The German government should not need to bring any national banks under its control in light of the current financial crisis, said Finance Minister Peter Steinbrueck. The minister painted a picture of Germany's banking sector as sound and afloat, but still vulnerable should any further financial turbulence trouble Europe's largest economy. Despite his confidence in Germany's current soundness, the minister said that financial markets the world over, Germany's included, were still operating under a dense cloud of uncertainty and that he could not guarantee against any future nationalization plans for the nation's banks. "So far I don't see the need for state takeovers in Germany. The German banking sector has been hit badly by the financial crisis but less hard" than in other countries, Steinbrueck told the Handelsblatt daily.
The minister painted a picture of Germany's banking sector as sound and afloat, but still vulnerable should any further financial turbulence trouble Europe's largest economy.
Despite his confidence in Germany's current soundness, the minister said that financial markets the world over, Germany's included, were still operating under a dense cloud of uncertainty and that he could not guarantee against any future nationalization plans for the nation's banks.
"So far I don't see the need for state takeovers in Germany. The German banking sector has been hit badly by the financial crisis but less hard" than in other countries, Steinbrueck told the Handelsblatt daily.
(Note that current federal finance minister Steinbrück is a longstanding top 'reformist' in the SPD, who, back when he was Northrhine-Westphalia PM, even co-authored the (in)famous "Koch-Steinbrück paper" with Hessen PM Roland Koch/CDU, which is cited by reformists as the way to go ever since.)
Yesterday, he suggested this eight-point plan, which he will present at the G8 meeting (I condense it):
Temporary full state ownership is only solution How to get out of this bad equilibrium? There is only one way. The governments of the big countries (US, UK, the eurozone, possibly Japan) must take over their banking systems (or at least the significant banks). Governments are the only institutions that can solve the co-ordination failure at the heart of the liquidity crisis. They can do this because once the banks are in the hands of the state, they can be ordered to trust each other and to lend to each other. The faster governments take these steps, the better.
How to get out of this bad equilibrium? There is only one way. The governments of the big countries (US, UK, the eurozone, possibly Japan) must take over their banking systems (or at least the significant banks). Governments are the only institutions that can solve the co-ordination failure at the heart of the liquidity crisis. They can do this because once the banks are in the hands of the state, they can be ordered to trust each other and to lend to each other. The faster governments take these steps, the better.
In a sharp about face, UK Prime Minister Gordon has written to EU leaders encouraging the creation of a "Europe-wide funding plan" to tackle the worsening financial crisis. As recently as last week, Mr Brown said his country was opposed to any EU-wide rescue package. Writing to French President Nicholas Sarkozy on Wednesday (8 October), the British leader gave details on the UK's own £500 billion (€630 billion) plan announced yesterday morning and added that a "concerted international approach" was needed. The letter was also copied to other EU government leaders. The UK now favours a pan-European plan to deal with the crisis Speaking to reporters after announcing the UK plan, Mr Brown said he had also spoken to the French leader. "We have invited other European countries to consider proposals we have put to them this morning on medium term funding and are in active consultation about how we can adopt a European-wide funding plan," he said.
In a sharp about face, UK Prime Minister Gordon has written to EU leaders encouraging the creation of a "Europe-wide funding plan" to tackle the worsening financial crisis.
As recently as last week, Mr Brown said his country was opposed to any EU-wide rescue package.
Writing to French President Nicholas Sarkozy on Wednesday (8 October), the British leader gave details on the UK's own £500 billion (€630 billion) plan announced yesterday morning and added that a "concerted international approach" was needed. The letter was also copied to other EU government leaders.
The UK now favours a pan-European plan to deal with the crisis
Speaking to reporters after announcing the UK plan, Mr Brown said he had also spoken to the French leader.
"We have invited other European countries to consider proposals we have put to them this morning on medium term funding and are in active consultation about how we can adopt a European-wide funding plan," he said.
EUOBSERVER / BRUSSELS - Negotiations on a new EU-Russia treaty could be held up despite Russia's pull-back from Georgia "buffer zones" on Wednesday (8 October), with Lithuania pushing for Russian troop scale-back in South Ossetia and Abkhazia also before talks restart. "[Lithuania] wants the EU to respect the agreements created by Sarkozy," an EU diplomat told EUobserver. "It is hoping for the company of other new EU member states, the Nordic countries and London." Russian soldiers in Georgia - how far back is far enough? Russian soldiers on Wednesday left two seven-kilometre-wide strips of land surrounding the Georgia breakaway regions of South Ossetia and Abkhazia, in compliance with a peace deal between Russia and Georgia brokered by French President Nicolas Sarkozy on 8 September. But Lithuania wants Russia to also respect the earlier Moscow-Tbilisi-Paris peace accord of 12 August, under which "Russian armed forces will be pulled back to the line preceding the start of hostilities."
