T he European Central Bank is becoming dangerously over-extended and the whole euro project is unworkable in its current form, the founding architect of the monetary union has warned. "One day, the house of cards will collapse,” said Professor Otmar Issing, the ECB's first chief economist and a…

Following the seemingly endless procession of short-squeeze-fueling trial balloons last week - from settlement rumors to German blue-chip bailouts to Qatari investors - Germany's Bild newspaper confirms the rumors that sparked weakness on Friday: Deutsche bank CEO John Cryan has failed to reach an…

Forever Quantitative Easing, Robbing The Poor to Feed the Rich Updated Dec 30, 2023 In the intricate world of corporate finance, **share buyback programs** have evolved into a standard tool for earnings manipulation. By decreasing the number of outstanding shares, corporations can artificially…

LONDON — As Europe has grappled with the trauma of a devastating financial and economic crisis, policy makers have consistently relied on one approach to managing the damage — budget austerity. Shrink government spending by trimming pensions and cutting social programs, the logic runs, and the…

LONDON (Reuters) - Any stock-buying scheme by the European Central Bank could total around 200 billion euros (£172.58 billion), much larger than its programme to buy top-rated corporate bonds, Dutch bank ABN AMRO said on Wednesday The ABN Amro logo is seen in central London, Britain May 29, 2007.…

According to the stock market, the UK economy is in a boom. Not just any old boom, but a historic one. On 28 October 2013, the FTSE 100 index hit 6,734, breaching the level achieved at the height of the economic boom before the 2008 global financial crisis (that was 6,730, recorded in October 2007).…

By Michael Hudson Government debt in Greece is just the first in a series of European debt bombs that are set to explode. The mortgage debts in post-Soviet economies and Iceland are more explosive. Although these countries are not in the Eurozone, most of their debts are denominated in euros. Some…

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The efforts are part of plans to relaunch the European Union at celebrations in Rome next March marking the 60th anniversary of the Treaty of Rome, which established the European Community. The document confirms rumors that European officials are rushing ahead with defense integration now that…

by Thu, 09/15/2016 - 13:44 0 SHARES Two months after Bernanke's unexpected trip to Japan failed to unleash the "helicopter money" many expected his visit to the BOJ would deliver, Bernanke is back with another shocking policy appeal, this time not as a result of a trip to the Pacific Rim, but in a…

Op-Ed Contributor People demonstrated in London against Brexit in July.Credit...Andrew Testa for The New York Times See how this article appeared when it was originally published on NYTimes.com. Facts hold a sacred place in Western liberal democracies. Whenever democracy seems to be going awry, when…

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"Welcome To Fantasy Land" Peter Schiff Warns Negative Rates Will Kill Growth by Fri, 09/09/2016 - 17:30 0 SHARES Submitted by Peter Schiff via Euro Pacific Capital, For years I have argued that ultra-low interest rates act more as an economic sedative than a stimulant. This idea has elicited…

Politiikkakollektiivin ja Ryhmäteatterin Eduskunta III oli nähtävillä elokuun alussa Tampereen Teatterikesässä. Susanna Kuparisen ohjaama esitys on monella tapaa ansiokas: vallitsevan kurjistuspolitiikan käsittelemisen tuominen esitystaiteen piiriin on ensiarvoisen tärkeää, eurooppalaisen…

The Slovenian philosopher Slavoj Žižek is worried about Europe’s attitude to refugees. He’s not talking about the far right populist parties—from Britain’s UKIP to France’s Front National—that have ridden a wave of xenophobia across the old continent. It’s the liberals he’s worried about. In his…

Studies in this week’s Hutchins Roundup find that including free media into GDP does not ameliorate sluggish productivity growth, the Fed could maintain its large balance sheet indefinitely and use it to promote financial stability, and more. Accounting for free media in the measurement of GDP has…

Why has the Fed created incentives for US corporations to loot their companies and drive them deeper into debt? Despite four consecutive quarters of negative earnings, weak demand and anemic sales, US corporations continue to load up on debt, buy back their own shares and hand out cash to their…

E uropean bankers and "highly-skilled" businessmen and women will be exempted from migration curbs after Britain leaves the European Union, the Chancellor has said. Philip Hammond revealed for the fir

Bastille Day is the perfect day to convert a friend into a Jacobin. Yearlong print and digital subscriptions are just $7.89 today. Follow this link Socialism in Our Time: A Jacobin Conference Editors We Have Always Lived in the Casino Doug Henwood The Crypto State Ramaa Vasudevan A Socialism That…

