Category: Uncategorized

Prepare for Spanish Implosion: Businesses Threaten to Leave Spain Over Tax Hikes; Finance Minister Proposes 56% Tax on Short-Term Financial…
July 21, 2012 0

Prepare for Spanish Implosion: Businesses Threaten to Leave Spain Over Tax Hikes; Finance Minister Proposes 56% Tax on Short-Term Financial…

By News Desk

Prepare for Spanish Implosion: Businesses Threaten to Leave Spain Over Tax Hikes; Finance Minister Proposes 56% Tax on Short-Term Financial Transactions Cristobal Montoro, the Spain’s finance minister has made a liquidity destroying proposal to tax short-term financial transactions at an astonishing 56% tax rate. Businesses are already upset over hikes in the VAT and have threatened to leave Spain. Interestingly, in spite of raising taxes elsewhere, the VAT was lowered on the highly subsidized renewable energy sector.

July 20, 2012 0

Demand for Spanish Bonds Collapses; "No Money Left to Pay Services" says Treasury Minister; Massive Protests Over Austerity; Two-Year Yield…

By News Desk

Ambrose Evans-Pritchard has the details in his Telegraph piece, Spanish debt crisis returns as Germany nears bailout fatigue “Demand for Spanish paper is collapsing, even for shorter-dated debt which is very worrying and raises the spectre of Spain losing market access,†said Nicholas Spiro from Spiro Sovereign Strategy. Marchel Alexandrovich from Jefferies Fixed Income said the markets are already bracing for second bigger rescue of around €400bn. “A few more weeks like this and Madrid is going to decide to it has nothing more to lose and call for a full sovereign bail-out,†he said.

Tech Sector Layoffs Surge to Three-Year High
July 19, 2012 0

Tech Sector Layoffs Surge to Three-Year High

By News Desk

Please consider Tech sector layoffs surge to three-year high During the first half of the year, 51,529 planned job cuts were announced across the tech sector, representing a 260 percent increase over the 14,308 layoffs planned during the first half of 2011.

Cui bono
July 19, 2012 0

Cui bono

By News Desk

Cui bono DeSmog brings news that the Norfolk Constabulary has stopped its investigation into the CRU hacking.  In a press release they state: While no criminal proceedings will be instigated, the investigation has concluded that the data breach was the result of a ‘sophisticated and carefully orchestrated attack on the CRU ’s data files, carried out remotely via the internet’. Senior Investigating Officer, Detective Chief Superintendant Julian Gregory, said: “Despite detailed and comprehensive enquiries, supported by experts in this field, the complex nature of this investigation means that we do not have a realistic prospect of identifying the offender or offenders and launching criminal proceedings within the time constraints imposed by law.“The international dimension of investigating the World Wide Web especially has proved extremely challenging.“However, as a result of our enquiries, we can say that the data breach was the result of a sophisticated and carefully orchestrated attack on the CRU ’s data files, carried out remotely via the internet. The offenders used methods common in unlawful internet activity to obstruct enquiries

July 18, 2012 0

Whem

By News Desk

Neven said… He INSISTS on straight odds, and got rather testy with me when i suggested that meant he thought there was an even chance of breaking the record. Oh my, that’s very funny! :-D—This is very difficult

"China Rebalancing Has Begun"; What are the Global Implications? Michael Pettis on China Rebalancing, Chinese Price Deflation, and Spain…
July 18, 2012 0

"China Rebalancing Has Begun"; What are the Global Implications? Michael Pettis on China Rebalancing, Chinese Price Deflation, and Spain…

By News Desk

Please see Target2 and the ELA (Emergency Liquidity Assistance) program; Reader From Europe Asks "Can You Please Explain Target2?" for a more compete description. There is much misinformation floating around on how Target 2 works, what Germany’s liabilities are, so please click on the above link if you are interested in target 2 balances. The following chart from PIMCO article TARGET2: A Channel for Europe’s Capital Flight shows the capital flight through March