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by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 12:49:41 PM EST
No games security threat despite guards fiasco, UK says | Reuters

(Reuters) - London's Olympic Games is not threatened by a major security contractor's failure to find enough staff, ministers and the head of the city's organising committee said on Sunday, seeking to quell a political storm ahead of athletes' arrival.

Three days ago, the government announced it would draft in 3,500 extra troops as cover after contractor G4S admitted it was unlikely to train the guards it had promised under its 284 billion pound contract in time.

The news, two weeks before the start of the Games on July 27, prompted concerns over the safety of athletes and spectators, and raised fears that those trying to get into venues would face long queues to get through security.

"(Security) has not been compromised," Sebastian Coe, chairman of the London Olympic organising committee (LOCOG), told BBC radio.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 03:32:26 PM EST
[ Parent ]
The Great Olympic Tax Swindle

Currently the IOC is projected to earn revenues of £2.7 billion from the London Olympics and the total amount of lost tax revenues is estimated to be over £600 million.(7)

LOCOG itself (the London Organising Committee of the Olympic and Paralympic Games) is also exempt from taxation.

The body is chaired by Paul Deighton, a former Chief Executive of Goldman Sachs during the period the bank were using offshore schemes to pay executive bonuses.(5) LOCOG itself is also using much-criticised employee benefit trusts, often registered in Jersey or Guernsey, to pay organiser's bonuses once the Games are over.(6)

With the additional sums that LOCOG could have been liable for, the total figure lost approaches £700 million. This calculation doesn't even take into account the potential tax income from the profits of corporate partners who will also enjoy the generous tax breaks previously mentioned.

 

Lost revenue

So, despite putting severe weight on London's public infrastructure, those profiting from the games and many of those working at them will be exempt from tax. In a time of austerity this is money the Exchequer can hardly afford to loose, especially when it has already paid out somewhere in the region of £11 billion to fund many parts of the project. (3)

another day, another megascam...

The power of knowledge is in mortal combat with the knowledge of power. It really is that simple... That's the Edenic apple we are all munching on.

by melo (melometa4(at)gmail.com) on Sun Jul 15th, 2012 at 07:39:23 PM EST
[ Parent ]
It's not that security is compromised, but the increasing militarisation of security is making the idea of attending a sporting event for fun is disappearing over the horizon.

Due to the inefficiencies, spectators are being warned to turn up 2 whole hours before the flight time event they wish to watch.

No flags for uninvolved nations (presumably to avoid embarrassing the chinese>.

No food or drink so you have to buy from concessions (hard luck if you've got kids and a stretched budget).

No British beer on site (only Heineken) to promote British ale (although presumably there will be a choice of fine wines from around the world for the elite corporate guests).

It took a special dispensation to even allow fish and chips to be sold. In Britain !!! Cos McDonalds had purchased the sole right to sell chips and they don't do fish !!!!

Fun ?? Sit down !!! Purchase, consume, go home.
Be Good
Be Careful
Behave

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Mon Jul 16th, 2012 at 03:49:40 AM EST
[ Parent ]
Der Spiggle had an article (auf Deutsch) a few days back complaining that the extra help hired at Heathrow had failed, and numbers of suspected terrorists had already infiltrated the land. One quote even stated that on one day five who would normally be detained had passed through the system.

The entire article was full of WTF? strangeness, but no time to dig for it now.

"Life shrinks or expands in proportion to one's courage." - Anaïs Nin

by Crazy Horse on Mon Jul 16th, 2012 at 04:43:52 AM EST
[ Parent ]
It was strange indeed. Just how many people are on the lists if there are daily breaches in this period?
by Metatone (metatone [a|t] gmail (dot) com) on Mon Jul 16th, 2012 at 06:11:57 AM EST
[ Parent ]
I "happen to know" that the UK declined an offer of help from Interpol, who are good at this stuff. Y'know, we're not a third world country, we don't need technical assistance.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
by eurogreen on Mon Jul 16th, 2012 at 08:20:56 AM EST
[ Parent ]
Airbus CEO says Boeing is waging a price war - report | Reuters

(Reuters) - The chief executive of Airbus (EAD.PA) said U.S. rival Boeing has slashed the prices of Boeing 737 Max aircraft in a bid to grab market share from Airbus A320neo, a German newspaper reported on Sunday.

"Boeing is desperately trying now to boost the market share of B737 Max. They are very aggressive when it comes to pricing," Fabrice Bregier said in an interview with Welt am Sonntag.

For the full year, Boeing will likely announce a higher level of new orders for the whole group than Airbus, he added.

Asked how EADS would protect itself in case of a euro zone break up, he said: "Our parent EADS is examining right now whether we should set up our own bank. With its 10 billion euros (7.85 billion pounds), EADS has a strong cash position and is doing everything in order to preserve this cash."

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 03:33:16 PM EST
[ Parent ]
Romania's Basescu says victim of corrupt politics | Reuters

(Reuters) - Romania's suspended President Traian Basescu said on Sunday the ruling party's drive to force him from office was an attempt to protect some of its lawmakers from corruption investigations.

European Union leaders have criticised leftist Prime Minister Victor Ponta for his campaign to oust Basescu, his long-time political rival. They accused him of failing to protect the rule of law and democratic institutions.

Ponta and his Social Liberal Union (USL), backed by a vote in parliament, earlier this month suspended Basescu for 30 days. A national referendum due on July 29 will decide whether the president will be impeached.

"My suspension was a long-planned move ... and was done to protect would-be convicts in Romanian politics," Basescu told private television station Realitatea TV in an interview.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 03:35:10 PM EST
[ Parent ]
would-be convicts
Is that like "aspiring convicts"?
by Andhakari on Sun Jul 15th, 2012 at 11:32:11 PM EST
[ Parent ]
No, it probably means they haven't passed the retrospective laws to convict them yet

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Mon Jul 16th, 2012 at 03:51:25 AM EST
[ Parent ]
When they do, Basescu may well find himself among the convicts.
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 16th, 2012 at 04:20:22 AM EST
[ Parent ]
EU isn't the only body ruling over us | The Times | Presseurop (English)

On a recent BBC Newsnight debate, Jeremy Paxman drew applause by popping up on a screen a photo of Herman Van Rompuy, the rather nondescript Belgian president of the European Council, and asking the audience whether they had voted for him and even knew who he was. Argument over: of course we'd rather not be bossed about by unelected officials whom we can't even name.

Except for this. It was tosh. Why didn't he also put up photos of the Secretary General of Nato, or the head of the World Trade Organisation, or the United Nations, the World Bank, the International Monetary Fund, the International Maritime Organisation, or even the head of Fifa? We didn't vote for any of those either; they come from funny foreign countries and we don't even know their names - except perhaps the President of Fifa.

Read Adam Smith, Eurosceptics

Yet all of them hold pieces of our sovereignty in their sweaty, unelected palms. Our elected representatives chose to hand over that power without even thinking about referendums. Membership of Nato obliges us to go to war if another country were to attack, say, Turkey. No ifs and buts: unless we are prepared to renege upon the founding treaty of Nato, we would then be at war, whether we like it or not. Makes the sacrifices that go with EU membership seem trivial.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 03:59:57 PM EST
[ Parent ]
common sense from the Times ?? What's the world coming to ?

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Mon Jul 16th, 2012 at 03:52:42 AM EST
[ Parent ]
Mordoch's losing his grip.
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 16th, 2012 at 04:17:05 AM EST
[ Parent ]
Well, the first question is what fraction of eligible voters bothered to turn up at the last local election.
by asdf on Mon Jul 16th, 2012 at 12:05:33 PM EST
[ Parent ]
Germany 'plans to relax weapons export rules' - The Local
German weapons manufacturers should have an easier time selling their products as the government intends to relax export regulations, Der Spiegel magazine reported on Sunday. The Economy Ministry denied the report.

Two draft papers drawn up in the Economy Ministry would affect the biggest sectors of the German arms export industry, the magazine said.

The aim would be to "purge foreign trade law" and to "lift special German rules which disadvantage German exporters in comparison to their European competitors," the papers said.

But a spokeswoman for the ministry said the report was wrong. She said the export of weapons would not be affected by the draft amendments to the export trade rules. Current rules affecting arms would remain in place, she said.

