It will take me about three hours to be socially acceptable.
I have not been bothering in recent years.
The fight to be social just has not given me a return.
It will be a few more days before we get a decision on the short term survival of the euro. Long term it is over.
Deflation is a disaster when it happens.
Austerity just does not lead to growth.
I apologize for the source.
He has terrible politics most of the time.
He gets things a few days ahead of most.
Have a care. He has said he is banned on our government's servers.
https://hat4uk.wordpress.com/2012/09/09/the-esms-articles-todays-must-read/
THE ESM’s ARTICLES: today’s must-read
You don’t get me I’m part of the UnionDraghi reinvents the Divine Right of Kings
Hitler’s 1933 Post-Reichstag Fire Emergency Decree had nothing on the newly drafted ESM Charter. You can read it here in full at the EU website: the mad folks are getting more brazen by the day, but they’re still leaving the nasties until the contemporary MSM journalists get bored: so the really startling stuff doesn’t appear until Article 32. These are the extracts that matter, quoted verbatim except for the usual deliberately baffling legalese:Article 32, para 3: The ESM, its property, funding and assets, wherever located and by whomsoever held, shall enjoy immunity from every form of judicial process. (There is one exception – entirely in the ESM’s favour)
para 4: The property, funding and assets of the ESM shall, wherever located and by whomsoever held, be immune from search, requisition, confiscation, expropriation or any other form of seizure, taking or foreclosure by executive, judicial, administrative or legislative action
para 8: To the extent necessary to carry out the activities provided for in this Treaty, all property, funding and assets of the ESM shall be free from restrictions, regulations, controls and moratoria of any nature
Article 35, para 1: In the interest of the ESM, the Chairperson of the Board of Governors, Governors, alternate Governors, Directors, alternate Directors, as well as the Managing Director and other staff members shall be immune from legal proceedings with respect to acts performed by them in their official capacity and shall enjoy inviolability in respect of their official papers and documents.
There are other worms in this charity tin, but trust me, these two articles are the ones that ensure it really isn’t the standard contract. The Sun headline is this: the ESM can steal your granny’s favourite sherry decanter, and there’s nothing you can do about it; any media hacks investigating grand larceny, murder and mass rape can whistle Dixie; no matter who they subordinate, cheat, or screw over, they’re allowed to, so there; and if I Mario Draghi deems it in the public good to stuff 46,000 gold bars in a Gnome’s private bank, it’s none of your business.
But there is one astonishing phrase in there which I feel duty bound to lift and separate from even this stuff above:
‘The archives of the ESM and all documents belonging to the ESM or held by it, shall be inviolable. The premises of the ESM shall be inviolable.’
The International Law Society definition of ‘inviolable’ is ‘unassailable and impregnable’. Or in one word, untouchable. Or an yet another word, supreme.
Or in a final word, Sovereign.
You have been warned."
Here is the link to the proposed treaty:
If this is accepted we will have mess to repair.
There will be no profit in it and possibly no reversal.
Nuclear weapons are far too common.
One in five Spaniards 'want return to peseta', says poll
09 Sep 2012
| Comment IMF backs Mario Draghi's bond-buying plan
09 Sep 2012
| 45 Comments George Soros: Germany 'should back growth or leave euro'
08 Sep 2012
| 223 Comments 
Trouble at world's oldest bank leaves Siena paying the price
It has survived centuries of commerce, war and revolution, but Italy's financial crisis has hit her oldest bank - at a cost to the Renaissance city which relies on it.08 Sep 2012
| 7 Comments http://www.telegraph.co.uk/finance/financialcrisis/9531029/George-Soros-Germany-should-back-growth-or-leave-euro.html
"Soros said Europe faced a prolonged depression and an acrimonious end to the European unification project if steps were not taken to help its southern nations grow their way out of the debt crisis by collectively assuming some of their debt and relaxing its German-led insistence on austerity.
"Germany should either lead in developing a growth policy, political union and burden-sharing, accept the cost of leadership, or leave through an amicable arrangement," Soros told Reuters in an interview with Reuters television in Vienna.
Soros, a liberal philanthropist who rose to fame as an investor on a big bet against the British pound in 1992, said a Germany-free euro zone could be more competitive in exports and service its debts more cheaply with a weaker, France-led "Latin" euro.
Otherwise, Germany should step up and accept its de-facto leadership role, and abandon its Bundesbank-led ideological opposition to central bank financing of states and strict adherence to a goal of inflation close to but below 2 percent.
