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Neco
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TPP
Sooner is better. As soon as you can is best.-
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.
- posted by CalculatedRisk at Calculated Risk - 57 minutes agoBack in January I listed several policies and agreements that were expected soon. There were several key announcements today: • From the WSJ: U.S., Banks Agree on Foreclosure Pact The agreement covers fi..." Here is the press release from the Dept of Justice: Federal Government and State Attorneys General Reach $25 Billion Agreement with Five Largest Mortgage Servicers to Address Mortgage Loan Servicing and Foreclosure Abuses
• From the WSJ: Greek Political Leaders Reach Austerity DealLeaders of political parties backing Greece's caretaker government agreed Thursday on an austerity package to comply with demands set by international creditors for another bailout deal ... Euro-zone finance ministers were set to meet here late Thursday to take stock of the latest political talks in Athens to decide whether to push ahead with new aid for Greece.
It seems likely that Greece will receive another round of financing.
• And on the ECB's 3 year Long Term Refinancing Operation (LTRO) from the Financial Times Alphaville: Here be Draghi, on ECB collateralRTRS-DRAGHI-NEW COLLATERAL RULES WILL BE MORE RISKY
This means more collateral will be acceptable for the second LTRO on Feb 29th. The first 3 year LTRO was for €489 billion, and the second one could be over €1 trillion."
RTRS-DRAGHI=BUT RISK IS BEING MANAGED VERY WELL
RTRS-ECB’S DRAGHI – HAIRCUTS WILL REDUCE NEW COLLATERAL BY TWO-THIRDS
RTRS-ECB’s DRAGHI – EXPECT SUBSTANTIAL TAKEUP IN SECOND 3-YR TENDER, AROUND SAME AS DEC ONE - posted by null at The Agonist - thoughtful, global, timely - 1 hour agoGreece and her debt is back in the news, ahead of a possible default on bonds valued at 14.5 billion euros next month. Greece is asking for 130 billion euros to give it some stability going forward. Th..."A Case Study In Austerity
Greece and her debt is back in the news, ahead of a possible default on bonds valued at 14.5 billion euros next month.
Greece is asking for 130 billion euros to give it some stability going forward. The bone of contention is apparently pension reform. 300 million euros stand between Greece and 130 billion euros.
Go fig.
This is not the first time Greece has been in imminent danger of collapse. Just two years ago, you may recall, in the face of violent opposition from her people, Greece agreed to an austerity program to avoid default (and forcible ejection from the EU).
Those austerity measures have proven ineffectual in propping up the Greek economy, which continues to suffer one of the worst recessions in its history and one of the worst in Europe in this economic cycle.
Meanwhile, the people who sit in judgement of their wrongs (*koffkoffGermanykoffkoff*) have criticized the Greek government for failing to follow through on economic reforms that would stimulate the economy.
Um, what? You basically turn off the taps, take away the faucet handle, and then tell the Greeks they need to get more water. Effectively, 40% of the Greek GDP is cut-off. That's like telling someone to run down to the corner, but don't use your left ankle.
Admittedly, that 40% is inflated since much of the spending the government did in the past decade was to improve Athens for the 2004 Olympics, which helped spur sustained growth of 4% for the decade of the '00s.
Not too bad a return, but...there was a long-term debt crisis unfolding, even as cheap credit available on the foreign exchanges, and through the European Central Bank-- prompted by the actions of the US Federal Reserve in keeping interest rates ultralow when it wasn't really necessary, it should be pointed out-- and now that chicken has come home to roost.
There are no easy solutions, barring a miraculous uptick in...well, something. Tourism, perhaps, but that's only 15% of GDP. The largest component of GDP is services, with nearly 80% of the economy (and 65% of the workforce) tied up in that sector.
But services assume people are spending, which they are not.
Austerity is clearly not the answer here. There's a hint to what the solution is in those sector numbers."
http://money.cnn.com/2012/02/09/markets/greece_bailout/
This is an action that will not get parliamentary support.I expect the Greek government to fall.
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Cultural Pilgrimages: Share Your Photos - The New York Times
For our coming Voyages issue, readers are invited to contribute photographs from a culturally significant trip they have taken. What constitutes “cultural significance” is open to interpretation. It could be a visit to a house in Memphis where Joh...
I will post photographs next. -
Dancer as Athlete
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Dancer as Athlete
A dancer is very much an athlete.
The art is one of presentation, closely allied to that of an actor.
Composition belongs to the choreographer."
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bshneide
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TPP
Sooner is better. As soon as you can is best.-
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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Preservation Hall’s Legacy
A very successful institution.
The players have passed on and the music lives on
in performance.
The musicians are not quoting.http://www.youtube.com/watch?v=b7M8ZkQma3I
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