There is no single voice in Europe.
No one speaks for Europe as opposed to the nations of Europe or the national industries.
It was thought for a time that the financial industry could be international. That has proven to be false.
The Greeks can't pay or they would have paid before now.
No Spaniard would voluntarily go bankrupt.
The result is a lifetime of penury under Spanish law.
A large number of Spaniards are involuntarily bankrupt.
The law will change and Spain will be insolvent.
That debt will not be paid this century.
Loans will just make the situation worse.
The Euro is trash. The delay allows the insightful escape.
I don't want to play in that game.
Evidence:
http://krugman.blogs.nytimes.com/2012/10/15/britains-rate-stuff/
Britain’s Rate Stuff
So,
later today I’m participating in a debate at Parliament (sponsored by
speakers of both Houses) on austerity versus expansion; not, as far as I
know, open to the general public. Jonathan Portes is my teammate;
Stephen King and Deborah Falcus Bridget Rosewall on the other side.
One thing I strongly suspect will come up will be the claim that low British borrowing costs reflect the credibility generated by austerity policies. So, as a reminder, rates in Britain and the US:
Every
advanced country with monetary independence has seen very low borrowing
costs, reflecting the expectation of low policy rates for many years to
come. It’s the weak economies, stupid.
One thing I strongly suspect will come up will be the claim that low British borrowing costs reflect the credibility generated by austerity policies. So, as a reminder, rates in Britain and the US:
'Pasty tax could pay for British recovery'
15 Oct 2012
| 1 Comment
Paul Krugman attacks 'mad' austerity policies in Britain
15 Oct 2012
| Comment
Game theorists win Nobel economics prize
Alvin Roth and Lloyd Shapley have won the 2012 Nobel prize for economics for research on how to match different economic agents such as students for schools or even organ donors with patients.
15 Oct 2012
| 27 Comments
Britain must ease off on austerity, IMF warns
George Osborne has been warned by the IMF that he risks further damaging the economy unless the pace of austerity slows and he faces up to the country’s “growth challenge”.
15 Oct 2012
| 24 Comments
US homeowners file class action Libor lawsuit
US homeowners, including a 65-year-old woman, have filed a class action suit in New York against 12 major banks, claiming that Libor manipulation raised the their mortgage bills, the Financial Times reported on Monday.
15 Oct 2012
| 2 Comments
Portugal to unveil its harshest budget amid protests
Portugal's centre-right government presents its 2013 budget on Monday, which will outline the harshest measures yet under Lisbon's €78bn (£62.9bn) bailout.
15 Oct 2012
| 2 Comments
http://www.telegraph.co.uk/finance/financialcrisis/9610568/Paul-Krugman-attacks-mad-austerity-policies-in-Britain.html
Paul Krugman attacks 'mad' austerity policies in Britain
The Government's pursuit of austerity is "fundamentally mad" and could cast a shadow over the British economy for up to 15 years, Nobel prize-winning economist Paul Krugman has warned.
Mr Krugman said that there was a "clear
and present risk" that George Osborne's austerity policies would damage
Britain's future. Photo: Rex Features
9:02PM BST 15 Oct 2012
107 Comments
Mr Krugman said that there was a "clear and present risk" that
George Osborne's austerity policies would damage Britain's future.
"The shadow won't just be cast on the present, but on the longer term,"
he said. "[Britain] will be a weaker economy ten years or even 15 years
from now because [it has] failed to provide adequate demand now."
Speaking at a debate organised by the London School of Economics, Mr Krugman
also said that the fact that government borrowing had increased was not
necessarily evidence that George
Osborne's Plan A wasn't working, as shadow
chancellor Ed Balls has argued.
However, Jonathan Portes, director of the National Institute of Economic and
Social Research (NIESR) said that although austerity measures had reduced
the deficit in the short term, the "scarring effect" of Britain's
cuts would "make the long run [effects] much worse".
Mr Krugman also said that the argument that a borrowing increase would cause a
spike in interest rates was wrong.
"I know that the government here likes to point to low interest rates as
proof of the confidence that it is engendering by its policies, but in fact the
track of British interest rates is no different from the track of US
interest rates or that of any country that retains monetary
independence," he said.
Mr Krugman admitted that Japanese-style debt to GDP ratios of 200pc were "bad", but said that the claim that government debt became poisonous once it reached between 80pc and 100pc of GDP was not borne out in reality.
"The thing that matters so much in this debate is this claim that there is a red line at about 90pc where bad things happen, and that's a very unfortunate," he said.
"Given that even Japan is suffering no visible adverse effect from its debt at this point, neither the US or UK is at a point when this becomes crucial."
Mr Krugman admitted that Japanese-style debt to GDP ratios of 200pc were "bad", but said that the claim that government debt became poisonous once it reached between 80pc and 100pc of GDP was not borne out in reality.
