Euro Zone Jobless Hits Highest Level Since Birth Of Euro
January 31, 2012 by admin
Filed under News Stories
February 1, 2012
Reuters
By Robin Emmott
Euro zone unemployment has risen to its highest level since before the euro was introduced, data showed on Tuesday, a day after EU leaders promised to focus on creating millions of new jobs to try to kickstart Europe’s floundering economy.
Joblessness among the 17 countries sharing the single currency rose to 10.4 percent in December, on a par with an upwardly revised November figure, the EU’s statistics office Eurostat said in its release of seasonally-adjusted data.
It was the highest rate since June 1998, before the euro was introduced in 1999.
“We’re looking at a further increase over the coming months, so that is worrying,” said Martin van Vliet, an economist at ING. “Look at Greece, where unemployment is some 20 percent, and it is 23 percent in Spain. At a certain point this could lead to political unrest.”
After two years of debt crisis and budget austerity, the number of Europeans out of work has risen to 16.5 million people, with another 20,000 people without a job in December from the month before.
At a summit on Monday, Europe’s leaders tried to shift the debate from fighting the debt crisis to reviving growth in a bloc that produces 16 percent of global economic output.
They are looking to deploy up to 82 billion euros of unspent funds from the EU’s 2007-2013 budget in an attempt to boost employment. But most economists expect scant progress while the euro zone’s high debtors are compelled to persist with harsh austerity programs under a new ‘fiscal compact’.
Click here for the full report.
BBC Documentary Exposes 50-year Scandal Of Baby Trafficking By The Catholic Church In Spain
November 3, 2011 by admin
Filed under News Stories
November 3, 2011
The Daily Mail
By Polly Dunbar
Up to 300,000 Spanish babies were stolen from their parents and sold for adoption over a period of five decades, a new investigation reveals.
The children were trafficked by a secret network of doctors, nurses, priests and nuns in a widespread practice that began during General Franco’s dictatorship and continued until the early Nineties.
Hundreds of families who had babies taken from Spanish hospitals are now battling for an official government investigation into the scandal.
Several mothers say they were told their first-born children had died during or soon after they gave birth.
But the women, often young and unmarried, were told they could not see the body of the infant or attend their burial.
In reality, the babies were sold to childless couples whose devout beliefs and financial security meant that they were seen as more appropriate parents.
Official documents were forged so the adoptive parents’ names were on the infants’ birth certificates.
In many cases it is believed they were unaware that the child they received had been stolen, as they were usually told the birth mother had given them up.
Journalist Katya Adler, who has investigated the scandal, says: ‘The situation is incredibly sad for thousands of people.
‘There are men and women across Spain whose lives have been turned upside-down by discovering the people they thought were their parents actually bought them for cash. There are also many mothers who have maintained for years that their babies did not die – and were labelled “hysterical” – but are now discovering that their child has probably been alive and brought up by somebody else all this time.’
Click here for the full report from The Daily Mail.
Unemployment In Spain Hits Depression Level At 22%
October 31, 2011 by admin
Filed under News Stories
October 31, 2011
Mish’s Global Economic Trend
With news of a “voluntary” haircut on Greek bonds of 50%, it’s time to look ahead to the next big trouble spots. By measure of 10-Year government bond yields, Portugal at 11.8%, Italy at 6.02%, and Spain at 5.51% (as compared to Germany at 2.18%), Portugal, Italy, and Spain clearly have critical issues.
Moreover, the economic data from Spain is continuously awful. For example Spain’s Unemployment “Unexpectedly” Rises to 21.52%
The number of unemployed persons increased by 144,700 in the third quarter, bringing the total number of unemployed amounted to 4,978,300 people, according to Labour Force Survey (EPA) released today by the National Statistics Institute (INE). Spain has not seen such a high unemployment rate since the fourth quarter of 1996.
Austerity measures and economic reforms in the “Club-Med” Euro states are much needed. However, the short and intermediate-term effect will not be good for sovereign debt yields, budget targets, or GDP.