But Der Spiegel said the drafts would mean that exports between European Union states were considered transfers rather than exports, enabling the licensing process to be simplified.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 04:18:34 PM EST
[ Parent ]
Expect the next "aid package" for Greece to hang on another arms deal.
by Metatone (metatone [a|t] gmail (dot) com) on Mon Jul 16th, 2012 at 06:28:09 AM EST
[ Parent ]
La commémoration des 70 ans de la rafle du Vel' d'Hiv' débute à Drancy Commemoration of 70th anniversary of the roundup of the Vel d'Hiv begins at Drancy - Le Monde
La commémoration des 70 ans de la rafle du Vel' d'Hiv', au cours de laquelle 13 152 juifs étrangers réfugiés en France furent arrêtés, les 16 et 17 juillet 1942, débute à Drancy. Une cérémonie aura lieu à partir de 11 heures à la cité de la Muette, devant l'ancien camp d'internement d'où furent déportés vers les camps d'extermination des milliers de juifs, victimes notamment de la grande rafle de juillet 1942, a indiqué le rabbin Moché Lewin, porte-parole du grand rabbin de France. La commémoration officielle aura lieu dimanche matin 22 juillet sur les lieux de l'ancien Vel' d'Hiv', à Paris, détruit en 1959, en présence du président de la République, François Hollande.The commemoration of the 70th anniversary of the roundup of the Vel d'Hiv, during which 13,152 foreign Jewish refugees in France were arrested, 16 and 17 July 1942, is beginning at Drancy. A ceremony will take place from 11:00 at the Cité de la Muette, in front of the former internment camp from which thousands of Jews were deported to extermination camps, particularly victims of the roundup of July 1942, said Rabbi Moshe Lewin, spokesman for the Chief Rabbi of France. The official commemoration ceremony will be held Sunday morning July 22 at the site of the former Vélodrome d'Hiver in Paris, demolished in 1959, and will be attended by President of the Republic, François Hollande.
Sur les 13 152 personnes arrêtées par la police française lors de ce qui fut la plus grande rafle de juifs en France sous l'Occupation, 8 160 furent enfermées au Vélodrome d'Hiver, dans le 15e arrondissement de Paris. Retenus dans des conditions inhumaines pendant quatre jours, 1 129 hommes, 2 916 femmes et 4 115 enfants furent entassés sur les gradins de ce stade voué aux courses cyclistes, avant d'être emmenés dans les camps de Beaune-la-Rolande et Pithiviers (Loiret). Là, quelque 3 000 enfants en bas âge furent brutalement séparés de leurs parents, et déportés les premiers vers Auschwitz via Drancy.Of the 13,152 people arrested by the French Police in what was the largest roundup of Jews in France during the Occupation, 8,160 were locked up at the Velodrome d'Hiver, in the 15th district of Paris. Held in inhumane conditions for four days, 1,129 men, 2,916 women and 4,115 children were crammed into the bleachers of the stadium dedicated to bicycle races, before being taken to the camps of Beaune-la-Rolande and Pithiviers (Loiret). There, some 3,000 young children were brutally separated from their parents, and were the first to be deported to Auschwitz via Drancy (transit camp).
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 16th, 2012 at 02:02:56 AM EST
[ Parent ]
AFP: Hungary shown 'new evidence on No 1 Nazi suspect'

JERUSALEM -- The Nazi-hunting Simon Wiesenthal Centre confirmed Sunday that Laszlo Csatary, accused of complicity in the killings of 15,700 Jews, had been tracked down to the Hungarian capital.

"I confirm that Laszlo Csatary has been identified and found in Budapest," the centre's director Efraim Zuroff told AFP.

Ten months ago an informer had provided information that allowed them to locate Csatary, 97, in Budapest, Zuroff told AFP by phone. They had paid the informer the $25,000 promised for such information, he added.

In September last year, they had passed on their information to the prosecutor's office in Budapest.

A statement released Sunday by the centre said Zuroff had "last week submitted new evidence to the prosecutor in Budapest regarding crimes committed during World War II by its No 1 Most Wanted suspect Laszlo Csatary."

by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 16th, 2012 at 02:18:47 AM EST
[ Parent ]
László Csatáry was the police chief of Košice (Hungarian: Kassa, German: Kaschau), Slovakia's second largest city which was (temporarily) returned to Hungary in the First Vienna Award (which paralleled the Munich Agreement). Hungary's chief part in the Holocaust was before the local version of the Nazis took over, as a willing and quite effective rounder-up of Jews on its territory (including refugees): German soldiers only took over the loaded trains at the border. Csatáry took part in this operation, and was reportedly a sadist to boot.

Csatáry was first exposed two decades ago in Canada, but fro what I could find, Canada didn't attempt to try him, but stripped him of citizenship and wanted to deport him, that's when he disappeared. The Simon Wiesenthal Centre found his track a year ago and contacted Hungarian authorities last September, but police under the right-populist Fidesz government is apparently less effective in tracking down someone living under an only part-modified false name than a foreign journalist...

*Lunatic*, n.
One whose delusions are out of fashion.

by DoDo on Mon Jul 16th, 2012 at 06:42:49 AM EST
[ Parent ]
Let me add a rainbow press news on the Hungarian far right: three weeks ago it became known that a grandmother of Csanád Szegedi, MEP and especially rabid racist provocateur of the far-right Jobbik party, was a Jewish survivor of Auschwitz, but never talked about it to her descendants.

Media connects the revelation to a power struggle in a local branch of Jobbik. If so, there is a precedent: Béla Imrédy, the rabidly anti-semitic PM of Hungary who brought in the Hungarian copies of the Third Reich laws that officially discriminated against Jews, was booted from office in 1939 on the basis of the same laws, after his detractors found a Jewish great-grandparent... In contrast, in spite of the revelations, Szegedi won his power struggle conclusively, with his opponents leaving for a right-of-Jobbik far-right splinter.

What I wonder about however is why Szegedi's grandmother never told his idiot grandson to shut up.

*Lunatic*, n.
One whose delusions are out of fashion.

by DoDo on Mon Jul 16th, 2012 at 06:56:43 AM EST
[ Parent ]
Because she died when he was quite young or prior to his birth?

Is Jobbik de jure or just de facto anti-semitic? As far as I read of them their unfavorite minority are the roma.

by IM on Mon Jul 16th, 2012 at 07:07:22 AM EST
[ Parent ]
She is still alive according to media reports. Hr husband died in the eighties, who I find was also Jewish.

Jobbik pioneered the focus on Roma-hate, but they are anti-semitic, too, and they are already defending Csatáry. Indeed Szegedi sought to "prove" his proper Hungarian-ness when "admitting" that he recently learnt of his heritage. (The best part: "This wasn't uncommon at all, 100 years ago, one million Jews lived in Hungary who said they are Hungarians, and one can't say that all of them were problematic.")

*Lunatic*, n.
One whose delusions are out of fashion.

by DoDo on Mon Jul 16th, 2012 at 10:26:39 AM EST
[ Parent ]
So he is not one of them?

Splendid.

In same ways the hungarian right is a living fossil. You find ways to think and argue that other european right-wing parties haven't used since the thirties.

And "said they are hungarians" is fascinating too.

The attitude of his grandparents is interesting, though - becoming the mask?

by IM on Mon Jul 16th, 2012 at 12:33:36 PM EST
[ Parent ]
Interesting, but not uncommon: Conversion of Albright's Jewish Family Followed a Well-Trod Path (NY Times, February 8, 1997)
What do Fidel Castro, three founding members of the Jesuit order, Saint Teresa of Avila and Cardinal Jean Marie Lustiger of Paris have in common with Secretary of State Madeleine Albright?

...

Mrs. Albright, who was raised as a Roman Catholic and later converted to the Episcopal Church, has said she discovered only recently that her family in Czechoslovakia was Jewish and that more than a dozen relatives, including three grandparents, were killed in the Nazi Holocaust. She was 2 when her parents escaped the Nazis.

...

Mrs. Albright's parents left Czechoslovakia in March 1939, 10 days after the Nazis had invaded the country, and spent the war years in Britain. The revelation of her origins has again provoked questions about the nature of the Jewish identify.



If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa
by Migeru (migeru at eurotrib dot com) on Mon Jul 16th, 2012 at 12:38:51 PM EST
[ Parent ]
In same ways the hungarian right is a living fossil.

That was true of MIÉP, unfortunately, for the younger fascists of Jobbik or the 64 Shires Movement, "discovering" such rhetoric is an active journey into the past. (When checking sources I found an article based on internal sources in Jobbik which connected the "Tiszaeszlár" speech with the struggle for recognition of Jobbik MPs, who compete for an expected reduced number of safe seats in the next election as the Fidesz government's new election rules reduce the size of parliament by half.)

And "said they are hungarians" is fascinating too.

That was me failing to find the right word in a hurry: the proper translation is "professed to be Hungarians". And even so the connotation may get lost: it's profess as in front of a court or in a census (and the word in Hugarian is the same as the one for "confess").

