multinational: Costs Of Monetary Union Too High
Bernd Scheifele, CEO of HeidelbergCement—one of the world’s largest producers of construction materials with nearly 55,000 employees at 2,500 locations in over 40 countries—lashed out against European politicians and their inability to bring budgets under control. But he reserved the most devastating judgment for the euro itself.
Russian “Black Money” Threatens To Boot Cyprus Out Of The Eurozone
by Contributor • • Comments Off on Russian “Black Money” Threatens To Boot Cyprus Out Of The Eurozone
German Bailout Chancellor Merkel, who is trying to avoid any tumult ahead of the elections, has a new headache: Cyprus might default and exit the Eurozone. Using taxpayer money to bail out the corrupt Greek elite or stockholders, bondholders, and counterparties of banks, or even privileged speculators, is one thing, but bailing out Russian “black money” is, politically at least, quite another.
Secret French Plan In the European War Of The Automakers
by Wolf Richter • • Comments Off on Secret French Plan In the European War Of The Automakers
“Volkswagen has chosen to wipe out PSA,” said a source in President Hollande’s entourage. PSA Peugeot Citroën, Europe’s second largest automaker, is teetering. Volkswagen Group, Europe’s largest automaker, is an invincible giant—that wants to reduce overcapacity in Europe “on the backs of the French,” the source said. Hence a secret plan, a desperate, misbegotten, and taxpayer-funded deal.
As Cars Burn In France, The Industry Of Hope Booms
by Wolf Richter • • Comments Off on As Cars Burn In France, The Industry Of Hope Booms
New Year’s Eve is the main event: 1,193 vehicles were set on fire. But it’s a year-round passion, with over 40,000 vehicles going up in smoke. A tradition no one has the balls to explain. In a country whose unemployment is climbing with incessant brutality, and whose automakers are bogged down with uncompetitive products in a morose market. But there’s an industry that is booming. The lottery.
Blowing Up: The Transfer Of French Nuclear Technology To China
by Wolf Richter • • Comments Off on Blowing Up: The Transfer Of French Nuclear Technology To China
Technology transfers, whether on a contractual basis or through theft, have long bedeviled companies that want to benefit from China’s cheap labor and 1.3 billion consumers. Automakers, aerospace companies, technology outfits…. it’s the price they have to pay. But when it seeped out that the largely state-owned nuclear industry in France was trying to sell its secrets to China to make a deal, oh là là!
French Artists (Théâtre Royal de Luxe) Strike Out Against Evil American Empire (Coca-Cola)
by Contributor • • Comments Off on French Artists (Théâtre Royal de Luxe) Strike Out Against Evil American Empire (Coca-Cola)
Théâtre Royal de Luxe, a street-theater company in France, decided to sue an evil American multinational giant, or so it seems. But there are complications: Royal de Luxe is at the confluence of political connections, government subsidies, Coca-Cola commercialism, perhaps even world domination—and certainly, awesome art.
“Trench Warfare” Or “Civil War” Over Confiscatory Taxes In France
by Wolf Richter • • Comments Off on “Trench Warfare” Or “Civil War” Over Confiscatory Taxes In France
“We’re engaging in trench warfare,” proclaimed Alain Afflelou, head honcho and founder of an eyewear company with 1,200 stores in France and other countries. He was talking about the tax fiasco that split France in two. He was done with his country. He’s moving to London. One of France’s so-called fiscal exiles. And now there are “unprecedented waves” of them.