Spain and Portugal are accidents waiting to happen (sooner rather than later), and judging from bond yields alone, it is safe to add Italy to that mix.
The euphoria of a “settlement” (that fixes nothing) in regards to the crisis in Greece will soon give way to the massive number of even larger problems elsewhere in the Eurozone.
Click here for the full report.
The Kevin Trudeau Show: 8-27-11
Today, Kevin explains where every ailment, every sickness, and every disease can be traced back to and how natural remedies are more effective than drugs and surgery.
Self Help:
Prevent Disease
Alternative To Sunlight
Decrease Your Cancer Risk
Get The Nutrition You Are Lacking
Avoid Processed Commercial Meat
Wealth:
51% of Americans Pay No Federal Income Tax
Americans Becoming Incompetent Due To Welfare System
Feds Oppose Ban On Food Stamps For Sodas In NYC
NWO:
Data Dealing Is A Bigger Scandal Than Phone Hacking
Why Do Feds Want To Keep Tucson Shooting Suspect Medicated?
Everything Kevin:
Become An Insider!
Support Kevin!
Kevin is on YouTube!
Sign Up For Kevin’s FREE Podcast
Follow Kevin on Twitter
Become A Fan of Kevin on Facebook
Take Trudeau on the Go! Click here to download this show to your iPod, mp3 player, or PC through iTunes!
Click below to watch The Kevin Trudeau Show!
The Kevin Trudeau Show: 8-22-11
Today, Kevin explains why it is wrong for America to force the wealthy to pay for their mistakes. Plus, find out why the War on Terror is a joke and why food stamps should be abolished!
Self Help:
Decrease Your Cancer Risk
Get The Nutrition You Are Lacking
Avoid Processed Commercial Meat
Health:
Are Vitamin D Levels Linked to Certain Cancers?
Cancer Expert Blames Agencies For Losing War Against Cancer
Are There Toxic Chemicals In Your Kids’ Car Seats? YES!
Processed Meat May Give You Cancer
Chipotle Admits Major Menu Mistake
Why Are Fruits and Veggies Less Nutritious Today?
It’s Easier To Get Prescription Drugs Than You Think!
Lawsuits Pile Up Over Diabetes Drug
Government:
Secret Services Pays to Rent Joe Biden’s House
Former U.S. Officials Make Millions Advocating For Terrorist Organization
Some Immigrants With Criminal Records MIGHT Not Get Deported
Wealth:
Feds Oppose Ban On Food Stamps For Sodas In NYC
NWO:
Data Dealing Is A Bigger Scandal Than Phone Hacking
Why Do Feds Want To Keep Tucson Shooting Suspect Medicated?
Everything Kevin:
Become An Insider!
Support Kevin!
Kevin is on YouTube!
Sign Up For Kevin’s FREE Podcast
Follow Kevin on Twitter
Become A Fan of Kevin on Facebook
Kevin’s Film Club
Kevin’s Book Club
Take Trudeau on the Go! Click here to download this show to your iPod, mp3 player, or PC through iTunes!
Click below to watch The Kevin Trudeau Show!
The Kevin Trudeau Show: 1-17-11
Today, Kevin discusses his view of the Iraqi Dinar investment trend and gives you the steps he takes to prevent heart disease and depression!
Self Help:
Omega-3 Fish Oil
Oral Chelation
Organic Cheese
Free Money
Health:
Number One Killer In America Is Heart Disease
Depression Is Fastest Growing Disease
Media:
Fox News Head Tells Hosts To Tone It Down
Everything Kevin:
Become An Insider!
Kevin is on YouTube!
Sign Up For Kevin’s FREE Podcast
Follow Kevin on Twitter
Become Kevin’s Friend on Facebook
Kevin’s Film Club
Kevin’s Book Club
Take Trudeau on the Go! Click here to download this show to your iPod, mp3 player, or PC through iTunes!