The weird thing in that part is where he took that statistic from: according to the 1910 census, there were 911,229 "Israelites" in Hungary, only 76.9% of whom, that's about 700,000, had Hungarian as first language (most of the rest had German). It's like he did the reverse of the victim total calculations of his Holocaust denier comrades.

*Lunatic*, n.
One whose delusions are out of fashion.

by DoDo on Mon Jul 16th, 2012 at 01:41:24 PM EST
[ Parent ]
"discovering" such rhetoric is an active journey into the past

It just occured to me when writing the other comment that Breivik's Crusader fantasies are a good parallel.

*Lunatic*, n.
One whose delusions are out of fashion.

by DoDo on Mon Jul 16th, 2012 at 01:50:18 PM EST
[ Parent ]
Yes, of course. My morbid fascination with the frozen in time character of the hungarian right notwithstanding, their success is  based on their modern aspects. Like roma hating and so on.

"identified" as hungarian seem to be the best translation.

And 900,000 or 5% of the population of big, multiethnic hungary of 1910 isn't that much. And the language use - misinterpreted by Jobbik as ethnicity - does show that 76,9% of Jews but only 64,8% of catholics used hungarian. In other words Jews tended to use hungarian more then others.

by IM on Tue Jul 17th, 2012 at 03:09:12 AM EST
[ Parent ]
It may be worth to give one recent example of Jobbik's anti-Semitism, but it needs context.

The cause célèbre of classic anti-Semitism in Hungary was the Blood Libel of Tiszaeszlár: the trial of 15 Jewish raftsmen and relatives for the supposed ritual murder of a missing girl in 1882-1883, which ended with an acquittal, which in turn 'inspired' the formation of a Hungarian Anti-Semitic Party. After 1989, this "tradition" was revived in low-key fashion by the older generation of anti-Semites (that is MIÉP), but it's less attractive for younger anti-Semites who couldn't care less about the religious dimension.

Still, on 4 April this year, in parliament itself, a Jobbik member of parliament Zsolt Baráth "remembered" the victim on the 130 anniversary in a speech bringing all the points of the anti-Semitic narrative, complete with a "New World Order" that wants to suppress the truth (the anti-Semites 129 years ago explained the acquittal with pressure from a foreign Jewish cabal, instead of the exposure of tampered evidence and two confessions under torture in the trial).

Party boss Vona later commented this with forked tongue: he told he thinks it was a mistake to mention Tiszaeszlár, but he won't distance himself from Baráth's speech because he was supposedly only calling attention to the supposed taboo theme of the role "the Jews" take in public life.

*Lunatic*, n.
One whose delusions are out of fashion.

by DoDo on Mon Jul 16th, 2012 at 12:28:38 PM EST
[ Parent ]
And that is special about the hungarian right. They are so unreconstructed.

Most other right-wingers in the world changed, at least superficially.

It is hard to imagine german right wingers reviving the Konitz affair:

http://en.wikipedia.org/wiki/Konitz_Affair

Even the KKK nowadays has shed say it's earlier anti-catholicism.

by IM on Mon Jul 16th, 2012 at 01:17:24 PM EST
[ Parent ]
If this were all that came out of them then I could agree with "unreconstructed". But just their anti-Semitism is more of an anti-liberalism nowadays, and the really popular memes are much more recent: rejection of the literature Nobel price for Imre Kertész, and a comment by Shimon Peres mis-interpreted to mean that Israel is about to take over Hungary as Israel Mark II after losing in Palestine. There is also the plausible deniability game they constantly play. And, as you yourself mentioned, Jobbik's favourite hate object are the Roma, and that's an "innovation" of the same magnitude as the switch to Islamophobia for Western European xenophobes.

*Lunatic*, n.
One whose delusions are out of fashion.
by DoDo on Mon Jul 16th, 2012 at 01:48:48 PM EST
[ Parent ]
There is also the plausible deniability game they constantly play.

A connected example is a comment from Előd Novák, one of the most rabid Jobbik members (who is widely assumed to be the link to the most notorious and Jobbik-close hate site on the web), who sought to deny his anti-Semitism by saying "I have a Jewish friend: Csanád Szegedi!"

*Lunatic*, n.
One whose delusions are out of fashion.

by DoDo on Mon Jul 16th, 2012 at 01:55:33 PM EST
[ Parent ]
a right-of-Jobbik far-right splinter


If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa
by Migeru (migeru at eurotrib dot com) on Mon Jul 16th, 2012 at 10:42:29 AM EST
[ Parent ]
Eurointelligence Daily Briefing: ECB changes position on senior bondholders
The Wall Street Journal reports that Mario Draghi proposed a bail-in of senior Spanish bondholders at the recent eurogroup meeting; ministers rejected the advice, fearing that the Irish programme would have to be unravelled, and because they feared a negative market reaction; Draghi proposed to restrict bondholder bail-ins only to cases where a bank is closed down, but not sized down; Italy plans to sell €120bn in assets by 2017 and hopes to cut debt by 20%; Paolo Guerrieri says Italy may be facing a Greek scenario; The cumulative total of austerity plans is €330bn according to Il Sole 24 Ore; the head of the CSU says he will only support that Spanish rescues if it is clear that the Spanish state remains liable for any loans to Spanish banks even after the ESM lends directly to banks; Angela Merkel said the liability had not yet been worked out; Klaus Regling says the whole point of a direct lending is to remove the liability of the state; Jens Weidmann says Spain's MoU does not go far enough; Bundestag is certain to approve the Spanish package, but Merkel may not have her own coalition majority; Andrea Enria wants to make permanent the 9% capital requirement for European banks; he said banks should conserve capital, and not reduce capital, especially in view of the phase-in for Basle III; Spain's austerity law says the unemployed will lose their entitlement if they travel abroad even for a single day (and even if they go for a job interview); Portugal's bonus payment might also be challenged for this year; Ed Hugh says Portugal's original deficit target will not be met even with the cut in Christmas bonuses; 7 out of 10 Greeks want their government to insist on renegotiation; Jens Weidman says Italy cannot join the ESM just to reduce finance costs as the ESM can only be used in an acute emergency; he also said that he opposed the recent cut in interest rates; Merkel says she will run in 2013, and promises to turn the elections into a campaign on the future of Europe; Wolfgang Munchau, meanwhile, argues that the eurosceptics are winning the debate in Germany because the pro-Europeans are spineless.


If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa
by Migeru (migeru at eurotrib dot com) on Mon Jul 16th, 2012 at 03:16:55 AM EST
[ Parent ]
Wolfgang Munchau on why the eurosceptics are winning, again

In his FT column, Wolfgang Munchau compares the euro debate in Germany with the euro debate in the UK during the 1990s, and detects some eerie parallels. He says in the UK, the pro-euro forces were never able to sell the euro, and misrepresented the case by play down the implications. That is now happening again. Munchau specifically looks at the debate in Germany where Hans-Werner Sinn organised a highly effective anti-rescue appeal, which was immediately followed by a pro-euro appeal. On closer inspection, Munchau writes, the two are not all that dissimilar because they both reject eurobonds, transfers, and joint liability for the banking system. He concludes: with pro-Europeans like that, who needs eurosceptics?"



If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa
by Migeru (migeru at eurotrib dot com) on Mon Jul 16th, 2012 at 04:44:45 AM EST
[ Parent ]
I think the problem is that currently the EU is pursuing destructive (and ultimately self-destructive policies) and so the pro-European position is complicated: it requires supporting the institutions while rejecting the policies.

And in some cases it requires rejecting the institutions themselves, as with the constitutional ban on central bank financing of the public sectors.

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa

by Migeru (migeru at eurotrib dot com) on Mon Jul 16th, 2012 at 04:53:57 AM EST
[ Parent ]
ECB Shifts View on Bond Losses - WSJ.com

The European Central Bank, in a sharp turnaround, advocated imposing losses on holders of senior bonds issued by the most severely damaged Spanish savings banks--though finance ministers have for now rejected the approach, according to people familiar with discussions.

The ECB's new position was made clear by its president, Mario Draghi, at a meeting of euro-zone finance ministers discussing a rescue for Spain's struggling local lenders in Brussels the evening of July 9.

It marks a contrast from the position the central bank adopted during the 2010 bailout of Irish banks--which, like Spain's, were victims of a property meltdown--when it prevailed in its insistence that senior bondholders in bailed-out banks shouldn't suffer losses.

