Tag Archives: Spain

  • Daily Digest
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    Daily Digest 5/29 – BOJ Has Room For More Stimulus, Spain’s ‘Lost Generation’

    by saxplayer00o1

    Wednesday, May 29, 2013, 2:46 PM

    2
    • Spain's 'Lost Generation': Youth Unemployment Hits 57 Percent
    • Euro shares edge higher after ECB stimulus vow
    • Senior citizens struggle with mounting debt
    • Student debt crisis: 'it's like carrying a backpack filled with bricks'
    • Pension liabilities worry city bond-rating agency
    • Next NYC Mayor facing $7.8B fiscal cliff from unions who haven't received a raise in years
    • BoJ boss puts faith in Japan's 'resilience'
    • Euro leaders unite to tackle soaring youth unemployment rates
    • D.C. speed light cameras bring in millions for the District
    • BOJ has room for more stimulus, top Abe adviser says

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  • Daily Digest
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    Daily Digest 5/7 – France’s Budget Gap Widens, Australia Faces Decade Of Debt

    by saxplayer00o1

    Wednesday, May 8, 2013, 2:03 PM

    3
    • Unemployment haunts Social Security recipients
    • Spanish Banks Refinanced, Restructured $272.4 Billion in Loans
    • Australia faces decade of debt, economists warn
    • France's budget gap widens in March
    • L.A. city employees urge leaders to go after uncollected fees, taxes to balance $7.7B budget
    • Copper theft epidemic has lawmakers looking for answers
    • Wall Street sees Fed buying $1.25 trillion of assets in stimulus: Reuters poll
    • India's cheap food plans to prove costly for government
    • French Industrial Output Drops as Hollande Aims to Revive Growth
    • Wichita school district counts record number of homeless children
    • Greenspan-Era Faith in Fed Seen With Bernanke: Chart of the Day
    • Many Americans say they can't retire until their 70s or 80s
    • Bankers Warn Fed of Farm, Student Loan Bubbles Echoing Subprime
    • Australian Central Bank Cuts Key Rate to Historic Low
    • New red light camera law could raise cost of appeals
    • Moody’s Says Cities View ‘Strategic Default’ as Less Taboo

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  • Daily Digest
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    Daily Digest 5/5 – Graft In Spain, Should We Live In Hope?

    by DailyDigest

    Sunday, May 5, 2013, 4:46 PM

    1
    • Interview with Dr. Paul Craig Roberts
    • Choco pies: The smuggled treats of North Korea
    • Is The Fed Blowing Bubbles?
    • Small-Town Mayor’s Millions as Exhibit A on Graft in Spain
    • The Last Refuge From Scandal? Professorships
    • Should we live in hope?

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  • Insider
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    Protecting Your Wealth from Deflation

    And from a broken system run for the benefit of the banks
    by Chris Martenson

    Monday, April 15, 2013, 9:18 PM

    35

    Executive Summary

    • The current gold slam has *nothing* to do with the fundamentals for precious metals, which are very favorable right now
    • How bad would deflation be?
    • Evidence that deflation is arriving
    • Why our current monetary system has become so compromised by the banks
    • How to best protect your wealth from both deflation and the banks

    If you have not yet read Part I: This Gold Slam is a Massive Wealth Transfer from Our Pockets to the Banks, available free to all readers, please click here to read it first.

    About Those Wealth Transfers

    The biggest news of the recent past is the flow of gold from West to East. 

    (Source)

    With China importing 835 tonnes of gold in 2012 that we know about (and they may well be doing more under the table for official purposes) and also standing as the number one producer of gold, with ~360 tonnes of domestic production, none of which is exported, China is consuming at least 44% of total yearly world gold production.

    Connect that with India importing between 200 and 300 tons per quarter (2011 imports were 967 tonnes, and 2012 was 864 tonnes), and this represents another 33% of total world mine output.  Add in Russia buying more official gold, and you suddenly find that a commanding proportion of the newly mined gold in the world is headed East, where it used to stay largely in the West.

