This was true at two this morning (11/27/11). At 8:30 it is no longer true.
Personal depression looks to be replaced by panic.
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bfree
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Does IMF Stand for Impressive Macroeconomic Flexibility?
So the IMF is holding a meeting on rethinking macroeconomic policy (I was invited but couldn’t make the timing work.) And the Fund’s chief economist has already made it clear that he’s open to some serious revision of the prevailing paradigm.
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http://www.calculatedriskblog.com/2011/11/report-euro-zone-considering-bilateral.html
This is not going to happen.
http://economistsview.typepad.com/economistsview/2011/11/fed-watch-greece-again.html
"Greece Again, by Tim Duy: Just a day after Greece's ND opposition party "committed" in writing to the details of the October summit agreement, Zero Hedge spots a potentially decisive Reuters story:I have no more news on this.
The country has now started talking to its creditor banks directly, the sources said.In all fairness to Greece, the details of the October summit were somewhat fuzzy (as in nonexistent), and so arguably they are not backing out. But the banks were clearly thinking the ultimately haircut not be as great as Greece is demanding. Once again, the complete lack of useful outcomes calls into question why the Europeans even bother to have summits.
"There are a number of people in the market who are saying why did (the IIF) take upon themselves this responsibility," one of the people said, asking not to be named.
"In part for that reason, Greece has been talking to creditors individually, just to get their own sense of market sentiment," the person said.
The Greeks are demanding that the new bonds' Net Present Value, -- a measure of the current worth of their future cash flows -- be cut to 25 percent, a second person said, a far harsher measure than a number in the high 40s the banks have in mind.
Banks represented by the IIF agreed to write off the notional value of their Greek bondholdings by 50 percent last month, in a deal to reduce Greece's debt ratio to 120 percent of its Gross Domestic Product by 2020.
But probably more important is the fact that Greece is now taking a direct role in negotiations. Remember that the previous haircuts were "voluntary" and negotiated by Greece's European overlords to prevent triggering a credit event and CDS payouts. And one has to believe that "following the October agreement" implicitly means the Greeks will not upset the apple cart and trigger a credit event unilaterally. But if Greece is at the table forcing lenders to take massive haircuts, it will be virtually impossible to justify that this is not a technical default.
This is shaping up to be the final test of the credibility of the sovereign CDS market - either exposure is hedged or it is not. Interestingly, either outcome is potentially catastrophic, with the end result being either the unknown outcomes of triggering CDS payouts or a complete flight from European sovereign debt. Maybe both.
I really hope somebody at the ECB is sticking around to work this weekend."
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Eric R
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The Evil of Lesser Evilism
This is as funny as the mega oil spill spewing in the Gulf.2.
It’s as funny as all those taxpayer-bailed-out Wall Streeters again lavishing multi-million-dollar bonuses on themselves.
And it’s funny partly for all your parentheticals (“it isn’t”), (“it hasn’t”), (“it won’t”). These, as parentheses do, show some other narrative going on which first or original narrative invites, but whose prose leads primarily elsewhere. (Grammar has a way of trundling us unwitting along with it – see Orwell.)
The real humor here – the real missing story – is what all mainstream media always miss. Not just that we’re sunk in idiotic mega corruption, at corporate home and dictator abroad, but that none of us have the honesty or decency to know or remember what for.
So let’s all chant again the 1,2, 3 of “what are we fighting for?” – why we slugged the Tar Baby – why we’re quagmired again.
The U.S. got sucked into all this permanent blow-back for three deep reasons, as some – many – in the Muslim world felt themselves and their cultures under assault from America through its military arm – as bin Laden listed those three reasons just after 9-11:
1) U.S. support for dictators in oil-rich and oil-neighboring countries;
2) U.S. military personnel stationed (then) close Islam’s holiest sites;
3) U.S. propping up Israeli hurts on Palestinians.
That’s it. That’s why we’re supporting corrupt dictators. That’s why we’re mega in debt to idiocies, deaths, injuries, hatreds, blow-back, and cesspools of lies without end.
(Parenthetically funny?)Being in the middle of reading "Matterhorn" (Karl Marlantes), I read Maureen, then Phil, and came to this conclusion: It's a useless waste of blood and treasure. Get out now. Every day I transport new arrivals at the VA to their destinations. Lately, the vast majority are young men and women reading nervously from their appointment slips, asking for "building 90" (mental health, PTSD, TBI, CWT (compensated work therapy) or substance abuse programs). The VA does a pretty decent job at this premier facility, but it can't keep up. We need to take a long look at what we're doing. Other than that, Phil nailed it. Enough said.
Getting out is the best thing we can do.The US military is not the tool for this job.Apple computer very well may be.
I think Phil is wrong in his reasoning.The Turks need attention.Find out what the westernizers need and see they get most of it.Faith comes of frustration?
http://www.salon.com/writer/glenn_greenwald/
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