EUROPE - Huge cracks in the European Union’s united front are set to show as leaders face a battle between pushing for the UK to be left in a “semi-detached” state from the Brussels bloc after Brexit or to completely rid the EU of Britain amid calls for further centralisation.
EUROPE - Financial experts from Switzerland's major UBS bank are warning of Italy's considerable risks, in the case of a recession in the euro zone and they do not rule out the country's exit from the euro. If there is a recession, Rome must expect credit downgrades, UBS notes. Its national debt could easily soar out of control, and leaving the euro possibly could no longer be avoided. A fierce dispute is looming between Berlin and Brussels, on the one hand, and with Rome on the other, because Italy's budget deficit is higher than expected, due to its significant economic slump. Brussels and Berlin are currently only hesitant about engaging in the dispute because of the conflict over the Brexit and particularly because of the approaching EU elections, according to observers. At the same time, Germany is, itself, also moving toward stagnation, not least of all, because of a slump in Germany's export-dependent automotive industry.
USA - Since the last financial crisis, we have witnessed the greatest corporate debt binge in US history. Corporate debt has more than doubled since then, and it is now sitting at a grand total of more than 9 trillion dollars. Of course there have been other colossal corporate debt binges throughout our history, and they all ended badly. In fact, the ratio of corporate debt to US GDP rose above 40 percent prior to each of the last three recessions, but this time around we have found a way to top that.
USA - The US’ desire to dismantle the network of Iranian influence in Latin America and specifically in Venezuela speaks to its commitment to counter the regional sway of its rivals’ “deep states”, though it’s hitherto unprecedented for any country to make such a crusade public since the end of the Old Cold War, let alone clothe it in “anti-terrorist” and “anti-criminal” rhetoric.
USA - Nearly everything we buy, how we buy, and where we're buying from is secretly fed into AI-powered verification services that help companies guard against credit-card and other forms of fraud, according to the Wall Street Journal. More than 16,000 signals are analyzed by a service called Sift, which generates a "Sift score" ranging from 1 to 100. The score is used to flag devices, credit cards and accounts that a vendor may want to block based on a person or entity's overall "trustworthiness" score, according to a company spokeswoman.
USA - While seeing an alligator is never too much of a surprise in Florida, the number of close encounters has jumped in recent days and it’s likely due to a combination of hunger and lust. A family in Fort Meyers was awoken by an eight-foot gator in their lanai in the middle of the night last week, police said on Facebook. In another part of town, a motorist captured footage of a massive gator casually strolling along a busy road.
FRANCE - A major fire has engulfed the medieval cathedral of Notre-Dame in Paris, one of France's most famous landmarks. The 850-year-old Gothic building's spire and roof have collapsed but the main structure, including the two bell towers, has been saved, officials say. Firefighters are still working to contain the blaze as teams try to salvage the artwork stored inside.
FRANCE - While the world watched in horror at Paris’ historic Notre Dame Cathedral erupting in flames Monday, the fire is only the latest in a series of incidents that have left social media awash in images of heavily damaged churches.
FRANCE - A seven day spree of vandalism has seen Catholic churches targeted across France sparking fears of a fresh wave of anti-Christian sentiment in the country, including one church being defiled with human excrement.
GERMANY - The reunification of Germany, in 1990, was a moment of exalted pride for the postwar federal republic. After decades of warning that a united country would resurrect the horrors of the 20th century, its neighbors and allies, many of them former battlefield foes, came around to accept and even welcome it. That’s in large part because, during those same decades, West Germany had undertaken a self-administered “Vergangenheitsbewältigung,” a mouthful of a German word that translates as something like “the overcoming of the past,” and refers to the country’s collective effort to grapple with the causes and legacies of the Nazi era.
GERMANY - Angela Merkel is facing renewed speculation over her future after it emerged she will not take part in campaigning for next month's European parliament elections or German regional elections later this year. The veteran German chancellor has no plans to appear on the campaign trail and she will not feature in election posters or material for her Christian Democrat party (CDU). The move is a dramatic departure for Mrs Merkel, who was long viewed as the party’s strongest electoral asset. The decision has prompted questions over how long she will be able to remain chancellor.
EUROPE - High-ranking former European politicians have condemned the Trump administration’s one-sided Israel-Palestine policy and called in a letter for Europe to reject any US Middle East peace plan unless it is fair to Palestinians. The letter, sent to the Guardian, the EU and European governments, was signed by 25 former foreign ministers, six former prime ministers, and two former NATO secretary generals. “It is time for Europe to stand by our principled parameters for peace in Israel-Palestine,” read the letter, calling for a two-state solution in which Israel and Palestinian states live side by side. Europe must stand by the two-state solution for Israel and Palestine. Europe, it said, should reject any plan that does not create a Palestinian state alongside Israel with Jerusalem as the capital for both countries.
USA - Since December, 2018, the US Navy warship Fort McHenry which was deployed to the Persian Gulf, has been quarantined, stranded at sea because of a Viral Mumps Outbreak that has stricken 27 sailors and Marines. All service members on the ship had been vaccinated with the MMR — measles/mumps/rubella vaccine - but the vaccine is defective. The mumps takes 25 days to incubate. “The ship hasn’t made a port call since early January and now isn’t likely to for at least another month — a very long stretch at sea that’s a morale killer for the crew.
USA - A few years ago, shortly after the 2008 subprime lending disaster, the Fed sent a public relations team around the country to conduct supposedly “educational sessions” about how the Fed works and the wonderful things it does. The public was invited, and there was a question and answer session at the end of the presentation. One such session was held in Des Moines, Iowa. At the time I was teaching a course in Austrian economics at the University of Iowa, so I lusted at the prospect of hearing complete nonsense and having a shot at asking a question. I was not disappointed.
USA - One day before Democrats on the House Financial Services Committee held an historic grilling of the CEOs of the mega banks on Wall Street, the nonprofit watchdog, Better Markets, released an in-depth research report on “Wall Street’s Six Biggest Bailed-Out Banks: Their RAP Sheets & Their Ongoing Crime Spree.” The report detailed facts, figures and this inescapable conclusion: “[Six Wall Street mega banks] have engaged in — and continue to engage in — a crime spree that spans the violation of almost every law and rule imaginable.
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The views expressed in this section are not our own, unless specifically stated, but are provided to highlight what may prove to be prophetically relevant material appearing in the media.