"The thing that matters so much in this debate is this claim that there is a red line at about 90pc where bad things happen, and that's a very unfortunate," he said.
"Given that even Japan is suffering no visible adverse effect from its debt at this point, neither the US or UK is at a point when this becomes crucial."
7:23PM BST 15 Oct 2012
The crisis "is having tremendous impact in the state of affairs, it is pushing
the EU into a lasting depression, and it is entirely self-created," said Mr
Soros, Chairman of Soros Fund Management.
"There is a real danger of the euro destroying the European Union. The way to
escape it is for Germany to accept ... greater commitment to helping not
only its interests but the interests of the debtor countries, and playing
the role of the benevolent hegemon," he said at a luncheon hosted by the
National Association for Business Economics
Germany should act as the leader of the union such as the United States was
for the free world after the Second World War, Mr Soros said.
The influential fund manager floated another solution to the crisis that has
gone on for more than two years: Germany could leave the euro, "and the
problem would disappear in thin air," as the value of the euro declines and
yields on the bonds of debtor countries adjust.
The notion that governments are "riskless" is the main false assumption
underlying the eurozone, Mr Soros said, adding it could be corrected by
introducing Eurobonds.
"But that has become politically unacceptable by Germany," he added.
Source: Reuters
Source: Reuters
Eurozone crisis live: Hopes of imminent Greek cuts deal dashed - as it happened
15 Oct 2012:
Athens officials say it's highly improbable that the €13.5bn
package of EU-IMF mandated budget cuts will be put to parliament before
November
German Finance Minister Rules Out Greek Euro Exit
AP
"German Finance Minister Wolfgang Schäuble has said that Greece will stay in the euro zone.
After weeks of saying that no decisions about Greece's future would
be made until after the release of the next troika report, German
Chancellor Wolfgang Schäuble broke his silence on Sunday and said that
Athens would remain a member of the euro zone.
Answering a question about Greece during a speech in Singapore,
Schäuble said, "I think there will be no government bankruptcy in
Greece." He added that Athens could remain part of the common currency
if it continued to fulfil the conditions set by its public creditors and
monitored by the troika, which is comprised of the European Commission,
the European Central Bank (ECB) and International Monetary Fund (IMF).
The statement comes in the middle of an apparent split within the
troika over the contents of its upcoming report. Originally, the
international creditors had reached an agreement with Athens that the
country must reduce its deficit to 120 percent of gross domestic product
by 2020. Adherence to this agreement had been a precondition for the
disbursement of the next €31.5 billion ($40.83 billion) tranche of
credit to Athens. Given the current negative economic developments in
the country, the troika has concluded in its internal calculations that
Greece can no longer meet that target.
But there is disagreement over how far off Greece will be, according to a report in this week's issue of SPIEGEL. The IMF is predicting debt of 140 percent of GDP in 2020 and the ECB's calculations are similar. The European Commission appears to be alone in its more optimistic report of 128 percent by 2020. In order to create additional wiggle room within the report, experts at the troika have in recent weeks been requesting that euro-zone finance ministers give Greece an additional two years to meet its goal.
€30 Billion in Additional Costs
According to the current forecasts, that would lead to around €30 billion in additional financing -- a sum that could only be financed in one of two ways -- either through a debt haircut on the part of its government creditors or through a third bailout package. So far, German Chancellor Angela Merkel's government has refused either option out of concern there won't be support for it within her governing coalition.
"I don't think there is a majority for a third Greek package," said Rainer Brüderle, floor leader for the Free Democrats, Merkel's junior coalition partner. Michael Grosse Brömer, a senior conservative in parliament, said: "First we're working on getting the second package done. A third package for Greece isn't up for discussion right now." Resistance to further Greek aid is particularly strong with general elections approaching next autumn.
This weekend in Singapore, however, the focus of Schäuble's trip was primarily to promote the sale of government bonds -- namely those of Southern European countries. Schäuble is in southeast Asia for two days to try to generate interest among government and institutional investors for the bonds, which governments have had a tough time floating on the markets at affordable interest rates in recent months.
Can Southeast Asia Help Save the Euro Zone?
Singapore is not only home to the world's highest concentration of millionaires -- it also has cash to spend. The economy is growing at a breathtaking pace and Singapore's own finance minister is regularly reporting budget surpluses. In addition, the country has two sovereign wealth funds that have a combined investment capacity of $300 billion. Schäuble would like to see Singapore start investing in bonds in the euro zone again.
The finance minister's hope is that if he can get other countries to
invest in bonds from crisis-plagued countries like Spain, Italy and
Portugal, then the problems those countries are having refinancing
themselves can be diminished to the point that neither the permanent
euro bailout fund, the European Stability Mechanism, nor the ECB would
have to engage in any mass bond-buying programs. If Schäuble could help
make these Southern European bonds attractive again, long-term relief
for the euro zone might finally become a realistic scenario.
