• Tag Archives Scotland
  • The Treasonous Secession Of Climate Confederacy States

    After President Trump rejected the Paris Climate treaty, which had never been ratified by the Senate, the European Union announced that it would work with a climate confederacy of secessionist US states.
    Scotland and Norway’s environmental ministers have mentioned a focus on individual American states. And the secessionist governments of California, New York and Washington have announced that they will unilaterally and illegally enter into a foreign treaty rejected by the President of the United States.
    The Constitution is very clear about this. ‘No state shall enter into any treaty.’ Governor Cuomo of New York has been equally clear. ‘New York State is committed to meeting the standards set forth in the Paris Accord regardless of Washington’s irresponsible actions.’
    Cuomo’s statement conveniently comes in French, Chinese and Russian translations.

    This post was published at Zero Hedge on Jun 16, 2017.


  • Metal detectorist to receive 2m reward for discovering Britain’s biggest Viking hoard

    Derek McLennan, 50, a retired businessman, found the remarkable 10th century artefacts in a field on church land in the south west of Scotland in 2014.
    The haul included silver bracelets, brooches and ingots, a gold ring, an enamelled Christian cross and a bird-shaped gold pin.
    He has since complained about the time taken to make a decision on what should happen to the treasure, but has now learned that he stands to receive 1,982,200.
    Sharon McKee, Mr McLennan’s partner, who is also involved in his treasure hunting, wrote on Facebook that that they felt ‘honoured and feel privileged to have saved this internationally significant treasure’.

    This post was published at The Telegraph


  • When Robots Take All of Our Jobs, Remember the Luddites

    If you don’t think the transformation we’re embarked upon is a profound one, consider this: Within two decades, half the jobs in this country may be performed by robots. What then of our unemployment rate and social safety net? Opinion is divided: Will the next technological wave further skew the wealth distribution toward the uber-rich, or will it ultimately create more entrepreneurial and job opportunities than it destroys?
    There is an interesting historical precedent for our situation, an era during which the technological firmament shifted just as abruptly as it is here and now. In the United Kingdom in the year 1800, the textile industry dominated economic life, particularly in Northern England and Scotland. Cotton-spinners, weavers (mostly of stockings), and croppers (who trimmed large sheets of woven wool) worked from home, were well compensated, and enjoyed ample leisure time.
    Ten years later, that had all changed. Clive Thompson, the author of today’s Outside the Box, tells us what happened:
    (I)n the first decade of the 1800s, the textile economy went into a tailspin. A decade of war with Napoleon had halted trade and driven up the cost of food and everyday goods. Fashions changed, too: Men began wearing ‘trowsers,’ so the demand for stockings plummeted. The merchant class – the overlords who paid hosiers and croppers and weavers for the work – began looking for ways to shrink their costs.
    That meant reducing wages – and bringing in more technology to improve efficiency. A new form of shearer and ‘gig mill’ let one person crop wool much more quickly. An innovative, ‘wide’ stocking frame allowed weavers to produce stockings six times faster than before: Instead of weaving the entire stocking around, they’d produce a big sheet of hosiery and cut it up into several stockings. ‘Cut-ups’ were shoddy and fell apart quickly, and could be made by untrained workers who hadn’t done apprenticeships, but the merchants didn’t care. They also began to build huge factories where coal-burning engines would propel dozens of automated cotton-weaving machines….

    This post was published at Mauldin Economics on MAY 3, 2017.


  • Scotland Wants a Second Referendum to Exit UK

    The Scottish government wants a second referendum on independence from the UK. The Parliament in Edinburgh will decide as soon as next week, as the Scottish Prime Minister Nicola Sturgeon said. The referendum could take place between autumn 2018 and spring 2019. Of course, this would really be a brain-dead action if Scotland believes it should remain inside the EU. That would be trading one benevolent union to a totalitarian one.
    Armstrong Economics

    This post was published at Armstrong Economics on Mar 29, 2017.


