The Netherlands: Misleading articles in foreign press about the Netherlands abandoning the euro

Several misleading articles are appearing in the foreign press about the possibility of  the Netherlands leaving the euro.  Nothing is further removed from the truth say leaders from all political parties in the Netherlands, except Geert Wilders from the far right "anti-everything" PVV party, who is blamed for quitting the government after an agreement was reached on the austerity measures.

DigtalJournal writes: "The Netherlands has been drawn into the debt crisis in Europe as the government failed to agree on budget cuts, thus casting doubt on its support for the Euro zone. Elections are now planned for September and "analysts" have said that one of the EU's strongest economies might just bring about the demise of the Euro".

Russian TV reports: "The Dutch government has collapsed after failing to win coalition support for its austerity plans. Elections are set to be held in September and "analysts" say one of the EU’s strongest economies may bring the unified currency’s demise".

The Australian writes: One day after France's hard-right National Front enjoyed its best result in a presidential election, another far-right party in the neighboring Netherlands brought down the Dutch government rather than accept an EU-backed austerity programs.

The truth of the matter is that austerity measures aimed at balancing national budgets have led to drastic spending cuts by the mainly conservative governments across the continent, including layoffs and pay cuts for government workers, slashing of key services including welfare and development programs, as well as tax hikes to boost government revenues. These cuts however have spared the wealthy and corporations and politically we can expect to see center left and left parties who call for  more evenly spread austerity measures gain in strength around Europe.

Obviously, even though they are not saying it, the financial community, banking industry and Wall Street want nothing more than that Europe abandons the EURO because people would than once again have to pay the banks a commission for exchanging their money from one currency into another when traveling or doing business around Europe . 

As to the Far-Right parties in Europe gaining strength? Hopefully the majority of EU citizens will remember their history lessons as to what happened when they embraced that political ideology in the past. 

EU-Digest

Banking Industry: Dutch ING Miami Marathon To Generate Sizable Economic Impact for community

As the Dutch ING Miami Marathon and Half-Marathon® continues to grow, with race entries approaching 25,000 in 2012, the economic impact that the race has on the South Florida economy continues to surge along with it.

The event, set for Sunday, January 29, is expected to generate more than $45 million for the local economy this year in the form of hotel bookings, restaurant spending, transportation, shopping and entertainment.

That milestone would exceed the $41.4 million that the event generated in 2011 according to a report prepared by the Sport Industry Research Center at Temple University. That total was 24% higher than in 2010, or an additional $8.04 million dollars in economic activity.

Event organizers also estimate that the 2012 economic impact will mean that the event is approaching a cumulative $200 million in economic impact as it celebrates its 10th edition, making it one of the top beneficiaries of the local community over the past decade.

For more: ING Miami Marathon To Generate Sizable Economic Impact

The Netherlands: "Wall-street, the Financial Community and the Apostle James"

Watching the troubled worlds financial community these days and the fierce resistance to necessary change by corporations, extremely rich individuals and many politicians is an alarming experience to many people. It seems that a large number of people, for one reason or the other, never seem to learn from past mistakes.

Their motto is that its all about "the trickle down effect of capital". In other words, they say that if they make more profits, become richer,  everyone else will be better off.  On the other hand they also advocate that in case a financial institution collapses, even due to their own mismanagement, the taxpayer should bear the consequences. This group also opposes any kind of regulation that will avoid this to happen again.  

Does their theory make any sense, or for that matter has it ever worked? Unfortunately the answer must be, "absolutely not"..

Has mankind been warned about this excessive greed before? Oh yes they have. The response to this question, apart from continuously being discussed in the press, and aired on radio and TV, also came today, of all places, to Church goers at the New Day International Church, (NDIC) in the modern new Dutch City of Almere,  

In a sermon by NDIC Pastor Peter van der Meijden, entitled "Made to Last", he quoted to his congregation from James 5, verses 1-6 in the Bible, when James said: 

"Now listen, you rich people, weep and wail because of the misery that is coming upon you. Your wealth has rotted, and moths have eaten your clothes. Your gold and silver are corroded. Their corrosion will testify against you and eat your flesh like fire. You have hoarded wealth in the last days. 

Look! The wages you failed to pay the workmen who mowed your fields are crying out against you. The cries of the harvesters have reached the ears of the Lord Almighty. You have lived on earth in luxury and self-indulgence. You have fattened yourselves in the day of slaughter. You have condemned and murdered innocent men, who were not opposing you." 

More than 2000 years ago Apostle James wrote, and stated the above warning, as he talked about the need to close the gap between the enormous wealth of the rich and the heart wrenching poverty of the poor

Where do we stand today on this issue?  Not much has changed. It probably has even gotten worse because of the hypocrisy (even within religious circles) that has surrounded every financial crises the world has faced so far ,

Note: James, along with his brother John, is portrayed in the gospels as perhaps being more important than most of the other apostles. He was present at the resurrection of Jarius’ daughter, at Jesus’ transfiguration, and at the Garden of Gethsemane before Jesus was arrested. According to Acts, James was beheaded by Herod Agrippa I who ruled over Palestine from 41- 44 CE . The painting of James in this report is a copy of a painting by Rembrandt ( July 6 , 1606 - Oct 4, 1669) , one of the Netherlands most famous painters.

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Financial Industry: The hedge-fund scandal rocking Wall Street

One of Gordon Gekko's catchphrases from the original Wall Street film holds just as true today as it did in 1987. "The most valuable commodity I know of isinformation," Gekko told his minion.

Now the passing of inside information about companies is at the heart of a US investigation that this week moved from the opaque world of hedge funds to draw in the great and the good of American corporate life. 

The story centers on Raj Rajaratnam, the billionaire who ran Galleon, once one of the world's biggest hedge funds. Mr Rajaratnam was arrested by the FBI in October 2009 and charged with making millions of dollars from trading on inside information about companies including Google and Hilton Hotels. Prosecutors said his arrest with five alleged conspirators had uncovered the biggest insider-trading ring linked to a hedge fund.

Peter Hahn, a former US investment banker who is now a lecturer at Cass Business School, said: "We continue to see that the great and the good have feet of clay like everybody else. You can't assume that because someone has achieved a lot in their career it implies more about their conduct. 

For more: The hedge-fund scandal rocking Wall Street - Business Analysis & Features, Business - The Independent

Trans Atlantic Conservative Alliance: Accept the unacceptable, and keep soaking the poor - by Ian Bell

On both sides of the Atlantic, while Conservatives and Republicans have returned to power, a myth has begun to spread like a fog. At its clammy heart is the notion, actually fantastic, that banks and bankers carry no real, important responsibility for the worlds present woes. To hear it told they were merely dupes, all but innocent, of reckless politicians.

The miasma is well-timed. Main Street USA is suffering grievously, but Wall Street’s life is a cabaret once more. The blows rain down on Britain’s public realm, but there was a merry Christmas in the City, and a happy new year lies ahead. Which is to say: they’re making money again, hand over fist.

With new European rules governing remuneration having just been agreed, they also allow the banks to claim that they are putting their houses in order by moving away – inching away? – from the bonus culture. Should anyone believe it? Billions in bonuses will be paid, and those vaunted new rules are unlikely to inaugurate the often-threatened exodus from the City.

Unfortunately the politicians remain in thrall to the movers of money.

For more: Accept the unacceptable, and keep soaking the poor - Herald Scotland | Comment | Ian Bell