The Economy

Iceland’s Viking Victory

Congratulations to Iceland.

Fitch has upgraded the country to investment grade BBB – with stable outlook, expecting government debt to peak at 100pc of GDP.

The OECD’s latest forecast said growth will be 2.4pc this year, after 2.9pc in 2011.

Unemployment will fall from 7pc last year to 6.1pc this year and then 5.3pc in 2013.

The current account deficit was 11.2pc in 2010. It will shrink to 3.4pc this year, and will be almost disappear next year.

Dominique Strauss-Kahn faces ‘prostitution ring’ questioning

Kahn is to be questioned next week by police investigating an alleged prostitution ring in northern France

How credit ratings agencies rule the world

Britain’s credit rating took a knock this week, when Moody’s expressed a ‘negative outlook’ for the national economy. But who are the mysterious agencies who take it upon themselves to grade everything from countries to corporations – and how much power do they really wield?

CNN’s “Activist”/Terrorist “Danny” Now Asking Israel Military To Save Syria

The high-profile Syria “Activist” that CNN simply refers to as Danny asks for help from the Israel military to overthrow Assad.

Gold Price Manipulation Explained and Why Silver Will Soon Go Ballistic

European Super State One Step Closer or Approaching Imminent Collapse?

Julian Rose
Activist Post

Jean Monet, the founding father of the European Union, had a very particular vision of Europe’s future back in 1952, and he expressed it in a letter to a colleague on 30th April that year: “Europe’s nations should be guided towards the superstate without their people understanding what is happening. This can be accomplished by successive steps, each disguised as having an economic purpose, but which will eventually and irreversibly lead to federation.”


As the eurozone teeters on the brink of catastrophe and Britain is forced to tighten its belt, the shameless demand added to the growing clamour for us to pull out of the EU. The basic salary of an MEP is already £82,915 a year, compared with £64,766 for an MP at Westminster. Euro MPs can also rake in £360,000 in expenses.

If the three per cent budget increase is ratified in Brussels next month, MEPs would receive an extra £2,500 in pay and more lucrative expenses and pension entitlements. It would also add the equivalent of an extra £45million a year to the hugely inflated parliamentary budget, just as debt-ravaged Greece faces financial ruin.

The increase would bring the total cost of the army of MEPs and their hangers-on to a staggering £1.55billion next year.

Google Wallet Shutdown Highlights Vulnerability of Cashless Society

Brandon Turbeville
Activist Post

In a telling incident, Google has recently been attempting to reassure its customers that its Google Wallet app is actually a safe and secure method of transaction.

This damage control attempt comes on the heels of a shutdown of the program initiated by Google due to a possible security vulnerability…

Less healthcare, but Greece is still buying guns

As Greece is forced by European leaders to abandon a referendum to allow the people the chance to vote on its latest bailout conditions, the country is preparing for yet another dose of austerity.

The conditions of the next €130bn rescue package will be severe, yet there is an elephant in the room: the extent to which the German but also the French military industries rely on Greece.

The small, crisis-hit nation, whose prime minister, George Papandreou, narrowly survived a vote of confidence on Friday, buys more German weapons than any other country. Some Greeks want to know why it is that France and Germany are demanding cuts in pensions, salaries and public services, but the buying of arms is allowed to continue unabated.

Staring into the abyss: Inside a despairing Greek nation where families queue at soup kitchens and women threaten to jump to their deaths as job losses mount

‘It is very worrying — we have to work out our reaction,’ said Christou. ‘We have not yet seen a humanitarian crisis here like in Sudan, but we have to be ready.’

This is a profoundly alarming scenario, conjuring up images not seen in modern Europe outside of war zones. ‘Even two years ago I never thought I would see these sorts of things here,’ he said.

‘The fear is that things could be about to get much worse for a large number of people.’

Trust Us; We’re the Government

Proponents of the CFPB claim that this new bureaucracy will help consumers by protecting them from fraudulent activity. In reality, it will only expose consumers to more financial harm. Housed within the unconstitutional Federal Reserve, and funded not through Congressional appropriations but through the Federal Reserve’s interest revenue off the trillions of dollars of US government debt it holds, the structure of the CFPB ensures that it is run by unelected, unaccountable bureaucrats, with no effective oversight from Congress.

James Rickards sees gold standard at US$7,000 per ounce in the face of a dollar collapse

This is the cause of all the war,war,war we have been seeing. Anyone who wants to go off the dollar gets attacked!

Recently, Schiff sat down with Rickards to get his perspective on what’s behind these currency wars, and find out what he recommends investors do to preserve their wealth through this tumultuous time.
Peter Schiff: You portray recent monetary history as a series of currency wars – the first being 1921-1936, the second being 1967-1987, and the third going on right now. This seems accurate to me. In fact, my father got involved in economics because he saw the fallout of what you would call Currency War II, back in the ’60s. What differentiates each of these wars, and what is most significant about the current one?

Vatican told to pay taxes as Italy tackles budget crisis

After several years of scandal in which the Catholic Church has faced allegations of financial impropriety, paedophile priests and rumours of plots to kill the Pope, the Vatican is now facing a new €600m-a-year tax bill as Rome seeks to head off European Commission censure over controversial property tax breaks enjoyed by the Church.

As the EC heads closer to officially condemning the fiscal perks enjoyed by the Catholic Church and introduced by the Berlusconi administration, Prime Minister Mario Monti has written to the Competition Commissioner, Joaquin Almunia, saying that the Vatican will resume property tax, or Ici, payments.

Employers reject jobs scheme that’s all work and no pay – The Independent

A scheme under which jobseekers can lose benefits if they do not complete up to 30 hours a week of unpaid “work experience” is in disarray after companies and charities abandoned it in the wake of public anger.

The clothing retailer Matalan suspended its involvement in the Government project pending an internal inquiry after claims that the scheme was exploitative. Tesco delivered an ultimatum to the Department of Work and Pensions (DWP) demanding that ministers guarantee no one would lose their benefits, while both Oxfam and Shelter added their names to the list of organisations which have left it altogether.

Treasury Bond Deja Vu All Over Again?

2009 Two Japanese men are detained in Italy after allegedly attempting to take $134 billion worth of U.S. bonds over the border into Switzerland. Details are maddeningly sketchy, so naturally the global rumor mill is kicking into high gear.…

Trillions In Fake Bonds Held In CHICAGO FED Crates?



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