  • Global Stocks Drop Ahead Of Fed Rate Decision; Dollar Rises As Sterling Tumbles

    European stocks declined for first session in five ahead of Wednesday’s Dutch elections, debt ceiling expiration and the conclusion of the Fed’s 2-day meeting where it is expected to raise rates by 25 bps. Tightening concerns emerged, also dragging down Asian shares and S&P futures, while the dollar continued its rise for a second day. Crude oil has ended its six-day drop. The pound tumbled 0.8% to the lowest since mid-January in a delayed reaction after Theresa May won permission to trigger the country’s departure from the EU. On today’s US calendar, we get the Producer Price Index although most NYC-based traders are likely taking a snow day off or trading from home.
    A quick reminder of the key events this week:
    The Fed’s 26 bps increase is expected on Wednesday. The Bank of England, Swiss National Bank, Bank of Japan and Bank Indonesia are expected to keep monetary policies unchanged on Thursday. The Dutch go to the polls on March 15. G-20 finance ministers will gather in Germany for a series of meetings. Trump is expected to unveil his budget In a relatively quiet session, the standout move was the plunge sterling which dropped on Tuesday after Britain’s parliament paved the way for Prime Minister Theresa May to launch divorce talks with the European Union. Curiously, on Monday, sterling had jumped 0.4 percent after Scotland’s First Minister Nicola Sturgeon demanded a new independent referendum in late 2018 or early 2019, once the terms of the UK’s exit from the EU are clearer with the delayed selloff coming largely on priced-in news.

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


  • Brexit Might Pave the Way for an Independent Scotland

    The BBC reports today that Scotland’s first minister Nicola Sturgeon has announced she’ll seek a new referendum on Scottish independence to be held in late 2018 or early 2019:
    That would coincide with the expected conclusion of the UK’s Brexit negotiations. The Scottish first minister said the move was needed to protect Scottish interests in the wake of the UK voting to leave the EU. … She will ask the Scottish Parliament next Tuesday to request a Section 30 order from Westminster. …The order would be needed to allow a fresh legally-binding referendum on independence to be held.
    These “Scottish interests” to which Sturgeon refers stem from the long-asserted position by Scottish politicians that a majority of Scottish voters opposed Brexit, and wish to remain part of the European Union. In response to the successful referendum to withdraw from the EU, Scotland has instead said it must somehow be allowed to be a part of both the EU and the UK:
    But speaking at her official Bute House residence in Edinburgh, Ms Sturgeon said the people of Scotland must be offered a choice between a “hard Brexit” and becoming an independent country.

    This post was published at Ludwig von Mises Institute on March 14, 2017.


  • Scotland’s Sturgeon To Seek Second Independence Referendum, Expects Vote After Fall 2018

    As discussed earlier, moments ago Scotland’s First Minister Nicola Sturgeon announced she would seek steps to set out a new independence referendum. Sturgeon, speaking from Bute House, the first minister’s official residence in Edinburgh, Ms Sturgeon said ‘it is important that Scotland is able to choose our own future at a time when the options are clearer than they are now, but before it is too late to decide our own path.”
    STURGEON: WILL TAKE STEPS TO LET SCOTS DECIDE ON INDEPENDENCE STURGEON: WILL SEEK SCOT PARLIAMENT NEXT WEEK FOR SECTION 30 SCOTLAND TO TAKE STEPS TO NEW INDEPENDENCE REFERENDUM NEXT WEEK STURGEON: EARLIEST POINT FOR VOTE IS NEXT AUTUMN – BBG STURGEON SEES SCOTTISH INDEPENDENCE VOTE FALL ’18 TO SPRING ’19 Of the headline above, perhaps the most important is that Sturgeon sees the next Scottish independence vote to take place between fall 2018 and spring 2019, thus providing a substantial time buffer from when the UK is expected to submit Article 50, which could come as soon as this week.
    Sturgeon said ‘What Scotland deserves is the chance to decide our future in a fair, free and democratic way’ and added that “I will now take the steps necessary to make sure that Scotland will have a choice at the end of this process.”
    She also said the Scottish National Party’s mandate for a second referendum ‘is beyond doubt’ after the result of last June’s Brexit vote, in which 62 per cent of Scottish voters backed remain.

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


  • U.K. government-backed Royal Bank of Scotland reports almost 7 billion loss for 2016

    The Royal Bank of Scotland has posted a 6.96bn loss for 2016, a sharp rise from the 2.7bn recorded in the previous year.
    The bank which is 72 per cent owned by the Government has been hit by 6.7bn in conduct and legal costs including a 3.1bn provision for mis-selling mortgage-backed securities in the US. It also spent 2bn on restructuring its operations.
    RBS has lost more 50bn since it received a 45bn bailout from taxpayers at the height of the financial crisis.
    Chief executive Ross McEwan said: ‘The bottom-line loss we have reported today is, of course, disappointing but, given the scale of the legacy issues we worked through in 2016, it should not come as a surprise.”
    ‘These costs are a stark reminder of what happens to a bank when things go wrong and you lose focus on the customer, as this bank did before the financial crisis.’

