Socio-Economics History Blog

Socio-Economics & History Commentary

US Slams EU Aid for Iran

  • PressTV Published on Aug 24, 2018
    The US lashes out at the European Union for its decision to give 18 million euros in development aid to Iran. The head of the newly-formed Iran Action Group in the U-S State Department said the decision sends the wrong message at the wrong time. Brian Hook called on Europe to work with the US to help end what it called Iran’s threat to global security. The EU’s decision has also infuriated the Israeli premier.

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August 25, 2018 Posted by | GeoPolitics | , , , , | Leave a comment

Italy Gives ECB An Ultimatum: “Guarantee” Bond Spreads Or “Euro Will Be Dismantled”

  • Italy Gives ECB An Ultimatum: “Guarantee” Bond Spreads Or “Euro Will Be Dismantled”
    by Tyler Durden, https://www.zerohedge.com/
    While the world remains focused on ground zero of the latest emerging markets crisis, Turkey, and whether contagion from its plunging currency will further pressure global assets, a new – well old – threat has emerged.

    In an unexpectedly sharp attack on the ECB, in two separate posts on Twitter, Claudio Borghi who is the euroskeptic head of the budget committee in Italy’s lower house, stressed that not only is Italy’s spread with German bonds widening, but also the ones of other nations like Spain are doing so. He added that “either the ECB will provide a guarantee or the Euro will be dismantled” as “there is no third option.”

    Commenting on the interview, several sellside desks have cautioned that this seems like something the ECB is unlikely to do as it represents a destabilizing stance and is thus bearish for the EUR.

    read more.

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August 14, 2018 Posted by | Economics | , , , , | Leave a comment

Turkey to Trigger EUROPEAN Financial Crisis as Lira Hits TERRIFYING LOW, ECB Gives Warning

  • Turkey to Trigger EUROPEAN Financial Crisis as Lira Hits TERRIFYING LOW, ECB Gives Warning
    by CARLY READ, https://www.express.co.uk/
    TURKEY has hit a fresh financial crisis which could cause a chaos across the eurozone after the lira plummeted to a record low.

    One US dollar bought 5.57 lira during evening trading yesterday with the troubled currency plummeting five percent in one day. Investors questioned the ability of newly elected President Recep Tayyip Erdogan’s to prevent the nation’s deepening financial turmoil spiralling further out of control.

    The slump of the lira, which has lost a dangerous 30 percent of its value since the start of 2018, has triggered the presentation of a new economic plan by the country’s finance minister and son-in-law of President Erdogan, Berat Albayrak.

    Though the nation has failed to address issues behind the currency’s fall in the past with president Erdogan refusing austerity measures, resulting in volatility seeping out of the nation and into the wider economy.

    The slump comes after threats by the country to retaliate after US President Donald Trump slapped sanctions on Turkey for continuing to trade with Iran and for the detention of American pastor Andrew Brunson, who has been held on terror charges.

    The European Central Bank warned sanctions constituted a “serious risk to the outlook for global trade and activity” and has shared concerned over the impact of the weak lira on European banks. The euro also fell 0.5 percent to trade at $1.14 in the early hours of this morning. This followed a report that Spain’s BBVA, Italy’s UniCredit, and France’s BNP Paribas banks could be particularly impacted by the ongoing depreciation of the lira.

    read more.

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August 11, 2018 Posted by | Economics | , , , , , , | Leave a comment

What If Italy Leaves The EU and DEFAULTS On Its Debt? Get Ready For Capital Controls!

July 14, 2018 Posted by | Economics | , , , , , , , | Comments Off on What If Italy Leaves The EU and DEFAULTS On Its Debt? Get Ready For Capital Controls!

DUTCH FURY: Macron and Merkel’s Eurozone Reforms Brutally Shot Down with ONE Question

  • DUTCH FURY: Macron and Merkel’s Eurozone Reforms Brutally Shot Down with ONE Question
    by CARLY READ, https://www.express.co.uk/
    EMMANUEL Macron and Angela Merkel’s Franco-German campaign for a €25BILLLION Eurozone kitty to help finance crumbling member states has been brutally shot down by the Dutch Minister of Finance with one simple question.

    Wopke Hoestra laughed off France and Germany’s joint crusade for a multi-billion euro debt relief that would be paid for by the EU’s 28 member states by asking the rhetorical question “What do we need it for?”. He added: “For me this is a solution without a problem.”

