You can now click on pictures for better resolution. Much ink has already been spilled on the so-called September “taper” which was almost pre-announced by the Federal Reserve. However, in the grand scheme of things no one will care if we spill marginally more. In May and later in June, Chairman Bernanke went lengths to…

While the Europhiles would like EU to move towards full fiscal union, with corresponding tax and spending harmonization, they have so far “only” managed to get Europe on track for a full-fledged banking union. Over the next 18 months we will probably see major changes in the European framework for banking regulation. 4.1.    Single supervisor…

Today we present the Target2-system and the fiscal bail-out facilities in our series on European efforts to bail out itself. For new readers, check out part 1 here http://bawerk.net/?p=123 Tran-European Automated Real-time Gross Settlement Express Transfer System – TARGET2 In order to facilitate cross-border financial transactions within the currency union an interbank payment system was…

Over the last couple of years we have been tracking the various bail-out schemes concocted by ingenious Eurocrats. It is truly fascinating to observe these people get entangled in one lie after another; always trying to resolve the old lie with a new one. The hard cold truth is of course that Europe is bankrupt!…