Click Below to Watch the Kevin Trudeau Show LIVE!
Dollar Extends Losses On US Economy Concerns
July 16, 2010 by admin
Filed under News Stories
July 16, 2010
Breitbart
The dollar fell further on Friday, touching the lowest level so far this year against the yen, as weak US data fuelled concerns about the world’s biggest economy, analysts said.
The euro rose to 1.2975 dollars in morning trading here, up from 1.2941 dollars in New York late on Thursday.
Against the Japanese currency, the dollar fell to 87.09 yen from 87.39 yen on Thursday.
In earlier trading in Tokyo, the dollar fell briefly to 86.93 yen — the first time it had dipped below 87 yen since July 1 and the lowest level since early December.
The dollar had already plunged into the mid-87 yen range in New York on Thursday as weak US economic data dampened hopes for a rapid exit from recession.
“The US economy, which had been believed to be staging a solid recovery, now seems to be stalling,” said Hachijuni Bank dealer Masatsugu Miyata.
“Risk aversion triggered yen buying,” he said, adding that investors believed the Japanese economy was more stable.
Dealers said the dollar might fall toward 85.00 yen.
US data such as a consumer sentiment survey and the consumer price index to be released later Friday could be a trigger for such a slide if they turn out to be worse than expected, said analysts.
Investors were worried by news that manufacturing had slumped in New York and industrial production across the US rose only modestly last month.
They were also spooked by news that inflation, measured by producer prices, has also fallen, seen by many as a sign of slow recovery and possible deflation.
As well as from US economic fears, the euro has attracted support this week — reaching two-month dollar highs — from a successful bond issue in Spain and plans for a bank merger in Greece.
Dealers digested official data on Friday showing the 16-nation eurozone slipped back into a trade deficit with the rest of the world in May when it posted a shortfall of 3.4 billion euros (4.4 billion dollars).
The single currency area had posted a surplus for three months in a row, thanks to a fall in the euro which boosts exports through lower prices.
In London trading, the euro was being quoted at 1.2975 dollars against 1.2941 dollars on Thursday, at 113.01 yen (113.14), 0.8413 pounds (0.8370) and 1.3511 Swiss francs (1.3469).
The dollar stood at 87.09 yen (87.39) and 1.0414 Swiss francs (1.0406).
The pound was at 1.5420 dollars (1.5455).
On the London Bullion Market, the price of gold fell to 1,205.65 dollars an ounce from 1,208 dollars an ounce on Thursday.
Crisis Awaits World’s Banks As Trillions Are Due
July 12, 2010 by admin
Filed under News Stories
July 12, 2010
The New York Times
By: Jack Ewing
The sovereign debt crisis would seem to create worry enough for European banks, but there is another gathering threat that has not garnered as much notice: the trillions of dollars in short-term borrowing that institutions around the world must repay or roll over in the next two years.
The European Central Bank, the Bank of England and the International Monetary Fund have all recently warned of a looming crunch, especially in Europe, where banks have enough trouble raising money as it is.
Their concern is that banks hungry for refinancing will compete with governments — which also must roll over huge sums — for the bond market’s favor. As a result, credit for business and consumers could become more costly and scarce, with unpleasant consequences for economic growth.
“There is a cliff we are racing toward — it’s huge,” said Richard Barwell, an economist at Royal Bank of Scotland and formerly a senior economist at the Bank of England, Britain’s central bank. “No one seems to be talking about it that much.” But, he added, “it’s of first-order importance for lending and output.”
Banks worldwide owe nearly $5 trillion to bondholders and other creditors that will come due through 2012, according to estimates by the Bank for International Settlements. About $2.6 trillion of the liabilities are in Europe.
U.S. banks must refinance about $1.3 trillion through 2012. While that sum is nothing to scoff at, analysts seem most concerned about Europe because the banking system there is already weighed down by the sovereign debt crisis.
