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Old 03-16-2013, 10:20 AM   #121
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It's "the French way".

WTF?!?!?
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Old 03-16-2013, 03:19 PM   #122
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Union leaders are considered above the law in France. If they decide to occupy a company and detain the CEO in order to get him to rethink his decision on layoffs or closures, many politicians consider them heros.
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Old 03-23-2013, 11:05 AM   #123
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Luxembourg (and the Irish fund landscape as well as UK funds) is gonna be killed by new EU regulations on investment fund manager compensations. They'll limit bonuses (performance fees) to double of the basic salary, that's totally gonna destroy incentives to have great returns:
http://www.bloomberg.com/news/2013-0...-managers.html
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Old 03-23-2013, 11:34 AM   #124
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The EU is going to kill off these little principalities that became havens for businesses and investors. The best thing that could happen is their EU exits. And right soon that.
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Old 04-18-2013, 07:54 AM   #125
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IRELAND: think tank proposed to Irish Government "compulsory 15 pc private retirement contribution", on those middle-income workers, who currently don't have any (6 out of 10). Presumably, because they a)cannot afford it or b) don't see any economical sense in supporting private pension insurers, instead of themselves & their kids.

...guess that rings well with the private pensions insurers, no? Also, creates that one nice, juicy pot of money for government to seize "for the greater need" down the road, no?

http://campus.ie/news/national-news/...-into-pensions

..does not go much lower than this, right?
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Old 04-18-2013, 08:05 AM   #126
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Originally Posted by bushi View Post:
IRELAND: think tank proposed to Irish Government "compulsory 15 pc private retirement contribution", on those middle-income workers, who currently don't have any (6 out of 10). Presumably, because they a)cannot afford it or b) don't see any economical sense in supporting private pension insurers, instead of themselves & their kids.

...guess that rings well with the private pensions insurers, no? Also, creates that one nice, juicy pot of money for government to seize "for the greater need" down the road, no?

http://campus.ie/news/national-news/...-into-pensions

..does not go much lower than this, right?
That sounds a whole lot like the U.S. Social Security. Mandatory % of your income in exchange for retirement money. Unfortunately, U.S. politicians treated that big pot of money like a personal piggy bank and Social Security is now projected to run out of money in the next 20 years.

I am sure no such thing could happen for the Irish.
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Old 04-18-2013, 08:19 AM   #127
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I'm sure that the timing of this initiative has nothing to do with systemic problems in Irish banks (as Reggie Middleton has been warning about for several weeks now).
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Old 04-18-2013, 08:24 AM   #128
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Socialism security has vacuumed far more money from my paychecks over the last thirty three years than I shall ever see in the form of payments in my lifetime. It is a scam of the highest order meant to buffer federal coffers. When initially conceived, SSI was meant to be a supplement to that which workers saved throughout their career, not to be the sole source of income. Now, many years later, we hear cries of "it's just not enough to live on, it's not fair". Well, you should have read up on the history of SSI before embarking on your lifelong spendthrift ways. SSI is treated as some sacrosanct right that cannot be modified in any way and I am tired of hearing about it. There are quite a few calling for means testing before receiving SSI, which to me is utter bullshit, since I paid in to the system so I expect to receive from the system, irrespective of my financial status.
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Old 04-18-2013, 08:26 AM   #129
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Originally Posted by benjamen View Post:
That sounds a whole lot like the U.S. Social Security. Mandatory % of your income in exchange for retirement money. Unfortunately, U.S. politicians treated that big pot of money like a personal piggy bank and Social Security is now projected to run out of money in the next 20 years.

I am sure no such thing could happen for the Irish.
...if it was ONLY that.... nonono, sir, of course, all Europeans ARE ALREADY PAYING social security for all kinds of services, including "free" medical care (that you have to pay for it anyway), and "state funded" pension.

That, my friend, is a proposal, to FORCE people, who don't currently own a separate PRIVATE pension plan, on top of the social security one, to buy one - to the tune of fucking 15% of their income (!!!!).

Isn't it nice, that the government is caring about my future more than I do myself, and tells me, how should I prepare for my retirement - to a degree of FORCING me to buy a fucking COMMERCIAL FINANCIAL PRODUCT, from one of the (undoubtedly) "govt approved" and "certified" financial corporations, that will look after 15% of my earnings for me - for a small and most appropriate fee, of course!


I swear, if Irish don't rebel this time again, they fucking deserve all they are getting.
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Old 04-18-2013, 09:24 AM   #130
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Any forced pension payment is a tax to a government.
If it was rational to invest into certain schemes, market forces would create natural demand for them. But they don't.
Here in Switzland, pension funds for public employees are chronically undercapitalized, because their pensions are not calculated on the basis of actual returns on investments / payments, but rather on a guaranteed pension amount.
We taxpayers had to bail many of the public pension funds out, especially the public railroad fund and several state employee funds.
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Old 04-18-2013, 09:50 AM   #131
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Market talk that a French bank could be in trouble - unconfirmed

'Market talk’ – Signifies information that has not been formally tested through traditional journalistic channels and therefore is to be treated as unsubstantiated. Any interpretation of the talk is taken at the readers own risk and is a representation of the rumours within the market place and never generated by ourselves.
Update details:

- At this point in time we are not giving this talk much credence and are cross checking it with our contacts.
- Do note, that stocks have been on a fairly agreesive decline since the open on Wall Street and this may have come about as people look for a fundamental news story to back the move lower.
- At present trade, BNP (-1.4%), SocGen (-4.5%), Credit Agricole (-2.2%).
- Of the three major French banks, SocGen has seen most downside volatility compared to BNP and Credit Agricole over the last hour.
- More updates to follow...
http://ransquawk.com/headlines/marke...med-18-04-2013

UPDATE: French banks remain under pressure following earlier market talk that a French bank could be in trouble...

