AFP - Eurotunnel on Friday accused Eurostar staff of not following safety rules when evacuating passengers from high speed trains that broke down in the tunnel under the Channel last weekend. The tunnel operator strongly rejected suggestions that it contributed to the chaos when 2,000 passengers were trapped for a night in five trains that broke down in the tunnel between Britain and France on December 18. "We have, here and there, been unjustly suspected of not acting as we should have done" after the breakdown, Eurotunnel said in a statement. Eurotunnel said the time it took to evacuate the passengers "was unfortunately extended because the Eurostar teams, in complete violation of the safety procedures, asked passengers to take their bags with them."
AFP - Eurotunnel on Friday accused Eurostar staff of not following safety rules when evacuating passengers from high speed trains that broke down in the tunnel under the Channel last weekend.
The tunnel operator strongly rejected suggestions that it contributed to the chaos when 2,000 passengers were trapped for a night in five trains that broke down in the tunnel between Britain and France on December 18.
"We have, here and there, been unjustly suspected of not acting as we should have done" after the breakdown, Eurotunnel said in a statement.
Eurotunnel said the time it took to evacuate the passengers "was unfortunately extended because the Eurostar teams, in complete violation of the safety procedures, asked passengers to take their bags with them."
But has anyone yet figured out what caused the breakdown in the first place? La Chine dorme. Laisse la dormir. Quand la Chine s'éveillera, le monde tremblera.
I'll ask around when I'm back at the job. *Lunatic*, n. One whose delusions are out of fashion.
Only speculation there, but
"We have just experienced that excess amongst financial actors, and faults in state oversight have plunged the world into a deep crisis," he said. "We need to understand that money must serve people and cannot be allowed to rule them."
"We need to understand that money must serve people and cannot be allowed to rule them."
Who is this clown Koehler? He can't be serious? Is he totally out of touch with reality?
And there's the old favorite, "What's he smoking?" In the end, might makes right. Nothing has changed since the caveman.
MOSCOW -- Russia's central bank Friday unveiled its 10th interest rate cut of the year, with economists expecting more gradual trims in the coming months as policymakers try to stimulate the country's blighted economy. The central bank said it is reducing its benchmark refinancing rate to 8.75 percent effective from Monday, from 9 percent. The minimum one-day repo rate will be cut to 6 percent from 6.25 percent."The decision to cut rates is expected to soften the factors restraining economic revival and will secure the stability of the growing trend" of gross domestic product," the regulator said in a statement.
MOSCOW -- Russia's central bank Friday unveiled its 10th interest rate cut of the year, with economists expecting more gradual trims in the coming months as policymakers try to stimulate the country's blighted economy.
The central bank said it is reducing its benchmark refinancing rate to 8.75 percent effective from Monday, from 9 percent. The minimum one-day repo rate will be cut to 6 percent from 6.25 percent.
"The decision to cut rates is expected to soften the factors restraining economic revival and will secure the stability of the growing trend" of gross domestic product," the regulator said in a statement.
If someone asks you what happened in 2009, the answer is simple - two things. There was a huge credit and liquidity crunch, and then there was Quantitative Easing. The last is the Fed's equivalent of band-aiding a zombied and ponzied corpse, better known as the US economy. It worked for a while, but now the zombie is about to go back into critical, followed by comatose, and lastly, undead (and 401(k)-depleting) condition. In 2009, total supply of all USD denominated fixed income, net of maturities, declined by $300 billion from $2.05 trillion to $1.75 trillion. This makes sense: the abovementioned crunches stopped the flow of credit from January until well into April, and generally firms were unwilling to demonstrate to the market how clothless they are by hitting the capital markets until well into Q2 if not Q3. What happened was a move so drastic by the Fed, that into November, the worst of the worst High Yield names were freely upsizing dividend recap deals (see CCU) - the very same greed and stupidity that brought us here.... Back to the math... And here is the kicker. Accounting for securities purchased by the Fed, which effectively made the market in the Treasury, the agency and MBS arenas, but also served to "drain duration" from the broader US$ fixed income market, the stunning result is that net issuance in 2009 was only $200 billion. Take a second to digest that. And while you are lamenting the death of private debt markets, here is precisely what the Fed, the Treasury, and all bank CEOs are doing all their best to keep hidden until they are safely on their private jets heading toward warmer climes: in 2010, the total estimated net issuance across all US$ denominated fixed income classes is expected to increase by 27%, from $1.75 trillion to $2.22 trillion. The culprit: Treasury issuance to keep funding an impossible budget. And, yes, we use the term impossible in its most technical sense.... Out of the $2.22 trillion in expected 2010 issuance, $200 billion will be absorbed by the Fed while QE continues through March. Then the US is on its own: $2.06 trillion will have to find non-Fed originating demand. To sum up: $200 billion in 2009; $2.1 trillion in 2010. Good luck.
