The Virginian
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Post by The Virginian on Oct 18, 2012 8:07:37 GMT -5
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The Virginian
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Post by The Virginian on Oct 20, 2012 8:59:48 GMT -5
Updated at 8:25 a.m ET: LONDON - Thousands of anti-austerity protesters marched in London on Saturday to protest against public spending cuts enacted by a government fighting off accusations that it is run by an upper-class elite that ignores the plight of recession-hit voters. The march comes at a time when Prime Minister David Cameron's Conservative-led coalition is reeling from the resignation on Friday of a senior minister accused of calling police "plebs," a class-laden insult for working people. -------------------------------------------------------------------------------- Conservatives faced a barrage of negative headlines on Saturday over the departure of Andrew Mitchell, the "Chief Whip" or party enforcer, four weeks after he swore at police guarding the gates to Cameron's Downing Street office. worldnews.nbcnews.com/_news/2012/10/20/14575474-nurses-cleaners-librarians-uk-austerity-marchers-challenge-government-cuts?lite>1=43001
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ModE98
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Post by ModE98 on Oct 20, 2012 10:34:40 GMT -5
Seems there is always at least one rotten apple in every barrel. Politicians are well known to goof up at times. And if one of key leaders in a party errs, much comes down on the whole.
Europe is faced with many "protests" or worse in the coming year. The bad times are far from over. Solutions are hard to come by. These are times that lay opportunity for radical leaders to rise. Look out!
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damnotagain
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Post by damnotagain on Oct 20, 2012 11:13:00 GMT -5
American News is fluff and puff .
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The Virginian
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Post by The Virginian on Oct 22, 2012 7:59:34 GMT -5
Hate crimes increase, extreme right strengthens as Greece economy sinksBy Andy Eckardt, NBC News ATHENS, Greece -- Ali Rahimi was enjoying a warm Greek evening, chatting away with two friends, when a mob of 15 people approached and asked where they were from. "I told them that I am from Afghanistan and they said that it is time for me to go back to my country," the 28-year-old asylum-seeker told NBC News. Rahimi attempted to run away but was cornered, beaten, hit over the head with a bottle and stabbed in the chest and back by three assailants in the entryway of his Athens apartment building. "When police arrived they called an ambulance, but then told me that they could not help me any further and left," Rahimi recalled, explaining how he only realized how serious his injuries were after spotting blood running out from under his T-shirt during the brutal attack on Sept. 17, 2011. worldnews.nbcnews.com/_news/2012/10/22/14506859-hate-crimes-increase-extreme-right-strengthens-as-greece-economy-sinks?lite>1=43001
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The Virginian
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Post by The Virginian on Oct 23, 2012 7:50:45 GMT -5
Mess in the West: Dr. Doom’s Dire Debt PredictionThe unchecked growth of debt in Western countries will lead to a “colossal mess” within the next five to 10 years, according to Marc Faber, author of the infamous “Gloom, Boom and Doom” report. “I think the regimes will try to keep the system alive as it is for as long as possible, which means there’s no ‘fiscal cliff,’ there’s a fiscal grand canyon,” Faber (aka “Dr. Doom”) said during a Monday broadcast of CNBC’s “Squawk Box.” Faber continued, arguing that the expansion of government in the West has made it possible for countries to load up on massive, never-ending deficits, which, according to him, will soon reach crisis levels. “Eventually, you have either huge changes occurring in a peaceful fashion through reforms, or, usually, through revolutions,” he said, adding that both the U.S. and Europe are approaching revolution scenarios. “I think the time frame would be within five to ten years you have a colossal mess … everywhere in the Western world,” Faber said. “I think the deficit here (in the U.S.) — irrespective of who is in the White House — will stay above a trillion dollars per annum for at least as far as the eye can see.” [Faber’s comments on the “colossal mess” are at the 03:30 mark. However, the entire discussion is definitely worth a watch]: www.theblaze.com/stories/mess-in-the-west-dr-dooms-dire-debt-prediction/
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Post by Driftr on Oct 23, 2012 8:22:01 GMT -5
When I think Dr Doom, I think Roubini (sp?). Has it always been Faber and I'm remembering wrong?
