• Tag Archives Catalonia
  • “It Could Open A Pandora’s Box”: Italy’s 2 Richest Regions Are Voting In Historic Autonomy Referendums

    Voters in Italy’s two wealthiest northern regions of Lombardy and Veneto are voting on Sunday in referendums for greater autonomy from Rome, in which a positive outcome could fan regional tensions in Europe at a time when neighboring Spain is cracking down to prevent Catalonia from breaking away.
    ***
    Lombardy, which includes Milan, and Veneto, which houses the tourist powerhouse Venice, are home to around a quarter of Italy’s population and account for 30% of Italy’s economy, the Eurozone’s third largest. Unlike Catalonia, the consultative votes are only the beginning of a process which could over time lead to powers being devolved from Rome. Also unlike Catalonia, which held an independence referendum on Oct. 1 despite it being ruled unconstitutional, the Italian referendums are within the law. Like Catalonia, however, Lombardy and Veneto complain they pay far more in taxes than they receive.

    This post was published at Zero Hedge on Oct 22, 2017.


  • Ah, The Spanish Government CAN Do Math

    All revolutions and secession events are prosecuted by small but real minorities. In the US Revolution about three percent of the people actually took arms and fought the British. We won.
    Keep that in mind, because Spain is dealing with a secession movement right now, not so much a revolution. There the numbers are somewhat different — but not that much. In the Civil War about 2.5 million out of 18.5 million, or roughly 13% of the population fought on the Union side; on the Confederate side it was in the same general range (accurate records are more-difficult for the Confederacy.) Most of the Union solders were volunteers.
    Of course the secession of the Confederacy failed.
    Reality is that you often have plenty of people who are very pissed off one way or another but few who will take arms on either side. For this reason it’s not so simple as to say “you need half.” You don’t, in fact, need anywhere near half the population in order to win, but those who choose it must be willing to die for what they believe in. The exact number is hard to pin down, which makes all such movements, to some degree, a game of poker — and you never really know if the other side is bluffing.
    Spain has figured out (a bit late, I think) that with about 40% of the population of Catalonia voting (after the Spanish government attempted to brutalize or arrest anyone attempting to vote, with some success) and the vast majority of those voting choosing secession there is a real risk that the “success” threshold is within grasp.

    This post was published at Market-Ticker on 2017-10-21.


  • Rajoy Continues to Act in the Spirit of Franco Warning Spain Cannot be Trusted?

    Spain is showing that it truly remains a fascist state in the spirit of Franco and Rajoy plans to just seize Catalonia. Meanwhile, the Catalan citizens’ movement, Assemblea Nacional, is calling on all Catalans to withdraw all their money as much as possible from one of the five largest Spanish banks to increase pressure on Madrid, These include Caixa Bank, Bankia, Sabadell, BBVA and Santander. Americans supporting Catalonia are also urged to withdraw all funds from Santander in the USA.

    This post was published at Armstrong Economics on Oct 22, 2017.


  • Catalonia’s Political Crisis Snowballs into an Economic Crisis

    Independence would be ‘horrific’ and amount to ‘financial suicide,’ said Spain’s Economy Minister. But financial suicide for whom? It’s not easy being a Catalan bank these days. In the last few weeks the region’s two biggest lenders, Caixabank and Sabadell, have lost 9 billion of deposits as panicked customers in Catalonia have moved their money elsewhere. Many customers in other parts of Spain have also yanked their savings out of Catalan banks, but less out of fear than out of anger at the banks’ Catalan roots.
    Moving their official company address to other parts of Spain last week may have helped ease that resentment, allowing the two banks to recoup some 2 billion of deposits. But the move has angered the roughly 2.5 million pro-independence supporters in Catalonia, many of whom have accounts at one of the two banks. Today they expressed that anger by withdrawing cash en masse.
    Many protesters made symbolic withdrawals of 155 – a reference to Article 155 of the Spanish constitution, which Madrid activated today to impose direct rule over the semi-autonomous region. Others opted for 1,714 in a nod to the year 1714, when Barcelona was captured by the troops of King Felipe V, who then proceeded to suppress the rights of rebellious regions.

    This post was published at Wolf Street on Oct 21, 2017.


  • Pat Buchanan Asks: “Is Liberalism A Dying Faith?”

