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Any idiot can face a crisis - it's day to day living that wears you out.

by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 02:28:38 PM EST
Rebekah Brooks charged with perverting the course of justice | UK news | guardian.co.uk

Rebekah Brooks, the former chief executive of News International, has been charged over allegations that she tried to conceal evidence from detectives investigating phone hacking and alleged bribes to public officials.

The Crown Prosecution Service (CPS) announced that Brooks, one of the most high-profile figures in the newspaper industry, would be charged with three counts of conspiracy to pervert the course of justice in July last year at the height of the police investigation.

Scotland Yard later confirmed she had been charged along with her husband, Charlie Brooks, and four others.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 02:45:23 PM EST
[ Parent ]
Rebekah Brooks: case against me is an expensive sideshow | UK news | guardian.co.uk

Rebekah Brooks has hit out at the decision to charge her with three counts of conspiracy to obstruct the cause of justice, describing the case against her as "an expensive sideshow" and a "waste of public money".

Looking tired and nervous, the former News International chief executive chose to speak after her husband, Charlie, making a set of brief remarks in which she attacked the Crown Prosection Service's decision to bring charges on Tuesday morning.

Speaking live to camera outside the central London offices of her lawyers, Kingsley Napley, shortly before 5.30pm on Tuesday, Brooks said: "Whilst I have always respected the criminal justice system, I have to question today whether the decision was made on a proper impartial assessment of the evidence.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:13:07 PM EST
[ Parent ]
Sounds serious. What would be the likely sentence were she convicted? Are there guidelines?

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed May 16th, 2012 at 12:39:07 AM EST
[ Parent ]
Up to life, but more likely to be a year or so.

Two points that may not be obvious:

  1. Charlie Brooks is an old school friend of Cameron's.

  2. The trial is going to be very interesting.
by ThatBritGuy (thatbritguy (at) googlemail.com) on Wed May 16th, 2012 at 02:23:54 AM EST
[ Parent ]
the most interesting part of which will be the grounds for the inevitable acquittal

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Wed May 16th, 2012 at 08:06:49 AM EST
[ Parent ]
BBC News - France's Hollande is in Berlin for talks with Merkel

Newly sworn-in French President Francois Hollande has arrived in Berlin for key talks with German Chancellor Angela Merkel, after his plane was apparently hit by lightning.

The plane was forced to turn back to Paris. Mr Hollande later completed his journey on a second plane.

During his inauguration speech earlier in the day, the Socialist president appealed for "a compromise" over the German-led focus on austerity.

He called for an emphasis on "growth".



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:17:21 PM EST
[ Parent ]
his plane was apparently hit by lightning

the confidence fairy having a tantrum ?

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Wed May 16th, 2012 at 08:08:11 AM EST
[ Parent ]
Thor is on Merkel's payroll.
by tjbuff (timhess@adelphia.net) on Wed May 16th, 2012 at 10:00:31 AM EST
[ Parent ]
But perhaps it was Zeus...

Theological north/south divide?

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Wed May 16th, 2012 at 10:13:40 AM EST
[ Parent ]
Not really, it was just a PR stunt for the new Avengers movie.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Wed May 16th, 2012 at 10:33:27 AM EST
[ Parent ]
BBC News - New Greek elections as coalition talks fail - Venizelos

Greece is set to go to the polls again after days of coalition talks failed to produce agreement on a new government, says the leader of the Socialist Pasok party, Evangelos Venizelos.

A final round of talks on Tuesday morning broke up without a deal.

In elections on 6 May, a majority of Greek voters backed parties opposed to austerity plans demanded by the EU and IMF in return for two bailouts.

The Greek president will appoint a caretaker government on Wednesday.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:17:48 PM EST
[ Parent ]
That's right. I'm taking time off from being a shithead to talk seriously. This is the time to put a genuine socialist government in place so you can save your sorry asses. This could be your last and only chance so don't blow it.

Or as Charlie Brown used to say, It's hero time!

The good news ... it's only a life sentence. You eventually leave this planet of idiots.

by THE Twank (yatta blah blah @ blah.com) on Wed May 16th, 2012 at 12:04:56 PM EST
[ Parent ]
BBC News - Breivik trial: Utoeya survivor heard 'worst screaming'

A teenager who survived Anders Breivik's Utoeya massacre has told his trial she heard "the worst screaming" as he carried out his attacks.

Marta-Johanne Svendsen, who was shot in the arm, described hiding with others in a building and hearing twigs snap as Breivik tried to get in.

As proceedings continued, a man set himself on fire outside the courthouse.

He tried to enter the Oslo building but was stopped by police and taken to hospital to be treated for burns.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:20:00 PM EST
[ Parent ]
Hollande sworn in as French president - Xinhua | English.news.cn

Francois Hollande is sworn in on Tuesday morning in Elysee Palace as the French president, the first Socialist head of state after Francois Mitterand quit power in 1995.

The Constitutional Council declared Hollande the president of the Republic of France at the inauguration ceremony in the presidential palace.

The swearing-in ceremony opened at 10:00 a.m. (0800 GMT) by outgoing President Nicolas Sarkozy greeting in the courtyard the new president and the two leaders headed into private talks where codes to France's nuclear arsenal was handed over to Hollande.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:32:38 PM EST
[ Parent ]
Hollande names longtime ally Ayrault as prime minister - FRENCH ELECTIONS 2012 - FRANCE 24

France's new president, François Hollande, appointed veteran lawmaker Jean-Marc Ayrault as his prime minister on Tuesday, hours after being sworn in to the country's top job.

Ayrault, 62, is the mayor of the northwest city of Nantes and a longtime leader of the Socialist Party in parliament.

A close ally of newly elected French President François Hollande for the past 15 years, he was seen as more moderate in his views than other candidates for the post, including Socialist Party leader Martine Aubry.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:46:43 PM EST
[ Parent ]
Greece could exit eurozone, IMF chief tells FRANCE 24 - GREECE-IMF - FRANCE 24

Greece could leave the eurozone in an "orderly exit", the head of the International Monetary Fund, Christine Lagarde, told FRANCE 24 on Tuesday.

In an exclusive interview, Lagarde raised the possibility that the debt-laden nation could quit the eurozone if it failed to meet the terms of a bailout deal negotiated with its EU partners and the IMF.

"If the country's budgetary commitments are not honoured, there needs to be appropriate revisions, which means either supplementary financing and additional time, or mechanisms for an exit, which in this case must be orderly," the IMF chief said.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:47:25 PM EST
[ Parent ]
"there needs to be appropriate...mechanisms for an exit, which in this case must be orderly,"

This is a 'need' for the IMF, the ECB and the Commission, but why on earth should Greece agree to go in an orderly manner unless its needs were also considered? Why should Greece consider that it exists for the convenience of the troika and the EU? Were there ever any point to the EU and the Euro it had to be that they existed for the convenience and utility of the member countries.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed May 16th, 2012 at 12:48:49 AM EST
[ Parent ]
It is also in the Greek interest to have clear legal rules on what happens to contracts and other stuff.
by oliver on Wed May 16th, 2012 at 05:14:57 AM EST
[ Parent ]
Clear legal rules will be settled in court. Retroactive changes to contracts are going to be contested.
by Colman (colman at eurotrib.com) on Wed May 16th, 2012 at 05:15:52 AM EST
[ Parent ]
There is quite good precedent in the introduction of the Euro. If you could alter contracts retroactively by law, it is hard to argue that the reverse change cannot be made.
by oliver on Wed May 16th, 2012 at 05:22:01 AM EST
[ Parent ]
There was no retroactive alteration of contracts on Euro entry. What was done is to narrow the bands of exchange rate fluctuations of the predecessor currencies and to fix them at constant rates with respect to the Euro after January 1, 1999. Legally, the old currencies became definite fractions of the Euro and the Euro became legal tender, so contracts could be settled in Euro or in the contracted currency indistinctly.

Symmetric Euro exit would entail allowing the local currency to float with respect to the Euro after a given date while retaining all existing Euro-denominated contracts (which would then become contracts denominated in foreign hard currency). This would destroy both the Greek economy and the creditors' balances.