    To be clear, I view gold as money and therefore wealth itself.  Everything else that can be manufactured out of thin air is merely a claim on wealth.  In these terms, the West is slowly but steadily bleeding control of wealth to the East, something I thought our leaders were both aware of and focused on.

    Knowing the lower prices will only exacerbate this West-to-East flow, I therefore thought that the bullion banks and central banks would not have dared push that dynamic any further.   But apparently no, obviously I was wrong, which pains me on several levels.

    Add to this the various things going on in the world today, and I honestly thought we were in the most gold-favorable landscape of my life.

    Consider:

    • Negative real interest rates (powerfully gold- and commodity-friendly throughout history)
    • North Korea threatening nuclear and conventional war
    • Open confiscation of wealth in Europe from bank accounts
    • Japan doubling their monetary base in a brazenly desperate bid to stoke inflation by attacking Japanese trust in their own currency
    • Extremely unfavorable bond yields up and down the yield ladder
    • Continued European stress and discord with the possibility of a Eurozone disintegration

    Taken together, this level of system, sovereign, and institutional uncertainty is about as gold-friendly a situation one could concoct…

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  • Daily Digest
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    Daily Digest 3/27 – Cyprus Banks Stay Shut Until Thursday, Spain Bank Offers Grim Forecast

    by saxplayer00o1

    Wednesday, March 27, 2013, 2:55 PM

    12
    • Cyprus bail-out: savers will be raided to save euro in future crises, says eurozone chief
    • Spain's central bank offers grim economic forecast
    • Mr Yen cautions on Japan's 'unsafe' debt trajectory
    • House To Propose College Tuition Increase
    • California State Treasurer emphasizes shrinking retirement savings
    • Portugal to contract 2.3% in 2013: central bank
    • Bernanke rejects competitive devaluation worries
    • Cyprus bailout: Banks to stay shut until Thursday
    • Recession keeps Italy's banks at risk: IMF

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  • Daily Digest
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    Daily Digest 3/20 – Workers Saving Too Little to Retire, Lawmakers Back PMs As Currency

    by saxplayer00o1

    Wednesday, March 20, 2013, 2:39 PM

    3
    • Workers Saving Too Little to Retire
    • Bad debts at Italian banks top 126 bln euros in January
    • Spanish Lenders’ Bad-Loan Ratio Resumed Increase in January
    • Darling: Cyprus savings raid could trigger bank runs across Europe
    • France, Belgium told to count Dexia bailout in deficits
    • Lawmakers back gold, silver as currency
    • National student loan debt triples, Miami average fifth highest in Ohio
    • As crop prices surge, investment firms, farmers vie for land
    • Speed on green cameras paying off
    • Cyprus parliament rejects deposit levy: reports
    • PIMCO reduces exposure to euro in wake of ‘botched’ Cyprus bailout: report
    • National debt jumps $300 billion ytd

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  • Daily Digest
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    Daily Digest 3/19 – Detroit And Cyprus Offer Budget Lessons, Is The “Buy to Rent” Party Over?

    by DailyDigest

    Tuesday, March 19, 2013, 4:06 PM

    4
    • Should We Own Our Washing Machines?
    • S&P warns of ‘socially explosive’ situation in Spain, Italy and France
    • China's Gold Reserves: Watch What They Do, Not What They Say
    • Hudak’s PC party would revamp Ontario pensions by raising retirement age
    • Culture shock for Amazon chief's son who left rainforest for New York
    • Is The "Buy to Rent" Party Over?
    • Matt Gurney: Want your education paid for? Take something useful
    • Detroit and Cyprus offer debt lessons for budget
    • Silver and Gold Purchases: Domestic and Offshore Storage
    • Tanker rout reversing as U.S. buys more Middle East oil
    • China's Suntech Power in $541m debt default
    • Russia, Saudi Arabia hope to emulate U.S. shale boom
    • Coal Is the Fuel of the Past and the Future
    • Lockheed slashes energy required to desalinate water
    • Pentagon weapons-maker finds method for cheap, clean water
    • Mike Holmes: Water makes the world go around