    Asked to name the defining attributes of the America we wish to become, many liberals would answer that we must realize our manifest destiny since 1776, by becoming more equal, more diverse and more democratic – and the model for mankind’s future.
    Equality, diversity, democracy – this is the holy trinity of the post-Christian secular state at whose altars Liberal Man worships.
    But the congregation worshiping these gods is shrinking.
    And even Europe seems to be rejecting what America has on offer.
    In a retreat from diversity, Catalonia just voted to separate from Spain. The Basque and Galician peoples of Spain are following the Catalan secession crisis with great interest.
    The right-wing People’s Party and far-right Freedom Party just swept 60 percent of Austria’s vote, delivering the nation to 31-year-old Sebastian Kurz, whose anti-immigrant platform was plagiarized from the Freedom Party. Summarized it is: Austria for the Austrians!

    This post was published at Zero Hedge on Oct 20, 2017.


  • Bank Run Imminent: Catalan Separatists Urge Supporters To Pull Cash From ATMs On Friday Morning

    As tensions escalate in Spain, Catalan Separatists are potentially about to do some real damage and hit Madrid where it really hurts.
    In a tweeted message to their 270,000 followers, Assemblea Nacional urged supporters to pull cash from CaixaBank and Banco Sabadell branches between 8 am and 9am Friday to protest at their decision to shift their legal domiciles out of the region..
    #BREAKING Civil society groups in Catalonia call for mass withdrawal of money from ATMs tomorrow at 8am to pressure Spanish government
    — Catalan News (@catalannews) October 19, 2017

    This post was published at Zero Hedge on Oct 20, 2017.


  • One Trader Warns “The Game Is Starting To Change Before Your Eyes”

    In a market that can barely fog a mirror with its heartbeat, a sudden lurch lower – as we experienced overnight across all global risky asset classes – especially on the 30th anniversary of Black Monday, has sparked a cavalacade of “this is it” narratives as well as “this time is different” memes. However, as former fund manager Richard Breslow notes, no matter how much traders may want to ignore reality, the game is starting to change before our eyes…
    As BlackRock CIO Rick Reider noted earlier, major central banks flooded the global financial system with nearly $10 trillion in liquidity since 2008, but now we’re beginning to unwind…

    Via Bloomberg,
    If Catalonia didn’t exist, we would have to invent it. If only for a day…
    Stocks are down today and someone has to be assigned the blame.

    This post was published at Zero Hedge on Oct 19, 2017.


  • Dow Futures Over 23,000: Dollar, Global Stocks Jump As China Congress Begins

    World stocks stayed near peaks and currencies moved in tight ranges on Wednesday as China’s 19th Communist Party Congress opened while focus in Europe turned to speeches from top euro zone central bankers before next week’s key policy meeting, as well as Catalonia’s ultimatum due on Thursday. S&P futures are solidly in the green as usual, with Dow futures jumping above 23,000, driven higher by IBM as investors looked for new reasons to extend gains after hitting new all-time highs Tuesday. The dollar continues to strengthen, buoyed by speculation that the next Federal Reserve chair will be more hawkish, as volatility in major currencies fell to a three-month low, while Treasury yields rose.

    Among the factors contributing to today’s burst of risk on buying is the continued bid in USD, which has forced markets into hybrid risk-on mode according to Bloomberg. EUR/USD and GBP/USD push through yesterday’s session lows, which consequently supports domestic equity markets via exporters and multinationals. Rally in USD/JPY pressures USTs, dragging down core fixed-income markets; UST/bund spread wider by 1.6bps. U. S. equity futures also supported, Dow futures test 23,000; crude futures hold small gains after bullish API data.

    This post was published at Zero Hedge on Oct 18, 2017.


  • Days of Living Dangerously in Catalonia

    Fractured communities, splintered families, broken friendships.
    In Catalonia the economy is already beginning to feel the pinch from the rise in political tensions, as tourist numbers plunge 20% to 30% and as hundreds of companies, both domestic and foreign, move their headquarters to other parts of Spain, albeit in most cases only on paper.
    But there’s one business that’s doing a brisk trade: the flag business.
    Wherever you go these days, flags are everywhere. For years the esteladaflag, the starry symbol of Catalan independence, has been a ubiquitous feature of the urban landscape. But now the Spanish flag is doing its best to catch up. As Catalonia’s separatist movement grows in confidence, more and more balconies in Madrid, Valencia, Seville and other Spanish cities, including even Barcelona, are sporting the bold red and yellow of the Spanish flag.
    I took these photos in Barcelona. The estelada draped from windows and balconies:

    This post was published at Wolf Street on Oct 15, 2017.