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Post by ModE98 on Oct 24, 2012 7:26:24 GMT -5
Eurozone economic gloom deepens. Eurozone flash manufacturing PMI fell to 45.3 in October from 46.1 in September, with activity in Germany declining sharply. While eurozone GDP may drop modestly in Q3, "a steeper fall looks to be on the cards" in Q4, said Markit. "Sentiment about prospects for the year ahead are now the gloomiest since early-2009, when the post-Lehman Brothers crisis was in full swing."
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The Virginian
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Post by The Virginian on Oct 25, 2012 11:42:36 GMT -5
Oct. 25, 2012 11:52 AM ET
Ford to shut more plants as Europe losses grow
LONDON (AP) — Carmaker Ford on Thursday pressed on with its plan to slash production in Europe, announcing another plant closure and 1,500 more job cuts, as it warned that annual losses in the region will exceed $1.5 billion this year and next.
Ford Motor Co. is struggling in Europe, like many major carmakers, because there are too many plants, labor costs are relatively high, and demand for cars is sliding due to the economic crisis. Worries about its European business have dragged down Ford's stock price this year.
A day after announcing the closure of a major plant in Belgium, Ford said Thursday it would also close its transit van plant in Southampton in July and the stamping and tooling facility, located at the plant in Dagenham, east London, sometime in 2013.
The actions announced this week — along with a previously announced initiative to cut about 500 salaried and agency positions across Europe — affect a total of 6,200 Ford jobs, or about 13 percent of the company's European workforce.
Counting the indirect impact on suppliers that depend on doing business with Ford's factories, the plant closures will cause about 11,000 job losses.
"We recognize the impact our actions will have on many employees and their families in Europe, and we will work together with all stakeholders during this necessary transformation of our business," said Ford's president and CEO, Alan Mulally.
Len McCluskey, general secretary of Britain's Unite union, said workers would fight against the closures.
"This announcement has been handled disgracefully," McCluskey said "Only a few months ago Ford was promising staff a new transit model for Southampton in 2014."
The company said it needs to cut costs in Europe, where it will try to refocus its operations on fuel efficient motors and safety technologies.
It expects the European business to return to profitability by mid-decade, both thanks to the plant closures and the introduction of new models.
Despite the losses in Europe, Ford still expects a strong pretax profit this year for the company overall. Earnings will be better in the third quarter than in the second, when excluding one-time costs and gains.
The Southampton plant, which employed 500 workers, was Ford's last vehicle assembly plant in Britain. Production there has fallen from 66,000 vehicles in 2008 to 28,000 last year. Transit van production will be consolidated at the plant in Kocaeli, Turkey.
At the Dagenham plant where it is closing one facility, Ford promised to invest in the production of a new series of 20-litre, four-cylinder, low-CO2 diesel engines. It will also invest at the Bridgend plant in Wales to support gasoline engine manufacturing.
Closing the Belgian and British plants reduces vehicle assembly capacity, excluding Russia, by 18 percent, or 355,000 units, yielding annual savings of at least $450 million, Ford said.
Chief Financial Officer Bob Shanks said that with its proposed plant closures, the use of its European production capacity would jump from about 65 percent to more than 80 percent.
He said the company expects to spend more than $100,000 (€77,000) per worker in separation payments.
Talks with Belgian unions will take four to six months by law. In the U.K., Ford aims to achieve employee reductions through voluntary means, employee separation programs and redeployment to other Ford locations.
Shares in Ford were up about 2 percent to $10.37 on Thursday, though they remain down for the year. The problems in Europe have weighed on the stock as investors worried about the drop in sales and the need to close unused plants.
Ford's sales were down 14.9 percent in September compared with a year ago, worse than the 10.8 percent fall for all European vehicle brands, according to Acea, the European carmakers' association.
