• Tag Archives France
  • Quad Witch ‘Pins’ S&P At Exactly 2500 Despite Dismal Data, Nukes, & Terrorism

    So to be clear, this week we had:
    Hurricane Irma crushes Florida North Korea test fires ICBMs across Japan (again) Economic data misses across the globe (China and US most notably) Terrorism in UK and France And the result – drum roll please – new record highs for The Dow, The S&P, and The Nasdaq… with The Dow’s best week of the year!!
    And in case you wondered what sent stocks soaring this week… The Fed (which is supposedly on the verge next week of starting to reduce the balance sheet) saw a $17.7bn spike in its balance sheet – the biggest weekly jump since Dec 2016

    This post was published at Zero Hedge on Sep 15, 2017.


    GOLD: $1321.40 DOWN $4.25
    Silver: $17.64 DOWN 13 CENT(S)
    Closing access prices:
    Gold $1320.30
    silver: $17.61
    Premium of Shanghai 2nd fix/NY:$2.18

    This post was published at Harvey Organ Blog on September 15, 2017.

  • Germany & France Want to Tax Gross Sales on the Internet

    The hunt for taxes in France and Germany is in full swing. Merkel and Macrone are looking for endless new sources of tax revenues. They are moving directly into the position of destroying their economies because their thirst for more and more taxes never ends. No matter how much they collect, they never have enough. The latest scheme is now to tax gross turnover of internet companies such as Google and Amazon – not profits. The French want a 5% tax on everything in Europe. They already get a 20% VAT which is a complex consumption tax to keep countless government employees in a job with every layer of business taxesd having to file claims constantly.

    This post was published at Armstrong Economics on Sep 15, 2017.

  • “It Blows My Mind”: 100-Year Austrian Bond With Record Duration 3x Oversubscribed

    As we reported yesterday, Austria was set to make Eurozone history with the first sale of a 100 year bond direct to public markets, bypassing private syndication. It did that later in the day, when the 3.5 billion offering priced tighter than initially marketed, at RAGB 2/2047 +50, at a price 99.502 to yield a paltry 2.112% and with a negligible 2.1% cash coupon.
    What is even more notable is that despite mounting fears of an imminent tapering by the ECB which many have predicted will lead to a new European bond tantrum and blow out in yields, there was tremendous end demand by investors for the offering managed by BofAML, Erste Group, GS (B&D), NatWest and SocGen, mostly fund managers from across the globe, resulting in what ended up being more than 11BN in 208 different bids for the paper, an oversubscription of more than 3x! The breakdown for the final allocation is was follows, courtesy of Bloomberg:
    3.5b 100Y tranche: Book exceeded 10.8b from 208 investors, including 1.5b of JLM interest
    Allocation by geography:
    Eurozone incl. Austria 29% Germany 13% France 4% Spain 3% Other Eurozone 9% Other Europe (non-Eurozone) 55% U. K. 42% Switzerland 9% Americas 12% Middle East 4%

    This post was published at Zero Hedge on Sep 13, 2017.

  • Gold-Backed ETF Holdings Surge in August Signaling Strong Demand for Gold

    Gold flowed into gold-backed exchange-traded funds in August, signalling robust demand for the yellow metal.
    According to the World Gold Council, gold-backed ETF holdings increase by 31.4 tons in August to 2,295 in total global gold holdings.
    Gold ETFs account for a significant part of the gold market. ETF holdings are on par with the foreign reserve gold holdings of France and Italy.
    North America led inflows in August. Investors added 27.8 tons of gold through funds listed in the region. That represents a dollar increase of $1.3 billion.
    Funds based in Europe also saw a net increase, taking in 6.4 tons, or $322 million last month. Asian funds saw a net decrease of 2.4 tons.
    The combined liquidity of gold ETFs rose month-over- month to $1.23 billion per day, near its annual average of $1.22 billion per day.

    This post was published at Schiffgold on SEPTEMBER 6, 2017.

  • Has France Been Bought By A State Sponsor Of Islamic Terrorism?