  • Forget Catalonia, Flanders Is The Real Test Case Of EU Separatism!

    Catalonia’s separatist campaign has dominated European headlines for the past couple of weeks, but it’s really the northern Belgian region of Flanders which will serve as a barometer over whether large chunks of the EU will fall apart into a collection of identity-centric statelets prior to the bloc’s reconstitution into a ‘federation of regions’.
    What’s going on in Catalonia is of paramount importance to the geopolitical future of Europe, since it could very well serve as the catalyst for fracturing the EU if copycat movements elsewhere are emboldened by the Spanish region’s possible separatist success. This was explained in detail in the author’s recent analysis about ‘The Catalan Chain Reaction’, which readers should familiarize themselves with if they’re not already acquainted with the thesis put forth in that work. To concisely summarize, there’s a very distinct possibility that the EU’s liberal-globalist elite have been planning to divide and rule the continent along identity-based lines in order to further their ultimate goal of creating a ‘federation of regions’.
    Catalonia is the spark that could set off this entire process, but it could also just be a flash in the pan that might end up being contained no matter what its final result may be. Flanders, however, is much different because of the heightened symbolism that Belgium holds in terms of EU identity, and the dissolution of this somewhat artificially created state would be the clearest sign yet that the EU’s ruling elite intend to take the bloc down the direction of manufactured fragmentation. Bearing this in mind, the spread of the ‘Catalan Chain Reaction’ to Belgium and the inspiration that this could give to Flanders to break off from the rest of the country should be seen as the true barometer over whether or not the EU’s ‘nation-states’ will disintegrate into a constellation of ‘Balkanized’ ones.

    This post was published at Zero Hedge on Oct 14, 2017.


  • Global Stocks Hit New Record High, Dollar Mixed After Dovish Fed

    In a trend observed every day this week, S&P futures are slightly in the red ahead of a post-open ramp with the VIX rising to 9.91, as Asian shares climb, European stocks are little changed. WTI crude pares recent gains, slipping below $51 after API showed an unexpected crude build. Earnings season launches with bank earnings reports from JPMorgan and Citigroup, while Economic data include PPI figures, jobless claims.
    As Reuters notes, broader investor risk sentiment has improved this week after Catalonia dialed back plans to break away from Spain, with MSCI’s 47-country world stocks index reaching a record high. Global equities now appear to be taking geopolitical developments such as the secessionist push in Spain and tensions on the Korean peninsula in their stride, to reach those record tops.
    Analysts will be keeping a close eye on banks Q3 reports: Trading probably dropped from the same period a year earlier. Executives from JPMorgan, Citigroup and Bank of America Corp. told investors last month to expect declines ranging from 15 percent to 20 percent. Goldman Sachs Group Inc., coming off its worst first half for the trading business in more than a decade, said the third quarter remained challenging. Subdued volatility, especially compared with the turmoil from Brexit and the U. S. election a year earlier — made the period particularly tough.

    This post was published at Zero Hedge on Oct 12, 2017.


  • OCT 10/GOLD AND SILVER ADVANCE: GOLD UP $8.90 AND SILVER IS UP 23 CENTS/CATALONIA DELAYS DECLARING INDEPENDENCE BUT MADRID STATES THAT THEY DID DECLARE AND THUS WILL INSTITUTE ARTICLE 155/SOUTH K…

    GOLD: $1291.40 UP $8.90
    Silver: $17.16 UP 23 CENT(S)
    Closing access prices:
    Gold $1288.10
    silver: $17.11
    SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
    SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
    SHANGHAI FIRST GOLD FIX: $1294.21 DOLLARS PER OZ
    NY PRICE OF GOLD AT EXACT SAME TIME: $1285.95
    PREMIUM FIRST FIX: $8.26 (premiums getting larger)
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    SECOND SHANGHAI GOLD FIX: $1304.05
    NY GOLD PRICE AT THE EXACT SAME TIME: $1287.05
    Premium of Shanghai 2nd fix/NY:$17.00 (PREMIUMS GETTING LARGER)

    This post was published at Harvey Organ Blog on October 10, 2017.