Ford is not the only company struggling with the car market in Europe. Big names like General Motors Co., which owns the Opel brand, as well as Fiat, which owns Chrysler, have said that production must be slashed in Europe.
France's PSA Peugeot-Citroen is currently in talks to take a €7 billion lifeline from the French government, which wants to avoid layoffs.
Ford of Europe Chief Stephen Odell said the French government's aid might not comply with European laws. But more broadly, he said, it doesn't help Europe address its market issues.
"In the end, and this is my view, I don't think it's sustainable for support from government to keep companies competitive going forward."
Odell said it is likely European car sales could be even lower next year than this year.
"Frankly, we do need to see some signs of economic recovery, or at least stability," he said.
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The Virginian
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Post by The Virginian on Oct 27, 2012 9:08:42 GMT -5
Oct. 27, 2012 9:26 AM ET
Spanish police protest the loss of Christmas bonusMADRID (AP) — About 3,000 off-duty police officers are demonstrating in Madrid to protest the government's austerity measures, including the cancellation of their Christmas bonuses. Saturday's protest blocked one of the capital's central boulevards opposite the Interior Ministry. On-duty police officers watched as their plainclothes colleagues demonstrated by throwing loud and smoky fireworks and chanting slogans. A demonstrator was medically treated after a firework he was set to throw exploded in his hand. One Spaniard in four is now unemployed as the economic crisis tightens its grip. The government is under pressure to seek aid to ease debts while the country sinks into its second recession in three years. Troubled banks have been granted a €100 billion ($130 billion) bailout facility, and many regional governments also are struggling. hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-10-27-Spain-Financial%20Crisis/id-d1311f8d849e49428c53de4308ba69a6
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The Virginian
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Post by The Virginian on Oct 29, 2012 7:07:38 GMT -5
Oct. 29, 2012 7:07 AM ET
Spain and Italy leaders meet to discuss crisis
AP MADRID (AP) — The leaders of Spain and Italy are meeting to discuss the economic crisis that is afflicting both countries. The meeting Monday in Madrid between Spanish Prime Minister Mariano Rajoy and his Italian counterpart Mario Monti is part of a summit which has brought together ministers and business representatives from both countries. It is the fourth time they have met since they took office late last year. Both countries are in recession as they struggle to get their public finances into shape. Spain, which has an unemployment rate of 25 percent, is facing particular pressure at the moment to ask for outside aid to help deal with its debts. hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-10-29-Europe-Financial%20Crisis/id-0ff5525de332438a95f3194176c736a6
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The Virginian
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Post by The Virginian on Oct 31, 2012 9:40:49 GMT -5
ATHENS, Greece (TheBlaze/AP) — Greece’s coalition government will delay a vote on major new austerity measures by another week, warning Tuesday there would be financial “chaos” if a deal is not reached. Finance Minister Yannis Stournaras told reporters that the austerity measures, worth €13.5 billion ($17.4 billion), would be submitted to parliament next week, as the three parties in government continue to disagree over new savings demanded by international bailout lenders. Stournaras denied local media reports that the bill could be broken up to ease objections by a left-wing junior coalition partner. “All of the (draft legislation) will be submitted next week — I think there is no other way to do it,” he said. Greece’s bailout creditors want the austerity package passed if they are to hand over more loans that Greece needs to avoid bankruptcy. Greece’s conservative Prime Minister Antonis Samaras is at odds with the Democratic Left party, a coalition partner, which is threatening to vote against the new austerity measures unless labor reforms included in them are scrapped. Samaras formed a coalition with the traditional rival Socialists and the Democratic Left after general elections in June. In a statement, the prime minister said he had “exhausted all the available time” to try and reach a consensus. “The problem is not whether we (introduce) this measure or that measure. On the contrary: It is what we would do if no agreement is reached and the country is led into chaos.” Unemployment in Greece has topped 25 percent, with rapidly worsening poverty that has prompted the Democratic Left to harden its position. “There are certain issues for us that are fundamental – like labor issues,” Theodoros Margaritis, a senior member of the Democratic Left party, told private Skai television. “The dilemma is with Mr. Samaras. Does he want a left-wing party in his government or not? Does he want our consent on certain issues or does he want to proceed alone? If he wants, he may proceed alone.” Cracks in Greece’s coalition government are likely to be tested late Tuesday when lawmakers are set to vote on a privatization bill. The new law would give the government broader powers to privatize public utilities, but is facing growing dissent from deputies in the Socialist party and Democratic Left. Follow Becket Adams (@becketadams) on Twitter www.theblaze.com/stories/greek-authorities-delay-austerity-vote-warn-there-will-be-chaos-unless-deal-reached/
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Post by ModE98 on Nov 6, 2012 10:41:09 GMT -5
Germany heading for contraction. Germany's composite PMI fell to 47.7 in October from 49.2 in September, which, says Markit, "raises the likelihood of an outright GDP contraction during the final quarter of the year." Meanwhile, the eurozone figure of 47.7 is consistent with a quarterly fall of 0.5% in GDP, and the pace of decline in France's private sector in the past two months "has been the sharpest since the post-Lehman slump in early 2009."