    Mr Hoestra went on to say the EU had other issues it should devote itself to before adding “but that’s not part of it”, referring to Mr Macron’s budget proposal which after much pleading was given the nod by bosom buddy Ms Merkel.

    Poland joined the Netherlands in slamming the proposal, which has raised many questions about exactly how it would be funded, with Krzysztof Szczerski, who heads Poland’s President Andrzej Duda’s cabinet, issuing a chilling warning to the bloc.

    He said should the countries of the monetary union finance the budget themselves, it would not be an issue. “But if it is created at the expense of its contributions to the general budget, then this would be the end of the EU,” he added.

    Mr Macron is spearheading the campaign which he launched after a catalogue of crises with member states over the past few months that have put the Eurozone on the brink of collapse.

    First, there was Spain, which has been torn apart following Catalonia’s shock referendum that saw residents vote by a landslide to become their own independent state.

    Italy then plagued Brussels with a number of catastrophes when after months of political deadlock, Prime Minister Giuseppe Conte was finally sworn in after elections dating as far back as early March were deemed inconclusive.

    read more.

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June 23, 2018 Posted by | Economics, EndTimes, GeoPolitics | , , , , , , , | Comments Off on DUTCH FURY: Macron and Merkel’s Eurozone Reforms Brutally Shot Down with ONE Question

12 European States Revolt Against Merkel, Macron Plan To Reform Europe

  • 12 European States Revolt Against Merkel, Macron Plan To Reform Europe
    by Tyler Durden, https://www.zerohedge.com/
    Two days ago, when we laid out the components of Merkel and Macron’s blueprint to reform the EU, we said that while “Macron suggested the proposal will be presented to other countries, with specifics to be worked out later this year and the plans to take effect from 2021, it was unclear how he plans to get “other countries” to vote for a proposal which has already led to the alienation of Central and Eastern Europe, Brexit and an openly populist government in Italy.”

    We did not have to wait long for confirmation, because just two days later, Europe’s two self-proclaimed leaders were facing an unexpected backlash from most other European governments against the German and French plans for a common eurozone budget, dealing a blow to the two countries’ ambitions for a big overhaul of the single currency area.

    read more.

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June 23, 2018 Posted by | Economics, EndTimes, GeoPolitics | , , , , , , | Comments Off on 12 European States Revolt Against Merkel, Macron Plan To Reform Europe

Merkel, Macron Reach Deal on Euro Reforms to Challenge the Dollar

https://www.bloomberg.com/news/articles/2018-06-19/merkel-macron-reach-deal-on-euro-reforms-to-challenge-dollar

American hegemony over Europe is coming to an end. Ths US dollar is about to get a heart attack unless Trump backs it with gold soon. Click on image for article.

June 20, 2018 Posted by | Economics, EndTimes, GeoPolitics | , , , , , , , , , , | Comments Off on Merkel, Macron Reach Deal on Euro Reforms to Challenge the Dollar

Merkel and Macron Unveil ‘NEW CHAPTER’ for Eurozone in Major Budget Reforms

  • Implied in this move (along with EU Army and EU finance minister) is: United States of Europe. The final endtimes federation of 10 nations, 10 Horn Beast Revived Roman empire is coming into view.
  • Merkel and Macron Unveil ‘NEW CHAPTER’ for Eurozone in Major Budget Reforms
    by ALICE SCARSI, https://www.express.co.uk/
    GERMAN Chancellor Angela Merkel and French President Emmanuel Macron agreed to create a “real” budget for the eurozone – but left the details to be worked out by other members of the monetary union.

    Leaders of the Franco-German motor of the European Union met on Tuesday in Meseberg, outside Berlin, to lay out their plan to revive the financial situation of the bloc. The pair produced an eight-page declaration titled ‘Renewing Europe’s promises of security and prosperity’. Both leaders hailed their agreement a “new chapter” for the currency union, and spoke enthusiastically of the deal.

    Mr Macron, who has been pushing since the re-appointment of Mrs Merkel to lay out his vision of a new, “rebuilt” EU, said: “It will be a real budget, with annual revenues and spending. “This is a political commitment we make together which will require technical work at the ministerial level by the end of the year, and then indispensable treaty change the year after.”

