European News Round Up
February 21, 2009, 2:14 pm
Filed under: collapse, economy, England, Europe, European Union, fascism, International news, news, politics, protest, UK, war

European leaders ‘tremble’ at protests – Raw Story 1/31/09

Greece paralysed as farmers ratchet up protests – Global Research 1/28/09

A million on strike as France feels pinch – Guardian, UK 1/30/09

French left forms anti-capitalist party – Raw Story 2/7/09

Icelandic government becomes first to be brought down by the credit crunch – Daily Mail, UK 1/23/09

World Agenda: riots in Iceland, Latvia and Bulgaria are a sign of things to come – Times, UK 1/21/09

Economic Crisis and Social Turbulence in the Baltic States – Global Research 1/18/09

Ukraine prepares national program of integration into NATO – Global Research 1/28/09

UK Cabinet Minister: ‘The banks are fucked, we’re fucked, the country’s fucked.’  – Guardian, UK via Cryptogon 1/22/09

Second Danish bank bailout in four months – Global Research 1/23/09

Government urged to come clean on co-operation over CIA secret prisons – Guardian, UK 1/23/09

Sunny Hundal: Did you know … live music events could pose a terrorist threat? – Guardian, UK 1/23/09

Children throwing snowballs in public could be arrested or fined  – Telegraph, UK 2/3/09

UK to introduce “photograph a cop, 10 years in jail” law – BoingBoing 2/3/09

Taxpayers could be liable for £200bn in toxic bank loans – Independent, UK 1/18/09

It’s time to rattle and bang in protest at this outrage – Guardian, UK 1/31/09

On Monday the Guardian reports on its investigation which reveals corporate tax avoidance on a gargantuan scale. Respectable FTSE 100 companies, household brands that are cornerstones of Britishness, have for years deprived British citizens of potentially billions – all done legally by battalions of super-accountants and lawyers.  As company wealth ballooned during the boom, the money going into Treasury coffers should have grown proportionately. But between 2000 and 2007 the proportion of tax paid by top companies fell. Where did it go? The very clever people who devised fiendish debt devices that blew up the banks also applied their brains to byzantine new tax avoidance strategies.

Willem Buiter: US & UK as Banana Republics – via Naked Capitalism 2/6/09


The only element of a classical emerging market crisis that is missing from the US and UK experiences since August 2007 is the ’sudden stop’ – the cessation of capital inflows to both the private and public sectors. There has been a partial sudden stop of financial flows, both domestic and external, to the banking sector and the rest of the private sector, but the external capital accounts are still functioning for the sovereigns and for the remaining creditworthy borrowers. But that should not be taken for granted, even for the US with its extra protection layer from the status of the US dollar as the world’s leading reserve currency. A large fiscal stimulus from a government without fiscal credibility could be the trigger for a ’sudden stop’


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