Ireland

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Paul Craig Roberts Warns "The Entire World May Go Down The Tubes Together"





Neoliberal economics is blind to reality and serves to justify the destruction of the economic prospects of the Western World. It remains to be seen if Russia and China can develop a different economics or whether these rising superpowers will fall victim to the “junk economics” that has destroyed the West. With so many Chinese and Russian economists educated in the US tradition, the prospects of Russia and China might not be any better than ours. The entire world could go down the tubes together.

 
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Stocks Tumble As Emissions Scandal Spreads To BMW; NOK Plunges On Unexpected Norway Rate Cut





European equity have been weighed on by BMW after reports in German press that the Co.'s emission tests for their X3 model could show worse results than that of the Volkswagen Passat. The Norwegian and Taiwanese central banks have both cut interest rates, taking the number of central banks to cut rates this year to 40. Today's highlights include US weekly jobs data and durable goods orders as well as comments from ECB's Praet and Fed's Yellen. Of note US data, including jobless claims, durables and home sales will be delayed today & not released to newswires 1st due to Pope's visit

 
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Europe Will Force Countries To Accept Refugee Quotas As Migrant "Dictat" Approved





"The dissenters were the ministers representing the Czech Republic, Hungary, Romania and Slovakia. Under European law, three of the countries — the Czech Republic, Romania and Slovakia — would be required to accept migrants against their will, said one European Union diplomat, who spoke on condition of anonymity shortly after the vote."

 
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Fed Opens Negative Interest Rate Pandora's Box: What Happens Next





"As interest rates go more negative, market participants will have increasing incentives to make payments quickly and to receive payments in forms that can be collected slowly. This is exactly the opposite of what happened when short-term interest rates skyrocketed in the late 1970s: people then wanted to delay making payments as long as possible and to collect payments as quickly as possible.... if interest rates go negative, we may see an epochal outburst of socially unproductive—even if individually beneficial—financial innovation."

 
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New Data Reveals U.S. Far From Freest Country In The World





While the U.S. has never had a truly free economy, the new study makes it evident that Americans have far less economic freedom and opportunity than they did in the year 2000. Now that economic conditions are even worse in the U.S. than they were before, a culture of extreme economic control has taken over and exacerbated the growing recession - one that history may end up redesignating a depression.

 
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Bank Of England Economist Calls For Cash Ban, Urges Negative Rates





Just three short years ago, Bank of England chief economist Andy Haldane appeared a lone voice of sanity in a world fanatically-religious Keynesian-esque worshippers. Admissions in 2013 (on blowing bubbles) and 2014 (on Too Big To Fail "problems from hell") also gave us pause that maybe someone in charge of central planning might actually do something to return the world to some semblance of rational 'free' markets. We were wrong! Haldane appears to have fully transitioned to the dark side, as The Telegraph reports, he made the case for the "radical" option of supporting the economy with negative interest rates, and even suggested that cash could have to be abolished.

 
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The Fed's Long Awaited Decision Day Arrives, And Chinese Stocks Wipe Out In The Last 15 Minutes





The long awaited day is finally here by which we, of course, mean the day when nobody has any idea what the Fed will do, the Fed included. Putting today in perspective, there have been just about 700 rate cuts globally in the 3,367 days since the last Fed rate hike on June 29, 2006, while central banks have bought $15 trillion in assets, and vast portions of the world are now in negative interest rate territory.

 
GoldCore's picture

Gold Near Highs In Currencies Globally - Terrorism, War and Currency Devaluations





Today, most of the developing world, tomorrow most of the developed world. Today Ukraine, Syria, South Africa and Brazil. Tomorrow Ireland, Greece, the UK, the EU, other Middle Eastern and African nations and the U.S. (see important charts) 

 
GoldCore's picture

Risk Of “Economic Totalitarianism” From “Cashless Society”





- Bail-ins, withdrawal limits and negative interest rates may be imposed - FT proposes a ban on “barbarous relic” cash - Central banks and banks would have citizen's wealth and people themselves “completely under their control” ...

 
GoldCore's picture

Gold Bullion Allowed As Collateral in China





This development is an important one for the gold market and is bullish for gold. It shows, once again, that gold is slowly but surely becoming a cash equivalent and as money again.

 
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Europe Unveils €780 Million "Compulsory" Refugee Quota Plan





As WSJ reports, "the European Union on Wednesday proposed redistributing 160,000 refugees across the bloc and speeding up procedures to send back those who don’t qualify for asylum, in a bid to improve a stuttering response to the largest wave of migration on the continent since the aftermath of World War II."

 
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British Navy Admits "It Was Us, Not The Russians" That Damaged Irish Trawler In April





Back in April, European and US officials were quick to blame "The Russians" when a British fishing trawler's nets became entangled in a submarine. The incident, one of many, was rapidly escalated as further excuse to increase NATO forces across Europe and as evidence of Russia's aggression. There's just one small problem... As The Daily Mail reports, in this case, it wasn't the Russians - The Royal Navy has finally admitted one of its submarines damaged an Irish fishing trawler in April - five months after the Russian vessel was blamed for the incident.

 
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11,000 Icelanders Offer To House Syrian Refugees





The Icelandic government is reconsidering its national refugee quota after a social media campaign resulted in over 11,000 Icelanders (the "most peaceful nation in the world") offering up a room in their homes to refugees. As Europe struggles to cope with unprecedented levels of those seeking shelter, residents of the sparsely populated Nordic island country resorted to direct action to pressure their leaders.

 
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Guns, Drugs, & Booze: The Bipartisan Support For Prohibition





It’s been noticed more than a few times that there aren’t many substantive differences between the Republicans and Democrats. What they have in common - at least the mainstream varieties - is a desire to use the state to shape society in whatever way they see fit. As Andrew Napolitano put it, "We have migrated from a two-party system into a one-party system, the big-government party. There’s a democratic wing that likes taxes and wealth transfers and assaults on commercial liberties and there’s a republican wing that likes war and deficits and assaults uncivil liberties." And both parties love prohibition, just of different things.

 
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