• Tag Archives Sweden
  • Sweden: More Signs The World’s Biggest Housing Bubble Is Cracking

    We like to highlight that although Sweden’s property bubble is not the longest running (that accolade goes to Australia at 55 years), it is probably the world’s biggest, even though it gets relatively little coverage in the mainstream financial media.

    A month ago, we noted that SEB’s housing price indicator suffered its second biggest ever drop, falling by 39 points, only lagging a steeper fall from ten years earlier. This month the indicator, which shows the balance between households forecasting rising or falling prices, fell into negative territory, dropping to -5 from +11 in November. Households expecting prices to rise has almost halved from 66% In October, to 43% in November and 36% this month. The percentage of households expecting prices to fall has risen from 16% in October, to 32% in November and 41% this month.

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


  • Homeless Swedes Out In The Cold

    Authored by Bruce Bawer via The Gatestone Institute,
    One reason there are so many immigrants in Sweden, both legal and illegal, is that the country’s welfare system is a bonanza for foreigners. Far from not being covered by the system, immigrants often enjoy preferential treatment These Swedes should not be sleeping on the streets. The Scandinavian welfare states were founded on a compact between the citizens and their government: the people would pay outrageously high taxes, and in return their government would guarantee them a magnificent safety net should they get sick or get fired. But ever since these countries chose to open their doors to mass Muslim immigration, that compact has been broken. A state-employed paper-pusher who gives citizens something for which they have already paid can hardly feel particularly virtuous, whereas handing out free stuff to aliens who have done absolutely nothing to deserve it can make that same government paper-pusher feel like a world-class Good Samaritan. Even more shattering is that millions of those Scandinavian citizens accept it. Marinated from birth in multiculturalism, millions of them dare not demand what they have coming to them — what they have paid for, what they deserve — lest they be viewed by others, and even by themselves, as bigots. The other day, I reported about the Church of Sweden’s strenuous efforts to appease Islam. Now comes the news that from December 15 to March 15, churches in the diocese of Gothenburg will be used at night as shelters for the homeless.
    Lovely idea. But there is a catch. The only homeless people who will be allowed in are foreigners — either immigrants from elsewhere in the EU, who are by definition legal, or illegal immigrants from outside the EU. In other words, native Swedes need not apply, even though the initiative is being paid for by taxpayer money.

    This post was published at Zero Hedge on Dec 8, 2017.


  • A WAVE OF CRIME IS ENGULFING SWEDEN: FRAUD, SEXUAL OFFENSES REACH RECORD LEVELS

    The annual Swedish Crime survey has shown an increase in five out of the six types of criminal activities against individuals. Crimes like fraud and sexual assault have reached record levels.
    The number of Swedes who were victims of crimes such as fraud and sexual offenses jumped to the highest level on record last year. According to Bloomberg, a survey by the Swedish National Council for Crime Prevention showed that 15.6 percent of people suffered one or more offenses against the person (defined in the survey as assault, threats, sexual offenses, robbery, fraud, or harassment) last year. That’s up from 13.3 percent in 2015 and the highest number recorded since the annual Swedish Crime Survey started in 2006.
    Of the six types offenses against a person, five of six rose to their highest level on record last year. The number of assault cases reached its second-highest level. The number of offenses against individuals ‘was at a relatively stable level 2005 to 2014, at 11.3 percent to 13.1 percent, but the last two years show an increase,’ the council said in the report published this week. The crimes ‘that have had the clearest development in the past few years are harassment, fraud, and sexual offenses,’ the agency said.

    This post was published at The Daily Sheeple on NOVEMBER 16, 2017.


  • Sweden: The World’s Biggest Housing Bubble Cracks

    Sweden’s property bubble is probably the world’s biggest, despite which it gets relatively little coverage in the mainstream financial media – although that might be about to change. Warnings about this bubble are not new. In March 2016, Moody’s issued a very explicit warning that Sweden’s negative interest rates were propagating an unsustainable housing bubble.
    The central banks of Switzerland, Denmark and Sweden (all rated Aaa stable) have been among the first to push policy rates into negative territory. A year into this novel experience, Moody’s Investors Service concludes that, from among the three countries, Sweden is most at risk of an – ultimately unsustainable – asset bubble…
    “The Riksbank has not been successful in engineering higher inflation, while Sweden’s GDP growth continues to be among the strongest in the advanced economies,” says Kathrin Muehlbronner, a Senior Vice President at Moody’s.
    “At the same time, the unintended consequences of the ultra-loose monetary policy are becoming increasingly apparent – in the form of rapidly rising house prices and persistently strong growth in mortgage credit”, adds Ms Muehlbronner. In Moody’s view, these trends will likely continue as interest rates will remain low, raising the risk of a house price bubble, with potentially adverse effects on financial stability as and when house prices reverse trends.

