European Salon de News, Discussion et Klatsch - 15. October

by Fran
Tue Oct 14th, 2008 at 03:35:53 PM EST

On this date in history:

1844 - Birth of Friedrich Nietzsche, a nineteenth-century German philosopher and classical philologist. He wrote critical texts on religion, morality, contemporary culture, philosophy, and science, using a distinctive German language style and displaying a fondness for metaphor and aphorism. (d. 1900)

More here and here


Welcome to the European Salon!

This Salon is open for discussions, exchange, and gossip and just plain socializing all day long. So please enter!

The Salon has different rooms or sections for your enjoyment. If you would like to join the discussion, then to add a link or comment to a topic or section, please click on "Reply to this" in one of the following sections:

EUROPE - is the place for anything to do with Europe.

WORLD - here you can add the links to topics concerning the rest of the World.

THIS, THAT, AND THE OTHER - is the place for everything from environment to health to curiosa.

KLATSCH - if you like gossip, this is the place. But you can also use this place as an Open Thread until the one in the Evening opens.

SPECIAL FOCUS - will be up only for special events and topics, like elections or other stuff.

I hope you will find this place inspiring - of course meaning the inspiration gained here to show up in interesting diaries. :-)

There is just one favor I would like to ask you - please do NOT click on "Post a Comment", as this will put the link or your comment out of context at the bottom of the page.

Actually, there is another favor I would like to ask you - please, enjoy yourself and have fun at this place!

Login
. Make a new account
. Reset password

Display:
EUROPE
by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:36:40 PM EST
Two-headed Poland in EU summit farce - EUobserver

An ugly row over who should represent Poland at Wednesday's (14 October) EU summit has ended with both Prime Minister Donald Tusk and President Lech Kaczynski coming to Brussels, without a decision on who will lead the delegation or take part in top-level meetings.

Mr Tusk, foreign minister Radoslaw Sikorski and finance minister Jacek Rostwoski will fly to the EU capital on Tuesday evening on Poland's "Air Force One" - a Tupolev TU-154M - carrying official summit accreditation and Poland's negotiation mandate for the EU talks.

President Kaczynski at a Polish folk gathering - wants to advise in the EU corridors

With just three golden ID badges available for entry into the EU summit chamber and two chairs at the top table itself, the prime minister has said he wants his men beside him for the main discussions - on the financial crisis and CO2 emission cut plans.

"On this I will not compromise, because it's about bigger issues than a dispute between politicians," the prime minister said on TV, after last-ditch talks in Warsaw on Monday night in which the pair reportedly called each by the Polish polite form "Mr" - a sarcastic way of indicating dislike.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:41:14 PM EST
[ Parent ]
Ireland braced for tough times ahead - Europe, World - The Independent

The Republic of Ireland is braced for a budget which is predicted to be the harshest for more than a decade as its government struggles to increase the stability of its economic system.

Finance minister Brian Lenihan is expected to announce in the Irish parliament today both increased taxes and spending cuts in a budget which will mark the ending of the "Celtic Tiger" period.

The new mood of parsimony has led to the leader of the opposition voluntarily taking a cut in his official salary, leading to speculation that ministers may follow suit.

The period which took Ireland to unprecedented levels of prosperity is now wistfully regarded as a thing of the past, with the Republic now facing into years of difficulties.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:43:05 PM EST
[ Parent ]
Well so much for the "Lion of Europe".  And I felt so great when they were going well, after all the shit the Irish have been through.  Sad.

I love the smell of roast chicken in the morning!
by THE Twank (yatta blah blah @ blah.com) on Tue Oct 14th, 2008 at 04:46:38 PM EST
[ Parent ]
Report says that acclaimed Czech writer informed on a spy - International Herald Tribune

In a revelation that could tarnish the legacy of one of the best-known Eastern European writers, a Czech research institute published a report on Monday indicating that the young Milan Kundera told the police about a supposed spy.

According to the state-backed Institute for the Study of Totalitarian Regimes, in 1950, long before he became famous for darkly comic novels like "The Unbearable Lightness of Being" and "The Joke," Kundera, who was then 21, told the local police about a guest in a student dormitory where he lived.

The police quickly arrested the man, Miroslav Dvoracek, who had defected to Germany in 1948 and was said to have been recruited by United States-backed anti-Communists as a spy against the Czech government. He was sentenced to 22 years in prison. Dvoracek narrowly escaped the death penalty, a common punishment for espionage, and eventually served a 14-year sentence, including hard labor in a uranium mine.

The allegations could diminish Kundera's moral stature as a spokesman, however enigmatic, against totalitarianism's corrosion of daily life.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:44:04 PM EST
[ Parent ]
The allegations could diminish Kundera's moral stature as a spokesman, however enigmatic, against totalitarianism's corrosion of daily life.

Or, modify its perception as one coloured by own guilt. (A parallel: the case of film director István Szabó, see The Mephisto Behind Mephisto and its update.)

*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.

by DoDo on Wed Oct 15th, 2008 at 05:08:36 AM EST
[ Parent ]
Anti-Kosovo Protests Turn Violent in Montenegro | Europe | Deutsche Welle | 14.10.2008
Several thousand Montenegrins, angry at their government's recognition of Kosovo's independence from Serbia, held a rally Monday evening. About 30 people were injured and 35 arrested after the protests turned violent.

Opposition parties organized a rally in the Montenegrin capital of Podgorica to protest the government's recognition of Kosovo.

Opposition leaders demanded that Prime Minister Milo Djukanovic's cabinet revoke recognition of the breakaway Serbian region and demanded a referendum on the topic, according to the daily newspaper Vijesti.

Toward the end of the protests, some demonstrators began throwing stones and flares at police officers guarding the parliament building. Police reacted by using teargas, according to the newspaper's Tuesday edition.

The crowd dispersed within 20 minutes, but clashes in side streets continued over the next hour, Vijesti said. Belgrade media on Tuesday claimed rubber bullets were also fired.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:45:21 PM EST
[ Parent ]
Sarkozys Allow Italian Militant to Remain in France | Europe | Deutsche Welle | 14.10.2008

Sarkozy confirmed that Carla Bruni-Sarkozy had personally delivered the news to Petrella. Sarkozy said that Petrella's hunger strike needed to be stopped and he thought that the news could put an end to it.

"My wife was there for a very simple reason: I asked her to do it," Sarkozy told a news conference in Paris. "I asked her to go because Ms Petrella was in danger of dying."

But Valeria Bruni-Tedeschi, the first lady's sister, said she had asked Bruni-Sarkozy to go to the president and urge him to block the extradition. Bruni-Tedeschi said she and her sister had together broken the news to Petrella last Wednesday.

"I just felt that it would be a terrible thing for her to die," Valeria Bruni-Tedeschi reportedly told Europe 1 radio.

Petrella had been convicted of plotting to murder a senior Rome police officer and to kidnap a judge. She had been living in France since 1993.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:45:43 PM EST
[ Parent ]
than in the BBC article quoted in yesterday's Salon. Jeez.

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (jeromeguillet@yahoo.fr) on Tue Oct 14th, 2008 at 03:57:07 PM EST
[ Parent ]
Jersey to vote on whether to adopt European time zone - Telegraph
Residents of Jersey will vote on whether to scrap Greenwich Mean Time and adopt a European time zone.

A referendum will ask residents whether they want to switch to Central European Time (CET), which is an hour ahead of Britain.

Supporters of the move claim it would boost tourism on the island, as it would mean more sunlight in the evenings.

But critics say it would damage commerce, as it would leave Jersey out of step with its main trading partner, London.

Senator Jimmy Perchard, of the "Yes" campaign, said: "We have historical connections with France. Our streets have French names. The prayers in our parliament are in French.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:50:50 PM EST
[ Parent ]
[Torygraph Alert]

scrap Greenwich Mean Time and adopt a European time zone.

Last I checked, GMT was a European time zone (which also includes Protugal and Ireland). And Jersey is not voting about "a" but one specific other timezone.

(My own thinking: geographically, it would make more sense if Spain, France and the BeNeLux states would join GMT.)

*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.

by DoDo on Wed Oct 15th, 2008 at 04:55:22 AM EST
[ Parent ]
(My own thinking: geographically, it would make more sense if Spain, France and the BeNeLux states would join GMT.)

Definitely: Barcelona is just 2° East of the Greenwich meridian.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith

by Migeru (migeru at eurotrib dot com) on Wed Oct 15th, 2008 at 04:58:02 AM EST
[ Parent ]
BBC NEWS | Science & Environment | Closure call for tuna 'disgrace'

Major tuna-fishing nations have backed calls for temporary closure of the Mediterranean tuna fishery, branded a "disgrace" by a recent expert report.

The World Conservation Congress passed a motion calling for closure of the bluefin fishery until scientifically sound recovery plans are in place.

Catches are estimated to be about four times higher than scientists recommend.

Spain, which has the biggest quota for Mediterranean tuna, and Japan, the biggest consumer, voted in favour.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:52:06 PM EST
[ Parent ]
I think the time has come to ban all fishing with nets in the mediterranean. Or mandate the doubling of the size of the holes in them so that only the very biggest fish are caught.