    And Mrs Merkel said: “We are opening a new chapter. “We know that an economic and monetary union can only remain intact if economic policies converge.” The German Chancellor said this new budget would be used to strengthen economic convergence within the eurozone. 

    read more.
http://www.voxeurop.eu/en/content/news-brief/2211991-10-countries-united-states-europe

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http://www.b92.net/eng/news/world.php?yyyy=2012&mm=06&dd=20&nav_id=80854

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https://www.express.co.uk/news/world/907849/Angela-Merkel-Emmanuel-Macron-Germany-France-European-Union-United-States-Europe

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https://www.express.co.uk/news/world/968888/angela-merkel-emmanuel-macron-eu-united-states-of-europe

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https://sputniknews.com/analysis/201712091059858841-united-states-of-europe-disobedient-countries/

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https://www.rt.com/news/412392-schulz-united-states-of-europe/

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https://www.thesun.co.uk/news/5093010/german-eurocrat-demands-eu-members-sign-up-to-united-states-of-europe-or-quit-bloc/

Click on image for article.

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June 20, 2018 Posted by | Economics, EndTimes, GeoPolitics | , , , , , , , | Comments Off on Merkel and Macron Unveil ‘NEW CHAPTER’ for Eurozone in Major Budget Reforms

German, French Leaders Propose Eurozone Budget

  • German, French Leaders Propose Eurozone Budget
    by The Associated Press, via https://www.nytimes.com/
    BERLIN — The leaders of Germany and France agreed Tuesday to create a Eurozone budget they hope will boost investment and provide a safety mechanism for the 19 nations using the euro currency, and also to seek a European solution to migration issues.

    The announcement from German Chancellor Angela Merkel and French President Emmanuel Macron came after a meeting in Berlin to coordinate the two major powers’ positions on the future of the European Union ahead of next week’s EU summit.

    Though Merkel had been lukewarm on Macron’s idea of a European budget, in a declaration adopted by both leaders following the meeting they said they had agreed upon a proposal to establish one aimed at “competitiveness and convergence.” “It could finance new investments and come in substitution of national spending,” they said.

    Merkel said the two also agreed to enhance the effectiveness of the European Stability Mechanism, or ESM, which was established in 2012 to provide eurozone nations access to financial assistance in the event of crisis.

    read more.

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June 20, 2018 Posted by | Economics, GeoPolitics | , , , | Comments Off on German, French Leaders Propose Eurozone Budget

END OF MERKEL Would Trigger ‘Uncontrollable’ EU-Wide Break-Up: Europe Fears ‘Nightmare’

  • END OF MERKEL Would Trigger ‘Uncontrollable’ EU-Wide Break-Up: Europe Fears ‘Nightmare’
    by OLI SMITH, https://www.express.co.uk/
    THE biggest threat to the EU is the imminent collapse of Angela Merkel’s fragile coalition, which would lead to a Europe-wide breakup “in an uncontrollable way” according to a leading left-wing and pro-EU commentator.

    The political instability that has rocked the German government could set in motion the breakup of the European Union, according to Paul Mason, a left-wing commentator.

    Angela Merkel faces a make-or-break week as German Chancellor, after leading figures in her sister party, the Christian Social Union, gave her a stark ultimatum.  In an unprecedented challenge to Mrs Merkel’s authority, the CSU will give Chancellor Angela Merkel a two-week deadline to meet its demands for overhauling asylum policy, according to German paper Bild.

    Speaking on the BBC’s Politics Europe, Mason said Angela Merkel’s instability, sparked following a migration debate, could become a “nightmare scenario” for Europe.

    read more.

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June 19, 2018 Posted by | GeoPolitics | , , , , | Comments Off on END OF MERKEL Would Trigger ‘Uncontrollable’ EU-Wide Break-Up: Europe Fears ‘Nightmare’

France and Germany ‘Near Deal’ on Eurozone Reform

  • France and Germany ‘Near Deal’ on Eurozone Reform
    by AFP, https://www.thelocal.de/
    Paris and Berlin are very close to an agreement on eurozone reform after months of divisions, French Finance Minister Bruno Le Maire has said. “An agreement is close at hand,” Le Maire said on Twitter late Saturday after final negotiations on the subject with this German counterpart in the northern German city of Hamburg.

    The minister added that he hoped an agreement could be finalised on Tuesday, when German Chancellor Angela Merkel and French President Emmanuel Macron are scheduled to meet near Berlin. Paris and Berlin are racing to bridge the gap between Macron’s vision of grand European Union reforms and Chancellor Angela Merkel’s more prudent approach by a crunch eurozone summit on June 29.

