The Basel-accord are frequently paraphrased in the debate around banking stability and its third step, Basel III, is seen as a set of rules and regulations that once and for all will avoid future financial panic.  But as always, this can be interpreted as mere smoke screens to avoid financial system collapse now – but…

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!…