Socio-Economics History Blog

Socio-Economics & History Commentary

Realist News: Italian Banking Crisis & Now Spain Joins the Fun

  • Spain’s Most Italian Bank Still “Solvent,” Claims Finance Minister
    by , http://wolfstreet.com/
    It just doesn’t let up with this bank.
    The future continues to look bleak for Spain’s most Italian bank, Banco Popular, which ironically once bore the slogan “Our Past and Our Present Guarantee Our Future.” Things have gotten so bad that when the country’s Minister of Finance Luis de Guindos was asked by a reporter today about the bank’s state of health, he responded: “the bank is solvent.” Which is kind of like a doctor saying, “the patient is alive.” Not exactly reassuring.


    Popular just had its worst day of 2017 after seeing its penny stock tumble over 10%, from €0.90 to €0.82. This is a bank that was once ranked among the world’s most profitable by ratings company IBCA and which not so long ago boasted a share price of over €15. That was before its management decided to bet the farm on risky real estate investments at the height of an insane property bubble and then took too long to clean up afterward.

    Even now, nine years after the the bubble’s crash, roughly a quarter of Popular’s total loan portfolio is still concentrated in the real estate and construction sectors. In November last year. it had over €30 billion worth of bad loans and non-performing assets on its books, which it continues to struggle to offload without incurring fatal losses. It was also the country’s worst performing bank in the ECB’s last stress test.

    read more.

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April 6, 2017 Posted by | Economics | , , , , , , , | Leave a comment

Italian Officials Call For Investigation Of George Soros Supported NGO Migrant Fleet

  • See also:

    FLASHBACK: Billionaire George Soros Poured $500 Million Into Europe’s Muslim Migration Crisis
    Globalist billionaire left-winger George Soros is actually helping fund the mass migration problem happening across Europe and it may be coming here to the US soon, until President-Elect Donald Trump stops it in its tracks.

    Soros to make a killing with European ‘forced migration’
    … And Soros should know since his think tank is fully on board with that “forced migration”. He has either initiated it or facilitated it and, according to Viktor Orban, Prime Minister of Hungary (which is presently holding a referendum on whether to accept migrant quotas as demanded by the EU), as quoted by Bloomberg: “His name is perhaps the strongest example of those who support anything that weakens nation states, they support everything that changes the traditional European lifestyle […] These activists who support immigrants inadvertently become part of this international human-smuggling network.” Soros-backed activists are at the center of that network.
  • Italian Officials Call For Investigation Of George Soros Supported NGO Migrant Fleet
    by http://disobedientmedia.com/
    Italian authorities are calling for monitoring of the funding of an NGO fleet bussing migrants into the EU from the North African coast after a report released the European Border and Coast Guard Agency has determined that the members of the fleet are acting as accomplices to people smugglers and directly contributing to the risk of death migrants face when attempting to enter the EU.

    The report from regulatory agency Frontex suggests that NGOs sponsoring  ships in the fleet are now acting as veritable accomplices to people smugglers due to their service which, in effect, provides a reliable shuttle service for migrants from North Africa to Italy. The fleet lowers smugglers’ costs, as it all but eliminates the need to procure seaworthy vessels capable making a full voyage across the Mediterranean to the European coastline. Traffickers are also able to operate with much less risk of arrest by European law enforcement officers. Frontex specifically noted that traffickers have intentionally sought to alter their strategy, sending their vessels to ships run by the NGO fleet rather than the Italian and EU military.

    read more.

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March 28, 2017 Posted by | GeoPolitics, Social Trends | , , , , , | Leave a comment

“It Would Have Taken Out ALL THE BANKS”: MAJOR Operation Needed to Stop the Next Bank Run on Gold – London Analyst

  • “It Would Have Taken Out ALL THE BANKS”: MAJOR Operation Needed to Stop the Next Bank Run on Gold – London Analyst
    by http://www.silverdoctors.com/
    Alasdair Macleod Joins Us From London to Warn Things Are Getting Critical in the Gold Market:

    “It Would Have Taken Out ALL OF THE BANKS”
    The London Analyst Reveals A MAJOR Operation Will Be Needed to Stop the Next Bank Run on Gold, & Explains Why THIS Is What’s Driving the Price of Gold:

    * Gold & Silver Rally: This Has A Good Feeling Behind It
    * This Rally In Gold and Silver Could Go A Long Way
    * Will Eurozone Demand For Gold EXPLODE As the Italian Banking Crisis Nears Climax?
    * Macleod Takes Us Back to Cyprus: He Explains the Last Time We Had A MAJOR Operation to Stop A Bank Run On Gold: It Would Have Taken Out ALL of the Bullion Banks!