    “There are two or three remaining issues” to sort out, a European source close to the negotiations told AFP. “But these are clearly defined and limited.” The source added that “real progress had been made on the sensitive issues that remained to be decided, especially regarding the eurozone budget.”

    Germany and other northern European states have baulked at Macron’s calls to give the eurozone its own big budget, fearing the more fiscally prudent north will have to pick up the tab for overspending by the more profligate 
    south.

    Earlier this month, Merkel made some concessions, agreeing to support Macron’s call for an investment fund to help poorer European countries catch up in the areas of science, technology and innovation.

    read more.
http://www.express.co.uk/news/world/845411/Emmanuel-Macron-replicate-Angela-Merkel-rule-European-Union

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http://www.breitbart.com/london/2017/05/16/macron-sets-course-european-superstate-first-day-french-president/

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http://www.telegraph.co.uk/news/2017/05/15/emmanuel-macron-call-eu-reform-heads-germany-first-foreign-trip/

Click on image for article.

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June 18, 2018 Posted by | Economics, EndTimes, GeoPolitics | , , , , , , | Comments Off on France and Germany ‘Near Deal’ on Eurozone Reform

EU’s Race Against Time: Huge Pressure on Merkel and Macron to Agree Eurozone Reforms

Daniel 7:7 – ” … behold, a fourth beast, dreadful and terrible, exceedingly strong. It had huge iron teeth; it was devouring, breaking in pieces, and trampling the residue with its feet. It was different from all the beasts that were before it, and it had ten horns.”

  • EU’s Race Against Time: Huge Pressure on Merkel and Macron to Agree Eurozone Reforms
    by JOE BARNES, BRUSSELS CORRESPONDENT, https://www.express.co.uk/
    FRANCE and Germany have failed to agree planned Eurozone reforms which Paris and Berlin are planning to unveil at the June European Union summit, sparking huge concerns.

    Finance ministers from both countries said progress is still being made after a weekend meeting. Emmanuel Macron and his German counterpart Angela Merkel have promised to present a joint reform proposal to their fellow EU leaders at the June 28-29 summit but differences in thinking threaten to derail the process.

    The French President has been desperately trying to recruit the German Chancellor as he seeks support for his proposed reforms – a separate Eurozone budget, a Europe-wide finance minister and a new bailout fund – as he hopes to replicate the International Monetary Fund and create a European Monetary Fund.

    read more.
http://www.voxeurop.eu/en/content/news-brief/2211991-10-countries-united-states-europe

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http://www.b92.net/eng/news/world.php?yyyy=2012&mm=06&dd=20&nav_id=80854

Click on image for article.

https://sputniknews.com/analysis/201712091059858841-united-states-of-europe-disobedient-countries/

Click on image for article.

https://www.rt.com/news/412392-schulz-united-states-of-europe/

Click on image for article.

https://www.thesun.co.uk/news/5093010/german-eurocrat-demands-eu-members-sign-up-to-united-states-of-europe-or-quit-bloc/

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http://www.express.co.uk/news/world/872671/Europe-European-Union-army-chancellor-Euro-Brexit-Britain

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http://www.telegraph.co.uk/news/2017/09/17/jean-claude-junckers-grand-plan-eu-first-laid-84-years-ago/

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https://twitter.com/ConMEPs/status/907957748427624448

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June 15, 2018 Posted by | Economics, EndTimes, GeoPolitics | , , , , , , , , | Comments Off on EU’s Race Against Time: Huge Pressure on Merkel and Macron to Agree Eurozone Reforms

The Eurozone’s Coming Debt Crisis

  • The Eurozone’s Coming Debt Crisis
    by Daniel Lacalle, https://www.dlacalle.com/en/
    The European Central bank has signaled the end of its asset purchase program and a possible rate hike before 2019. After more than 2 trillion euro of purchases and zero interest rate policy, it is overdue.

    The massive quantitative easing program has generated very significant imbalances and the risks outweigh the questionable benefits. The balance sheet of the ECB is now more than 40% of the Eurozone GDP. The governments of the Eurozone, however, have not prepared themselves at all for the end of stimuli.

    Rather the contrary.
    The Eurozone states often claim that deficits have been reduced and risks contained. However, closer scrutiny shows that the bulk of deficit reductions came from lower cost of debt. Eurozone government spending has barely fallen, despite lower unemployment and rising tax revenues. Structural deficits remain stubborn, and in some cases, unchanged from 2013 levels.