    This post was published at The Independent


  • Pound Tumbles On Report Scotland May Hold Second Independence Referendum

    As recently as two weeks ago, a repeat Scottish independent referendum seemed improbable.
    As Reuters reported on February 10, according to a senior British minister, Britain saw no need for a second Scottish independence referendum and the devolved Scottish government should focus on improving the economy and tacking domestic issues rather than “flirting with secession.”
    Meanwhile, an opinion poll published in early February showed support for Scottish independence rose after PM Theresa May proposed making a clean break with the European Union, stoking speculation that Scotland could demand another secession vote. Such a move would present yet another major challenge for the ruling Conservative party as a demand for a second independence referendum from Scotland’s devolved government would throw the United Kingdom into a constitutional crisis just as PM May seeks to negotiate the terms of the Brexit divorce with the EU’s 27 other members.
    May had repeatedly said she does not believe there is any need for a second independence vote in Scotland as 55.3% of Scots voted to stay in a 2014 referendum. In that vote, 44.7% of Scots voted for independence.

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


  • Five Reasons for Central Banks: Are They Any Good?

    In a time when Federal Reserve reforms are discussed more openly than ever before, it seems appropriate to also think about the more fundamental question of whether central banks are needed in the first place. In 1936, Vera C. Smith (later Lutz) published her doctoral dissertation The Rationale of Central Banking written under Friedrich A. von Hayek at the London School of Economics. Smith reviewed the economic controversies around central banking from the nineteenth to the early twentieth century in France, Belgium, Germany, England, Scotland, and the United States.
    Smith made very clear that central banks are not the result of natural developments in the banking sector, but come into existence through government favors.
    So what are the justifications for central banks? Smith identified five main arguments for central banks from an economic point of view. Although Smith has written with a gold standard as the underlying monetary system in mind, it is interesting to look at these arguments with the benefit of hindsight more than 80 years later. Has any one of the arguments actually made a strong or even conclusive case for central banking?

    This post was published at Ludwig von Mises Institute on February 22, 2017.


  • Gold Price Over $1240, Regains ‘Trump Dump’ in Euros as ‘Disunity’ Spreads in France, Italy, Scotland

    Gold prices rose to $1240 per ounce in London on Wednesday, regaining almost half of their post-US election slump as Euro stock markets slipped and government bond prices rose amid fresh fears over the currency union’s 2017 political outlook.
    With France’s establishment presidential candidate Franois Fillon urging voters to reject anti-Euro “disunity” contender Marine Le Pen amid a scandal over gifting public funds to his wife, rioting spread for a fourth night in the high-unemployment Department 93 suburbs of north-eastern Paris on Tuesday after police were accused of viciously assaulting a young man, visited in hospital yesterday by current President Franois Hollande in a bid to calm the situation.
    Calling for a referendum on Italy’s membership of the Euro meantime, the anti-establishment 5-Star Movement is polling neck-and-neck with the ruling PD Party ahead of this year’s national elections, while 3rd largest party the right-wing Northern League is calling for ‘Italexit’ from the European Union entirely.

    This post was published at FinancialSense on 02/08/2017.


  • Calexit: Record Number Of Californians Support Secession, New Poll Finds

    According to a new Reuters / Ipsos poll, a record number of disaffected, Hillary-supporting Californians now support secession from the United States because they’re just so “triggered” by Trump’s victory. If successful, California would become the single largest “safe space” in the world.
    Per the poll, 1 in every 3 Californians now support a “peaceful withdrawal from the union,” which is a substantial increase from the 20% who favored such a withdrawal the last time a similar poll was conducted in 2014.
    One in every three California residents supports the most populous U. S. state’s peaceful withdrawal from the union, according to a new Reuters/Ipsos opinion poll, many of them Democrats strongly opposed to Trump’s ascension to the country’s highest office.
    The 32 percent support rate is sharply higher than the last time the poll asked Californians about secession, in 2014, when one-in-five or 20 percent favored it around the time Scotland held its independence referendum and voted to remain in the United Kingdom.


    This post was published at Zero Hedge on Jan 24, 2017.


