obs in the European Union continued to disappear in June, with unemployment reaching a four-year high and putting extra pressure of the bloc's coffers to help laid-off workers back into employment. According to fresh data released by the EU's statistics office, Eurostat, on Friday (31 July), some 21.5 million people - or 8.9 percent - were out of work in the 27-nation EU in June. The figure was 9.4 percent in the 16-member euro area - the highest in 10 years. Construction workers - the sector has been hit especially hard Spain, hit hard by the collapse of its construction sector, recorded the highest jobless rates at 18.1 percent, followed by Baltic States, Latvia (17.2 percent) and Estonia (17 percent). On the other hand, labour markets in the Netherlands and Austria seem to be in the best shape. The two countries have just 3.3 percent and 4.4 percent unemployed respectively.
obs in the European Union continued to disappear in June, with unemployment reaching a four-year high and putting extra pressure of the bloc's coffers to help laid-off workers back into employment.
According to fresh data released by the EU's statistics office, Eurostat, on Friday (31 July), some 21.5 million people - or 8.9 percent - were out of work in the 27-nation EU in June. The figure was 9.4 percent in the 16-member euro area - the highest in 10 years.
Construction workers - the sector has been hit especially hard
Spain, hit hard by the collapse of its construction sector, recorded the highest jobless rates at 18.1 percent, followed by Baltic States, Latvia (17.2 percent) and Estonia (17 percent).
On the other hand, labour markets in the Netherlands and Austria seem to be in the best shape. The two countries have just 3.3 percent and 4.4 percent unemployed respectively.
The little people should be glad to know that their job insecurities are gilding the lilies ofr the already rich. keep to the Fen Causeway
EUOBSERVER / BRUSSELS - The European Commission has helped Ukraine to secure international loans to prevent a repetition of last winter's gas cut-off. The European Bank for Reconstruction and Development, the European Investment Bank and the World Bank will together put forward $1.7 billion (€1.2 billion). Ms Tymoshenko (l) and Mr Barroso - gas sector reforms could harm Ms Tymoshenko's political ambitions Three hundred million dollars is to help Ukraine buy Russian gas to fill storage tanks for the coming winter. The rest is to pay for reforms to its distribution network over the next 18 months. The deal is conditional on Ukraine increasing transparency in its state-owned gas distributor Naftogaz, reducing gas waste and bumping up household energy prices to market levels.
EUOBSERVER / BRUSSELS - The European Commission has helped Ukraine to secure international loans to prevent a repetition of last winter's gas cut-off.
The European Bank for Reconstruction and Development, the European Investment Bank and the World Bank will together put forward $1.7 billion (€1.2 billion).
Ms Tymoshenko (l) and Mr Barroso - gas sector reforms could harm Ms Tymoshenko's political ambitions
Three hundred million dollars is to help Ukraine buy Russian gas to fill storage tanks for the coming winter. The rest is to pay for reforms to its distribution network over the next 18 months.
The deal is conditional on Ukraine increasing transparency in its state-owned gas distributor Naftogaz, reducing gas waste and bumping up household energy prices to market levels.
Don't forget, she promised, you're all witnesses.
Catastrophic shortfalls threaten economic recovery, says world's top energy economistThe world is heading for a catastrophic energy crunch that could cripple a global economic recovery because most of the major oil fields in the world have passed their peak production, a leading energy economist has warned. Higher oil prices brought on by a rapid increase in demand and a stagnation, or even decline, in supply could blow any recovery off course, said Dr Fatih Birol, the chief economist at the respected International Energy Agency (IEA) in Paris, which is charged with the task of assessing future energy supplies by OECD countries.
The world is heading for a catastrophic energy crunch that could cripple a global economic recovery because most of the major oil fields in the world have passed their peak production, a leading energy economist has warned.
Higher oil prices brought on by a rapid increase in demand and a stagnation, or even decline, in supply could blow any recovery off course, said Dr Fatih Birol, the chief economist at the respected International Energy Agency (IEA) in Paris, which is charged with the task of assessing future energy supplies by OECD countries.
