Hard hitting global and local news
Flash Eurozone PMI Composite Output Index at 46.5 (47.9 in February). Four-month low
Le Monde Headline "No, France is Not Bankrupt" This amusing headline story by Bruno Moschetto, a professor of economics at the University of Paris in the French newspaper Le Monde has me laughing out loud this morning: " No, France is Not Bankrupt " No, France is not bankrupt …
If you need a break from money supply, jobs, Cyprus, France, Europe in general, or housing (who doesn’t) I have a wonderful visual diversion that is literally “out of this world”. You can Watch the Aurora Borealis from an International Space Station that captures otherworldly famous lights.
Cyprus Conservative Opposition Parliamentary Member Says "If No Solution Soon, Print Cyprus Pounds and Abandon the Euro" Posted by Michael Shedlock at 11:28 PM Disclaimer: The content on this site is provided as general information only and should not be taken as investment advice.
From the library of genuine news, Reuters reports Cyprus parliament rejects deposit tax for bailout . Cypriot lawmakers overwhelmingly rejected a deeply unpopular tax on bank deposits on Tuesday, throwing into doubt an international bailout for the troubled euro zone member needed to avert default and a banking collapse
Staged Vote? In spite of the 1-Not Present, 36-No, 19-abstentions vote in the Cypriot parliament, one really has to wonder if this was a staged vote to show solidarity with Cypriot citizens, with some sort of face-saving deal already approved for tomorrow (in which the Cypriot parliament votes yes by a slim majority in return for minor concessions from the ECB and Germany). In short, it is unclear if we really know what is happening in the Cypriot parliament.
Here’s one for the thick book of EU lies and hypocritical statements " Deposit guarantees only protect against bankruptcy, not levies " Guarantees on deposits in the European Union are only there if a bank completely collapses, and does not protect from fiscal steps decided by parliaments, the European Commission said on Tuesday, defending a decision to impose a levy in Cyprus. Excuse Me! What are the Cyprus banks, if not shutdown, collapsed, and bankrupt
It’s easy enough to focus on the smoldering ashes of the politically and economically insane move in Cyprus by the heavy-handed bureaucrats in Brussels and Germany. Instead, I suggest we focus on the bright side, and there is plenty to be found. The nannycrats have been permanently exposed as liars Trust is gone Everyone can now clearly see that deposit guarantees were a lie Realization has set in that in spite of nannycrat denial, this will happen again The move in Cyprus will strengthen the Five Star Movement in Italy The move in Cyprus will embolden the separatists in Spain The move in Cyprus will strengthen UKIP in Great Britain The move in Cyprus is even likely to strengthen Alternative für Deutschland (AfD) Eurobonds and joint budgets are exposed as dead In Germany, Merkel is likely to have won a Pyrrhic victory (if indeed she won anything at all) Sensible people now realize all this talk of European solidarity is a gigantic lie Even ardent supporters of the eurozone are now starting to question its existence That is one heck of a lot of good things for the bargain basement price of a mere €5.8 billion
Meanwhile, back in the US, USA Today reports jobless rates rose in 25 states, D.C. Unemployment rates rose in 25 states and the District of Columbia in January, but almost half the states posted rates significantly lower than the national 7.9%, the government reported Monday.
Direct robbery of Spanish citizens would net Spain about €120 Billion according to economist Niño Becerra who says ” Cyprus Solution is Feasible, Can Be Extrapolated to Spain ” Santiago Niño Becerra, Professor of Economics at the University Ramon Llull in Barcelona, says a tax as imposed on Cyprus in exchange for bailout, would be possible and that “it is very clean, unlike a freeze all balances, which would be a mess.” Through his twitter account, Niño Becerra says it would be more painful for Cypriots if “the bailout were to occur in the form of public debt.” The Spanish government was quick yesterday to claim the Cyprus solution was not applicable to other countries.