In Kingston, Ontario, last month, beloved Canadian rock band The Tragically Hip played their final concert. Among the audience was none other than Justin Trudeau — resplendent in his Canadian tuxedo (denim jacket, jeans, and a band t-shirt) — with his McGill pal and political advisor Gerry Butts.…

Researchers say program works best with clear communication Macroeconomic benefits higher with longer-duration assets European Central Bank researchers have assessed the institution’s 1.7 trillion-euro ($1.9 trillion) bond-buying program and come up with “a few lessons” for policy makers. First,…

In reply to Tariq Ali, Stathis Kouvelakis, Vicente Navarro and Stefano Fassina on DiEM25’s plan for resisting within the European Union Preface: This article (published in edited form in Jacobin, Neues Deutschland, Il Manifesto, Mediapart and elsewhere) addresses left-wing critics of DiEM25 claiming…

Ylimääräytymisen käsitettä käytti ensimmäisenä Sigmund Freud teoksessaan Unien tulkinta (1900). Käsitteellä hän viittasi unissa esiintyvien tapahtumien moninaisiin syihin, mahdottomuuteen palauttaa ne tiettyihin kokemuksiin tai yksittäisiin impulsseihin. Esimerkiksi kuolleen läheisen kohtaaminen…

by Fri, 09/09/2016 - 20:00 0 SHARES Submitted by Mike Krieger via Liberty Blitzkrieg, Ladies and gentlemen, it appears the long anticipated moment of peak mainstream media stupidity may have finally arrived. This is what passes for journalism in America today. The Intercept reports: Sen. Rand Paul’s…

The money printing presses are spinning fast. The world's four most powerful central banks have pumped more than $9 trillion into the global economy since the financial crisis in a bid to boost growth, inflation and employment. That's a huge number, equivalent to the value of all the goods and…

by Tue, 09/06/2016 - 02:58 0 SHARES One of the longest running, recurring jokes in European high finance is that insolvent Greece pretends to reform (it has been mostly delaying and extending the mandated budget cuts, many of which involve unpopular mass terminations of government workers), while…

George Hay also contributed to this column. The authors are Reuters Breakingviews columnists. The opinions expressed are their own. The stars are aligning for an era of German banking consolidation. Commerzbank and Deutsche Bank held discussions in August about a possible tie-up, Reuters reported on…

Expectations for further quantitative easing at upcoming European Central Bank and Bank of Japan meetings may be running high, but chances are central bankers will be wasting their time with fresh measures, analysts warned. Brian Coulton, chief economist at Fitch Ratings, said the gap was narrowing…

Merkel lays down the law ANGELA MERKEL DOES not often muse publicly about the European project. A physicist by training, she prefers solving concrete problems to holding forth about abstract ideas. A sunny morning in late April this year was a rare exception. At an event to mark the publication of a…

by Wed, 09/07/2016 - 18:29 0 SHARES During the peak days of the European credit crisis in 2011 and 2012, one of the unfalsifiable indicators used by market watchers to observe the state of Italy's banking system and regional fund flows (mostly outflows from the periphery, inflows into Germany and…

by Thu, 09/08/2016 - 04:28 0 SHARES While there have been various trial balloons in recent days, hinting that the ECB could start purchasing equities, most notably by the Peterson Insitute, it is unlikely that Mario Draghi will commence outright monetization of ETFs at the ECB's meeting tomorrow.…

"Last September Yellen Decided To Stay On Hold; Three Years Ago Bernanke Chose Not To Taper QE3" by Tue, 09/06/2016 - 18:02 0 SHARES Will she, or won't she? That is the question everyone wants answered regarding whether Yellen will hike rates in two weeks time. To be sure, historical precedent is…

by Thu, 09/01/2016 - 08:50 0 SHARES If there is a reason why traders walk into their office every day in a state of zombified daze, no longer able to trade various asset classes based on fundamental data or incremental news flow, there is a simple reason for that: global central bank liquidity…

FRANKFURT (Reuters) - Facing dimming growth and inflation prospects, some of the world’s top central banks will contemplate further stimulus measures next week, having to decide between immediate action and waiting just a bit longer. European Union (EU) flags fly in front of the European Central…

by Mon, 09/05/2016 - 13:59 0 SHARES Last week we posted a chart from Deutsche Bank, showing that with a "global recovery" supposedly taking hold again, central banks are injecting a record amount of liquidity in the form of $2.5+ trillion in annual asset purchases by all central banks (more than…