The ministers rejected the advice from the July 9 meeting out of concern financial markets would react badly. A draft of the rescue agreement, which will provide as much as €100 billion ($122.5 billion) for the Spanish banking system, requires Madrid to force losses only on shareholders and junior bondholders in banks receiving bailout money, and doesn't mention creditors higher up in the pecking order. A spokesman for the European Commission, the European Union's executive arm, said: "It is clear that senior bondholders won't be involved in burden sharing."

by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 16th, 2012 at 04:51:08 AM EST
[ Parent ]
I don't know whether this is correct: Why it's hard to shut down a Spanish bank (Reuters breakingviews, June 18, 2012)
Shutting down a bank in Spain would raise three problems. Shareholders are the first to suffer losses, followed by holders of preferred equity and subordinated debt. A large chunk of these subordinated instruments - 62 percent - is in the hands of depositors, according to Barclays estimates. In most cases they are the bank's best clients, some of whom complain that the risks of these instruments weren't properly explained. Wiping out retail holders risks triggering the deposit flight.

...

The second problem is that imposing losses on senior debt holders without hitting depositors as well isn't easy either. Senior debt holders in Spain, like elsewhere in the European Union, currently rank on a par with depositors.

Finally, winding down one nationalised lender might provoke panic in the banks currently on state support, hitting confidence in the entire system.

(My emphasis)


If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa
by Migeru (migeru at eurotrib dot com) on Mon Jul 16th, 2012 at 05:25:41 AM EST
[ Parent ]
I suspect the bolded portion is trivially true, because the process in general is supposed to be:

  1. Close down/nationalize bank.

  2. Senior bond holders are wiped out.

  3. Depositors are wiped out.

  4. Depositors are compensated according to the national bank deposit guarantee.

However, problem one would seem to be that there is no official deposit guarantee scheme in Spain? Or that's what the article implies?

Now it seems the claim is that the banks sold depositors "investment accounts" which depositors thought were deposits, but were in fact strange debt vehicles. That is ugly and leads to the law court.

by Metatone (metatone [a|t] gmail (dot) com) on Mon Jul 16th, 2012 at 06:36:26 AM EST
[ Parent ]
However, problem one would seem to be that there is no official deposit guarantee scheme in Spain? Or that's what the article implies?
There is a deposit guarantee scheme, of course. And since 2008 it's the same as in all other EU countries: €100,000.
Now it seems the claim is that the banks sold depositors "investment accounts" which depositors thought were deposits, but were in fact strange debt vehicles. That is ugly and leads to the law court.
What's been done is even uglier: subrdinated debt and hybrid liabilities (such as preferred shares) have been sold to savers as if they were deposits: Smudge on the dotted line: savings bank duped customers with share offer (ElPais.com in English, 10 June 2012)

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa
by Migeru (migeru at eurotrib dot com) on Mon Jul 16th, 2012 at 07:28:22 AM EST
[ Parent ]
Yuck.

In principle this is simple fraud and should be easy to sort out.

But the practical reality is that in most countries (and I think Spain is no different) this is a big mess that is going to go to court and sit there for a long time. So hard to see how you wind up a bank any time soon.

by Metatone (metatone [a|t] gmail (dot) com) on Mon Jul 16th, 2012 at 09:27:38 AM EST
[ Parent ]
Although, having said that, if the bank is insolvent the government could simply declare the "complex accounts" as deposits (proactively recognise the fraud) and compensate the depositors from the  guarantee scheme.

Bond holders could try taking it to court, but I'm not sure they could win, because it's not a case of them having a senior claim on the money, because there is no money from the bank...

by Metatone (metatone [a|t] gmail (dot) com) on Mon Jul 16th, 2012 at 09:30:15 AM EST
[ Parent ]
There is already one court case forcing Novacaixagalicia to give a man his money back for preferred shares. And also `Caja' managers intone public remorse at bank's failings in press ad. Things are moving fast. But they will be even faster after the summer.

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa
by Migeru (migeru at eurotrib dot com) on Mon Jul 16th, 2012 at 09:34:42 AM EST
[ Parent ]
Who is liable for Spanish rescue aid?

There is an argument within Germany on whether the Spanish government is liable for the rescue loans to save Spain's banks after the ESM switches from country programme to direct capital injections into banks. According to Reuters, CSU chief Horst Seehofer told ARD public television: ,,I advise to vote yes (for the Spanish rescue) once the federal government has made it clear that it it is the Spanish state which is liable for this aid." Merkel said whether the EFSF and later the ESM or recipient states would be liable for future aid payments to banks had not been worked out so far. "We have not yet adopted a final position on how to solve the liability issue if a (pan-European) banking supervisor can intervene in national banks, if it can restructure them and if it can set conditions for them," she told ZDF.

However both were contradicted by Klaus Regling. "Once there is a real bank supervision by the ECB then there is the possibility that we give credits directly to banks and we will not have to channel them through the governments", he told Welt am Sonntag. "In that case the country is no longer liable." In his interview with Börsenzeitung Jens Weidmann encouraged Spain to apply for a full rescue program, not only for bank aid. "The bank's balance sheets are always also a mirror of the entire economy", the Bundesbank president said. The entire Spanish economy faced huge challenges, he continued. "It would have positive effects on the bond markets if investors saw that the conditions of the rescue program went further than just the banking sector."

...

Weidmann thinks Italy does not need an ESM rescue

Talking to Börsenzeitung Jens Weidmann rejected the idea that Italy would need a rescue by the ESM. "Obviously I understand that a country tries to lower its refinancing costs", the Bundesbank president told the paper. "But for the currency union this cannot be a justification for granting aid because because of the ultima ratio character of the financial aid", he said referring to the German constitutional court's ruling that the eurozone's rescue aid for troubled countries were in line with the constitution only if they were required as an ultima ratio solution to maintain the stability of the single currency. "I think it is indispensable to maintain strict conditionality on all aid", Weidmann added. Turning to the ECB's recent decision to lower its policy rates, the Bundebank president hinted that he disagreed. It was doubtful as if the rate cut "had any effect via the monetary transmission mechanism in the current situation", Weidmann said. After the rate cut Mario Draghi had stressed that the decision had been taken with a unanimous vote.

Weidmann will be shocked, shocked if Spain asks for a full-blown ESM programme and that leads to Italy needing a program itself.

It has been pointed out that Italy is financing itself at 6% and is contributing to lending to Spain at 3%. This is absurd.

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa

by Migeru (migeru at eurotrib dot com) on Mon Jul 16th, 2012 at 05:13:21 AM EST
[ Parent ]
On the ESM and Fiscal Straightjacket.

Spiggle Englisch

"Life shrinks or expands in proportion to one's courage." - Anaïs Nin

by Crazy Horse on Mon Jul 16th, 2012 at 05:18:01 AM EST
[ Parent ]
Finance Ministry's "men in black" to oversee regional bailouts (16 July 2012)

The centralist right-wing government of Spain is copying the form and substance of EU policy.

Although the word "bailout" did not figure in the 14-page document, the rescued has nonetheless become the rescuer. Much as the EU sent financial envoys to Madrid to pore over the state of the nation's bank balance sheets, Finance Minister Cristóbal Montoro can dispatch teams of what he once termed as "men in black" to probe regional accounts before awarding rescue funds, which will be paid in installments with harsh budgetary and fiscal conditions attached.
What does a bully do when the overlord sends "men in black" to oversee him? He sends his own "men in black" to his underlings.

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa
by Migeru (migeru at eurotrib dot com) on Mon Jul 16th, 2012 at 09:38:24 AM EST
[ Parent ]
PressEurop: Brussels' smothering embrace (Die Welt, 16 July 2012)
In the name of serving the greater good of the EU, Brussels claims it is forced to strong-arm its members. Examples from Romania, Hungary and Italy, however, reveal something quite different: civil society and local cultures are sometimes being sacrificed.
Thomas Schmid

Going into debt today means a poorer tomorrow. That's why austerity is the alpha and omega of a policy that is meant to ensure the continued survival of that half-freewheeling, half-iron-clad grouping of states that we have somewhat hastily called the European Union. This priority is perceived in some states of the EU as a diktat from Germany. That's not fair.

And yet, if we're to tell the whole truth, we have to admit that the new European austerity policy is also doing some damage. As nice as the talk about federal Europe (including its supposedly subnational structure) sounds, the reality is that it's not just the financial crisis but the overall interests of the Union that can have a serious impact on sovereignty.

I am reminded of Eurointelligence's
(Die Welt is an awful newspaper in general, which is why we have not included it in our press review, but it is now qualifying to make it into our rogue's gallery, along with Bild.)


If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa
by Migeru (migeru at eurotrib dot com) on Mon Jul 16th, 2012 at 11:11:08 AM EST
[ Parent ]
by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 12:50:10 PM EST
A whistleblower emerges from the shadows | Reuters

(Reuters) - For nearly three years, as Kyle Lagow struggled to find work and his finances crumbled, he kept a secret from nearly everyone he knew, including his wife: He was a whistleblower.