One lesson from last year is that you can't have both stocks and oil prices go up at the same time forever... In the long run, we're all dead. John Maynard Keynes
One lesson from last year is that you can't have both stocks and oil prices go up at the same time forever...
nonsense! this time will be different.
and water flows uphill, and dead horses will run the derby.
heretic! now go recite 4 ave hayeks and shrive your bonus...
shrive, not shrivel...
thrive drivel! ~Government budget deficits are not nearly as dangerous as the deficits we have created in vital and complex natural systems.~ Naomi Klein.
Barclays and HSBC shrugged off the near-collapse of the financial system to report combined half-year profits of almost £6 billion today.The duo - which both avoided taxpayer support at the height of last autumn's crisis - posted profits of nearly £3 billion each, mainly due to strong investment banking results. But both banks also bore the scars of almost £13 billion in bad debts as consumers and businesses hit by recession default on loans. Barclays' write-downs rose 86 per cent to £4.56 billion, while HSBC's were up 39 per cent to 13.9 billion US dollars (£8.3 billion).
The duo - which both avoided taxpayer support at the height of last autumn's crisis - posted profits of nearly £3 billion each, mainly due to strong investment banking results.
But both banks also bore the scars of almost £13 billion in bad debts as consumers and businesses hit by recession default on loans.
Barclays' write-downs rose 86 per cent to £4.56 billion, while HSBC's were up 39 per cent to 13.9 billion US dollars (£8.3 billion).
The resilience of the two British banking giants that turned down taxpayer funds during last year's banking bailout was demonstrated today when both reported multibillion-pound profits today for the first six months of the year. Barclays and HSBC both said that pre-tax first-half profits hit £2.98 billion, representing an 8 per cent rise for Barclays but a 57 per cent plunge for HSBC - Europe's largest banking group - after a rise in bad debt charges to some £8.3 billion. Barclays also saw a rise in bad debts from consumers in the US and UK but the overall group result was helped by a buoyant performance by Barclays Capital, its investment arm, which saw net income double to £4.2 billion for the period. That success means BarCap's 23,000 staff are in line to see average pay and bonuses double to almost £200,000 for the full year if results remain on track - despite the risk of a public and political backlash so soon after the banking meltdown.
The resilience of the two British banking giants that turned down taxpayer funds during last year's banking bailout was demonstrated today when both reported multibillion-pound profits today for the first six months of the year.
Barclays and HSBC both said that pre-tax first-half profits hit £2.98 billion, representing an 8 per cent rise for Barclays but a 57 per cent plunge for HSBC - Europe's largest banking group - after a rise in bad debt charges to some £8.3 billion.
Barclays also saw a rise in bad debts from consumers in the US and UK but the overall group result was helped by a buoyant performance by Barclays Capital, its investment arm, which saw net income double to £4.2 billion for the period.
That success means BarCap's 23,000 staff are in line to see average pay and bonuses double to almost £200,000 for the full year if results remain on track - despite the risk of a public and political backlash so soon after the banking meltdown.
Britain's manufacturing sector grew for the first time in 16 months in July, according to a survey from the Chartered Institute of Purchasing & Supply (CIPS). The CIPS manufacturing purchasing managers' index rose to 50.8 last month from an upwardly revised 47.4 in June, the first time the number has been above the 50 level that divides contraction from growth since March last year. July's figure was well above expectations of a rise to 47.7 and marks a sharp rebound from the record low of 34.9 set in November.
The CIPS manufacturing purchasing managers' index rose to 50.8 last month from an upwardly revised 47.4 in June, the first time the number has been above the 50 level that divides contraction from growth since March last year.
July's figure was well above expectations of a rise to 47.7 and marks a sharp rebound from the record low of 34.9 set in November.
Speaking as a taxpayer, I am getting seriously fed up with the banks. They seem hell-bent on resuming business as usual, or as near as they can contrive. They will probably get their way. And we will end up with the bill again.It is not as if we lack ways of averting this. In fact, I have a modest proposal of my own, which I will come to. But the odds are stacked against us.By the time the next crisis hits, today's senior bankers will have moved on. So will senior politicians. Only taxpayers are without that option, except in a rather terminal sense.
It is not as if we lack ways of averting this. In fact, I have a modest proposal of my own, which I will come to. But the odds are stacked against us.