    Authored by Drieu Godefridi via The Gatestone Institute,
    It is through these tax breaks that the Qataris are buying the “jewels” of France. The U. S. is not selling its defense companies to Qatar. Thanks to its huge gas and oil reserves, Qatar has the highest per capita income in the world and huge reserves of cash to invest everywhere, whereas France, thanks to 40 years of socialism, is in dire need of cash. The state of Qatar has been officially labelled as a “state sponsor of terrorism”, and an active supporter of Islamic terrorist organizations such as the Muslim Brotherhood, al-Qaeda and the Islamic State — not by Western governments, but by Saudi Arabia, the cradle of Islamic faith, and the other Islamic regimes of the region.
    Knowing the facts of Qatar — 11000km2, one-third the size of Belgium, population 2.5 million — the question may seem far-fetched: How could France, the great France, possibly be bought by a tiny state such as Qatar?
    For the single reason that, thanks to its huge gas and oil reserves, Qatar has the highest per capita income in the world and huge reserves of cash to invest everywhere, whereas France, thanks to 40 years of socialism, is in dire need of cash and has a tradition of corruptible officials, to say nothing of a propensity for “collaboration”.
    On August 4, the English press — not the French press — revealed that French prosecutors are actively investigating two events: the awarding the 2022 World Cup of football (soccer) to Qatar, and the purchase by “Qatari Diar”, a state-owned investment company, of a stake in the French utility firm Veolia.

    This post was published at Zero Hedge on Sep 1, 2017.

  • The One Promise Trump Can Keep

    Broken Promises POITOU, FRANCE – ‘We live in a slow-growth world,’ summarized a canny friend, ‘but with high-growth debt and high-growth asset prices.’ Today, we turn to a report on Zero Hedge for further precision.
    But we’ll get to that in a minute. First, let’s begin with less precision. The promise of the Trump administration was, in a nutshell, that it would look ahead and improve the future before we got there. How?
    Drain the ‘swamp’, cut the regulations, slash corporate tax rates by about 20%, kill O’care, raise tariffs on imports to reduce the trade deficit – these are all measures that were supposed to increase stagnant economic growth rates. Higher growth would then fill the malls and restaurants and make it possible to pay our debts.
    With the exception of the boneheaded proposal for tariff hikes from Trump’s trade czar, Peter Navarro – which would have the opposite effect – these changes might have been successful. Too bad ‘The Donald’ has been able to fulfill so few of his campaign promises.
    We predicted as much. We were right. And many Dear Readers will never forgive us. They seem to think that because we saw it coming, we willed failure upon Team Trump. We deny the charge. We have no such power.

    This post was published at Acting-Man on August 31, 2017.

  • Germany’s New Political Party Is Just Another Big-Government Party

    The German election is a month away and with that also from a real rarity: a party getting into parliament which is on the “right” of Angela Merkel’s CDU and its Bavarian partner, the CSU. Over the last decades, this has been a no-go zone in German politics, too severe were the memories of the Nazi era. But come September, the Alternative fr Deutschland (Alternative for Germany), or AfD, will set a landmark, beating the five percent threshold to get into parliament in all likelihood (currently they are polling between seven and ten percent).
    As we have seen throughout the years, those considered as ‘right-wing populists’ in the mainstream are by no means a homogeneous group, from Brexiteers in the UKIP and on the fringe of the Tories as somewhat favorable examples to more frightening ones like Marine Le Pen in France. But what kind of party is the AfD?
    The AfD was founded in 2013 by a bunch of economics professors – at first they were mockingly called’Professorenpartei’ (‘professor’s party’) – who were fed up by the crisis in Greece and demanded a German exit from the Eurozone. Among them were economists like Joachim Starbatty and Roland Vaubel, known in Germany for their free-market ideas. The goal was to found a party which would reconcile the cultural conservatism that was lost in the conservative CDU and the liberal economic policies that were lost in the classical-liberal party, the FDP. However, the AfD focused increasingly on refugees instead of the euro, which led to the departure of many of its founding members in 2015, including the leader up to that point, Bernd Lucke.

    This post was published at Ludwig von Mises Institute on August 30, 2017.