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Post by ModE98 on Nov 6, 2012 10:43:57 GMT -5
France eschews business pleas for "shock" therapy. France's government has unveiled measures designed to help industry and exporters, including €20B in tax credits over three years, an extra €10B in public spending cuts and a €10B hike in consumer taxes. However, despite the dramatic fall in private sector activity, the measures fall short of the "shock" therapy called for in a report by industrialist Louis Gallois, who wants payroll taxes to be slashed by €30B over two years.
EU more pessimistic than Spain over economy. The EU Commission is less hopeful - or less delusional, if you prefer - than Spain's government over its economic prospects, the El Pais newspaper reports, possibly increasing the pressure on the country to request a bailout. The EU expects GDP to fall 1.6% this year and 1.5% in 2013 before growing 0.5% in 2014, while Spain predicts -1.5%, -0.5% and +1.2% respectively. The EU also believes Spain will have a much bigger deficit than the government estimates.
Greeks strike ahead of latest austerity vote. Tens of thousands of Greeks are taking part in a two-day general strike to protest the latest austerity and labor reforms, which are expected to be passed by parliament tomorrow. That, said EU Commissioner Olli Rehn, would keep Greece on track to achieve a deal with the troika next week to receive the latest tranche of its bailout. However, the eurozone and the ECB can't agree on who should help pay for Greece to receive more time to repay its loans.
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Post by ModE98 on Nov 9, 2012 8:42:21 GMT -5
Germany's Economy Ministry expects "a noticeably weaker economic dynamic" over winter," but said the slowdown will only be temporary. The forecast follows a week of depressing data, including falling industrial output and exports. Q3 GDP is due out next week, with economists expecting an increase of 0.2% on quarter.
...while France heads for recession. France's GDP will slide 0.1% in Q4, the country's central banks predicts. With the bank also estimating that Q3 GDP fell 0.1%, that would put France in recession. German Finance Minister Wolfgang Schaeuble is so worried about the decrepit state of the French economy that he's asked the government's council of economic advisers to consider writing a report on what France should do to turn it around, Reuters reports.
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Post by ModE98 on Nov 15, 2012 8:27:17 GMT -5
Eurozone enters double-dip recession. Eurozone GDP contracted by an expected 0.1% on quarter in Q3 after falling 0.2% in Q2, marking the bloc's entry into its second recession since 2009. Germany's growth fell to 0.2% from 0.3%, signalling that the eurozone's debt crisis is fast catching up with the country, with Commerzbank economist Joerg Kraemer forecasting that GDP will shrink in Q4. On the bright side, France's economy expanded 0.2% vs expectations for zero growth.
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The Virginian
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Post by The Virginian on Nov 15, 2012 8:41:47 GMT -5
Looks like we might be headed there also , (Just my opinion - but things are slowing down dramatically, after the election - there has been a steep decline in sales.