'Market talk’ – Signifies information that has not been formally tested through traditional journalistic channels and therefore is to be treated as unsubstantiated. Any interpretation of the talk is taken at the readers own risk and is a representation of the rumours within the market place and never generated by ourselves.
Update details:

- Having crossed referenced this with our contacts they cannot confirm or substantiate any truth behind this talk and put it down to purely market chatter at this point.
- The talk seems to have gained attention after hitting the Twitter sphere.
- Last week, Le Figaro reported that the French state and French banks could face a combined loss of as much as EUR 20bln on loans to local authorities after a lower court ruled in February that interest rates on loans to one municipality needed to be lowered.
- The banks estimated that in a worst-case scenario the loans could lead to a loss of EUR 20bln, half of which would fall on the French state through new state lender Societe de Financement Locale, or SFIL, and Franco-Belgian lender Dexia SA.
Reaction details:

- As of 1524 (GMT): Although French banks continue to underperform their peers, prices are off the lowest levels of the session.
http://ransquawk.com/headlines/updat...ble-18-04-2013
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Old 05-20-2013, 07:33 AM   #132
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How does France expect this to be sustainable?
http://finance.yahoo.com/news/thousa...062530348.html

"More than 8,000 French households' tax bills topped 100 percent of their income in 2012, according to a French newspaper report."

"...in addition to those taxed at over 100 percent last year, almost 12,000 households paid taxes worth more than 75 percent of their 2011 income and that a further 9,910 households were taxed at more than 85 percent of their income."

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Old 05-20-2013, 08:17 AM   #133
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Well, that depends upon what the definition of income is. /wink wink, nudge nudge
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Old 06-17-2013, 10:43 AM   #134
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So, this is "Austerity"
http://www.24hgold.com/english/news-...r=Martin+Masse

"In nominal terms, government spending has never stopped rising in the Union as a whole since the beginning of the financial crisis, except in 2011 when it remained constant (see Figure). Spending grew by 6.3% in the last three years, in other words during the period when "austerity" policies were supposed to have been applied.

Thus, whenever finance ministers announced budget cuts, they were actually referring not to absolute reductions in total spending but simply to spending increases that were lower than what was previously planned or to cuts that were offset by more spending elsewhere."

"With no net decrease in spending, the deficit reductions observed in most countries must have occurred because tax revenues went up faster than spending. And that is precisely what the Eurostat data show, with revenues up 12.9% from 2009 to 2012, double the pace of increase in public spending."
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Old 06-25-2013, 07:51 AM   #135
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It looks like the EU is considering making it standard policy to have the depositors of a bank fork over 8% of the cost a bank bailout. This would make it normal to haircut the depositors and I am sure this percentage will only go up.

Article in German:
http://deutsche-wirtschafts-nachrich...n-den-sparern/

Google translation:
http://translate.google.com/#de/en/
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Old 06-25-2013, 08:45 AM   #136
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Originally Posted by benjamen View Post:
It looks like the EU is considering making it standard policy to have the depositors of a bank fork over 8% of the cost a bank bailout. This would make it normal to haircut the depositors and I am sure this percentage will only go up.

Article in German:
http://deutsche-wirtschafts-nachrich...n-den-sparern/

Google translation:
http://translate.google.com/#de/en/
The EU has too many "officials" with too much time on their hands and all they can do is try to think up new rules. It's starting to look more and more like a circular firing squad with the world waiting to see who pulls the first trigger.
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Old 07-15-2013, 09:55 AM   #137
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How long before Greece just goes into civil war?
http://www.sovereignman.com/trends/t...-athens-12264/

"There are roughly 11 million people in this country. 3.4 million of them are employed, of which roughly one third work for the government."

"The middle class here has been completely gutted. Aside from a few pockets of wealth, the country is either unemployed or working poor, hamstrung by debilitating debt."

"Given what I’m seeing on the ground here, it’s clear that the situation is more explosive than it has been for years."

"People are angry. Not the ‘I’m going to vote you out of office’ anger from 2010-2012. I’m talking ‘I’m gonna go postal ‘cuz I have nothing to lose’ anger.
Imagine millions of people that angry, and you can understand that this country is close to reaching the activation energy necessary to make a revolutionary change."
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Old 07-15-2013, 10:12 AM   #138
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Originally Posted by benjamen View Post:
Imagine millions of people that angry, and you can understand that this country is close to reaching the activation energy necessary to make a revolutionary change."
What would happen to Greece if they did have a revolution? I guess they could have their own currency again, but whoever takes charge is going to have a complete economic and political nightmare on their hands. What a mess.
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Old 07-15-2013, 11:47 AM   #139
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Meanwhile, the Cypriot president "hopes" and "wants to believe" their IMF / Euro masters won't take their gold (even though they agreed to give it away).

http://www.reuters.com/article/2013/...0FI3RE20130712
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Old 07-18-2013, 10:04 AM   #140
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Portugal is getting worse:
http://www.sovereignman.com/trends/b...e-horse-12286/

"The unemployment rate in Portugal hit a record high of 18% in May. The rate eased slightly by late June to 17.6%… but only because (you guessed it) the government simply stopped counting people.
Or, more appropriately, so many people vanished.
Here in Portugal, the latest craze is leaving. The country is experiencing a massive brain drain as people pack their bags and get out of dodge."

"The Portuguese economy contracted at a 4% annualized rate in the first quarter, worse than last year’s 3.2% contraction.
All of this comes at a time when the central government has collapsed. Based on the terms of their 78 billion euro bailout agreement, it’s EU bureaucrats in Brussels and Frankfurt that are calling the shots now."
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