EUOBSERVER / BRUSSELS - Negotiations on a new EU-Russia treaty could be held up despite Russia's pull-back from Georgia "buffer zones" on Wednesday (8 October), with Lithuania pushing for Russian troop scale-back in South Ossetia and Abkhazia also before talks restart.
"[Lithuania] wants the EU to respect the agreements created by Sarkozy," an EU diplomat told EUobserver. "It is hoping for the company of other new EU member states, the Nordic countries and London."
Russian soldiers in Georgia - how far back is far enough?
Russian soldiers on Wednesday left two seven-kilometre-wide strips of land surrounding the Georgia breakaway regions of South Ossetia and Abkhazia, in compliance with a peace deal between Russia and Georgia brokered by French President Nicolas Sarkozy on 8 September.
But Lithuania wants Russia to also respect the earlier Moscow-Tbilisi-Paris peace accord of 12 August, under which "Russian armed forces will be pulled back to the line preceding the start of hostilities."
House prices plunged at a new record rate during the year to the end of September - losing 13.2 per cent of their value, Britain's biggest mortgage lender said today. The fall was the biggest ever recorded by the Halifax house price index, which posted a year-on-year decline of 12.7 per cent in August. Annual house price inflation, which measures prices during the previous three months compared with the same period a year ago, also dropped to a new record low, with falls of 12.4 per cent, pushing the average cost of a UK home down to £172,108. But on a brighter note, September saw the smallest monthly fall for seven months- with properties losing 1.3 per cent of their value. At the same time, the fall of 5.2 per cent during the third quarter was in line with one of 5.1 per cent during the second quarter, suggesting the rate at which prices are falling could be stabilising.
House prices plunged at a new record rate during the year to the end of September - losing 13.2 per cent of their value, Britain's biggest mortgage lender said today.
The fall was the biggest ever recorded by the Halifax house price index, which posted a year-on-year decline of 12.7 per cent in August.
Annual house price inflation, which measures prices during the previous three months compared with the same period a year ago, also dropped to a new record low, with falls of 12.4 per cent, pushing the average cost of a UK home down to £172,108.
But on a brighter note, September saw the smallest monthly fall for seven months- with properties losing 1.3 per cent of their value.
At the same time, the fall of 5.2 per cent during the third quarter was in line with one of 5.1 per cent during the second quarter, suggesting the rate at which prices are falling could be stabilising.
</not snark> In the long run, we're all dead. John Maynard Keynes
Bankers and financiers who take irresponsible risks should be "punished" for their actions, Gordon Brown said today. Following yesterday's massive Government bailout for the banks, the Prime Minister spoke of his anger at the way some in the City had behaved. "I am angry at irresponsible behaviour," he told GMTV. "Our economy is built around people who work hard, who show effort, who take responsible decisions, and whether there is excessive and irresponsible risk-taking, that has got to be punished."
Bankers and financiers who take irresponsible risks should be "punished" for their actions, Gordon Brown said today.
Following yesterday's massive Government bailout for the banks, the Prime Minister spoke of his anger at the way some in the City had behaved.
"I am angry at irresponsible behaviour," he told GMTV. "Our economy is built around people who work hard, who show effort, who take responsible decisions, and whether there is excessive and irresponsible risk-taking, that has got to be punished."
In other departments average pay was still £1m a year. Even so, London bankers might consider themselves poorly paid. Those doing the same job in Asia, said the survey, were averaging £1.4m. "If one bank holds down pay, then staff will leave and go to one that doesn't," said one fund manager. "And if London becomes badly paid then there will be an exodus to Mumbai, Shanghai or Dubai."
"If one bank holds down pay, then staff will leave and go to one that doesn't," said one fund manager. "And if London becomes badly paid then there will be an exodus to Mumbai, Shanghai or Dubai."