By the time the next crisis hits, today's senior bankers will have moved on. So will senior politicians. Only taxpayers are without that option, except in a rather terminal sense.
The world economy cannot sustain any further rise in the oil price, the International Energy Agency's chief economist warned as oil prices rose toward a record high for the year. Fatih Birol told the Financial Times that prices higher than about $70 could dampen a world economic recovery."If we go one step further, if we see prices go much higher than that, we may see it slow down and strangle economic recovery," he said of oil prices on Friday, when the European benchmark was around $70.European oil on Monday reached a high for the year of $73.75, spurred by manufacturing data from China and construction data from the US.
Fatih Birol told the Financial Times that prices higher than about $70 could dampen a world economic recovery.
"If we go one step further, if we see prices go much higher than that, we may see it slow down and strangle economic recovery," he said of oil prices on Friday, when the European benchmark was around $70.
European oil on Monday reached a high for the year of $73.75, spurred by manufacturing data from China and construction data from the US.
Global manufacturing is clearly on the rebound, with survey reports on Monday showing activity contracting at a significantly slower pace in the US and continental Europe, and UK industry back on a growth path.The upbeat results added to evidence that the world's main economic regions stabilised in July, bringing closer the prospect of growth resuming....However, a return to solid growth was still not certain in many parts of the world, economists warned. Much of the recent improvement reflected companies rebuilding inventories, and was boosted by China's rebound, argued Marco Annunziata, chief economist at Unicredit. "I'm worried that the world economy doesn't have the stamina to keep growing."
The upbeat results added to evidence that the world's main economic regions stabilised in July, bringing closer the prospect of growth resuming....However, a return to solid growth was still not certain in many parts of the world, economists warned. Much of the recent improvement reflected companies rebuilding inventories, and was boosted by China's rebound, argued Marco Annunziata, chief economist at Unicredit. "I'm worried that the world economy doesn't have the stamina to keep growing."
June Employment Comparing Recessions
Just when I had finally worked out that the GFC had been caused by beer swilling, cocaine snorting, lap dancing club habitues who were irresistible to the opposite sex, I find I was wrong! It seems that the GFC was the work of economists who wish that they were beer swilling, cocaine snorting, lap dancing club habitues irresistible to the opposite sex.
The continuing ability of Big Finance to play our elected representatives, and thus the taxpayer, should surprise no one. This is about organized money against relative diffuse public interests. It's Mancur Olson's Logic of Collective Action meets sophisticated media managers with experience in emerging market crises - they know that as long as you can look confident and pump in money, everything turns around and people forget (and then you can re-run the show). More puzzling is the reluctance of other well-organized interest groups to act against Big Finance. In particular, powerful business groups - like Independent Community Bankers of America - understand very well what happened and the way in which are largest banks were responsible. Yet they refuse to push for regulatory reform, either in broad terms or with regard to consumer protection (e.g., see their policy statements; recent testimony). Their reasoning is fascinating but completely wrong.
More puzzling is the reluctance of other well-organized interest groups to act against Big Finance. In particular, powerful business groups - like Independent Community Bankers of America - understand very well what happened and the way in which are largest banks were responsible. Yet they refuse to push for regulatory reform, either in broad terms or with regard to consumer protection (e.g., see their policy statements; recent testimony).
Their reasoning is fascinating but completely wrong.