Yes, that means fisheries will go broke and a lot of people will have to be compensated, but right now they have a choice between something that draconian or a sea full of jellyfish in 20 years.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Tue Oct 14th, 2008 at 04:35:21 PM EST
[ Parent ]
of microwaved chicken and albacore tuna for my cat.  Now what do I do?  It's her favorite.

I love the smell of roast chicken in the morning!
by THE Twank (yatta blah blah @ blah.com) on Tue Oct 14th, 2008 at 04:50:02 PM EST
[ Parent ]
Alaska Salmon ?? Heck, you're near LA aren't you. The sea ain't far way so catch some crabs on the rocks at venice beach.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Tue Oct 14th, 2008 at 04:53:51 PM EST
[ Parent ]
White shark is native to the Californian waters (well, at least on the Monterey bay).
Of course, the fun part would be to get it yourself...

Europeans think a hundred miles is a long way. Americans think a hundred years is a long time.
by Bernard on Tue Oct 14th, 2008 at 05:04:41 PM EST
[ Parent ]
And when the shark gets me, who feeds the cat?  

I love the smell of roast chicken in the morning!
by THE Twank (yatta blah blah @ blah.com) on Tue Oct 14th, 2008 at 05:07:09 PM EST
[ Parent ]
What's left of you does.
by ThatBritGuy (thatbritguy (at) googlemail.com) on Tue Oct 14th, 2008 at 07:27:50 PM EST
[ Parent ]
Cold. Very cold.

I love the smell of roast chicken in the morning!
by THE Twank (yatta blah blah @ blah.com) on Wed Oct 15th, 2008 at 10:35:19 AM EST
[ Parent ]
Sacramento; bad back ... lucky to walk every morning.  Salmon?   Might have to try that on her.  Thank You.

I love the smell of roast chicken in the morning!
by THE Twank (yatta blah blah @ blah.com) on Tue Oct 14th, 2008 at 05:05:42 PM EST
[ Parent ]
Or in the bars nearby...

You can't be me, I'm taken
by Sven Triloqvist on Tue Oct 14th, 2008 at 05:05:43 PM EST
[ Parent ]
Huge fight looms in EU over climate change - International Herald Tribune

BRUSSELS: Relief over the success of Europe's intervention in the banking crisis will give way Wednesday to discord over climate change, with nations battling over whether a looming recession makes European Union carbon-reduction targets unaffordable.

After two weeks of crisis diplomacy over the banking meltdown, European leaders will gather in Brussels for a two-day summit meeting that probably will be dominated by the impact of the economic turbulence and expectations of a sharp downturn.

On the eve of the meeting, Franco Frattini, the Italian foreign minister and former European commissioner, called for "flexibility" over the EU's ambitious plans to reduce planet-warming emissions by 20 percent by 2020, pointing out that such measures would cost 1.14 percent of his country's gross national product. Speaking in Rome, Frattini called for the proposals to be accompanied by an "impact study on the real economy," the news agency Ansa reported.

Germany is arguing for protection against foreign competition for sectors like steel, cement and aluminum, and Poland says it should have to shoulder less of the burden of combating global warming.

The dispute is one example of how the financial crisis has changed Europe's political landscape in several respects.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:53:21 PM EST
[ Parent ]
EU Set for "Crisis Management" Summit | Europe | Deutsche Welle | 14.10.2008
EU leaders meeting in Brussels this week have lots on their plate with a financial crisis raging, soured relations with Russia, and questions about the bloc's future after Ireland's rejection of the Lisbon Treaty.

At the top of the agenda in Brussels will be the issue of how the EU can work to restore confidence in financial markets traumatized by the worst declines in almost 80 years.

Ahead of the summit, European Commission President Jose Manuel Barroso said that Europe and the rest of the world must rethink financial regulation and supervisory rules, including for hedge funds and private equity, once the crisis subsides.

He said he was encouraged by stock market surges following Sunday's adoption of a coordinated 2.2 trillion euro ($3,023 billion) rescue plan for banks in eurozone countries.

"Once we have put financial markets back on their feet, we must ensure that in the future, they function properly for the benefit of citizens and businesses, rather than themselves," Barroso said.

German news agency DPA has reported that diplomats expect the EU summit to throw its weight behind the euro-group decision rather than proposing new measures.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:54:34 PM EST
[ Parent ]
Don't Neglect Climate Goals, EU's Barroso Urges Leaders | Europe | Deutsche Welle | 14.10.2008
The European Union should strengthen its fight against global warming, not weaken it in the face of the financial crisis, the head of the EU's executive said on Tuesday, Oct. 13 ahead of a major EU summit in Brussels.

"Of course we understand that in financially difficult moments governments become defensive, but it is our duty to call the attention of governments and the public to responsibility," European Commission chief Jose Manuel Barroso told journalists.

The EU has been "driving" the global climate debate, but there will be a "real problem of credibility for Europe at a time when we expect others to come closer to our position" if the bloc weakens its own targets, he warned.

In March 2007 EU leaders pledged to cut the bloc's emissions of carbon dioxide (CO2, the gas most linked with global warming) to 20 per cent below 1990 levels by 2020. In January, the European Commission proposed laws detailing how this should be done.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:55:08 PM EST
[ Parent ]
Grauniad: Gordon Brown: We must root out irresponsibilities in the financial system


  • PM calls for EU-wide financial coordination
  • Says climate change targets will not relaxed
  • International institutions 'must be overhauled'



You can't be me, I'm taken
by Sven Triloqvist on Wed Oct 15th, 2008 at 06:52:47 AM EST
[ Parent ]
British Prime Minister's Stock Rises as His Bank Plan Lifts Stocks Worldwide - NYTimes.com

LONDON -- With his brooding aspect and sagging poll numbers, Prime Minister Gordon Brown had seemed to personify the bleak mood of a world traumatized by collapsing house prices, lost jobs and banks that would not lend.

But that was last week.

After devising a bank rescue plan that has now been endorsed by European and American officials -- and has sent global stocks soaring -- he is being celebrated worldwide and has revived a political career that the "commentariat," as Mr. Brown disdainfully refers to the chattering classes, had predicted would soon be at an end.

While Mr. Brown, 57, has moved up in the polls, he still trails his younger conservative rival, the fresh-faced David Cameron, 42, whose months of deft parliamentary jabs helped define Mr. Brown as a leaden, out of touch leader.

But for all the troubles of the British economy, and after a 10-year apprenticeship as chancellor of the Exchequer under Prime Minister Tony Blair, Mr. Brown is suddenly in his element, proudly pointing to his long experience.

"Now is not the time," he said in a pointed jab at Mr. Cameron, "for a novice."



"Ideas or the lack of them can cause disease." - Kurt Vonnegut
by dvx (dvx.clt ät gmail dotcom) on Wed Oct 15th, 2008 at 03:56:42 AM EST
[ Parent ]

DemCurious What the Hell?

Brown, who removed the Bank of England's role as a regulator?

Brown, who sold off the UK's gold reserves at an historic low?

Brown, who helped steer HMS British Economy into a Post Industrial phase where it makes nothing, imports everything, and has a balance of trade deficit of $9 billion a month?

Brown, who sat on his hands and declared, McSame-like, that the Fundamentals of the Economy are Strong, then dithered while the banks teetered towards collapse?

Brown, who just told the bailed-out banks that as a condition of getting their handouts that they have to restore mortgage and personal lending to 2007 levels - the very same levels that caused


neroden: Credit to him for doing the bleeding obvious

Brown copied the Swedish plan -- with the full backing of the LibDems and the Tories.  It was the bleeding obvious thing to do.  It was already recommended by most economists.  Any half-brain who read the newspapers could have figured out that it was the correct plan to restore confidence.

The reason it looks good is simply that nobody else in power seems to have done the bleeding obvious thing!  Which is sort of horrifying.

to which I added:


a man that has pretented, together with his pal Blair, that center-right, or fully rightwing policies spun in leftish-tinted discourse was the only future for the left, thus helping move the Overton window right?;

a man whose only constituency for the past 10 years was the City Of London (the bankers, the hedge funds) and the billionaires of the world, whom he enticed to London via extravagant tax breaks?

a man who has shown nothing but contempt for Europe now saying that coordination is a necessary thing?



In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (jeromeguillet@yahoo.fr) on Wed Oct 15th, 2008 at 05:16:00 AM EST
[ Parent ]
SPECIAL FOCUS - Still the Finances
by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:37:24 PM EST
Europe's Bank Rescue Signals End of Era | Business | Deutsche Welle | 14.10.2008
Big changes are in store for European banks after the latest round of bailouts were announced. In the long term, it could mean more EU-wide regulation.

Recent days have seen European governments galloping to the rescue of struggling banks, approving mergers and announcing billion-euro bailouts. In the process, they've threatened to ride roughshod over the European Union's strict limits on state aid to the private sector.

That is the view of Neelie Kroes, the commissioner in charge of competition for the EU, who used the Wild West analogy in a sharply-worded speech in Brussels on Monday, Oct. 13. An anything-goes atmosphere would be a "recipe for chaos," Kroes warned.

Yet it's unlikely that Europe's financial crisis will turn into a Spaghetti Western. In the long run, the banking crisis will likely mean more unity in Europe's financial sector, say leading economists and EU banking experts.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:39:30 PM EST
[ Parent ]
Brussels tables bank crisis rules to avoid 'chaos' - EUobserver

EUOBSERVER / BRUSSELS - As EU governments put aside hundreds of billions of euros in rescue plans to shore up their financial sector, the European Commission has tabled fresh guidelines so that the union's economy does not "descend into chaos."

