Europe

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.

PROST! Germany lost the beer war, And China won.

by Wolf Richter •  • Comments Off on PROST! Germany lost the beer war, And China won.

Germany, country of the Reinheitsgebot (Beer Purity Law), and cradle of beer as we know it, where, at the age of fifteen, I regularly drank a few Helle too many at any pub I wanted to, well, that very country not only has failed to export its beer, but now, Germans have stopped drinking it themselves, apparently.

Not What You’d Expect from a Topless Beach in France

by Wolf Richter •  • Comments Off on Not What You’d Expect from a Topless Beach in France

French beaches, best known for their topless female sunbathers, have been afflicted with a disgusting and deadly scourge: floods of green algae. 

The latest victims were eighteen young wild boars, whose cadavers were found on July 26 on a beach of the Bretagne. Ten cadavers were found nearby the prior two days.