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Post by ModE98 on Nov 15, 2012 8:59:15 GMT -5
Agree, things look rather ominus. Guess we first have to take the pain before we can make any gain. Getting the house in fiscal order will take some unpleasant adjustments. The markets are indicating problems. Would not be too surprised to see a significant correction of -20% or more in 2013. Hopefully late that year trends will be a lot better. 2014 may be a good recovery year IF we get political cooperation "across the aisle" (let's hope).
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Post by ModE98 on Nov 15, 2012 11:07:25 GMT -5
All will be revealed in the fullness of time. It may not be a pretty picture. The "times" they are a'changing.
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The Virginian
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Post by The Virginian on Nov 15, 2012 17:15:29 GMT -5
I'm sure they will be blaming us for years - for their own shortcomings ! Problem is they won't be able to resolve anything unless they admit that they are the problem ! How ironic is that ?
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The Virginian
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Post by The Virginian on Nov 27, 2012 8:26:51 GMT -5
ATHENS, Greece (AP) — Greece has avoided imminent bankruptcy after its international creditors finally agreed to give it the money it urgently needs but the cash-strapped country's economic distress is likely to drag on for years to come.
After three weeks of negotiations, Greece's euro partners and the International Monetary Fund agreed to release vital loan payments totaling some €44 billion ($57 billion) and introduce a series of measures designed to reduce the country's massive debts to a more manageable level within a decade. These include reducing the interest rates Greece has to pay on the loans and a bond buyback program.
Greek Prime Minister Antonis Samaras hailed the agreement in Brussels early Tuesday as a victory that heralds "a new day for all Greeks," but the reaction in the markets was a bit more cautious.
Most stock markets in Europe were modestly higher. The Stoxx 50 index of leading European shares was up 0.4 percent, but the main stock index in Athens fell 1.4 percent as investors had hoped for some more debt relief for the country. The euro also gave up earlier gains to trade 0.4 percent lower at $1.2947.
"There remains the potential for this deal to fall apart in the medium term as there are a lot of moving parts and it is a long way away from the permanent fix that the IMF had been insisting upon," said Gary Jenkins, managing director of Swordfish Research. "Instead it is just one more big kick of the can down the road."
For three years, Greece has been struggling to convince markets as well as its creditors that it can get a grip on its public finances, which spiraled out of control. The country is predicted to enter its sixth year of recession and is weighed down by an unemployment rate of 25 percent.
The so-called troika of the European Central Bank, IMF and the European Commission has twice agreed to bail out Greece, pledging a total of €240 billion ($310 billion) in rescue loans — of which the country has received about €150 billion ($195 billion) so far. In return for its bailout loans, Greece has had to impose several rounds of austerity measures and submit its economy to scrutiny.
Without the bailout money, the country would be staring bankruptcy in the face together with a possible exit from the 17-country eurozone, with potentially chaotic repercussions for the world economy.
The meeting agreed to release €34.4 billion in loans to Greece in December, with the remainder issued in three installments in the first quarter of 2013. The money will be used to help recapitalize Greece's struggling banking industry and pay back suppliers.
Greek Finance Minister Yannis Stournaras said the deal was "very important for it keeps Greece in the euro, offers it a significant opportunity to exit the vicious cycle of recession and over-indebtedness, and contributes to its debt reduction."
But opposition leader Alexis Tsipras, whose Radical Left Coalition wants Greece to scrap its bailout commitments, accused the conservative-led governing coalition of failing to defend the country's interests.
"The solution does not include a viable program for Greece, therefore it is no solution," he said. "(It follows) successive failures of a program that has destroyed our society and meets none of the targets it sets."
The meeting in Brussels was the third time in the last two weeks that finance ministers from the 17 European Union countries that use the euro had tried to hammer out a deal on the next installment of bailout money for struggling Greece.
The main aim of the bailout program is to right Greece's economy and get it to a point where it can independently raise money on the debt markets once the bailout loans start to run out at the end of 2014. It has been clear for months that the country is far from achieving that goal. Greece's debt levels are expected to hit 190 percent of its annual economic output next year— some €346 billion. The talks have centered on trying to get Greece back on the path to sustainability by reducing the country's debt load.
