Tuesday, January 31, 2012

@12:37, 01/31/12

Commenting on the Roman Church's priestly recruitment practices is of little interest to me.
"No Popery!" is a cry that still echoes down my generations.



http://www.nakedcapitalism.com/2012/01/links-13112.html


Tuesday, January 31, 2012

Links 1/31/12

Florida man who tied dumbbell to pit bull’s neck gets 40 days in the doghouse McClatchy (hat tip Buzz Potamkin)
Volcanic eruptions emerge as lead cause for Little Ice Age Christian Science Monitor
Portrait of the Trust-Buster As a Young Man George Washington. A Men’s Health cover set of pecs.
Lamberth and the art of judicial writing McClatchy (hat tip Buzz Potamkin)
EU summit: UK and Czechs refuse to join fiscal compact BBC (hat tip Marshall Auerback)
Latest ECB data shows how bad things have become in Euroland Bill Mitchell
EU Nears Confrontation Over Greek Rescue Bloomberg
Portuguese storm gathers as EU leaders fight over Greece Ambrose Evans-Pritchard, Telegraph
Banks set to double crisis loans from ECB Financial Times
Driver ‘said he provided protection for the Murdochs’, court told Independent (hat tip Buzz Potamkin)
Gingrich won’t win, and Bibi will be in a lose-lose situation Haaretz (hat tip reader May S)
Financial Systems and Italian Cruise Ship Captains Global Economic Intersection
Romney’s attack tactics anger rivals Financial Times
Second Year In, Republican Governors Back Off New York Times
New York police spokesman comes under fire Associated Press. Buzz Potamkin: “He deserves this. A truly bad, evil person.”
Dozens of Port Authority jobs go to Christie loyalists NorthJersey
New Fund Hopes to Prove Thesis of Outspoken Analyst New York Times
Banks Fight to Exempt Half of Swaps Books Bloomberg (hat tip mathbabe)
U.S. Gets Tougher on Debt Collecting Wall Street Journal. Of course, Obama waits till right before the election.
Treasury Investigates Freddie Mac Investment New York Times. Ahem. How often have you seen Treasury jump immediately on a news story to launch an investigation? I can’t think of a single previous instance under Geithner. We’ve been told Geithner is enormously frustrated at his inability to bring DeMarco to heel. Not that we think DeMarco’s stance on principal mods or pushing foreclosure timelines is correct, but this does not pass the smell test (see our post for the longer form discussion).
Obama Bluffs on ReFi? Bruce Krasting. I’m not a fan of DeMarco, but BK makes a plausible case re refi plan posturing.
US economy stumbles MacroBusiness. Quelle surprise!
More Great Moments in Libertarian History: Ancient Sumerian Word For “Libertarian” Was “Deadbeat”, “Freeloader” (Updated!) Yasha Levine, eXiled. OMG, you cannot make this stuff up! From last week but still worth reading.
Liability Release Not the Only Stumbling Block in Foreclosure Fraud Settlement Dave Dayen, Firedoglake (hat tip reader Aquifer)
Journalists—this Writer Included—Swept Up in Mass Arrest at Occupy Oakland Mother Jones
Occupy protests in Oakland and New York: a weekend of police clashes Guardian (hat tip Lambert)
Occupy Monsanto with Farmers: Jan. 31, Foley Square (NYC) Food Freedom (hat tip reader Aquifer)
A veteran Wall-Streeter confronts the Occupy movement Stephen Roach, Financial Times. You have to read this. Roach is reduced to near terror by having to talk to people who are Not One of Us.
‘Davos consensus’ under siege Gideon Rachman, Financial Times
Antidote du jour. By Thurmyeye:



http://hat4uk.wordpress.com/2012/01/31/eu-goes-forward-time-to-celebrate-a-century-of-change/

http://hat4uk.wordpress.com/2012/01/31/greek-debt-talks-as-social-conditions-worsen-in-greece-merkels-annexation-request-is-widely-condemned/

NO PROGRESS IN EUROPE.


.

@20:53, 01/30/12 4

Six hours work.
http://idealab.talkingpointsmemo.com/2012/01/solar-trade-war-looms-as-us-considers-tariffs-on-china.php?ref=fpblg

It looks like Europe has made no real progress on finance.

http://hat4uk.wordpress.com/2012/01/31/ezone-crisis-slog-prediction-vindicated-as-banks-need-another-trillion-from-the-ecb/
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        KRUGMAN Blog:
        January 30, 2012, 4:17 pm

        Eurozone Problems

        I’m giving a talk in Paris tomorrow. Here are some slides; they won’t come as a shock to regular readers, but it may be useful to see them all in one place.