Bonuses May Fall in London LONDON -- Bonus payout by banks in London's financial district will be about 60% lower this year, marking the emergence of a culture where bonuses will be smaller and based more on long-term results, the Centre for Economics and Business Research said. "The million-pound-plus bonuses are going to be few and far between," Richard Snook, a senior economist at the think tank, said. The research center said it expects the total bonus payout in the City, as London's financial district is known, to slump to £3.6 billion ($6.22 billion) this year from £8.5 billion last year. Next year, the researchers said, it will drop to £2.8 billion.
LONDON -- Bonus payout by banks in London's financial district will be about 60% lower this year, marking the emergence of a culture where bonuses will be smaller and based more on long-term results, the Centre for Economics and Business Research said.
"The million-pound-plus bonuses are going to be few and far between," Richard Snook, a senior economist at the think tank, said.
The research center said it expects the total bonus payout in the City, as London's financial district is known, to slump to £3.6 billion ($6.22 billion) this year from £8.5 billion last year. Next year, the researchers said, it will drop to £2.8 billion.
Good people, for example in the pro video/broadcast/film world, go to work for Sony and Panasonic. But they don't make what the high flyers do in the industry...but eventually, they beat the rest of the industry and eventually the wages within the industry go down.
Now, we need someone to mark the bet, someone to bet against, a few people to buy insurance that either better will pay if we lose, a few side bets, and a few insurance policies on those, tranch a few of those together and sure, I'll buy a couple shares of those and a couple of shorts on them just to cover myself. but, I think the gory and glory days are gone for a long cycle...meaning, we won't see another criminal usurpation of the economy by nihilistic termites for 16 years instead of 8 years.
HT and apologies to whoever (was it rd?) who explained RatBastardCapitalismTM in terms of racetrack betting. Never underestimate their intelligence, always underestimate their knowledge.
Frank Delaney ~ Ireland
Gordon Brown today calls on nations across the world to follow Britain in its "ground-breaking" moves to save the banking system. The Prime Minister, writing in The Times, urges other governments to put money into struggling banks and offer similar guarantees worth hundreds of billions to persuade the banks to start lending to each other again. Amid indications that the United States is considering such moves, Mr Brown calls for a global solution to a global problem. He says that he never expected to find himself taking a government stake in banks but that countries had to abandon "outworn dogmas" and embrace new solutions.
Gordon Brown today calls on nations across the world to follow Britain in its "ground-breaking" moves to save the banking system.
The Prime Minister, writing in The Times, urges other governments to put money into struggling banks and offer similar guarantees worth hundreds of billions to persuade the banks to start lending to each other again.
Amid indications that the United States is considering such moves, Mr Brown calls for a global solution to a global problem. He says that he never expected to find himself taking a government stake in banks but that countries had to abandon "outworn dogmas" and embrace new solutions.
Krugman:
What should be done? The United States and Europe should just say "Yes, prime minister." The British plan isn't perfect, but there's widespread agreement among economists that it offers by far the best available template for a broader rescue effort.And the time to act is now. You may think that things can't get any worse -- but they can, and if nothing is done in the next few days, they will.
What should be done? The United States and Europe should just say "Yes, prime minister." The British plan isn't perfect, but there's widespread agreement among economists that it offers by far the best available template for a broader rescue effort.
And the time to act is now. You may think that things can't get any worse -- but they can, and if nothing is done in the next few days, they will.
Problem solved. In the long run, we're all dead. John Maynard Keynes
Ukraine's pro-Western coalition succumbed to bitter personal rivalry last night after the President dissolved parliament and called a snap election. The move pits President Yushchenko against his former ally Yuliya Tymoshenko in a struggle for political dominance. The feud between the leaders of the 2004 Orange revolution threatens to open the door for their pro-Russian rival Viktor Yanukovych to make a stunning comeback and tilt Ukraine back towards Moscow. The election will be the third in two years as Ukraine has lurched from one political crisis to another. It threatens to derail the country's bid for Nato membership at the Nato summit in December and comes as the economy struggles in the face of the global financial crisis. Mr Yushchenko launched a strong attack on Mrs Tymoshenko, the Prime Minister, in a pre-recorded television address announcing the dissolution of parliament. It was broadcast while he was on a visit to Italy. "I am convinced that the democratic coalition was ruined by one thing alone -- the ambition of one person, the hunger for power . . . and the dominance of personal interests over national ones," he said. The President can dissolve parliament if a new government is not formed within 30 days of the previous one collapsing.