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


  • “It’s Sad As Hell” – Swedish Ambassador Admits, We’re “In The Process Of Dismantling Democracy”

    Sweden’s new ambassador to Iceland has sparked a major controversy after warning that Sweden is “in the process of dismantling democracy” and could be on a slippery slope towards technocracy or a dictatorship.
    ***
    Hkan Juholt, a former leader of the centre-left Social Democrat party and ambassador to Iceland since September, made the comments in an interview with the Svenska Dagbladet newspaper.
    “How old is your son? Four?” he asks the reporter.
    “When he is old he won’t be living in a democracy but in a technocracy, or a dictatorship. It’s sad as hell. I am sorry to say it, but I am 100 percent sure. We are in the process of dismantling democracy.”

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


  • It’s Always About the Money

    In Sweden, the government has realized that if fossil-fuel cars were to disappear, the government would lose around SEK 50 billion a year in tax revenues. Just like cigarettes, the government realized that stopping smoking is costly for them. So what did they do? They imposed taxes of e-cigarettes. And if everyone stopped e-cigarettes, they will probably have to tax air.
    Sweden used the Global Warming issue to tax people driving cars to help the environment.

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


  • The European Countries With The Most Psychiatrists

    If Europe is driving you nuts, we have some simple advice… head to Finland!
    As Statista’s Niall McCarthy notes, according to new Eurostat data released to mark World Mental Health Day, the European Union has about 90,000 psychiatrists in total and Finland has the most per 100,000 inhabitants (23.60) followed by Sweden (23.19) and the Netherlands (22.95).

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


  • Is This The Biggest Housing Bubble Ever?

    In September of 2015, not long after Sweden followed the SNB and ECB in going “full NIRP”, we warned that “Sweden Goes Full Krugman, Gets Massive Housing Bubble“, in which we first showed the unprecedented surge in Swedish home prices, which have been the one asset class to “benefit” the most from the Riksbank’s ultra loose monetary policy hoping to stimulate inflation, even as broader economic inflation failed to materialize.
    Since then things turned increasingly more surreal for Swedish home prices, culminating with a very explicit warning from Moody‘s in March of 2016, in which the rating agency warned that as a result of NIRP, the country is most at risk of an “ultimately unsustainable asset bubble.”

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


  • We Looked into the Effects of Hurricane Harvey and Here’s What We Found

    Unless you’ve been away from a TV, computer or smartphone for the past week, you’ve likely seen scores of pictures and videos of the unprecedented devastation that Hurricane Harvey has brought to South Texas and Louisiana. As a Texan by way of Canada, I’d like to take a moment to reflect on the human and economic impact of this storm, one of the worst natural disasters to strike the U. S. in recorded history.
    Below are some key data points and estimates that help contextualize the severity of Harvey and its aftermath.
    $503 Billion
    In a previous Frank Talk, ’11 Reasons Why Everyone Wants to Move to Texas,’ I shared with you that the Lone Star State would be the 12th-largest economy in the world if it were its own country – which it initially was before joining the Union in 1845. Following California, it’s the second-largest economy in the U. S. A huge contributor to the state economy is the Houston-Woodlands-Sugar Land area, which had a gross domestic product (GDP) of $503 billion in 2015, according to the U. S. Bureau of Economic Analysis. Not only does this make it the fourth-largest metropolitan area by GDP in the U. S., but its economy is equivalent to that of Sweden, which had a GDP of $511 billion in 2016.

    This post was published at GoldSeek on Wednesday, 6 September 2017.


