US Economy - Voodoo Economics: Even though Stocks jump on hopes for a coronavirus stimulus package - "reality of positive effect is still very nebulous - by Jessica Menton

U.S. stocks advanced Tuesday on hopes that Congress would pass a stimulus bill to shield the economy from the coronavirus pandemic.

The Dow Jones Industrial Average rallied more than 1,600 points after slumping to a three-year low a day earlier. The Standard & Poor’s 500 jumped 7.5%. Stock futures had briefly surged 5%, triggering an automatic shock absorber.

Stocks stabilized overnight after a turbulent start to the week as Congress was nearing a rescue plan that could inject $2 trillion into the economy. The measure is designed to provide direct payments of $1,200 to most Americans, help small businesses shuttered across the country and aid the hard-hit travel industry.

House Speaker Nancy Pelosi said Tuesday morning a deal on an economic stimulus package may be reached in the "next few hours."

Read more at: Dow: Stocks jump on hopes for a coronavirus stimulus package

The Netherlands: banking industry electronic transactions work against consumers and in favor of banks during Public holidays and weekends - by RM

Banks in the Netherlands and probably also in many other places around the world are saying they can not make automatic electronic transfers during religious and other public holidays.

The question one should immediately pose ,when the banks make that statement is; why? Why should automatic banking transactions done on public holidays be any different from those done during the regular work week?

 For example: if you make an electronic transfer during the 4 day Easter holiday weekend in the Netherlands, say on Good Friday, to another bank account, the transferred money is immediately electronically debited from your own account, but than, the money only re-appears 4 days later on the account to which it was electronically transferred. before you see that transfer on your statement.

Obviously the question it raises is: WHAT DOES THE BANK DO WITH YOUR MONEY during those four days, or any other amount of time they hold it without telling you where it is or what they do with it during that time ?

What is happening to your money while it is hidden those four days of the Easter weekend or less during other regular Public holidays ?

The answer should not be too difficult to figure out . The bank has probably been making millions on interest and other speculative activities with your money.

If you ask the bank, however,  you will certainly get  a rather vague story.

Something definitely needs to be done here, especially given the bad reputation that banks have gained in recent years during and after the financial crises.

Almere-Digest

EU releases "nebulous" tax haven blacklist; Netherlands not on it - by Janene Pieters

The European Union published its black list of tax havens. It consists of 17 countries the EU believes help multinationals and rich people avoid the tax authorities. The Netherlands does not appear on the list - no EU countries do. But Aruba and Curacao, which form part of the Kingdom of the Netherlands, were placed on a "gray list" - they have two years to implement promised improvements, or they'll be blacklisted, the Volkskrant reports.

This blacklist was compiled following journalistic revelations about large scale tax evasion by multinationals, entrepreneurs, politicians and others from documents like the Panama papers, the Paradise papers, Lux leaks and the like. After over a year of negotiations, the EU member states agreed to put 17 countries on the blacklist, including Panama, the United Arab Emirates, the Marshall Islands and Grenada. The countries on this EU blacklist can be penalized with trade barriers, stricter controls, loss of EU subsidies and additional tax levies, according to the newspaper.

In addition to the blacklist, the Member States also agreed to put 47 countries on a gray list. These countries promised enough improvements not to be blacklisted immediately. They have a maximum of 2 years to implement these improvements, or they will be moved to the blacklist. In addition to Aruba and Curacao, these countries also include Hon Kong, Taiwan, Turkey, the Cayman Islands, the Seychelles, Guernsey and Andorra.

European Commissioner Pierre Moscovici of Economic and Financial Affairs emphasized that these lists were compiled by the Member States and not by the European Commission. It is up to the Member States themselves how they handle their taxes, and the Member States can decide whether to impose sanctions against the countries on the black list. The Commission tried to impose an obligation to do so, but it failed.

The Socialists and Greens in the European Parliament called the list weak, according to the newspaper. The Greens believe that Member States like the Netherlands, Luxembourg, Great Britain and Cyprus should also be on the blacklist. "It is sad that the member states have shown so little courage and responsibility", PvdA European Parliamentarian Paul Tang said to the Volkskrant. He added that the cry of indignation about tax evasion was smothered in the back rooms of Brussels.

Last week development company Oxfam Novib also said that if the criteria for non-EU countries were also applied to EU member states, the Netherlands, Ireland, Luxembourg and Malta would all be blacklisted. The company referred specifically to the Netherlands' sweetheart tax deal with American coffee giant Starbucks.

Last year the Netherlands was reprimanded by the European Commission for allowing Starbucks to avoid almost 26 million euros in taxes through the Netherlands. Despite the Dutch government's objections, the Netherlands had to reclaim that money from the American coffee giant. 

Read more: EU releases tax haven blacklist; Netherlands not on it | NL Times

Spain: Catalan Government announces results of illegal referendum: figures nebulous and not substantiated

The Catalan government said around 2.26million people voted in the banned independence referendum to leave Spain on Sunday, representing a turnout of around 42.3 percent of Catalonia's 5.34million voters.

Throughout history plebiscites have often been tools for dictators to force voters to give up their freedoms while keeping up an appearance of having the nation’s support

This one in Catalonia was not any different, but adding to the controversy was also the fact that like in previous Catalan referendums less than 50 % of the Catalan voters turned out.

As to claims of police brutality, all fingers should be pointing to the Catalan government, which despite the fact that the Supreme court of Spain and the Spanish government ruled the referendum was illegal, the local Catalan government still went ahead with the referendum.

EU-Digest