Berlin has giving its backing to the European Central Bank's new bond-buying program to lower struggling euro zone countries' borrowing costs, which Germany's central bank has criticized.
Soros said the plan would likely buy Europe "a longer period than previous measures that were taken." "It's a more dramatic move," he added, but he predicted that Spain and Italy would not apply to be part of the program.
What Europe needed more was some form of common euro zone bond, which was currently not acceptable to Germany.
"Secondly it needs to be able to grow, you need a growth program, and that is again not what Germany is imposing on Europe," Soros said.
Soros, 82, drew a parallel with the financial crisis of 1982, when lenders protected the international banking system by lending debtor countries just enough to service their debts, pushing them into severe austerity programs that led to depression.
"It was the lost decade for Latin America and something very similar is happening now in the euro situation, where Germany is actually playing the same role within the euro as the IMF did within the global financial system," Soros said.
"This policy is pushing Europe into a depression which is going to last five or 10 years."
Elaborating on an essay published on Saturday on the New York Review of Books website, Soros said such a scenario put at risk not only the euro currency but the whole European Union, ending a decades-long project to unite the continent.
He will give a speech entitled "The Tragedy of the European Union" in Berlin on Monday.
Soros's Cayman Islands-based Soros Fund Management has around $25 billion in assets. Soros himself is worth about $20 billion, according to Forbes.
Source: Reuters"
What Europe needed more was some form of common euro zone bond, which was currently not acceptable to Germany.
"Secondly it needs to be able to grow, you need a growth program, and that is again not what Germany is imposing on Europe," Soros said.
Soros, 82, drew a parallel with the financial crisis of 1982, when lenders protected the international banking system by lending debtor countries just enough to service their debts, pushing them into severe austerity programs that led to depression.
"It was the lost decade for Latin America and something very similar is happening now in the euro situation, where Germany is actually playing the same role within the euro as the IMF did within the global financial system," Soros said.
"This policy is pushing Europe into a depression which is going to last five or 10 years."
Elaborating on an essay published on Saturday on the New York Review of Books website, Soros said such a scenario put at risk not only the euro currency but the whole European Union, ending a decades-long project to unite the continent.
He will give a speech entitled "The Tragedy of the European Union" in Berlin on Monday.
Soros's Cayman Islands-based Soros Fund Management has around $25 billion in assets. Soros himself is worth about $20 billion, according to Forbes.
Source: Reuters"
 |
Germany should lead or leave: Soros
Germany needs to embrace its leadership role in Europe or leave the euro, veteran investor George Soros tells Thomson Reuters Digital Editor Chrystia Freeland. VideoBreaking ties with Germany would expose French weakness - Soros
There it is at Reuters.
http://www.nybooks.com/articles/archives/2012/sep/27/tragedy-european-union-and-how-resolve-it/
And at the "New York Review of Books"
http://krugman.blogs.nytimes.com/2012/09/09/government-employment/
Government Employment
During today’s round table on ABC, Rand Paul seemed shocked at my claim that government employment is down under Obama. Of course, it is. But maybe he’s thinking of the fact that since govt employment rose under Bush, we’re still at higher absolute levels than we were a decade ago.
That is, however, a strange comparison: other things equal, you’d expect government employment to grow with population (remember, the typical government employee is a schoolteacher). And here’s what has happened to government employment per capita:
I know Republicans know, just know, that government has surged under Obama. But it ain’t so."
That is, however, a strange comparison: other things equal, you’d expect government employment to grow with population (remember, the typical government employee is a schoolteacher). And here’s what has happened to government employment per capita:
http://krugman.blogs.nytimes.com/2012/09/09/revenge-of-the-three-legged-stool/
Revenge of the Three-Legged Stool
Another day, another Romney whopper. Now he says that he’ll keep the good parts of Obamacare, in particular coverage for people with pre-existing conditions, while scrapping the rest.
You can’t do that – and Romney knows very well that you can’t do that, because the logic that went into Romneycare in Massachusetts is the same as the logic behind Obamacare.
Suppose you want to guarantee that insurance is available to people with pre-existing conditions. Well, you can establish community rating, requiring that insurance companies make the same policies available to everyone. But if you stop there, you know what will happen: healthy people will opt out, leaving behind a high-risk, high-cost pool.
So you have to also have a mandate, requiring that people buy insurance. And you can’t do that without subsidies, so that lower-income people can afford their policies.
