Thanks to Republicans, the Next Economic Crisis Will Be Worse
Ten years after the collapse of Lehman Brothers, economists Brunello Rosa and Nouriel Roubini — who famously predicted the Great Recession — warn that the next financial crisis is already in the making.
Of the ten warning signs they see, six are due to the policies of the Republican government in the United States. Read more
EU Shields Companies from Trump’s New Sanctions on Iran
The European Union has announced measures to protect companies that do business with Iran from American sanctions.
The BBC reports that an EU “blocking statute” bans European firms from complying with the sanctions, unless they get approval from the European Commission.
It also enables businesses to recover damages resulting from American sanctions on Iranian cars, gold and other metals. Read more
Macron Unveils Small-Business Reforms and Privatizations
French president Emmanuel Macron has unveiled new economic reforms benefiting small- and medium-sized businesses:
Streamlining bankruptcy procedures.
Easing auditing requirements.
Advising companies on digitalization and exports.
Lifting the thresholds at which higher tax and social charges as well as employment rules kick in. Read more
Dutch Caribbean Caught Up in ConocoPhillips-Venezuela Oil Dispute
The Dutch Caribbean have been caught up in a legal dispute between the American oil company ConocoPhillips and the government of Venezuela.
A judge has allowed Conoco to seize Venezuelan-owned and -operated refineries on the islands in order to collect $2 billion in compensation awarded by the International Chamber of Commerce for the 2007 nationalization of Conoco assets in the socialist-run country.
The seizure poses a “potential crisis” to the economy of Curaçao, Prime Minister Eugene Rhuggenaath has told Reuters. The Isla refinery, which processes 335,000 barrels of oil per day, accounts for a tenth of the island’s economy. Read more
Europe Can Stand Up to American Threats on Iran
Leonid Bershidsky is optimistic the EU can stand up to American threats and continue doing business with Iran. He writes for Bloomberg that the stakes are higher than President Donald Trump seems to realize:
With its influence on SWIFT, the Brussels-based payment-facilitation system, and its trade power, the EU is capable of blunting US sanctions. If they prove ineffective, and Iranians merely rally around their government as Russians have done in the face of American restrictions, the US may be exposed as less of a fearsome global policeman than Trump would like it to be.