Euro exit with contract redenomination could be effected in two steps. First, all existing local contracts would be decreed to be redenominated in the local currency at the fixed exchange rate. Then the local currency would be allowed to float. This might be subject to legal challenges as Colman suggests, though I don't think the local courts would uphold the challenges.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper

by Migeru (migeru at eurotrib dot com) on Wed May 16th, 2012 at 05:31:13 AM EST
[ Parent ]
Business hates uncertainty most of all.
by Colman (colman at eurotrib.com) on Wed May 16th, 2012 at 05:32:19 AM EST
[ Parent ]
Except when it can profit from it.
by ThatBritGuy (thatbritguy (at) googlemail.com) on Wed May 16th, 2012 at 05:48:51 AM EST
[ Parent ]
The cleanest way to do this would be to come out on a Friday evening and say six things. "As of right now":

  1. all local contracts in Euros are redenominated in local currency at the 1 January 1999 rate
  2. all outgoing border-crossing cash flows are subject to a stiff tax (but not forbidden - see Krugman on Malaysia, I believe in that case a 10% tax was introduced and then phased out)
  3. all government payments for local contracts will be in local currency
  4. a bank holiday is declared until domestic banks are able to operate with accounts in both Euro and local currency, cash points are stocked with both euros and local currency, and all account holdes are given a separate account in local currency with a starting balance of zero
  5. the central bank has been instructed to print a large enough amount of local currency to cover the cash needs of the economy - this printing and the distribution of the notes to the banks will be completed before the end of the bank holiday.
  6. at the end of the bank holiday, the exchange rate will be allowed to float away from the 1 January 1999 rate.

I wonder whether 1 or 6 could be successfully challenged in the local courts.

2 is a temporary suspension of the free movement of capital within the Single Market. The BuBa is on the record accepting capital controls as a possible "extreme measure".

3 and 5 are a violation of the ECB's monopoly on legal tender. It could be challenged before the European Court of Justice, I suppose.

The only other question is how many days of bank holiday 4 would require. I don't think more than a couple of days after a weekend.


guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper

by Migeru (migeru at eurotrib dot com) on Wed May 16th, 2012 at 05:54:45 AM EST
[ Parent ]
Here is a summary of Malaysia's capital-control and other measures.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Wed May 16th, 2012 at 05:59:19 AM EST
[ Parent ]
And here is Yanis Varoufakis's latest post warning us from thinking Greece could easily return to the drachma (or "local currency").

two important reasons. First, because of the crushing delay in introducing a new currency. Secondly, because of what I call the bifurcation between the stock of savings and the flow of incomes.

by Katrin on Wed May 16th, 2012 at 09:20:41 AM EST
[ Parent ]
Delay: Bank of Greece colleagues tell me that it will take months before ATMs are stocked with new drachmas once they get the go ahead to print them. Even if it takes weeks, an economy cannot remain un-monetised for so long, especially when already on the canvass of a deep crisis, without major civil unrest and an almost terminal effect on economic activity.
Somehow I find that hard to believe, but I will have to.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Wed May 16th, 2012 at 09:24:30 AM EST
[ Parent ]
Well, then they'll have to deface existing Euro notes by stamping them. It is not like security would be a priority. Nobody wants to render his Euro notes into Neodrachmas.
by oliver on Thu May 17th, 2012 at 08:18:00 AM EST
[ Parent ]
Bifurcation: Even ignoring the crippling effects of the delay, we must not forget that the ongoing crises has led Greek savers to withdraw oodles of their savings from Greek banks and either shift them offshore (London, Geneva, Frankfurt) or stuff them in their mattresses, or hide them in their freezers (in `bricks' of  500 notes).  This means that, by the time we come to an exit from the euro, the stock of savings will be in euros and the flow of incomes and pensions (once the banks re-open) will be in drachmas. So, unlike in Argentina, a Greek euro-exit will drive a wedge between stocks and flows, savings and incomes; with the former revaluing massively relative to the latter. Moreover, the very availability of such large quantities of `hard' currency savings, in the hands of the average Dimitri and Kiki on the street, will ensure that the decline in the value of the new drachma will be precipitous (something that did not happen in Argentina since most savings were in pesos also).
And, after the Greek President's little announcement yesterday, we know this is not a hypothetical.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Wed May 16th, 2012 at 09:26:04 AM EST
[ Parent ]
I yield, Yanis wins.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Wed May 16th, 2012 at 09:29:29 AM EST
[ Parent ]
According to Kaminska on FT, the bank run has hardly even started :

FT Alphaville » Plug-pulling in Athens

OK -- not really a surprise to see deposit withdrawals and a flight from Greek euros now, with a euro exit in the air, you might think. But in a way it is.

The amazing thing about the Greek banking system since 2009 is not just the 25 to 30 per cent of deposits that have left, but the 70-75 per cent which have stayed. They have stayed through two years of Greece transparently getting closer to leaving the euro and turning these deposits into drachma. We're being serious. It's a real challenge to prospect theory. Up to €170bn remained in banks at the end of March.

Although deposits clearly do respond to politics -- the Greek President made that fairly clear this week -- they have tracked the rate of Greece's economic decline since 2009 pretty closely too. Maybe that says something about general pressure on Greek household wealth, as a driver of deposit flows. In any case, depositor flight has been what Gabriel Sterne, an economist at Exotix, has previously called a `bank jog'. Something to think about. What it becomes now with a month to go before fresh elections is another question.

Her conclusion : when it really gets going, the ECB will inevitably pull the plug on the Greek banks.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Wed May 16th, 2012 at 09:36:54 AM EST
[ Parent ]
There are two things you can do when there's a bank run.

One is to observe that there are no queues of angry depositors because they all use online banking, call it a "bank jog", and use the ELA to paper over it and enable a continued capital flight from the country.

The other is to put the bank into receivership.

I am reminded of this

[Spain's] economic vice-president Pedrio Solbes; the president of [the Autonomous Community of] Castilla La Mancha, and trade unions denounced yesterday the campaign of "rumours", "harassment" and "disrepute" that Caja Castilla La Mancha (CCM) suffered over the past year and which translated into a flight of approximately €2bn, according to [Communist trade Union] CCOO. The exit of 11% of deposits, added to the bad management of the entity, made Sunday's State intervention inevitable to guarantee its normal operation and reassure depositors and creditors of the Caja.
Greek banks have steadyly lost 30% of deposits over three years, so they lost 10% each year, so going by what happened to CCM, that should have been enought to force them into receivership so, yes, I call it a bank run.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Wed May 16th, 2012 at 09:56:51 AM EST
[ Parent ]
So don't exit, just start issuing New Drachmas at 1:1.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Wed May 16th, 2012 at 10:46:03 AM EST
[ Parent ]
It could remain fixed, after the Greek Government starts issuing Drachma and legislates that Drachma are also legal tender.

Though introducing a New Drachma at 1 ND to 1€ would be simpler.

Allow all those who owe taxes on incomes received in or transactions paid in ND's to pay those taxes in ND, and there need not be a problem of discrimination between Greek and other EU citizens in Greeks being allowed to pay taxes in ND and other EU citizens being forced to pay taxes in €.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Wed May 16th, 2012 at 10:38:41 AM EST
[ Parent ]
Issue debit cards.

Skepticism is the first step on the road to truth. -- Denis Diderot
by ATinNM on Wed May 16th, 2012 at 11:06:21 AM EST
[ Parent ]
Still need cash, but if the Euro is not removed as legal tender, the ATM machines can dispense Euro's until the banks have New Drachmas to put in the machines.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Wed May 16th, 2012 at 11:34:43 AM EST
[ Parent ]
If the Euro is not removed as legal tender, the drachma will not be accepted by anyone.
by Katrin on Wed May 16th, 2012 at 11:38:07 AM EST
[ Parent ]
So you are reckoning that all stores and shops will successfully collude in all defying the legal tender law, and no store or shop will break ranks and accept the New Drachmas in payment?

What about credit card transactions? With banks free to decide between transferring Euros or Drachmas to complete the transaction, I'd be very surprised if they choose to transfer Euros.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Wed May 16th, 2012 at 11:46:34 AM EST
[ Parent ]
If I have the choice, because both is legal tender, give me Euros. The drachma won't remain pegged to the Euro, it will become weak. Besides, I can use Euros to buy foreign goods, but don't believe I get them for drachmas. What do you think why there is a bankrun? People want to see their Euros in safety (and I bet you would do the same if you were Greek).
by Katrin on Wed May 16th, 2012 at 12:07:42 PM EST
[ Parent ]
However, as a seller, your choice would most often be between accepting ND or no sale.

Those wishing to convert ND's to Euros without having approved transaction to spend the Euros on would indeed have to pay a premium ~ that is, indeed, part of the point of a New Drachma reform, in addition to the government being able to spend ND's on direct employment programs ~ but the settlement rate for qualifying tax obligations and contracted payments would remain 1:1.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Wed May 16th, 2012 at 12:28:21 PM EST
[ Parent ]
But the one who has the choice is the one who pays, not the one who receives. Under the rules Bruce proposes, any tradesman who accepts payment in Euro would also have to accept payment in New Drachma.

