Oct 19

- Kudos To Herr Weidmann For Uttering Three Truths In One Speech (David Stockman’s Contra Corner, Oct 17, 2014):

Once in a blue moon officials commit truth in public, but the intrepid leader of Germany’s central bank has delivered a speech which let’s loose of three of them in a single go. Speaking at a conference in Riga, Latvia, Jens Weidmann put the kibosh on QE, low-flation and central bank interference in pricing of risky assets.

These days the Keynesian chorus in favor of policy activism is so boisterous that a succinct statement to the contrary rarely gets through – especially at Rupert Murdoch’s Wall Street yarn factory. But here’s what penetrated even Brian Blackstone’s filters:

“The biggest bottleneck for growth in the euro area is not monetary policy, nor is it the lack of fiscal stimulus: it is the structural barriers that impede competition, innovation and productivity,” he said.

Continue reading »

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Oct 18

- Strange Liaisons? Putin Visits Berlusconi’s Home At 3am After Warning Merkel Of Gas Squeeze (ZeroHedge, Oct 17, 2014):

It appears Bunga-Bunga boy still has something to offer the international elite. After a lengthy meeting with Germany’s Angela Merkel (at a hotel in Milan) where Putin warned of “big transit risks” in delivery of Europe’s gas as Ukraine is “starting to siphon off our gas from the export pipeline,” and threatening to respond by “reducing flows by the amount stolen;” Putin decided the place to be was 78-year-old Berlusconi’s house at 3am. Finally, it is worth noting that Ukraine’s President Poroshenko was scheduled to meet with Frau Merkel this morning – we assume to plead his case for why gas transit should flow through his nation (and beg for some more support).

As Bloomberg reports, Continue reading »

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Oct 18

One reader at RT commented:

“Swiss is quickly becoming an oasis in the vast desertification of eurozone.”

… but only an oasis for the rich and powerful, …

… at least that is what reports that are coming in on my end tell me.

I’ve also been told that you cannot go there anymore, because it simply has become far to expensive.

Will Switzerland be (again) a refuge for elite when the financial collapse (and WW3) will take place?


Switzerland

- Switzerland cuts growth forecast, blames slowing Europe & geopolitical crisis (RT, Oct 16, 2014):

Even the Swiss economy isn’t immune to the “fragile and vulnerable eurozone” and has cut growth forecasts for this year and next. The government points its finger at weak exports to Germany and geopolitical crisis in Ukraine and the Middle East.

The Swiss government has cut back its GDP expectation to 1.8 percent from 2.0 percent growth in 2014, the second revision this year, the State Secretariat for Economics (SECO) said in a statement Thursday. Continue reading »

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Oct 17

- Putin: If Ukraine siphons gas from pipeline, Russia will reduce Europe supplies (RT, Oct 16, 2014):

Moscow will reduce gas supplies if Kiev starts siphoning deliveries destined for Europe, said Russia’s President Vladimir Putin during a visit to Serbia.

“There are large transit risks. If we see that our Ukrainian partners start illegally taking our gas from the export pipeline as it was in 2008, we will equally reduce the amount of supply as happened in 2008,” warned Putin on Thursday at a news conference in Belgrade, stressing he was “hopeful” it would not come to that.

However, the Russian president pledged that Moscow will supply enough gas to Europe this winter.

“I can tell you for sure, and I am saying with absolute responsibility, there will be no crisis in Europe due to the fault of Russian participants in energy cooperation,” Putin stressed.

“Russia has always been a reliable supplier, we have enough resources.” Continue reading »

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Oct 16

- European Stocks Plunge, Enter Correction (-11% From Record Highs) (ZeroHedge, Oct 15, 2014):

Greece (-6.5% today), Italy (-4.4%), Spain (-3.6%), and Portugal (-3.2%) all saw major stock price collapses today dragging the broad European Stoxx 600 index down 11.4% from its highs just 18 days ago… All European stock indices are now red for 2014

20141015_EUEOD

All European national stock indices are red YTD… Continue reading »

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Oct 16

Greece Is Crashing (ZeroHedge, Oct 15, 2014):

As we explained in detail yesterday, between governments hopes to exit the bailout program early (in order to save their election) – which the market does not like the idea of – and fears over the reality of OMT, Greek markets are tumbling. Greek stocks are down over 9% – the biggest plunge in 6 years and bond yields are surging… it appears the market is demanding Draghi get back to work as the “whatever it takes” gains have been halved (Greek stocks -35% from March 2014 highs). Continue reading »

