Monday, January 18, 2021

Tag: France

Extend-and-Pretend Caused Bankruptcies to Plunge in Germany, France, Spain. Now Central Banks Tell Banks to Prepare for Bankruptcy Surge

by Wolf Richter, Wolf Street:

The “second wave,” if prolonged, could cause bad loans to almost triple, to €1.4 trillion, says the ECB.

German banks need to prepare themselves for a sharp spike in corporate bankruptcies early next year, the Bundesbank warned this week in its 2020 Financial Stability Review. It anticipates around 6,000 insolvencies in the first quarter of 2021. While this would be a little lower than at the peak quarter of the Global Financial Crisis, the Bundesbank cautioned that it “cannot rule out that … a lot more companies will go bankrupt than is currently expected.”

France, Google And Facebook Push For Worldwide Hate Speech Regulation

by Chris Menahan, Information Liberation:

“The same big tech companies that are wary of being regulated by the US government in order to protect free speech, will gladly volunteer to be regulated by foreign governments so that they can restrict free speech,” NewsBusters’ Alexander Hall reports.

From NewsBusters:

The French government and U.S. tech giants are pushing for a worldwide initiative to regulate the internet — including the issue of hate speech.

The new declaration from the French government titled the “Paris Call For Trust and Security in Cyberspace,” is part of an international effort to crack down on cyber attacks, foreign interference, and hate speech, according to the organization that drafted the document. American big tech companies such as Facebook and Alphabet’s Google have offered their support, willing to promote this regulation as a demonstration of their company values.

France, Germany to Attempt Cryptocurrency Regs


from TRU News:

Both France and Germany have announced they intend to craft legislation meant to regulate cryptocurrencies.

Agence France Presse reports the two countries are planning to make a joint proposal at the March G20 financial ministers’ summit in Buenos Aires. Details of the proposal, which is being worked up by a former deputy governor of the Bank of France, were not reported.

A previously reported South Korean effort to rein in cryptocurrencies, which caused a temporary drop in their prices, fell flat on its face earlier this week. It has instead prompted charges of market manipulation and government corruption against officials responsible for the announcement.

Technological advances suggest the French-German effort is likely doomed to fail. Even if legislation were crafted to outlaw cryptocurrency exchanges, the nature of the blockchain technology upon which they are built would be extremely difficult—if not impossible—to shut down on a global scale.

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