By Don Quijones: If there is a two-word combination that strikes primal fear into the hearts of global senior bankers and representatives of international financial institutions, it is “odious” + “debt,” a legal theory that holds that the national debt incurred by a regime for purposes that do not serve the best interests of the nation shouldn’t be enforceable.
Europe
Oktoberfest Dips Into Beer Recession
by Wolf Richter • • Comments Off on Oktoberfest Dips Into Beer Recession
The Oktoberfest, one of the biggest beer binge events in the world, is closely watched for economic trends. Alas, this year was the second year in a row when, despite Teutonic organizational ingenuity and marketing muscle, the number of visitors and, most crucially, beer consumption “unexpectedly” dropped (as if we didn’t have enough bad news already).
Deconstructing Spain’s Lazarus-Like Economic Recovery
by Don Quijones • • Comments Off on Deconstructing Spain’s Lazarus-Like Economic Recovery
By Don Quijones: If recent reports from the Spanish government are to be believed, the Spanish economy is now officially out of the woods. Not only is the worst behind it, but it’s now positively humming along at a growth rate of, um, 0.1% per year. It is, as Finance Minister Cristobal Montoro put it, a “lesson to the world.” Oh really?
Apple, After 2-Year Fight, Fails to Squash “Apfelkind” Café in Germany
by Wolf Richter • • Comments Off on Apple, After 2-Year Fight, Fails to Squash “Apfelkind” Café in Germany
Apple has become a legal juggernaut. It’s taking on everyone and everything for presumed violations of its patents and trademarks. Billions are at stake. Its bitten-into-apple logo is sacred. The color red is sacred. So are red apples of any kind, apparently. Then it tried to squash a cafe in Germany, owned by a stubborn entrepreneur with a vision.
Great Start in Germany: Three Days After Election Victory, Merkel’s Party Breaks Campaign Promise Of “No Tax Hikes”
by Wolf Richter • • Comments Off on Great Start in Germany: Three Days After Election Victory, Merkel’s Party Breaks Campaign Promise Of “No Tax Hikes”
Germans pay a lot of taxes. The value added tax was raised to 19%. The state grabs 42% of any income above €52,882 and 45% above €250,731. There’s the church tax, solidarity tax, gasoline tax…. Not much is left over when a German is done paying taxes. So, during the campaign, Chancellor Merkel’s party pledged categorically not to raise taxes.
Mostly Cloudy With Occasional Drones In The Afternoon
by Wolf Richter • • Comments Off on Mostly Cloudy With Occasional Drones In The Afternoon
Marseille has a problem: “account settlements” – a guy machine-gunned at close range for a drug deal gone awry. So the city is getting drones to keep an eye on hot neighborhoods. It’s not the only city. One more element in how privacy is traded in for corporate profits, governmental controls, spookily personalized ads, and harebrained hype about security.
Fear, Loathing, and Collective Amnesia in Crisis-Ridden Spain
by Don Quijones • • Comments Off on Fear, Loathing, and Collective Amnesia in Crisis-Ridden Spain
By Don Quijones: If Spain and Catalonia were playing real, rather than figurative, Russian Roulette, the revolver would be loaded with two or three bullets. Now an extra one was slipped into a chamber: prize-winning economist Juan Valerde announced that Madrid may have to “bomb Barcelona” in order to put a halt to the region’s rising separatist aspirations.
Europe Turns Blind Eye to US-UK Snooping Antics
by Don Quijones • • Comments Off on Europe Turns Blind Eye to US-UK Snooping Antics
Countries like Germany and Turkey have demanded explanations from the U.S. and U.K. governments regarding the NSA’s and GCHQ’s surveillance and wire-tapping program. But Spain’s Rajoy regime has remained conspicuously silent – despite the fact that this surveillance is a clear infringement of Spain’s domestic and external affairs.
The Big Shift: Chinese, Russians Replace People From (Formerly) Rich Countries As Big Spenders At Parisian Airports
by Wolf Richter • • Comments Off on The Big Shift: Chinese, Russians Replace People From (Formerly) Rich Countries As Big Spenders At Parisian Airports
In Paris, “Chinese” has a new meaning: money. This phenomenon shows up by the busload at luxury retailers where sales staff say a few words of bad Mandarin, instead of bad English, in hawking overpriced handbags and glittery baubles. Now Aéroports de Paris has put a number on it. A glimmer of hope for France, though perhaps of the wrong kind.