According to the rulebook published on Monday (13 October), the commission recognises that member states may consider it necessary to adopt appropriate measures to safeguard the stability of the financial system.

Competition rules are needed even in time of crisis, the commission says

But such measures, it says, may not result in unnecessary distortions of competition between financial institutions operating in the market or negative spillover effects on other member states.

"A jungle is what we would get if we suspended or abandoned competition policy," EU competition commissioner Neelie Kroes said on Monday, according to Reuters.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:40:47 PM EST
[ Parent ]
Europe spends trillions in historic bank rescue - EUobserver

In a violent swerve away from the laissez-faire capitalism that has underpinned Western society for the past three decades, EU states on Monday (13 October) outlined the details of a historic state bail-out of Europe's financial sector.

The total size of the rescue promise remains fuzzy, with newspapers across the continent totting up the the mind-boggling sums announced in slightly different ways.

The sums come close to the annual budgets of some countries

But Europe has so far announced the release of around €2 trillion to save banks from collapse in the biggest government intervention in markets since the creation of the post-war welfare state.

On Monday afternoon, the governments of Austria, France, Germany, the Netherlands and Spain unveiled bail-out packages that hovered near the annual public spending budgets of the countries involved.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:41:49 PM EST
[ Parent ]
TRILLIONS ?!!!  Can this keep up?  Are we in the middle of a game of Monopoly and the money is just ... nothing?  Where does it end?  How does it end?

Oh no, here comes DoDo.  I see this one coming a mile away.

I love the smell of roast chicken in the morning!

by THE Twank (yatta blah blah @ blah.com) on Tue Oct 14th, 2008 at 04:54:26 PM EST
[ Parent ]
So does this mean the financial crisis is over? - Business Analysis & Features, Business - The Independent

Are the banks safe?

A lot safer than they were. The state owns Bradford & Bingley and Northern Rock, partially owns the Royal Bank of Scotland and the soon-to-be-merged Lloyds TSB/HBOS group. They should be more confident about lending to each other.

Will it be easier to get a mortgage now?

it ought to be. The part-nationalised banks are committed to returning to 2007 levels of lending. New mortgages are at only 30 per cent of last year's levels, so something had to be done. We'll see big cuts in interest rates too.

What will it mean for staff?

It is hard to see the Government pushing for redundancies to cut costs. Some jobs may be lost anyway but in a slow, orderly fashion.

What about the fat cats?

No bonuses this year and future bonuses will be paid in shares. Packages for traders and top execs should be restructured to align them with the consequences of their actions.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:42:19 PM EST
[ Parent ]
Take a bow, Europe.  You did what the US couldn't.  BRAVO!

I love the smell of roast chicken in the morning!
by THE Twank (yatta blah blah @ blah.com) on Tue Oct 14th, 2008 at 04:55:41 PM EST
[ Parent ]
The Brown Plan: British Banks Line Up for Bailouts - SPIEGEL ONLINE - News - International

To calm the financial panic, the British government has stepped in to save three major banks. So far, the markets like the news.

British Prime Minister Gordon Brown's reputation has improved through his handling of the financial crisis. Hoping to stem financial meltdown and avoid a deep recession, the British government on Oct. 13 moved to take stakes in three of the five largest British banks at a cost of $62.5 billion (€45.7 billion). So far, Royal Bank of Scotland, Lloyds TSB, and HBOS have agreed to take government funding, while Barclays continues to resist. The move was part of a three-point British plan that also includes a $338 billion Bank of England facility to boost liquidity and up to $422 billion in possible guarantees for interbank lending.

At this point the news has been well-received by the markets, which had been under relentless selling pressure. The benchmark FTSE 100 index ended the day up nearly 8.3 percent, though shares of the three banks opting for government ownership were all down. HBOS was hardest hit, falling about 27 percent on news that Lloyds TSB would be lowering an outstanding offering price to take over the mortgage lender.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:44:56 PM EST
[ Parent ]
Rescue Package: US Follows Europe in Partial Bank Nationalizations - SPIEGEL ONLINE - News - International

The United States is expected to announce Tuesday it will invest in top banks and thousands of others in a partial nationalization of the finance sector that mirrors British Prime Minister Gordon Brown's plan. Meanwhile, European governments are moving forward with similar bailouts.

 Washington is now hopping on the European bandwagon by partially nationalizing banks to rescue Wall Street.

Henry Paulson is first expected to announce his new plan to solve the credit crisis on Tuesday, but details that the United States Treasury Secretary is planning to shift his strategy to combat the financial crisis began leaking on Monday night. According to reports in the Washington Post and Wall Street Journal, the Bush administration is planning to use much of the money provided in the first tranche of the Congressional bailout package to make direct government investments in US banks.

According to the papers, Washington is planning to invest $250 billion in the banks, forcing nine of the country's biggest banks to accept Treasury Department stakes. The Wall Street Journal reports that stakes in "possibly thousands of other banks" are expected. The paper also claims that "some of the big banks were unhappy about the government taking equity stakes, but acquiesced under pressure" from Paulson. The "extreme steps," the paper writes, would "intertwine the banking sector with the federal government for years to come."

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:47:06 PM EST
[ Parent ]
"forcing nine of the country's biggest banks to accept Treasury Department stakes" is a tantalizing, new motif in MSM reporting. The language supports the fallacy of regulatory reform by "part-nationalization." Emphasis on the helplessness of government wards obscures consolidation of assets among five depository banks (Mellon was #9; State Street was #14 last Friday) and selected FRB primary dealers. The "pool" organized and "incentives" to fix USD prices is fundamentally unchanged.

U.S. Treasury Said to Invest in Nine Major U.S. Banks | Bloomberg | 13 Oct 2008

Oct. 13 (Bloomberg) -- The Bush administration will announce a plan to rescue frozen credit markets that includes spending about half of a total of $250 billion for preferred shares of nine major banks, people briefed on the matter said.

The companies are Citigroup Inc., Wells Fargo & Co., JPMorgan Chase & Co., Bank of America Corp., Goldman Sachs Group Inc., Morgan Stanley, State Street Corp., and Bank of New York Mellon Corp., the people said. One of the people also said Merrill Lynch & Co. will receive an investment.
[...]
None of banks getting government money was given a choice about it, said one of the people familiar with the plans. All of the banks involved will have to submit to compensation restrictions, said the person. The government will also guarantee the banks' newly issued senior unsecured debt, making it easier for them to refinance their liabilities, the person said.

The Treasury plans to spend $25 billion each for stakes in Citigroup and JPMorgan, people said. Another $25 billion will be divided between Bank of America and Merrill, which agreed last month to be acquired by Bank of America. Goldman and Morgan Stanley will each get $10 billion, while State Street and Bank of New York will get injections of about $3 billion each, people said.

FFIEC

Diversity is the key to economic and political evolution.

by MarketTrustee on Wed Oct 15th, 2008 at 10:20:29 AM EST
[ Parent ]

Bush: bank buyout needed 'to preserve free market' - Times Online

President Bush today confirmed a $250 billion plan for the US Government to buy shares in America's largest banks, insisting that the move was "not intended to take over the free market but to preseve it".

Following a model first adopted in Britain last week and copied across the rest of Europe, the partial nationalisation will be accompanied by a series of measures designed to break the credit logjam paralysing lenders.

The $250 billion (£142 billion) will come from a $700 billion bailout package already agreed by Congress. "This is an essential short-term measure to ensure the viability of America's banking system," Mr Bush said in a statement from the lawn of the White House.

The initial plan for the bailout, negotiated by Hank Paulson, the Treasury Secretary, was for the money to be used to purchase "toxic" sub-prime assets from lenders to allow them to clear up their balance sheets. It quickly became apparent, however, that that might not be enough to end the credit crunch.

[Murdoch Alert]
by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:49:07 PM EST
[ Parent ]
Socialism is needed during this crisis of capitalism, in order to save capitalism???
by asdf on Wed Oct 15th, 2008 at 08:40:51 AM EST
[ Parent ]
It's not "the free market" that is being preserved.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Wed Oct 15th, 2008 at 08:49:04 AM EST
[ Parent ]
Financial crisis boosts German banks - Telegraph
Germany's state-owned banks are emerging as winners from the financial tumult that has rocked Europe's largest economy and its neighbours in the last two weeks.

Sparkasse savings bank and other state-run banks like it are awash in new business since late September, as Germans rush to deposit money where they perceive it will be safest.

According to a survey conducted by Bild, deposits at Germany's 16,000 branches of Sparkasse have increased by more than 1bn euros since the financial crisis unfolded two weeks ago. Meanwhile, Haspa, Germany´s biggest savings bank in Hamburg, has recorded fresh deposits of 500m euros.

As Chancellor Angela Merkel prepared to announce a 480bn euro rescue package for German banks with around 80bn in fresh capital and 400bn slated as loan guarantees the trend being seized upon by the average German investor was clear.

"A while ago banks could not be international enough. The only ones that were 'modern' were those that were active on international markets," Michaela Roth, spokesperson for the German Savings Bank Association said.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:51:05 PM EST
[ Parent ]
yeas, the pressure to be just like the big (US) investment banks was overwhelming. Except that the newbies could not really compete, and were stuffees, ie deep pocketed sidekicks that were granted the "privilege" of buying paper from the real investment banks in exchange for sharing a bit of the glory...