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Oct 16

US, European Stocks Collapse As Oil Tests $80 Handle, 10Y Hits 2.15% (ZeroHedge, Oct 15, 2014):

Blood in the leveraged momo streets. Nikkei was crushed overenight as USDJPY could not hold 107. European stock indices are tumbling led by weakness in Spain, Portugal, and Italy. The peripheral bond markets are also getting crushed (spreads wider by 15-20bps). This has bled over into US equities with Nasdaq leading the way lower. Treasury yields are collapsing (10Y tests below 2.15%). The USD is modestly lower but oil is continuing to collapse testing the $80 handle for WTI. Continue reading »

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Oct 16

Reality is still the same, only the GDP figures are different.

Mission accomplished!


hookers-drugs-italy-recession

- Sex, drugs and…Hookers and dope bring Italy out of recession (RT, Oct 15, 2014):

Illegal economic activities such as drugs and prostitution are apparently responsible for having lifted Italy out of economic recession. EU data calculations have demonstrated that the black market has significantly boosted GDP figures.

Italy is technically no longer in economic recession because of the addition of figures from illegal activities.

Continue reading »

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Oct 16

- Experts Slam Inconclusive German Glyphosate Risk Assessment (Sustainable Pulse, Oct 10, 2014)

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Oct 15

- German economy in ‘choppy waters’, as growth forecast slashed to 1.2% (RT, Oct 14, 2014):

The German Ministry of Economic Affairs has slashed its forecast of growth this year to 1.2 percent, which is mounting evidence that Europe’s biggest economy is losing steam.

The numbers released Tuesday are a significant downward revision from the 1.8 percent growth expected earlier in the year. Growth for 2015 was also revised down to 1.3 percent from 2 percent, the ministry said. Continue reading »

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Oct 14

- China, Russia Sign CNY150 Billion Local-Currency Swap As Plunging Oil Prices Sting Putin (ZeroHedge, Oct 13, 2014):

While it is beyond a doubt that the primary catalyst for Europe’s triple-dip recession has been the nearly two quarters and counting of escalating Russian sanctions that were supposed to solely harm Putin (because who could have possibly foreseen that plunging German exports to Russia would have a far greater impact on the export-driven German economy), the truth is that the Kremlin itself is starting to hurt, if not so much as a result of the European trade embargo but mostly due to crashing oil prices, which have been driven lower almost exclusively by Saudi Arabia as part of its most recent secret bargain with the US, a bargain which as we read today is likely to tear OPEC apart.

One place where Russia has been hit the hardest as a result of tumbling oil prices, is the crashing currency, with the Ruble hitting new record lows against the USD on a daily basis. In fact, as Bloomberg reports, Russia has been forced to spend a whopping $6 billion in just the past 10 days to slow down the tumble of the RUB: Continue reading »

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Oct 13

- Why Tomorrow It Could Get Even Worse (ZeroHedge, Oct 13, 2014):

While today’s market dump was certainly dramatic, it was a function of the scant liquidity in the market (as we warned would be the case first thing) and outsized moves following last week’s mauling, not the result of any fundamental (or not so fundamental) news.

That could change tomorrow, and change for the worse, because as Barclays reminds us, tomorrow is when the European Court of Justice (ECJ) is scheduled to hear testimony on the ECB’s non-existent Outright Monetary Transactions program (OMT). Recall that the OMT is the imaginary (again: non-existent) byproduct of Draghi’s “whatever it takes” speech: a byproduct that was supposed to exist purely in the imaginary realm (as it was merely a verbal bluff, one which was never meant to be actually activated), and never actually take practical shape (hence, why the OMT’s legal term sheet still does not exist, over two years later).

Sadly for Draghi, and the entire Deus Ex theater that managed to send European peripheral bonds from record wides yields to record low, tomorrow it will attain some much dreaded shape.