    The 19 eurozone countries have collectively saved 1.15 trillion euros in interest payments since 2008 due to ECB rate cuts and monetary policy interventions, according to Handelsblatt. A reduction in costs against the losses of pensioners and savers.

    However, that illusion of savings and budget stability can rapidly disappear as most Eurozone countries face massive maturities in the 2018-2020 period and wasted precious years of quantitative easing without implementing strong structural reforms. Tax wedge rose for families and SMEs, while current spending by governments barely fell, competitiveness remained poor and a massive one trillion euro in non-performing loans raised doubts about the health of the European financial system.

    read more.

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June 15, 2018 Posted by | Economics, GeoPolitics | , , , , , | Comments Off on The Eurozone’s Coming Debt Crisis

The Best Thing Germany Could Do for Europe is Quit the Single Currency – But It Won’t

  • The Best Thing Germany Could Do for Europe is Quit the Single Currency – But It Won’t
    by , https://www.theguardian.com/international
    EU leaders are saddled with a mechanism that doesn’t work. There are ways to fix that, but not the will.

    Even when it was clearly in decline, the Soviet Union commanded loyal devotion. Its admirers could never quite grasp that the nation instrumental in winning the second world war had a broken economy.

    The same cognitive dissonance applies to the European Union today. There is the EU as it exists in the minds of its most avid supporters: fast-growing, a defender of progressive values, fighting the good fight against Thatcherism, and marching steadfastly towards greater integration.

    Then there is the EU as it really is: struggling economically; wedded to an aggressive form of neoliberal economics; insistent that there is no alternative to a top-down, ever-closer union; and spawning anti-elite parties across the continent.

    Like the USSR under Gorbachev, Europe needs radical reform before it is too late because, as George Soros noted last week, everything that could go wrong has gone wrong. The EU is saddled with a single currency that doesn’t work but unable to admit it. It has forced its weaker members to suffer the consequences of the euro’s design weaknesses with austerity policies; it has told those who complain about low growth and high unemployment to sort out their own problems through structural reforms (wage cuts and privatisation); and it has failed to comprehend the anger felt at mass immigration, which has increased the pool of readily available cheap labour.

    read more.

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June 10, 2018 Posted by | Economics, GeoPolitics | , , , , , , | Comments Off on The Best Thing Germany Could Do for Europe is Quit the Single Currency – But It Won’t

Eurozone SHOWDOWN: Macron to Push Merkel to Agree ‘Ambitious’ Reform

  • Eurozone SHOWDOWN: Macron to Push Merkel to Agree ‘Ambitious’ Reform
    by ROMINA MCGUINNESS, https://www.express.co.uk/
    FRENCH President Emmanuel Macron wants a more “ambitious” reform of the eurozone than the one outlined by Angela Merkel, and will urge the German Chancellor to make more concessions on a eurozone budget and banking union in the coming weeks, a French presidential source said.

    While the German leader backs the French centrist’s overarching EU vision, her response to his eurozone and banking union reform plans has been more tentative. Speaking on condition of anonymity, the source said that while the Chancellor was “aligning herself with French ideas,” including the idea of a new European sovereignty, “France and Germany have to work together in the coming weeks to reach a more ambitious accord on the banking union and a fiscal capacity for the eurozone”.

    The Elysée Palace source said: “There is a rapprochement on eurozone reform, notably on the idea of an investment budget. The chancellor made clear that the current eurozone instruments are insufficient.”

    read more.

Daniel 7:7 – ” … behold, a fourth beast, dreadful and terrible, exceedingly strong. It had huge iron teeth; it was devouring, breaking in pieces, and trampling the residue with its feet. It was different from all the beasts that were before it, and it had ten horns.”

https://www.express.co.uk/news/world/968888/angela-merkel-emmanuel-macron-eu-united-states-of-europe

Click on image for article.

https://www.express.co.uk/news/world/907849/Angela-Merkel-Emmanuel-Macron-Germany-France-European-Union-United-States-Europe

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http://www.breitbart.com/london/2017/12/18/merkelmacron-agree-eurozone-budget-finance-ministry-plans/

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http://www.independent.co.uk/news/world/politics/merkel-macron-eurozone-eu-budget-finance-minister-economy-a7918521.html

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http://www.breitbart.com/london/2017/05/16/macron-sets-course-european-superstate-first-day-french-president/

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June 9, 2018 Posted by | Economics, GeoPolitics | , , , , , | Comments Off on Eurozone SHOWDOWN: Macron to Push Merkel to Agree ‘Ambitious’ Reform