In 2009, total supply of all USD denominated fixed income, net of maturities, declined by $300 billion from $2.05 trillion to $1.75 trillion. This makes sense: the abovementioned crunches stopped the flow of credit from January until well into April, and generally firms were unwilling to demonstrate to the market how clothless they are by hitting the capital markets until well into Q2 if not Q3. What happened was a move so drastic by the Fed, that into November, the worst of the worst High Yield names were freely upsizing dividend recap deals (see CCU) - the very same greed and stupidity that brought us here....
Back to the math... And here is the kicker. Accounting for securities purchased by the Fed, which effectively made the market in the Treasury, the agency and MBS arenas, but also served to "drain duration" from the broader US$ fixed income market, the stunning result is that net issuance in 2009 was only $200 billion. Take a second to digest that.
And while you are lamenting the death of private debt markets, here is precisely what the Fed, the Treasury, and all bank CEOs are doing all their best to keep hidden until they are safely on their private jets heading toward warmer climes: in 2010, the total estimated net issuance across all US$ denominated fixed income classes is expected to increase by 27%, from $1.75 trillion to $2.22 trillion. The culprit: Treasury issuance to keep funding an impossible budget. And, yes, we use the term impossible in its most technical sense....
Out of the $2.22 trillion in expected 2010 issuance, $200 billion will be absorbed by the Fed while QE continues through March. Then the US is on its own: $2.06 trillion will have to find non-Fed originating demand. To sum up: $200 billion in 2009; $2.1 trillion in 2010. Good luck.
One more thing from the same link: Now everyone knows that the average maturity of the UST curve has become a big problem for Tim Geithner: nearly 40% of all marketable debt matures within a year (a percentage that has kept on growing). In fact, the Treasury provided guidance in its November 2009 refunding, in which it stated that it intends "to focus on increasing the average maturity" of its debt after relying heavily on Bill issuance in H2. Once again, we wish Tim the best of luck.
Now everyone knows that the average maturity of the UST curve has become a big problem for Tim Geithner: nearly 40% of all marketable debt matures within a year (a percentage that has kept on growing). In fact, the Treasury provided guidance in its November 2009 refunding, in which it stated that it intends "to focus on increasing the average maturity" of its debt after relying heavily on Bill issuance in H2. Once again, we wish Tim the best of luck.
What does it mean to ME? Hyperinflation? Run on the banks? Grocery stores closing down? People mugging me while I'm on my way to campus? What?! In the end, might makes right. Nothing has changed since the caveman.
Food costs will rise, at first due to the increased cost of petroleum based fertilizers and fuels, and later the methods that will evolve to replace current techniques will be more labor intensive and cost more. But this will have the advantage of providing more employment.
If you have retirement income, disability income, unemployment benefits or welfare these will all come under pressure unless real recovery occurs, as tax revenues will remain low while expenses increase. I really don't know. A lot of normal economic functioning is an ongoing confidence game, and that confidence has taken a hit and is likely to take more and bigger hits. Were the Fed to simply step into the gap and print money on a trillion dollar scale so social security and other obligations can be met, including ongoing foreign wars, I can see that being inflationary, but others might argue.
If economic activity continues to drop down to the minimum possible for survival for most folks, prices could continue to drop an we could go into a debt-deflation spiral. Very bad. The 30s showed that depression can be accompanied by currency devaluation, which we effectively did in the 30s, going off the gold standard and withdrawing gold coins from circulation, and again in the early 70s when the USA withdrew any gold or silver backing for its currency and let the dollar float.
In a deflationary depression, cash is king, as the price of goods declines, so your cash buys more. But with the miracles of modern economics we might find ourselves with a depreciating currency and collapsing asset prices simultaneously. Hard to know where to hide or even if you can.
The State of California is in serious fiscal distress and has already raised the fees at the UC and CSU systems significantly. That could result in fewer students for you to tutor. It is the State of California that is on the hook for retirements for the people who have Calpers, and the state had to pony up an additional few billion this year, as Calper's portfoolio declined by >30% last year this time and some of it was in oil futures that collapsed in July of '08, etc. All private pensions are in similar straits.
Just consider that you have a seat at The Resturant At The End Of The Universe and are getting to watch others disintegrate while hoping for someone to get working the time machine that will take you back well before the end arrives for you. But you know how it is with time machines. Just when you need one the most..... As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
Interesting thing about tutoring. I draw upon three colleges/universities for students: Sac State, Sac City, and American River. A reasonable estimate of the student population taking a chemistry course in any semester is 2000, and I only need 10 - 15 students per semester to fill all of my time. Plus these people think they have futures in "health care" so I'm looked on as a good investment.