  • Catalan Leader Asks For Mandate To Declare Independence, Suspends Consequences Of Vote “For Weeks”

    Following a brief intro, thanking supporters, proclaiming this a ‘Spain’ issue, and outlining the referdmum’s success, Puigdemont turned more angry, slamming the “humiliation, aggression, and Catalanophobia” of Madrid, suggesting that Spaniards are victims of propaganda, and proclaiming that “many Catalans believe that the only way to guarantee survival is for Catalonia to become a State.”
    “We’re not crazy, delinquents or doing a coup,” Puigdemont says.
    Then he paused…saying Catalonia has won the right to independence.
    “I assume my mandate to convert Catalonia in an independent State.”
    And then ads that he calls for weeks of dialog, suspending the independence referendum result.

    This post was published at Zero Hedge on Oct 10, 2017.


  • OCT 9/GOLD AND SILVER ADVANCE: GOLD UP $8.00 AND SILVER IS UP 23 CENTS/COMEX GOLD OPEN INTEREST FALLS BY OVER 2,000 CONTRACTS BUT SILVER DOES THE REVERSE AS SILVER LONGS REFUSE TO BUDGE/TRUMP IN …

    GOLD: $1282.50 UP $8.00
    Silver: $16.93 UP 23 CENT(S)
    Closing access prices:
    Gold $1284.80
    silver: $16.98
    SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
    SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
    SHANGHAI FIRST GOLD FIX: $1300.79 DOLLARS PER OZ
    NY PRICE OF GOLD AT EXACT SAME TIME: $1281.60
    PREMIUM FIRST FIX: $19.19 (premiums getting larger)
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    SECOND SHANGHAI GOLD FIX: $1300.79
    NY GOLD PRICE AT THE EXACT SAME TIME: $1282.30
    Premium of Shanghai 2nd fix/NY:$19.49 (PREMIUMS GETTING LARGER)
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    LONDON FIRST GOLD FIX: 5:30 am est $1282.15
    NY PRICING AT THE EXACT SAME TIME: $1281.90
    LONDON SECOND GOLD FIX 10 AM: $1278.75
    NY PRICING AT THE EXACT SAME TIME. 1279.90

    This post was published at Harvey Organ Blog on October 9, 2017.


  • Global Markets Bounce As Germany, China, Spain Lift World Stocks, Turkey Crash Ignored

    With no North Korean nuclear test over the weeknd contrary to a Friday morning rumor, S&P futures rebounded and edged higher as European stocks gain, led by Spanish shares after mass demonstrations in favor of Spanish unity and speculation Catalonia may back down on unilateral independence demands, while Chinese mainland stocks reopened catching up to gains missed during the holiday week following last weekend’s RRR cut.
    World shares rose to start the week, with Chinese stocks hitting 21-month highs and the German index setting a new record, while political uncertainty triggered big moves in sterling, the Turkish lira and Spanish debt. US futures are also pushing higher in anticipation of the start of Q3 earnings season which begins later this week, with a number of Wall Street banks including JPMorgan, BofA and Citi set to report. While equities are open, the US bond market is closed today for the Columbus day holiday, while Asian markets were relatively quiet following holidays in Japan, South Korea and Taiwan.
    European stocks climbed at the start of a week in which investors were closely watching developments in Catalonia as well as U. S. earnings season kicks off. The Stoxx Europe 600 Index adds 0.23%, following four straight weeks of gains. All industry groups except miners climb. The IBEX 35 Index is up 1% as a senior member in the Catalan administration calls for dialogue with Spain, although the gauge is still down 1.2% since Catalans voted for independence in an illegal referendum. After a weekend of mass demonstrations in favor of Spanish unity, Raul Romeva, foreign affairs chief for the separatist government in Barcelona, insisted that the door was open for talks if Prime Minister Mariano Rajoy was willing to grasp the opportunity
    As Bloomberg breaks down local markets, 18 out of 19 Stoxx 600 sectors rise; 407 Stoxx 600 members gain, 171 decline. Top Stoxx 600 outperformers include: CaixaBank +2.6%, Centamin +2.5%, TDC +2.4%, Man Group +2.4%, Metro Bank +2.0%. The Stoxx Euro 600 Index also received a boost from data showing German industrial output rebounded from a summer lull with its best month in six years. The euro nudged higher, while most European bonds rose. Gold climbed and crude oil erased earlier gains.

    This post was published at Zero Hedge on Oct 9, 2017.


  • Spanish Government Issues Veiled Death Threat To Catalan Leader

    In a quite shocking escalation of the rhetoric in Spain, a spokesman for the ruling People’s Party just issued a (barely) veiled death threat to the Presdident of Catalonia.
    1. PP spokesman says Puigdemont might end up like Lluis Companys (in 1934) if he declares independence tomorrow…pic.twitter.com/II2HGUtUdH
    — The Spain Report (@thespainreport) October 9, 2017

    This post was published at Zero Hedge on Oct 9, 2017.


