Friday, January 19, 2018

The problem with Europe is the euro

In this extract from his new book, the Nobel prize-winning economist argues that if the euro is not radically rethought, Europe could be condemned to decades of broken dreams. Europe, the source of the Enlightenment, the birthplace of modern science, is in crisis. This part of the world, which hosted...

Raoul Pal: The Brexit vote is about so much more than Britain leaving the...

Former global macro fund manager Raoul Pal says no matter how the Brexit vote goes it could have really bad unintended consequences for the rest of Europe. Closely-followed former global macro fund manager Raoul Pal says the United Kingdom's European Union referendum — no matter how the "Brexit" vote goes...

EU Now More Vulnerable Than Any Time in Its History

A familiar sight returned to the street of Athens this past weekend: Violent protests over spending cuts pushed through the Greek parliament Sunday by Prime Minister Alexis Tsipras as a necessary step to receive the latest tranche in a financial bailout worth 86 billion euro ($98 billion). It’s not...

Meet the Motley Crew Charged With Seeing Britain Out of the EU

The new government has no fewer than five officials appointed to implement the Brexit. And no one — including them — knows how they’re going to do it. The prime minister who took power because of the Brexit just formed a cabinet shaped by the Brexit — but it’s not...

A Stunning Email About Brexit Vote As Elites Panic And Global Collapse Edges Closer

After the stunning Brexit vote to “Leave” the EU followed by turmoil in world markets, today the man who has become legendary for his predictions on QE, historic moves in currencies, and major global events, warned the elites are now panicking as global collapse edges closer. But first, the powerful...

I didn’t think TTIP could get any scarier, but then I spoke to the...

With just eight words she exposed everything that's wrong with the deal, and why it needs to be defeated. I was recently granted a rare glimpse behind the official façade of the EU when I met with its Trade Commissioner in her Brussels office. I was there to discuss the...

I do not believe that Brexit will happen

There will be howls of rage, but why should extremists on both sides dictate how the story ends? All good dramas involve the suspension of disbelief. So it was with Brexit. I went to bed at 4am on Friday depressed that Britain had voted to leave the EU. The following...

Brexit could deal major economic, political blow to EU

The European Union could lose its second-largest economy if the UK decides to leave, taking a potentially major economic and political blow at a time when the EU already faces slowing economic growth and an ongoing refugee crisis. The UK is scheduled to hold a referendum on June 23 asking...

The European Union always was a CIA project, as Brexiteers discover

Brexiteers should have been prepared for the shattering intervention of the US. The European Union always was an American project. It was Washington that drove European integration in the late 1940s, and funded it covertly under the Truman, Eisenhower, Kennedy, Johnson, and Nixon administrations. While irritated at times, the US has relied...

Germany Can Protect the Liberal Order

As U.S. President Barack Obama arrived in Berlin for a farewell visit on Wednesday, German policymakers were scrambling to develop a road map for dealing with the presidency of his successor, Donald Trump. Last week, in a congratulatory note to the president-elect, German Chancellor Angela Merkel gently conditioned Germany's...

IMF’s Prescription for Europe: Exploit Refugees with Low Wages

Economist calls IMF 'the sancta sanctorum of neoclassical/neoliberal thinking.' The International Monetary Fund (IMF) on Wednesday released a report urging the European countries accepting a majority of refugees to "temporarily" pay them less than minimum wage. In its report, the IMF recommended implementing a short-term differentiation between asylum seekers and EU...
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How Western Military Interventions Shaped the Brexit Vote

Michael Hudson argues that military interventions in the Middle East created refugee streams to Europe that were in turn used by the anti-immigrant right to stir up xenophobia. Michael Hudson is a Distinguished Research Professor of Economics at the University of Missouri, Kansas City. He is the author of The...

IMF Internal Meeting Predicts Greek Disaster, Threatens to Leave Troika

Today, 2nd April 2016, WikiLeaks publishes the records of a 19 March 2016 teleconference between the top two IMF officials in charge of managing the Greek debt crisis - Poul Thomsen, the head of the IMF's European Department, and Delia Velkouleskou, the IMF Mission Chief for Greece. The IMF...

Via container trains from Europe to China and back

About three weeks of transport time and not less than a 10,000-kilometer journey: DB Schenker Develops Eurasian Land Bridge as an Alternative Transportation Route between China and Europe. The first container train of 2012 departed from Chongqing Loading Yard in Sichuan Province on its return journey to Germany in the...

Ax-Wielding Terrorists and Germany’s Stiff Upper Lippe

Germans are showing enormous restraint amid the rising threat of homegrown terrorism. But the Islamic State hasn’t really hit them yet. Germany's straight-faced interior minister, Thomas de Maizière, is Chancellor Angela Merkel's point person for keeping the country safe. A lifelong conservative, de Maizière is considered a law-and-order type, about as...