Current forecasts have Greece's debt level at 144 percent of its output by 2020. The IMF had originally said it would only agree to the bailout program if the country's debt was at 120 percent by then. Tuesday's meeting reached a compromise between the IMF and the euro ministers where Greece will now have to reach a 124 percent debt load by 2020 and below 110 percent by 2022. The difference between the current forecast and the new 2020 target would involve a cut in Greece's debt load of some €40 billion.
To reach this, the meeting agreed on a raft of measures. These include:
—A cut of 100 basis points on the interest rate charged to Greece by other eurozone member states — excluding those that are also receiving bailouts.
—A 15-year extension of the maturities of loans from other countries and the eurozone's bailout fund, the European Financial Stability Facility, and a deferral of interest payments by Greece on EFSF loans by 10 years.
— A program whereby Greece could buy back some of its debt from private investors. The details of this program are still to be agreed by the eurogroup and IMF.
The deal still requires the authorization of a number of Parliaments in Europe, including Germany's, where patience with repeated Greek rescues has been running low.
However, Rainer Bruederle, the caucus leader of the Free Democrats, the junior coalition partner, said he expects broad approval this time on Thursday.
"Conditions have been put together which maintain a tough mechanism toward Greece, but still save us from a collapse of the Greek economy possibly having consequences that could pull down the whole of Europe," he said.
Greek newspapers were divided on whether the agreement would give the country breathing space to right its economy, or keep it trapped in years of recession and austerity.
Broad-circulation "Ta Nea" daily argued in an editorial that the deal affords Greece "a last chance" to escape the crisis.
The leftwing "Efimerida ton Syntakton" carried the headline "A poisonous (loan) installment," arguing that the agreement "condemns Greek society to a slow death."
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Post by ModE98 on Nov 30, 2012 8:48:45 GMT -5
Bundestag OKs latest Greek debt deal. Germany's Bundestag has approved by 473-100 the latest Greek debt deal, which the Troika agreed to earlier this week. The vote is a further step towards the country receiving €44B in bailout cash and staving off eurogeddon, for now. The overwhelming approval comes despite the lack of details provided and concerns that eurozone countries will be forced to take losses on their Greek debt.
German retail sales suffer biggest fall in two years. German retail sales dropped a monthly 2.8% in October, with the fall the sharpest in almost two years. The decline was worse than the decline of 0.1% that was expected and the rise of 0.5% in September
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Post by Driftr on Nov 30, 2012 13:00:03 GMT -5
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The Virginian
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Post by The Virginian on Dec 19, 2012 10:16:30 GMT -5
PARIS (AP) — France's government proposed a bill Wednesday that would split banks' risky trading activities from their more traditional lending operations as part of a Europe-wide effort to shore up a fragile industry that contributed to the continent's financial crisis. The legislation would force banks to house any trading done with their own money and for their own profit in a separate subsidiary by 2015. President Francois Hollande's Socialist administration hopes the new rules will prevent deposits from being used in speculative activities; banks would still be allowed to leverage deposits for activities considered to the benefit of the economy, like lending to companies. But the measures — written under pressure of bank lobbyists — seemed to fall short of the "long war" against the financial system that Hollande called for during his victorious electoral campaign earlier this year. By requiring that banks siphon off only those activities considered of no value to the larger economy and those made with a bank's own money, the government left out a wide range of operations that some still consider risky. Another major goal of the bill is to ensure banks pay for their own mistakes and avoid expensive government rescues. Instead, under the bill, shareholders would be first in line to rescue troubled banks, and a bailout fund would be created and financed by the banks themselves. In addition, the bill creates a new agency to spot and deal with asset bubbles, like the real estate one that hurt so many banks across Europe. The bill, which goes to Parliament early next year, also imposes a ban on high-frequency trading — the rapid-fire trades placed by computers in fractions of a second that led to the 2010 "flash crash," in which the Dow Jones industrial average dropped nearly 600 points in five minutes. Finance Minister Pierre Moscovici said the bill could serve as a model for Europe. Similar rules have already been suggested in reports requested by the European Commission and by the British government. And the U.S. plans to implement the so-called Volcker rule, which places some restrictions on banks' ability to trade for their own profit. These measures are intended to root out the problems in the banking industry that helped lead to the global financial meltdown and to ensure that a similar crisis never happens again. In boom times, banks made bets on real estate loans and government debt that were considered safe but have since soured. They took heavy losses as they tried to unload these investments and sometimes turned to their governments for rescues. But rescuing banks is expensive and has added to investor concerns that European countries are simply spending too much. Ireland's rescue of its banking sector pushed it to the edge of bankruptcy and into a bailout loan. Spain is now heading down the same path. hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-12-19-France-Banks/id-a3288d71bbe94ab598a3cfade7ca31f7
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The Virginian
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"Formal education makes you a living, self education makes you a fortune."