I've never understood this desire by 'normal' banks to rush for this model (I understand bankers pushing for it: the bonuses were wild)

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (jeromeguillet@yahoo.fr) on Tue Oct 14th, 2008 at 04:02:03 PM EST
[ Parent ]
Fran:
Sparkasse savings bank and other state-run banks

Except they're not state run.

Sparkassen and Landesbanken (and statutory health insurers and public broadcasters) are so-called "corporations under public law": publicly chartered companies that autonomously perform a public mission. The supervisory boards (quite properly) include representatives from the appropriate level of government, but the organizations are all managed by trained professionals (in Germany, there exists a vocational qualification and a degree program especially for the Sparkassen).

The state has no role in their management.

Also, the Sparkassen are not "state" so much as "municipal" - cities and counties.

It is worth emphasizing that the reason the public-law banking sector has come through the credit crunch largely unscathed is because they have adhered to their mission of providing credit and savings opportunities to small savers and businesses, respectively general economic development in the case  of the Landesbanken. The exceptions like WestLB screwed themselves by trying to be high flyers.

"Ideas or the lack of them can cause disease." - Kurt Vonnegut

by dvx (dvx.clt ät gmail dotcom) on Wed Oct 15th, 2008 at 03:36:24 AM EST
[ Parent ]
Furthermore, it's not Sparkasse but Sparkassen -- plural.

*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.
by DoDo on Wed Oct 15th, 2008 at 05:53:39 AM EST
[ Parent ]
The World from Berlin: 'The Government Drug Has Worked' - SPIEGEL ONLINE - News - International

The German bailout package, presented by Chancellor Angela Merkel on Monday, was unprecedented in size. And, so far at least, it seems to be working. German commentators, though, are skeptical about its long-term prospects.

 German Chancellor Angela Merkel hopes her bailout plan will nip the financial crisis in the bud. On Monday, Chancellor Angela Merkel unveiled the German contribution to the world wide bailout of financial institutions: €500 billion ($679 billion) in total, including €400 billion in loan guarantees for the country's ailing banks. Underlining the gravity of the crisis, Merkel signalled that she would request that the German parliament expedite its passage of the plan.

But, cautious optimism was the order of the day. "We're taking rigorous action to ensure that what we have experienced doesn't get repeated," Chancellor Angela Merkel told reporters.

The markets took her at her word: the German blue-chip index, DAX, closed Monday with gains of over 11 percent and on Tuesday saw continued growth.

Merkel's bailout plan also elicited an immediate reply from German commentators, who likewise welcomed the news, if with slightly more hesitation than the stock market.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:51:42 PM EST
[ Parent ]
means but what if the drug doesn't hold?  What's next?

I love the smell of roast chicken in the morning!
by THE Twank (yatta blah blah @ blah.com) on Tue Oct 14th, 2008 at 05:01:33 PM EST
[ Parent ]
Merkel's bailout plan

I wonder to what extent it is hers rather than Steinbrück's.

*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.

by DoDo on Wed Oct 15th, 2008 at 05:54:56 AM EST
[ Parent ]
A useful resource:
http://www.propublica.org/special/degrees-of-hank-paulson/


In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (jeromeguillet@yahoo.fr) on Tue Oct 14th, 2008 at 04:02:39 PM EST
[ Parent ]
That is fun - worth a 1000 words

You can't be me, I'm taken
by Sven Triloqvist on Tue Oct 14th, 2008 at 04:19:27 PM EST
[ Parent ]
It's amazing how political economy networks work, isn't it?

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Wed Oct 15th, 2008 at 05:33:32 AM EST
[ Parent ]

Dexia denies market rumour of nationalisation

PARIS (Reuters) - Dexia (DEXI.BR: Quote, Profile, Research, Stock Buzz), the multinational bank that received support from the French, Belgian and Luxembourg states earlier this month, on Tuesday denied a market rumour that Belgium was set to nationalise the bank completely.

"The chairman of the board and the chief executive deny formally any rumour about nationalisation of the bank by the state of Belgium," a spokesman told Reuters.

(...)

"Maybe investors are fearing a Fortis-style scenario, but with Dexia its's an entirely different investor community. There are a lot of public bodies with holdings, so they can't just leave them dry. There are a lot of political issues that you cannot put aside," a Brussels-based trader said.



In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (jeromeguillet@yahoo.fr) on Tue Oct 14th, 2008 at 04:06:08 PM EST
[ Parent ]

orrowing costs remain high

The costs for banks to borrow money from each other remain at highly elevated levels in spite of the global government action taken to cure the paralysis at the heart of the financial system.

Stubbornly high interbank lending rates indicate that tensions remain in the money markets even though the US, UK and various European governments have pledged to inject capital directly into banks and guarantee many types of bank debt.

Analysts said that while stock markets had rallied and the cost of protecting bank debt against default had tumbled by record amounts in the US, it would take time for the reduced costs of what is in effect government-sponsored funding to show through.

Three-month Libor, the most important interbank lending rate that is used to price loans, derivatives and many other kinds of financial products, has barely moved in sterling markets, which have had full details of the UK government guarantee since Monday morning.



In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (jeromeguillet@yahoo.fr) on Tue Oct 14th, 2008 at 04:08:01 PM EST
[ Parent ]
Why am I not surprised?  Financial black holes?

If sanity be culturally normative, then by the norms of this culture I claim insanity.
by ARGeezer on Tue Oct 14th, 2008 at 05:48:36 PM EST
[ Parent ]
playing hard to get?

banks now have the interesting PR challenge of persuading the average shmoe that though they don't trust each other, we should still trust them, at the same time as our hard won savings are tanking...

crank up the lie-factory, bernays to the rescue!

well the scam worked great so far...paulson still has his skin, and if the banks want more, well, we'll have to give it them, because we wouldn't want the apocalypse, would we now, hint hint nudge nudge..

'politicians, we pay you to face the crowds...that's why we're bankers after all, we leave the spotlight to you who love power but are too dumb to be bankers, like us, heh heh, _do collect as money as possible as you pass GO, cigars all round.

charles, warm up the copter, we may have to make a rooftop escape tonight, when those suckers run out of bailout money there'll be no more bones to pick here, and it sure ain't our heads that will end up on pikes, cuz we're gone, like a warm bahamian breeze'

"I freed thousands of slaves. I could have freed thousands more, if they had known they were slaves." -Harriet Tubman .

by melo (melometa4(at)gmail.com) on Wed Oct 15th, 2008 at 05:27:59 AM EST
[ Parent ]
This is evidence that the amount of counterfeit money the banks produced over the past 10 years exceeds $2 trillion.

(counterfeit because the money was created through credit by skirting banking regulation and thus making the central banks lose control of monetary policy: it's money that should have never existed)

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith

by Migeru (migeru at eurotrib dot com) on Wed Oct 15th, 2008 at 05:31:58 AM EST
[ Parent ]
Reinhart Cotton Losses May Force Sale After Trading Cash Crunch

By Yi Tian

Oct. 14 (Bloomberg) -- Paul Reinhart Inc., one of the biggest U.S. cotton merchants, told farmers last month it faced a ``severe liquidity crisis'' after suffering ``significant losses'' when futures prices jumped to a 12-year high in March.

An ``unexpected, historic run-up'' in cotton led to margin calls on futures contracts, stripping the company of ``virtually all available cash,'' R. Dale Grounds, president of Richardson, Texas-based Reinhart, said in a Sept. 23 letter sent to farmers. In the six days ended March 5, cotton jumped 15 percent, prompting a government probe of potential market manipulation.

-Skip-

Cotton traded on ICE Futures U.S. jumped as high as 92.86 cents a pound on March 5, the highest for a most-active contract since September 1995. U.S. Commodity Futures Trading Commission Chairman Walt Lukken said June 3 the agency was investigating the surge.

-Skip-

The dispute involves more than 400,000 bales of cotton to be harvested this year in Arkansas, Mississippi and Missouri, and may lead to $60 million in market-value losses, Ward said in a telephone interview on Oct. 6. Reinhart agreed to buy about 300,000 bales of the cotton for about 85 cents a pound under sales booked from December 2007 to February 2008, Ward said. Cotton closed Oct. 10 at 49.44 cents on ICE Futures in New York.

Reinhart failed to make the payment after producers in South Texas submitted invoices and made the delivery, Jonathan Rowe, a vice president at East Cotton, alleged.

Reinhart loses and goes out of business.  Cotton growers who locked in a good price in the spring are left in the lurch with prices way down.  They may have trouble even getting a letter of credit to ship their cotton to a foreign buyer.  Who is responsible and who, if anyone, will be held responsible?

If sanity be culturally normative, then by the norms of this culture I claim insanity.
by ARGeezer on Tue Oct 14th, 2008 at 11:45:56 PM EST
[ Parent ]
Responsible: the US agricultural giants: ADM, Carghil, I.B.P., & etc and the hedge funds who thought commodities was a neato-keeno place to play.

Will they be held responsible:  No.