The inexorable logic of the situation, then, leads to a three-legged stool of community rating + mandate + subsidies = ObamaRomneycare.
So, does Romney think we’re stupid? Hey, he also thinks we’ll buy into his promises to slash taxes by $5 trillion but make up the revenue by closing unspecified loopholes in a way that doesn’t raise taxes on the middle class – which turns out to be arithmetically impossible. So the answer is, yes, he thinks we’re stupid."
You can’t do that – and Romney knows very well that you can’t do that, because the logic that went into Romneycare in Massachusetts is the same as the logic behind Obamacare.
Suppose you want to guarantee that insurance is available to people with pre-existing conditions. Well, you can establish community rating, requiring that insurance companies make the same policies available to everyone. But if you stop there, you know what will happen: healthy people will opt out, leaving behind a high-risk, high-cost pool.
So you have to also have a mandate, requiring that people buy insurance. And you can’t do that without subsidies, so that lower-income people can afford their policies.
The inexorable logic of the situation, then, leads to a three-legged stool of community rating + mandate + subsidies = ObamaRomneycare.
So, does Romney think we’re stupid? Hey, he also thinks we’ll buy into his promises to slash taxes by $5 trillion but make up the revenue by closing unspecified loopholes in a way that doesn’t raise taxes on the middle class – which turns out to be arithmetically impossible. So the answer is, yes, he thinks we’re stupid."
http://krugman.blogs.nytimes.com/2012/09/09/the-zombie-that-ate-rand-pauls-brain/
"Comment
The Zombie That Ate Rand Paul’s Brain
Aha. It seems that I was giving Rand Paul more credit than he deserved. Think Progress has the video, and it’s clear that Paul was completely shocked at the notion that government employment had fallen under Obama, rather than soaring.
How did that happen? Almost surely it’s a case of a zombie lie that has gone unchallenged in the hermetic world of movement conservatism, so that people like Paul know, just know, something that ain’t so. I wrote about this way back: the usual suspects seized on the Census bulge in employment as evidence of a big-government surge; and because nobody in that business ever admits having been wrong, this became a “fact” that people like Rand Paul believe. He wouldn’t have made this mistake if he ever read or listened to an analysis from nonpartisan sources, but he evidently doesn’t."
How did that happen? Almost surely it’s a case of a zombie lie that has gone unchallenged in the hermetic world of movement conservatism, so that people like Paul know, just know, something that ain’t so. I wrote about this way back: the usual suspects seized on the Census bulge in employment as evidence of a big-government surge; and because nobody in that business ever admits having been wrong, this became a “fact” that people like Rand Paul believe. He wouldn’t have made this mistake if he ever read or listened to an analysis from nonpartisan sources, but he evidently doesn’t."
- 9 Sep 2012: Gavin Kelly: Politicians often don't get to fight the election they want, but our economic deterioration is already giving the next campaign the look of a nightmare
- 9 Sep 2012: Prime minister Antonis Samaras insists the country must accept the bailout, in spite of protests and political tension
-
9 Sep 2012: Greece is riddled with corruption, but a study shows that banks, politicians and professional workers are largely to blame - 9 Sep 2012: Vote regarded as Europe's bellwether ballot with Socialist party expected to double seats and Labour vying closely with liberals
- 9 Sep 2012: Decision is likely to give financial rescue fund the go-ahead against a background of German disillusion with single currency
Sunday, September 9, 2012
Links 9/9/12
Ice melting takes some thought… Angry Bear
The Tragedy of the European Union and How to Resolve It George Soros, NYRB (MS)
Germany faces ECB backlash FT (RS)
How to Find Weeds in a Mortgage Pool Gretchen Morgenson, Times
A Stinging Rebuke of the DOJ on Access to Counsel at Gitmo Scott Horton, Harpers
A Terrifying Way to Discipline Children Op-Ed, Times. In liberal Lexington, MA.
Cutting the Deficit, With Compassion Christina Roma, Times. And ponies!
Inside story of Obama’s struggle to keep Congress from controlling outcome of debt ceiling crisis Bob Woodward, WaPo
Romney: GOP leaders made ‘big mistake’ agreeing to sequester The Hill. “He has violated the law that he in fact signed.”
“Effective Evil” or Progressives’ Best Hope? Glen Ford vs. Michael Eric Dyson on Obama Presidency Democracy Now
On Obama’s ‘Disappointing’ DNC Speech James Fallows, Atlantic
Undecided Voters Weigh in on President Obama’s Convention Speech PBS Newshour
Obama: ‘Help Us Destroy Jesus And Start A New Age Of Liberal Darkness’ America’s Finest News Source
Republicans Losing Election Law War as Campaign Ramps Up Businessweek
Employment in Two Administrations Krugman, Times. Drowning government employment in a bathtub.