  • Futures Flat As Gasoline Soars On Harvey Devastation, Rising Euro Sends European Stocks Lower

    With billions in economic losses and unknown supply chain shocks to come following devastating and historic flooding in Texas, S&P futures are virtually unchanged (down less than 0.1% at time of writing) while European and Asian shares are modestly lower as oil was little changed. As reported yesterday, gasoline futures surged as the greater impact of the storm that shut more than 10% of U. S. fuel-making capacity was becoming more evident. The Bloomberg Dollar Spot Index fell to its lowest since January 2015 after Janet Yellen and Mario Draghi refrained from discussing monetary policies at Jackson Hole on Friday.
    The US dollar continued to slip against the euro after central bankers’ comments at Jackson Hole provided little reason for a change in this year’s trend. U. S. Treasury futures were steady ahead of a combined $60 BN worth of two- and five-year debt auctions and Friday’s payroll numbers. USDJPY hovered above 109.00 handle, with initial main support at 108.60, the low on Aug. 18. EURUSD little changed after rallying initially, but failed to break above 1.20 handle. European bond markets were waiting for impetus as a bank holiday in the U. K. weighed on trading volumes.
    Unlike the US, European stocks started the week on the back foot, with every sector retreating following Friday’s euro surge. the European Stoxx 600 index declined following a surge in the euro towards $1.20 after Draghi did not express concern about the currency’s recent rally at Jackson Hole as some analysts had expected. The Euro Stoxx 50 falls 0.7%, while the exporters-heavy DAX drops 0.7% and France’s CAC falls 0.7%; U. K. markets are closed for public holiday. Germany’s DAX Index fell 0.5 percent to the lowest in a week.

    This post was published at Zero Hedge on Aug 28, 2017.

  • The Truth About Bundesbank Repatriation of Gold From U.S.

    – Bundesbank has completed a transfer of gold worth 24B from France and U. S.
    – Germany has completed domestic gold storage plan 3 years ahead of schedule
    – In the 7.7 million plan, 54,000 gold bars were shipped and audited
    – In 2012 German court called for inspection of Germany’s foreign gold holdings
    – Decision to repatriate from Paris and New York was ‘to build trust and confidence domestically’
    – 1,236t or 37% of German holdings remain in New York Fed facility
    – Bundesbank wants to hold gold bullion
    – U. S. government declines to audit gold reserves … doesn’t want world to realise gold’s importance in the global monetary system
    Editor: Mark O’Byrne
    Last Monday, U. S. Treasury Secretary Mnuchin feigned to inspect the U. S. gold reserves in Fort Knox and joked flippantly that he assumed it was there.
    A day later the Bundesbank, announced that they had repatriated much of their gold reserves from the U. S. and France. Coincidence or coordination?

    In 2013 the Deutsche Bundesbank announced plans to store half of its gold reserves in Germany. At the time, only 31% was stored in the country. The Gold Storage Plan involved bringing gold home from both Paris and New York.

    This post was published at Gold Core on August 25, 2017.

  • Asian Metals Market Update: August-18-2017

    The terror attack in Spain is very good for gold demand from Europe. I have been repeating in my previous reports that Islamisation of Europe equals Shariaization of Europe. There will be religious clashes between migrant Islamic radicals and traditional native Europeans. Japan is a peaceful nation as it does not allow migrants. Once Japan allows migrants it will also be on the way to become another Pakistan.
    France, Germany, UK, Holland and Portugal all had colonies in Asia. History is repeating itself with Europe.

    This post was published at GoldSeek on 18 August 2017.

  • Germany & France to Tax Online People Renting Their Houses

    Germany France have conspired to tax citizens who rent their houses after the German election. Germany and France are scheming to submit a joint proposal on the taxation of online platforms such as Airbnb. They are hunting citizen for every possible thing they can imagine. This time they are targeting Airbnb They cannot see that this is an endless quest to find constantly new things to tax because they have totally mismanaged government. They will continue in the direction literally until there is a major rebellion for they are constantly lowering the standard of living by reducing disposable income.

    This post was published at Armstrong Economics on Aug 14, 2017.