    * It’s Going to Be A Bit More Difficult To Stop the Next Bank Run On Gold
    * We’re Getting to the Stage Where We Want the Financial Crisis to Begin 
    * The US Dollar Is Going to be VERY VERY WEAK, It’s Going Down, and Down, and Down – Implication Is Gold and Silver Will Go Up, And Up, And Up!

    Physical Silver Update:

    Sales of US Mint Silver Coins QUADRUPLED this week to 795,000 coins from just 220,000 Silver Eagles one week ago, bringing monthly ASE sales to 1.295 million coins, and year to date Silver Eagle sales to 7,637,500 coins as demand increased across the industry as silver prices recovered from the drubbing received at the hands of the bullion banks ahead of the latest Fed Rate Hike. Premiums on 90% silver bags stabilized this week after jumping last week, as the .50 jump in silver spot prices freed up additional silver bag inventory. 

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March 25, 2017 Posted by | Economics | , , , , , , , , , , , , , , , , | Leave a comment

Senator Finally Admits The Truth: America’s Hands Are Just As Dirty As Russia’s

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  • Senator Finally Admits The Truth: America’s Hands Are Just As Dirty As Russia’s
    by Tyler Durden, http://www.zerohedge.com
    Last December, at the height of the “Russia hacked the election” scandal, we showed that between 1946 and 2000, the US had interfered in foreign presidential elections at least 81 times in the period from 1946 through 2000. And while millions of Americans were aware just how “innocent” the US government in general, and the CIA in particular, have been few dared to mention it in public.

    Until today, when in an unexpected moment of honesty U.S. Sen. Chuck Grassley said Wednesday the while idea of Russian involvement in U.S. election is bothersome, he added the United States doesn’t “come to the table with clean hands”, noting the CIA’s involvement in an Italian election in the 1940s. Of course, there are many, many other examples of CIA intervention, but we’ll settle for the admission of one to start.

    Grassley said that intelligence community leaks of classified information should concern Americans just as much as foreign meddling in U.S. elections. Grassley, an Iowa Republican and chairman of the Senate Judiciary Committee, also equated apparent Russian interference in the 2016 election with past operations by the United States to influence the outcomes of foreign political contests.

    read more.
http://www.addictedtowar.com/docs/The.War.Against.the.Third.World.pdf

Click on image to goto the free pdf book.

Click on image to enlarge.

Click on image to enlarge.

https://socioecohistory.wordpress.com/wp-admin/post-new.php

Criminals In Action. Click on image for article.

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February 17, 2017 Posted by | GeoPolitics | , , , , , , , , , , | Comments Off on Senator Finally Admits The Truth: America’s Hands Are Just As Dirty As Russia’s

‘Euro is at Its End!’ Anti-Merkel Party Attack Failing Currency Which ‘CANNOT’ Be Saved

Eurozone_Collapse

  • ‘Euro is at Its End!’ Anti-Merkel Party Attack Failing Currency Which ‘CANNOT’ Be Saved
    by AJAY NAIR, http://www.express.co.uk/
    A LEADING member of Alternative for Germany (AfD) has warned of an impending “crisis” within the EU because of the crumbling euro.

    Beatrix von Storch, an MEP and influential member of the far-right group, invited speakers to discuss the future of the and potential alternatives to the present European monetary system in Berlin on Thursday. She said the currency, which was introduced in in January 2002, was destined for failure and said it “cannot be saved”.

    The AfD has enjoyed a rise in support in recent months while Germany was hit by multiple terrorist attacks.

    Ms von Stroch said: ”Because of the euro, in the way it is at present, [it] does not work, because it failed, because it cannot be saved. “More and more measures are being taken which, in the end, will not lead to saving the euro in its present form. In my opinion, it is at its end.”

    The MEP said the EU was “facing a crisis, the magnitude of which we are not aware of”. She then warned of an incoming disaster for the eurozone if Italy was to leave the single currency. ”I believe that the topic of the euro ended up in oblivion [but] we will be falling on our toes heavily and abruptly when we realise that Italy is not at all comparable with Greece and that we twisted ourselves with Greece but that that was nothing in comparison with Italy,” she said.

    She blasted the EU and its “federal influence” while speaking about her hopes for a future currency.

    read more.
http://www.express.co.uk/news/politics/711387/European-Union-Juncker-plan-economy-army-Brussels-led-superstate

Click on image for article.

http://www.express.co.uk/news/world/718199/EU-superstate-plot-intensifies-Brussels-plans-prosecutor

Click on image for article.

http://www.express.co.uk/news/politics/711387/European-Union-Juncker-plan-economy-army-Brussels-led-superstate

Click on image for article.

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January 28, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , , , | Comments Off on ‘Euro is at Its End!’ Anti-Merkel Party Attack Failing Currency Which ‘CANNOT’ Be Saved

2016: The Year the Elite Were Rejected? | James Corbett

  • Published on Jan 12, 2017 
    James Corbett from the Corbett Report joins Silver Doctors to take a look back at 2016. Brexit, Trump, and the failed Italian referendum point to one thing: a worldwide backlash against elite rule. But are there going to be any fundamental changes to the power structure? Find out in this interview!