  • The Fake News Media Of Sweden

    Authored by Nima Gholam Ali Pour via The Gatestone Institute,
    In most democratic countries, the media should be critical of those who hold power. In Sweden, however, the media criticize those who criticize the authorities. Criticism is not aimed at the people who hold power, but against private citizens who, according to the journalists, have the “wrong” ideas. TV4 and all other media refused to report that it was Muslims who interrupted the prime minister because they wanted to force Islamic values on Swedish workplaces. When the Swedish media reported on the event, the public were not told that these “hijab activists” had links with Islamist organizations. Rather, it was reported as if they were completely unknown Muslim girls who only wanted to wear their veils. The Swedish media are politicized to the extent that they act as a propaganda machine. Through their lies, they have created possibilities for “post-truth politics”. Instead of being neutral, the mainstream Swedish media have lied to uphold certain “politically correct” values. One wonders what lifestyle and political stability Sweden will have when no one can know the truth about what is really going on. In February 2017, after U. S. President Donald Trump’s statements about events in Sweden, the journalist Tim Pool travelled to Sweden to report on their accuracy. What Tim Pool concluded is now available for everyone to watch on YouTube, but what is really interesting is how the Swedish public broadcasting media described him.
    On Radio Sweden’s website, one of the station’s employees, Ann Trnkvist, wrote an op-ed in which Pool and the style of journalism he represents are described as “a threat to democracy”.

    This post was published at Zero Hedge on Aug 31, 2017.


  • Microchips Should Be Used As “Identification Tool”, Says Doctor With 6 Implants

    As we’ve reported, at least two companies, one in the US, and one in Sweden, have begun offering their employees optional microchip implants. In theory, the chips make life easier by allowing employees to effortlessly open locked doors and pay for lunch.
    In the US, 41 employees at a small Wisconsin technology company voluntarily agreed to be microchipped at a ‘chip party’ thrown at the office. At Epicenter, the Swedish company, employees hold parties for newcomers who take the plunge and become a cyborg.
    ‘The injections have become so popular that workers at Epicenter hold parties for those willing to get implanted.
    ‘The biggest benefit I think is convenience,’ said Patrick Mesterton, co-founder and CEO of Epicenter. As a demonstration, he unlocks a door by merely waving near it. ‘It basically replaces a lot of things you have, other communication devices, whether it be credit cards or keys.’


    This post was published at Zero Hedge on Aug 21, 2017.


  • WEF Chairman Borg Resigns As Citi Advisor For Exposing Himself, “Comparing Penis Sizes”

    Anders Borg, the former Swedish finance minister and current chairman of the World Economic Forum’s Global Financial System Initiative, has stepped down from a second top job after he was forced to apologize for what Bloomberg dubbed “unpleasant” behavior at a party in the Stockholm archipelago. Borg, 49, informed Citi that he will resign from his role as senior adviser, according to an emailed statement from the bank, Bloomberg reported. The resignation follows Borg’s Saturday resignation as deputy chairman of investment corporation Kinnevik with immediate effect.
    Borg, who lost the 2014 election after navigating Sweden’s finances for eight years and was widely hailed as the man responsible for his country emerging from the 2008 global recession virtually unscathed, issued a public apology this past Friday after a shocking report in Sweden’s Aftonbladet.
    What happened? As the Swedish newspaper reported on Friday, during a private party on Husaro, an island in the Stockholm archipelago last Friday, at approximately 11.00 PM, the “noticeably intoxicated” former finance minister decided to expose his penis and grope other men, trying to compare penis sizes. Sources said that he also called female guests “sluts” and “whores.”

    This post was published at Zero Hedge on Aug 7, 2017.


  • For a New Libertarian

    [This talk was delivered at the 2017 Mises University.]
    Greetings to everyone at the Corax 2017 conference, and greetings also to the audience here at our annual Mises University. As you can see both events are happening simultaneously, so I couldn’t be with you in person this evening. But I very much appreciate being invited by Sofia and Martin to speak, and I would indeed have joined you in Malta any other week. And I admire Sofia and Martin for having the courage to leave Sweden and start this new venture in Malta, which by their account is not only warmer but also far more reasonable!
    What I’d like to talk about today is libertarians, more than libertarianism itself. And I’ll ask you to consider whether libertarians have lost their way.
    The title ‘For a New Libertarian’ is I hope an obvious play on the title of Murray Rothbard’s famous book For a New Liberty. It’s an underrated book, less well-known perhaps than The Ethics of Liberty. Lots of authors have the ego to call their books ‘a manifesto,’ but few books actually live up to such an bold subtitle. This book does.
    I love Murray’s line: ‘libertarianism, then, is a philosophy seeking a policy.’ I wonder if he’d change that line today, if he could see where the ‘public policy’ branch of libertarianism has become. Or maybe he should have written ‘libertarianism is a philosophy seeking better libertarians.’
    I also chose the title to make the important point that we don’t need a ‘new libertarianism’ or anything so grand. Thanks to the great thinkers who came before us, and still among us, we don’t have to do the hard work – which is good news, because not many of us are smart enough to come up with new theory! We can all very happily serve as second-hand dealers in ideas.