  • Spain’s New Big Bubble Begins to Wobble

    Tourism is now bigger than construction was during the real estate bubble. Since hitting rock bottom in 2013, Spain has been one of the biggest engines of economic growth in Europe, expanding at around 3% per year. But according to a report by the Bank of Spain, most of the factors behind this growth – such as cheaper global oil prices, the ECB’s expansionary monetary policy, and the subsequent decline in value of the Euro – are externally driven and transitory in nature.
    This is particularly true for arguably the biggest driver of Spain’s economic recovery, its unprecedented tourism boom, which some local economists are finally beginning to call a bubble.
    In large part the boom/bubble is a result of the recent surge in geopolitical risks affecting rival tourist destinations like Turkey, Egypt, Tunisia and, in smaller measure, France, which helped boost the number of foreign visitors to Spain in 2016 to a historic record of 75.3 million people – an 11.8% increase on 2015.
    Based on first-half figures for this year, the trend is set to continue, at least for a little while longer. Between January and June 2017 36.3 million foreign visitors came to Spain – an increase of 11.6% on the same period of 2016. But if recent developments are any indication, this year’s surge in visitors could well represent Spain’s tourist boom’s final swansong.

    This post was published at Wolf Street on Aug 13, 2017.

  • How to Cash In When the Fed’s Sweetheart Deal with the World’s Biggest Banks Turns Sour

    I recently showed you why ‘don’t fight the Fed’ is likely the most profitable investment advice you can get.
    Now I’m going to show you why it works so well.
    And while I do that, I’m going to blow the door off the hinges and expose how the Federal Reserve’s outsized influence and tight relationships with some of the planet’s biggest, most powerful banks can make or break markets…
    …and lead you to some of the biggest gains you’ve ever seen: 100% sure money.
    Meet the Fed’s ‘Accomplices
    Big surprise: the U. S. Federal Reserve does things a little differently than your ‘usual’ bank.
    You see, the Fed handpicks a small group of (very) privileged dealers to trade with.
    They are officially called ‘Primary Dealers,’ and today there are 23 of them. These banks are based in Canada, France, Switzerland, Japan, Germany, the United Kingdom, and of course, the United States. The foreign banks the Fed deals with maintain a presence in New York City.

    This post was published at Wall Street Examiner on August 10, 2017.

  • What Went Wrong With the 21st Century?

    Fools and Rascals
    And it’s time, time, time
    And it’s time, time, time
    It’s time, time, time that you love
    And it’s time, time, time…
    – Tom Waits
    POITOU, FRANCE – ‘So how much did you make last night?’
    ‘We made about $15,000,’ came the reply from our eldest son, a keen cryptocurrency investor.
    ‘Bitcoin briefly pierced the $3,500 mark – an all-time high. The market cap of the entire crypto market shot up, too… with daily trading volume also rising.
    ‘And remember, this is still a tiny market. Most people don’t own any crypto-currencies. Most people don’t even know what crypto-currencies are. The whole market is only one sixty-fifth the size of the entire gold market. There’s a lot of room to grow. Eventually, everyone will be using cryptos.’

    This post was published at Acting-Man on August 10, 2017.

  • The Secret History Of The Banking Crisis

    Accounts of the financial crisis leave out the story of the secretive deals between banks that kept the show on the road. How long can the system be propped up for?
    It is a decade since the first tremors of what would become the Great Financial Crisis began to convulse global markets. Across the world from China and South Korea, to Ukraine, Greece, Brexit Britain and Trump’s America it has shaken our economy, our society and latterly our politics. Indeed, it has thrown into question who ‘we’ are. It has triggered both a remarkable wave of nationalism and a deep questioning of social and economic inequalities. Politicians promise their voters that they will ‘take back control.’ But the basic framework of globalisation remains intact, so far at least. And to keep the show on the road, networks of financial and monetary co-operation have been pulled tighter than ever before.
    In Britain the beginning of the crisis was straight out of economic history’s cabinet of horrors. Early in the morning of Monday 14th September 2007, queues of panicked savers gathered outside branches of the mortgage lender Northern Rock on high streets across Britain. It was – or at least so it seemed – a classic bank run. Within the year the crisis had circled the world. Wall Street was shaking, as was the City of London. The banks of South Korea, Russia, Germany, France, Belgium, the Netherlands, Ireland and Iceland were all in trouble. We had seen nothing like it since 1929. Soon enough Ben Bernanke, then chairman of the US Federal Reserve and an expert on the Great Depression, said that this time it was worse.