And while a ruling on the legal questions forwarded by Germany’s Constitutional Court is not expected this year, the hearing and questions posed by EU judges may give some early insights into their views and to what extent they might share the view of the German court that, unless several restrictions are imposed, the OMT should be considered illegal under European law. Continue reading »

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Oct 13

Saudi-Arabia-Kerry

- Saudi Arabia’s “Oil-Weapon” Hits Europe (ZeroHedge, Oct 12, 2014):

We first exposed the “secret” US-Saudi deal in September which led to the inevitable bombing of Syria. We then progressed to explain the quid pro quo of the deal in lower oil prices (benefiting US consumers into an election and crushing Russian revenues). In today’s Wall Street Journal we get the final piece of the puzzle as it is clear that what Saudi Arabia loses in ‘price’ it will make up in ‘volume’ as The Kingdon is taking the unusual step of asking buyers to commit to maximum shipments if they want to get its crude. Simply put, “they are threatening [European] buyers” to discontinue sales if they don’t agree with the full fixed deliveries. The ‘oil weapon’ grows stronger… Continue reading »

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Oct 13

- Draghi The Dictator: “Working With The Germans Is Impossible” (ZeroHedge, Oct 12, 2014):

The war of words between Europe’s unelected monetary-policy dictator Mario Draghi and Germany’s “but it’s us that pays for all this” Bundesbank has been gaining momentum since Jens Weidmann penned his Op-Ed slamming Draghi’s OMT ‘whatever it takes’ as “too close to state financing” in 2012. A week ago, Weidmann stepped up the rhetoric by claiming ECB policy is “hostage to politics” and has lost its indepdendence – warning Draghi’s dictatorial policies were leading Europe down a “dangerous path.” But now, as pressure grows from the Spanish (record unemployment, record bad debt, record low yields), Italian (record unemployment, record debt-to-GDP, record low yields) and French (record unemployment, treaty-busting-deficits, record low yields) for Draghi to monetize more assets, he has struck back in Focus magazine, blasting Weidmann is “impossible” to work with because the Germans “say no to everything.” Dis-union… Continue reading »

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Oct 10

Related info:

- CDC Suggests ‘Hermetically Sealed Coffins’ For Ebola Victims – AKA ‘FEMA Coffins’

Goverment Emergency Manager: ‘Ebola Outbreak is Being Conducted On Purpose; Violates All Protocols’ (Video)


ebola-us

- Ebola Pandemic Hits Germany, Turkey, And Australia As Infected Spanish Nurse Went Un-Quarantined For A Week (ZeroHedge, Oct 9, 2014):

Despite the still confident exclamations from officials that the Ebola pandemic is ‘contained’, more and more nations are admitting to Ebola-symptomatic cases or bringing infected patients back from Africa for treatment. Australia has its first potential case of the deadly disease, as Bloomberg reports a nurse who returned from volunteering in Africa has developed Ebola-like symptoms. Despite claims that Nigeria’s outbreak is over, a Turkish worker there has been hospitalized in Istanbul after signs of high fever and diarrhea. Health officials from Germany confirm a 3rd Ebola patient has arrived in the country – having contracted the disease in Liberia. And finally, just as in the sad case of Thomas Duncan in Dallas, The Guardian reports the infected Spanish nurse went untreated and unquarantined for a week despite reporting symptoms at least three times to hospital officials. It seems the world is ill-prepared for this…

Bloomberg reports, a nurse who treated Ebola patients with the Red Cross in Sierra Leone was hospitalized in Australia after developing a low-grade fever, health officials said. She is being tested for the deadly virus.

Continue reading »

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Oct 10

- Argentina Dares to Call a Spade a Spade – Naming Western Greed Economy As “Economic Terrorism” (Information Clearinghouse, Oct 7, 2014):

October 07, 2014 “ICH” – “Today you pretend making a coalition against the Islamic State of Iraq and the Levant (ISIL), but in fact you’re their allies,” Those are the frank words by Cristina Fernandez Kirchner, the Argentinian President, spoken in a calm and secure voice at the UN General Assembly last Friday, 3 October 2014.

Similarly, she referred to the western financial system as economic terrorism, as in vultures – the vulture funds that thanks to New York judge Griesa have put Argentina – a solvent country, willing and capable of paying their debt, in default. He ruled that the vulture funds, Griesa’s clients and paymasters, needed to be paid in full, i.e. 100%, equal to US$ 1.5 billion, when close to 93% of all creditors agreed on a restructured reimbursement rate of about 20%. Continue reading »

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Oct 10

- Serious Financial Trouble Is Erupting In Germany And Japan (Economic Collapse, Oct 8, 2014):

There are some who believe that the next great financial crash will not begin in the United States.  Instead, they are convinced that a financial crisis that begins in Europe or in Japan (or both) will end up spreading across the globe and take down the U.S. too.  Time will tell if they are ultimately correct, but even now there are signs that financial trouble is already starting to erupt in both Germany and Japan.  German stocks have declined 10 percent since July, and that puts them in “correction” territory.  In Japan, the economy is a total mess right now.  According to figures that were just released, Japanese GDP contracted at a 7.1 percent annualized rate during the second quarter and private consumption contracted at a 19 percent annualized rate.  Could a financial collapse in either of those nations be the catalyst that sets off financial dominoes all over the planet? Continue reading »

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Oct 10


Uploaded on Sep 29, 2014

Interview with Udo Ulfkotte, former editor of one of Germany’s main daily publications, Frankfurter Allgemeine Zeitung.

