France drifts into deflation as ECB ‘pea-shooter’ falls short

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The Bank of Italy warns that any further falls in prices at this stage could have ‘extremely grave consequences for economies with very high public debt levels’ The Telegraph –  Ambrose Evans-Pritchard, International Business Editor – Comments France is sliding into a deflationary vortex as manufacturers slash prices to keep market share, intensifying pressure on the European Central Bank to take ... Read More »

Five things the autumn statement taught us about the British economy

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George Osborne showed he hadn’t lost his appetite for gimmicks and giveaways, but behind the crowd-pleasing tactics there was plenty of pain – Angela Monaghan – The Observer ( The Guardian ) Once the initial excitement had died down over the chancellor’s rabbit-out-of-the-hat moment, making cuts to most homebuyers’ stamp duty, reality quickly set in.George Osborne triumphantly announced in his autumn statement ... Read More »

Troika fixes fail: How to fix the Troika


There is no country in which the Troika could claim success. Friends of Europe - Andreas Theophanous * The austerity measures demanded by the EU, ECB and IMF remind this professor of a doctor’s prescriptions only making the patient worse. And it could get worse for us all: the Troika policies cannot be sustained without further strains in the Eurozone and ... Read More »

Dollar Rises to 7-Year High Versus Yen as Aussie Slides on GDP

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The dollar strengthened to a seven-year high against the yen before U.S. data this week that economists say will back the case for higher interest rates as Japan and Europe ease policy. Βloomberg – Kevin Buckland The greenback was 0.2 percent from its strongest in two years against the euro before theEuropean Central Bank meets tomorrow. Australia’s currency slid to ... Read More »

EU Postpones Ruling on French and Italian Fiscal Policy Until March

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The European Commission postponed until March its decision on whether French, Italian and Belgian fiscal policy was in line with European Union rules, saying their 2015 draft budgets were at risk of breaking them but it needed more data to decide. REUTERS NEWSWEEK The Commission assesses draft national budgets of the 18 countries sharing the euro under new powers it ... Read More »

Chancellor haunted by deficit and £1.45 trillion debt pile

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Government borrowing falls in October, but tax receipts remain weak, reducing chance of big giveaways in the Autumn Statement. Comments The Government’s ability to reduce the deficit this year and tame Britain’s huge debt mountain is in doubt, despite a slight fall in borrowing last month. Public sector net borrowing, excluding public sector banks, fell to £7.7bn in October, from £7.9bn ... Read More »

David Cameron warns that second global crash is looming

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PM says ‘red warning lights are flashing’ against a backdrop of instability and uncertainty, as G20 summit draws to a close Jump to comments David Cameron: red lights are flashing on the global economy David Cameron has issued a stark message that “red warning lights are flashing on the dashboard of the global economy” in the same way as when ... Read More »

An Unexpected Country Has Become a Mecca for Subversive Street Art


New York City has traditionally been considered the premier mecca for street artists around the world. “It’s hard to imagine what New Yorkers experienced in the early seventies, as they watched their city become steadily tattooed with hieroglyphics,” wrote Dimitri and Gregor Ehrlich New York magazine in 2007. “Some saw it as vandalism and a symbol of urban decay. But ... Read More »

Inside the Notorious Yarl’s Wood Immigration Detention Centre


Susan wrings her hands and twitches as she speaks, jerking her head from side to side. She is clearly not well. “I ate washing powder to try and kill myself,” says the nervous woman in her fifties. Her eyes flash wild. “It was all I could find. I wanted to die. I would rather die than go back.” Susan, whose ... Read More »

No one wants to host the Olympics anymore


Nations are dropping out of the running for the 2022 Olympics all over the place. Can’t blame ‘em. Who’s going to host the Winter Olympic Games in 2022? We’re down to two finalists and this is all so exciting! Exciting, that is, until you find out the two finalists are the last ones standing because no other city in the ... Read More »