Mish's Global Economic Trend Analysis |
- Brussels Threatens Spain With Fines of 0.1% of GDP
- S&P 500 May Fall More Than 40% By Fall Says Chris Martenson in Interview with Lauren Lyster
- Fools in Cyprus to Sell Gold, Hike Corporate Taxes to Finance Small Part of Bailout
Brussels Threatens Spain With Fines of 0.1% of GDP Posted: 10 Apr 2013 11:59 AM PDT Never mind that Spanish unemployment is 26.6% and youth unemployment exceeds 55%. The nannycrats wants Spain to hike taxes even more to make up for budget shortfalls. Hiking taxes and levying fines in a severe depression is of course sheer idiocy, nonetheless, Brussels issued a new warning to Spain for serious imbalance risks, threatening Spain with fines of 0.1% of GDP. Via Mish-modified Google translate from El Economista. The European Commission launched a new warning to the country for "serious risks" to economic imbalances. Spain needs to submit a corrective action plan to Brussels on the 26th of this month. Brussels wants Spain to raise the VAT (limit use of a reduced rate for some items), raise fuel taxes, and continue labor reforms.Amazing Arrogance and Idiocy Brussels is supposedly concerned about rising Spanish unemployment. Yet the nannycrats in Brussels demand actions from Spain guaranteed to make unemployment worse. This is amazing arrogance as well as amazing idiocy. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
S&P 500 May Fall More Than 40% By Fall Says Chris Martenson in Interview with Lauren Lyster Posted: 10 Apr 2013 10:59 AM PDT In another interview from the Wine Country Conference, Chris Martenson says S&P 500 May Fall More Than 40% By Fall. Even though the S&P 500 and Dow Jones Industrial Average are hovering at all-time highs, Chris Martenson, author of PeakProsperity.com and the "Crash Course" Series, is forecasting a major market correction.Click on the first link at the top for a video interview. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
Fools in Cyprus to Sell Gold, Hike Corporate Taxes to Finance Small Part of Bailout Posted: 10 Apr 2013 09:49 AM PDT Whether out of complete stupidity or pressure from the IMF or Brussels (I suspect all three) Cyprus to sell around 400 mln euros worth of gold to partially fund its bailout. Cyprus has agreed to sell excess gold reserves to raise around 400 million euros and help finance its part of its bailout, an assessment of Cypriot financing needs prepared by the European Commission showed.Road to Hyperinflation Raising taxes in the middle of a recession is bad enough. Cyprus actually needs a lower tax rate to attract business following its banking debacle. Selling gold is downright idiotic. Gold backing can prevent a currency from going completely worthless. Should Cyprus leave the eurozone, its small holding of gold would at least put some bid on its currency. Selling of gold and hiking of corporate taxes puts another noose through the nose of Cyprus (just what the nannycrats in Brussels wants and precisely what the average Cypriot should fear). A Greek-like implosion with massive unemployment and endless recessions is on the way. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
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