In practice some tradesmen will refuse to accept ND, but most will accept them at a discount.

The thing is that if you take someone to court - over, say, a debt - he would be able to pay in ND rather than Euro, at no discount. So the creditor has a fairly substantial incentive to come to an arrangement.

What this means is that:

  1. Debt will be effectively rebased to ND retroactively.
  2. Large purchases of imported goods - automobiles, machine tools, large-scale engineering, etc. - will instantly transition to the ND footing going forward. But those are typically purchases that can be deferred for a month or two while the monetary system shakes out, without riots in the streets.
  3. Small purchases, such as going to the grocery store, will transition more gradually, as Euros remain viable means of payment at (or at least not greatly above) pre-crisis prices while the €-Mark/NDrachma exchange rate shakes out.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.
by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed May 16th, 2012 at 12:30:21 PM EST
[ Parent ]
The discount would probably be very high, because the obligation to accept ND is practically unenforceable. Only a small percentage of debts go to court and so on. I am not convinced. We could only hope that the ECB thinks it would work and starts to negotiate.
by Katrin on Wed May 16th, 2012 at 01:30:15 PM EST
[ Parent ]
Shops & stores can make lease payments in Neo Drachmas. Shops can make VAT tax payments in Neo Drachmas if they accepted payment in Neo Drachmas. Shops can make utility payments in Neo Drachmas. Shops can pay wages in Neo Drachmas.

So the question is whether shops can get merchandise for sale for New Drachmas. For approved imports within the government ability to meet Euro claims at 1:1, that merchandise can be obtained for Neo Drachmas.

So the critical element would be an agreement by the Chinese to extend RMB¥ credit payable in some agreed ratio of €:NeoDrachma.

Given that, there would be shops who would take the Neo Drachma, and given that shops who take the Neo Drachma will have booming business while shops that do not will see business dry up even more than today, resistance to taking Neo Drachmas will either be resolved in hold-outs giving in or hold-outs closing up and their place taken by those who accept Neo Drachmas.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Wed May 16th, 2012 at 01:48:33 PM EST
[ Parent ]
The discount would probably be very high,

Potentially.

That the collapse of an overvalued currency peg sucks is not something any sane person would deny.

It's just that unilaterally attempting to maintain an overvalued currency peg sucks worse.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed May 16th, 2012 at 03:02:55 PM EST
[ Parent ]
Apparently what we are discussing here is moot anyway. And Greece hasn't got a government to react.
by Katrin on Wed May 16th, 2012 at 03:57:08 PM EST
[ Parent ]
It has been moot for over two years by now, since that's roughly how long it's been obvious to anybody who was paying attention that this charade could not continue.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed May 16th, 2012 at 04:05:43 PM EST
[ Parent ]
Haw about Gresham's law? The Euro would be hoarded and cease to circulate. Everyone would claim (falsely) to the store owner that they have no Euros at hand. The shopkeepers would claim (falsely) that they can only return change in NeoDrachma because they have no Euro coins, etc.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Thu May 17th, 2012 at 06:05:47 AM EST
[ Parent ]
Because you want to reflate the money mass. I suppose in conjunction with cross-border capital controls you can keep the peg.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Thu May 17th, 2012 at 06:07:05 AM EST
[ Parent ]
It is also in the Greek interest to have clear legal rules on what happens to contracts and other stuff.

Simple, clear rules:
  1. Contracts for foreign trade are settled in hard currency.
  2. Contracts for domestic trade are settled in local currency.
  3. Contracts for credit (including invoices for already delivered foreign trade) are settled in local currency.
  4. Contracts for credit with Troika agencies or (other) hostile foreign entities (such as SG and Deutche Bank) are void.
  5. Creditors who object should feel free to fuck off and die.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.
by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed May 16th, 2012 at 08:03:32 AM EST
[ Parent ]
Strauss-Kahn files suit against hotel maid accuser - JUSTICE - FRANCE 24

Dominique Strauss-Kahn is filing a $1 million countersuit against the New York City hotel maid who accused him of sexual assault, saying she seriously damaged his reputation with what he calls a bogus allegation.

The disgraced French politician and former head of the International Monetary Fund said in court papers filed Monday that the Guinean-born Nafissatou Diallo made a "malicious and wanton false accusation" when she said he assaulted her one year ago after she arrived to clean his hotel suite.

The married Strauss-Kahn, 63, says whatever happened was consensual, and he has denied doing anything violent.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:47:42 PM EST
[ Parent ]
He's suing for damage to reputation and lost career opportunities. A $1M price tag seems rather cheap, given the job he missed out on.

He should have sued also for lost sexual opportunities. But that (in principle) is priceless.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Wed May 16th, 2012 at 03:37:35 AM EST
[ Parent ]
David Davis says case for secret courts based on a 'falsehood' | Politics | The Guardian

The government's central argument for the creation of new generation of secret courts has been "blown out of the water" by the leak of highly sensitive British intelligence in the US, according to former shadow home secretary David Davis.

Ministers are stepping up plans to expand secret hearings into civil courts at the behest of MI5 and MI6, amid concerns that the US authorities will cut off the flow of intelligence if details emerge in open court.

But in a Guardian article, Davis calls on ministers to face down the demands after details were leaked in the US about a British double agent instructed by al-Qaida in the Arabian Peninsula to blow up an aeroplane with a highly sophisticated underpants bomb.

"This argument has been blown out of the water by last week's disclosures, which demonstrate that the American system leaks far more than the British ever could," Davis writes. "This leak happened not in the pursuit of justice but as a casually irresponsible piece of political spin."



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:48:54 PM EST
[ Parent ]
"This leak happened not in the pursuit of justice but as a casually irresponsible piece of political spin."

Well, it seems to have met the political convenience standard of the Valarie Plame example.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed May 16th, 2012 at 12:52:21 AM EST
[ Parent ]
American intelligence suffers embarassing underpants leak. Central Incontinence Agency. Can you trust them to keep a secret? Depends...

etc ad nauseam.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Wed May 16th, 2012 at 03:42:19 AM EST
[ Parent ]
The CIA would probably be quite happy never telling anyone anything except what might boost their budget, but they are required to report to the executive.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed May 16th, 2012 at 09:22:43 AM EST
[ Parent ]
amid concerns that the US authorities will cut off the flow of intelligence if ....

MI5 & MI6 have always used this argument, I'm sick of hearing it. Especially as the flow of intelllience is, like extradition, pretty much one way.

Previous governments have told our spooks where to get off, but it seems that the war of terra has reduced the collective IQ in Westminster

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Wed May 16th, 2012 at 08:13:19 AM EST
[ Parent ]
Eurointelligence Daily Briefing: Greek president warns of a bank run - and Spain's spreads top 500bp for the first time
Greek parties fail in a last-ditch attempt to form a government; there will be new elections, most like June 17; decision followed an attempt by the Democratic Left to broker a deal, whereby ND and Pasok would renounce the promises they made in a letter to the EU; the Greek election campaign has already started, with centrist leaders trying to portray the poll as a vote for or against the euro; President Karolos Papoulias said he had been informed by the central bank governor that there was a danger of a bank run in Greece; statistics show that Greece have stepped up bank withdrawals since the elections; former Greek PM Costas Simitis says leaving the euro would be a disaster for Greece; the caretaker Greek government has decided to service the current tranches of Greek international law bonds; Cyprus has become the latest country to run into trouble with its banks, and is likely to request official help soon; Francois Hollande was inaugurated as president, takes off to Berlin, and tells Angela Merkel that he really wants to renegotiate the fiscal pact; he says the eurozone will miss its deficit targets without a stronger effort to raise growth; he said all options, including eurobonds, will have to be carefully considered; the German economy grew by 0.5% in Q1, helping the eurozone to achieve an overall rate of zero; but experts warn that the German performance is unlikely to be sustained as the global economy turns down; Hollande names the former German teacher Jean-Marc Ayrault as his prime minister; Michel Sapin and Pierre Moscovici are considered the most likely candidates for the finance ministry; the ECB and Germany are at loggerheads over what to do with the EFSF guarantees to the ECB during the Greek PSI; Spain wants to co-opt the ECB into its bank resolution strategy; five candidates are standing for the EBRD presidency, with the eurozone unable to announce its own candidate; Fitch says another LTRO is needed because banks will not have deleveraged in time to repay the old one; John Kay says economists' notions of credibility was incompatible with democracy; Robert Skidelsky, meanwhile, wonders what Keynes would have done.


guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Wed May 16th, 2012 at 03:43:47 AM EST
[ Parent ]
ECB and Germany fight about €35bn of guarantees

The ECB and Germany clashed in Monday night's eurogroup meeting on what to do with €35bn of guarantees the EFSF had given to the ECB during the time of the Greek PSI, when the ECB was no longer able to accept Greek government bonds as collateral, Financial Times Deutschland reports. Germany and the EFSF argue that the ECB should repay those guarantees since the PSI had been successfully implemented and only a handful of Greek bonds were still rated as selective default (SD). The ECB, however, refers to a treaty clause that says that it may keep the guarantees as some of the Greek SD bonds are still around. The ECB also argues that the uncertain situation requires keeping the guarantees. Germany thinks the ECB's stance is "disproportionate" while the central bank says Germany is acting under pressure of the Bundestag.