Lagow had filed a suit against his former employer, subprime mortgage lender Countrywide Financial, alleging appraisal fraud. He couldn't discuss the case, filed under seal, until this year when he was awarded $14.5 million for his role in sparking a $1 billion settlement with Countrywide's current parent, Bank of America Corp.

"You have to sit there in silence, and you just get up every day and beat your head against the wall," Lagow, 50, said in a recent interview.

The settlement has brought Lagow financial security and a measure of redemption. But it was a long, hard path. And even after his travails, he fears little has changed in the mortgage industry.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 03:18:57 PM EST
[ Parent ]
U.S. Builds Criminal Cases in Libor Rate-Fixing Scandal - NYTimes.com

As regulators ramp up their global investigation into the manipulation of interest rates, the Justice Department has identified potential criminal wrongdoing by big banks and individuals at the center of the scandal.

The department's criminal division is building cases against several financial institutions and their employees, including traders at Barclays, the British bank, according to government officials close to the case who spoke on the condition of anonymity because the investigation is continuing. The authorities expect to file charges against at least one bank later this year, one of the officials said.

The prospect of criminal cases is expected to rattle the banking world and provide a new impetus for financial institutions to settle with the authorities. The Justice Department investigation comes on top of private investor lawsuits and a sweeping regulatory inquiry led by the Commodity Futures Trading Commission. Collectively, the civil and criminal actions could cost the banking industry tens of billions of dollars.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 03:25:29 PM EST
[ Parent ]
Ah, the US justice department will fall upon wrongdoers in the UK, but are quiescent in the face of the crimes on Wall St.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Mon Jul 16th, 2012 at 03:55:27 AM EST
[ Parent ]
Yes .... so?

I have a t-shirt with that on it. And whatever you do, DON'T BLINK!
by THE Twank (yatta blah blah @ blah.com) on Mon Jul 16th, 2012 at 07:56:33 AM EST
[ Parent ]
Well, quite. But I wanted to say it out loud so that everybody knew where we all were

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Mon Jul 16th, 2012 at 08:14:42 AM EST
[ Parent ]
Luckily, British regulators are going to come over here and clean up Wall Street.

Right?

by asdf on Mon Jul 16th, 2012 at 12:10:56 PM EST
[ Parent ]
EUobserver.com / Opinion / Time for EU to shed light on Big Corporates

BRUSSELS - In the dark days of the financial crisis, as credit markets froze around the world amidst uncertainty and confusion, one thing at least was clear. The global financial sector had become interconnected as never before.

In the 19th century, it was said that: "When France sneezes, the rest of Europe catches a cold." In the early 21st century, when Citibank, Goldman Sachs or JPMorgan Chase, cough and splutter, the whole world reaches for the aspirin bottle.

The impact of the failure of these firms beyond their home jurisdictions is apparent for anyone to see.

When it comes to assessing the positive contributions of these global giants to the welfare of citizens around the world, the answer is altogether less clear.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 03:46:30 PM EST
[ Parent ]
Big companies' lack of transparency could spark new crisis: TI | EurActiv

Countries around the globe are struggling to rebuild their economies after the financial crisis. But the world's largest publicly traded companies do not demonstrate enough transparency measures to help prevent another economic meltdown, says a new Transparency International report.

Transparency International (TI), the independent corruption-fighting organisation, analysed the transparency of corporate reporting on a range of anti-corruption measures among 105 publicly listed multinational companies that together are worth $11 trillion.

Only a few of the companies publish information about their anti-corruption commitments.

"As a result, the world's largest companies may contribute to an environment in which corruption can thrive," TI stated in the report, released 10 July.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 03:48:28 PM EST
[ Parent ]
Anatole Kaletsky

Four years after the Lehman crisis, economic activity and employment in the OECD has not yet returned to its pre-crisis level. Unemployment is at postwar highs in every major European country apart from Germany and, while the U.S. jobless rate is now a little below its postwar record, it has been stuck above 8 percent for longer than at any time since the Great Depression. And in Britain, the long-term loss of output assumed by the government's latest budget forecasts implies, according to Goldman Sachs calculations, that the six months of the post-Lehman crisis did greater permanent damage to the country's productive capacity than the Great Depression or World War Two.

Now consider the response. In the U.S., the four years since Lehman have been dominated by economic debates among politicians, media commentators and business leaders on issues that are almost totally irrelevant to unemployment and the pace of economic recovery: how to reduce long-term budget deficits and whether to tweak the top rate of income tax from 36 percent to 39.6 percent. In Britain, the biggest economic controversy this year has been the extension of value added tax to hot pies. Europe's response to the deepest economic depression in living memory - and an even more alarming xenophobic nationalism that threatens the literal disintegration of the euro and the European Union - has been to debate the bureaucratic "modalities" of bank regulations, fiscal treaties and pension reforms in the next decade.

How to explain this insouciance in the face of the gravest threat to the Western world since the height of the Cold War?

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 03:51:22 PM EST
[ Parent ]
Was the petrol price rigged too? - Telegraph

Concerns are growing about the reliability of oil prices, after a report for the G20 found the market is wide open to "manipulation or distortion".

Traders from banks, oil companies or hedge funds have an "incentive" to distort the market and are likely to try to report false prices, it said.

Politicians and fuel campaigners last night urged the Government to expand its inquiry into the Libor scandal to see whether oil prices have also been falsely pushed up.

They warned any efforts to rig the oil price would affect how much drivers pay at the pump, which soared to a record high of 137p per litre of unleaded earlier this year.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Sun Jul 15th, 2012 at 06:16:24 PM EST
[ Parent ]
A Manifesto for Economic Sense
More than four years after the financial crisis began, the world's major advanced economies remain deeply depressed, in a scene all too reminiscent of the 1930s. And the reason is simple: we are relying on the same ideas that governed policy in the 1930s. These ideas, long since disproved, involve profound errors both about the causes of the crisis, its nature, and the appropriate response.

These errors have taken deep root in public consciousness and provide the public support for the excessive austerity of current fiscal policies in many countries. So the time is ripe for a Manifesto in which mainstream economists offer the public a more evidence-based analysis of our problems.

...

In the face of a less severe shock, monetary policy could take up the slack. But with interest rates close to zero, monetary policy - while it should do all it can - cannot do the whole job. There must of course be a medium-term plan for reducing the government deficit. But if this is too front-loaded it can easily be self-defeating by aborting the recovery. A key priority now is to reduce unemployment, before it becomes endemic, making recovery and future deficit reduction even more difficult.



If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa
by Migeru (migeru at eurotrib dot com) on Mon Jul 16th, 2012 at 07:14:23 AM EST
[ Parent ]
Avaaz - Put bankers behind bars

517,031 have signed. Help us get to 1,000,000
Posted: 10 July 2012
Big banks have been caught in a massive scam to rig global interest rates, ripping off millions of people on their mortgages, student loans and more! We'd go to jail for this, but Barclays bank has only been fined, and just a fraction of their profits! Outrage is mounting -- this is our chance to finally turn the tide of the banks' reign over our democracies.

The EU finance regulator, Michel Barnier is standing up to the powerful bank lobby and championing reform that would put bankers behind bars for fraud like this. If the EU goes first, accountability could quickly spread across the globe. But the banks are lobbying hard against it, and we need a massive surge of people power to drive these reforms through.

If we can get 1 million people to stand with Barnier in the next 3 days, it will give him momentum to face down the banking lobby and push governments to bring reform. Sign the petition, and our growing numbers will be represented by adding mock bankers to a jail right in front of the EU Parliament.



It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
by eurogreen on Mon Jul 16th, 2012 at 08:35:06 AM EST
[ Parent ]
Brad DeLong: A Truly Astonishing Failure of Monetary Policy by the Central Bank (July 16, 2012)
I have absolutely no idea what Ben Bernanke thinks he is doing...


If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa
by Migeru (migeru at eurotrib dot com) on Mon Jul 16th, 2012 at 10:50:23 AM EST
[ Parent ]
by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 12:50:25 PM EST
Syria denies use of heavy weapons in Tremseh - Middle East - Al Jazeera English

Syria has denied accusations by special envoy Kofi Annan that state forces used heavy weapons or helicopters in clashes in the village of Tremseh last week, where activists said there was a massacre of over 100 people.

Jihad Makdissi, spokesman for Syria's Foreign Ministry, told reporters on Sunday that security forces killed 37 fighters and two civilians in a campaign against the village, from which the government said rebels were launching attacks on other areas.