Madness takes its toll. Have exact change ready

by ATinNM on Wed Oct 15th, 2008 at 12:02:55 AM EST
[ Parent ]
Add to "too big to fail" the phrase "too big to be held accountable."  There are similar compelling arguments for breaking up such entities on both accounts.  Hell, Cagril sponsors PBS's news show with Jim Leher.  Small wonder so few US citizens have a clue.

If sanity be culturally normative, then by the norms of this culture I claim insanity.
by ARGeezer on Wed Oct 15th, 2008 at 12:24:56 AM EST
[ Parent ]
I dug up this piece, while I was in the graveyard. Quoted from some blog I forgot to credit; I myself no longer read the NYT.

Brokers chasing CFTC returns | NYT | 5 June 2008

"Farmland can be a bubble just like Florida real estate," said Jeffrey Hainline, president of Advance Trading, a 28-year-old commodity brokerage firm and consulting service in Bloomington, Ill. "The cycle of getting in and out would be very volatile and disruptive."

By owning land and other parts of the agricultural business, these new investors are freed from rules aimed at curbing the number of speculative bets that they and other financial investors can make in commodity markets. "I just wonder if they need some sheep's clothing to put on," Mr. Hainline said.

Mark Lapolla, an adviser to institutional investors, is also a bit wary of the potential disruption this new money could cause. "It is important to ask whether these financial investors want to actually operate the means of production -- or simply want to have a direct link into the physical supply of commodities and thereby reduce the risk of their speculation," he said.

Grain elevators, especially, could give these investors new ways to make money, because they can buy or sell the actual bushels of corn or soybeans, rather than buying and selling financial derivatives that are linked to those commodities.

When crop prices are climbing, holding inventory for future sale can yield higher profits than selling to meet current demand, for example. Or if prices diverge in different parts of the world, inventory can be shipped to the more profitable market.

"It's a huge disadvantage to not be able to trade the physical commodity," said Andrew J. Redleaf, founder of Whitebox Advisors, a hedge fund management firm in Minneapolis.

Mr. Redleaf bought several large grain elevator complexes from ConAgra and Cargill last year for a long-term stake in what he sees as a high-growth business. The elevators can store 36 million bushels of grain.

"We discovered that our lease customers, major food company types, are really happy to see us, because they are apt to see Cargill and ConAgra as competitors," he said.

The executives making such bets say that fears about their new role are unfounded, and that their investments will be a plus for farming and, ultimately, for consumers.

"The world is asking for more food, more energy. You see a huge demand," said Axel Hinsch, chief executive of Calyx Agro, a division of the giant Louis Dreyfus Commodities, which is buying tens of thousands of acres of cropland in Brazil with the backing of big institutional investors, including AIG Investments.

"What this new investment will buy is more technology," Mr. Hinsch said. "We will be helping to accelerate the development of infrastructure, and the consumer will benefit because there will be more supply."

Financial investors also can provide grain elevator operators the money they need to weather today's more volatile commodity markets. When wild swings in prices become common, as they are now, elevator operators have to put up more cash to lock in future prices. John Duryea, co-portfolio manager of the Ospraie Special Opportunity Fund, is buying 66 grain elevators with a total capacity of 110 million bushels from ConAgra for $2.1 billion. The deal, expected to close by the end of June, also will give Ospraie a stake in 57 fertilizer distribution centers and the barges and ships necessary to keep them supplied with low-cost imports.

Maintaining these essential services "helps bring costs down to the farmers," Mr. Duryea said. "That has to help mitigate the price increases for crops."

Mr. Duryea of the Ospraie fund dismissed the idea that financial investors, with obligations to suppliers and customers of their elevators and fertilizer services, would put their thumb on the supply-demand scale by holding back inventory to move prices artificially. "It is not in our best interests for anyone to be negatively affected by what we do," he said.

I saved it, because the news is a contra-cyclical benchmark. As institutionals' managers and speculators withdraw from futures, surplus capital will flow into intermediary assets --subject to profit maximizing expectations-- will contribute to increasing PPI in commodities. Much volatility in (real) CPI-U will result from competition to sell-off inventory, if the feds don't regulate producers' pools, i.e. price fixing.

Same as it ever was: Excess production (exaccerbated by agri-corp market share and E8-policy misallocation) demanding abnormal profit subsidy despite monopoly "scale efficiencies".

Diversity is the key to economic and political evolution.

by MarketTrustee on Wed Oct 15th, 2008 at 11:29:48 AM EST
[ Parent ]
"It is important to ask whether these financial investors want to actually operate the means of production -- or simply want to have a direct link into the physical supply of commodities and thereby reduce the risk of their speculation," he said.
Indeed!  Is not that the end of all of their frenetic activity on the futures exchanges?  Oh, to be a simple dirt farmer! T'would be bliss indeed.  Raise some sheep and they can make their very own "sheep's clothing."  
Mr. Duryea of the Ospraie fund dismissed the idea that financial investors, with obligations to suppliers and customers of their elevators and fertilizer services, would put their thumb on the supply-demand scale by holding back inventory to move prices artificially. "It is not in our best interests for anyone to be negatively affected by what we do," he said.
Well, it is certainly not in their interests for anyone to be seen to be "negatively affected" by what they do.  Question for the cotton farmer: "Do you see it?"

If sanity be culturally normative, then by the norms of this culture I claim insanity.
by ARGeezer on Thu Oct 16th, 2008 at 11:14:28 PM EST
[ Parent ]
Despite Big Rally, Grim Outlook on Profits and Jobs - NYTimes.com

The euphoria that swept Wall Street on Monday gave way to a sober reality on Tuesday: a recession, perhaps the deepest one in decades, may be unavoidable.

A day after the stock market staged one of its biggest rallies in history, buoyed by the government's plan to rescue banks, investors retreated once again. Worries about the economy came to the fore. Many people fear that corporations -- and by extension their workers and shareholders -- will face harder times in the months ahead.

"Everything the government has done is not going to prevent further deterioration in the economy," said Stuart Hoffman, chief economist at PNC Bank. "At the end of all this, what matters is what the economy does."

The flow of credit, which has been choked for weeks, began to trickle through the financial system on Tuesday. But the credit markets remained shut to many companies and municipalities. Home mortgage rates, which some had hoped might decline once the government's plans became clear, rose instead. The fear is that the financial rescue will add to an already-swelling federal budget deficit and force the Treasury to borrow heavily in the capital markets.



"Ideas or the lack of them can cause disease." - Kurt Vonnegut
by dvx (dvx.clt ät gmail dotcom) on Wed Oct 15th, 2008 at 03:58:58 AM EST
[ Parent ]
Oh~! This is news? First, the financial bailout packages weren't greeted with Roses as they crashed through the battlements of IneptGreed, and now we are told that it is going to be a long fight against the same problems that existed before; declining asset values, no one with an HouseATM or BigCreditCard anymore, higher unemployment because corporations are doing the TightenUp because no one can afford anything extra, no money in the treasuries for infrastructure improvements (which would certainly be socialism anyway, and we can't have that), a war - oops - two wars sucking billions a day (I wonder what it costs to ship one dead soldier back to the Homeland and prevent anyone from taking a picture?), and no one willing to buy bonds to finance the festering remains.  Quelle Surprise~!?!??!!!

I bet there was a secret meeting: "We can issue everyone a new credit card, everyone, and convince them to borrow on it up to 2,500 dollars or euros or pounds, perhaps even mandate it. The condition would be that the money could only be used to buy bank and security company stock...but a new issue of a new type of stock that has no voting rights, and no rights to any profit should any profit be left after the main stockholders (hereinafter known as TheGreedyFatBastards) sucked the new infusion dry...or, we can convince the governments to do the same without all the costs of sending out the cards and the papers and getting everyone to sign."

And now we are told by this amazingly sharp newspaper that nothing got fixed and therefore a recession is still imminent, and the war and the GreedyRatBastards are still sucking our CommonWealth away. This person deserves a Pulitzer.

Never underestimate their intelligence, always underestimate their knowledge.

Frank Delaney ~ Ireland

by siegestate (siegestate or beyondwarispeace.com) on Wed Oct 15th, 2008 at 05:33:53 AM EST
[ Parent ]
New US budget deficit record in the financial year ending on 30 September: $454.8 billion. (Previous record: $413 billion in 2004.)

*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.
by DoDo on Wed Oct 15th, 2008 at 06:15:56 AM EST
[ Parent ]
Oh, and no official prediction for next year, but unnamed analysts say it will be around $700 billion.

*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.
by DoDo on Wed Oct 15th, 2008 at 06:17:28 AM EST
[ Parent ]
And thus ends the Reign of His Imperial Majesty, King George III, the compassionate conservative.

Record deficits surpassing even the wildest mental drooling of his mentor Ronnie Raygun, he of the 10 billion a year never-working boondoggle named StarWars.

Together they killed an empire, but gave their financiers so, so much. They even figured out how to profit off the nickel cigars and the wars they threw as circuses.

I'd say, RIP, but I don't want to be snarky.


Never underestimate their intelligence, always underestimate their knowledge.

Frank Delaney ~ Ireland

by siegestate (siegestate or beyondwarispeace.com) on Wed Oct 15th, 2008 at 07:49:52 AM EST
[ Parent ]
WORLD
by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:37:47 PM EST
Israel's Neighbors Want Progress on Peace Talks | Europe | Deutsche Welle | 14.10.2008
At a meeting in Jordan, Mediterranean countries urged Israel and Palestine to work through differences over issues such as the expansion of Israeli settlements and the restrictions of movement of Palestinians.