Paul Moore warned his employers at the banking giant HBOS that he believed lending had got out of control. He claims he lost his job as a result. In going public with his story, he tells Elena Curti, he found the inspiration to be a whistleblower through his Catholic faith It comes as no surprise that Paul Moore trained as a barrister. One can easily imagine him in wig and gown querying the most minute details of a witness's account during his cross-examination. He took the same forensic approach in his post in charge of risk at the financial services giant, HBOS, at the height of the credit boom: scrutinising documents, conducting structured interviews and observing meetings with an eagle eye. He may have done his job too well; when he discovered the bank was lending on a reckless scale he urged his masters to row back. Instead he was "summarily dismissed" in 2005. Then there he was last February, before the Treasury Select Committee, setting out meticulous details of the bank's catastrophic lending. Overnight Moore became the "HBOS whistleblower" and for several days was in the eye of a media storm. Yet he says he felt perfectly calm, describing it as "a tremendous moment of grace". He was, he explains, impelled by his Catholic faith to set out what he had learned about the scale of the risks taken by HBOS and why much of the British banking industry imploded in spectacular fashion last autumn. (continues)
It comes as no surprise that Paul Moore trained as a barrister. One can easily imagine him in wig and gown querying the most minute details of a witness's account during his cross-examination. He took the same forensic approach in his post in charge of risk at the financial services giant, HBOS, at the height of the credit boom: scrutinising documents, conducting structured interviews and observing meetings with an eagle eye. He may have done his job too well; when he discovered the bank was lending on a reckless scale he urged his masters to row back. Instead he was "summarily dismissed" in 2005.
Then there he was last February, before the Treasury Select Committee, setting out meticulous details of the bank's catastrophic lending. Overnight Moore became the "HBOS whistleblower" and for several days was in the eye of a media storm. Yet he says he felt perfectly calm, describing it as "a tremendous moment of grace". He was, he explains, impelled by his Catholic faith to set out what he had learned about the scale of the risks taken by HBOS and why much of the British banking industry imploded in spectacular fashion last autumn. (continues)
simon schama rocks.
the saddest part is the fate of afghani women, praying for NATO to release them from the dragon of medieval patriarchy.
but when winning hearts and minds translates into painting 'jesus kills allah' in arabic on your coalition tank, methinks some think-tank is getting the formula a bit wrong, and drones as uninvited wedding party guests can really dampen festivity.
helmand.... hell by mandate ~Government budget deficits are not nearly as dangerous as the deficits we have created in vital and complex natural systems.~ Naomi Klein.
By PAM MARTENS CounterPunch
As the newly appointed Financial Crisis Inquiry Commission prioritizes its agenda to investigate how a 200-year old system conceived to establish fair pricing and trading of stocks and bonds morphed into a rigged backroom casino of craps tables piled high with triple-A rated junk that crippled the world's largest economy, they must place Wall Street's private justice system at the top of their list for subpoenas. The rationale is as simple as this: (a) there is only one industry in America bringing the country to its knees; (b) there is only one industry in America which requires its workers to contractually relinquish their access to the courts as a condition of employment; (c) look under that rock first for the thousands of industry whistleblowers who walked out of these kangaroo courts with gag orders, leaving behind their documents, placed under seal by colluding lawyers. Here's a sample of what the Financial Crisis Inquiry Commission will find when it looks at how corruption was kept in a black box by mandatory employment contracts on Wall Street: "The Policy makes arbitration the required and exclusive forum for the resolution of all employment disputes based on legally protected rights (i.e., statutory, contractual or common law rights) that may arise between an employee or former employee and the Corporate & Investment Bank or its current and former parents, subsidiaries and affiliates and its and their current and former officers, directors, employees and agents...the arbitrator shall be bound by applicable Firm policies and procedures and shall not have the authority to alter or otherwise modify the parties `at-will' relationship or substitute his or her judgment for the lawful business judgment of Firm management." In other words, when you work for Wall Street you enter a twilight zone where the financial elite make their own laws and run their own private justice system to carry out those laws. (Arbitrators, even outside of Wall Street, are not required to follow the nation's laws or legal precedent or write a reasoned decision based on those laws.) Typically, Wall Street employee claims were arbitrated by the National Association of Securities Dealers (NASD), now known as FINRA, where current or former industry personnel routinely sit as judge and jury. (See Judicial Apartheid, CounterPunch, July 20, 2009 on how the NASD was caught rigging the selection of arbitrators.) In the above Wall Street employment contract, the American Arbitration Association (AAA) was designated to hear claims if NASD declined.
The rationale is as simple as this:
(a) there is only one industry in America bringing the country to its knees;
(b) there is only one industry in America which requires its workers to contractually relinquish their access to the courts as a condition of employment;
(c) look under that rock first for the thousands of industry whistleblowers who walked out of these kangaroo courts with gag orders, leaving behind their documents, placed under seal by colluding lawyers.