"Government forces did not use planes, or helicopters, or tanks or artillery. The heaviest weapon used was an RPG [rocket-propelled grenade]," Makdissi told the reporters in Damascus.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 03:20:24 PM EST
[ Parent ]
BBC News - Syria in civil war, Red Cross says

The Red Cross (ICRC) says fighting in Syria has become so widespread that the conflict is now in effect a civil war.

The change in status means combatants will now be officially subject to the Geneva Conventions, leaving them more exposed to war crimes prosecutions.

The Red Cross had previously regarded only the areas around Idlib, Homs and Hama as war zones.

Meanwhile, Syrian officials are disputing claims that they used heavy weapons in fighting on Thursday.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 03:21:11 PM EST
[ Parent ]
AU 'ready' to send troops to quell DRC rebels - Africa - Al Jazeera English

The African Union is ready to send troops to the restive eastern Democratic Republic of Congo as part of a
peacekeeping force, AU Commission Chairman Jean Ping has said.

"The AU is prepared to contribute to the establishment of a regional force to put an end to the activities of armed groups," Ping told African leaders at the opening of the pan-African bloc's summit meeting in Ethiopia on Sunday.

DR Congo President Joseph Kabila was at the meeting as well as Paul Kagame of Rwanda, currently at odds over Kinshasa's allegations Kigali is supporting a rebellion known as M23, in the mineral-rich eastern Kivu region.

Kabila's government has accused high-ranking Rwandan officers of supporting a rebellion by soldiers who mutinied from DR Congo's regular army.

The allegations echo the findings of a UN panel of experts who last month said Rwanda was supplying arms and fighters to the rebels.

Rwanda has denied involvement and in turn accuses Kinshasa of renewing co-operation with Rwandan Hutu rebels, who have been based in eastern DR Congo since the 1994 Rwandan genocide.

Sudanese President Omar al-Bashir and South Sudanese President Salva Kiir embraced each other as leaders filed into the summit room, following their first face-to-face talks late Saturday since border clashes in April and March.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 03:24:34 PM EST
[ Parent ]
Leaders of rival Sudans meet over disputes - Africa - Al Jazeera English

African leaders have brought together the presidents of feuding neighbours Sudan and South Sudan for face to face talks at a hotel in the Ethiopian capital.

Saturday's meeting, between President Omar al-Bashir and his South Sudan counterpart Salva Kiir, was the two leaders' first close-up encounter since their countries came close to war in April and it raised hopes for a negotiated settlement of oil and border disputes before an August 2 UN Security Council deadline.

Their African peers had hailed their presence and pledges to pursue negotiations on ways to settle their disputes over border demarcation and sharing of oil revenues.

"Their statements persuaded us that there is good will," Ivory Coast President Alassane Ouattara, who chairs the AU Council, told reporters after the closed-door session.

Landlocked South Sudan shut down oil production in January over a dispute with Khartoum about revenue sharing and fees for a pipeline through Sudan - the South's only outlet for its oil exports. The two countries' armies clashed in April over the disputed border oil area of Heglig.

The meeting took place on the sideline of the African heads of state meeting at AU headquarters in the Ethiopian capital to discuss ways to resolve messy aftermaths of military coups this year in Mali and Guinea-Bissau, which have put blots on the continent's democratic credentials after advances in stability and governance in recent years.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 03:27:09 PM EST
[ Parent ]
IPS - Brotherhood Wins, Military Prevails | Inter Press Service

CAIRO, Jul 15 2012 (IPS) - The first major confrontation between Egypt's new Islamist president and its quasi-ruling military council - fought over the issue of legislative authority - appears to have been won by the latter.

"The Muslim Brotherhood and its allies may have swept last year's parliamentary polls, but lawmaking power remains in the hands of the military," Magdi Sherif, political analyst and head of the Guardians of the Revolution Party established in the wake of last year's Tahrir Square uprising, told IPS. "And recent developments have drawn Egypt's judiciary into the conflict."

On Jul. 8, Mohamed Morsi, Egypt's first freely-elected president and long-time Muslim Brotherhood figure, issued an executive decree calling on members of the People's Assembly, the lower house of Egypt's parliament, to convene. The decree further called for fresh parliamentary polls to be held 60 days after approval of a new constitution via popular referendum.

On Jul. 10, however, Egypt's High Constitutional Court (HCC) `suspended' implementation of Morsi's decree based on an earlier HCC ruling calling for the dissolution of parliament's lower house. The constitutional court went on to stress that its decisions were "final" and "irreversible."

The following day, Morsi backed down. Vowing to abide by the court ruling, he stressed the presidency's "respect for the HCC, its judges and all rulings emanating from Egypt's judiciary."

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 03:38:28 PM EST
[ Parent ]
Wow! The guys with the guns won! That's a first ... right?

I have a t-shirt with that on it. And whatever you do, DON'T BLINK!
by THE Twank (yatta blah blah @ blah.com) on Mon Jul 16th, 2012 at 08:24:26 AM EST
[ Parent ]
Yes, but sadly that was always likely. The crowds calling for the head of Mubarak never recognised until far too late that he was simply a product of the system and could be replaced endlessly. It was the system that needed shredding

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Mon Jul 16th, 2012 at 08:47:48 AM EST
[ Parent ]
IPS - `Israeli Bouazizi' Raises Questions | Inter Press Service

TEL AVIV, Jul 15 2012 (IPS) - During a march Saturday marking one year since social protests engulfed Israel, a man silently set himself on fire, leaving behind him a painful "I accuse!" letter that exposes widespread disillusionment in the face of the immense expectation for change, and the abyss between the people and the State.

Mobile phones captured the horror - a student haranguing the crowd about the deficiency of the public transportation system, suddenly interrupted by a clamour and a blaze.

An eyewitness said "someone read out a letter; then doused himself in gasoline." Panicked demonstrators poured water on the man.

Suffering from second- and third-degree burns over 94 percent of his body, he's been hospitalised at the Sheba Medical Centre's intensive care unit, fighting for his life.

"I can't afford medication or rent. I paid millions in taxes; I served in the army, in the reserve. The state robbed me, left me with nothing; I can't even live month to month. I won't be homeless," he wrote in the letter whose copies were found on the ground by fellow demonstrators.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 03:39:45 PM EST
[ Parent ]
by gk (g k quattro due due sette "at" gmail.com) on Mon Jul 16th, 2012 at 04:39:20 PM EST
[ Parent ]
BBC News - North Korea military head Ri Yong-ho 'relieved of post'

North Korean military chief Ri Yong-ho has been removed from all official posts, according to state media.

As well as being head of the army, he was vice-chairman of the powerful Central Military Commission and held top posts in the ruling Workers' Party.

In a short statement, the party said Mr Ri had been removed from his posts "because of illness".

The BBC's Seoul correspondent Lucy Williamson says there is widespread scepticism about that explanation.

by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 16th, 2012 at 02:14:40 AM EST
[ Parent ]
by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 12:50:51 PM EST
U.S. Air Force tests biofuel at $59 per gallon | Reuters

(Reuters) - The U.S. Navy angered Republicans by spending $26 a gallon for biofuels for this week's Great Green Fleet demonstration, but the Air Force received little attention when it paid twice as much per gallon to test synthetic jet fuel last month.

The Air Force bought 11,000 gallons of alcohol-to-jet fuel from Gevo Inc, a Colorado biofuels company, at $59 a gallon in a program aimed at proving that new alternative fuels can be used reliably in military aircraft - once, that is, their pricing is competitive with petroleum, which now costs $3.60 a gallon.

The cost of the Air Force demonstration - $639,000 - was far less eye-catching than the $12 million the Navy spent for biofuels to power a carrier strike group on alternative energy for a day.

But it was part of the same Pentagon push, which has escalated under the administration of President Barack Obama, to adopt green solutions to rising fuel costs.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 03:16:46 PM EST
[ Parent ]
I couldn't find a specific reference to the biological source for the alcohol fuel, but unless there's been a significant improvement in efficiency, bio-fuels are less about being Green, and more about price supports for corporate farms and GM crops. What a waste.
by Andhakari on Mon Jul 16th, 2012 at 12:07:09 AM EST
[ Parent ]
What they have:

Our Science and Technology | Gevo

Our biocatalysts

Gevo's biocatalysts are microorganisms that have been designed to metabolize sugars to produce isobutanol. Gevo's technology team develops proprietary biocatalysts to efficiently convert fermentable sugars of all types into isobutanol by engineering the isobutanol pathways into the biocatalysts, and then minimizing the production of unwanted by-products to improve isobutanol yield and purity and reduce operating costs. Our yeast biocatalysts are built upon robust industrial varieties of yeast that are widely used in large-scale fermentation processes, such as ethanol and lactic acid production.