How banks will come up with the money is an open question. With investors worried about government over-indebtedness in Greece, Spain, Ireland and other parts of Europe, many banks have been reluctant or unable to sell bonds, which they typically use to raise money that they lend on to businesses and households.
The financing crunch has its origins in a worldwide trend for banks to borrow money for shorter periods.
The practice of short-term borrowing and long-term lending contributed to the near-collapse of the world financial system in late 2008 when short-term financing dried up. Banks suddenly found themselves starved for cash, and some would have collapsed without central bank support.
Government bank guarantees extended in response to the crisis also inadvertently encouraged short-term lending. The guarantees were typically only for several years, and banks issued bonds to match.
Other banks took advantage of the gap between short-term and long-term rates, borrowing cheaply from money markets or central banks and lending to their customers at higher, long-term rates.
A study in November by Moody’s Investors Service found that new bond issues by banks during the past five years matured in an average of 4.7 years — the shortest average in 30 years.
Since then, worries about Greek and Spanish debt and whether Europe is headed for another recession have caused new problems. Investors are unsure which institutions are in good shape and which are sitting on piles of bad loans and potentially tainted government bonds.
Bond issuance by financial institutions in Europe plunged to $10.7 billion in May, compared with $106 billion in January and $95 billion in May 2009, according to Dealogic, a data provider. New issues have recovered somewhat since, to $42 billion in June and $19 billion so far in July.
Bank stress tests being conducted by European regulators could help if they succeed in convincing markets that most banks are healthy. Bank regulators plan to release results of the tests, covering 91 large banks, on July 23.
Sandeep Agarwal, head of financial institutions debt capital markets in Europe at Credit Suisse, predicted that the market could be separated into haves and have-nots, with the healthy banks raising money fairly easily but weaker banks required to pay a premium. “There is cash at the right price for many institutions, not all institutions,” Mr. Agarwal said.
That could add pressure on the weakest banks to merge, seek government help, or scale back their activities. Some might even fold. The Landesbanks in Germany, savings banks in Spain or other institutions that have struggled may be forced to confront difficult choices.
A shortage of bank finance also could create quandaries for the European Central Bank, which appears anxious to wean banks from the cheap cash that it began providing in the heat of the global financial crisis.
If institutions are unable to raise the money that they need on the open market, the European Central Bank would have to decide whether to continue to prop them up.
Secret Gold Swap Surprised The Market
July 12, 2010 by admin
Filed under News Stories
July 12, 2010
Telegraph
By: Garry White and Rowena Mason
The news that a mystery bank has just pawned the family jewels gave traders a jolt – nervous about the sudden transfer of almost 20pc of the world’s annual gold production and the possibility of a sell-off.
In a tiny footnote in its annual report, the bank disclosed its unusually large holding of gold, compared with nothing the year before. The disclosure was a large factor in the correction of the gold price this week, which fell below $1,200 for the first time in more than a month.
Concerns hinged on whether the BIS could potentially sell on this vast cache of bullion in the event of a default, flooding the market with liquidity. It appears to have raised $14bn for whoever’s been doing the swapping – small fry on the currency markets, but serious liquidity in the gold market.
Denominated in euros, gold has fallen 8pc since the beginning of the month and is now trading at a seven-week low of €937 per troy ounce.
The big gold exchange traded funds (ETFs) – having peaked at record inflows in May – have also been showing net outflows over the past few days.
Meanwhile, economists and gold market-watchers were determined to hunt down which bank is short of cash – curious about who is using their stash of precious metal for what looks suspiciously like a secret bailout.
At first it looked like the BIS was swapping gold with a troubled central bank. After all, the institution is the central bankers’ bank and its purpose to conduct transactions with national monetary authorities.
Central banks in the troubled southern zone of Europe were considered the most likely perpetrators.
According to the World Gold Council, central banks in Greece, Spain and Portugal held 112.2, 281.6 and 382.5 tons of gold respectively in June – leading analysts to point fingers at Portugal, or a combination of the three.