Here's a sample of what the Financial Crisis Inquiry Commission will find when it looks at how corruption was kept in a black box by mandatory employment contracts on Wall Street:
"The Policy makes arbitration the required and exclusive forum for the resolution of all employment disputes based on legally protected rights (i.e., statutory, contractual or common law rights) that may arise between an employee or former employee and the Corporate & Investment Bank or its current and former parents, subsidiaries and affiliates and its and their current and former officers, directors, employees and agents...the arbitrator shall be bound by applicable Firm policies and procedures and shall not have the authority to alter or otherwise modify the parties `at-will' relationship or substitute his or her judgment for the lawful business judgment of Firm management."
In other words, when you work for Wall Street you enter a twilight zone where the financial elite make their own laws and run their own private justice system to carry out those laws. (Arbitrators, even outside of Wall Street, are not required to follow the nation's laws or legal precedent or write a reasoned decision based on those laws.)
Typically, Wall Street employee claims were arbitrated by the National Association of Securities Dealers (NASD), now known as FINRA, where current or former industry personnel routinely sit as judge and jury. (See Judicial Apartheid, CounterPunch, July 20, 2009 on how the NASD was caught rigging the selection of arbitrators.) In the above Wall Street employment contract, the American Arbitration Association (AAA) was designated to hear claims if NASD declined.
no further questions needed, finance fascism, don't like it?
seditious traitor!
mussolini's version of force and industry is so dated, now it's all done with numbers, long before it ever gets to guns.
lawyers replace generals, and economists supply the propaganda.
fries with that? ~Government budget deficits are not nearly as dangerous as the deficits we have created in vital and complex natural systems.~ Naomi Klein.
:) ~Government budget deficits are not nearly as dangerous as the deficits we have created in vital and complex natural systems.~ Naomi Klein.
When I was in contracting and selling systems to Saudi Arabia and Nigeria I was scandalized that million dollar projects would be built, tested and shipped only to sit in shipping containers in the desert or jungle for the sole apparent purpose of having the authorizing minister collect a 10% commission, which we of course tripled and added to our price. This is far worse. Wall Street has turned the USA into a Third World Nation. The fact that it is a very wealthy TWN is all the better. As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
What a hoot. The Chinese Communists invaded Washington on Monday demanding not that we sacrifice our freedoms but rather that we balance our budget. Creditors get to make that kind of call. And the Marxists of Beijing, who have turned out to be the world's most prudent bankers, are worried about their assets invested in our banana republic. Share this article the_nation242:http://www.thenation.com/doc/20090803/scheer2 Related Also By Tiananmen at Twenty China Jeffrey Wasserstrom: China has changed enormously since the 1989 massacre, but the Communist Party continues to deny what happened. Americans, too, continue to misremember a complex event. Can China Catch a Cool Breeze? Environment Christian Parenti: The planet's future depends largely on the fate of China's nascent wind sector. » More The Chinese Come Calling China Robert Scheer: The Marxists bankers of Beijing are worried about their assets invested in our banana republic. Deep-Sixing the F-22 US Military Robert Scheer: The news that Congress might terminate production of topline fighter jets comes as a considerable victory for President Obama and Defense Secretary Gates. 'Government Sachs' Strikes Gold... Again U.S. Economy Robert Scheer: Since most of the increase in the federal deficit is due to bailing out the banks and salvaging the greater economy they helped destroy, why is the top investment bank doing so well? "China has a huge amount of investment in the United States, mainly in the form of Treasury bonds. We are concerned about the security of our financial assets" was the way China's assistant finance minister put it. Briefing reporters at the US-China Strategic and Economic Dialogue, he added, "We sincerely hope the US fiscal deficit will be reduced, year after year." Quite sincerely, one suspects, given a US budget shortfall this year that is slated to reach $1.85 trillion. Suddenly, it was US officials who were promising deep reform to their disgraced economic system rather than demanding it from incompetent foreigners. President Barack Obama's economic team of Clinton-era holdovers, who a decade ago had hectored China on the virtues of fiscal responsibility, now were falling over themselves to reassure the Chinese that their $1.5 trillion stake in US government-issued securities is safe, and that they should buy more at this week's $200 billion Treasury auction. If they don't, we're in big trouble. US Treasury Secretary Timothy Geithner promised to behave, saying the US is "committed to taking the necessary measures to bring our fiscal deficits down to a more sustainable level once recovery is firmly established." Now let's hope that the Chinese Communists and their natural allies among congressional deficit hawks will be able to keep him to his word.
