European Financial Crisis Not Near Over
Everybody decided to notice today that Europe’s debt-ridden economies did not solve their problems with austerity measures, they exacerbated them: Fears that Europe could see another Greek-like debt...
View ArticleIreland, Greece Sink Further Into Debt After Austerity Measures
Over the weekend, it looked like the EU was prepared to provide a large rescue to Ireland, a bailout that could reach as high as $77 billion dollars, to help them tackle their growing debt burden. The...
View ArticleIreland To Accept Bank Bailout from EU, IMF
After days of denying any talks with the EU or the IMF, Ireland’s top leaders acknowledged they would take a bailout for their troubled banks, totaling around $100 billion dollars. “A small sovereign...
View ArticleIreland’s Savage Austerity
If you thought the Irish government couldn’t possibly close its budget deficit without raising its obscenely low 12.5% corporate tax rate, you were wrong. The austerity program leaves the corporate...
View ArticleEuro Debt Crisis Roils in Ireland, Portgual
One crisis that hasn’t got much attention in the news lately, owing mainly to crisis overload I would imagine, is the European debt crisis. But that has not gone away. In fact, the Portuguese Prime...
View ArticleThe New America: Home Demolition Rises as “Solution” to Housing Crisis
Foreclosures continue to increase across the country. They grew last quarter, with 610,337 filings (that averages out to almost 2.5 million annually). This change in direction suggests a new uptick in...
View ArticleGreece Nearing Deal on Sovereign Debt Haircut
In Greece, creditors and the government continued their work on a debt deal that would give a haircut to debt holders and set a new interest rate going forward, reducing Greece’s debt level. After...
View ArticleAusterity Fever Breaking in Europe
I mentioned Ireland’s woes in my last post. It reflects a consistent pattern: austerity coming out of an economic crisis, based on faulty ideas of an expansionary contraction, followed by a backslide...
View ArticleSpanish Bank Bailout Already Collapsing as Solution for Europe
The pattern I’m seeing in Europe these days is that each “solution” is given less and less time to work before the markets go right back into crisis mode. And indeed, that’s where we are. The Spanish...
View ArticleResetting the Market: Ireland’s Plan for Mass Mortgage Write-Downs
Ireland had one of the larger housing bubbles in the world. I remember visiting the country in 2006 and seeing these brand-new roads and buildings everywhere. The Celtic Tiger included a housing boom,...
View ArticleMajority Of Fortune 500 Using Offshore Tax Schemes To Hide $90 Billion
According to a new report from Citizens for Tax Justice and the U.S. Public Interest Research Group, the majority of America’s Fortune 500 companies are cheating the tax man to the amount of...
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