Schäuble did not receive any concrete pledges on bond purchases while
in Singapore. Concerns over the architecture of the euro zone, in which
17 members of the common currency are largely autonomous when it comes
to economic and fiscal policy, remain significant. Nevertheless,
Schäuble still sought to send out the message that much has been done to
shore up the euro and that the common currency is on the path to good
health again.
It's a message he also planned to convey at the Asia-Europe Meeting (ASEM) summit of finance ministers from both continents in Bangkok on Monday before returning to Berlin. With the current talk of new aid potentially being required for Athens, Schäuble will have plenty of persuading to do back at home in Germany as well.
dsl/SPIEGEL/wire reports"ANZEIGE
But there is disagreement over how far off Greece will be, according to a report in this week's issue of SPIEGEL. The IMF is predicting debt of 140 percent of GDP in 2020 and the ECB's calculations are similar. The European Commission appears to be alone in its more optimistic report of 128 percent by 2020. In order to create additional wiggle room within the report, experts at the troika have in recent weeks been requesting that euro-zone finance ministers give Greece an additional two years to meet its goal.
€30 Billion in Additional Costs
According to the current forecasts, that would lead to around €30 billion in additional financing -- a sum that could only be financed in one of two ways -- either through a debt haircut on the part of its government creditors or through a third bailout package. So far, German Chancellor Angela Merkel's government has refused either option out of concern there won't be support for it within her governing coalition.
"I don't think there is a majority for a third Greek package," said Rainer Brüderle, floor leader for the Free Democrats, Merkel's junior coalition partner. Michael Grosse Brömer, a senior conservative in parliament, said: "First we're working on getting the second package done. A third package for Greece isn't up for discussion right now." Resistance to further Greek aid is particularly strong with general elections approaching next autumn.
This weekend in Singapore, however, the focus of Schäuble's trip was primarily to promote the sale of government bonds -- namely those of Southern European countries. Schäuble is in southeast Asia for two days to try to generate interest among government and institutional investors for the bonds, which governments have had a tough time floating on the markets at affordable interest rates in recent months.
Can Southeast Asia Help Save the Euro Zone?
Singapore is not only home to the world's highest concentration of millionaires -- it also has cash to spend. The economy is growing at a breathtaking pace and Singapore's own finance minister is regularly reporting budget surpluses. In addition, the country has two sovereign wealth funds that have a combined investment capacity of $300 billion. Schäuble would like to see Singapore start investing in bonds in the euro zone again.
It's a message he also planned to convey at the Asia-Europe Meeting (ASEM) summit of finance ministers from both continents in Bangkok on Monday before returning to Berlin. With the current talk of new aid potentially being required for Athens, Schäuble will have plenty of persuading to do back at home in Germany as well.
Links 10/15/12
Clever dolphins using sea sponges to catch fish
ABC (Australia). Headline hides the real point: Dolphins understand
intellectual property! They are treating their sponge technology as a
trade secret (other stories have discussed how the sponge using dolphins
are keeping their little trick to themselves).
Picking an ancient brain Nature
The child’s skull that reveals man was a meat eater far earlier than we thought Daily Mail (furzy mouse)
Cannabis ‘no worse than junk food’, says report Independent (Lambert)
Felix Baumgartner Successfully Lands After Highest Freefall from Edge of Space Science Daily (Lambert)
China’s September electricity production weak MacroBusiness
Secessionist wave sweeps Belgium Financial Times. As Richard Smith points out, don’t get too excited. This merely changes its degree of unlikeliness a tad. More detail: Belgique : après leur percée, les séparatistes flamands pensent déjà aux législatives Le Monde
Lithuanians vote out austerity government Aljazeera
IMF jumps ship on Europe MacroBusiness
Sweden: The new model Economist (Swedish Lex)
US Woman Takes on Banks Over Libor Financial Times (via CNBC, thanks to Richard Smith)
Will central banks cancel government debt? Gavyn Davies, Financial Times (Scott)
‘Crowding Out’ is Coming to Get You Global Economic Intersection
The Man Who Would Be Ex-President Kevin Baker, Harpers (Carol B)
Texas schools punish students who refuse to be tracked with microchips RT (furzy mouse)
Elections Without Consequences masaccio, Firedoglake (Carol B)
Cheri Honkala: My response to the VP debate USA Today (Lambert)
Bigoted Christian Group Opposes Anti-Bullying Day, Says It Promotes ‘Homosexual Lifestyle’ Gawker. You cannot make this stuff up.