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Oct 09

germany-kurds-muslims-brawls2.si

- Pro-ISIS radicals with machetes, knives attack Kurds in Germany (VIDEO) (RT, Oct 8, 2014):

Peaceful protests against IS in Syria and Iraq organized by Kurdish nationals in several German cities ended with serious clashes with pro-jihadist Muslims in Hamburg and Celle. Police had to request reinforcements to restore order.

Police in Hamburg, a port city of 1.8 million people, used water cannons, batons and pepper spray late Tuesday to disperse crowds of warring Kurds and pro-jihadist Muslims, armed with knives and brass-knuckles, following a protest against Islamic State militants who are attacking the Kurdish town of Kobani in Syria near the Turkish border.

At first, on Tuesday afternoon about 80 Kurdish protesters occupied Hamburg’s central train station for an hour, NDR.de reported. The Kurdish protesters left the railways voluntarily after 6pm, a police spokesman said.

A bigger group of about 500 Kurdish demonstrators marched through downtown Hamburg. On their way, they damaged several cars and Turkish snack bars, breaking panes of glass and throwing around plastic chairs. Police detained 14 rioters. Continue reading »

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Oct 09

- Leading German Journalist Admits CIA ‘Bribed’ Him and Other Leaders of the Western ‘Press’ (Washington’s Blog, Oct 7, 2014):

Udo Ulfkotte, a former editor of Frankfurter Allgemeine Zeitung (which is one of Germany’s largest newspapers), has decided to go public about the corruption of himself and the rest of the Western ‘news’ media, because he finds that this corruption is bringing Europe too close to a nuclear war against Russia, which he concludes the U.S. aristocracy that controls the CIA wants to bring about, or else to bring closer to the brink.

He told Russian Television:

I’ve been a journalist for about 25 years, and I’ve been educated to lie, to betray, and not to tell the truth to the public. … The German and American media tries to bring war to the people in Europe, to bring war to Russia. This is a point of no return, and I am going to stand up and say … it is not right what I have done in the past, to manipulate people, to make propaganda against Russia, and it is not right what my colleagues do, and have done in the past, because they are bribed to betray the people not only in Germany, all over Europe. … I am very fearful of a new war in Europe, and I don’t like to have this situation again, because war is never coming from itself, there is always people who push for war, and this is not only politicians, it is journalists too. … We have betrayed our readers, just to push for war. … I don’t want this anymore, I’m fed up with this propaganda. We live in a banana republic, and not in a democratic country where we have press freedom. … Continue reading »

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Oct 09

- Markets In Turmoil Update  (ZeroHedge, Oct, 8, 2014):

BTFD’ers are absent as markets everywhere are in turmoil. Commodities are sliding with WTI plunging (almost a bear market from June highs) and copper crumbling. The USD is slightly lower (3rd day in a row). Treasury yields are slightly lower. But it is stocks that are turmoiling most as the Dow nears unchanged year-to-date. After the dramatic ramp off the lows last week, stocks have entirely roundtripped and then some to fresh cycle lows, led by Trannies and Small caps. VIX is back over 18. In Europe, stocks tanked once again with DAX closing below 9,000 for the first time this year.

Stocks have roundtripped and worse from last Thursday’s lows…

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Oct 09

FYI.


They shoot Ebola dogs, don’t they? Outrage at Spain’s killing of infected nurse’s dog (RT, Oct 8, 2014):

The dog belonging to the Spanish nurse confirmed to have Ebola has been killed, despite a massive social media campaign and vigil by animal rights activists outside her flat.