What they are aiming for:

Our Science and Technology | Gevo

Future-generation biocatalyst: cellulosic isobutanol

Through an exclusive license with Cargill, one of the world's largest agricultural processors, Gevo is developing a yeast biocatalyst that is specifically designed to efficiently produce isobutanol from the sugars derived from cellulosic biomass. Cellulosic feedstocks include dedicated energy crops (e.g., switchgrass), and residues from forestry and agriculture (e.g., waste wood, pulp corn cobs and stalks and sugarcane bagasse).



A vote for PES is a vote for EPP! A vote for EPP is a vote for PES! Support the coalition, vote EPP-PES in 2009!
by A swedish kind of death on Mon Jul 16th, 2012 at 03:34:54 AM EST
[ Parent ]
Since the DOD is familiar with paying $400 a gallon for fuel in Afghanistan, what's the problem?

http://online.wsj.com/article/SB10001424052970204903804577080613427403928.html

Also note that fuel of any sort, whether gasoline or diesel or especially aviation fuel, has very complicated chemistry. It's not just a question of if it will burn, but also consideration of issues related to corrosion, gelling, deposits, combustion speed, etc., plus production issues of process yield and cost, storage stability, etc. So it is sensible for the DOD to be doing these tests in case their existing sources of fuel become unavailable...

by asdf on Mon Jul 16th, 2012 at 12:33:39 PM EST
[ Parent ]
Japan rescuers rush to flood-stricken south - Asia-Pacific - Al Jazeera English

More than 5,000 people are cut off by landslides as more heavy rain and floods are forecast in southwestern Japan, where the death toll from torrential downpours has risen to 24.

Landslides and fallen trees have cut roads and water supplies in the region since late Saturday, where unprecedented rainfall has fallen since Wednesday.

Television footage showed troops loading relief material such as food, water and medical supplies into military helicopters to send them to mountainous areas in Yame, Fukuoka prefecture in northern Kyushu island, on Sunday.

Local authorities were separately dispatching rescue helicopters to take patients and elderly villagers to hospital from the isolated area, where at least one person was killed, officials said.

"We will continue sending emergency ration to people there as it is still unknown when we can secure access to the area," said Kayo Shinohara, a spokeswoman for Yame City government.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 03:23:15 PM EST
[ Parent ]
IPS - TURKMENISTAN: Ashgabat Quietly Builds Up Caspian Military Might | Inter Press Service

WASHINGTON, Jul 12 2012 (EurasiaNet) - When it comes to the brewing arms race in the Caspian Sea region, no one can accuse Turkmen leader Gurbanguly Berdymukhamedov of navel-gazing. Ashgabat is now able to back its claims to some energy-rich patches of the sea with considerable firepower.

Abundant energy resources under and around the sea have pushed all five littoral states - Azerbaijan, Iran, Kazakhstan, Russia and Turkmenistan - to bolster their naval capabilities. Analysts agree that Russia has the most powerful flotilla on the Caspian. But who is Number Two is a matter of debate.

Iran traditionally has played second fiddle to Russia on the Caspian. Currently, Tehran's claim to a 20-percent share of the sea is generally considered the biggest obstacle standing in the way of a regional treaty that would facilitate large-scale energy extraction. Russia and other former Soviet states contend that Iran should receive only a 13-percent Caspian share.

According to a late June report distributed by the semi-official Fars news agency, Tehran now plans to deploy an undisclosed number of "light submarines" in the Caspian. The Fars report did not specify how many subs would be deployed, what kind of armaments they would carry or when they would enter service.

According to a major Russian defence magazine, Turkmenistan is challenging Iran as the second leading naval power on the sea.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 03:43:24 PM EST
[ Parent ]
Triboelectric generator produces electricity by harnessing friction between surfaces

Researchers have discovered yet another way to harvest small amounts of electricity from motion in the world around us - this time by capturing the electrical charge produced when two different kinds of plastic materials rub against one another. Based on flexible polymer materials, this "triboelectric" generator could provide alternating current (AC) from activities such as walking.

The triboelectric generator could supplement power produced by nanogenerators that use the piezoelectric effect to create current from the flexing of zinc oxide nanowires. And because these triboelectric generators can be made nearly transparent, they could offer a new way to produce active sensors that might replace technology now used for touch-sensitive device displays.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 04:07:51 PM EST
[ Parent ]
From aflatoxin to sake

What do beer, dogs and cats, and corn all have in common? All of them are the end products of the process of domestication. Almost everybody knows that a number of different animals and plants have been bred for qualities that benefit humans. But few people realize that a number of microbes have undergone a similar transformation.

Take brewer's yeast, for example. It is the quintessential ingredient in beer making: genetically altered to convert the sugars in malted barley into alcohol and to produce metabolic byproducts that give beer its unique taste. In fact, dozens of specialized strains of yeast produce the wide variety of beers, lagers and ales that brewers have developed.

"Although people don't often think about it, we haven't only domesticated animals and plants, but we have also domesticated dozens of different microbes," said Assistant Professor of Biological Sciences Antonis Rokas, adding that it's hard to imagine what life would be like without beer, wine, leavened bread, cheese, yoghurt, soy sauce, sauerkraut and a number of other mainstays of the human diet that are produced by domesticated microbes.

"The genetic basis for the domestication of many different plants and animals has been extensively studied, but, remarkably, very little is known about how domestication has shaped the genetic makeup of microbes," he said.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 04:08:38 PM EST
[ Parent ]
Insult to injury: How the House snuck protection for GMOs into its farm bill | Grist

Apparently it wasn't quite enough for the House Agriculture Committee to pass a version of the farm bill that made over $16 billion in cuts to food stamps and allowed for an open-ended expansion of crop insurance for Big Ag.

No, the members of the committee also felt the need to sneak something in to help out those poor struggling biotechnology behemoths in their attempts to win approval for new genetically engineered seed. Since we all know genetically modified seeds never win approval. I'm sorry. Did I say never? I meant always.

But apparently an unending winning streak isn't enough for the biotech industry. It wants to make sure that the U.S. Department of Agriculture approves its new seeds with minimal study, and loses the ability to withdraw them from the market should they prove harmful. To top it off, biotech companies want to ensure that anyone harmed by these seeds will have no recourse for damages.*

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 04:10:48 PM EST
[ Parent ]
House Ag Committee Takes Aim at Food Stamps, GMO Regulation | Tom Philpott | Mother Jones

The Center for Food Safety, a GMO-industry watchdog group that has successfully sued the USDA for not properly assessing novel crops under the National Environmental Protection Act and the Endangered Species Act, offers this analysis of the riders:

The bill would place strict limitations on what USDA can meaningfully consider when conducting environmental reviews of GE crops, and prohibit USDA from using funds to conduct any additional assessments. Further, all requirements of the National Environmental Policy Act or Endangered Species Act, would be banned, even if a crop approval would harm protected species.

Readers may recall that in a separate recent bill, the House ag appropriations committee snuck in language that would allow biotech companies to continue selling novel GMO products even if a federal court ruled that the USDA had deregulated them without proper scrutiny. The current bill would ensure that the USDA never gets a chance to give them proper scrutiny. Combined, if passed into law, the two bills would effectively negate any semblance of public oversight of new GMO crops.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 04:14:47 PM EST
[ Parent ]
Truly, I'm impressed. If this makes it into law, I think it's fair to proclaim the American environmental movement dead and buried. I never thought it would be so easy.
Future celebrations of Earth Day will be like all those quaint remembrances of the 'War Between the States' in the South, and just as relevant.
by Andhakari on Mon Jul 16th, 2012 at 12:26:41 AM EST
[ Parent ]
Deutsche Wella : Environment minister voices doubts about energy reforms

Germany's environment minister raised eyebrows on Sunday by conceding that some of the targets that are part of the government's policy of phasing out the use of nuclear energy, while at the same time cutting emissions of greenhouse gases, may not be achievable.

"It has to be questioned whether we'll really succeed in reducing electricity use by 10 per cent by 2020," Peter Altmaier said in an interview with the Bild am Sonntag newspaper.

[...]

Chancellor Angela Merkel's center-right coalition had previously said that it was on track to put a million electric cars on the road by 2020. Official figures put that number at just over 4,500 at the start of 2012.



