I must stop using such apocalyptic language, its not that ba…mother of God, what was that?

Via.

Filed under: Economics, Politics, Europocalypse, Hollande, Merkel

Couldn’t have happened to a nicer person

Welcome to Schadenfreude Tuesdays.

Rebekah Brooks and her husband, Charlie, are being charged with conspiracy to pervert the course of justice over the phone hacking inquiry…

She is charged – along with her husband, personal assistant Cheryl Carter, chauffeur Paul Edwards, security man Daryl Jorsling, and News International head of security Mr Hanna – with conspiring to “conceal material” from police between 6 and 19 July.

In a second charge, she and Ms Carter are accused of conspiring to remove seven boxes of material from the News International archive between 6 and 9 July.

And in a third charge, Mr and Mrs Brooks, Mr Hanna, Mr Edwards and Mr Jorsling are accused of conspiring to conceal documents, computers and other electronic equipment from police officers between 15 and 19 July.

Some semblance of justice at last. Apropos of nothing in particular, anyone else remember this?

The Evening Standard yesterday interviewed Chris Bryant about his tireless efforts to investigate phone-hacking. This, understandably, annoyed Rebekah Brooks (nee Wade). Here’s Bryant’s version of his last meeting with Rupert Murdoch’s favourite seemingly Teflon-coated, flame-haired executive:

“She came up to me and said, ‘Oh, Mr Bryant, it’s after dark — shouldn’t you be on Clapham Common?”

“At which point Ross Kemp [the ex-EastEnders actor and her then husband] said, ‘Shut up, you homophobic cow’.”

By the way, here is how the gracious Ms Brooks responded to today’s charges.

We have this morning been informed by the Office of the Department of Public Prosecutions that we are to be charged with perverting the course of justice.

We deplore this weak and unjust decision.

After the further unprecedented posturing of the CPS we will respond later today after our return from the police station.

All together now: Aw, diddums!

Filed under: Politics, Hackgate, Homophobia, Rebekah Brooks, Schadenfreude

Told you so

Still screwed.

European stocks were in the black but off earlier highs Tuesday, as investors weighed strong German growth figures against the possibility of a Greek exit from the euro… [M]arket participants pointed to the fact that Tuesday’s GDP releases merely highlight the growing disparity between Germany’s strong performance and the weakness seen in Southern European members. Italy’s economy contracted by 0.8% in the first quarter, while Spain’s economy shrank 0.3% and Portugal remained in recession. In Greece, GDP contracted by an annual rate of 6.2% in the first quarter.

We have a balance of payments crisis; the continuance of this crisis is not good news, even if Germany keeps the Eurozone from entering a “technical recession.” The periphery is still exporting too little and importing too much, Germany vice versa.

Unless the periphery of the Eurozone is given somewhere to export to they will not recover. I’m not asking for any sacrifice from the Germans aside from the psychic cost of no longer being able to tell yourself how virtuous you are. I’m asking for the Germans to consume more! They should have more stuff themselves instead of selling it to Italians, Spaniards, Portuguese, Greeks etc. for bits of paper which might end up being worthless.

Have your cake and eat it Germans, better yet, eat a cake made by some Italians and  Spaniards and Portuguese and Greeks and Frenchmen! You’ve earned it.

Filed under: Economics, Foreign Affairs, Eurozone, Germany

We’re saved (or not)

 From the Wall Street Journal:

LONDON (Dow Jones)–European stocks are expected to open slightly higher Tuesday, in a reversal from earlier opening calls, after German gross domestic product figures came in significantly better than expected.

 Good news…or is it?

Amid all the doom and gloom, strong German GDP figures just out may give investors something to cheer about Tuesday. Data show Germany’s economy, the largest in Europe, grew much more than expected in the first quarter, driven by a surge in net exports.

It looks like Europe is getting further away from a necessary rebalancing in which Germany consumes more. Without Germany consuming more and exporting less/importing more there is almost no conceivable way for the Eurozone to survive. There are still no silver linings in Europe.

Filed under: Economics, Germany, Rebalancing