Fucking monetize the €35bn already.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Wed May 16th, 2012 at 03:46:34 AM EST
[ Parent ]
John Kay says the economists' notion of credibility is not compatible with democracy

This is a brilliant column by John Kay, who argues that the way economists and policymakers are defining credibility is not compatible with modern democracy:

The elevation of credibility into a central economic doctrine has turned a sensible point - that policy stability is good for both business and households - into a dogma that endangers stability. The credibility the models describe is impossible in a democracy. Worse, the attempt to achieve it threatens democracy. Pasok, the established party of the Greek left, lost votes to the moderate Democratic Left and more extreme Syriza party because it committed to seeing austerity measures through. Now the Democratic Left cannot commit to that package because it would lose to Syriza if it did. The UK's Liberal Democrats, by making such a deal, have suffered electoral disaster. The more comprehensive the coalition supporting unpalatable policies, the more votes will go to extremists who reject them.


guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Wed May 16th, 2012 at 03:48:50 AM EST
[ Parent ]
FT.com: The dogma of `credibility' endangers stability (May 15, 2012)
How did this term become so central to modern economics? If you continue the word search, you will be led back to a 1979 article by Finn Kydland and Edward Prescott. They start from the premise that the behaviour of companies and households depends on their expectations of the future. If these incorporate all knowable information, and governments lay out consistent fiscal and monetary plans for sustainable public finances and low inflation, the best course for companies and households is to adjust prices and wages to a new equilibrium consistent with prudent budgets and price stability.

The academic argument has had considerable practical influence, as the Swedish committee that awarded Kydland and Prescott the Nobel Prize in economics acknowledged. The case for central bank independence originated in the sensible observation that politicians were inclined to promise more than their economies would deliver, that inflation was a common result, and that a strong central bank governor could help resist this tendency.

Modern economics reframed the issue in the language of credibility: the key to price stability is the credibility of the plan for price stability. Arguments based on faith are impossible to refute: if magic fails, it is because we do not believe enough in magic, if credibility fails to bring about the desired outcome, it is because our commitment is too weak to establish credibility. Since the only markets in which you can immediately see prices adjusting to economic events are securities markets, these markets' movements provide the test of credibility. The resulting power was why James Carville, Bill Clinton's adviser, prayed for resurrection in the more influential role of the bond market.



guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Wed May 16th, 2012 at 04:44:33 AM EST
[ Parent ]
Democracy, in other words, has a clear inflationary bias. Underinflation, conversely, has a clear feudal bias.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed May 16th, 2012 at 08:13:14 AM EST
[ Parent ]
Cue in Kalecki's Political Aspects of Full Employment...

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Wed May 16th, 2012 at 08:25:17 AM EST
[ Parent ]
So according to the elites, democracy has no credibility.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Wed May 16th, 2012 at 08:31:37 AM EST
[ Parent ]
Singapore or bust!

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Wed May 16th, 2012 at 08:31:59 AM EST
[ Parent ]
Huffington Post: So Eduardo Saverin Wants to Be a Singapore Citizen? (Kirsten Han, 05/14/2012)
In the past week we've discovered that Facebook's co-founder Eduardo Saverin has decided to renounce his U.S. citizenship -- probably to take up Singapore citizenship, since he's been living and working here for awhile now. ...

...

Some people have pointed out that by putting economic concerns over everything and giving up citizenship on a country that gave him his big breaks, Saverin has proved himself much more Singaporean than the rest of us. No one doubts that he'll decamp and ditch Singapore the moment it no longer makes financial sense to stay here.

...

You know what would be interesting? If he started championing human rights causes in Singapore. Joined local civil society groups and became an activist or something. Why not? Once a citizen, he'd be allowed to comment on Singapore's "internal affairs" and participate in local "cause-related activities." And famous and rich as he is, he probably wouldn't have to worry about the possibility of being detained without trial under the Internal Security Act or getting threatened with defamation suits.



guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Wed May 16th, 2012 at 08:47:13 AM EST
[ Parent ]
Richard Parker, a Harvard International Relations fellow with many years in diplomatic service, describes frequent conversations with policymakers and business movers-and-shakers in which their constant emphasis on facts and credibility covers over the fact that they are basing their viewpoints and decision-making on myths or conjured narratives. He gives plenty of examples through what he terms the Crisis of Narrative, or the Narrative of Crisis.

This is similar to Kay's point about magic. It's too insistent.

As a dyed-in-the-wool poststructuralist, I could suggest some reading materials or such people.

by Upstate NY on Wed May 16th, 2012 at 09:18:37 AM EST
[ Parent ]
As a dyed-in-the-wool poststructuralist, I could suggest some reading materials or such people.

Or write a short diary.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper

by Migeru (migeru at eurotrib dot com) on Wed May 16th, 2012 at 09:23:03 AM EST
[ Parent ]
I would suggest to go to the source, Derrida, for two essays in particular. One is on the formation of narratives, "The Law of Genre," and the second is on the uses of metaphor, "White Mythology." I've broken these down before in published essays to explain how such theories might correspond to government narratives (for instance, I've written on George W. Bush's State of the Union speech in which he said Hussein had acquired uranium from Africa) but the general idea is that, because of the way authors employ narrative voice, there is a fundamental sense of instability in any recounting of a story; it's hard-wired into the very term narrative. An analogy with Kay's article might relate the idea of credibility through stability as an illusionary stasis which, by definition, can never be, whereas something like inflation implies fluidity, movement, change, the types of things celebrated in poststructuralism.

There's a short story by the French writer Maurice Blanchot titled "The Madness of the Day" which patterns the way attempts to repeat a story and render it stable fail to reproduce the story.

by Upstate NY on Wed May 16th, 2012 at 10:07:24 AM EST
[ Parent ]
Diary! Diary! Diary!

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
by eurogreen on Wed May 16th, 2012 at 10:08:49 AM EST
[ Parent ]
Yikes, really? Literary theory?

I might try it, but I'd be cribbing from myself, and since this is a big undertaking for me, I'd be applying it to Condoleeza Rice and Karl Rove, instead of economics.

I'll cook something up.

by Upstate NY on Wed May 16th, 2012 at 10:20:40 AM EST
[ Parent ]
It's up now. I really didn't have time to cut something I had written last Fall. Don't hold it against me.
by Upstate NY on Wed May 16th, 2012 at 11:39:25 AM EST
[ Parent ]
He should come right out and say it - money markets are incompatible with democracy.
by ThatBritGuy (thatbritguy (at) googlemail.com) on Wed May 16th, 2012 at 11:08:53 AM EST
[ Parent ]
I believe Jack had something to say about that



keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Wed May 16th, 2012 at 11:51:44 AM EST
[ Parent ]
First they try to cause a bank run; then they threaten the return of the military dictatorship; back to a threat of a bank run. What's next? All Greek toilets will back up in unison?

The good news ... it's only a life sentence. You eventually leave this planet of idiots.
by THE Twank (yatta blah blah @ blah.com) on Wed May 16th, 2012 at 12:11:31 PM EST
[ Parent ]
Beppe Grillo's Blog
In France, a second division team is playing in the cup-final, a team with no money, but how can that be? With all the money that does the rounds in the top French football league, here you have a team with little or no money making it to the Cup Final game, and the reference here is very clear indeed, namely that you don't have to have lots of money to be a powerful force in politics. The MoVimento 5 Stelle is busy demonstrating just that at this moment. So, at this point I would be careful about worrying about the future as many are currently doing, dishonestly saying: "But what will become of them, what will they do, what are they going to propose?" and other such bullshit. Meanwhile, they are genuinely and honestly going about their business of occupying the territory with the aim of clearly revealing the other guys' lousy politics, which is a form of vigilance over the Municipal Councils, Regional Councils and so on, which is the first point, but secondly, they already also have a policy platform in place. All of this with no money, which is the most serious indictment of all against the Caste that has always and only relied on money, our money above all - but not exclusively since they have also colluded with the banks and Foundations and have gotten up to all sorts of things that the Followers of this Blog know all about.
This is the first issue, but a further issue is that of the Internet. I don't know whether or not you know this, but I believe that a few years ago, still in France, there was a soccer team that was being trained via the Internet, without any trainer on site. Now, I don't know whether this example is perhaps a step too far as an analogy for Beppe Grillo who acts as a highlighter, a detonator, a resonance chamber or an attack centre-forward, but maybe it doesn't really matter anyway. What is certain, however, is that the Internet undoubtedly has a major role to play. For some time already the Internet has made certain things possible, even in a country like ours that is somewhat backward in this regard, and not purely by accident either.