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January 14, 2017 Posted by | GeoPolitics, Social Trends | , , , , , , , , , , | Comments Off on 2016: The Year the Elite Were Rejected? | James Corbett

Germany’s Vice Chancellor Warns of Europe Breakup

  • Published on Jan 7, 2017
    Germany’s Vice Chancellor has warned about the possible collapse of the European Union due to Berlin’s push for austerity policies in the euro zone. Sigmar Gabriel says Berlin’s insistence on austerity has left Europe more divided than ever and a break-up of the EU is no longer inconceivable. He says strenuous efforts by countries like France and Italy to reduce their fiscal deficits come with political risks which might lead to the rise of the far-right to power. Far-right politicians want their countries to leave the EU. Gabriel believes if that happens, Germany’s next generations will curse the current officials.
http://www.express.co.uk/news/politics/711387/European-Union-Juncker-plan-economy-army-Brussels-led-superstate

Click on image for article.

http://www.express.co.uk/news/politics/711387/European-Union-Juncker-plan-economy-army-Brussels-led-superstate

Click on image for article.

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January 8, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , | Comments Off on Germany’s Vice Chancellor Warns of Europe Breakup

The Elites Are Going All Out, National Emergency & War

  • Published on Jan 5, 2017
    Italy’s Grillo is complaining the corporate media is reporting fake stories, its amazing how the US government and the corporate media are going after fake news and it is them who is spreading it. The elite are pushing their agenda in regards to Trump electors, they are saying 50 are ineligible. Libya calls in Russia to broker a deal. The IS is building troops up in Syria. Turkey decides Assad can stay and dumps US air support at the same time. The intelligence agencies briefed Congress today and revealed absolutely nothing. The only thing Clapper repeated was it was Russia. Obama has been briefed on what happened, Trump has not. The entire case is based on a third party investigation, the FBI and CIA did not investigate. All of this is being used to push a war with Russia and create a reason to call a national emergency.

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January 7, 2017 Posted by | GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , , , , , , , , | 1 Comment

Italy’s Grillo Slams Mainstream Media “Manifest Manipulation Of Reality”

Hunter_Thompson-If_I_written_truth_I_will_be_rotting_away_in_prison_propaganda_journalism

  • Italy’s Grillo Slams Mainstream Media “Manifest Manipulation Of Reality”
    by Tyler Durden, http://www.zerohedge.com
    “Fake news” has officially crossed the pond and once again it the mainstream media that is producing more of it (while blaming the alternative media). Beppe Grillo, founder of Italy’s Five Star anti-euro movement lashed out at the country’s journalists for “manufacturing false news,” accusing them of fabricating stories to keep the Five Stars down.

    Newspapers and television news programmes are the biggest manufacturers of false news in the country, with the aim of ensuring those who have power keep it,” he said on his blog on Tuesday.

    As Local.It reports, he called for “a popular jury to determine the veracity of the news published,” and said in cases of fake news “the editor must, head bowed, make a public apology and publish the correct version at the start of the program or on the paper’s front page”.

    read more.

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January 6, 2017 Posted by | GeoPolitics, Social Trends | , , , , , , , | 1 Comment

German Institution Predicts Possible Italy Exit of Eurozone

  • Published on Jan 2, 2017
    A German research institution says Italians will seek to quit the euro currency if their standard of living does not improve. Ifo chief Clemens Fuest says the standard of living in Italy has remained the same since 2000 and if the situation is not changed, Italians will choose to leave the eurozone. Italy is eurozone’s third-largest economy, but its stock market has been the worst performer in Europe last year. Italy is hit with financial problems in its banking system. The country has recently approved a bailout plan to help the struggling banks.

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January 3, 2017 Posted by | Economics, GeoPolitics | , , , , , , , | Comments Off on German Institution Predicts Possible Italy Exit of Eurozone

Jim Willie: For Auld Lang Jackass

Click on image to download MP3 interview.

Click on image to download MP3 interview.

  • Jim Willie: For Auld Lang Jackass
    by Turd Ferguson, http://www.tfmetalsreport.com/
    One year ends and a new one begins. That means it’s time to take stock of where we’ve been and where we’re going and few are better at pointing the way than The Golden Jackass. For this call, I asked Jim to primarily focus his comments on three, specific areas of interest for 2017:

    1. The global bond market, QE and interest rates
    2. The Italian and Eurozone banking sector
    3. The Trump Administration versus The Established Elites

    As usual, I think you’ll find this entertaining and very informative. Enjoy the show and be sure to have a safe and relaxing New Year’s weekend.

