(Crazy) economy news

[Skybird]

https://www.bbc.com/news/business-65441302

Shares in First Republic plunged last week after it admitted customers had withdrawn $100bn in deposits in March.

Not the first event of this case. Has anyone defined a number from how many banks on this is called a "bank run"...?

[Rockstar]

We have surpassed the damages and loses in 2008.

[Jimbuna]

[Jimbuna]

Sterling beats the dollar and euro to become 'the best performing' currency

Sterling has become the best performing currency for the year to date out of the G10 group of major currencies, figures show. The pound gained 4.7 percent against a weaker dollar and ahead of an expected interest rate hike from the Bank of England (BoE) on Thursday (May 11).

G10 currencies, which are among the world's most popular, include the pound, US dollar, euro, Japanese yen, Australian dollar, New Zealand dollar, Canadian dollar, Swiss franc, Norwegian krone and Swedish krona.

Markets expect the BoE to raise base rate by 25 percentage points on Thursday, pushing the key rate up to 4.5 percent as the Bank battles to bring down Britain's double-digit inflation of 10.1 percent.

The decision will come with the BoE's quarterly Monetary Policy Report as well as the minutes of its rate-setting meeting.

Investors will be closely watching Thursday's press conference with Bank Governor Andrew Bailey for clues as to what the Bank will do next.
https://www.msn.com/en-gb/money/othe...77bc5451&ei=12

[Skybird]

https://www-focus-de.translate.goog/..._x_tr_pto=wapp


Anyone who has to follow necessity has previously refused reason.

[Rockstar]

[Skybird]

https://www.tichyseinblick.de/kolumn...n-buerokratie/

The full article is behind a fake paywall, click "ich unterstütze bereits", and you can pass.

A report on reforming EU funding, adopted by a large majority in Parliament on Wednesday, hid a bizarre proposal that two Liberal and European People's Party MEPs had floated back in January: All importers who import products from developing countries where labor wages are too low should pay money to the EU (i.e., not to the workers). The name of the idea is "Fair Border Tax" or, in the meantime, "Fair Border Mechanism."

A garment producer exporting to the EU would have to declare the salary costs of its workers and employees to customs and pay the difference to a fictitious minimum wage to the EU as a tax.

In Bangladesh, for example, the poverty line is a daily wage of about $3.65. If it turns out that the workers receive 2.60 US dollars per day, the garment-producing company would have to pay the difference, i.e. 1.05 US dollars, not to the workers but to the EU. So, in the name of justice, the EU wants to make money from low-paid workers in the Third World in the hope that they will therefore be paid better.

In all of this, of course, it must be remembered that prices in Bangladesh for everyday goods are only a tenth of those in Germany. A filling lentil stew (dhal), for example, can be had for 60 cents at a snack bar.

The difference between the low wages of developing countries and a "minimum wage" defined by the World Bank is thus supposed to fill the coffers of the EU. This is supposed to ensure that wages there rise and thus nothing more flows into the EU coffers. The motto: Fill my pockets so that they remain empty.

The aim of the exercise should be that this becomes too stupid for the producers in Bangladesh and that they pay higher wages instead of the duty. This crazy idea came from the deputies Valérie Hayer from France and José Manuel Fernandes from Portugal, she a liberal, he a Christian Democrat, so not from the Greens and not from the Socialists. Unworldly world-saving ideas have spread almost across the entire political spectrum.

What is even more mind-boggling, however, is that this was adopted by a majority in the European Parliament. Knowledge of the Third World here seems to be limited to TV movies and woke documentaries. Who among the parliamentarians involved has spent any length of time living in the Third World? Who has knowledge of life in developing countries? Obviously nobody.

[...]

[Jimbuna]

Looks like the screws are being tightened economically against Russia but despite numerous previous sanctions there doesn't appear to be any detrimental effect.

Hopefully this next tranche will have some effecy.

Rishi Sunak has said he wants to ensure "Russia pays a price" for the war in Ukraine, after announcing new sanctions targeting Russian exports.

Speaking to the BBC's Chris Mason at the G7 summit in Hiroshima, Japan, the prime minister said he was leading the way with new sanctions on Russia.

He said he hoped other countries would follow suit.
https://www.bbc.co.uk/news/uk-politics-65632568

[Skybird]

Those sanctions, although they seem to drive a dent or two into Russia over the long term, only would influence the Russian government if that were a government that cares for the wellbeing of the Russian population. Unfortunately for all living on this planet that is not the case, and never was, historically.

[Jimbuna]

I totally agree but the west can do little more short of going to war.

[Skybird]

Their dagger at our throats.

https://www-achgut-com.translate.goo..._x_tr_pto=wapp

War on cash money, and a social scoring system a la China - the perfect recipe to establish a dicatorship that cannot be resisted against. The driving fore behidn it again is this most dispicable monument of organised crime: the EU and its right hand, the ECB. The options for crimes committed by the state against its slaves are infinite, if these two instruments get established.

And many people will even have applauded it in, and will have striven towards it in anticipatory obedience.

[Skybird]

This article is from the Frankfurter Allgemeine Zeitung - 100 years ago.

https://www-faz-net.translate.goog/a...pp#pageIndex_3

Note that the authors back then referred to the family context as the last safety for those who fell. Today, the institution of family gets systematically mocked of and destroyed, many families are so dysfunctional and are just one-two generation constructions that in our time the family in many modern Westenr places is not suitable or too non-existent as if it could be of existence-saving help. Three or four generation families living together under one roof is practically unknown.

[Jimbuna]

Here is a pretty good article setting out the woes of the UK at present.

Voices: ‘The monster is out of its cage’: how Brexit set inflation loose to feed on Britain https://www.msn.com/en-gb/money/othe...8d0bf578&ei=15

[Skybird]

The text to the film:

https://www-focus-de.translate.goog/..._x_tr_pto=wapp


The film to the text:




On the topic, the same author:
https://www-focus-de.translate.goog/..._x_tr_pto=wapp


Apparently Poland has started to slip off the success track again, which is a pity. Needlessly so - for opportunistic voter bribery only.

[Skybird]

BRICS states founding a new curency, maybe even grounded on a gold standard?

https://www-focus-de.translate.goog/..._x_tr_pto=wapp


And if they would do it with a gold standard - would this then make a panicking West declaring a new gold prohibition for private owners? The criminals at the top of our states must be trusted with every outrage.