German politicians and media are intensifying pressure on Rome in anticipation of today’s EU Commission verdict on Italy’s national budget. Already last week, EU Budget Commissioner Günther Oettinger announced, in reference to the Italian deficit, that the Italian government must “correct” its draft budget. Media reports refer to a “black week” for Rome. Negative reporting – like rating agencies’ devaluation of Italy’s creditworthiness – can contribute to the destabilization of Italy’s financial and credit markets. The country’s current downward spiral threatens to re-escalate the banking crisis. Whereas Berlin insists that the EU take sharp measures against deficits, Germany’s Finance Minister at the time, Wolfgang Schäuble had prevented the EU Commission from taking measures against excessive surpluses, which the commission sees as potentially just as destabilizing. Germany has been achieving these surpluses year after year.
Geopolitics
Cédric Durand – Fragile Leviathan?
On Trump and big tech. In New Left Review’s ‘Sidecar’. Read the article HERE.
Geopolitics
NME: Kneecap respond as Keir Starmer and Kemi Badenoch call for Glastonbury ban: “You know what’s ‘not appropriate’ Keir? Arming a fucking genocide…”
Kneecap have responded to Prime Minister Sir Keir Starmer and Conservative Party leader Kemi Badenoch calling for them to be banned from performing at Glastonbury 2025. Read Article HERE
Economics
Bill Mitchell: Zero trading in 10-year Japanese government bonds signals Bank of Japan supremacy
The lack of trading in the 10-year JGB is a sign that the gamblers in the investment banks have given up their power play against the Bank of Japan. They have finally got the message […]
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