As corrupt as Varoufakis is, he’s right that the German-led EU wants to crush its own member states. Its aim is to make vassal states out of them.
ITALY could be set to pull out of the Eurozone in what would be the final nail in the European Union’s (EU) coffin, Greece’s former finance minister has warned.
Yanis Varoufakis said there was an “epidemic” among countries using the single currency, with Italy the next to fall foul of Brussels’ economic malaise.
He also said Brexit would “speed up” the break-down of the bloc – before making a dig at Jeremy Corbyn. Continue reading
Iran’s Aviation Organization signed the first ever contract with Ireland on expansion of aviation cooperation such as observing flight operation, continued flight eligibility, issuance of technical aid, repair and maintenance. Continue reading
US-based media have been reporting that Japan has become the biggest holder of the US treasuries, surpassing China last month. However, this is true only in regard to single countries. If we consider the European Union member states collectively, then they appear to be the biggest holder of the US treasuries. It has been so almost one year long. Unfortunately, the EU’s holdings are artificially overstated because of some financial havens and they are going in the opposite direction to the trend: up rather than down. Continue reading
The European Central Bank (ECB), creator of the Euro, currently claims to hold 504.8 tonnes of gold reserves. These gold holdings are reflected on the ECB balance sheet and arose from transfers made to the ECB by Euro member national central banks, mainly in January 1999 at the birth of the Euro. As of the end of December 2015, these ECB gold reserves were valued on the ECB balance sheet at market prices and amounted to €15.79 billion.
The ECB very recently confirmed to BullionStar that its gold reserves are stored across 5 international locations. However, the ECB also confirmed that it does not physically audit its gold, nor will it divulge a bar list / weight list of these gold bar holdings.
Questions and Answers
BullionStar recently put a number of questions to the European Central Bank about the ECB’s gold holdings. The ECB Communications Directorate replied to these questions with answers that appear to include a number of facts about the ECB gold reserves which have not previously been published. The questions put to the ECB and its responses are listed below (underlining added): Continue reading
Global Geopolitics called it, you witnessed it: The United States and Germany, though the European Union it dominates and runs, are locked in economic warfare against one another.
It’s a very dangerous game America is playing by trying to gut the largest economy in the world, the European Union, especially when nations are beginning to jump to the Sino-Soviet bloc.
German parliament’s economics committee chairman Peter Ramsauer says he believes the $14 billion fine being leveraged against Deutsche Bank is part of a long US tradition of waging trade and economic war.
- Ramsauer to Welt am Sonntag: Washington has a “long tradition” of waging trade wars, if they are favorable to the US economy, and the Deutsche Bank case is an example of that.
- “The threat to force Deutsche Bank to pay a $14 billion fine over its mortgage-backed securities business before the 2008 global crisis has the characteristics of an economic war.”
- “Extortionate damages claims” in the case are an example of that.” Continue reading
Ireland remains especially exposed to another financial shock because of the extremely high levels of public and private debt, the open nature of the economy, and Brexit, Irish Central Bank Governor Philip Lane has warned in a pre-budget letter to Minister for Finance, Michael Noonan.
“Ireland is especially exposed due to the legacy of high public and private debt levels, the sensitivity of small, highly-open economies to international shocks and Brexit-related vulnerabilities,” Ireland’s Central Bank Governor said.
Danuta Hübner, the head of the European Parliament’s Constitutional Affairs Committee (AFCO), warned Monday that English will not be one of the European Union’s official languages after Britain leaves the EU.
English is one of the EU’s 24 official languages because the U.K. identified it as its own official language, Hübner said. But as soon as Britain completes the process to leave the EU, English could lose its status.“We have a regulation … where every EU country has the right to notify one official language,” Hübner said. “The Irish have notified Gaelic, and the Maltese have notified Maltese, so you have only the U.K. notifying English.” Continue reading
Whether this is case of punishment for exiting or actual concern remains to be seen, although the former is quite plausible. The S&P has in the past been used as an economic warfare tool by the American government to bend or break nations to its will.
See the source link for the video.
Standard & Poor’s on Monday downgraded the United Kingdom’s sovereign credit rating by two notches, from “AAA” to “AA,” citing last week’s referendum that approved a British exit from the European Union.
“In our opinion, this outcome is a seminal event, and will lead to a less predictable, stable, and effective policy framework in the U.K. We have reassessed our view of the U.K.’s institutional assessment and now no longer consider it a strength in our assessment of the rating,” the ratings agency said in a news release. Continue reading
As Germany dominates everything Europe, Frankfurt looks like the likely winner in becoming the world financial hub.
BRUSSELS: The EU is preparing to move its European Banking Authority from London following Britain’s vote to leave the Union, EU officials said on Sunday, setting up a race led by Paris and Frankfurt to host the regulator.
Coming a day after Britain’s Jonathan Hill resigned and was replaced as EU financial services chief by the Commission’s “Mr. Euro” Valdis Dombrovskis, the move underlines how the City of London can expect to be frozen out of EU financial regulation – and possibly from Europe’s capital markets – depending on the terms of Brexit.
While those who argued for Britain to leave the EU said the financial industry would thrive without EU shackles, some of its biggest employers including JPMorgan are scouring Europe to find new locations for their traders, bankers and financial licenses. Continue reading
I stumbled upon an article by Day of the Jackal author Frederick Forsyth, published last week in the Daily Express, that I think every Briton and European and everyone else should read. Forsyth doesn’t delve into the American pressure to form a European Union as a counterweight to the Soviet Union, he sticks with ‘founding father’ Jean Monnet and his reasoning behind the particular shape the Union took. And that is bad enough.
All Forsyth has to do is to quote from Monnet’s work, and I have to admit that while reading it I increasingly got the feeling that it’s quite remarkable that no-one, especially no journalist, does this. It’s there for everyone to see, but that means little if and when no-one actually sees it.
I have repeatedly talked about how the very structure of the EU self-selects for sociopaths and/or worse, but perhaps not enough about how that was deliberately built into the design. A feature not a flaw. Continue reading
The European Union no longer considers the United States a “safe harbor” for data because the National Security Agency surveillance exposed by whistleblower Edward Snowden “enables interference, by United States public authorities, with the fundamental rights of persons.”
The EU’s highest court, the Court of Justice, declared on Tuesday that an international commercial data-sharing agreement allowing U.S. companies free-flowing access to large amounts of European citizens’ data was no longer valid.
EUROPEAN Union bosses will force Britain to take in tens of thousands of migrants rescued from the Mediterranean under plans “seen as a declaration of war”, it has emerged.
In David Cameron’s first major challenge as newly-elected Prime Minister, top Brussels official Jean-Claude Juncker has said Britain needs to take as many as 65,000 refugees – more than twice as many as the UK took last year. Continue reading
Liberal billionaire George Soros has avoided paying billions in federal taxes by transferring assets to Ireland, a corporate tax haven, Bloomberg reported on Thursday.
Soros “had amassed $13.3 billion” by deferring taxes on fees paid by his hedge fund’s clients, according to Bloomberg. Efforts by U.S. lawmakers to close what some described as a loophole would have generated an additional $6.7 billion in tax revenue from Soros’ trading operation. Continue reading