Thank You! In the end, might makes right. Nothing has changed since the caveman.
Just consider that you have a seat at The Resturant At The End Of The Universe and are getting to watch others disintegrate while hoping for someone to get working the time machine that will take you back well before the end arrives for you. But you know how it is with time machines. Just when you need one the most.....
I was just doing other things and this final statement of yours came to mind. And I realized that I may be here to answer the question, "If a species has the ability to harness nuclear power/weapons and avoids blowing itself up, is it in the clear? Will it develop into a responsible species? Or in this case, will it destroy itself by destroying its biosphere?" Now that would be ironic. Dodge the nuclear bullet only to succumb to greed/corruption.
And that time machine? I have one and it doesn't depend upon anything other than my body ceasing to function. Then what? Just waiting to find out. In the end, might makes right. Nothing has changed since the caveman.
Madrid has unveiled plans for a new high-rise financial centre to rival the City of London or Canary Wharf. The ambitious building project will see the skyline to the north of the Spanish capital transformed with the addition of 20 skyscrapers including four towers over 60 storey's high.The initial stage of the project - dubbed "Operation Chamartin" - was given the green light last month (NOV) by authorities in the capital who have earmarked 11 billion euros investment to see to completion.
The ambitious building project will see the skyline to the north of the Spanish capital transformed with the addition of 20 skyscrapers including four towers over 60 storey's high.
The initial stage of the project - dubbed "Operation Chamartin" - was given the green light last month (NOV) by authorities in the capital who have earmarked 11 billion euros investment to see to completion.
It is hoped that the new district will tempt established businesses to make the move north from the centre of Madrid freeing up space downtown and easing congestion on the city's roads. But some are already questioning the wisdom of constructing yet more office developments and private housing when so many premises already stand empty as Spain's struggles with the economic crisis. Four new tower blocks completed near Chamartin last year still have floors of office space available and several hundred thousand new build residences remain unsold across the capital.
But some are already questioning the wisdom of constructing yet more office developments and private housing when so many premises already stand empty as Spain's struggles with the economic crisis.
Four new tower blocks completed near Chamartin last year still have floors of office space available and several hundred thousand new build residences remain unsold across the capital.
This is just building penis substitutes aka as al-qaeda targets. keep to the Fen Causeway
Twenty years after Poland ditched the dowdy austerity of communism the country will welcome Ferrari's prancing horse with the opening of the glamorous sports car company's first showroom in the country. The showroom, due to open next year on Warsaw's premiere shopping street, will offer Polish car enthusiasts a chance to tap into an Italian line of luxury once inconceivable for a country that became synonymous with poverty and shortages during the dark days of socialism. But with the Polish economy, buoyed by foreign investment and EU membership, now rapidly catching up on those in the west, Ferrari feel that the time is ripe to set up shop.
The showroom, due to open next year on Warsaw's premiere shopping street, will offer Polish car enthusiasts a chance to tap into an Italian line of luxury once inconceivable for a country that became synonymous with poverty and shortages during the dark days of socialism.
But with the Polish economy, buoyed by foreign investment and EU membership, now rapidly catching up on those in the west, Ferrari feel that the time is ripe to set up shop.
Twenty years after Poland ditched the dowdy austerity of communism the country will welcome Ferrari's prancing horse
Ugh, what an intro. Nolw, let us guess how many Poles saw the even more dowdry austerity of austerity reforms, and how many will buy Ferraris... *Lunatic*, n. One whose delusions are out of fashion.
Russian oil giant Gazprom said it believes Ukraine will have difficulties paying for gas shipments, prompting fears of a possible repeat of the New Year gas row between the two countries that led to supply cuts throughout Europe. AFP- The head of Russian gas giant Gazprom said Friday that Ukraine had cut back on purchases of Russian gas since mid-December and appeared to be facing serious cash problems. "Ukraine is experiencing serious problems with payment," Alexei Miller said on Russia's Vesti channel in comments carried by the Ria-Novosti news agency. Ukraine has until January 11 to pay for gas, according to Gazprom, which has cut off supplies to the country over unpaid bills repeatedly in the past.
AFP- The head of Russian gas giant Gazprom said Friday that Ukraine had cut back on purchases of Russian gas since mid-December and appeared to be facing serious cash problems. "Ukraine is experiencing serious problems with payment," Alexei Miller said on Russia's Vesti channel in comments carried by the Ria-Novosti news agency. Ukraine has until January 11 to pay for gas, according to Gazprom, which has cut off supplies to the country over unpaid bills repeatedly in the past.