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Post by The Virginian on Dec 27, 2012 8:52:00 GMT -5
BERLIN (AP) — Germany's finance minister says the worst of euro area's debt crisis appears to be over after three years of worries over Greece and other members of the group of 17 European Union countries that use the single currency. Finance Minister Wolfgang Schaeuble was quoted Thursday as telling the Bild newspaper: "I think we have the worst behind us." Schaeuble says Greece and others have recognized that they can only overcome the crisis by implementing reforms and that the Greek government — which has received two bailouts — "knows that it cannot financially overburden the other euro states". Some in Germany have expressed concern about the economy of neighboring France. But Schaeuble says the government there "knows very well that every country must constantly conduct reforms to remain competitive." We'll See !
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The Virginian
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"Formal education makes you a living, self education makes you a fortune."
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Post by The Virginian on Jan 8, 2013 8:40:47 GMT -5
Jan. 8, 2013 6:21 AM ET
EU unemployment tops 26 million for 1st timeBRUSSELS (AP) — Unemployment in the 17 EU countries that use the euro rose to 11.8 percent in November, as the number of jobless people in the region rose to 18.8 million, the highest figure since the single currency was founded in 1999. According to data released Tuesday by the EU's official statistics agency, eurozone unemployment was up 0.1 percentage points over October — but up a full 1.2 percentage points from a year ago. The rate for the 27-member European Union was 10.7 percent, the same as in October, but up from 10.0 percent a year ago. The number of unemployed across the full EU topped 26 million. The figures illustrate the daunting tasks confronting European Union officials. While the threat of a collapse of the eurozone due to too much government debt may have receded, the economies in many EU countries stubbornly refuse to expand and joblessness continues to rise, creating broad social crises. As part of their efforts to reduce their debt levels, governments across Europe have introduced tough austerity measures, such as slashing spending and raising taxes. However, measures such as cutting wages and pensions hit the labor force in the pocket and reduce demand in the economy. Other measures taken alongside the austerity, such as reforming labor practices, and boosting skills and education, are intended to promote employment but they take time, both to enact and to feed through an economy. As unemployment across the eurozone continues to rise, many analysts are concerned whether the political will to continue to cut budgets can be sustained. The biggest rise in unemployment over the past year took place in Greece, where joblessness soared to 26 percent in September, up 7.1 percentage points over September 2011's 18.9 percent. But the highest overall rate in the EU was in Spain, where 26.6 percent of the workforce was jobless in November, up 3.6 percentage points over last year.By contrast, Austria posted the lowest unemployment rate in the EU, at 4.5 percent. The rate in Luxembourg was 5.1 percent, and the rate in Germany was 5.4 percent. Among larger economies, the seasonally adjusted unemployment rate in Britain was 7.8 percent, and in France it was 10.5 percent. Nope - It's not over yet! hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2013-01-08-EU-Europe-Economy/id-3573f2c4237342e88468679845d3672e
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decoy409
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Post by decoy409 on Jan 8, 2013 9:12:27 GMT -5
That's funny,#221 that is. We spoke of such months ago and tracked along the deterioration and cover of. None the less,great post!