The Euro-Med Parliamentary Assembly (EMPA) ended a two-day session Monday, Oct. 13, at the Dead Sea resort in Amman by urging continuation of peace talks between Israel and Palestine.

President of the European Union Hans-Gert Pottering, who also serves as president-in-office of EMPA, called for speedy solutions to two issues that hinder the peace negotiations: "the expansion of settlements, which is undermining the Palestinians' confidence" in the peace process, and "the extremely restricted freedom of movement of Palestinians," which has hindered investment in the Palestinian economy and prevented economic recovery.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:39:58 PM EST
[ Parent ]
U.S. has history of intervention - International Herald Tribune

NEW YORK: If the U.S. government moves ahead with a plan to take ownership stakes in American banks, as seems likely, it would be an exceptional step - but not an unprecedented one.

The United States has a culture that celebrates laissez-faire capitalism as the economic ideal, but the practice is sometimes different. Over the past century, the U.S. government has nationalized railways, coal mines and steel mills, and it has even taken a controlling interest in banks when that was deemed to be in the national interest.

The corporate wards of the state typically have been returned to private hands after short, sometimes fleeting, stretches under government stewardship.

Finance experts say that having Washington take stakes in U.S. banks now - like government interventions in the past - would be a promising step in addressing an economic emergency. The plan being weighed by the Treasury Department, they say, could supply banks with sorely needed capital and help restore confidence in financial markets. Across Europe, governments rolled out similar initiatives Monday.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:43:44 PM EST
[ Parent ]
China will be a democracy by 2020, says senior party figure - Telegraph
China will transform itself into a working democracy in just over a decade, according to one of the country's most influential reformers

Zhou Tianyong, an adviser to the Communist Party's Central Committee and one of its most liberal voices, told the Daily Telegraph that "by 2020, China will basically finish its political and institutional reforms".

He added: "We have a 12-year plan to establish a democratic platform. There will be public democratic involvement at all government levels."

Mr Zhou also predicted "extensive public participation in policy-making, such as drawing up new legislation".

Mr Zhou is deputy head of research at the Central Party School, the most important institution for training senior leaders. President Hu Jintao is among its former directors.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:49:44 PM EST
[ Parent ]
Yea, everybody will get a vote, but cos it's a secret ballot they won't know who they've voted for.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Tue Oct 14th, 2008 at 04:40:58 PM EST
[ Parent ]
These folks are smart people.  Shouldn't be too hard to create a democracy that works at least as well as the one in the USA, should it?

If sanity be culturally normative, then by the norms of this culture I claim insanity.
by ARGeezer on Tue Oct 14th, 2008 at 05:50:48 PM EST
[ Parent ]
The burden of low expectations

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Tue Oct 14th, 2008 at 05:54:46 PM EST
[ Parent ]
Indeed, I recall reading recently (in the FAZ ?) that American »Democracy« is one of the models the Chinese leadership is looking at. In their understanding the American people has a choice, but plus ça change, . . .

How was it called? »Conservative democracy«, I believe.

Funny, isn't it?

by Humbug (mailklammeraffeschultedivisstrackepunktde) on Tue Oct 14th, 2008 at 07:29:04 PM EST
[ Parent ]
USA, twice as democratic as the Peoples Republic of China!
by Trond Ove on Wed Oct 15th, 2008 at 03:39:35 AM EST
[ Parent ]
BBC NEWS | Americas | Leftist heads Peru's new cabinet

Peruvian President Alan Garcia has sworn in a new, leftist-led government days after the previous cabinet resigned over corruption allegations.

The biggest change is the choice of Yehude Simon, a leftist regional governor from outside the ruling party, as prime minister.

Most of the other 16 posts have gone to members of the previous cabinet.

Analysts say the choice of Mr Simon is an attempt by President Garcia to boost his own popularity after the scandal.

by Fran (fran at eurotrib dot com) on Wed Oct 15th, 2008 at 01:44:43 AM EST
[ Parent ]
Heh, García has to abandon his neolib makeover...

*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.
by DoDo on Wed Oct 15th, 2008 at 05:16:00 AM EST
[ Parent ]
Zimbabwe Generals' Fears of Prosecution Threaten Deal - NYTimes.com

JOHANNESBURG -- Zimbabwe's military commanders have pressed President Robert Mugabe to shield them from prosecution for the violent crackdown on his political foes this year, senior government officials say, and his response is threatening to derail a power-sharing deal that was supposed to halt the country's dizzying downward economic spiral. (October 14, 2008) Times Topics: Zimbabwe

Mr. Mugabe's efforts to placate his generals, as well as senior politicians in his party who are disgruntled about their loss of clout, culminated in his decision last week to unilaterally claim control of ministries that have been pivotal to his 28 years of unbroken political dominance and are seen as critical to protecting his senior generals from the risk of being charged with crimes.

Mr. Mugabe, 84, signed an agreement on Sept. 15 to share power with the political opposition, after an election season in which more than 100 opposition supporters were killed and thousands were beaten -- a campaign of violence that senior officials in Mr. Mugabe's party said was organized by the military.

A collapse of the deal would probably intensify Zimbabwe's status as an international pariah, deepen hunger and poverty, and set off a fresh exodus of refugees to neighboring countries. Yet since the agreement was signed, the country's three senior military commanders have worried about their fate under a unity government that includes the main opposition leader, Morgan Tsvangirai, as prime minister -- a man they deeply distrust, who was himself viciously beaten by the police last year -- three officials close to Mr. Mugabe said in recent interviews.



"Ideas or the lack of them can cause disease." - Kurt Vonnegut
by dvx (dvx.clt ät gmail dotcom) on Wed Oct 15th, 2008 at 03:53:00 AM EST
[ Parent ]
TPM: News Pages | Talking Points Memo |

Canadian Prime Minister Stephen Harper, the first Western leader to contest an election since the financial meltdown, won a second minority government mandate Tuesday, two television networks projected.

The Conservatives convinced voters they were the best choice to steer Canada through the economic turmoil, but projections by Global Television and CTV put them short of winning a majority. That means they would still need opposition party support to govern.

The official opposition Liberals, who have historically governed Canada for longer than any other party, trailed far behind in second place and looked set for their worst showing in at least 20 years.


What's the matter with Canada? For one, they have a disproportional representation system:

Matthew Yglesias » Home Page

The big winner from the Canadian electoral system is the Bloc Québécois. But the main problem with the system isn't even that it's unfair -- the US Senate is horribly unfair -- but that the system is incredibly unresponsive to shifts in voter sentiment or behavior.

The electorate moves left, stops backing the centre-left liberal party. Consequently, the government moves to the right.

All other things equal, the system isn't just unresponsive, it's perverse. If certain moves towards the right by the conservative party (say, building nuclear power stations to extract oil from the Alberta tar sands) radicalise the left, the resulting splits benefit the right as long as it hangs onto its own base (it doesn't need more than 40%).

It might still be cured by better leadership among the liberals.

by nanne (zwaerdenmaecker@gmail.com) on Wed Oct 15th, 2008 at 05:06:21 AM EST
[ Parent ]
The Conservatives convinced voters they were the best choice... but projections ... put them short of winning a majority

How can someone write down such a total contradiction. Cognitive dissonance at its best.

*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.

by DoDo on Wed Oct 15th, 2008 at 05:13:58 AM EST
[ Parent ]
Heh - yes. The conservatives got only 37.6% of the vote. Still a slight increase (1.4 percentage points), while the three left parties between them lost 0.5 percentage points of the vote.

For the record, I should have included that the piece is by reuters, not by JMM or TPM staff.

by nanne (zwaerdenmaecker@gmail.com) on Wed Oct 15th, 2008 at 07:42:37 AM EST
[ Parent ]
I have now updated my article about the Canadian election, with the provisional results after consulting the CBC and Elections Canada websites.

The reason why Canadian elections have perverse results is that the first past the post system rewards concentrated support and penalises parties with votes spread more thinly.

Given that most Quebec seats are won by the Bloc Quebecois (likely to return about 40-50 seats for the forseeable future) and the New Democratic Party (with more than twice the Bloc's overall vote) is likely to elect 20-40 members, the results will be highly disproportional and neither of the two major parties is likely to obtain an overall majority.

by Gary J on Wed Oct 15th, 2008 at 09:03:54 AM EST
[ Parent ]
"first past the post system"

First past the post is incompatible with meaningful democracy.

by Colman (colman at eurotrib.com) on Wed Oct 15th, 2008 at 09:26:26 AM EST
[ Parent ]
Thanks! The update being current event, I re-set the timestamp of your diary.

*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.
by DoDo on Wed Oct 15th, 2008 at 09:56:15 AM EST
[ Parent ]
THIS, THAT, AND THE OTHER
by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:38:13 PM EST
Banderas deserts Hollywood for Spanish history - News, Film & TV - The Independent

Antonio Banderas says he's tired of Hollywood, where he has lived since 1992, and wants to return to his Spanish homeland to develop his career as a director.

The 48-year-old, whose triumph in Hollywood as a Latin lover/villain figure paved the way for Spanish successors like Javier Bardem, says he now wants to create the sort of movies suffocated by Hollywood.

