It has nearly reached the point of dogma with many leftists that European countries enjoy higher standards of living thanks to more government regulation and more social benefits. What the data really suggests, however, is that even after social benefits are incorporated into the income data, the median American still has a higher income than most European countries.
The U.S. Department of State is updating this Travel Warning to reflect the October 29, 2016, decision to order the departure of family members of employees posted to the U.S. Consulate General in Istanbul, Turkey. The Department of State made this decision based on security information indicating extremist groups are continuing aggressive efforts to attack U.S. citizens in areas of Istanbul where they reside or frequent.
One week after Canada demonstratively walked out of European trade talks, with Canada's Chrystia Freeland saying that "the European Union is not capable right now to have an international agreement, even with a country that has European values like Canada", moments ago a planned trade deal between the European Union and Canada overcame a key hurdle Thursday when Belgium said it would approve the accord.
European, Asian stocks fell while S&P futures rebounded as investors assessed a mixed batch of earnings reports while the dollar strengthened to 9 month highs versus most of peers on rising confidence that the Fed will raise rates this year, pushing global bond yields higher.
Spain is facing international criticism as it reportedly prepares to refuel a flotilla of Russian warships en route to bolstering the bombing campaign against the besieged Syrian city of Aleppo. El País reported that the Spanish ministry of foreign affairs was reviewing the permit issued to the Russian flotilla to stop at Ceuta. Politicians and military figures condemned the support from a NATO member as "scandalous," and "wholly inappropriate," while the head of the alliance indicated Madrid should rethink the pit stop.
The latest evidence of the unprecedented scramble for yield and duration came yesterday when it was revealed that Austria would join the rest of the Eurozone in selling ultra-long dated debt in the form of 70 Year bonds. It didn't take long to find willing buyers, and moments ago Bloomberg reported that this offering has just priced to yield 53 bps more than that on the February 2047 security.
German police on Tuesday conducted numerous raids across five federal states and stormed an accommodation facility for refugees and 12 homes around the country that were believed to house people suspected of financing terrorism. Police searched residences in five federal states with Bild magazine citing "an imminent terror threat" as the trigger for the operation.
Europe truly is a continent full of powder kegs. Even before you add refugees. However, the US and UK are first in line when it comes to the risk of being rendered ungovernable. Partly simply because of timing, and partly because the differences between various ‘groups’ and movements are as pronounced as they are already today. Both countries are running out of carpet to sweep their dirt under.