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The Virginian
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"Formal education makes you a living, self education makes you a fortune."
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Post by The Virginian on Jan 9, 2013 12:23:36 GMT -5
I thought I would share this U-tube Video post by FTI !!
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The Virginian
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"Formal education makes you a living, self education makes you a fortune."
Joined: Dec 20, 2010 18:05:58 GMT -5
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Post by The Virginian on Jan 14, 2013 10:37:39 GMT -5
Gunman Opens Fire on Greek Ruling Party’s HQATHENS, Greece (AP) — A gunman fired a spray of bullets at the headquarters of Greece’s governing center-right New Democracy party near central Athens early Monday, with one hitting an office occasionally used by the prime minister, officials said. No one was hurt. A government spokesman said the shooting was part of an effort to “terrorize” Greek society, which is struggling through its worst financial crisis in two generations amid a drastic fall in living standards and a record rise in unemployment. Police cordoned off the area where unknown gunman shot at least nine automatic rifle rounds at the building on the capital’s busy Syngrou Avenue, south of the city center. No group claimed responsibility for the pre-dawn attack, which follows a renewed wave of low-scale politically motivated violence by small anarchist and far-left militants. The belt-tightening, amid widespread disgust with an incompetent and often corrupt political establishment blamed for the country’s woes, has boosted extremists both to the left and right of the political spectrum. A fringe ultra-right group accused of fostering violent attacks on dark-skinned immigrants is represented in Parliament and regularly polls as the country’s third most popular party. All political parties condemned Monday’s attack. “No act of terrorism is going to scare us,” said Makis Voridis, a spokesman for New Democracy. “Our efforts to restore law and order … will continue unobstructed.” His comments appeared to be a reference to recent police evacuations of anarchist squats in Athens, which triggered a series of firebomb attacks on journalists’ homes, local branches of parties in Greece’s governing coalition and cash machines. Government spokesman Simos Kedikoglou said a “symbolic” bullet went through the window of the office used occasionally by Prime Minister Antonis Samaras and was found inside the room. “There is a new worrying increase in efforts to terrorize our society,” Kedikoglou said. No party officials were in the building at the time. The official prime minister’s office is at another building in central Athens, where he spends most of his time. “Of course there could have been (victims). There could have been a cleaner in the prime minister’s office or a security guard at the site,” Kedikoglou said. Police said the attacker was believed to have had at least one accomplice, while experts were examining a car found abandoned and burned near the scene. The anti-terrorism squad is heading the investigation. New Democracy heads a three-party coalition government formed after elections in June and is leading Greece’s painful economic recovery effort to cut its high public debt and budget deficit through deeply resented spending cuts and tax hikes. The austerity measures were demanded by international creditors in exchange for the vital bailout loans that have shielded Greece from bankruptcy since May 2010. For decades, Greece was plagued by deadly far-left political violence that targeted police, government officials, businessmen and financial institutions. But the toughest groups were eradicated in a crackdown just before the 2004 Athens Olympics, and over the past three years authorities have arrested more than two dozen people over attacks by militant anarchists that caused extensive damage but no loss of life. After authorities cleared two squats in Athens last week, the homes of five prominent journalists were firebombed. The attacks were claimed by small anarchist groups that accused their targets of serving the establishment. Over the weekend, arsonists targeted the home of the brother of government spokesman Kedikoglou. The unknown attackers broke down the door with a sledgehammer and threw in a firebomb that exploded without causing injury. www.theblaze.com/stories/2013/01/14/gunman-opens-fire-on-greek-ruling-partys-hq/
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decoy409
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Post by decoy409 on Jan 14, 2013 10:44:07 GMT -5
The Virginian, lovely youtube vid up there. So what would happen if they just stop? Don't need to go to far in order to enjoy the sequel to. First however we need more deterioration. That deterioration is strong and out and about and has been creativly working in areas from A-Z.
Why it's a good thing for the contingency plan......just in case that it was designed for.
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