His latest project may be a case in point. Mr Banderas, with his film star wife Melanie Griffith by his side, is travelling the Arab world raising money for his forthcoming movie "Sultan", which he has written and hopes to direct and star in. It tells the story of Boabdil, the last Moorish king of Spain, who was forced to surrender his beloved Granada to the Catholic monarchs Ferdinand and Isabella in 1492, a historic turning point that marked the birth of modern Spain.

The ageing Malaga-born screen star wants to tell the story from a pro-Arab viewpoint, and has been busy in recent days gathering funds from several Arab countries, tapping into their nostalgia for the legacy of 800 years of Arab rule in Andalusia.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:39:13 PM EST
[ Parent ]
Now that could be a great movie, but for all the sadness. 1492, the year of the Alhambra Degree, the final conquering of the Moor's lands in Spain, and the final expulsion of them and their Jewish neighbors of 700 years.

The expulsion of moors and jews had gone on for generations when Torqumada and the Catholic Monarchs decided it was time for The Inquisition - who ever expects one?

It brought great stories such as: The Jews had been welcomed to Turkey since Mehmet II took Constantinople in 1453 who, having been welcomed by a hitherto repressed jewish community there offered them to "... to ascend the site of the Imperial Throne, to dwell in the best of the land, each beneath his Dine (vine?) and his fig tree, with silver and with gold, with wealth and with cattle...". (4)

There is a whole theory based upon eu kings getting in debt to their Jewish communities, who had loaned them money for their wars. (At the time, they were the only group not prohibited from loaning money at a profit.) Then they kicked them out when the debts got to high and they had no one to extortborrow 750 billion dollars from.

In 1470, Jews expelled from Bavaria by Ludwig X found refuge in the Ottoman Empire, and this would happen many other times.

Shortly after the Alhambra Decree, Sultan Bayazid II in Constantinople, is quoted as saying "the Catholic monarch Ferdinand was wrongly considered as wise, since he impoverished Spain by the expulsion of the Jews, and enriched Turkey." Of course, he said it in Turkish, so there are several iterations of the translation.

(Above taken from several sites:
The History of the Turkish Jews
The Lost Jews of Greece
Turkish Jews - Brief History )


Never underestimate their intelligence, always underestimate their knowledge.

Frank Delaney ~ Ireland

by siegestate (siegestate or beyondwarispeace.com) on Wed Oct 15th, 2008 at 07:42:23 AM EST
[ Parent ]
The muslims were not expelled but initially granted religious freedom. Forcible conversion followed and the converts were finally expelled after 1600. See wikipedia.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Wed Oct 15th, 2008 at 07:51:44 AM EST
[ Parent ]
Of course, you are correct. Actual expulsion by decree didn't occur until after the rebellion was put down. I should stop getting my history from popular movies...and hoping for more of the same.

I can't imagine though that it was nice being a moor anytime after 1450, as many cities which had been strongholds had succumbed in the previous 100 years, and the Catholics had this thing about getting people to convert or die without the loving embrace of their savior. So, while there was a treaty after Granada fell, it was never kept to by F&I. If what F&I were made to agree to in the treaty is an indicator, the Moors must have had a hard time before.


Never underestimate their intelligence, always underestimate their knowledge.

Frank Delaney ~ Ireland

by siegestate (siegestate or beyondwarispeace.com) on Wed Oct 15th, 2008 at 09:16:55 AM EST
[ Parent ]
Are you talking about the revolt of 1499 or that of around 1570? The expulsion didn't take pace until 1615.

There was no advance of the reconquista for about 200 years (it was all bot over after the 1212 batte of Las Navas de Tolosa, the following 40 years or so were a slow mopping up leading to a vassal kingdom of Granada which lasted 200 years), not "100 years before 1450" and there really is no reason to believe that the Muslims or Jews had a particularly hard time until about 1500 - consider that the Castille was immersed in dynastic disputes for the better part of the 15th century. Religious purity only came on the agenda when the more important stuff had been dealt with.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith

by Migeru (migeru at eurotrib dot com) on Wed Oct 15th, 2008 at 09:34:02 AM EST
[ Parent ]
Hm. "Until about 1500" is true for Granada. Torquemada was active elsewhere earlier.


*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.
by DoDo on Wed Oct 15th, 2008 at 10:05:00 AM EST
[ Parent ]
Yes, but his main interest appears to have been heretics and false converts, not Jews or Muslims. The main instigator of the expulsion of the Jews and the forcible conversion of the Moriscos was Cardinal Cisneros.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Wed Oct 15th, 2008 at 10:11:54 AM EST
[ Parent ]
Well, siegestate wrote about it not being nice to be a moor anytime after 1450, but qualified it with "the Catholic thing of forced conversions", which indeed came later. But without that qualification, I think he would be right, read e.g. this.

*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.
by DoDo on Wed Oct 15th, 2008 at 10:33:09 AM EST
[ Parent ]
Again, I admit to only a handful of actual facts that I must merge with many hundreds of years of actual history, and appreciate your showing where to look for more data.

I just finished "The Spanish Armada" by Martin and Parker and was going to reach for something 100 years earlier...maybe I'll go earlier than that.

Never underestimate their intelligence, always underestimate their knowledge.

Frank Delaney ~ Ireland

by siegestate (siegestate or beyondwarispeace.com) on Wed Oct 15th, 2008 at 03:15:31 PM EST
[ Parent ]
eu kings

I didn't know the EU existed then...

"Ne te courbe que pour aimer..." René Char

by Melanchthon on Wed Oct 15th, 2008 at 08:52:54 AM EST
[ Parent ]
Well, perhaps I was going for a little, tiny, small and insignificant joke.

Or, perhaps I was alluding to the incestuous nature of all the kings and queens and princes and cesses, from the Medicis blood in the Tudor family and Spanish throne, and the Spanish and French blood in England's and etc, etc. But, I don't know enough about it, so I couldn't have meant that.

Yet, I'm certain every one of them would have liked to call Lord Paulson and say "Give me a 750 billion sovereign bailout"~!

Never underestimate their intelligence, always underestimate their knowledge.

Frank Delaney ~ Ireland

by siegestate (siegestate or beyondwarispeace.com) on Wed Oct 15th, 2008 at 09:24:12 AM EST
[ Parent ]
Why do book prizes ignore the best reads? - News, Books - The Independent
It's the fault of male academics on the judging panels, says author Louise Doughty, one of tonight's Booker judges. They pick the literary and the obscure to impress their colleagues

One of the judges of this year's Man Booker Prize has launched an outspoken attack on male academics who sit on literary judging panels, ahead of the award ceremony tonight.

Louise Doughty, who has written five novels, said such men should not be invited on to judging panels as they "always have their eye on their reputations" and are too concerned with picking a "highbrow" author rather than a readable one. She added that they tended to made judgements based on "how well the winning book reflected on them", often choosing the most obscure and self-consciously highbrow novelist, rather than considering the best entry.

"I don't think it's a good idea to have academics as judges on these prizes," she said. "Academics always have their eye on their reputations and always have a vested interest to pick someone as literary and obscure as possible. I think academics are always looking over their shoulder. Academics automatically feel it [the choice of Booker winner] will reflect on their career," she said.

While widely considered to be the pinnacle of literary accomplishment, popularly acclaimed writers such as Sebastian Faulks, Mark Haddon and Robert Harris have never won the Booker. Critics like Doughty believe it is those authors' accessibility which counts against them.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:42:37 PM EST
[ Parent ]
But claiming that Dickens is "readable" somewhat undermines her case.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Tue Oct 14th, 2008 at 04:42:10 PM EST
[ Parent ]
Really? I find most of his novels so captivating I can't put them down.

"Ideas or the lack of them can cause disease." - Kurt Vonnegut
by dvx (dvx.clt ät gmail dotcom) on Wed Oct 15th, 2008 at 03:42:40 AM EST
[ Parent ]
In Russia, a second home for U.S. astronauts - International Herald Tribune

STAR CITY, Russia: Garrett Reisman was on his way to this formerly secret military base for several weeks of training, making his way through Kennedy Airport, when his cellphone rang. It was his boss, Steven Lindsey, the head of NASA's astronaut office.

"Come back to Houston. They've canceled your training -- they're playing hardball," Reisman recalled his boss saying. He was caught in a momentarily important dispute between NASA and the Russian space agency, Roscosmos.

Ultimately, Reisman's aborted trip was just a bump in the road on the way to space: he spent three months aboard the International Space Station earlier this year, performed a spacewalk and even traded jokes over a video link with Stephen Colbert.

Everyone who works with the Russian space program has similar stories to tell of implacable bureaucrats, byzantine rules and decisions that seem capricious at best. And many of those stories are played out here in Star City, where cosmonauts and, now, astronauts from all over the world train to fly on Russian Soyuz spacecraft to go to the $100 billion International Space Station.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:43:28 PM EST
[ Parent ]
3D Model of Antiquity: Program Allows Virtual Tour of Ancient Roman Cologne - SPIEGEL ONLINE - News - International

A team of archaeologists, scientists and software programmers has created a 3D virtual model of the city of Cologne as it was 2,000 years ago. Though not yet online, the software allows visitors to fly through the city in its Roman glory.

A new computer program will allow the curious to see Cologne, Germany's fourth-largest city, as it was almost 2,000 years ago, when it was a major northern outpost of the Roman Empire.

