Goldman Sachs propose de baisser votre salaire… de 30%

20130130-204549.jpg
Quand les banquiers de Goldman Sachs donnent leur avis sur les solutions miracles à prodiguer à la France pour enrayer la crise, cela fait… mal !

économiematin.fr via E&R

Huw Pill, économiste en chef de Goldman Sachs, l’une des banques d’investissement les plus prestigieuses et sulfureuses du monde –ce n’est pas pour rien qu’elle est surnommée le « diable de la finance »- a été interviewé par le Huffington Post. D’après lui, il faudrait purement et simplement baisser les salaires de tous les Français d’environ un tiers.< Rien que ça !

Pour commencer, le « Monsieur Europe » de Goldman estime que, comparée à la Grèce, la France « a tout pour elle » mais qu’elle a deux (petits) problèmes : son « manque de compétitivité » et des « déséquilibres dans ses comptes .

Tiens donc ! Et qui grève les finances ? « Le secteur public », accusé d’être « bien trop important ». Les fonctionnaires apprécieront. Ceci dit, les dépenses de fonctionnement de l’Etat représentaient en effet 34,7% du total des dépenses en 2010 (contre 41% en 1960 !), soit le deuxième poste de dépenses derrière les prestations sociales (45,3% en 2010).

Alors pour sortir du marasme dans lequel l’Hexagone se trouve, l’économiste a une idée : « une baisse des salaires générale », afin de « regagner de la compétitivité ». 3%, 5%, 10%… ? Non ! « On estime que la France devrait réduire sa moyenne salariale d’environ un tiers » explique celui qui travaille dans une entreprise où, comme le souligne Time to sign off, les bonus accordés en actions aux douze membres de l’équipe dirigeante ont dépassé les 102 millions de dollars en 2012, et où le salaire moyen annuel a dépassé les 410 000 dollars… soit une augmentation de 9% en un an !

Pour autant, Huw Pill se dit >« persuadé que la France peut se réformer », dans les « trois à cinq ans », et ainsi « prendre la bonne direction ».

Quant à la zone euro, elle devrait selon lui « connaître une contraction moins importante » cette année qu’en 2012, mais, prévient-il, les lendemains ne vont pas chanter tout de suite. 2016, il faudra attendre 2016 selon ses estimations « pour retrouver une croissance modeste »r. Patience, donc ! « L’Europe va s’en sortir doucement, mais sûrement ». Si un expert de Goldman Sachs le dit, nous voilà rassurés

Advertisements

Saudi Arabia cannot replace Iran’s oil supply: Iran oil minister

Iranian Oil Minister Rostam Qasemi speaks during an interview with Press TV on April 16, 2012.

Iranian Oil Minister Rostam Qasemi says Saudi Arabia cannot replace Iran’s oil supply to the global market in the long run, Press TV reports.

Qasemi made the remarks during an interview with Press TV’s News Analysis on Monday night.

He noted that although the Saudi side stated at the most recent OPEC meeting that Saudi Arabia was not seeking to take Iran’s share of the oil market, “the latest policy of Saudi Arabia turned out otherwise” as Riyadh announced that it was ready to compensate for a lack of Iranian oil in the market.

The Iranian oil minister said, “Saudi production may be temporary, and it definitely cannot continue.”

“It is not practical, and if it is practical, it is transient… and will have negative effects in the future,” he added.  Continue reading

European Parliament Official In Charge Of ACTA Quits, And Denounces The ‘Masquerade’ Behind ACTA

This is interesting. Kader Arif, the “rapporteur” for ACTA, has quit that role in disgust over the process behind getting the EU to sign onto ACTA. A rapporteur is a person “appointed by a deliberative body to investigate an issue.” However, it appears his investigation of ACTA didn’t make him very pleased:

I want to denounce in the strongest possible manner the entire process that led to the signature of this agreement: no inclusion of civil society organisations, a lack of transparency from the start of the negotiations, repeated postponing of the signature of the text without an explanation being ever given, exclusion of the EU Parliament’s demands that were expressed on several occasions in our assembly.

As rapporteur of this text, I have faced never-before-seen manoeuvres from the right wing of this Parliament to impose a rushed calendar before public opinion could be alerted, thus depriving the Parliament of its right to expression and of the tools at its disposal to convey citizens’ legitimate demands.”

Everyone knows the ACTA agreement is problematic, whether it is its impact on civil liberties, the way it makes Internet access providers liable, its consequences on generic drugs manufacturing, or how little protection it gives to our geographical indications.

This agreement might have major consequences on citizens’ lives, and still, everything is being done to prevent the European Parliament from having its say in this matter. That is why today, as I release this report for which I was in charge, I want to send a strong signal and alert the public opinion about this unacceptable situation. I will not take part in this masquerade.