  • JP Morgan, Barclays fined in separate Swiss rate-rigging probes

    Switzerland handed out about $100 million in antitrust fines against seven U.S. and European banks for participating in cartels to manipulate widely used financial benchmarks.
    JPMorgan Chase & Co. was fined 33.9 million francs ($33 million) for operating a cartel with Royal Bank of Scotland Group Plc for more than a year, with the aim of influencing the Swiss franc Libor benchmark, which is tied to the London interbank offered rate, Switzerland’s competition commission said in a statement Wednesday. RBS received immunity for revealing the existence of the cartel, which operated between March 2008 and July 2009.
    ‘RBS and JPMorgan tried to distort the normal course of the pricing of interest-rate derivatives denominated in Swiss franc,’ the commission wrote. ‘They occasionally discussed the future Swiss franc Libor rate submissions of one of the banks and at times exchanged information concerning trading positions and intended prices.’
    Regulators across the globe have been probing banks’ manipulation of Libor and similar benchmarks that are used to calculate interest payments for trillions of euros of financial products including mortgages. The investigations have so far triggered about $9 billion in fines for a dozen banks in the last four years while more than 20 traders have been charged.

    This post was published at bloomberg


  • Brussels to fine three banks over Euribor rate rigging

    Brussels on Wednesday will hit HSBC, JPMorgan, and Credit Agricole with multimillion-euro fines for rigging the Euribor interest rate benchmark, closing a five-year cartel probe into a scandal that shook the financial world.
    The three banks held out against a 2013 settlement with the European Commission that imposed almost E1 billion of fines on Deutsche Bank, Societe Generale, and Royal Bank of Scotland.
    Margrethe Vestager, the EU’s competition commissioner, is expected to unveil fines on the trio of banks ranging from tens of millions of euros to the low hundreds, according to people familiar with the case.
    The decision is an example of the long shadow that still hangs over the industry from alleged misconduct during the years of the financial boom. …
    Ms. Vestager is still developing a cartel case against multiple banks for allegedly manipulating the $5.3 trillion forex market. Given the extent of evidence in the hands of investigators, officials expect any forex fines to exceed those imposed during the rate-rigging probes.

    This post was published at Financial Times


  • RBS fails toughest Bank of England stress test as Barclays and Standard Chartered struggle

    Royal Bank of Scotland has promised to take extra steps to bolster its financial resilience after the Bank of England found the lender could struggle in any future recession or financial crisis.
    Barclays and Standard Chartered were also found to have ‘some capital inadequacies’ and will have to build further capital buffers to keep themselves safe.
    HSBC, Lloyds Banking Group, Santander U.K. and Nationwide Building Society all passed the test.
    RBS was the hardest hit. The bank, which is still mainly owned by the Government, failed to maintain its core capital buffers under the scenario, even once its coco bonds – intended to top up capital buffers – were bailed in.

    This post was published at The Telegraph


  • RBS Fail Bank of England Stress Test

    Ulster Bank Parent RBS Fails Bank of England Stress Test
    ‘Royal Bank of Scotland (RBS)(RBS. L) will cut costs and sell assets to boost capital levels, it said on Wednesday after failing this year’s Bank of England stress test, which warned of a ‘challenging’ outlook for Britain’s financial system.
    The state-backed lender rushed out a statement following the announcement to say it would take a range of actions, including selling off bad loans and cutting costs to make up the capital shortfall identified by the tests of around 2 billion pounds.
    The unexpected result underlines the litany of problems RBS is grappling with, which include a mounting legal bill for misconduct ahead of the 2008 financial crisis and difficulties selling off assets such as its Williams & Glyn banking business.
    The lender said it had agreed a plan of action with the Prudential Regulation Authority, the Bank of England’s enforcement arm, that should mean it does not have to tap markets to raise the money needed.’
    From Reuters

    This post was published at Gold Core on November 30, 2016.