    This post was published at Ludwig von Mises Institute on July 29, 2017.


  • Krona Sinks After Swedish PM Refuses To Resign, Reshuffles Cabinet Over “Disastrous Leak”

    A brief (ECB/Fed-driven) sigh of relief yesterday in the Krona has ended as Sweden’s embattled PM has refused to resignover the government’s “disastrous leak” of the nation’s citizens’ information. Lofven has instead chosen to reshuffle his cabinet, ading “I don’t want political chaos in Sweden, that’s not what we need right now, I will take responsibility and ensure we don’t get a political crisis.”
    However, as Bloomberg reports, opposition members were already signaling they weren’t satisfied with the steps taken, and Lofven’s government remains far from secure.
    The prime minister said Home Affairs Minister Anders Ygeman and Infrastructure Minister Anna Johansson will leave the Cabinet, as parties representing a majority in parliament prepared no-confidence motions against them.
    Defense Minister Peter Hultqvist will stay, Lofven told reporters in Stockholm on Thursday, arguing the specific motion against him was ‘not serious.’
    The announcement follows speculation the prime minister would himself be forced to resign, or call an early election, in response to the deepening scandal. With the reshuffle, Lofven is buying himself time to negotiate with parliament.

    This post was published at Zero Hedge on Jul 27, 2017.


  • War on Gold, War on Korea, China Collapse and More

    Guest Post from Money Metals Exchange
    Listen to the Podcast Audio: Click Here
    Mike Gleason (Money Metals Exchange): I wanted to ask you about a tweet you sent out earlier this month – and for people who want to follow you there, it’s @JamesGRickards – but in that tweet you wrote:
    Just informed that Scotia Bank branch is now a gold buyer only. Will not sell to retail clients. Get it while you can. War on gold is here.
    Expand on that here, Jim. What did you make of that move and why did you make those comments?
    Jim Rickards: Sure. We have a war on cash. I think that’s pretty well known to the listeners, so we see it everywhere. India just abolished its two most popular forms of cash. They literally woke up one day and they said, I think it was the 2,000 rupee note and the 1,000 rupee note, if I’m not mistaken. I believe those are the right denominations. Not worth a whole lot by our standards, worth like $15 or whatever. But they were, by far the most popular and widely used, widely circulated bank notes in India. And the government just woke up and said they’re all illegal. They’re worthless. Just like that. Now what they said is, ‘Now you can take them down to the bank and you can hand them in, and we’ll give you digital credit in your account – oh by the way, the tax inspector’s going to be there asking you where you got the money.’ So obviously it was designed to flush out people suspected of tax evasion.
    Although, in fact it turned out that there weren’t that many tax cheaters. They were just people who actually preferred money. They preferred cash and they were forced out of the system, forced into this digital system. And there were all kinds of negative repercussions of that. So, there’s a whole country that abolished the most popular forms of cash.
    Sweden is very close to cashless. You go around the United States, you might have some, what we call in Philadelphia ‘walking around money.’ I can look in my wallet and there’s probably some 20s and maybe a couple 50s in there, but when you transact, you get paid digitally. You pay your bills with automatic debits. You transfer money with wire transfers. You use your debit card. You use your credit card, etc. You shop on Amazon, you pay with a debit or credit card, etc. maybe PayPal. And I do that. Everyone does that. I’m no different. I’m not exempt from or outside the system.

    This post was published at Deviant Investor on July 4, 2017.


