SODOM & GOMORRAH: Announced with the standard disclaimers that there are some legitimate reasons for having offshore accounts, the International Consortium of Investigative Journalists (ICIJ) has now opened up the ability for anyone to search through the massive trove of documents. The leak, which occurred earlier this year, is notable for being the largest whistleblower … [Read more...]

SODOM & GOMORRAH: Angela Merkel's panel of economic advisors have criticized the German Chancellor's efforts at expanding the European Commission's control over member-state budgets. Calling it politically improbable, the group claims that Merkel's efforts have no hope of realization. Perhaps that's the point. I mentioned this in June: the European Union has two choices … [Read more...]

SODOM & GOMORRAH: Bloomberg news reports that retail sales in the United States "unexpectedly" decreased by 0.5% in June. Unexpected by whom? For the third straight month, the US Commerce Department reported that retail purchases have fallen. The 0.5% decrease in June was greater than the 0.2% decline seen in May. Bloomberg News reports that this is an "unexpected" decline … [Read more...]

SODOM & GOMORRAH: The German chancellor Angela Merkel is one of the few world leaders who isn't being completely idiotic about the financial and economic crisis brewing in Europe. Much to the ire of others, Merkel has resisted political pressure to adopt a more inflationary policy because she feels it would be bad for Europe. The Economist has recently joined her list of … [Read more...]

SODOM & GOMORRAH: The European Union continues in its path toward eventual dissolution. Eurozone leaders were divided and confused at yet another Brussels summit on the economy. The Economist points to two solutions for the European Union. On one hand, Europe could strengthen its ties and erode more of the sovereignty of individual member-states while distributing wealth … [Read more...]