Ukraine's pro-Western coalition succumbed to bitter personal rivalry last night after the President dissolved parliament and called a snap election.
The move pits President Yushchenko against his former ally Yuliya Tymoshenko in a struggle for political dominance. The feud between the leaders of the 2004 Orange revolution threatens to open the door for their pro-Russian rival Viktor Yanukovych to make a stunning comeback and tilt Ukraine back towards Moscow.
The election will be the third in two years as Ukraine has lurched from one political crisis to another. It threatens to derail the country's bid for Nato membership at the Nato summit in December and comes as the economy struggles in the face of the global financial crisis.
Mr Yushchenko launched a strong attack on Mrs Tymoshenko, the Prime Minister, in a pre-recorded television address announcing the dissolution of parliament. It was broadcast while he was on a visit to Italy. "I am convinced that the democratic coalition was ruined by one thing alone -- the ambition of one person, the hunger for power . . . and the dominance of personal interests over national ones," he said. The President can dissolve parliament if a new government is not formed within 30 days of the previous one collapsing.
EUOBSERVER / BRUSSELS - Oil and gas-rich rich Azerbaijan, home of another frozen conflict with its neighbouring Russian ally Armenia, does not consider the EU as a feasible peace broker in the region, Azeri deputy foreign minister Araz Azimov has said. "The European Union is a powerful economic and political union of states, but in terms of acting in a united way, the EU is not there yet, especially in an environment that changes rapidly. The EU it is not able to act in an instrumental way", Mr Azimov said on his expectations of possible EU involvement in finding a solution for the frozen conflict in Nagorno-Karabakh. The Black Sea and the Caspian Sea - where EU energy security meets frozen conflicts The senior official made the comment at a conference organized in Brussels by the European Policy Center on Wednesday (8 October). The conflict between Azerbaijan and Armenia, which still occupies the Azeri region of Nagorno-Karabakh, is currently mediated by the so-called Minsk group, created by the Organization for Security and Co-operation in Europe (OSCE) in 1992 and headed by France, Russia and the United States.
EUOBSERVER / BRUSSELS - Oil and gas-rich rich Azerbaijan, home of another frozen conflict with its neighbouring Russian ally Armenia, does not consider the EU as a feasible peace broker in the region, Azeri deputy foreign minister Araz Azimov has said.
"The European Union is a powerful economic and political union of states, but in terms of acting in a united way, the EU is not there yet, especially in an environment that changes rapidly. The EU it is not able to act in an instrumental way", Mr Azimov said on his expectations of possible EU involvement in finding a solution for the frozen conflict in Nagorno-Karabakh.
The Black Sea and the Caspian Sea - where EU energy security meets frozen conflicts
The senior official made the comment at a conference organized in Brussels by the European Policy Center on Wednesday (8 October).
The conflict between Azerbaijan and Armenia, which still occupies the Azeri region of Nagorno-Karabakh, is currently mediated by the so-called Minsk group, created by the Organization for Security and Co-operation in Europe (OSCE) in 1992 and headed by France, Russia and the United States.
EUOBSERVER / BRUSSELS - Although the number of deaths caused by road accidents has been slowly decreasing in the past decade, no fewer than 24,000 people have died on the roads of the EU's 27 capitals alone, a new report has shown. Dublin and Lisbon have reduced the number of accidents the most over the past two years - dropping respectively 12 and 10 percent per year, while in Helsinki, the figure has increased slightly, according to a survey published on Wednesday (8 October) by the European Transport Safety Council, a Brussels-based NGO. Pedestrians are among the most vulnerable road users. Sofia, Bratislava, Madrid, Bucharest, Warsaw, Paris, Copenhagen and Tallinn have also noted a reduction in accidents above the EU average yearly cut of 4.1 percent. Vienna, Brussels, Amsterdam, London and Rome have on the other hand not decreased the number by more than three percent.
EUOBSERVER / BRUSSELS - Although the number of deaths caused by road accidents has been slowly decreasing in the past decade, no fewer than 24,000 people have died on the roads of the EU's 27 capitals alone, a new report has shown.
Dublin and Lisbon have reduced the number of accidents the most over the past two years - dropping respectively 12 and 10 percent per year, while in Helsinki, the figure has increased slightly, according to a survey published on Wednesday (8 October) by the European Transport Safety Council, a Brussels-based NGO.
Pedestrians are among the most vulnerable road users.