But Edel Tully, an analyst from UBS, noted that eurozone central banks would be severely limited with what they could do with the influx of extra cash – unable to transfer it straight to governments or make use of the primary bond markets.
She then listed the only other potential monetary authorities with enough gold as the US, China, Switzerland, Japan, Russia, India and Taiwan – and the International Monetary Fund.
This led to musings that the counterparty was the IMF, making sense because the lender of last resort is historically prone to cash shortages and has been quietly selling off gold in the first half of the year.
Renowned gold expert Jim Sinclair adopted this explanation. The panic came when people mistook a lease for a swap, he argues. Far from being a big release of gold into the market, it is simply a commercial arrangement between the IMF and BIS with a favourable rate of interest paid for the foreign currency.
“Gold swaps are usually undertaken by monetary authorities,” he writes on his industry blog, MineSet. “The gold is exchanged for foreign exchange deposits with an agreement that the transaction be unwound at a future time at an agreed price.
“The IMF will pay interest on the foreign exchange received. Historically swaps occur when entities like the IMF have a need for foreign exchange, but do not wish to sell the gold. In this case, gold is a leveraging device for needed currency to meet requirements.
“The many reports that characterise the large IMF gold swap as a sale of gold into the markets do not understand the difference between a swap and a lease.”
However, the day after original reports about the swaps, BIS emailed a statement saying that the swaps had not been conducted with monetary authorities but purely with commercial banks.
This did nothing to quell the sense of mystery surrounding the deal or deals. It is almost inconceivable that a single commercial bank could have accumulated so much gold alone. And cynics have suggested that the whole affair still looks like a secretive European bailout that a single country wants to keep quiet.
In this case, one or more of the so-called bullion banks – which act as wholesale market-makers and include Goldman Sachs, Deutsche Bank, JP Morgan, HSBC, Barclays, UBS, Societe Generale, Mitsui and the Bank of Nova Scotia – would have agreed to act on behalf of a monetary authority.
This would add an extra layer of anonymity. “So the BIS swaps look like a tripartite transaction,” writes Adrian Douglas of the Gold Anti-Trust Association. “The commercial bank or banks made a swap with a central bank or banks and then the commercial bank or banks made a swap with the BIS.”
Analysts for Commerzbank note that in the meantime, “The price of gold is tending weaker at present.”
Baltic Dry Index still falling
The Baltic Dry Index, a measure of commodity shipping costs, has fallen for the longest period in nine years, due to lower volumes of iron ore being shipped to China.
Surplus steel means manufacturers are relying on stockpiles, rather than shipping in iron ore from abroad.
The index of freight rates on international trade routes fell 38 points, or 2pc, to 1,902 points on Friday in its 31st straight decline.
Charter rates for all types of ships fell.
Buyers angry at ‘excessive’ cocoa speculation
European cocoa buyers are so concerned about potential speculation in the market that they have written to the London commodities exchange threatening to move their trade to America.
Talks between industry participants and Liffe, the London exchange operator, will take place this week, following concerns about the price spike in June.
Futures hit a 32-year high, amid lower production due to diseased crops in Africa and higher demand.
Those who signed the letter claim there has been excessive speculation by hedge funds and want greater transparency about who is buying what and how much.
Democracy Could Disappear in Greece, Spain, and Portugal
June 16, 2010 by admin
Filed under News Stories
June 16, 2010
Daily Mail
By Jason Groves
Democracy could ‘collapse’ in Greece, Spain and Portugal unless urgent action is taken to tackle the debt crisis, the head of the European Commission has warned.
In an extraordinary briefing to trade union chiefs last week, Commission President Jose Manuel Barroso set out an ‘apocalyptic’ vision in which crisis-hit countries in southern Europe could fall victim to military coups or popular uprisings as interest rates soar and public services collapse because their governments run out of money.
The stark warning came as it emerged that EU chiefs have begun work on an emergency bailout package for Spain which is likely to run into hundreds of billions of pounds.
