European Union

Tyler Durden's picture

Farage Blasts "Bullying Brussels", Cheers Swiss Immigration Curbs Bill





Switzerland's surprise decision in favor of curbing EU immigration, was greeted by UKIP's Nigel Farage as "wonderful news for national sovereignty and freedom lovers throughout Europe." With 50.3% of Swiss voters backing the "Stop Mass Immigration" bill proposed by right-wing populists, AFP reports that Farage (who has been outspoken over immigration and sovereignty problems in Europe) added "a wise and strong Switzerland has stood up to the bullying and threats of the unelected bureaucrats of Brussels." As we noted previously, with the EU elections rapidly approaching non-centrist status quo parties are quickly gaining attention as 'the protest vote' gains traction.

 


Tyler Durden's picture

Europe Stunned, Angry As Switzerland Votes To Curb Immigration





This wasn't supposed to happen. At a time when the European Union, reeling from the ongoing near collapse of the Eurozone, has been preaching its key benefits - the removal of borders and the free transit of labor - moments ago Switzerland, with a tiny majority of 50.4%, voted in favor of new immigration curbs which requires the government to set an upper limit for foreigners, risking a backlash from the (utterly toothless) European Union.

 


Tyler Durden's picture

German Top Court Finds ECB's OMT Is Illegal, Then Promptly Washes Its Hands Of Final Decision





In what was a shocking and disappointing at the same time decision, overnight the German Constitutional court, which had been contemplating the legality of the ECB's still non-existent OMT program, conceived in July 2012 to prevent the collapse of the Eurozone and still only existing in Mario Draghi's head as it has zero legal documentation supporting it, said that, in its judgment, the ECB's Outright Monetary Transactions program likely exceeded the central bank's powers. "There are important reasons to assume that [the OMT] exceeds the European Central Bank's monetary policy mandate and thus infringes the powers of the member states, and that it violates the prohibition of monetary financing of the budget," the German court said Friday. "Subject to the interpretation by the Court of Justice of the European Union, the Federal Constitutional Court considers the OMT decision incompatible with primary law," the German court said.

 


Tyler Durden's picture

Frontrunning: February 7





  • Here is why AAPL bounced off $500: Apple Repurchases $14 Billion of Own Shares in Two Weeks (WSJ)
  • German Court Refers OMT Decision to Europe's Top Court (WSJ)
  • Inflation Fuels Crises in Two Latin Nations (WSJ)
  • U.S. job growth seen snapping back from winter chill (Reuters)
  • Google to own $750 million Lenovo stake after Motorola deal closes: HK exchange (Reuters)
  • Frigid Winter Spells Trouble for U.S. Economy (BBG)
  • Winter Games to open, Putin keen to prove doubters wrong (Reuters)
  • Regulators Ready to Proceed on Bank Leverage Limit (WSJ)
  • Abe Eyes Window for Biggest Military-Rule Change Since WWII (BBG)
 


Tyler Durden's picture

Guest Post: Limits to Growth - At Our Doorstep, But Not Recognized





How long can economic growth continue in a finite world? In simplest terms, our problem is that we as a people are no longer getting richer. The reason we are getting poorer is because hidden parts of our economy are now absorbing more and more resources, leaving fewer resources to produce the goods and services we are used to buying. The promised collapse, from 1972's The Limits of Growth, is practically right around the corner, beginning in the next year or two. In fact, many aspects of the collapse appear already to be taking place, such as the 2008-2009 Great Recession and the collapse of the economies of smaller countries such as Greece and Spain. How could collapse be so close, with virtually no warning to the population?

 


Tyler Durden's picture

Here Come The Q4 GDP Downward Revisions As December Exports Tumble, Trade Deficit Balloons





Here come the downward revisions to the "strong" initial Q4 GDP print. Moments ago the December trade deficit was released, and it soared from the impressive November deficit print of $34.6 billion to a far less impressive $38.7 billion, far above the $36.0 billion expected, and an indication that, as we warned, the Q4 GDP revisions are imminent (unless of course inventory numbers rise even more to offset the weakness). As the BEA simply explains, "The deficit increased... as exports decreased and imports increased." Indeed.

 


Tyler Durden's picture

Frontrunning: February 6





  • Draghi as ECB Master of Suspense Keeps Investors on Edge (BBG)
  • Abe lays out detailed plan for expanding defense powers (Nikkei)
  • Inflation Fuels Crises in Two Latin Nations (WSJ)
  • Obama walks into crossfire of Asian tensions (FT)
  • Harvard Makes Professor Disclose More After Blinkx Slides (BBG)
  • Hedge Funds Rework Currency Positions in Market Drop (BBG)
  • Canada, U.S. Strike Tax-Information Sharing Deal (WSJ)
  • Indonesia calls for greater clarity from Fed on tapering (FT)
  • Sony to cut 5,000 jobs, split off PC, TV operations (Reuters)
 


Phoenix Capital Research's picture

Europe Has Proven Economic Data is a Political Tool… Not Reality





It’s now clear that the spate of positive economic data coming out of Europe prior to the German Federal Election in September 2013 was just political gaming to get Angela Merkel back into office.

