There seems to be at least two threads to the stories we are told about Europe. I usually feel depressed about their future. The powerful there do not.
1 October 2012
Last updated at 23:05 ET
JPMorgan sued over mortgage bonds
The New York Attorney General has sued JPMorgan Chase for
allegedly defrauding investors, who lost more than $20bn (£12bn), on
mortgage-backed securities sold by Bear Stearns.
EADS boss vows swift BAE decision
The chief executive of EADS calls a proposed $45bn (£28bn)
merger with the UK's BAE Systems a "great opportunity" and vows a swift
decision on the merger.
Eurozone jobless at fresh high
Unemployment in the eurozone has hit a fresh high of 18.2 million in August, the EU statistics agency says.
G7: Europe will tell US to deal with 'fiscal cliff'
01 Oct 2012
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Debt crisis: Greece heads for sixth year of recession
01 Oct 2012
| 44 Comments
Spanish banks will need up to €105bn, warns Moody's
01 Oct 2012
| 21 Comments
Wanted: one au pair. Result: 2,000 applications
When Rosie Murray-West advertised for a home help last month, nothing prepared her for the mountain of letters from desperate youngsters pleading for work – mainly from Spain. It didn’t take her long to discover why.
01 Oct 2012
| 1 Comment
Greece's 2013 budget forecasts sixth year of recession
Greece will bring forward painful budget cuts to end a decade of primary deficits while grappling with a sixth year of recession, according to a 2013 draft budget.
01 Oct 2012
| 103 Comments
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1 Oct 2012: A proposal by the debt-stricken country to cut spending by €2bn has been rejected by 'troika' of creditors -
1 Oct 2012: Fall in September manufacturing activity comes as Europe's factory sector suffers worst quarter since 2009
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1. YOUTH UNEMPLOYMENT Youth unemployment in
Greece is the highest in the eurozone, according to the latest figures
published by Eurostat on Monday. Unemployment amongst young adults hit
55.4 percent in June 2012, while overall unemployment peaked at 24.4
percent. Greece recorded the second highest unemployment rate in the EU
after Spain (25.1%), with average unemployment in the eurozone hitting
record high at 11.4 percent in August.
2. HARSH TROIKA Democratic Left spokesman Andreas
Papadopoulos on Monday told state TV that "the troika is very being
harsh”. Papadopoulos clarified that it is the IMF representatives who
are the harshest and added that the troika must understand that there
are "people behind the numbers" who are watching their lives being
destroyed.
3. UPCOMING STRIKES Workers in the Athens' fixed
rail systems organisation STASY, which includes the tram, electric
railway and metro, on Monday said they were determined to take dynamic
and escalating strike action by holding rolling 48-hour strikes, in
order to avert the latest package of austerity measures announced by the
government. The presidencies of their three unions held a joint meeting
during which they agreed that the only way to avert these "catastrophic
measures" would be for all trade union organisations to agree on joint
action, calling on the General Confederation of Employees of Greece
(GSEE) to coordinate efforts.
4. BANK NEGOTIATIONS A pair of press releases
issued by Alpha Bank and Paris-based Credit Agricole S.A on Monday
confirmed that the latter has entered into "exclusive negotiations" for
the sale of the latter's subsidiary in Greece, Emporiki Bank. Upon
completion of the transaction, which is expected by the end of 2012,
Alpha Bank will purchase Emporiki Bank recapitalised by 2.85 billion
euros.
5. MISSING TOURIST A rescue operation was launched
on Monday morning in the mountainous region of Hania, Crete, to locate a
missing 62-year-old Norwegian tourist. The man reportedly left at noon
on Sunday from the village of Sougia heading towards Paleohora. The
incident marked the ninth such instance of a missing tourist this year
in the mountainous region of Hania prefecture on Crete's southwest
coast.
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http://www.nytimes.com/2010/09/02/fashion/02Small.html?_r=1&src=tp
For the A-Cup Crowd, Minimal Assets Are a Plus
Dan Neville/The New York Times
Unbranded printer ink is a "try before you buy proposition".
See if you like it before you invest significantly.
I have been using "AVG Free". I download from C-net and use the custom install option to dodge the attachments.
The one shot optimizer works but is a nuisance after use. Use it again on the one day license. When it demands payment hit yes, close the screen and wipe the program out from delete programs on the control panel. Reboot promptly to get rid of the orphan parts.
There is probably a way to make Windows anonymous. I don't know it now.
Mostly I defragment from Start / All Programs / accessories / System Tools / Defragmentation. Disk cleanup helps there too.
Linux is easier.
Term life is a real bet, not an investment. How much and what kind of insurance needs study and discussion.
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Euro Counterfactuals (Wonkish)
Via The Irish Economy, a new paper
(pdf) from the IMF looks at how, exactly, massive current imbalances
emerged within Europe, with Germany running huge surpluses and the
GIPSIs running huge deficits.
The paper shows that there were indeed huge capital flows from the European core to the periphery, in Spain largely taking the form of lending to banks, presumably by other banks:
The
surprising result in the paper is that much of the rise in imbalances
within the euro area involved trade with non-euro nations. Germany
sharply increased exports to Asia and Eastern Europe, which had strong
demand for German durable manufactures. Meanwhile, southern Europe saw a
sharp increase in imports from low-wage countries.
There are two questions this result raises. First, what does it say about the causes of euro imbalances? Second, what does it say about the adjustment now required?
On the first question, should we say that external factors rather than those core-periphery capital flows were responsible for the huge imbalances? I don’t think so. If Spain hadn’t had those capital inflows it wouldn’t have had an economic boom, in fact it would have suffered mild weakness due to those rising imports from Asia, and its wages would have grown less than those in Germany, not more. (And of course if it had still had its own currency it would have seen that currency depreciate). So in a macroeconomic sense I think you still want to say that the excess confidence engendered by the euro caused the imbalances within Europe.
On the second, should we say that internal devaluation is less urgent because external factors had a role in causing the original imbalances? On the contrary, internal devaluation becomes even more necessary – and the size of the relative wage change bigger – if the euro is to survive. Think about it: if secular shifts in trade patterns are responsible, in a proximate sense, for part of Spain’s move into trade deficit and Germany’s move into surplus since 1999, what this says is that even if you get relative wages back to 1999 levels, Spain will still be in deficit and Germany in surplus – so you need to go beyond that point.
Food for thought – and for even more europessimism."
The paper shows that there were indeed huge capital flows from the European core to the periphery, in Spain largely taking the form of lending to banks, presumably by other banks:
There are two questions this result raises. First, what does it say about the causes of euro imbalances? Second, what does it say about the adjustment now required?
On the first question, should we say that external factors rather than those core-periphery capital flows were responsible for the huge imbalances? I don’t think so. If Spain hadn’t had those capital inflows it wouldn’t have had an economic boom, in fact it would have suffered mild weakness due to those rising imports from Asia, and its wages would have grown less than those in Germany, not more. (And of course if it had still had its own currency it would have seen that currency depreciate). So in a macroeconomic sense I think you still want to say that the excess confidence engendered by the euro caused the imbalances within Europe.
On the second, should we say that internal devaluation is less urgent because external factors had a role in causing the original imbalances? On the contrary, internal devaluation becomes even more necessary – and the size of the relative wage change bigger – if the euro is to survive. Think about it: if secular shifts in trade patterns are responsible, in a proximate sense, for part of Spain’s move into trade deficit and Germany’s move into surplus since 1999, what this says is that even if you get relative wages back to 1999 levels, Spain will still be in deficit and Germany in surplus – so you need to go beyond that point.
Food for thought – and for even more europessimism."
.
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