  • Myths Behind the War on Cash

    The attacks on physical cash from a phalanx of economists, central bankers, commercial banks, and politicians have not diminished in recent years. On the contrary, in the face of the worldwide increase in terror attacks, particularly in Europe, and ongoing pressure on public budgets, the cash ban issue is increasingly dragged into the spotlight.
    In a highly-recommended study entitled ‘Cash, Freedom and Crime. Use and Impact of Cash in a World Going Digital,’ Deutsche Bank Research demolishes numerous popular myths surrounding cash, inter alia in the context of crime and terrorism. Without cash there are no longer bank robberies at gun point, instead there are now electronic bank robberies. Fraud involving credit cards and ATM cards is massively increasing in Sweden, the country considered the pioneer of the cashless society. The argument that adopting a cashless payment system would facilitate the fight against terrorism doesn’t hold water either:
    As regards terrorism in Europe, an analysis of 40 jihadist attacks in the past 20 years shows that most funding came from delinquents’ own funds and 75% of the attacks cost in total less than USD 10,000 to carry out – sums that will hardly raise suspicions even if paid by card.

    This post was published at Ludwig von Mises Institute on June 28, 2017.


  • It’s Confirmed: Without Government Subsidies, Tesla Sales Implode

    According to the latest data from the European Automobile Manufacturers Association (ACEA), sales of Electrically Chargeable Vehicles (which include plug-in hybrids) in Q1 of 2017 were brisk across much of Europe: they rose by 80% Y/Y in eco-friendly Sweden, 78% in Germany, just over 40% in Belgium and grew by roughly 30% across the European Union… but not in Denmark: here sales cratered by over 60% for one simple reason: the government phased out taxpayer subsidies.
    ***
    As Bloomberg writes, and as Elon Musk knows all too well, the results confirm that “clean-energy vehicles aren’t attractive enough to compete without some form of taxpayer-backed subsidy.”
    The Denmark case study is emblematic of where the tech/cost curve for clean energy vehicles currently stands, and why for “green” pioneers the continued generosity of governments around the globe is of absolutely critical importance, and also why Trump’s recent withdrawal from the Paris Climate Treaty is nothing short of a business model death threat.
    To be sure, Denmark’s infatuation with green cars is well-known: the country’s bicycle-loving people bought 5,298 of them in 2015, more than double the amount sold that year in Italy, which has a population more than 10 times the size of Denmark’s. However, those phenomenal sales figures had as much to do with price and convenience as with environmental concerns: electric car dealers were for a long time spared the jaw-dropping import tax of 180 percent that Denmark applies on vehicles fueled by a traditional combustion engine.

    This post was published at Zero Hedge on Jun 11, 2017.


  • Sweden Inches Closer To Cashless Society As Churches And Homeless Now Accept Plastic

    The citizens of Sweden are perhaps closer to completely giving up a component of their individual sovereignty than any other country on earth. In a world where government’s abuse of power and intrusion into the personal lives of its blissfully ignorant enablers grows more disturbing by the day, at least for now, cash offers the one opportunity to transact in a truly anonymous way.
    That said, Swedes are ditching their physical currency at a breakneck pace with notes and coins in circulation dropping consistently for the past 6 years and down over 15% in 2016 alone.
    According to the following chart from Bloomberg, notes and coins in public circulation dropped to an average of 56.8 billion kronor, just $6.4 billion, in the first quarter of this year, the lowest level since 1990 and more than 40% below its 2007 peak with the pace of the decline accelerating to its fastest ever in 2016.

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


  • Is Blockchain A Gold & Silver Launchpad?

    A new day is dawning for precious metals. Gold and silver – the world’s oldest money – are ‘connecting’ with the newest money, digital cryptocurrencies. The final outcome of this nexus is unpredictable, but it is foolhardy to ignore what is taking place.
    ***
    Central governments around the globe have waged, against their own citizens, a virtual ‘War on Cash.’ Efforts by Sweden to become ‘cash-free;’ progressive ‘downsizing’ of Eurozone currency units; a currency recall in India that affected 1.3 billion people; solemn talk about eliminating $100 and even $50 bills in the U. S. – all in the supposed fight against ‘drug dealing and tax evasion.’

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


  • The Blockchain: A Gold and Silver Launchpad?

    A new day is dawning for precious metals. Gold and silver – the world’s oldest money – are “connecting” with the newest money, digital cryptocurrencies. The final outcome of this nexus is unpredictable, but it is foolhardy to ignore what is taking place.
    Central governments around the globe have waged, against their own citizens, a virtual “War on Cash.” Efforts by Sweden to become “cash-free;” progressive “downsizing” of Eurozone currency units; a currency recall in India that affected 1.3 billion people; solemn talk about eliminating $100 and even $50 bills in the U. S. – all in the supposed fight against “drug dealing and tax evasion.”

    This post was published at GoldSeek on 11 May 2017.