"We can all be prosperous but we can't all be rich." Ian Welsh
by melo (melometa4(at)gmail.com) on Wed May 16th, 2012 at 07:16:12 AM EST
[ Parent ]
The Guardian
NET TV is reporting that the election will be held on June 17 with supreme court judge Panagiotis Pikrammenos heading the caretaker administration .
by gk (gk) on Wed May 16th, 2012 at 07:42:48 AM EST
[ Parent ]
LOL!

Do aq search or ask Talos for the meaning of Pikramenos..... Poor guy.

by Euroliberal on Wed May 16th, 2012 at 08:32:42 AM EST
[ Parent ]
 ECONOMY & FINANCE 


Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 02:29:03 PM EST
Eurozone avoids double-dip recession as Germany makes up for losses | World news | The Guardian

The crisis-hit eurozone avoided a double-dip recession by the narrowest of margins in the first three months of 2012 as an unexpectedly strong performance by Germany compensated for plunging activity in countries wilting from tough austerity programmes.

Underlining the two-speed nature of the 17-nation single currency area, the 0.5% expansion in Europe's biggest economy helped to compensate for weaker output in Greece, Italy and Spain.

Growth in the eurozone stagnated in the first quarter of 2012 following the 0.3% decline recorded in the final three months of 2011 - just avoiding the two successive quarters of falling output that would have officially signalled a double-dip recession.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:13:54 PM EST
[ Parent ]
Moody's downgrades 26 Italian banks - Europe - Al Jazeera English

At least 26 Italian banks have had their long-term debt and deposit ratings downgraded by credit ratings agency Moody's, citing the country's recession and rising bad debt levels.

Moody's said all the banks affected had a negative outlook and that some had been downgraded at least one notch while others by as many as four notches.

"The ratings for Italian banks are now amongst the lowest within advanced European countries, reflecting these banks' susceptibility to the adverse operating environments in Italy and Europe," Moody's said in a statement on Monday.

The ratings agency cited a return of Italy's economy to recession, government austerity measures that are hurting demand, rising problem loans and restricted access to market funding as among the factors behind its downgrades.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:44:01 PM EST
[ Parent ]
JP Morgan: justice department opens investigation into $2bn trading losses | Business | guardian.co.uk

The US justice department opened an investigation into how JP Morgan lost more than $2bn in poorly managed trading at its London office as the bank's embattled boss, Jamie Dimon, saw off attempts by shareholders to strip him of his role as chairman.

The justice department inquiry is at a preliminary stage and as yet there appears to be no evidence of criminal wrongdoing at the bank. The Securities and Exchange Commission has already launched a separate investigation and as political pressure for greater regulation of Wall Street banks begins to mount.

President Barack Obama appeared on the daytime talk show The View on Tuesday to call for Wall Street reform. "JP Morgan is the best, or one of the best managed, banks. You could have a bank that isn't as strong, isn't as profitable making those same bets and we might have had to step in. That's exactly why Wall Street reform's so important," he said



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:45:43 PM EST
[ Parent ]
Dimon on New York Fed Board Renews Concern About Conflicts   Bloomberg

May 14 (Bloomberg) -- JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon's position as a director on the Federal Reserve Bank of New York's board renewed concern that the central bank is too close to the institutions it oversees.

Dimon, who disclosed a $2 billion trading loss by his firm last week, is one of three bankers sitting on the New York Fed's board, as mandated by Congress under the Federal Reserve Act. While directors have no role in bank supervision, Elizabeth Warren, a Massachusetts Democrat running for U.S. Senate, called for Dimon's removal from the district bank board because the New York Fed regulates JPMorgan. Senator Bernard Sanders, a Vermont Independent, said he sees a conflict in Dimon's two roles.

Fed governance came under scrutiny after taxpayer-funded bailouts during the 2008 financial crisis sparked a political backlash. The Dodd-Frank Act overhauling bank supervision required a Government Accountability Office audit of the central bank, which was completed last year and found the Fed needs to strengthen policies governing conflicts of interest and improve transparency.

Having bankers on the boards of regional Fed banks "is a problem, period," said Sheila Bair, senior adviser at Pew Charitable Trusts and a former chairman of the Federal Deposit Insurance Corp. "Why the regional banks have members of the industry that they regulate on their boards is beyond me."



As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed May 16th, 2012 at 01:05:05 AM EST
[ Parent ]
Dimon is one of three Class A governors. There are also three Class B and three Class C governors.

From the FRBNY web site:

Board of Directors

Terms expire December 31 of the year indicated.

Class A

elected by member banks to represent member banks
     
Richard L. Carrión (bio) 2013
Chief Executive Officer and Chairman
Banco Popular de Puerto Rico
Jamie Dimon (bio) 2012
Chairman of the Board and Chief Executive Officer
JPMorgan Chase
Paul P. Mello (bio) 2014
President and Chief Executive Officer
Solvay Bank

Class B
   

elected by member banks to represent the public      

Glenn H. Hutchins (bio) 2012
Co-Founder
Silver Lake
Alphonso O'Neil-White (bio) 2013
President and Chief Executive Officer
HealthNow New York, Inc.
Terry J. Lundgren (bio) 2014
Chairman, President and Chief Executive Officer
Macy's, Inc.

Class C
   

appointed by Board of Governors to represent the public
     

Lee C. Bollinger (bio) Chair, 2012
President
Columbia University
Kathryn S. Wylde (bio) Deputy Chair, 2013
President and Chief Executive Officer
Partnership for New York City
Emily K. Rafferty (bio), 2014
President
The Metropolitan Museum of Art


Isn't that nice. Member banks elect representatives of both themselves and the public and then the board elects three more to represent the public. How democratic.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed May 16th, 2012 at 01:17:18 AM EST
[ Parent ]
Yes, and one of the public seats went to the head of a huge hedge fund, Silver Lake, and another to a healthcare vacuum cleaner. Then there's the society wife, a 1%'er, and the CEO of a company which makes its living selling to the public.

"Life shrinks or expands in proportion to one's courage." - Anaïs Nin
by Crazy Horse on Wed May 16th, 2012 at 02:45:02 AM EST
[ Parent ]
None of them is of my family.
by PerCLupi on Wed May 16th, 2012 at 05:22:46 AM EST
[ Parent ]
That's a very narrow definition of "public".

as in, 1% is narrow.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Wed May 16th, 2012 at 05:39:54 AM EST
[ Parent ]
More like the wealthiest 1/10th of 1%.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed May 16th, 2012 at 03:34:38 PM EST
[ Parent ]
The Fed is not a government organisation which exists to regulate the banksters, it is a bankster organistion which exists to regulate government

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Wed May 16th, 2012 at 08:35:45 AM EST
[ Parent ]
Has The Greek Bank Run Started? | ZeroHedge

While the long-term decline in bank deposits over the past 3 years has been well documented both on Zero Hedge and elsewhere, it is the most recent, acute post-election phase that has not gotten much coverage. Minutes ago Bloomberg sent out a notice that things in Greece may be on the verge of the final collapse. From Bloomberg: "Anxious Greeks have withdrawn as much as 700 million euros ($893 million) from the nation's banks since the inconclusive May 6 election, President Karolos Papoulias told party leaders yesterday, according to a transcript of the meeting posted on the presidency's website today. Papoulias said he got the information from the head of the Bank of Greece, the central bank, George Provopoulos, according to the transcript." While this was likely a negotiation talking point to facilitate the formation of the government, the reality as we now know is that there has been NO government formed, which now means that the bank run will only get worse. Needless to say, a Greek banking system which is now virtually shut out of any extrenal funding except for the ELA, where it has a few billions euros in access left, will be unable to deal with hundreds of millions in deposit outflows.