Confronting the jobs crisis under tight fiscal constraints VoxEU
Union opens ‘strike headquarters,’ community and parent groups line up behind teachers WBEZ (Chicago)
Hu Jintao pledges boost for world economy despite China slowdown South China Morning Post
Does China’s Sina Weibo threaten or help to entrench Communist rule? Globe and Mail (Ottawan)
Hong Kong Backs Down on ‘Patriotism’ Classes WSJ
The river that DID run red: Residents of Chinese city left baffled after Yangtze turns scarlet Daily Mail
Sock City’s decline may reveal an unravelling in China’s economy Guardian
Textiles begin weaving their way home Independent
There is no great stagnation (remote-controlled cockroach edition) Tyler Cowen
Why This Cute Animated .Gif Is Totally Wrong About Economics Joe Weisenthal. A bad metaphor for QE.
How Google Builds Its Maps–and What It Means for the Future of Everything Atlantic
When did addiction become a good thing? GigaOM
OTC traders agree electronic protocol FT
JPMorgan Said to Face Escalating Senate Probe of CIO Loss Bloomberg
Utilities clamor for reactor restarts despite meeting summer demand Asahi Shimbun
In Amenable Mortality–Deaths Avoidable Through Health Care–Progress In The US Lags That Of Three European Countries Health Affairs (LL)
A Malevolent Forrest Gump Washington Monthly. Strom Thurmond.
Antidote du jour:
The Tragedy of the European Union and How to Resolve It George Soros, NYRB (MS)
Germany faces ECB backlash FT (RS)
How to Find Weeds in a Mortgage Pool Gretchen Morgenson, Times
A Stinging Rebuke of the DOJ on Access to Counsel at Gitmo Scott Horton, Harpers
A Terrifying Way to Discipline Children Op-Ed, Times. In liberal Lexington, MA.
Cutting the Deficit, With Compassion Christina Roma, Times. And ponies!
Inside story of Obama’s struggle to keep Congress from controlling outcome of debt ceiling crisis Bob Woodward, WaPo
Romney: GOP leaders made ‘big mistake’ agreeing to sequester The Hill. “He has violated the law that he in fact signed.”
“Effective Evil” or Progressives’ Best Hope? Glen Ford vs. Michael Eric Dyson on Obama Presidency Democracy Now
On Obama’s ‘Disappointing’ DNC Speech James Fallows, Atlantic
Undecided Voters Weigh in on President Obama’s Convention Speech PBS Newshour
Obama: ‘Help Us Destroy Jesus And Start A New Age Of Liberal Darkness’ America’s Finest News Source
Republicans Losing Election Law War as Campaign Ramps Up Businessweek
Employment in Two Administrations Krugman, Times. Drowning government employment in a bathtub.
Confronting the jobs crisis under tight fiscal constraints VoxEU
Union opens ‘strike headquarters,’ community and parent groups line up behind teachers WBEZ (Chicago)
Hu Jintao pledges boost for world economy despite China slowdown South China Morning Post
Does China’s Sina Weibo threaten or help to entrench Communist rule? Globe and Mail (Ottawan)
Hong Kong Backs Down on ‘Patriotism’ Classes WSJ
The river that DID run red: Residents of Chinese city left baffled after Yangtze turns scarlet Daily Mail
Sock City’s decline may reveal an unravelling in China’s economy Guardian
Textiles begin weaving their way home Independent
There is no great stagnation (remote-controlled cockroach edition) Tyler Cowen
Why This Cute Animated .Gif Is Totally Wrong About Economics Joe Weisenthal. A bad metaphor for QE.
How Google Builds Its Maps–and What It Means for the Future of Everything Atlantic
When did addiction become a good thing? GigaOM
OTC traders agree electronic protocol FT
JPMorgan Said to Face Escalating Senate Probe of CIO Loss Bloomberg
Utilities clamor for reactor restarts despite meeting summer demand Asahi Shimbun
In Amenable Mortality–Deaths Avoidable Through Health Care–Progress In The US Lags That Of Three European Countries Health Affairs (LL)
A Malevolent Forrest Gump Washington Monthly. Strom Thurmond.
Antidote du jour:
I will post Krugman's column when it comes up.
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