Mish/ Mike Shedlock – Netherlands, The Next Chip To Fall? – 7 April 2013

Most attention lately has been on Cyprus, Spain, and Italy. Long-time troubles have been brewing in Portugal and I have an update coming up shortly.

First consider Underwater: The Netherlands Falls Prey to Economic Crisis.

The Netherlands, Berlin’s most important ally in pushing for greater budgetary discipline in Europe, has fallen into an economic crisis itself. The once exemplary economy is suffering from huge debts and a burst real estate bubble, which has stalled growth and endangered jobs.

John O’Donohue – Celtic Pilgrimage – 5 April 2013

On a recent visit, David’s sister and I watched one of John O’Donohue’s delightful tours of some of the sacred spots of Ireland. That 50 minutes or so transported me so far and so deeply that I’ve not quite returned to “ordinary” life. Not that I consider my life ordinary , but the gentleness and kindness of John O’Donohue, mixed with ancient stories and the stunning views and sounds of Nature, have remained tangible presences in my heart all week. Here are two excerpts of the Celtic Pilgrimage we watched last Friday:

Mish/ Mike Shedlock – 97% Of Spain’s Social Security Pensions Are Invested In Spanish Government Debt – 5 April 2013

Looking for a disaster waiting to blow sky high? I have one right at hand. El Economista reports 97% of pensions are invested in Spanish government debt in 2012.

The Reserve Fund of Social Security in 2012 increased their holdings of Spanish debt to 97% of total assets, up from 90% who had in late 2011.

AmericanKabuki – Cease & Desist Orders For Bankers – 2 April 2013

On Apr 1, 2013, at 2:00 PM, Paula Humfrey wrote:

AK, following below is a manifesto to park in front of Eurozone Cease & Desist orders for bankers (also found below):

Manifesto:

There was always destined to be a single trigger to bring down the Eurozone, which is recognized as an inherently unstable system. Cyprus appears to be pulling that trigger.

Mish/ Mike Shedlock – Italian President Giorgio Napolitano Denies He Is Stepping Down After Phone Call From ECB President – 1 April 2013

Whether or not Italian President Giorgio Napolitano intended to step down or it was just a rumor, following ECB President Mario Draghi phone call, Napolitano denies resignation reports.

Napolitano pledged on Saturday that he would stay in office until the end of his term on May 15 following reports that he planned to step down to break the deadlock created by last month’s election, which left no party able to form a government.Months of Pressure on Bersani and Silvio Berlusconi

Mish/ Mike Shedlock – Deal Reached, Damage Done – 25 March 2013

One could tell from the rise in the futures this evening that a deal was reached, but conflicting reports had me wondering “what deal?”

The story now is that president Nicos Anastasiades threatened to resign if the terms were not acceptable (a nice strategy), and euro leaders agreed to a 10 billion euro bailout.

Mish / Mike Shedlock – Reader Asks : Where’s The Money? – 24 March 2013

Reader Robert at Americans for Limited Government asks an interesting question.

Robert writes …

Hello Mish

We are led to believe that taxing Cypriot deposits in the amount of 5.8 billion euros will make the banks solvent. I have a question: Why the need for capital controls after “recapitalization”? How can deposits be used for taxation but not withdrawals?

Mish/ Mike Shedlock – Regrets Pour In; Cyprus Parliament Passes Bailout Plan; Will Her Highness Approve? – 23 March 2013

The Cypriot parliament passed bailout measures today, but they are not quite the measures that Her Highness, Angela Merkel approves. They are not measures Cypriot citizens will approve of either.

Let’s take a look at the present state of blackmail, as passed by Cyprus and reported by the BBC.

Mish / Mike Shedlock – “The Positive Impact Of The Declining Yen Has Yet To Be Seen” – 21 March 2013

Those who thought a declining yen would be a savior to Japan need to reconsider as Japanese February Exports Fall 2.9%.

Japan’s exports fell more than economists forecast and the nation’s trade deficit persisted, underscoring challenges to Prime Minister Shinzo Abe’s campaign to revive the world’s third-biggest economy.

Mish/ Mike Shedlock – Cyprus Conservatieve Opposition Parliamentary Member Says “If No Solution Soon, Print Cyprus Pounds And Abondon The Euro” – 20 March 2013

Marios Mavrides, a conservative opposition member of the Cyprus parliament just chimed in with his viewpoint “If No Solution Soon, Print Cyprus Pound and Abandon the Euro“.

The conservative opposition parliamentarian of Cyprus, Marios Mavrides, said Wednesday that if his country can not find a solution shortly, it “will begin to print  Cyprus pounds and abandon the euro.”