Core inflation is stuck at 5.6pc after rising for several months, but the eurozone economy has stalled and is in near recessionary conditions. The European Central Bank is in an invidious position, partly of its own making. This leaves the bloc exposed to a risk ‘spread’ drama every time trouble hits. Nor do they want to share their credit card with the unreformed high-debt economies of the South. The even deeper point is that Germany, the Netherlands, and the creditor states of the North still refuse to accept fiscal union and permanent issuance of joint debt, for the legitimate reason that this would eviscerate the tax-and-spend sovereignty of their own parliaments. The infamous doom loop from 2011-2012 lives on.Įach country is still responsible for rescuing its own banks even though it cannot print its own money or set its own interest rates, and no longer has its own lender-of-last-resort and even though it has no means of blocking dangerous inflows of speculative capital (as happened to Spain).Ī banking crisis still threatens to pull any of the eurozone high-debt states into the abyss with it. There is still no shared deposit insurance for banks. The deeper point is that the eurozone never completed its long-promised banking union. The terms are so harsh, and so contradictory, that many European banks could not meet the “bail in” threshold without having to confiscate the deposits of ordinary savers (as happened in Cyprus). What it instead does is to guarantee havoc. It aims to ensure that taxpayers will never again be on the hook when banks fail. There is no equivalent to the US “systemic risk exemption” clause, which limited contagion (briefly) after the collapse of Silicon Valley Bank. The Bank Recovery and Resolution Directive (BRRD) does not allow national governments to bail out uninsured depositors in a crisis. Who exactly is responsible for a bank rescue in the eurozone, and on what legal terms? It is now even harder for any lender in distress to raise capital or to find a buyer. The US has inadvertently invited a broader downward spiral by insisting banks must be seized, and shareholders and bondholders must be wiped out, before there can be a subsidised takeover. This is not to say that Washington has made a good fist of it. The EU authorities do not have the legal power to conduct the sort of rescue measures just concocted by the US Treasury, the Federal Reserve, and the Federal Deposit Insurance Corporation, acting in concert. If anything does go wrong – and there is a high probability that it will, given the galloping contraction in the money supply – the eurozone still lacks the machinery necessary to contain a banking crisis. things everyone can do to help slowly edge the country back from the danger, madness and societal collapse that might be in our near future.To which one can only retort: thank heavens for that.Hurricane Katrina and the violence in it's immediate aftermath.His previous journalism includes several trips to international warzones, as well as a variety of US protest rallies and marches, so he's not just making this stuff up. Robert Evans, the host of the podcast, is on the far left of the political aisle, but he's also gun owner and a survivalist prepper who thinks most gun control laws are poorly conceived, so he brings some very nuanced perspectives rarely heard elsewhere. The various episodes spell out numerous scenarios any of which could play out to tear apart America and have far-reaching consequences for the world. March to May, 2019: This 10-part investigative journalism podcast covers the growing militant movements in the US and bad actors seeking to "raise the temperature" and push the country towards a 2nd American Civil War.1700s 1800s 1920s abandoned abduction aboriginal acid adventure_seed aesop africa afterlife agriculture aircraft airplane airport alabama alarm alchemist alchemy algae alien aliens alloy alternate_universe alternative_science america american ammunition amphibean amphibious amulet ancient_astronauts ancient_egypt ancient_greece ancient_rome ancient_world android angel angler animal animal_cruelty antarctica antidote antigravity antimatter ape apocalypse apprentice aquaculture aquatic_animal arabia arachnid archaeology architecture archosaur arctic arizona arkansas armor armour armoured_fighting_vehicle arrow art arthropod artifact artist asia assassination assault asteroid astrology astronautics astronomy astrophysics athlete atmosphere atomic australia australian author automobile aviation aviator ax aztec aztec_mythology baby badass balkans ballet baltic bamboo banking bar barbarian barber base bat bear bee
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