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January 2, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , , , , | 1 Comment

EURO ON THE BRINK: Investors Predict Currency COLLAPSE as Italy ‘Worry Child Number One’

italy-ecb-euro-collapse

  • EURO ON THE BRINK: Investors Predict Currency COLLAPSE as Italy ‘Worry Child Number One’  
    by SIOBHAN MCFADYEN, http://www.express.co.uk/
    ONE in five investors is predicting a Eurozone breakup, a survey has revealed, amid fresh fears Italian banks could be first to be allowed to go bust.

    According to the latest Sentix Euro Break-up Index data captured just before Christmas, 21.8 per cent of 933 investors questioned believe Italy could end up leaving the Eurozone as its banks struggle with a liquidity crisis. Sentix CEO Manfred Hübner said: “Italy remains the euro-worry child number one, even before Greece.”

    Last week new Italian Prime Minister New Paolo Gentiloni approved £17bn in public funds to help stabilise his country’s most fragile financial institutions. The crisis began to show cracks of earthquake proportions when the European Central Bank announced the results of the 2016 bank stress tests on July 29.

    They identified Italian banks as being £307bn in the red thanks to bad loans which make up 18 per cent of total bank balance sheets. Also causing concern is their chronically poor profitability, record-low interest rates, thin capital buffers and high costs. Since July the ECB has repeatedly dragged its heels in offering a bail out.

    read more.

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December 28, 2016 Posted by | Economics | , , , , , , , | Comments Off on EURO ON THE BRINK: Investors Predict Currency COLLAPSE as Italy ‘Worry Child Number One’

Schoolchildren BANNED from Singing Silent Night Over Fears It Will OFFEND Other Religions

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  • Schoolchildren BANNED from Singing Silent Night Over Fears It Will OFFEND Other Religions 
    by KATIE MANSFIELD, http://www.express.co.uk/
    SCHOOLCHILDREN were banned from singing a popular Christmas carol and told to hum the tune instead, over fears the performance could offend other religions.

    Children in Flero, Italy, did not sing the lyrics of Holy Night. Instead pupils hummed the carol during a concert dubbed the “Winter Recital” in Bresciano, northern Italy. The decision was criticised by a local councillor. 

    Elena Franceschini, the culture commissioner for the town of Bresciano, said: “Even if the state and the school claim to be secular, we would like to have ‘Christmas Concerts’ and not ‘Winter Recitals’ where children can feel free to sing Holy Night without thinking that this offends or excludes pupils who belong to other cultures or other religions or who declare to be atheists.”

    It is not the first time children in Italy have been censored over Christmas. Last week Express.co.uk reported schoolchildren in an Italian town had been banned from mentioning Jesus in Christmas songs.

    Youngsters preparing for their school production in Pontevico were given lyric sheets with Jesus’ name removed from popular tunes. Defending the bizarre decision, headteacher Paola Bellini said: “Children will sing songs that evoke universal themes of peace and solidarity.”

    It comes days after a school in Sweden removed references to Christianity from a popular Christmas carol to avoid offending others. The school in Amal cut lines from ‘Now Light 1,000 Christmas Lights’ which make references to Jesus and God. A line about “a star over Bethlehem” was edited – and replaced with the phrase “the star over all of us”. The move provoked criticism, with one of the pupil’s grandfathers writing an angry letter to a local newspaper.

    read more.

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December 27, 2016 Posted by | EndTimes, Social Trends | , , , , , , , , | 1 Comment

The Italian Bank Run: Monte Paschi Capital Shortfall Surges 75% To €8.8Bn Due To “Rapid Liquidity Deterioration”

Bank_Panic_in_Italy

  • The Italian Bank Run: Monte Paschi Capital Shortfall Surges 75% To €8.8Bn Due To “Rapid Liquidity Deterioration” 
    by Tyler Durden, http://www.zerohedge.com 
    While the big news last week was that Italy’s third largest bank, Monte Paschi, had been nationalized after JPM destroyed the bank’s chances of securing a private-sector rescue, and that Italy would issue up to €20 billion in public debt to fund the bailout of this, and other insolvent Italian banks, it appears there may be more moving parts to the story.

    Recall that as we warned, the biggest danger for both Monte Paschi, and Italy’s banking system in general, is that retail depositor confidence in the Siena bank is shaken enough to lead to a bank run either in the world’s oldest bank, or worse, across the entire Italian banking sector, leading to a worst case probability outcome of falling bank dominoes as bank funding needs explode, resulting in even more deposit outflows, and so on in a toxic feedback loop.

    read more.

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December 27, 2016 Posted by | Economics | , , , , , , | 1 Comment

BAILOUT: Italy Saves Bank as ECB Balance Sheet Shows EXPONENTIAL Growth!

December 26, 2016 Posted by | Economics | , , , , , , | Comments Off on BAILOUT: Italy Saves Bank as ECB Balance Sheet Shows EXPONENTIAL Growth!