  • Global Stocks, US Futures And Yields, Rise As Oil Soars On OPEC Deal Optimism

    European, Asian stocks rise as do S&P futures as OPEC ministers gathering in Vienna appeared to be set to announce a deal to cut oil production and prop up global prices. Oil has surged over 7% as a result, also pushing US TSY yields and the dollar higher.
    With all eyes on Vienna, where optimism OPEC ministers will salvage a deal to cut production, oil has soared by over 6% reverberating through the financial markets, spurring oil’s biggest gain in two weeks and sending stocks of energy producers and currencies of commodity-exporting nations higher.
    Crude bounced off a two-week low as Iranian Oil Minister Bijan Namdar Zangeneh said producers will reach an agreement without his country freezing production. Russia’s ruble, Norway’s krone and Mexico’s peso advanced as oil companies led European stocks higher for the second day. Royal Bank of Scotland Group Plc slipped 4 percent after failing the Bank of England’s toughest-ever stress test.
    While some are skeptical, such as Stuart Samuels, a London-based sales trader at Oppenheimer Europe, who spoke to Bloomberg saying that ‘oil prices are driving today’s gains — anything other than a production cut and we’ll head south. Markets tracking the move in crude near-term is causing some volatility. I’d be inclined to take some profits,’ so far the algos are in charge forcing a furious squeeze.

    This post was published at Zero Hedge on Nov 30, 2016.


  • RBS Tumbles After Failing BoE’s “Toughest Ever Stress Test”

    While the term ‘stress test’ has been applied almost mockingly to European and US banks in an effort to create confidence for investors (because if the government sees risks ‘contained’ then why worry), this morning’s Bank of England stress test results highlighted “capital inadequacies” for three major UK banks. While Barclays and Standard Chartered fell short, it is taxpayer-owned Royal Bank of Scotland that is slumping on a need to cut costs, raise capital, and sell assets.
    As Bloomberg reports, RBS has agreed to deepen cost cuts and sell additional assets to improve its resilience, the bank said in a separate statement.
    Eight years after its 45.5 billion-pound ($56.6 billion) bailout from taxpayers, the Edinburgh-based lender still has work to do to bolster its financial strength. The test poses the latest setback in McEwan’s efforts to return the lender to profitability and full private ownership. The CEO has said he’ll unveil plans to further shrink the bank and reduce costs alongside full-year results next year. ‘They have fallen short of the hurdles, and they have some more work to do,’ Bank of England Deputy Governor Sam Woods said at a press conference in London. RBS’s new capital plan is ‘fully credible, the PRA board looked at that carefully and reached that conclusion as well. We’ll hold them to delivery.’

    This post was published at Zero Hedge on Nov 30, 2016.


  • Three of Fed’s Own Primary Dealers Warn Hikes on Hold Until 2017

    Three of the Federal Reserve’s own primary dealers are warning bond traders that a growing consensus the central bank will raise interest rates by year-end is misguided.
    While none of the 23 banks that trade with the Fed expect a hike at the conclusion of Wednesday’s meeting, HSBC Holdings Plc, Royal Bank of Canada and Royal Bank of Scotland Group Plc remain steadfast that policy makers will choose to hold off on raising rates at the Fed’s Dec. 14 meeting as well.
    History would seem to be on the trio’s side. Officials began the year anticipating they’d raise rates four times, only to repeatedly pare projections amid disappointing economic data. Yet a second-half uptick in growth and hawkish rhetoric from policy makers has prompted traders to price in more than a 70 percent chance that the Fed will pull the trigger by December. While they reserved the right to amend their calls over the next six weeks based on new data, economists at all three banks said the Fed needs to see clearer signs the economy is on the upswing and inflation is quickening before hiking.
    “The FOMC has grounds for caution right now,” said Kevin Logan, chief U.S. economist at HSBC in New York. ‘Slow growth in the U.S. economy, low inflation and the international repercussions of the Brexit decision in the U.K. — there are plenty of signs of things slowing down globally and there will be too much risk in tightening policy.’

    This post was published at bloomberg


  • Keiser Report: ‘Stunned Commoners’ (E 980)

    The following video was published by RT on Oct 15, 2016
    In this episode of the Keiser Report Max and Stacy are joined by Joel Benjamin, local authority debt audit campaigner with Debt Resistance UK, and Nigel Henderson, who lost his hotel business to RBS’s restructuring division, to talk of the ‘stunned commoners’ in awe (at the brazenness) of the Royal . . . Bank of Scotland. Nigel recounts his own encounter with RBS’s smash and grab unit which saw him lose his hotel in Scotland. They discuss the tens of billions in fines the bank, the taxpayer owned RBS, faces from US authorities for the bank’s role in mortgage backed securities fraud and whether or not there will be anything left for compensation of the thousands of small and medium sized enterprises destroyed in the UK.