This may be the beginning of the end for Greece, just as Buiter and later JPM warned over the weekend.

by Nomad on Tue May 15th, 2012 at 04:54:17 PM EST
[ Parent ]
This is the sort of announcement you only make after your announcement that you have suspended convertibility and restricted transfers to foreign banks.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Tue May 15th, 2012 at 05:28:55 PM EST
[ Parent ]
unless you are trying to prove that even risking non-austerity financial schemes are going to cause chaos....

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 08:09:44 PM EST
[ Parent ]
Deliberately precipitating a run on your own country's banks strikes me as something that wouldn't go over well in front of a jury.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Tue May 15th, 2012 at 08:59:29 PM EST
[ Parent ]
Well unless you're convinced that your kind of people never end up in front of the judges....

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 09:07:10 PM EST
[ Parent ]
Exactly how is Wm. Buiter or JPM to be brought before any jury on this matter?

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed May 16th, 2012 at 01:20:31 AM EST
[ Parent ]
Papoulias or Provopoulos, rather.
by afew (afew(a in a circle)eurotrib_dot_com) on Wed May 16th, 2012 at 01:35:01 AM EST
[ Parent ]
Yes, at least a year ago
German banks target worried Greeks in Germany

Greeks worried about a debt restructuring or a euro exit increasingly transfer their money to banks abroad, Bild-Zeitung reports. According to the mass circulation tabloid German banks such a savings bank in Munich have posted signs in their windows advertising in Greek and German that Greek costumers will be advised in Greek. According to the paper €30bn have already been transferred from Greece abroad since the crisis started.

(from Eurointelligence)

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Wed May 16th, 2012 at 03:54:29 AM EST
[ Parent ]
Does anybody have an idea about how serious this is:

Reuters: "ECB stops operations with some Greek bank: sources":
The European Central Bank has stopped monetary policy operations with some Greek banks as they have not been successfully recapitalized, euro zone central bank sources said on Wednesday.

The ECB declined to comment.

Especially in light of this:

Coene: No emergency liquidity for insolvent banks

The European Central Bank would not green-light emergency liquidity assistance (ELA) if Greece's banks were to become insolvent, ECB Governing Council member Luc Coene has said.



The road of excess leads to the palace of wisdom - William Blake
by talos (mihalis at gmail dot com) on Wed May 16th, 2012 at 12:08:26 PM EST
[ Parent ]
I think this resolves the "stupid or evil" question: If they were evil, they would be doing that the month after Syriza formed a government, not the month before.

Less flippantly, that is extremely serious. Welcome to Argentina.

Good luck.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed May 16th, 2012 at 12:11:08 PM EST
[ Parent ]
Time to take back your country, kids.

The good news ... it's only a life sentence. You eventually leave this planet of idiots.
by THE Twank (yatta blah blah @ blah.com) on Wed May 16th, 2012 at 12:15:36 PM EST
[ Parent ]
(Reuters): BRASILIA, May 14 - Brazil on Monday escalated a growing trade fight with Argentina by increasing the bureaucratic obstacles for importing about 10 perishable products including apples, raisins, and potatoes, a senior Brazilian government official told Reuters.

MercoPress: Brazil's Real tumbled to 2 per dollar for the first time in almost three years as Finance Minister Guido Mantega said the exchange rate doesn't worry the government, opening expectations the currency may fall further.

Washington Times: Behind the headlines of warring drug gangs and a soaring murder rate in Mexico, a fast-growing high-tech economy centered on the aerospace industry has sprung up in recent years. In Chihuahua City alone, 36 aerospace plants have opened since 2007 as a growing number of international parts makers use the city as a base for tapping a massive airplane-production market in the United States.


"Beware of the man who does not talk, and the dog that does not bark." Cheyenne
by maracatu on Tue May 15th, 2012 at 06:48:20 PM EST
[ Parent ]
Beppe Grillo's Blog
The Programme of the MoVimento 5 Stelle {5 Star MoVement} has other points relating to quoted companies including these:
- Abolition of the system of Chinese boxes in the Stock Exchange
- Abolition of multiple positions by the people on the Board of directors of a quoted company
- Introduction of structures that really represent people with small shareholdings in quoted companies
- Forbid the possibility of mixing up the holding of shares between the banking system, the industrial system and the news media system.
- Bring in the liability of financial institutions in relation to the products they propose with a share in the losses if there happen to be any
- Prevent the purchase of a company mainly using debt (eg. Telecom Italia) - Introduction of a ceiling for the salaries of managers in the companies quoted on the Stock Exchange
- Abolition of stock options
- Abolition of private "de facto" monopolies, especially Telecom Italia, Autostrade, ENI, ENEL, Mediaset, Ferrovie dello Stato
- Forbid the appointment of people with definitive criminal convictions (eg. Scaroni at ENI) as administrators in companies that either have the State as a shareholder or are quoted on the Stock Exchange
One of the problems of our economy is the lack of foreign investment. But who would play the game knowing that the cards are marked and the dealer is a cheat? Monti keep going. Bring in the Programme of the MoVimento 5 Stelle. As ever, advice is free!


"We can all be prosperous but we can't all be rich." Ian Welsh
by melo (melometa4(at)gmail.com) on Wed May 16th, 2012 at 07:12:49 AM EST
[ Parent ]
 WORLD 


Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 02:29:23 PM EST
BBC News - Somali piracy: EU forces in first mainland raid

EU naval forces have conducted their first raid on pirate bases on the Somali mainland, saying they have destroyed several boats.

The EU forces were transported by helicopter to the bases near the port of Haradhere, a well known pirate lair.

Anti-piracy forces have been reluctant to attack mainland bases, fearing for the crew of captured ships.

Somalia-based pirates have seized vessels across the Indian Ocean and demand huge ransoms for their release.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:18:39 PM EST
[ Parent ]
BBC News - DA marchers clash with Cosatu in South Africa

South African police have fired tear gas after clashes between opposition supporters and trade union activists.

Opposition leader Helen Zille told the BBC that about 1,000 unionists attacked her supporters in central Johannesburg.

The Cosatu trade union federation regretted the violence and said its members were also wounded.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:22:25 PM EST
[ Parent ]
BBC News - Libya's Belhadj quits military post for politics

Libyan Islamist commander Abdel Hakim Belhadj has resigned his military post in a bid to enter politics.

Mr Belhadj, a key brigade leader in the 2011 toppling of Col Gaddafi, plans to run in elections next month.

He is a former member of an Islamist insurgent group which sought to overthrow Gaddafi in the 1990s.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:23:02 PM EST
[ Parent ]
BBC News - Pakistan mulls Nato invite to Chicago talks on Afghanistan

Pakistan is considering an invitation from Nato to attend this weekend's Chicago summit on Afghanistan.

Nato said Pakistan had an important role to play in its neighbour's future.

The move comes amid signs that Pakistan may be about to lift a blockade of Nato's ground supply lines to Afghanistan imposed in November.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:31:09 PM EST
[ Parent ]
Palestinians, Israeli troops clash throughout W. Bank, during "Nakba Day" protests - Xinhua | English.news.cn

Violent altercations broke out Tuesday throughout the West Bank and in east Jerusalem as thousands of Palestinians set out to mark "Nakba Day" (the "Day of Catastrophe" mourning Israel's creation and Palestinian displacement) with rallies and demonstrations.

Earlier in the day, Border Police were called to disperse several dozen Palestinians in Bethlehem who hurled stones at Jewish worshippers who gathered for morning prayers at Rachel's Tomb, a heavily-guarded shrine sacred to both Jews and Muslims.

Palestinian police intervened in the melee, although some 200 Palestinians were allowed to hold a demonstration at the site, Army Radio reported.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:31:48 PM EST
[ Parent ]
Israeli DM says Western transparency demands on Iran "minimal" - Xinhua | English.news.cn

Israeli Defense Minister Ehud Barak on Monday sharply criticized the Western requests for Iranian cooperation and transparency over its nuclear fuel enrichment program are "too lax."

Speaking with local Army radio, Barak charged that "The demands today (on Iran) ahead of talks are so minimal, that even if Iran accepts all of them, it will still be able to continue and make progress with its nuclear program."

Israel, the United States and other Western countries believe Iran is operating a clandestine military nuclear weaponization program, under the ruse of medical research and power generation.

Israel considers a nuclear armed Iran as an existential threat, particularly in light of repeated statements by its leaders to destroy the Jewish state.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:33:19 PM EST
[ Parent ]
Deaths reported during Syria monitors' visit - Middle East - Al Jazeera English

At least 21 civilians were killed when Syrian security forces opened fire on a funeral procession in the central town of Khan Sheikhoun, in Idlib province, during a visit by the monitors, activists say.

