By Wolf Richter: Commerzbank, Germany’s second-largest bank, a toppling marvel of ingenuity during the Financial Crisis that was bailed out by ever dutiful if unenthusiastic taxpayers, will now reward these very folks with what Germans have come to look forward to: the Wrath of Draghi.
It started with Deutsche Skatbank, a division of VR-Bank Altenburger Land. The small bank was the trial balloon in imposing the Wrath of Draghi on savers and businesses. Effective November 1, those with over €500,000 on deposit earn a “negative interest rate” of 0.25%. In less euphemistic terms, they get to pay 0.25% per year on those deposits for the privilege of giving their money to the bank.
“Punishment interest” is what Germans call this with Teutonic precision.
The ECB came up with it. In June, it started charging a “negative interest rate” of 0.1% on reserves. In September, it doubled that rate to 0.2%.
“There will be no direct impact on your savings,” the ECB announced at the time. “Only banks that deposit money in certain accounts at the ECB have to pay.” It even asked rhetorically: “But why punish savers and reward borrowers?” And it added helpfully: “This behavior is not specific to the ECB; it applies to all central banks” [here's part one of the saga... The Wrath of Draghi: First German Bank Hits Savers with ‘Negative Interest Rates’].
On November 6, as rumors were swirling that even the largest banks would inflict punishment interest on their customers, Commerzbank CFO Stephan Engels came out swinging in an interview to assuage these fears. He said point blank, “We cannot imagine negative interest rates on deposits of our individual and business customers.”
By Michael Snyder: Are you waiting for the next major wave of the global economic collapse to strike? Well, you might want to start paying attention again.
Three of the ten largest economies on the planet have already fallen into recession, and there are very serious warning signs coming from several other global economic powerhouses. Things are already so bad that British Prime Minister David Cameron is comparing the current state of affairs to the horrific financial crisis of 2008. In an article for the Guardian that was published on Monday, he delivered the following sobering warning: “Six years on from the financial crash that brought the world to its knees, red warning lights are once again flashing on the dashboard of the global economy.” For the leader of the nation with the 6th largest economy in the world to make such a statement is more than a little bit concerning.
So why is Cameron freaking out?
Well, just consider what is going on in Japan. The economy of Japan is the 3rd largest on the entire planet, and it is a total basket case at this point. Many believe that the Japanese will be on the leading edge of the next great global economic crisis, and that is why it is so alarming that Japan has just dipped into recession again for the fourth time in six years…
By Mike Buchanan: Not long ago we publicly challenged Theresa May, Home Secretary, over a deeply flawed and feminist-driven Home Office consultation on strengthening the law on domestic abuse – our letter is here. We later submitted a 150+ page report to the consultation.
We’ve just received a letter from an official at the Home Office. We see not the slightest suggestion in the letter that the Home Office has engaged substantively with the content of either of the documents we sent. But let’s wait for the Home Office to publish its response to the consultation, which is due shortly.
Via AVfM: Neil Lyndon describes his 1992 book, No More Sex War: The Failures of Feminism,
as “the world’s first radical critique of feminism from an egalitarian,
progressive, non-sexist point of view,” exposing the contradictions,
myths, and falsehoods of feminism. No book and no author in our time has
experienced such vilification in the press and at such a professional
and personal cost, not only for this book but also for his breakthrough Sunday Times Magazine piece “Bad Mouthing,” which we reprinted here. After more than 20 years, Lyndon is reissuing a new volume titled Sexual Impolitics, with the full unexpurgated and uncensored text of No More Sex War,
to ensure “that my book will finally … be published as I meant it to be
read”—and this time it won’t be taken out of print by feminist thugs.
We’ve reprinted a few excerpts from the book’s Foreword and two
chapters.—Eds.
By Neil Lyndon: Can we get a few things straight?
1) This book is not anti-woman. You will not find one word here that
criticises, mocks or demeans women in general. My purposes are entirely,
wholeheartedly egalitarian, non-sexist and progressive.
David Cameron doubling down on failure as ‘global recession looms.’ With a fair and balanced view at Cameron’s claims of ‘paying down government debt,’ Max and Stacy concede that national debt growing from £580 billion in 2007 to £1,400 billion today could, using certain accounting tricks, be seen as the shrinking debt load.
Submitted by Tyler Durden: After two years, and 396 pages of report, the
Senate investigations committee finds (translating their gobbledygook
into English) that
the banks did indeed corner and rig the commodity market.
As Bloomberg reports,
the Senate panel said the firms have eroded the line separating banking
from commercial activities to the detriment of consumers and the
financial system. The holdings give banks access to non-public
information that could move markets and increase the likelihood that
industrial accidents will spur taxpayer bailouts, the report
said... (i.e. manipulated the system). The hearing, involving bankers
from Goldman, Morgan Stanley, and JPMorgan begins at 930ET...
"Bitching about feminism is fun, ...talking about these issues is an act of revolution." Paul Elam talks about feminist rape culture hysteria. Via Victor Zen
The apartheid JSIL (Israeli) regime has detained some 10,000 Palestinian minors in jails within the worlds largest open air prisons, occupied West Bank and East al-Quds (Jerusalem) since the year 2000.
Zionist Shill Orwellian UK Regulator BANNED Press TV: An official from the Palestinian Liberation Organization (PLO) made the announcement on Wednesday, adding that the inmates’ rights are “regularly” violated by humiliation and torture.
"Israel (JSIL) does not provide any immunity for children and regularly violates international agreements on children's rights by humiliating and torturing them and denying them fair trials," Issa Qaraqe, head of the PLO's committee on detainees, said in a statement.
"All human beings need positive social identity. Male feminists are held hostage by their need, which is a need we all share." johntheother
"When we're scared we're more manageable! ...We are our governments primary enemy!" Russell Brand Reaction to news that the US Senate has rejected the USA Freedom Act, a bill that sought to end the NSA’s ongoing daily collection of practically all US phone data.
"It was intended to be a celebration of men. ...Sinn Fein support heforshe. ...The writing is on the wall!" Paul Elam
"The best and worst of mankind in the space of a few days." Thorium Ð
Transcript: Hello everyone, Thorium here. Last week something stupendous took place: the European Space Agency successfully landed a probe, referred to as 'Philae', on the surface of a comet travelling at somewhere in the region of 55,000 kmph. To state the obvious: this is a historical first.
Amid scenes of jubilation, congratulation, and general feeling-good-about-humanity for a change, something entirely innocuous occurred. Matt Taylor, project scientist for the aforementioned Rosetta mission, had the temerity to wear a shirt.
