Contributed by Don Quijones: Catalonia’s riot police unleashed the untamed fury of the state upon the protestors and cleared Barcelona’s Plaza Catalunya of all occupants. A dense ring of shell-shocked people gathered around the square. I was one of them. A child riding on his father’s shoulders held up a sign: “No soy anti sistema, el sistema es anti yo,” it said (I’m not anti-system; the system is anti-me).
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Austria’s Last Stand Against EU Assault On Bank Secrecy
by Wolf Richter • • Comments Off on Austria’s Last Stand Against EU Assault On Bank Secrecy
The Gloriously Ballooning Bailout Bedlam Of Cyprus
by Wolf Richter • • Comments Off on The Gloriously Ballooning Bailout Bedlam Of Cyprus
The average Cypriot household had a phenomenal net worth of €670,900 in 2010 – over three times that of German households. That wealth had been sucked out of the cesspool of corruption that the banks and the government were, until neither had a drop of lifeblood left. Now the party is over. And you can almost hear the snickering among European politicians.
“During The Last Crisis, We Had China,” Now We Have No One
by Wolf Richter • • Comments Off on “During The Last Crisis, We Had China,” Now We Have No One
There could not possibly be any clouds on the horizon with the Dow and the S&P 500 setting all-time highs, while the German DAX is marching relentlessly towards 8,000 and the Japanese Nikkei is soaring. But just then, a deeply connected representative of the world’s real economy spoils the rosy scenario.
From Tax Hell to Tax Haven
by Wolf Richter • • Comments Off on From Tax Hell to Tax Haven
Eurozone countries are falling like dominos. Next: Slovenia. But bailouts – by taxpayers in other countries – keep banks from collapsing, governments from defaulting, and investors from incurring well-deserved losses. In the US, President Obama’s budget, with its new taxes, is causing heart palpitations left and right. But how do countries really stack up?
Total Fiasco: Germans are the Poorest, Cypriots the Second Richest in The Eurozone
by Wolf Richter • • Comments Off on Total Fiasco: Germans are the Poorest, Cypriots the Second Richest in The Eurozone
In March, the ECB-organized Eurozone-wide household-wealth survey results trickled out. But when the Bundesbank refused to publish the German data, insiders leaked the reason: too explosive for the bailout era because Italian households were far wealthier than German households. Shocking! And a red herring. The truth turned out to be far more shocking.
The Fed’s Fear Scale: Holdings of Cold Hard Cash At A Record
by Wolf Richter • • Comments Off on The Fed’s Fear Scale: Holdings of Cold Hard Cash At A Record
Spain’s Descent Into Banana Republicanism
by Don Quijones • • Comments Off on Spain’s Descent Into Banana Republicanism
Contributed by Don Quijones: Not a day goes by without a new political scandal breaking in Spain. Just the last few days, King Juan Carlos’ daughter, La Infanta Cristina, was charged with aiding and abetting her husband in his myriad scams to embezzle money from the public purse. Now ties to a known drug trafficker hit the governing party, the Partido Popular.
My Talk With An Endangered Species: An Entrepreneur In France
by Wolf Richter • • Comments Off on My Talk With An Endangered Species: An Entrepreneur In France
The mood in France is dark and has turned away from politics, he said. People always expressed hatred for certain politicians; now they express hatred for the system. Comments are more violent. People are looking for a strong voice that can pull them out. “When the Fourth Republic collapsed, we had de Gaulle. What if the wrong person comes along now?”
Suddenly No Solution For 56 Million Gallons Of Highly Radioactive Toxic Waste Leaking Into The Ground
by Wolf Richter • • Comments Off on Suddenly No Solution For 56 Million Gallons Of Highly Radioactive Toxic Waste Leaking Into The Ground
Engineers have done a great job developing nuclear technologies to serve mankind’s many endeavors: medical devices, power generators, or formidable weapons to wipe out mankind and its many endeavors. Yet they haven’t figured out what to do with the radioactive, toxic materials these technologies leave behind. And we’re shuffling them to the next generation.