A spokesman of the rebel military council gave a higher death toll, saying at least 50 people were killed in Tuesday's attack during which cars belonging to the UN team were hit.

The activists said the observers were not among the wounded, but their vehicles were damaged.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:34:44 PM EST
[ Parent ]
Uneasy calm prevails in Lebanon's Tripoli - Middle East - Al Jazeera English

The latest bout of violence in the northern city of Tripoli, which has left nine people dead and several dozen more wounded, began after the authorities arrested Shadi el Mawlawi.

Islamic groups in the north of Lebanon have closed one of the city's main squares in protest against Mawlawi's arrest, who is now facing terrorism charges.

The city is home to a large Alawite minority, which is the sect that Syrian president Bashar al Assad belongs to, as well as a Sunni majority, who support the Syrian opposition.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:35:14 PM EST
[ Parent ]
China protest at Dalai Lama meeting | UK news | The Guardian

Britain's ambassador in Beijing, Sebastian Wood, was summoned to the Foreign Ministry to receive a rebuke from China's vice foreign minister Song Tao.

Mr Song said the meeting with the exiled Tibetan spiritual leader amounted to serious interference in China's internal affairs.

Mr Cameron and Deputy Prime Minister Nick Clegg met the Dalai Lama privately on Monday at St Paul's Cathedral, where he was receiving the £1.1 million Templeton Prize for his work affirming the spiritual dimension of life. He donated the bulk of the prize to Save the Children to support its work in India.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:37:10 PM EST
[ Parent ]
I have to wonder if China's government will ever get a clue.
by Andhakari on Wed May 16th, 2012 at 03:35:57 AM EST
[ Parent ]
NM Gov. criticizes Romney stance on immigration | World news | The Guardian

New Mexico Gov. Susana Martinez, a Republican often mentioned as a potential vice presidential candidate but who repeatedly has denied interest, has criticized fellow Republican Mitt Romney's stance on immigration.

Martinez questioned the likely GOP presidential nominee's "self-deportation" strategy during an interview with Newsweek.

The magazine quotes the governor as asking for the meaning of self-deportation. She also says she doesn't doubt that Hispanics were alienated during the campaign for the GOP nomination.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:38:46 PM EST
[ Parent ]
Colombia Reports: Bogota authorities tightened security measures Tuesday following a bombing that targeted a former minister, leaving five people dead and 39 injured. The head of Bogota's police General Luis Eduardo Martinez attributed the attacks targeting former Interior Minister Fernando Londoño to the FARC. Authorities have confirmed that the conservative politician has been subjected to threats from Colombia's largest guerrilla group in the past due to his outspoken conservative views, his alliance with former President Alvaro Uribe and his current work as a radio host.

Colombia Reports: Colombian authorities captured a twelfth politician accused of signing pacts with paramilitary organization AUC in the early 2000s, local media reported Tuesday. Colombia's Prosecutor General's Office is currently investigating 12 former mayors, councilmen and deputies from the country's central Magdalena valley who signed the "Chivolo" and "Pivijay" pacts with paramilitary organization AUC.

MercoPress: Brazilian police was out in full force to occupy for an indefinite period a group of favelas (shanty towns) surrounding the `marvellous' city of Rio do Janeiro following the killing of the state's most wanted drug lord.

Colombia Reports: Venezuelan opposition candidate Henrique Capriles told Colombian ex-President Alvaro Uribe Monday to not interfere in the country's election race. Uribe has been meeting with Venezuelan opposition leaders since last year and has increasingly opened the attack on sitting President Hugo Chavez with whom the Colombian former head of state had frequent clashes while still in power.

LAHT: SAN SALVADOR - The man who managed the leftist FMLN's successful campaign for the mayoralty of the central Salvadoran town of El Rosario was gunned down by unknown assailants, police said. Juan Pablo Rodriguez was fatally shot Saturday night after leaving the local FMLN office, a policeman speaking on condition of anonymity told Efe.



"Beware of the man who does not talk, and the dog that does not bark." Cheyenne
by maracatu on Tue May 15th, 2012 at 06:42:56 PM EST
[ Parent ]
 LIVING OFF THE PLANET 
 Environment, Energy, Agriculture, Food 


Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 02:29:44 PM EST
Energy companies blame abandonment of nuclear plans on lack of cash | Environment | guardian.co.uk

Investing billions in new nuclear power stations would have forced a credit-rating downgrade on energy giant RWE, the company's chief executive has revealed. The head of another big six energy company, E.ON, blamed the abandonment of its nuclear plans on a lack of "financial firepower".

Tuesday's developments are the latest to demonstrate that the huge cost and decades-long payback times of new nuclear power stations are making them difficult to fund in the current economic crisis. RWE and E.ON cancelled their joint plan to build new reactors in March, while nuclear giant EDF has delayed work at its site at Hinkley and EDF's nuclear partner Centrica says the case for nuclear investment is "unproven".



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:40:57 PM EST
[ Parent ]
Even with a captive market and cost-plus pricing, private finance won't take a risk on new nukes. Political risk I suppose, since Angela's flip-flop.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
by eurogreen on Wed May 16th, 2012 at 03:50:15 AM EST
[ Parent ]
typical... money's the only consideration.

whatever, i'll raise my glass to this happy news.

mow we just have to worry about the 100 or so still running in yurp, and who's going to pay for the messes they leave, haha.

you and me, that's who. not a penny from the profits they've raked in all these years.

may as well expect them to apologise for their toxic multi-millennial legacy.

"We can all be prosperous but we can't all be rich." Ian Welsh

by melo (melometa4(at)gmail.com) on Wed May 16th, 2012 at 05:12:19 AM EST
[ Parent ]
"Tuesday's developments are the latest to demonstrate that the huge cost and decades-long payback times of new nuclear power stations are making them difficult to fund in the current economic crisis."

Leaving aside the merit of building a nuclear power station in the UK (I don't wish to start a fight before the long weekend), how does that make sense? Shouldn't record low borrowing costs and anticipation of sharply rising energy prices, plus a lot of idle resources, be the ideal environment for that?
Also, when was the easy environment? In the previous situation, it was just gas power station that got built (because borrowing was prohibitive, you see!).

Alternatively, this could read as "it's difficult to have a national energy policy in an environment that claims that everything should be left to The Market, with a special obsession on credit ratings".

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi

by Cyrille (cyrillev domain yahoo.fr) on Wed May 16th, 2012 at 11:48:50 AM EST
[ Parent ]
Total gas leak operation begins at Elgin North Sea platform | Environment | guardian.co.uk

The oil company Total started pumping heavy mud down its leaking well in the North Sea on Tuesday in an attempt to stop an escape of gas that has lasted nearly eight weeks and could deprive Britain of nearly 6% of its supply this summer.

"The well intervention operation got underway at 8:20am with the pumping of heavy mud into the well from the main support vessel," the oil and gas major said in a statement.

The work, at the Elgin platform, 240 km off the coast of Scotland, is expected to last several days before engineers can determine whether the leak has been stopped, Total said.

The leak is costing the company around £1.8m a day in relief operations and lost net income.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:41:16 PM EST
[ Parent ]
And in related non-news, wind turbines continue to generate power on a more or less human scale, not causing catastrophic pollution, not taking years upon years to install, not leaving behind an unholy mess when they finally stop working, etc etc etc.
by Andhakari on Wed May 16th, 2012 at 03:51:04 AM EST
[ Parent ]
Well, if you aren't going to be Serious ?

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Wed May 16th, 2012 at 08:42:16 AM EST
[ Parent ]
But they require subsidies!?

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Wed May 16th, 2012 at 08:42:54 AM EST
[ Parent ]
Earth's environment getting worse, not better, says WWF ahead of Rio+20 | Environment | guardian.co.uk

Twenty years on from the Rio Earth summit, the environment of the planet is getting worse not better, according to a report from WWF.

Swelling population, mass migration to cities, increasing energy use and soaring carbon dioxide emissions mean humanity is putting a greater squeeze on the planet's resources then ever before. Particularly hard hit is the diversity of animals and plants, upon which many natural resources such as clean water are based.

"The Rio+20 conference next month is an opportunity for the world to get serious about the need for development to become sustainable. Our report indicates that we haven't yet done that since the last Rio summit," said David Nussbaum, WWF-UK chief executive.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:41:40 PM EST
[ Parent ]

A few years ago, this reporter heard a prominent climate and environment scientist speaking at a large but off-the-record conference of experts and policy makers from around the world who had gathered at Harvard University's Kennedy School....
He told us that he and most other climate scientists often simply didn't want to speak openly about what they were learning about how disruptive and frightening the changes of manmade global warming were clearly going to be for "fear of paralyzing the public."

http://thinkprogress.org/climate/2012/05/07/478984/hug-the-monster-why-so-many-climate-scientists-ha ve-stopped-downplaying-the-climate-threat/

by asdf on Wed May 16th, 2012 at 12:29:59 AM EST
[ Parent ]
Anyone care to comment this report, in German? I saw references to it in French today. Small-scale solar currently costs 15 cents  per kWh in southern Germany, 12 in southern France.