        First, I make the case that the overall economic crisis is driven by private debt, not public debt:
        Then I point to the huge swing of the private sector into financial surplus, which necessitated large public deficits to avoid a much deeper slump:
        I then turn to Europe, which has the additional problem of a capital flow bubble from north to south induced by the euro, which has to be reversed:
        The counterpart of these current account imbalances was a large divergence in relative price levels:
        Implicitly, Europe is relying on “internal devaluation” to reverse this divergence. But the reality is that this is very hard given nominal rigidity, even in Ireland, which is wrongly held up as an example of successful adjustment:
        Also, Europe has bought into the notion that fiscal irresponsibility is at the heart of the crisis, which is true only of Greece and not true of the troubled countries as a group:
        And even on the IMF’s reckoning, none of the austerity countries is plausibly on the road to a tolerable fiscal situation:


        The Telegraph:

        Portuguese storm gathers as EU leaders fight over Greece

        Surging borrowing costs in Portugal have raised the spectre of a second full-fledged contagion crisis in the eurozone, eclipsing the latest efforts by European Union leaders in Brussels to agree on Europe's bail-out machinery and a strategy for Greece.
        30 Jan 2012
        | 24 Comments

        Debt crisis: as it happened, January 30, 2011

        French president Nicolas Sarkozy says the Czech PM won't sign up to the financial stability treaty, already vetoed by Britain, and that a deal on Greece's debt could be agreed in 'days'.
        30 Jan 2012
        | 922 Comments

        Eurozone leaders sign up to budget pact, with Greek deal "days" away

        European leaders agreed on a permanent rescue fund for the eurozone, and 25 out of 27 EU states backed a fiscal pact for stricter budget discipline in the eurozone, while a deal on Greek debt is expected in "days".
        30 Jan 2012
        | 51 Comments

        Is the West finished? Perhaps not quite

        For me, the defining image from Davos this year was the sight of Christine Lagarde, managing director of the International Monetary Fund, holding up an expensive-looking, designer leather holdall and saying: "I am here with my little bag to collect a bit of money."
        30 Jan 2012
        | 5 Comments

        Cameron accused of 'appeasing' Nick Clegg over EU veto as Conservative MPs start to plot

        David Cameron was accused of “appeasing” his deputy Nick Clegg by performing an about-turn on Britain’s veto against closer ties among eurozone countries tonight.
        30 Jan 2012
        | 3 Comments

        Cameron: 'We need to get serious about Europe growth agenda'

        The Prime Minister calls for action to sort out struggling European economies at a meeting in Brussels.
        30 Jan 2012
        | 26 Comments

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 4444444444444444


 
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      A feral child raising feral children.












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Monday, January 30, 2012

@09:22, 01/30/12 2

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.
http://www.nytimes.com/2012/01/30/opinion/krugman-the-austerity-debacle.html?ref=opinion

Hardball.

@21:35, 01/29/12 8

.


End game.
Closure in chess and a metaphor.

http://www.telegraph.co.uk/finance/financialcrisis/

We’re on the brink of bankruptcy, warns Greece

Debt crisis: Greek PM says that unless country's backers agree to new bail-out, Greece will be forced outside eurozone.
29 Jan 2012
| 399 Comments

Sarkozy to bring in Financial Transaction Tax

France has added some more rocket fuel to Monday's already volatile summit of EU leaders by pledging to introduce a 0.1pc tax on financial transactions in August.
29 Jan 2012
| 86 Comments

Britain should be preparing to make the most of the euro break-up

The week when Alex Salmond firmed up the details of the coming referendum in Scotland about breaking up the UK was a strange time for the Prime Minister to be singing the praises of the UK's monetary union and berating the eurozone as structurally flawed.
29 Jan 2012
| 72 Comments

Mario Draghi, the Latin Bloc’s monetarist avenger

The eurozone money supply is contracting at an accelerating pace on all fronts. The broad M3 gauge has fallen for the last three months in a row. A slump is already baked in the pie.
29 Jan 2012
| 197 Comments

David Cameron will stand firm on EU treaty veto, says IDS

Work and Pensions Secretary Iain Duncan Smith insisted today that Britain would block eurozone countries from using institutions paid for by EU nations.
29 Jan 2012

IMF puts pressure on Greece over budget as talks continue

The International Monetary Fund has signalled that Greece will have to give up autonomy over its budget as desperate last-minute negotiations continue to agree the country's second €130bn bail-out.
29 Jan 2012
| 859 Comments

The great EU conjuring trick

The original players behind the single currency claim astonishing sleights of hand have brought the euro to its knees, says Allan Little and Jane Beresford
29 Jan 2012
| 77 Comments



http://www.bloomberg.com/news/europe/



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      Recent Developments
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      Jan. 25 Tens of thousands of Egyptians gathered in Tahrir Square, the crucible of their revolution, in a mixture of celebration and agitation to mark the first anniversary of the protests that forced out Hosni Mubarak. But it was evident that the spirit that unified last year’s uprising had been replaced by new tensions between the country’s political factions over their view of the military rulers who took power when Mr. Mubarak was ousted. 
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      Jan. 23 Egypt’s first democratically elected Parliament in more than 60 years began in chaos, with thousands of demonstrators gathered outside in an unruly mix of celebration and protest. But by nightfall, Saad el Katatni, a prominent member of the Muslim Brotherhood, was elected speaker.
      Jan. 14 Mohamed ElBaradei, the Nobel-Prize winning diplomat who helped galvanize the demands for democracy, said that he was dropping his presidential bid in protest over the military’s continued hold on power nearly a year after the ouster of Hosni Mubarak. His decision to drop out of the race was also a bow to the long odds he faced: So far, the Islamist domination of parliamentary elections has shown a small base of support for secular-seeming Western-style liberals like Mr. ElBaradei.
      Jan. 11 Former President Jimmy Carter said that after meeting with Egypt’s military rulers, including Field Marshal Mohamed Hussein Tantawi, he doubted they would fully submit to the authority of the civilian democracy they had promised to install. Mr. Carter was in Egypt with a team from his human rights organization, the Carter Center, to help monitor the final round of the parliamentary elections. He is highly respected in Egypt because of his role in the Camp David accords.
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