“Suicide Bombers” Known to, Imprisoned by Security Agencies BEFORE Brussels Attack

It is now revealed that not only were at least three bombers involved in the March 22 Brussels attack well-known to Western security agencies, two – brothers Brahim and Khalid El Bakraoui – were both arrested, charged, and imprisoned for violent crimes in 2010 and 2011, the elder brother for shooting at police...

Welcome to Greece (but Not to Europe)

Europe's efforts to exclude Athens aren’t about migration or debt. They’re about the continent’s deep-seated racism toward its southern frontier state. Last month, Greece found itself once again facing expulsion from the club. Not, this time, from the single-currency eurozone and not (for the moment) from the European Union. This...

Net immigration to UK nears peak as fewer Britons emigrate

UK role as ‘jobs factory of Europe’ draws long-term working migrants with net migration reaching 330,000 in 2015. Annual net immigration to Britain rose to 333,000 in 2015, just 3,000 below its record peak, confirming the UK as a country of mass immigration, figures from the Office for National Statistics...

3 European Powers Say They Will Join China-Led Asian Infrastructure Investment Bank

BRUSSELS - Ignoring direct pleas from the Obama administration, Europe’s biggest economies have declared their desire to become founding members of a new Chinese-led Asian investment bank that the United States views as a rival to the World Bank and other institutions set up at the height of American...
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French President Threatens to Outlaw Protests Against Labor Reforms

Le Monde Diplomatique's Renaud Lambert says social movement and the government are locking horns, Prime Minister Manuel Valls and President Francois Hollande have both said that they will not budge. SHARMINI PERIES, EXEC. PRODUCER, TRNN: It's The Real News Network. I'm Sharmini Peries, coming to you from Baltimore. France is making...

Greece: “As a doctor, I feel outraged”

Everything has now changed on the Greek island of Lesbos which last year saw well over half a million refugees and migrants take their first steps on European soil. During the chaos of last summer, 15,000 people were stranded on the island after the authorities stopped running ferries to...

Europe’s economic powerhouses snub US, sign up to China-led World Bank

France, Germany and Italy have joined the UK in signing on to Asian Infrastructure Investment Bank, against US wishes. France, Germany and Italy on Tuesday joined the U.K. in signing onto the Chinese-led Asian Infrastructure Investment Bank (AIIB), brushing off Washington's reservations about the burgeoning institution and leaving the U.S....

EU hits China with new steel anti-dumping probes

The EU launched new probes today (12 February) into imports of Chinese steel, warning it would not allow “unfair competition” to threaten Europe’s industry already crumbling under a flood of cheap imports. European steelmakers are reeling from a global glut and last week Luxembourg-based world leader ArcelorMittal blamed China for a colossal...

European Union’s Imperial Overreach

While few analysts are putting it this way, the European Union suffers from a self-inflicted crisis of overexpansion — a form of “imperial overstretch,” if you will. The Brexit vote was just the latest symptom of this policy disaster, which also includes escalating confrontations with Russia and the ongoing...

European powers seek to bomb Libya to stop migrants

The European Union is preparing to bomb targets in Libya to stop migrants from attempting to cross the Mediterranean Sea in small boats. EU foreign policy coordinator Federica Mogherini is to brief the United Nations Security Council Monday on plans for a “Chapter VII” resolution that would give a...

Here’s why France is on the frontline of the war with Islamic State

France's persistent targeting by extremists is linked to its secretive war with IS militants being waged across the Mediterranean in the Maghreb. At least 84, perhaps up to 100 people, have been killed in the horrifying attack in Nice, France. In the latest of a series of terrorist attacks in the...

EU to set up euro-election troll patrol to tackle Eurosceptic surge

The European Parliament is to spend almost £2 million on press monitoring and trawling Eurosceptic debates on the internet for "trolls" with whom to debate in the run-up and during euro-elections next year amid fears that hostility to the EU is growing. The Daily Telegraph has seen confidential spending proposals...

Political Elites’ Program of Austerity Set the Stage for Brexit

Scapegoating immigrants for economic suffering is easier than confronting the politicians that crafted austerity policy. At 4 am, following the UK referendum on EU membership, Nigel Farage, the leader of the Eurosceptic UK Independence Party, gave a tentative victory speech. Bullish and beaming, but couching his cheer in caveats that...

ECB examines possibility of Greek IOU currency in case of default

(Reuters) - The European Central Bank has analyzed a scenario in which Greece runs out of money and starts paying civil servants with IOUs, creating a virtual second currency within the euro bloc, people with knowledge of the exercise told Reuters. Greece is close to having to repay the International...

Europe Wishes to Inform You That the Refugee Crisis Is Over

Greece - Skala Sikaminias is a little beach town on the northern coast of the Greek island of Lesbos. A year ago, rickety wooden boats and dinghies packed with Syrian refugees began plowing into the narrow stretch of beach next to the taverna in the town square. Within days, the flotilla had swelled to vast proportions; as many as 7,000 Syrian refugees were landing on Lesbos every day.

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