Tag: Banking
While everyone knows that the 1929 market crash unleashed four years of hell in America which quickly spread across Europe under the great depression, not many people have realized that this was not inevitable, but rather a controlled blowout.
If Brussels can’t deliver on Iran’s rescue package, then it won’t matter if far right parties dominate the European parliament, signaling the demise once and for all, of the EU as we know it.
The latest news from Wall Street: according to Fortune magazine, the «Big Six» banks in the US – Bank of America, JP Morgan Chase, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley – paid a total of more than 30 fines, about $110 billion, for ripping off the mortgage market and thus sparking the 2007-2008 global financial crisis…
The news I’m talking about was reported by media in May. Not a big thing at first glance, certainly not a thing to hit radar screen. But the devil is in the details. Some interesting events took place in Scandinavia. The Danish government proposed exempting certain shops from the obligation to accept cash payments in a move seen as pushing the country a step closer to a «cash-free» economy. Businesses such as clothing retailers, gas stations and restaurants will no longer be required to accept cash next year, the government of Denmark said on May 6. The move comes as part of a pre-election package of economic growth measures aimed at reducing costs and increasing productivity for businesses. Many stores in Sweden do not accept cash but only debit or credit cards. Now a buyer with full pockets of cash will leave a Swedish and Danish shop empty handed…