The mixed-breed canine, called Excalibur, was finally put to sleep in the Complutense University of Madrid veterinary hospital on Wednesday at 14:30 local time, the Spanish daily El Mundo reports, citing sources at the university. Continue reading »

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Oct 07

20141007_ebola1

- Spain Warns “Something Went Wrong” As Suspected Ebola Cases Rise In Madrid (ZeroHedge, Oct, 7, 2014):

Despite being described by Spain’s public health director as “a national jewel,” the head of Spain’s Nursing Council warns “something went wrong” in the health care system’s protocols. As RT reports, Spanish health officials have 4 patients interned including infected initial nurse, her husband, and a 2nd nurse (male). Furthermore, 22 more possible Ebola cases are under surveillance having had direct contact with the infected nurse during her vacation after being infected (officials have said they ‘don’t know’ how she became infected with the deadly virus). Images within the hospital show “irregularities” and make-shift isolation units and an insider account said “I do not want to create social alarm, but explain what is still a reality everyday for a few months of nursing staff at the ICU.”. One researcher noted “air traffic is the driver.,” and added ominously, “it’s just a matter of who gets lucky and who gets unlucky.” Continue reading »

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Oct 07

- Global Equities In “Sea Of Red” After German Industrial Data Horror, Hints Japan May Give Up On Weak Yen (ZeroHedge, Oct, 7, 2014):

While the economic data, especially out of Europe, just keeps getting worse by the day, with the latest confirmation that Europe is now officially in a triple-dip recession coming out of Germany and the previously observed collapse in Industrial Production which tumbled the most since February 2009, it was once again the Dollar and especially the New Normal favorite currency, the Yen, that was in everyone’s sights overnight, when it first jumped to 109.20 only to slide shortly after midnight eastern, when Abe repeated once again that a plunging Yen is hurting small companies and consumers – and to think it only took him 2 years to read what we said would happen in late 2012 - but also the BOJ minutes which did not reveal any addition easing, which apparently disappointed algos and triggered USDJPY slel programs, pushing the USDJPY 80 pips lower to 108.40. Continue reading »

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Oct 07

This is the Greatest Depression.

Prepare for collapse.


Europe’s Triple-Dip Recession Arrives: German Industrial Production Crashes Most Since February 2009 (ZeroHedge, Oct, 7, 2014):

A few hours ago we finally got undeniable confirmation that Europe is once again in recession, its third since Lehman, only this one is worse: it is led by the “core” countries, with Germany in the forefront, a Germany which just reported industrial output which suffered its biggest monthly decline in more than five years in August. Specifically, German IP tumbled 4%, led by capital goods which crashed 8.8%; consumer goods sliding 0.4%, and basic goods dropping 1.9%, with the headline plunge far below the consensus of -1.5%, and below even the worst forecast of -3.0%, the biggest drop since February 2009, a result which according to the FT rose “fears that Europe’s biggest economy might be heading for recession and prompting renewed concern about the economic health of the eurozone.”

 

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Oct 07

- Spanish Ebola-Infected Nurse Is First Case Of Contagion Out Of Africa; Salzburg Activates Ebola Emergency Response (ZeroHedge, Oct 6, 2014):

By now it should be clear to everyone that any myth that the Ebola epidemic, which has clearly gone global, is contained is about as real as the S&P 500 at 2000. And if it isn’t, the latest confirmation came moments ago from BBC which reports that a Spanish nurse who treated an Ebola victim in Madrid has contracted the virus herself in the first case of contagion outside Africa, health officials say.  What is different about this case is that the nurse contracted the virus in Madrid while she was part of the team that treated Spanish priest Manuel Garcia Viejo, who died of Ebola on 25 September, despite being treated with the same drug regiment that previous is said to have worked on US Ebola patients. Continue reading »

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Oct 06

H/t reader squodgy:

“Yet another one backs down, grovelling and asking for forgiveness…..”

And for all those who didn’t know:

Anybody in Germany criticizing the Federal Reserve is now being labeled as anti-Semitic!

Well, at least that should give all those totally ignorant people a clue who is really behind the Fed.

Dear Sabine Wölfle, please add this book to your Facebook page and call your post:

The Rothschilds: One family rules the world” – A well documented conspiracy FACT!

Die Rothschilds - Eine Familie beherrscht die Welt
(I find this cover to be  … very appropriate!)

@Amazon.de: Die Rothschilds: Eine Familie beherrscht die Welt.  (Preis: EUR 22,95

(Book title: The Rothschilds: One family rules the world.)