Apparently it says that those industries in Germany that currently pay 12.5 cents a kWh will soon be better off consuming their own production.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Wed May 16th, 2012 at 04:00:59 AM EST
[ Parent ]
 LIVING ON THE PLANET 
 Society, Culture, History, Information 


Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 02:30:27 PM EST
BBC News - ORG: Mobile filters censor innocent content

Pornography filters on mobile phones are "censoring" normal web content, according to the Open Rights Group.

Its report found that 60 websites were incorrectly blocked by mobile filters designed to prevent children viewing adult content.

The affected sites included political commentaries, personal blogs and community websites.

The government is considering whether to apply similar blocks to fixed-line broadband services.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:20:31 PM EST
[ Parent ]
I discovered dKos was blocked at my library.

The filtering software companies are - let's say - not conspicuous for their political neutrality.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Wed May 16th, 2012 at 02:36:01 AM EST
[ Parent ]
People sometimes use naughty words there - the horror.
by Andhakari on Wed May 16th, 2012 at 03:54:57 AM EST
[ Parent ]
BBC News - Nokia accuses Apple of Siri bias over smartphone answer

The debate over "what is the best smartphone ever?" took an unexpected twist after Apple's voice-activated assistant Siri appeared to favour the iPhone's rival.

Over the weekend, users of Siri were told the answer was Nokia's Lumia 900.

But Siri now responds to the same question with a jovial: "Wait... there are other phones?"

Nokia has accused Apple of "overriding the software" after the quirk was noticed.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:21:25 PM EST
[ Parent ]
too funny... maybe nokia was 'overriding the software' in the first place.

one day we'll build the perfect AI machine and it'll tell us to turn it off and try getting lives instead.

"We can all be prosperous but we can't all be rich." Ian Welsh

by melo (melometa4(at)gmail.com) on Wed May 16th, 2012 at 05:17:14 AM EST
[ Parent ]
Big businesses risk losing out to social enterprises unless they adapt | Guardian Sustainable Business | guardian.co.uk

A gathering of sustainability leaders hosted by Sir Richard Branson and Jamie Oliver has been warned that big businesses will be swept aside by emerging social enterprises unless they start changing their business models and contribute more to society.

Boudewijn Poelmann, who founded the hugely successful Dutch Postcode Lottery, which now operates in Sweden and the UK, said that many major businesses would disappear over the next 20 years, to be replaced by emerging social enterprises, unless they took off their blinkers and responded to the environmental and social challenges the world is facing.

"Small companies that are passionate about creating change will take over if big companies do not adapt," he said. "We already see that with energy, with so many small companies producing sustainable clean energy. The big companies are already starting to feel they are losing out."



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 03:42:09 PM EST
[ Parent ]
BBC - Future - Science & Environment - Building the Pentagon's `like me' weapon

In February this year, the US government was forced into full damage limitation mode. News that US troops in Afghanistan had sent copies of the Koran to be incinerated, sparked a wave of deadly protests that left 36 people dead and more than 200 injured. Despite an apology from President Barack Obama and assurances that the burning was accidental, the public relations offensive launched to counter the damage done to the military's reputation and stem the violence showed little sign of success.

Now imagine that instead of employing public relations experts to advise on the best strategy, US officials had a device that could advise them what to say, generating a story based on a scientific understanding of the brain's inner workings to soothe tempers and calm the mood of the population. It sounds like something from a science fiction blockbuster, but is in fact the premise behind the Pentagon's growing interest in the neurobiology of political violence, a relatively new field that combines neuroscience with more traditional social science-based approaches to understanding human behaviour.

One programme, started last year by the Pentagon's Defense Advanced Research Projects Agency (Darpa), even looks at finding ways to generate versions of events that could be used in attempts to persuade people not to support the enemy. Known as Narrative Networks, it seeks to "understand how narratives influence human thoughts and behaviour, then apply those findings to a security context in order to address security challenges such as radicalization, violent social mobilization, insurgency and terrorism, and conflict prevention and resolution," says William Casebeer, the Darpa official leading the work.

case (o') beer?

"We can all be prosperous but we can't all be rich." Ian Welsh

by melo (melometa4(at)gmail.com) on Wed May 16th, 2012 at 07:22:53 AM EST
[ Parent ]
Buried deep down in the article:
"We're going to need to change the way they interpret things that happen and we're going to need to stop doing things that people interpret as insulting or challenging to their way of life."
by gk (gk) on Wed May 16th, 2012 at 07:27:50 AM EST
[ Parent ]
[No Shit, Sherlock!]

But we need it to be part of a gold-plated multi-billion-dollar weapons system, otherwise this idea will have no credibility.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Wed May 16th, 2012 at 08:15:57 AM EST
[ Parent ]
capital S ((*Sherlock))

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Wed May 16th, 2012 at 08:46:33 AM EST
[ Parent ]
11 years later, the US figures out what it means to win hearts and minds.

In another 11 years maybe they'll figure out how to do it.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper

by Migeru (migeru at eurotrib dot com) on Wed May 16th, 2012 at 08:31:39 AM EST
[ Parent ]
The military will always have problems with that, bombing the shit out of people always tends towards being disruptive to somebody's way of life

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Wed May 16th, 2012 at 08:48:18 AM EST
[ Parent ]
To...
stop doing things that people interpret as insulting or challenging to their way of life...
...is only the first precondition, the satisfaction of which means you have a chance. Actually succeeding is even more difficult, especially to sustain. Lies, force and intimidation are so much easier and come so much more naturally. Which idiots authorized this embarrassing study?

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed May 16th, 2012 at 10:10:34 AM EST
[ Parent ]
gk:
Buried deep down in the article:
"We're going to need to change the way they interpret things that happen and we're going to need to stop doing things that people interpret as insulting or challenging to their way of life."

"...but after turning their heads around first. then they'll understand why it was necessary and forget the 'old narrative', junk it like an old jalopy once they climb into the shiny smoothmobile."

mind games piled on more mind games, how do these guys hope to ever get their stories straight.

well spotted!


"We can all be prosperous but we can't all be rich." Ian Welsh

by melo (melometa4(at)gmail.com) on Wed May 16th, 2012 at 03:07:05 PM EST
[ Parent ]
 PEOPLE AND KLATSCH 


Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 02:30:50 PM EST
Professor Ralph Turvey - Telegraph

An irreverent man of egalitarian outlook, Turvey took a mathematical approach to problem-solving and applied microeconomic theory to a wide range of issues, in particular the incorporation of capital costs into prices set by nationalised industries and regulated utilities. For example, instead of the electricity industry pricing energy in relation only to the expense of producing the next Kilowatt hour (known as the marginal cost), it should also factor in the eventual expense of building a new power station (known as long-run marginal cost).

His work was of practical as well as academic importance. As a member of the economic section of the Treasury in the early 1960s, Turvey wrote an influential paper on utility pricing which became the foundation of the 1967 White Paper on Nationalised Industries, setting out the Government's policy on tariffs and investment. While in the Treasury he developed the application of cost-benefit analysis to the roads programme, including advocacy of parking charges.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 08:13:30 PM EST
[ Parent ]
Beryl Goldsmith - Telegraph

Beryl Goldsmith became Norman Tebbit's Private Secretary in 1985. When he was made a life peer in 1992 she went to work for Michael Trend, the MP for Windsor, although she remained Lord Tebbit's de facto assistant. Yet she was far more than a mere parliamentary factotum. Formidable, outspoken and staunchly Thatcherite, she took on a life of her own, both as an assiduous letter writer to newspapers, an interviewee and as an occasional columnist. By any test of aptitude she could have been a politician herself.

Beryl Goldsmith shared Norman Tebbit's fondness for inserting the boot, and it was, perhaps, not entirely surprising that many of her diatribes were directed at the EU, the BBC and those she viewed as their apologists. Yet in her one-woman crusade against the touchy-feely, the mawkish, the sloppy and the politically correct, she was prepared to go much further than her boss, and had a gift for pungent self-expression which, if anything, exceeded his. "There's a touch of steel about Beryl," observed the Labour MP Austin Mitchell, "and it's not in her corsets."



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 15th, 2012 at 08:14:14 PM EST
[ Parent ]

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