Europe

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.

Chain Restaurants Are Conquering France

by Wolf Richter •  • Comments Off on Chain Restaurants Are Conquering France

And so is obesity. Good food and leisurely meals bien arrosé are considered the glue that keeps families, and French society, together. And yet, chain restaurants have elbowed their way in and now control 20% of the total restaurant market.

Germany, Model Economy Du Jour

by Wolf Richter •  • Comments Off on Germany, Model Economy Du Jour

All Tax And No Play. But they still can’t balance their budget or bail out Italy.
While we’re having all the fun.

Downgrades Don’t Matter

by Wolf Richter •  • Comments Off on Downgrades Don’t Matter

… if you can print money and are in control of the credit markets. Look at Japan. That doesn’t mean the underlying problems don’t matter.

Hatchet Jobs

by Wolf Richter •  • Comments Off on Hatchet Jobs

The litany of layoffs among the largest banks continues. And it’s ugly. After announcements and rumors from Wall Street, the first European banks have come out to air their dirty laundry. And now, per the Financial Times, Royal Bank of Scotland (RBS) is adding 2,000 layoffs to the list. 63,000 by eight European banks so far. Something big is afoot.

Why the decline in German beer consumption?

by Wolf Richter •  • Comments Off on Why the decline in German beer consumption?

So people ask me that after reading the post below. All sorts of researchers are studying this phenomenon, and they’re coming up with a laundry list of reasons, which I may or may not buy, but here is a thought from memory lane.