$950,000 Win for NYC Workers Invigorates Supply-Chain-Justice Movement Michelle Chen, Firedoglake
Koch Employee Says Billionaire Kidnapped & Interrogated Him Courthouse News
Yield hunters look to tier two debt Financial Times (Joe Costello)
U.S. Oil Boom Falls Short of Pump Wall Street Journal (Joe Costello)
A.C.L.U. to Sue Morgan Stanley Over Mortgage Loans New York Times (Mark Ames). And where is Schneiderman?
Neoclassical economists are fuelling neo-Nazism Steve Keen, Business Spectator (Chuck L, nathan)
Are Businesses Quietly Preparing for a Financial Apocalypse? Wolf Richter. Not sure this tells the whole story. Even before the crisis, companies were net saving, which had been heretofore unheard-of in an expansion. Even if businesses wanted to wind down their cash hoards, they could buy back stock rather than invest, or buy existing companies.
Study links eating chocolate to winning Nobels USA Today (furzy mouse)
* * *
Read more at http://www.nakedcapitalism.com/2012/10/links-101512.html#3xdT6bOxOw2qiEBo.99 Picking an ancient brain Nature
The child’s skull that reveals man was a meat eater far earlier than we thought Daily Mail (furzy mouse)
Cannabis ‘no worse than junk food’, says report Independent (Lambert)
Felix Baumgartner Successfully Lands After Highest Freefall from Edge of Space Science Daily (Lambert)
China’s September electricity production weak MacroBusiness
Secessionist wave sweeps Belgium Financial Times. As Richard Smith points out, don’t get too excited. This merely changes its degree of unlikeliness a tad. More detail: Belgique : après leur percée, les séparatistes flamands pensent déjà aux législatives Le Monde
Lithuanians vote out austerity government Aljazeera
IMF jumps ship on Europe MacroBusiness
Sweden: The new model Economist (Swedish Lex)
US Woman Takes on Banks Over Libor Financial Times (via CNBC, thanks to Richard Smith)
Will central banks cancel government debt? Gavyn Davies, Financial Times (Scott)
‘Crowding Out’ is Coming to Get You Global Economic Intersection
The Man Who Would Be Ex-President Kevin Baker, Harpers (Carol B)
Texas schools punish students who refuse to be tracked with microchips RT (furzy mouse)
Elections Without Consequences masaccio, Firedoglake (Carol B)
Cheri Honkala: My response to the VP debate USA Today (Lambert)
Bigoted Christian Group Opposes Anti-Bullying Day, Says It Promotes ‘Homosexual Lifestyle’ Gawker. You cannot make this stuff up.
$950,000 Win for NYC Workers Invigorates Supply-Chain-Justice Movement Michelle Chen, Firedoglake
Koch Employee Says Billionaire Kidnapped & Interrogated Him Courthouse News
Yield hunters look to tier two debt Financial Times (Joe Costello)
U.S. Oil Boom Falls Short of Pump Wall Street Journal (Joe Costello)
A.C.L.U. to Sue Morgan Stanley Over Mortgage Loans New York Times (Mark Ames). And where is Schneiderman?
Neoclassical economists are fuelling neo-Nazism Steve Keen, Business Spectator (Chuck L, nathan)
Are Businesses Quietly Preparing for a Financial Apocalypse? Wolf Richter. Not sure this tells the whole story. Even before the crisis, companies were net saving, which had been heretofore unheard-of in an expansion. Even if businesses wanted to wind down their cash hoards, they could buy back stock rather than invest, or buy existing companies.
Study links eating chocolate to winning Nobels USA Today (furzy mouse)
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If the "Notification Center" deal is so good, why are they passing it around?
I am not in the market for a car.
There is a list of reviewed mechanics at cars.com or Hemmings Motor News.
Take the deeply used car that interests you to one of them and ask what it will cost in repairs in the next year and in the next two years. Add that number to the asking price. Is it worth that?
If the car is not on the road add the price of the tow to the mechanic and back to the owner.
I think the U.S. mail is a great way to communicate.
Text output to a computer printer is more anonymous than a typewriter.
Inform me as to how to respond (name and address ).
I will get a debit card. I am not sovereign. Visa / MasterCard is an enemy.
Spain is in trouble economically and politically. They will not escape.
That will take Italy and the rest.
Spanish will not be the new language of the U.S.
I should learn enough to be respectfully friendly.
I like the food of Mexico.
Mexico is not a place to visit while drug prohibition stands here.
Sooner is better. As soon as you can is best.
As long as I am here my insurance is paid.
When I move I will have to seek other insurance.
My eyes are best corrected with lenses.
Talk with people who have had the surgery who live lives like yours.
My vote is no.
It is only a vote and not a command.
I am not a Christian of any kind 'Christian Singles' would recognize.
If I were to show up and sing in the choir I could catch one.
They are not what I want.
On demand credit is a trap. Get a debit card and pay off the debts.
Financial planning is not what I do. I have done it because I had no choice. I will happily leave it up to you.
.