 


Pivotfarm's picture

Roll Up! Roll Up! EU Place to Be For Corruption!





As if we didn’t know it already! The Western world is the ultimate destination for corruption, pulling a swift one and swiping the valuables from the inside pocket of the guy’s pants standing in front of you as he keeps his beady eye on the economy.

 


Tyler Durden's picture

Alarms Going Off As 102 Dollar-Yen Support Breached





Alarms are going off in assorted plunge protecting offices, now that the USDJPY has breached the 102.000 "fundamental" support level, below which the Yen can comfortably soar to sub 100.000 in perfectly even 100 pip increments. The first trading day of February has brought another weaker session across Asia though some equity indices such as the KOSPI (-1.1%) are in catch-up mode given they were shut towards the back-end of last week. Over the weekend, the Chinese government published its latest official manufacturing PMI which showed a 0.5pt drop to 50.5, a six-month low, and consistent with consensus estimates. DB’s Jun Ma believes there was some element of seasonality affecting this month’s result including the fact that Chinese New Year started at the end of January (vs February last year), anti-pollution measures in the lead up to CNY and efforts to control government consumption around the holiday period. The official service PMI was released overnight (53.4) which printed at the lowest level since at least 2011. The uninspiring Chinese data has not helped market sentiment this morning, with the Nikkei plunging -2% and ASX200 once again under pressure. S&P500 futures have fluctuated around the unchanged line this morning although if support below the USDJPY fail solidly, then watch out below. Markets in Mainland China and Hong Kong remain closed for Lunar New Year.

 


Tyler Durden's picture

Frontrunning: January 30





  • Only time will define Bernanke's crisis-era legacy at Fed (Reuters)
  • Record Cash Leaves Emerging Market ETFs (BBG)
  • Investors Look Toward Safer Options as Ground Shifts (WSJ)
  • Fed Policy Makers Rally Behind Tapering QE as Yellen Era Begins (BBG)
  • Rating agencies criticise China’s bailout of failed $500m trust (FT)
  • Russia to await new Ukraine government before fully implementing rescue (Reuters)
  • U.S. readies financial sanctions against Ukraine: congressional aides (Reuters)
  • Companies resist president’s call for minimum wage rise (FT)
  • Secret Swiss Funds at Risk as Italy’s Saccomanni Visits Bern (BBG)
  • Top Democrat puts Obama trade deals in doubt (FT)
  • Erdogan to Give Rate Increase Time Before Trying Other Plans (BBG)
 


Tyler Durden's picture

Overheard In A Gold Vault In Singapore: "We Need Additional Capacity", China's Appetite Is "Insatiable"





Yesterday we covered the supply side of the gold market from the perspective of global mints, which were kind enough to advise that they "can’t meet the demand, even if we work overtime." Today, courtesy of Bloomberg, we take a closer look at the demand aspect of the physical gold market, which as most know by now can be described with just one word: China.

 


Tyler Durden's picture

Frontrunning: January 28





  • Emerging markets pray for Wall Street tumble (Reuters)
  • Yellen Faces Test Bernanke Failed: Ease Bubbles (BBG)
  • Samsung sets new smartphone sales record in fourth quarter, widens lead over Apple (Reuters)
  • China’s Foreign-Reserves Investment Chief Said to Depart Agency (BBG)
  • China’s Rescue of Troubled Trust May Stoke Risk-Taking (BBG)
  • Ukraine PM Azarov offers to resign 'to help end conflict' (Reuters) ... And Russia says may reconsider aid if this happens
  • But... but... it was all gold's fault: India Unexpectedly Raises Rate as Rupee Risks Inflation Goal (BBG)
  • Former Belgian king 'boycotting' public events after complaining £760,000 is not enough to live on (Telegraph)
  • Greek disposable income tumbles 8% in Q3 (Kathimerini)
 


Tyler Durden's picture

Bundesbank's Stunner To Broke Eurozone Nations: First "Bail In" Your Rich Citizens





In what is sure to be met with cries of derision across the European Union, in line with what the IMF had previously recommended (and we had previously warned as inevitable), the Bundesbank said on Monday that countries about to go bankrupt should draw on the private wealth of their citizens through a one-off capital levy before asking other states for help. As Reuters reports, the Bundesbank states, "(A capital levy) corresponds to the principle of national responsibility, according to which tax payers are responsible for their government's obligations before solidarity of other states is required." However, they note that they will not support an implementation of a recurrent wealth tax in Germany, saying it would harm growth. We await the refutation (or Draghi's jawbone solution to this line in the sand.)

 


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