Pretty rare to find such direct honesty in political circles. That’s quite a direct and clear condemnation of the entire process. In terms of process, it will be interesting to see if this has an impact. While the EU did sign on to ACTA today, it still needs to be ratified by the European Parliament (more on that in a little while). Having Arif quit makes a pretty big statement, and hopefully makes it easier for Parliament Members to speak out loudly against ACTA… Still, this is an uphill battle. The supporters of ACTA have been working to get ACTA approved for years. To them, this is basically a done deal.

Source: Tech Dirt

Pentagon fumes: Iran patrols Hormuz

The US Defense Department, the Pentagon, has released video footage showing Iranian motorboats approaching US vessels passing through the strategic Strait of Hormuz last week.

According to the Pentagon officials, the incident took place twice last week, though the interactions were not seen as hostile.

The video released by the Pentagon shows armed boats belonging to the Islamic Revolution Guards Corps navy approaching within several hundred yards (meters) of the USS New Orleans, an amphibious transport ship, on January 6, 2012.

According to US military sources, a similar incident occurred with the US Coast Guard cutter Adak the same day, with the Iranian boats seen riding in its wake with guns visible.

“This interaction between US naval vessels and the Iranian vessels is commonplace,” said Captain Jane Campbell, a Pentagon spokeswoman. “There is nothing in these that shows any kind of hostile intent,” she added.

US officials say it is routine to take video of such incidents and the US military decided to release imagery at the request of news organizations.

After the US and the European Union proposed sanctions against Iran’s oil sector, which aim to deprive the country of its oil exports, high-ranking civil and military officials in Tehran threatened the West with the possible closure of the Strait of Hormuz. They say if Iran cannot export its oil, no other country will be able to do so either.

Iran’s Navy also staged 10-day massive navy drills dubbed Velayat 90 last month in the vicinity of the Strait of Hormuz as a clear warning to the West to avoid of any measure which may threaten the safety of the Iranian waterway.

Commander of Iran’s Army Major General Ataollah Salehi warned the US John C. Stennis, which left the Persian Gulf on December 30, 2011, en route to the Sea of Oman, not to return to the Persian Gulf, adding that the warning comes “only once.”

Source: PressTV

The West Blinks – Iran Embargo Likely To Be Delayed By Six Months

By Tyler Durden on 01/12/2012 14:12 -0500

Source: Zero Hedge

UPDATE: Oil Sub $100.

And so the escalation ends, if only for the time being, as Iran chalks a (Pyrrhic?) victory.

  • EU IRAN OIL EMBARGO SAID TO BE LIKELY DELAYED BY SIX MONTHS

Why? Because the world slowly realized that the potential surge in oil prices would tip a world already on the verge of a recession even deeper into economic contraction. Not rocket science, but certainly something the US president apparently has been unable to comprehend, especially if hoping that he would merely transfer exports from Iran to his close ally Saudi Arabia which would cement its European market monopoly even further. Or, perhaps, someone just explained to Obama that Embargo in January + QE3 in March = No Reelection…

In other news, crude is now dumping.

Reuters on the topic earlier:

U.S. allies in Asia and Europe voiced support on Thursday for Washington’s drive to cut Iran’s oil exports, though fear of self-inflicted economic pain is curbing enthusiasm for an embargo that a defiant Iran says will not halt its nuclear programme.

On Thursday, Japan, whose economy is already deep in the doldrums after cuts in its nuclear power supply following last year’s tsunami, pledged to take concrete action to cut its oil imports from Iran in response to an appeal for support from visiting U.S. Treasury Secretary Timothy Geithner.

However, Tokyo’s support was not without reservations.

Finance Minister Jun Azumi said Japan buys 10 percent of its oil from Iran. “We would like to take action concretely to further reduce in a planned manner,” he said. But he added: “It would cause immense damage if they were cut to zero.”

The European Union is more sympathetic to U.S. pressure on Iran. EU foreign ministers are expected to agree on a ban on imports of Iranian crude oil on Jan. 23.

However, even Europe, whose governments largely share the concern of Israel and Washington over Iran’s nuclear ambitions, is looking for ways to limit the pain of an embargo.

“We expect a slow and gradual implementation of what will eventually become a full embargo,” said Mike Wittner from Societe Generale. “Europe has the same concerns about its fragile economy and an oil price spike as the U.S., probably even more”.

Firms in Iran’s three biggest EU oil customers, Italy, Spain and Greece, all suffering acute economic discomfort, have lately extended existing purchase deals in the hope to at least delay the impact of any embargo for months, traders told Reuters.