Sofia, Bratislava, Madrid, Bucharest, Warsaw, Paris, Copenhagen and Tallinn have also noted a reduction in accidents above the EU average yearly cut of 4.1 percent.
Vienna, Brussels, Amsterdam, London and Rome have on the other hand not decreased the number by more than three percent.
REYKJAVIK: People go bankrupt all the time. Companies do, too. But countries? Iceland was on the verge of doing exactly that on Thursday as the government shut down the stock market and seized control of its last major independent bank. That brought trading in the country's currency to a halt, with foreign banks no longer willing to take Icelandic krona, even at fire-sale rates. As the meltdown in the Icelandic financial system quickened, with the government seemingly powerless to do anything about it, analysts said there was probably only one realistic option left: for Iceland to be bailed out by the International Monetary Fund. "Iceland is bankrupt," said Arsaell Valfells, a professor at the University of Iceland. "The Icelandic krona is history. The IMF has to come and rescue us."
REYKJAVIK: People go bankrupt all the time. Companies do, too. But countries?
Iceland was on the verge of doing exactly that on Thursday as the government shut down the stock market and seized control of its last major independent bank. That brought trading in the country's currency to a halt, with foreign banks no longer willing to take Icelandic krona, even at fire-sale rates.
As the meltdown in the Icelandic financial system quickened, with the government seemingly powerless to do anything about it, analysts said there was probably only one realistic option left: for Iceland to be bailed out by the International Monetary Fund.
"Iceland is bankrupt," said Arsaell Valfells, a professor at the University of Iceland. "The Icelandic krona is history. The IMF has to come and rescue us."
The Prime Minister is furious that 300,000 bank customers are blocked from accessing deposits in online bank Icesave. There are also concerns that councils and police authorities might not be able to retrieve nearly £900m of taxpayers' money which is stranded in Icelandic bank accounts. Mr Brown told a press conference: "We are taking legal action against the Icelandic authorities. We are showing by our action that we stand by people who save." Alistair Darling, Chancellor of the Exchequer, added: "The Icelandic government, believe it or not, have told me yesterday they have no intention of honouring their obligations here."
The Prime Minister is furious that 300,000 bank customers are blocked from accessing deposits in online bank Icesave.
There are also concerns that councils and police authorities might not be able to retrieve nearly £900m of taxpayers' money which is stranded in Icelandic bank accounts.
Mr Brown told a press conference: "We are taking legal action against the Icelandic authorities. We are showing by our action that we stand by people who save."
Alistair Darling, Chancellor of the Exchequer, added: "The Icelandic government, believe it or not, have told me yesterday they have no intention of honouring their obligations here."
Greed.
They decided not to place their savings in local projects, went outside to gain more more more.
Risk got reward. Someone losses, someone gains.
Now they want to sue because Capitalism Worked.
Great Planet; Funny People Never underestimate their intelligence, always underestimate their knowledge.
councils and police authorities
will, one hopes, be strictly regulated as to where they're allowed to put their money in future? If there's a future.
Hey, Alistair, it's called default. Being chancellor I would expect you to be clued up enough in financial matters to be familiar with the concept.
Bozos! A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
Leaders of EU countries plan to use the global financial crisis as an excuse to renege on climate change commitments, according to sources close to energy negotiations in Brussels. Papers seen by the Guardian suggest the EU council, which meets next week, propose dropping the previous commitment to an automatic increase in emissions cuts if the world gets a major climate change agreement next year. It also intends to allow countries to avoid having to cut their own emissions by letting them purchase a large proportion of reductions from overseas. The current EU target of a 20% reduction in emissions by 2020 will automatically increase to 30% if a global deal is signed. But the papers show that the EU is seeking a completely new legislative process if the EU target is to go over 20%. This effectively shelves the move to 30% and would take many years to complete. The commission justifies its proposals by saying that EU countries paying for emissions cuts would transfer up to €42bn (£33bn) to developing and other countries from 2008-2020.
Papers seen by the Guardian suggest the EU council, which meets next week, propose dropping the previous commitment to an automatic increase in emissions cuts if the world gets a major climate change agreement next year. It also intends to allow countries to avoid having to cut their own emissions by letting them purchase a large proportion of reductions from overseas.
The current EU target of a 20% reduction in emissions by 2020 will automatically increase to 30% if a global deal is signed. But the papers show that the EU is seeking a completely new legislative process if the EU target is to go over 20%. This effectively shelves the move to 30% and would take many years to complete.
