Epstein Secrets

ions of the indignados, as they are called in Spain, and the aganaktismenoi (the outraged), as they say in Greece, are growing. And it's not just the Eurozone. Every single major project of the European Union is faltering. France and Italy are suggesting that the achievement of the Schengen area, in which 2

n the other foot. To save a poorly designed and overextended monetary union, the political must ride to the rescue of the economic. That will require Angela Merkel's leadership. If we are talking about the European economy and currency, Germany is the indispensable power. Only the combination of Germany and the Eu

y the combination of Germany and the European Central Bank, working in unison, has a chance of calming the mighty markets. For more than a year now, Merkel has attempted to find the narrow — perhaps nonexistent — line where the minimum that can be done to save the embattled Eurozone periphery meets the m

r more than a year now, Merkel has attempted to find the narrow — perhaps nonexistent — line where the minimum that can be done to save the embattled Eurozone periphery meets the maximum she thinks German public opinion will bear. She has then tried to win her Eurozone partners to that course. So far, it ha

and the Euro collapsing German Chancellor Angela Merkel said on Saturday that Greece (the most serious ba

sode of X FACTOR, few Americans noticed that somehow it appears that the Eurozone will avoid coming apart and the Euro collapsing German Chancellor Angela Merkel said on Saturday that Greece (the most serious basket case in Europe) seemed to be making headway with its reforms and should stick to the agreement

consumed with Presidential Politics or who was eliminated on the latest episode of X FACTOR, few Americans noticed that somehow it appears that the Eurozone will avoid coming apart and the Euro collapsing German Chancellor Angela Merkel said on Saturday that Greece (the most serious basket case in Europ

n Q2 profit (raised FY eps outlook) (trading +1.5%) Marvell Q2 revs & eps missed (gross margins fell) (citing global eco weakness) (trading -10%) Merkel says Germany backs Draghi on the conditions for ECB help (in Canada yesterday) GM seen planning global reorganization tackling "fiefdoms" according

ms" according to Bloomberg EU Commission to give ECB oversight over all important banks (Handelsblatt) Finland is preparing for the break-up of the Eurozone warns foreign minister (Telegraph<http://www.telegraph.co.uk/finance/financialcrisis/9480990/Finland-prepares-for- break-up-of-eurozone.html>) Vive

k 26 Pace of Federal Reserve Tightening 27 Low Expectations of a US Recession 28 29 30 30 31 33 Rising Influence of Populist Parties in the Eurozone Geopolitical Hot Spots Get Hotter Terrorism Escalates Cyberattacks Continue China Submerges Under Its Debt Burden and Capital Outflows US-China Re

wth of 4.6%, aided by healthy domestic growth, and a particularly well-capitalized® banking sector that has a lower nonperforming loan ratio than the Eurozone bank average. Furthermore, Spain is unlikely to face the same political uncertainty as Germany, France and Italy in 2017. We expect high single-digit

” Second, to what extent will the rise of populism influence policies in the Eurozone? Here, Germany will probably provide a litmus test. Chancellor Angela Merkel and her coalition government are likely to respond to recent terrorist attacks there by proposing a stronger police and military presence, according

rorist suspects have already been arrested among them.°* With German elections scheduled for September 2017, it remains to be seen whether Chancellor Merkel will adjust her immigration policy. 28 | Goldman Sachs | JANUARY 2017 HOUSE_OVERSIGHT_014561 --- PAGE BREAK --- While populism is on the rise and

for September 2017, it remains to be seen whether Chancellor Merkel will adjust her immigration policy. 28 | Goldman

n politics. Will Europe follow the route to populism (revolt from the voters) or will we find relief for the markets by the end of 2017 from a Fillon/Merkel duo being in charge of the Euro area’s two largest economies. We think investors will demand a higher risk premium until the French Elections in May

, PMI’s and consumer confidence pointing to a solid Q4 to follow. That quarter is currently tracking at 3.6% according to the Atlanta Fed. Chart 13: Eurozone PMI’s have picked up of late... Chart 14: US Consumer Confidence now at post-GFC highs 60.0 120 100 59.0 80 50.0 60 40 45.0 ———US Consumer Confidence

est political risk event for European (and possibly global) equity markets in 2017. By 22 October 2017: German Federal elections Current Chancellor Angela Merkel has announced that she intends to stand for re- election. Current polls have Merkel’s CDU ahead followed by SDP with the euro- sceptic Alternative fu

erman unified state without some friends." So the eurozone was flawed from the outset, a structure awaiting

onder why leaders want these jobs when they really do not want to lead. And what is their risk? That Barack Obama will not get a second term? Or that Angela Merkel's coalition might finally end up on the rocks? If they actually made the leap they might astound themselves. Because, in the end, everyone in political

aked flame and hanging on. But the cost of this strategy is not simply a cost to him; it is a cost to the whole world. "On the other hand, Chancellor Merkel is the archetypal worry-wart. She does not lead; she assesses. 'You really wonder why leaders want these jobs when they really do not want to lead. A

is a cost to the whole world. "On the other hand, Chancellor Merkel is the archetypal worry-wart. She does not lead;

erman unified state without some friends." So the eurozone was flawed from the outset, a structure awaiting

h: the leader must locate his own source of higher command and inner belief. He laments the efforts of US President Barak Obama and German Chancellor Angela Merkel in the teeth of contemporary challenges. "There is nothing preordained about American decline any more than the European project is destined to fail,

aked flame and hanging on. But the cost of this strategy is not simply a cost to him; it is a cost to the whole world. "On the other hand, Chancellor Merkel is the archetypal worry-wart. She does not lead; she assesses. "You really wonder why leaders want these jobs when they really do not want to lead. A

is a cost to the whole world. "On the other hand, Chancellor Merkel is the archetypal worry-wart. She does not lead;

erman unified state without some friends." So the eurozone was flawed from the outset, a structure awaiting

h: the leader must locate his own source of higher command and inner belief. He laments the efforts of US President Barak Obama and German Chancellor Angela Merkel in the teeth of contemporary challenges. "There is nothing preordained about American decline any more than the European project is destined to fail,

aked flame and hanging on. But the cost of this strategy is not simply a cost to him; it is a cost to the whole world. "On the other hand, Chancellor Merkel is the archetypal worry-wart. She does not lead; she assesses. "You really wonder why leaders want these jobs when they really do not want to lead. A

is a cost to the whole world. "On the other hand, Chancellor Merkel is the archetypal worry-wart. She does not lead;

10 Global Cross Asset Strategy - Year Ahead | 30 November 2016 Bankof America 2 Merrill Lynch HOUSE_OVERSIGHT_014441 --- PAGE BREAK --- Chart 15: Eurozone PMI's point to solid growth Chart 16: Japanese growth expected to accelerate in 2017 60.0 3.0 58.0 —_.,. = 2.0 Forecasts 56.0 54.0 1.0 52.0 50.0 0.0

ancial markets. Our central case is that centre right President is elected in France (with Francois Fillon now the official Republican candidate) and Merkel is returned at the head of a coalition government in Germany. Chart 19: German polls show a consistent lead for Merkel’s CDU party Chart 20: Fillon

d long RUB/ZAR. The former has dropped as the EUR has weakened against the USD. We continue to think that the Swedish economy is more robust than the Eurozone and that the Riksbank will sooner or later have to adjust monetary policy accordingly. We see a lot more room for this pair to move in 2017, particul