Some quotes:

“If my sons did not want wars, there would be none.”
- Gutle Schnaper, wife of Mayer Amschel Rothschild
“I care not what puppet is placed on
the throne of England to rule the Empire, …
The man that controls Britain’s money
supply controls the British Empire.
And I control the money supply.”
- Baron Nathan Mayer Rothschild
“The best time to buy is when blood is running in the street.”
- Baron Nathan Mayer Rothschild


German Jewish social democrats slam her for anti-Semitism.
Edmond De Rothschild
A logo of Banque Privee Edmond de Rothschild. (photo credit:REUTERS)

- German politician posts anti-Semitic video of ‘Rothschilds controlling the world’ (The Jerusalem Post, Oct 1, 2014):

BERLIN – The working circle of Jewish Social Democrats blasted on Wednesday a German social democratic politician for posting a crude anti-Semitic conspiracy video about the Rothschild family on her Facebook page.

“This morning we became aware that the SPD regional politician Sabine Wölfle posted an anti-Semitic and conspiratorial video on her Facebook page. We are shocked that a regional politician lacks basic knowledge about the connotations of conspiracy theories, in which the frequently mentioned, all-encompassing, financial power of the Rothschild family stands at the center. We demand a clear apology for the spreading of anti-Semitic propaganda.”

Wölfle serves as a member of parliament for the Social Democrats in the government of the southern German state of Baden-Württemberg.

German anti-Semites have long depicted the Rothschilds as a nefarious family determined to control the world. Nazi Germany produced a 1940 film tiled “The Rothshilds” showing the Jewish Rothschild family as a lethal threat to Germany. The conclusion of the film shows a burning Star of David over a map of England, suggesting that the Jews control the United Kingdom in its war against Nazi Germany.

The alleged anti-Semitic video posted by Wölfle is titled “The Power of the Rothschilds.” The video, which was viewed by The Jerusalem Post, claims the family dominates the financial capital London and “control the media.” The narrator says the Rothschilds are responsible for the “mass murders of millions.” Continue reading »

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Oct 06

- Brussels Ready To Sanction France For EU Treaty-Busting Budget Plan (ZeroHedge, Oct 5, 2014):

“What people underestimate is that what’s at stake is the entire credibility of the rules,” warns one EU official as The WSJ reports, is preparing to reject France’s 2015 budget, that would be the biggest test yet of new powers for Brussels that were designed to prevent a repeat of the eurozone’s sovereign-debt crisis. With the looming handover to former French FinMin Pierre Moscovici (fox, henhouse?) it appears the current European Commission will not stand for Current French FinMin Sapin’s plan that would run a budget deficit of 4.3% of GDP next year (far greater than the 3% deficit it had previously promised) put France’s budget in “serious noncompliance” with the new EU rules and risking sanctions of as much as 0.2% of GDP. The credibility of Brussels’ new powers threatens to be seriously undermined if big countries such as France and Italy are able to flout the new rules as “it’s not like they will try – and fail; they’re actually planning not do it,” another EU official said.

Continue reading »

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Oct 06

- The US Dollar Is About To Inflict Carnage All Around The Planet (Th Automatic Earth, Oct 3, 2014):

As I watch the euro losing another 1.3% against the dollar today, it’s now at $1.25, and down from close to $1.40 recently, it’s getting clearer all the time: the greenback is busy eating currencies and economies alive.

There is of course the fact that Abenomics in Japan is living up to its longstanding promise of utter failure. And there is Mario Draghi torn between two lovers, one the one hand the Germany/Austria camp – with France as a surprise third – who don’t want the ECB to buy up junk paper, and on the other hand those EU members whose sole road to survival inside the EU is for Draghi to buy up anything that even looks like it was once toilet paper.

But Japan and Europe have been in the economic doghouse for a long time. It wasn’t until the Fed pulled the trigger on the dollar steamroller that they started paying the real price for it. Continue reading »

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Oct 04

greece-athens
Athens, Greece, Nov. 2012

- Here We Go Again: Greece Will Be In Default Within 15 Months, S&P Warns (ZeroHedge, Oct 4, 2014):

Remember Greece: the country that in 2010 launched Europe’s sovereign solvency crisis and the ECB’s own helpless attempts at intervention, which later was “saved”, only to default shortly thereafter (but without triggering CDS as that would end the Eurozone’s amusing monetary experiment and collapse the Deutsche Bank $100 trillion house of derivative cards), which later was again “saved” when every single global central bank made sure Greek bonds became the only yield-generating securities in the world? Well, the country which at last count was doing ok, is about to not be ok. Because according to none other than S&P, at some point over the next 15 months, Greek debt is about to be in default when the country is no longer able to cover its financing needs. In other words, back to square one. Continue reading »

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