Europe

European Banks Begin to Sweat As ECB Promises Scalps

by Don Quijones • Jul 21, 2014 • 2 Comments

European bankers have begun sweating, not because of the harsh heat, but fear – of what could happen as battalions of bank auditors take up temporary residence at the headquarters of the biggest banks.

Hype Officially Over: Spain Not The “New Germany”

by Don Quijones • Jul 17, 2014 • 3 Comments

In 2013, Morgan Stanley praised Spain’s export miracle, thanks to wage cuts. “Next Germany,” it called it, giving rise to a lot of hope. Now reality has returned.

‘Politics and Mafia Are Same Thing’ – Jailed Spanish Politician

by Don Quijones • Jul 13, 2014 • 2 Comments

Money has no moral compunction, moves with ease from drug traffickers into mega construction projects, and politicians need it for campaigns and other purposes.

Why Are TBTF Banks So Happy With The EU Banking Union?

by Don Quijones • Jul 10, 2014 • 2 Comments

According to the official story, the people of Europe will benefit enormously from the banking union; it imposes greater control and tighter regulation of the banks and saves taxpayers from having to bail them out. Or so it would seem.

Gotham City Takes Down Spanish Joker

by Don Quijones • Jul 8, 2014 • Comments Off on Gotham City Takes Down Spanish Joker

Gowex was one of the most recommended stocks in Spain, including among the biggest banks. But under attack by a short-seller, it jumped from denial to confession and collapse in five short days, exposing just how well Spain’s regulators function.

A Dark Alliance: European Union Joins Forces With Wall Street

by Don Quijones • Jul 7, 2014 • 1 Comment

Negotiations behind closed doors are under way to water down all forms of financial regulation on both sides of the Atlantic via the Transatlantic Trade and Investment Treaty. Leading the charge: not the US government, but an unholy alliance between the European Commission, Wall Street, and the City of London.

German Miracle Economy Trips, Good Weather Gets Blamed

by Wolf Richter • Jul 7, 2014 • Comments Off on German Miracle Economy Trips, Good Weather Gets Blamed

After a decent first quarter, a lot of iffy data has cropped up in Q2. Today, industrial output added to the woes. The weather got blamed … the warm weather in Q1 that caused the drop-off now! I mean, come on!

No Politician Is Allowed to Oppose Banks For Long, Not Even the French President

by Wolf Richter • Jul 7, 2014 • 5 Comments

He has “no name, no face, no party,” “never runs for office,” “and yet he governs,” François Hollande said about “his true opponent” in 2012. The speech went viral. But that courage didn’t last long.

EU Regulator To Banks: Don’t ‘Buy, Hold, or Sell’ Virtual Currencies, Stick to ‘Fiat Currencies’

by Wolf Richter • Jul 5, 2014 • 4 Comments

Under the nimbus of its illustrious performance, the European Banking Authority has reduced the world of money to two abbreviations: VC (virtual currency) and FC (fiat currency). And it has taken sides.

Mini Tax Havens: How Europe’s 1% Gets to Pay Only 1%

by Don Quijones • Jun 28, 2014 • Comments Off on Mini Tax Havens: How Europe’s 1% Gets to Pay Only 1%

Under the guise of austerity, taxes on the middle class and small businesses in Spain and other countries have reached confiscatory levels. But for the wealthy, there is a special deal – and it erupted into a scandal.

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