 "Now, for the first time, people will be able to visualize what an amazing city Cologne already was in antiquity," said Hansgerd Hellenkemper, the director of the city's Romano-Germanic Museum.

The city's history stretches back to 38 B.C. After Julius Caesar pushed the empire north during his conquest of Gaul in the mid-first century B.C., the Romans resettled the Germanic Ubii tribe on the banks Rhine River. In 50 A.D., the settlement was granted the status of an official Roman city and was given the name Colonia Claudia Ara Agrippinensium. The city grew to be a major trading center, a status it still preserves today.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:48:00 PM EST
[ Parent ]
Wow, cool. If we organise an ET in Cologne we have got to go to this.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Tue Oct 14th, 2008 at 04:44:29 PM EST
[ Parent ]
I am sorry - we are going virtual. Please get used to the virtual beer too ;-p

You can't be me, I'm taken
by Sven Triloqvist on Tue Oct 14th, 2008 at 04:54:18 PM EST
[ Parent ]
Actually, it's here:

http://www.colonia3d.de/

"Ideas or the lack of them can cause disease." - Kurt Vonnegut

by dvx (dvx.clt ät gmail dotcom) on Wed Oct 15th, 2008 at 03:49:08 AM EST
[ Parent ]
A young woman leads Turkey to examine modernity and devotion - International Herald Tribune

ISTANBUL: High school hurt for Havva Yilmaz. She tried out several selves. She ran away. Nothing felt right.

"There was no sincerity," she said. "It was shallow."

So at 16, she did something none of her friends had done: She put on an Islamic head scarf.

In most Muslim countries, that would be a nonevent. In Turkey, it was a rebellion. Turkey has built its modern identity on secularism.

Women on billboards do not wear scarves. The scarves are banned in schools and universities. So Yilmaz had to drop out of school. Her parents were angry. Her classmates stopped calling her.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:48:48 PM EST
[ Parent ]
Black widows set to establish colonies in Britain as climate changes, experts warn - Telegraph
Black widow spiders accidentally brought to Britain in consignments of fruit could soon establish colonies as the climate becomes milder, experts have warned.

Some fear it is only a "matter of time" before the venomous American arachnid follows other exotic species of spider and establishes itself in Britain as climate change makes the country warmer.

The warning comes amid calls from conservationists for import rules to be tightened up to prevent more and more non-native species being inadvertently introduced to the country and altering the eco-system.

Recent years have seen a raft of reports of "black widows" being spotted in bunches of bananas and other fruit by members of the public.

Many such sightings are thought to have been the so-called "false widow" - steatoda paykulliana, a spider from southern Europe which closely resembles the black widow.

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:49:28 PM EST
[ Parent ]
Yes, false widows, which still give a nasty bite. I'm not convinced we're warm enough for black widows yet. But I must admit I've got a bit wary of spiders lately cos there are a few I've seen that just don't look familiar. I used to encourage them in my flat to keep flying insects down, so I'm pretty spider friendly too.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Tue Oct 14th, 2008 at 04:48:59 PM EST
[ Parent ]
A Camorra mafia wedding and 4,000 funerals - Telegraph
When Clare Longrigg saw two Mafia clans tie the knot it was meant to end the feuding - but far worse was to come.

Outside a church in the centre of Naples, on a sunny September day in 1996, a teenage bride heaved her huge crinoline out of a massive black limousine. She was visibly pregnant as she swayed towards her husband-to-be, a spotty youth in a white tuxedo.

The groom looked nervous, as well he might. This wedding represented the union between two Naples mafia dynasties: the Giulianos and the Mazzarellas, who had fought each other in the struggle for domination of the drug trade, and were now joining forces.

I had crept in unnoticed, and slipped into a back pew. I sat, rapt throughout, taking in the fabulous outfits from Versace and Valentino, the couple's teenage friends clad mostly in fashionable, if funereal, black.

At the same time I was on edge, not knowing if this gunshot wedding would end in gunfire, given that the two families had previously sent killers after each other

by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:50:25 PM EST
[ Parent ]
Excellent writer on mafia, Clare.
by de Gondi (publiobestia aaaatttthotmaildaughtusual) on Tue Oct 14th, 2008 at 04:37:19 PM EST
[ Parent ]
BBC: Expedition set for 'ghost peaks'

"I like to say it's rather like being an archaeologist and opening up a tomb in a pyramid and finding an astronaut sitting inside. It shouldn't be there."



You can't be me, I'm taken
by Sven Triloqvist on Tue Oct 14th, 2008 at 05:33:20 PM EST
[ Parent ]
Did Termites Help Katrina Destroy New Orleans Floodwalls And Levees?
Science News Share   Blog   Cite Print   Email   Bookmark Did Termites Help Katrina Destroy New Orleans Floodwalls And Levees?

ScienceDaily (Oct. 15, 2008) -- Three years after Hurricane Katrina devastated New Orleans, people still speculate over causes of the destruction of the city's floodwall system. A new article in the fall issue of American Entomologist (Vol. 54, No. 3) suggests that Formosan subterranean termites played a large role.

Author Gregg Henderson, a professor at the Louisiana State University AgCenter, discovered Formosan subterranean termites (Coptotermes formosanus Shiraki) in the floodwall seams in August, 2000 - five years before Katrina struck - and noticed that the seams were made of waste residue from processed sugarcane. Known as bagasse, this waste residue is attractive to Formosan termites.

After the dikes were breached in 2005, Henderson and his colleague Alan Morgan inspected 100 seams for evidence of termites, including three areas where major breaks in the walls had occurred. 70% of the seams in the London Avenue Canal, which experienced two major breaks during Katrina, showed evidence of insect attack, as did 27% of seams inspected in the walls of the 17th Street Canal.



"Ideas or the lack of them can cause disease." - Kurt Vonnegut
by dvx (dvx.clt ät gmail dotcom) on Wed Oct 15th, 2008 at 03:54:54 AM EST
[ Parent ]
KLATSCH
by Fran (fran at eurotrib dot com) on Tue Oct 14th, 2008 at 03:38:34 PM EST
Can anyone help with the pronunciation of the name of a Czech bank? I am doing a voiceover tomorrow for a Finnish IT company that supplied some of their needs.

Česká spořitelna

Where does the stress come? What sounds differ from English expectations?

Thanks

You can't be me, I'm taken

by Sven Triloqvist on Wed Oct 15th, 2008 at 06:25:55 AM EST
[ Parent ]
Stress is easy: With almost no exceptions, the stress is on the first syllable, though there may be a secondary stress on long words.

The "Č" is like "Cz" in "Czech".  "á" is a long vowel, not a stress. The "ř", is some sort of mix between a rolled "r" and a "z", but I think it's basically unpronounceable for non-Czechs...

by gk (g k quattro due due sette "at" gmail.com) on Wed Oct 15th, 2008 at 06:33:48 AM EST
[ Parent ]
Thanks a lot. That tells me precisely... ;-)

Czech is like Finnish with the stress always on the first syllable.

You can't be me, I'm taken

by Sven Triloqvist on Wed Oct 15th, 2008 at 06:38:51 AM EST
[ Parent ]
And the relative of Finnish ,Hungarian, too. (Which made it hard for me to understand the concept of stress, for languages where its placement varied.)

*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.
by DoDo on Wed Oct 15th, 2008 at 08:31:08 AM EST
[ Parent ]
Helsinki is always a difficult stress to reprogram in visitors ;-)

You can't be me, I'm taken
by Sven Triloqvist on Wed Oct 15th, 2008 at 09:20:05 AM EST
[ Parent ]
Where do they try to set the accent? Second or last syllable?

*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.
by DoDo on Wed Oct 15th, 2008 at 09:49:02 AM EST
[ Parent ]
Brits do it on the second. I've heard some French put it on the last - Helsinkiii. Anecdotally, the Dutch are the best with Finnish words.

Though most visitors are confused by the fact that every letter is pronounced: if there is a double t you can hear the difference with a single t etc.

You can't be me, I'm taken

by Sven Triloqvist on Wed Oct 15th, 2008 at 10:40:43 AM EST
[ Parent ]

Simply priceless.

- Jake

640 kiloton should be enough for anybody

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed Oct 15th, 2008 at 07:57:51 AM EST
[ Parent ]
Nietzsche's birthday - my hero - and also resident in Nice for six winters, well worth some quotations:

A casual stroll through the lunatic asylum shows that faith does not prove anything.

Be careful when you fight the monsters, lest you become one.

Insanity in individuals is something rare - but in groups, parties, nations and epochs, it is the rule.

The individual has always had to struggle to keep from being overwhelmed by the tribe. If you try it, you will be lonely often, and sometimes frightened. But no price is too high to pay for the privilege of owning yourself.

[And his much misunderstood notion of the "overman" - often unfortunately translated as "superman":]

The overman...Who has organized the chaos of his passions, given style to his character, and become creative. Aware of life's terrors, he affirms life without resentment.

[And a motto for the Daily Show]

Not by wrath does one kill, but by laughter.

 

Maybe it's because I'm a Londoner - that I moved to Nice. Blog - Nice Experience

by Ted Welch (tedwelch-at-mac-dot-com) on Tue Oct 14th, 2008 at 04:23:55 PM EST


Display:
Go to: [ European Tribune Homepage : Top of page : Top of comments ]