Mish's Global Economic Trend Analysis |
- Battle Over EU Airline Tax Risks "Carbon Trade War"; US Congressman Equates Tax to " Barbary Pirates for Safe Passage"; Insanity of Cap-and-Trade Revisited
- German President Resigns; Major Embarrassment to Chancellor Merkel
- Gallup Reports Unemployment in February Increases to 9%, Up From 8.6%; Underemployment Increases to 19%
Posted: 17 Feb 2012 09:40 AM PST Led by the US and China, 26 nations are now protesting the EU's airline carbon tax, and a outright Carbon Trade War Edges Nearer. An alliance of countries opposed to a carbon tax on airlines is threatening to tear up trade deals with the European Union and impose new taxes on EU carriers, in a sign the world's first carbon trade war is edging closer.Retaliatory Measures Considered
Airline Tax Background For background on the airline carbon tax, please consider Emissions: Rivals dig in over EU carbon trading scheme The European Union has decided that from January 1 2012, any airline flying into or out of the EU will be charged for its carbon pollution.Barbary Pirates for Safe Passage China told its airlines to ignore the tax, and Republicans in Congress seek to pass similar legislation. "The ETS scheme is equivalent to the paying of ransom to the Barbary pirates for safe passage" said Chip Cravaack, the first Republican since 1947 to win Minnesota's 8th congressional district. Insanity of Cap-and-Trade Revisited For further discussion of the absurdities of carbon tax trading and credits for renewable energy, please see ...
Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List |
German President Resigns; Major Embarrassment to Chancellor Merkel Posted: 17 Feb 2012 07:28 AM PST The German presidency is little more than a symbolic position, nonetheless, the announcement by German President Christian Wulff that he will resign is a major embarrassment to German Chancellor Angela Merkel who hand-picked Wulff as president. Spiegel Online reports Wulff Announces He Will Step Down German President Christian Wulff resigned from office after prosecutors stated a day earlier they would seek to have parliament lift his immunity. Prosecutors wanted his immunity revoked so they could formally investigate allegations he accepted favors during his tenure as governor of the state of Lower Saxony. At the center of the probe are allegations that a film producer had paid for a vacation in a luxury hotel for Wulff during his time in office in the state.Financial Times reports that Merkel cancelled a meeting scheduled with prime minister Mario Monti in Rome on Friday in the wake of the announcement by Wulff. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List |
Posted: 17 Feb 2012 06:54 AM PST The latest Gallup survey finds U.S. Unemployment Increases in Mid-February The U.S. unemployment rate, as measured by Gallup without seasonal adjustment, is 9.0% in mid-February, up from 8.6% for January. The mid-month reading normally reflects what the U.S. government reports for the entire month, and is up from 8.3% in mid-January.BLS Numbers Not Realistic Gallup only polls those 18 and above while the BLS includes 16 and above. Given teenage unemployment, this would (or at least should) artificially lower unemployment numbers for Gallup. Yet, Gallup is higher, way higher when one considers underemployment. Fundamental and Mathematical Case for Structurally High Unemployment for a Decade As I have said many times, the BLS numbers are simply not realistic for many reasons. For further discussion please see ...
Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List |
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