Couple of different issues at play here. Yes, Turkey has been trying to gain admittance for quite some time. And the Euros would have been wise to have accepted Turkey 15 years ago. This would have forced the secularists in government to change the economy for the better. And it was a huge missed opportunity, if Europe truly cares about Turkey remaining secular. Here's what happened instead. The Turks grew disillusioned with the secularists and voted for the soft-shoe Islamists to run the country and economy, making what I would call a Faustian bargain, hoping they would fix the economy and not impose their brand of religious politics along with it. The Turks got an exceptionally strong economic recovery, as I documented during my time there. But they also got the Islamist baggage along with it. And now that the economy threatens to head south in light of the global financial crisis, the Turkish Islamists are using the culture war card to stay in power. This is a shame. It is also worrisome. Just look at the power the culture war has over the American imagination. Now, as to Huffington's contention that Turkey isn't a European country. Well, a good 15% of the landmass sits in Europe. So does Istanbul. Of course, that's easy to dismiss. But what isn't is this: Turkey has been an integral partner in the European state system since the French allied with the Turks several hundred years ago to outflank the Hapsburgs. So, feel free to dismiss Turkey as an "Asian country." But let's not forget history.
Couple of different issues at play here. Yes, Turkey has been trying to gain admittance for quite some time. And the Euros would have been wise to have accepted Turkey 15 years ago. This would have forced the secularists in government to change the economy for the better. And it was a huge missed opportunity, if Europe truly cares about Turkey remaining secular. Here's what happened instead. The Turks grew disillusioned with the secularists and voted for the soft-shoe Islamists to run the country and economy, making what I would call a Faustian bargain, hoping they would fix the economy and not impose their brand of religious politics along with it.
The Turks got an exceptionally strong economic recovery, as I documented during my time there. But they also got the Islamist baggage along with it. And now that the economy threatens to head south in light of the global financial crisis, the Turkish Islamists are using the culture war card to stay in power.
This is a shame. It is also worrisome. Just look at the power the culture war has over the American imagination. Now, as to Huffington's contention that Turkey isn't a European country. Well, a good 15% of the landmass sits in Europe. So does Istanbul. Of course, that's easy to dismiss. But what isn't is this: Turkey has been an integral partner in the European state system since the French allied with the Turks several hundred years ago to outflank the Hapsburgs. So, feel free to dismiss Turkey as an "Asian country." But let's not forget history.
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The Trojan Horse Boogey Man | The Agonist
As I have repeatedly stated in posts about Iran and Turkey: the best way to counter the Islamists is to engage them and play their own game. Tell Turkey, sure, you can join the EU, but remember, hejab in the EU is a no-no. You don't like it, too bad. Moreover, religious tolerance is a key virtue in the EU and a fundamental aspect of the acquis communitiare, and if you can't ratify that, well, you've got no chance of joining the EU. The bottom line here is that the EU has leverage over the Islamists in Turkey it's too pusillanimous to use. France and other European countries rightfully have serious and well-founded reservations about admitting Turkey into the EU. If Turkey were admitted any Turkish citizen could travel, work and reside in any EU country because they would no longer need a visa. There are Islamist fundamentalist in Turkey as there are in Iraq, Iran, Egypt and other Muslim countries. This would be a security nightmare. The American Administration should butt out of this issue and let the Europeans make their own decisions. Clearly Huffington has been huffing some glue here. Yes, of course, there are Islamists in Turkey. But not of the virulent al Qeada type. Please. Are there terrorists? Yup, sure are. But they are Kurds. A people who speak an Indo-European language who value secularism just as much as the secular Turks and Europeans do. Again, the Kurdish issue is more leverage the EU could and has used. But I do agree with Huffington in that the US should butt out.
As I have repeatedly stated in posts about Iran and Turkey: the best way to counter the Islamists is to engage them and play their own game. Tell Turkey, sure, you can join the EU, but remember, hejab in the EU is a no-no. You don't like it, too bad. Moreover, religious tolerance is a key virtue in the EU and a fundamental aspect of the acquis communitiare, and if you can't ratify that, well, you've got no chance of joining the EU. The bottom line here is that the EU has leverage over the Islamists in Turkey it's too pusillanimous to use.
France and other European countries rightfully have serious and well-founded reservations about admitting Turkey into the EU. If Turkey were admitted any Turkish citizen could travel, work and reside in any EU country because they would no longer need a visa. There are Islamist fundamentalist in Turkey as there are in Iraq, Iran, Egypt and other Muslim countries. This would be a security nightmare. The American Administration should butt out of this issue and let the Europeans make their own decisions.
Clearly Huffington has been huffing some glue here. Yes, of course, there are Islamists in Turkey. But not of the virulent al Qeada type. Please. Are there terrorists? Yup, sure are. But they are Kurds. A people who speak an Indo-European language who value secularism just as much as the secular Turks and Europeans do. Again, the Kurdish issue is more leverage the EU could and has used. But I do agree with Huffington in that the US should butt out.