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

  • The Volcker Rule & the London Whale

    ‘It is not down in any map; true places never are.’
    ‘Moby Dick’
    Herman Melville
    News reports that prosecutors have dropped their case against Bruno Iksil, the former JPMorgan (NYSE:JPM) trader many know as the ‘London Whale,’ comes as no surprise to readers of The IRA. Iksil, who resurfaced earlier this year, has been living in relative seclusion in France for the past few years.
    In previous comments posted on Zero Hedge, we dispensed with the notion that the investment activities of Iksil and the office of the JPM Chief Investment Officer were either illegal or concealed from the bank’s senior management. The fact is that Iksil and his colleagues at JPM were doing their jobs, namely generating investment gains for the bank.
    The outsized bets made by the ‘whale’ in credit derivatives contracts resulted in a loss in 2012, but the operation generated significant profits for JPM in earlier years. As veteran risk manager Nom de Plumber told us in Zero Hedge in 2012:
    ‘This JPM loss, whether $2BLN or even $5BLN, is modest in both absolute and relative terms, versus its overall profitability and capital base, and especially against the far greater losses at other institutions. In practical current terms, the hit resembles a rounding error, not a stomach punch. As either taxpayers or long-term JPM investors, we should be more grateful than sorry about the JPM CIO Ina Drew. If only other institutions could also do so ‘poorly’………’

    This post was published at Wall Street Examiner on August 7, 2017.

  • Saint-Tropez – The Billionaire’s Harbor is Empty

    When you impose drastic and excessively high taxes to get the ‘rich’ and their yachts, they just sail away. Saint-Tropez, which was known as the ‘Billionaire’s Harbor’ is just about empty. The yachts sailed off to Italy and Spain abandoning the French Riviera. The local government is pleading with Macron to intervene. They say revenue is already off 30% for boating fees. However, the whole community is feeling it because the ‘rich’ spend money more easily in local restaurants and shops. So the whole economy in South France is dropping very sharply.
    In addition, from people I know personally, they have set sail to Portugal to also escape from the refugee madness. It will be interesting to see what happens to the tourism revenue at the end of the summer.
    Armstrong Economics

    This post was published at Armstrong Economics on Aug 4, 2017.

  • US Orders Venezuela Embassy Families Out As Crisis “Showdown” Arrives

    On Thursday, the U. S. government ordered family members of employees at its embassy in Venezuela to leave as the nation’s political crisis deepened ahead of a controversial vote critics contend will end democracy in the oil-rich country. Similarly, Canada warned its nationals against non-essential travel to Venezuela and urged citizens already there to leave. As well as ordering relatives to leave, the U. S. State Department on Thursday also authorized the voluntary departure of any U. S. government employee at its compound-like hilltop embassy in Caracas, where hyperinflation is about to hit 1,000%.
    Meanwhile, as France 24 notes, Venezuela careened towards a “showdown” on its streets Friday between anti-government protesters and security forces, raising international alarm at worsening deadly unrest. The opposition called fresh nationwide demonstrations to defy a new government ban on rallies ahead of a controversial vote Sunday to elect a body to rewrite the constitution.

    This post was published at Zero Hedge on Jul 28, 2017.

  • Who Bought The New Greek Bonds: Here Is The Answer

    After triumphantly returning to the bond market three years after it last issued a euro-denominated long bond (which one year later nearly defaulted when only a third bailout prevented Grexit), this morning Bloomberg has provided details of who the lucky buyers of the just priced 3BN bond offering were. And not surprisingly, the biggest source of new funds for the Greek government (which will then use most of this to pay interest owed to the ECB) were US buyers.
    As Bloomberg notes, just under half, or 1.425BN of the 3BN deal was new money with 1.57b of existing paper rolled, with the following geographic distribution of new sources of cash:
    U. S. 44% U. K./Ireland 26% Greece 14% France 7% Spain/Portugal/Italy 3% Germany/Austria 3% Others 3% By investor type:
    Fund managers 46% Hedge funds 36% Banks/private banks 13% Others 5%

    This post was published at Zero Hedge on Jul 26, 2017.