Vencit omnia veritas.
by Luis de Sousa (luis[dot]a[dot]de[dot]sousa[at]gmail[dot]com) on Mon Jul 16th, 2012 at 03:02:50 AM EST
[ Parent ]
by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 12:51:11 PM EST
The brave new world of tomorrow's tablets | Reuters

(Reuters) - Tablets with paper-thin screens that can be folded and tucked into your back pocket, artificial intelligence and augmented reality -- the stuff of science fiction may be coming to a store near you.

It's been two years since Apple Inc launched the iPad and spawned rival tablets from the likes of Samsung Electronics Co, Amazon.com Inc, Sony Corp, and now Google Inc and Microsoft Corp.

Much of the competition so far has centered on making smartphone and tablets lighter, slimmer, faster and longer-running than their predecessors, and the trend shows no signs of slowing. The increasingly crowded marketplace is also galvanizing hardware designers and software engineers to explore new technologies that may revolutionize the look and feel of mobile devices in coming years.

"We should think beyond just the touch-screen device," said Lin Zhong, a professor at Rice University who does research on mobile systems. "Why do we have to hold tablets, carry many displays? We should think about wearable computers."

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 03:18:06 PM EST
[ Parent ]
(Reuters) - Tablets with paper-thin screens that can be folded and tucked into your back pocket, artificial intelligence and augmented reality -- the stuff of science fiction may be coming to a store near you.

One of these things is not like the others.

Foldable screens - a few years before a version comes out.
Augmented reality - a few years before a version comes out.
Artificial Intelligence - 10 years? 50 years? Never?

by Zwackus on Mon Jul 16th, 2012 at 08:48:15 AM EST
[ Parent ]
nuclear fusion as an energy source - 40 years into the future. Always.
by IM on Mon Jul 16th, 2012 at 09:44:51 AM EST
[ Parent ]
BBC News - Alexander the not so Great: History through Persian eyes

Alexander the Great is portrayed as a legendary conqueror and military leader in Greek-influenced Western history books but his legacy looks very different from a Persian perspective.

Any visitor of the spectacular ruins of Persepolis - the site of the ceremonial capital of the ancient Persian Achaemenid empire, will be told three facts: it was built by Darius the Great, embellished by his son Xerxes, and destroyed by that man, Alexander.

That man Alexander, would be the Alexander the Great, feted in Western culture as the conqueror of the Persian Empire and one of the great military geniuses of history.

Indeed, reading some Western history books one might be forgiven for thinking that the Persians existed to be conquered by Alexander.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 03:29:02 PM EST
[ Parent ]
hmmm, most of the histories I've read/seen of Alexander suggest that, on his return from Inda and realisation he'd have to build an empire, he realised he'd made a mistake destroying Persepolis and smashing the culture/history of Persia which had been designed for exactly that.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Mon Jul 16th, 2012 at 04:03:49 AM EST
[ Parent ]
He burned a city, but hardly destroyed the culture of Persia.  His general Seleucus just became the next Persian emperor.

Still, as a history teacher, I find the dearth of non-Greek-related information on Persia to be incredibly frustrating.  

by Zwackus on Mon Jul 16th, 2012 at 08:49:54 AM EST
[ Parent ]
No, but if you burn a city that harbours all of the civil service and the command structure for imperial administration, killing or scattering them to the winds, there's not a lot left to use.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Mon Jul 16th, 2012 at 09:43:43 AM EST
[ Parent ]
Zwackus:
Still, as a history teacher, I find the dearth of non-Greek-related information on Persia to be incredibly frustrating.  

Information as in research or as in text-books for students?

A vote for PES is a vote for EPP! A vote for EPP is a vote for PES! Support the coalition, vote EPP-PES in 2009!

by A swedish kind of death on Tue Jul 17th, 2012 at 07:37:51 AM EST
[ Parent ]
Messy experiment cleans up physics mystery of cornstarch

Most people buy cornstarch to make custard or gravy, but Scott Waitukaitis and Heinrich Jaeger have used it to solve a longstanding physics problem with a substance known to generations of Dr. Seuss readers as "Oobleck," and to scientists as a non-Newtonian liquid.

This substance, a liquid that can instantaneously turn into a solid under the force of a sudden impact, behaves in surprising ways. It consists of a simple mixture of cornstarch and water, and adults can actually run across a vat of this liquid, as has been done many times on television game shows and programs such as MythBusters.

The University of Chicago's Waitukaitis and Jaeger suspect that many similarly constituted suspensions - liquids laden with micron-sized particles - will behave exactly the same way. Scientists and engineers have attempted to explain the underlying physics of this phenomenon since the 1930s, but with incomplete success.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 04:03:32 PM EST
[ Parent ]
In a characteristic passage Professor Edgeworth has applied these theories to the frequency of dactyls in successive extracts from the Aeneid. The mean for the line is 1:6, exclusive of the fifth foot, thus sharply distinguishing the Virgilian line from the Ovidian, for which the corresponding figure is 2:2. But there is also a marked stability. "That the Mean of any five lines should differ from the general Mean by a whole dactyl is proved to be an exceptional phenomenon, about as rare as an Englishman measuring 5 feet, or 6 feet 3 inches. An excess of two dactyls in the Mean of five lines would be as exceptional as an Englishman measuring 6 feet 10 inches." But not only so--the stability is excessive, and the fluctuation is less "than that which is obtained upon the hypothesis of pure sortition. If we could imagine dactyls and spondees to be mixed up in the poet's brain in the proportion of 16 to 24 and shaken out at random, the modulus in the number of dactyls would be 1:38, whereas we have constantly obtained a smaller number, on an average (the square root of the average fluctuation) 1:2." On Lexian principles these statistical results would support the hypothesis that the series under investigation is `organic' and not subject to Bernoullian conditions, an hypothesis in accordance with our ideas of poetry. That Edgeworth should have put forward this example in criticism of Lexis's conclusions, and that Lexis should have retorted that the explanation was to be found in Edgeworth's series' not consisting of an adequate number of separate observations, indicates, if I do not misapprehend them, that these authorities are at fault in the principles, if not of Probability, of Poetry.
(From Keynes' Treatise on Probability)

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa
by Migeru (migeru at eurotrib dot com) on Mon Jul 16th, 2012 at 08:45:59 AM EST
[ Parent ]
<runs away>
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 16th, 2012 at 12:17:26 PM EST
[ Parent ]
by afew (afew(a in a circle)eurotrib_dot_com) on Sun Jul 15th, 2012 at 12:51:30 PM EST
Tour de France: Tacks on road cause punctures, crashes and chaos - Others - More Sports - The Independent

The Tour de France came within a whisker of being plunged into chaos yesterday after tacks strewn at the summit of the descent of a major Pyrenean climb caused dozens of riders to puncture tyres and at least one to crash.

Bradley Wiggins was forced to change bikes after a mechanical incident but otherwise came through unscathed, but others, around 30 of the 162 taking part, were far less lucky and punctured. Croatian Robert Kiserlovski was the most unfortunate - he skidded off the road and broke his collarbone, while 2011 Tour de France winner Cadel Evans punctured three times in less than a kilometre.

"We think the tacks were thrown on the last part of the climb and on the first part of the descent," said the Tour's technical director, Jean François Pescheux, who showed one of the offending tacks to reporters afterwards.

I wish to make it clear that, though this happened at a spot I know well, not far from where and I live,

  1. I was not there
  2. I do not possess tacks of the kind incriminated
  3. I was not there
  4. Why would I have made Evans puncture three times anyway?
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 16th, 2012 at 02:11:40 AM EST
[ Parent ]
... because he's an Australian?

(I'm becoming reconciled with the idea of an Englishman winning the Tour de France... mainly because it means an Australian is losing it.)

Nice-looking bit of countryside. Though the weather looked a bit ordinary yesterday.

(I got rained on driving back from Millau yesterday, after eight days of cycling without a drop. [Of rain!])

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

by eurogreen on Mon Jul 16th, 2012 at 08:48:43 AM EST
[ Parent ]
These were not value-added tacks.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
by eurogreen on Mon Jul 16th, 2012 at 08:58:37 AM EST
[ Parent ]
The Guardian made a heavy handed suggestion that, as this sort of behaviour has become quite common on the spanish tour and that the Pyrenees are noticeably close to spain, this is down to spanish fans for whatever reason.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Mon Jul 16th, 2012 at 09:42:07 AM EST
[ Parent ]
Whatever reason... the winner of the stage, Luis-Léon Sanchez, is of the Spanish persuasion. However, at the time of the tack attack, this was not an obvious outcome, he was one of a breakaway group of five. A "follow the money" interpretation would point to a Slovak fan, since Sagan was easily the fastest among the five. Sanchez won by attacking early.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
by eurogreen on Mon Jul 16th, 2012 at 10:40:38 AM EST
[ Parent ]

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