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  • Daily Digest
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    Daily Digest 3/13 – U.K. Faces Growing Vulnerability, German Bank Doubles Reserves

    by saxplayer00o1

    Wednesday, March 13, 2013, 1:18 PM

    4
    • Spain unveils $4.6-billion plan to get young back to work
    • Portugal in worst recession in 37 years
    • Duty hike on gold expected to reduce imports: Minister
    • France's Francois Hollande admits to miss deficit target
    • Students Rally Against Proposed Tuition Hike
    • Military tuition assistance another casualty of the sequester
    • Abe’s Weak Yen Policy Erodes Japanese Tourist Spending in Korea
    • Local Lawmakers Lead Fight To Ban Traffic Cameras in Ohio
    • German Central Bank Doubles Reserves
    • U.K. Faces Growing Vulnerability

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  • Daily Digest
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    Daily Digest 3/8 – Thailand Passes Canada’s Car Production, Europe’s Recession Deepens

    by DailyDigest

    Friday, March 8, 2013, 3:45 PM

    6
    • The Chinese are so desperate about the new property taxes they are divorcing in droves to avoid them
    • CP Rail may cut as many as 6,000 jobs: Harrison
    • Silvio Berlusconi convicted, sentenced to year in prison over illegal wiretaps
    • Thailand passes Canada in car production
    • Madrid's Renaissance of Occupied Spaces
    • Europe's Recession Deepens
    • "The Entire West Is In The Yo-Yo Years"
    • Poverty rate is highest in 15 years, says professor
    • The Deluge
    • Beemster's Dancing Cows Greet Spring Greens With Unrestrained Joy
    • How to green the desert and reverse climate change
    • Antarctica: Engine of ocean life

    Read More »

  • Insider
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    Europe: Welcome to the Domino Effect

    Expect EU economies to topple with accelerating rapidity fro
    by Alasdair Macleod

    Monday, March 4, 2013, 7:52 PM

    3

    Executive Summary

    • France:  Bet on a bankruptcy of the French government
    • Italy:  Will not be able to fund its debt obligations without external help
    • Spain:  The best outcome at this point is years of grinding financial repression
    • UK:  At growing risk of a big upward spike in price inflation, leading to a currency crisis

    If you have not yet read Part I, available free to all readers, please click here to read it first.

    Individual States

    France

    Perhaps the cameo event that best describes French attitudes was the recent correspondence between Maurice Taylor Jnr, head of Titan International, the tire manufacturer, and Arnaud Montebourg, France’s Minister for Industrial Renewal. While it was good theatre, the serious points were that on average a French worker at an industrial plant works for three hours a day, and that the Minister resorted to threats that any Titan products imported into France would be “inspected by the relevant authorities with extra zeal.” That is the way things are done in France: Upset the Minister or a government functionary and none of your product gets to market, as Mr Taylor will shortly find out.

    France has an official unemployment rate of about 10.5%, which would be somewhat higher if it were not for three-hour days in many of the factories. Taxes on employers are among the highest in Europe, and employment legislation is so onerous that employing an extra hand is the last option for all private sector employers.

    Large companies, such as Peugeot-Citroen, generally tolerate poor labour productivity and sub-standard quality products partly because the unions are strong, and partly because senior managers look to government to “help” by providing subsidies and by other means. Consequently, private-sector manufacturing is not competitive, and sales in the troubled Eurozone are collapsing. Peugeot’s share price says it all.

    Decades of government protection have left France’s industrial sector in the weakest position of the larger Eurozone economies. Smaller businesses, outside the major cities, are heavily reliant on agricultural produce and hospitality, much of which is undeclared, untaxed, and untaxable. Furthermore, France’s farmers have long been beneficiaries of the EU’s agricultural subsidies, and have never had to be efficient.

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