What a hoot. The Chinese Communists invaded Washington on Monday demanding not that we sacrifice our freedoms but rather that we balance our budget. Creditors get to make that kind of call. And the Marxists of Beijing, who have turned out to be the world's most prudent bankers, are worried about their assets invested in our banana republic.
Share this article
China
Jeffrey Wasserstrom: China has changed enormously since the 1989 massacre, but the Communist Party continues to deny what happened. Americans, too, continue to misremember a complex event.
Environment
Christian Parenti: The planet's future depends largely on the fate of China's nascent wind sector.
» More
Robert Scheer: The Marxists bankers of Beijing are worried about their assets invested in our banana republic.
US Military
Robert Scheer: The news that Congress might terminate production of topline fighter jets comes as a considerable victory for President Obama and Defense Secretary Gates.
U.S. Economy
Robert Scheer: Since most of the increase in the federal deficit is due to bailing out the banks and salvaging the greater economy they helped destroy, why is the top investment bank doing so well?
Suddenly, it was US officials who were promising deep reform to their disgraced economic system rather than demanding it from incompetent foreigners. President Barack Obama's economic team of Clinton-era holdovers, who a decade ago had hectored China on the virtues of fiscal responsibility, now were falling over themselves to reassure the Chinese that their $1.5 trillion stake in US government-issued securities is safe, and that they should buy more at this week's $200 billion Treasury auction. If they don't, we're in big trouble.
US Treasury Secretary Timothy Geithner promised to behave, saying the US is "committed to taking the necessary measures to bring our fiscal deficits down to a more sustainable level once recovery is firmly established." Now let's hope that the Chinese Communists and their natural allies among congressional deficit hawks will be able to keep him to his word.
ka-chink! ~Government budget deficits are not nearly as dangerous as the deficits we have created in vital and complex natural systems.~ Naomi Klein.
Now it's past ripe; it's rotten and a little late to start worrying about their "investment." Join the queue quickly, the bank doors are closing. I can swear there ain't no heaven but I pray there ain't no hell. _ Blood Sweat & Tears
Now it's past ripe; it's rotten and a little late to start worrying about their "investment."
maybe hanging improves the gamy flava, like pheasant... ~Government budget deficits are not nearly as dangerous as the deficits we have created in vital and complex natural systems.~ Naomi Klein.
Any doubts as to whether Iceland's elite has declared war on its people were dispelled this weekend. ... Then, secret documents detailing massive loans to Kaupthing Bank's biggest shareholders were leaked to WikiLeaks. Although it was widely understood that the powers-that-be received large loans, the size of the loans was astounding. Plus, there is something visceral in pairing up the names and the loans. It is for the sake of these unscrupulous characters that the next generation faces massive deprivation?!? The attorneys for New Kaupthing Bank (now owned by the Icelandic government) first threatened WikiLeaks with legal action, then successfully obtained from the Reykjavík Magistrate, who is a relative and good friend of Kaupthing insiders, an injunction barring the Icelandic National Broadcasting Service News from revealing the details of these widely-available documents. Astonishingly, the INBS News complied with this obviously illegal and ineffective order.
...
Then, secret documents detailing massive loans to Kaupthing Bank's biggest shareholders were leaked to WikiLeaks. Although it was widely understood that the powers-that-be received large loans, the size of the loans was astounding. Plus, there is something visceral in pairing up the names and the loans. It is for the sake of these unscrupulous characters that the next generation faces massive deprivation?!?
The attorneys for New Kaupthing Bank (now owned by the Icelandic government) first threatened WikiLeaks with legal action, then successfully obtained from the Reykjavík Magistrate, who is a relative and good friend of Kaupthing insiders, an injunction barring the Icelandic National Broadcasting Service News from revealing the details of these widely-available documents. Astonishingly, the INBS News complied with this obviously illegal and ineffective order.