The commission justifies its proposals by saying that EU countries paying for emissions cuts would transfer up to €42bn (£33bn) to developing and other countries from 2008-2020.
What's more important to survival? The planet or your stock and banking portfolio?
EUOBSERVER / BRUSSELS - If the Lisbon Treaty is not in place by June 2009, member states should keep their word on slimming down the European Commission, centre-right MEPs have argued, warning that parliamentarians would be reluctant to support a prolonged mandate for the current team of commission President Jose Manuel Barroso. Fewer MEPs, fewer commissioners, argues a Spanish deputy "Time is against us," Spanish conservative deputy Inigo Mendez de Vigo from the constitutional affairs committee in the European Parliament told journalists on Thursday (9 October), following this week's visit by the Irish foreign minister Micheal Martin in Brussels. Ireland was originally supposed to indicate what it wants to do about the Lisbon Treaty, a reform of the 27-strong Union that was rejected in June by Irish voters, to the heads of states and governments set to gather for a two-day summit on 15 October. But Mr Martin confirmed to MEPs on Monday (6 October) that Dublin needs time for "comprehensive research" and only by December does the country "expect to be able... to outline the necessary steps to achieve our objective of continued full engagement in the Union."
EUOBSERVER / BRUSSELS - If the Lisbon Treaty is not in place by June 2009, member states should keep their word on slimming down the European Commission, centre-right MEPs have argued, warning that parliamentarians would be reluctant to support a prolonged mandate for the current team of commission President Jose Manuel Barroso.
Fewer MEPs, fewer commissioners, argues a Spanish deputy
"Time is against us," Spanish conservative deputy Inigo Mendez de Vigo from the constitutional affairs committee in the European Parliament told journalists on Thursday (9 October), following this week's visit by the Irish foreign minister Micheal Martin in Brussels.
Ireland was originally supposed to indicate what it wants to do about the Lisbon Treaty, a reform of the 27-strong Union that was rejected in June by Irish voters, to the heads of states and governments set to gather for a two-day summit on 15 October.
But Mr Martin confirmed to MEPs on Monday (6 October) that Dublin needs time for "comprehensive research" and only by December does the country "expect to be able... to outline the necessary steps to achieve our objective of continued full engagement in the Union."
An interpreter employed by the Army in Basra for five years has been refused a place on a scheme to resettle Iraqi employees in Britain because he is deemed to be a security risk. Mohammed Motlag, 47, had been told that he and his family could be among the first to be relocated to Britain under a fast-track programme to offer asylum to current Army employees. He has learnt, however, that his application for asylum has been rejected for "security reasons". Mr Motlag, whose five-year-old son was kidnapped because of his work for the British, said: "It was very shameful to learn that the British did not accept me. My wife had to be taken to hospital because she fainted upon hearing the news. "I cried. I have liked Britain since I was a child. I grew up reading Shake-speare and used to think, `What a civili-sation'."
An interpreter employed by the Army in Basra for five years has been refused a place on a scheme to resettle Iraqi employees in Britain because he is deemed to be a security risk.
Mohammed Motlag, 47, had been told that he and his family could be among the first to be relocated to Britain under a fast-track programme to offer asylum to current Army employees. He has learnt, however, that his application for asylum has been rejected for "security reasons".
Mr Motlag, whose five-year-old son was kidnapped because of his work for the British, said: "It was very shameful to learn that the British did not accept me. My wife had to be taken to hospital because she fainted upon hearing the news.
"I cried. I have liked Britain since I was a child. I grew up reading Shake-speare and used to think, `What a civili-sation'."
He's just said that when Sarkozy made this speech, people were interested by his new ideas but claimed that this was a non starter. And that they (and in that they he specifically mentioned the FMI president Dominique Strauss Kahn) are now coming to his position.
[Cyrille's Jawdrop™ Technology]
FMI had been saying that months before the French Government would admit that there was a crisis. Back then, Sarko was vehemently complaining that FMI was completely silly in its predictions because it was talking about a slowdown in France, and was going to the UK to worship -litterally worship- their model. We were all to emulate the brilliancy of the City.
Now Luc Chatel is explaining that Sarko was a precursor, speaking in the desert for increasing regulation, dismissing the cult of money and kickstarting a major reaction plan.
