– its debt ratio ratcheting up towards 140pc of GDP – and all because the country’s ruling elite cannot shake off its slavish assumption that a return to monetary self-rule is impossible By Ambrose Evans-Pritchard Economics Last updated: January 31st,… Read More ›
World risks deflationary shock as BRICS puncture credit bubbles – probability may now be as high as 20pc.
As matters stand, the next recession will push the Western economic system over the edge into deflation It is a remarkable state of affairs that the G2 monetary superpowers – the US and China – should both be tightening Photo:… Read More ›
By Ambrose Evans-Pritchard Economics Last updated: December 17th, 2013 Hundreds of students wrap themselves in an Italian tricolour during a Pitchforks Movement protest in Turin on Wednesday. (Photo: EPA) Events in Italy are turning serious. President Giorgio Napolitano… Read More ›
Draghi: ‘please don’t destroy Europe’s banks yet again’ By Ambrose Evans-Pritchard Economics Last updated: October 22nd, 2013 El Pais has obtained the devastating letter by the ECB’s Mario Draghi warning Europe’s authorities not to set off yet another conflagration with… Read More ›
Cyprus has stunned EU officials by ordering a vote in its parliament on the terms of the EU-IMF Troika bailout for the country, risking a rejection by angry lawmakers and a fresh eruption of the crisis. The Cypriot parliament threw… Read More ›
By Ambrose Evans-Pritchard Economics Last updated: April 11th, 2013 Cyprus has agreed to sell gold reserves to raise around €400m. (Photo: Alamy) First they purloin the savings and bank deposits in Laiki and the Bank of Cyprus, including the… Read More ›
Japan cracks seabed ‘ice gas’ in dramatic leap for global energy / radically change the world’s energy outlook.
Japan has extracted natural “ice” gas from methane hydrates beneath the sea off its coasts in a technological coup, opening up a super-resource that could meet the country’s gas needs for the next century and radically change the world’s energy… Read More ›
Unemployment in the eurozone jumped to a record high of 11.8pc in November as the region slid deeper into recession, with alarming rises across the Mediterranean that threaten extreme social distress. The report said the biggest single cause of the… Read More ›
The US Treasury has issued a damning criticism of Germany’s chronic trade surplus in its annual report on worldwide exchange rate abuse, although it stopped short of labelling the country a currency manipulator. The report said Germany’s current account surplus… Read More ›
Greece’s debt-load is rising much faster than expected as the country spirals into a sixth year of depression, ratcheting up the pressure on Germany and Europe’s creditor states to accept debt-forgiveness for the first time. Greek trade unions have called… Read More ›
So there is a magic wand after all. A revolutionary paper by the International Monetary Fund claims that one could eliminate the net public debt of the US at a stroke, and by implication do the same for Britain, Germany,… Read More ›
France is sliding into a grave economic crisis and risks a full-blown “hurricane” as investors flee rocketing tax rates, the country’s business federation has warned. Francois Hollande is tightening fiscal policy by 2pc of GDP next year to meet EU… Read More ›
Germany shocks EU with fiscal overlord demand, to Counter the competition Tsar the arch-enforcer of the EU machine. After taking on contingent liabilities of €2 trillion
Germany has stated its exorbitant price for keeping Greece in the euro and agreeing to mass bond purchases by the European Central Bank. Finance minister Wolfgang Schaeuble dropped his bombshell in talks with German journalists on a flight from Asia…. Read More ›
The International Monetary Fund has demolished the intellectual foundations of Europe’s debt crisis strategy. A demonstration against austerity measures near the Spanish Parliament. Photo: AP By Ambrose Evans-Pritchard 4:52PM BST 14 Oct 2012 Drastic fiscal tightening in a string… Read More ›
Spain’s rising debt costs eat up austerity gains: separatist crises in Catalonia and the Basque region that threaten to break the country apart.
Spain has pushed through €40bn of fresh austerity measures in the teeth of recession, despite violent protests across the country and separatist crises in Catalonia and the Basque region that threaten to break the country apart. Spanish PM Mariano Rajoy… Read More ›
A senior advisor to the Chinese government has called for an attack on the Japanese bond market to precipitate a funding crisis and bring the country to its knees, unless Tokyo reverses its decision to nationalise the disputed Senkaku/Diaoyu islands… Read More ›