Europe

Head of EU’s Newfangled Bank Regulator: Markets Are Dumb, Pumps Stocks Of Teetering Banks To Keep them From Toppling

by Wolf Richter •  • Comments Off on Head of EU’s Newfangled Bank Regulator: Markets Are Dumb, Pumps Stocks Of Teetering Banks To Keep them From Toppling

It’s not often that a bank regulator proclaims stocks of teetering banks are undervalued because markets are too dumb to value them correctly. That’s what Danièle Nouy, chair of the ECB’s Single Supervisory Mechanism just proclaimed. She has a motive.

Another Day, Another Political Scandal In Spain’s ‘Mafia State’

by Don Quijones •  • Comments Off on Another Day, Another Political Scandal In Spain’s ‘Mafia State’

By Don Quijones: Political corruption has already become synonymous with political leadership in Spain. But now there’s a spectacle of political hubris and impunity so farcical and obscene that it leaves no doubt in one’s mind: Spain is run by a mafia state!

Turns Out, Even The Price of Beer Is Rigged

by Wolf Richter •  • Comments Off on Turns Out, Even The Price of Beer Is Rigged

Everything is rigged. Stock markets, forex, interest rates, gold, silver, oil…. After battling that rigged world all day, you finally get to take that first big gulp of beer to heal the wounds, knowing that it’s the one thing that hasn’t been rigged against you. Or so you’d think.

Peaceful Indignation Turns to Violent Rage in Rajoy’s Spain

by Don Quijones •  • Comments Off on Peaceful Indignation Turns to Violent Rage in Rajoy’s Spain

By Don Quijones: It was the first nationally coordinated grassroots response to repressive social and economic policies and widespread corruption of Spain’s ruling political caste. But it descended into violence – as the government is playing a dangerous game.

Dollar Hegemony Under Attack By Export-Superpowers Germany and China

by Wolf Richter •  • Comments Off on Dollar Hegemony Under Attack By Export-Superpowers Germany and China

The word dollar didn’t even come up when the Bundesbank signed the agreement with the People’s Bank of China. President Xi Jinping and Chancellor Angela Merkel looked on. It was serious business. Everyone knew what this was about. No one had to say it.

German Industry Goes To See Uncle Putin

by Wolf Richter •  • Comments Off on German Industry Goes To See Uncle Putin

The intricate and convoluted connections between Germany and Russia exude a peculiar aroma.

Which Country Is Europe’s Biggest Narco State?

by Don Quijones •  • Comments Off on Which Country Is Europe’s Biggest Narco State?

By Don Quijones: Revelations of a dirty, big business in Europe, and of the role banks play to make it possible. In fact, during the financial crisis, European banks “were as good as saved by the global drug trade.”

Jitters Mount Over Prospect of Catalonian Independence

by Don Quijones •  • Comments Off on Jitters Mount Over Prospect of Catalonian Independence

“You’re making a grave mistake,” the CEO of Catalonia’s megabank La Caixa allegedly told Catalonian President Artur Mas. Like many big shots, he’s fretting over the prospect of independence from Spain – an existential threat to the region’s banks.

French Megabank: No “Drastic Crisis” in France, It Will Be “Slow And Over Time”

by Wolf Richter •  • Comments Off on French Megabank: No “Drastic Crisis” in France, It Will Be “Slow And Over Time”

Finally we know why French government debt and French stocks have performed so well, despite the crummy economy, and why France has been spared so far the fate of Cyprus: the fiasco won’t happen suddenly in France, the bank reported. It will be slow and torturous.