  • Spain Teaches Catalonia a Lesson about the Power of Money

    Money is fickle and fearful.
    Within 48 hours this week, Catalonia, Spain’s largest regional economy, lost three of its seven biggest homegrown multinational corporations and several large national companies – at least on paper – to cities in other regions of Spains.
    The first important company to leave since Sunday’s referendum was mid-sized pharmaceutical company Oryzon Genomics SA, which announced on Wednesday that it was departing Catalonia for Madrid. The same path has been traveled recently by firms like Derby Hotels, Unico Hotels, WPP and Schibsted.
    But it wasn’t until Banc Sabadell, Spain’s fifth largest bank, announced that it was changing its registered company address to Alicante, a provincial city on Spain’s south-eastern coast, that the threat of a corporate exodus from Catalonia began to be taken seriously.
    Banc Sabadell is as Catalan as the town that bears its name, but its management has been warning for years that it would move out of the region in the event of Catalan independence. That threat wasn’t taken seriously until Thursday.

    This post was published at Wolf Street by Don Quijones ‘ Oct 6, 2017.


  • Betrayal!

    Let me apologize in advance for what may be an upsetting piece of writing for some of you. If you’re in a state of shock or exhaustion from recent events, perhaps you should skip this one.
    I don’t offer this analysis in order to further distress anyone — but until you understand what is happening and how that influences your psychological state, you’ll remain the emotional equivalent of a rag doll shaken to-and-fro by events.
    Such understanding may not bring you to a place of calm acceptance. But it will set you free.
    Betrayal
    The recent acts of violence in the US, especially the horrific mass shooting in Las Vegas, are not arising out of a vacuum. Nor are the Brexit vote, the election of Trump, or the recent Catalonian vote for secession, random unconnected acts.
    These — and future similarly disruptive events sure to come — are all arising out of the fact that we all have been betrayed.
    For the purposes of this article, let’s define betrayal as:
    the sense of being harmed by the intentional actions of a trusted person or institution. The emotional impacts of betrayal may include shock, a sense of loss, grief, damaged self-esteem, humiliation, self-doubt, shame, and anger.
    We’re betrayed every time our trust is violated, in small ways or large. An example of a small betrayal might be hiding a frivolous purchase fro your partner when you’ve both agreed to stick to a shared budget. A larger betrayal would be infidelity.

    This post was published at PeakProsperity on Friday, October 6, 2017,.


  • Dollar Surge Continues Ahead Of Jobs Report; Europe Dips As Catalan Fears Return

    World stocks eased back from record highs and fell for the first time in eight days, as jitters about Catalonia’s independence push returned while bets on higher U. S. interest rates sent the dollar to its highest since mid August; S&P 500 futures were modestly in the red – as they have been every day this week before levitating to record highs – ahead of hurricane-distorted nonfarm payrolls data (full preview here). U. S. jobs report will also be released Friday with a speech on monetary policy by the New York Fed chief.
    On Thursday the S&P 500 reached its latest all-time high after better-than-forecast American factory orders and hawkish comments by SF Fed President John Williams reinforced optimism in the world’s largest economy, and pushed the dollar higher. Oil fell and the gold price edged higher. The VIX declined to a new record low going back to 1990.

    This post was published at Zero Hedge on Oct 6, 2017.


  • Spain Rebounds, Pound Tumbles In Quiet Session Ahead Of ECB Minutes, Fed Speakers

    Global markets came off record highs, trading subdued, with US index futures unchanged as traders are unwilling to make major moves ahead of today’s ECB minutes and tomorrow’s NFP release, and before speeches by central bankers including SF Fed President John Williams and the potential next Fed chair Jerome Powell, as well as ECB executive board members Peter Praet and Benoit Coeure.
    There was a modest relief rally in Spain, where the main IBEX 30 stock index traded up close to 1%, with banks across the region seeing some bullish performance as participants continue to guess whether or not Catalonia will declare independence next week as Economy Minister Luis de Guindos poured cold water on Catalonia’s bid for independence. A well-received Spanish bond auction, the first since the referendum and which saw the highest 10-year bid-to-cover ratio since February, added to the optimism. Other auctions out of France and the UK were well digested across markets. The Spanish-German spread posted its first tightening this month.

    This post was published at Zero Hedge on Oct 5, 2017.