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Spain and Italy will be the first victims of France's left gamble
With Hollande crushing Sarkozy in France and with a new chaotic parliament in Greece, two more destabilizing factors are added to the deeply troubled European Union. It is not clear how real were the promises of Hollande in France and if he will really turn the country left. It is possible a socialist government to be pressed to make austerity reforms, just as this happened with PASOK government of Papandreou in Greece. Anyway electing a left president that promises to re-negotiate the EU fiscal pact and dreams of ECB printing more money, is a choice that will at least frighten the markets. There will be also parliamentary elections in June. As France is a semi-presidential republic where Parliament can remove the government from power, this can create additional uncertainty. Up to now Sarkozy was strong because he has also a majority in Parliament.
A spectre of John Galt is haunting USA
No it is not a chapter of Ayn Rand's "Atlas Shrugged". It is a real news by a reliable source. More and more Americans are giving up their citizenship. This absurd situation looks like in a comedy movie as millions of people all over the world are dreaming of coming to America and the Green Card lottery does not lack applicants... But if we open the Rand's unique book we will see exactly the same. The active, rich and entrepreneurial people are running away from the Socialist USA, while common people - workers and government officers are staying. The Rand's scenario is very close to current situation with citizenship throwing. And this means a serious danger for USA.
Another Mogul is leaving the Euro-cause
Today the leader of the Eurogroup Jean-Claude Juncker (also prime minister of Luxembourg) resigned - unexpectedly and before the end of its term in June. The formal reason of the resignation is his discontent of German-French domination in Euro decision making. But I think this resignation means much more. I think the Euro is close to its end and the weighty officials are leaving the cause, this way saving their own authority.
Read more...200 billion Marshall-2 plan to feed the EU bureaucracy
200 billion Euros is the size of the new European "growth" plan prepared by Brussels bureaucrats. First the Spanish newspaper El Pais published the information and after that some other rumors confirmed it. Even the slang name appeared - a Marshall-2 plan. The European Commission (EC) officially denied the existence of such plan, but as we remember most of such announcements by EC lately has been proven not true.
Read more...Just as expected - Iran crisis is calming down, but oil price is still loving up :)
March 30th the crude oil price (WTI) was $103,02 per barrel. April 27th the price was $104,93 per barrel. Why comparing these 2 dates is interesting? The answer is in Iran nuclear crisis that is blamed as main reason for pumping up the oil prices. On April 14h in Istanbul (Turkey) negotiations were hold between Western countries and Iran. Both sides said the talks were "constructive" and optimism appeared on markets. The economic sanctions plans were to be rethought and the risk of war went down.
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