As usual, the journalist pretty much let that pass (his only objection was that despite the Toulon speech the stock exchange had stayed very nervous). "Few can believe that suffering, especially by others, is in vain. - Galbraith"
But ARE there still diehard supporters? Yes. The true authoritarian would buy the package if Sarko the Magnificent was caught buggering boy scouts in the Arc de Triumphe. Capitalism searches out the darkest corners of human potential, and mainlines them.
That smacks of desperation big time. They might as well put a headline saying "all is well, and anyway it's not Sarkozy's fault"!! In the long run, we're all dead. John Maynard Keynes
100-79=21 In the long run, we're all dead. John Maynard Keynes
The remaining 10% don't know/didn't answer? A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
What percent of depositors is needed to start a bank run?
Stupid and dangerous headline.
News Politics Terrorism policy Labour peers urge Brown to back down in detention fight * PM warned he faces heavy Lords defeat on 42 days* Downing Street advised to avoid confrontation David Hencke, Westminster correspondent The Guardian, Friday October 10 2008 The new leader of the House of Lords is to ask Gordon Brown to drop plans to force through the detention of terror suspects for up to 42 days.A meeting of Labour peers on Wednesday night asked Lady Royall to tell the prime minister that it would be better to abandon the measure before a vote, rather than face a humiliating defeat when the clause is debated in the Lords on Monday.Among previously loyal Labour peers expected to rebel are Lord Goldsmith, the former attorney general, and Lord Falconer, the former lord chancellor.The Labour peers have warned the government not to start a new confrontation between the Lords and the Commons over the issue, and to avoid invoking the Parliament Act to get the clause on the statute book. As a compromise, Labour peers want Brown to set up a working group to examine the best way to fight terrorism and safeguard civil liberties without resorting to an extension of the present 28-day detention without trial. According to sources at the meeting, a number of Labour loyalists who had previously supported longer detention of terror suspects indicated that they had changed their minds, and would be very reluctant to support the government on Monday. Ministers already face united opposition from the Conservative and Liberal Democrat frontbench in the Lords, as well as eminent crossbench peers including Lady Manningham-Buller, former head of MI5, and the former lord chief justice, Lord Woolf .
The new leader of the House of Lords is to ask Gordon Brown to drop plans to force through the detention of terror suspects for up to 42 days.
A meeting of Labour peers on Wednesday night asked Lady Royall to tell the prime minister that it would be better to abandon the measure before a vote, rather than face a humiliating defeat when the clause is debated in the Lords on Monday.
Among previously loyal Labour peers expected to rebel are Lord Goldsmith, the former attorney general, and Lord Falconer, the former lord chancellor.
The Labour peers have warned the government not to start a new confrontation between the Lords and the Commons over the issue, and to avoid invoking the Parliament Act to get the clause on the statute book. As a compromise, Labour peers want Brown to set up a working group to examine the best way to fight terrorism and safeguard civil liberties without resorting to an extension of the present 28-day detention without trial.
According to sources at the meeting, a number of Labour loyalists who had previously supported longer detention of terror suspects indicated that they had changed their minds, and would be very reluctant to support the government on Monday. Ministers already face united opposition from the Conservative and Liberal Democrat frontbench in the Lords, as well as eminent crossbench peers including Lady Manningham-Buller, former head of MI5, and the former lord chief justice, Lord Woolf .
This year's Nobel Peace Prize has been won by peace negotiator Martti Ahtisaari, the Nobel Foundation has announced in Oslo, Norway. Finland's ex-president has been the UN special envoy for talks on the final status of Kosovo and mediated a 2005 accord in Indonesia's Aceh province.
Amongst our weaponry are such diverse elements as fear, surprise, ruthless efficiency, an almost fanatical devotion to the Pope, and nice red uniforms!"
But Declan Ganley, the millionaire businessman who bankrolled and masterminded the successful "No" campaign in the Irish referendum, is a target all the same. Many in the European establishment would like to see Mr Ganley come a cropper, see his campaigning days terminated and his nascent political career liquidated before he can do any more damage. The mysterious Mr Ganley is now talking about turning his think-tank Libertas into an EU-wide political party. He's been touring Europe looking for support for his campaign to turn next year's elections to the European Parliament into another referendum: on what he calls the anti-democratic Europe of the Lisbon Treaty. You remember - that's the one that so many say is just like the constitution the Dutch and French threw out.