The European Union is more sympathetic to U.S. pressure on Iran. EU foreign ministers are expected to agree on a ban on imports of Iranian crude oil on Jan. 23.

However, even Europe, whose governments largely share the concern of Israel and Washington over Iran’s nuclear ambitions, is looking for ways to limit the pain of an embargo.

“We expect a slow and gradual implementation of what will eventually become a full embargo,” said Mike Wittner from Societe Generale. “Europe has the same concerns about its fragile economy and an oil price spike as the U.S., probably even more”.

Firms in Iran’s three biggest EU oil customers, Italy, Spain and Greece, all suffering acute economic discomfort, have lately extended existing purchase deals in the hope to at least delay the impact of any embargo for months, traders told Reuters.

Iran Registers Five-Time Growth in Exports despite Sanctions

Despite international sanctions and certain western countries’ unilateral bans and embargos, Iran has boosted its exports by 500% during the last 8 years.

Reports show that despite the hostile policies and moves of the United States and its European allies, Iran has shown a promising trend of growth in area of economy.

The latest statistical figures presented by the Iranian commerce and economic bodies, the country has experienced a five-time growth in exports to over 160 world countries, while it imports have increase by 200% during the last 8 years.

Also, during the last 9 months of the current Iranian year (March 21 to December 21), the country’s exports have grown to $31.9bln which shows a 37.8% increase compared with the same period last year.

It is noteworthy that Iran has imported goods from 37 European countries and exported its products to 35 of them in the last 8 years.

Iran is under four rounds of UN Security Council sanctions for turning down West’s calls to give up its right of uranium enrichment.

The United States and its allies accuse Iran of pursuing a military nuclear program and have used their influence on the UN Security Council to press for fresh sanctions against Tehran.  Continue reading

Bankers have seized Europe: Goldman Sachs Has Taken Over

[ Editor’s note: Artcle translated into French HERE ]

by Paul Craig Roberts

On November 25, two days after a failed German government bond auction in which Germany was unable to sell 35% of its offerings of 10-year bonds, the German finance minister, Wolfgang Schaeuble said that Germany might retreat from its demands that the private banks that hold the troubled sovereign debt from Greece, Italy, and Spain must accept part of the cost of their bailout by writing off some of the debt. The private banks want to avoid any losses either by forcing the Greek, Italian, and Spanish governments to make good on the bonds by imposing extreme austerity on their citizens, or by having the European Central Bank print euros with which to buy the sovereign debt from the private banks. Printing money to make good on debt is contrary to the ECB’s charter and especially frightens Germans, because of the Weimar experience with hyperinflation. 
Obviously, the German government got the message from the orchestrated failed bond auction. As I wrote at the time, Continue reading

The great euro Putsch rolls on as two democracies fall

By Ambrose Evans-Pritchard

20111115-003104.jpg

Crowds gathered outside the Italian presidential palace after Silvio Berlusconi resigned on Saturday.
Photo: GETTY

Europe’s scorched-earth policies have begun in earnest. The inherent flaws of monetary union have created a crisis of such gravity that EU leaders now feel authorized to topple two elected governments.

As I long feared, the flood of cheap credit into Southern Europe and the slow death of Club Med industry by currency asphyxiation have together created such a dangerous situation for world finance that informed opinion is willing to turn a blind eye to EU sovereign trespass. Some even applaud.

The Greeks were ordered to drop their referendum on measures that reduce their country to a sort of Manchukuo, with EU commissars “on the ground”, installed in each ministry, drawing up lists of state assets to be liquidated to pay foreign creditors.

Europe had the monetary and fiscal means to contain the EMU debt crisis long enough for Greeks to give or withhold their crucial assent to this ultimatum in December.

It chose – under German-Dutch pressure – not deploy those means. Instead it forced Greece to capitulate by cutting off an agreed loan payment.

In Italy, the European Central Bank has engineered the downfall of Silvio Berlusconi by playing the bond markets, switching purchases on and off to enforce compliance with its written dictates (“La Lettera”), and ultimately allowing 10-year yields to spike to 7.45pc to drive him out.

Europe’s president Herman Van Rompuy swooped in to Rome to clinch the Putsch. “Italy needs reforms not elections,” he said.

We are not that far from use of EU judicial coercion, and then EU police power, and ultimately EU “border troops” – for those old enough to remember Soviet methods of fraternal assistance.

Chancellor Angela Merkel tells us that peace in Europe can no longer be taken for granted, and she is right. Her own Gothic actions and her inflexible imposition of 1930s Gold Standard contraction and debt-deflation on Southern Europe is itself preparing the ground for Europe’s civil war (hopefully pacific), a rebellion by the South against the North.

Continue reading