European Salon de News, Discussion et Klatsch - 19. December

by Fran
Thu Dec 18th, 2008 at 03:48:24 PM EST

On this date in history:

1910 - Jean Genet, a prominent, controversial French writer and later political activist. Early in his life he was a vagabond and petty criminal, but later took to writing novels, plays, poems, and essays, was born. (d. 1986)

More here and here


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EUROPE

Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 03:48:53 PM EST
BBC NEWS | World | Europe | New clashes break out in Greece

Renewed clashes have broken out between protesters and police in Greece, in continuing unrest over the killing of a teenaged boy by police.

Demonstrators charged at riot police outside parliament, throwing fire bombs. Police responded with volleys of tear gas.

Twelve days after the police shooting, anger has combined with discontent in other parts of Greek society.

Protesters want the government to change social and economic policies.

Air traffic controllers are the latest public sector workers to go on strike.

An estimated 10,000 people joined a demonstration in Athens on Thursday that congregated outside a university and marched towards parliament, in anger at the shooting of a 15-year-old boy by a policeman on 6 December.

Banners castigated the government, which protesters accuse of failing the Greek people.



Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 03:53:04 PM EST
[ Parent ]
Riot police and protesters clash in Athens - Europe, World - The Independent

Riot police clashed with rock-throwing demonstrators in central Athens today, sending Christmas shoppers and people in cafes running for cover.

Frightened parents scooped up their children from a Christmas carousel in the city's main square and fled.



Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 04:13:47 PM EST
[ Parent ]
BBC NEWS | Business | Italian dairy boss gets 10 years

The founder of Parmalat, Calisto Tanzi, has been sentenced to 10 years in prison for fraud relating to the collapse of the dairy group.

Tanzi was accused of manipulating the share price, hindering auditors and helping with false accounting.

Parmalat collapsed in 2003 with a 14bn euro ($20bn; £13bn) hole in its accounts in what remains Europe's biggest bankruptcy.

The other seven defendants, including executives and bankers, were acquitted.

Another eight defendants settled out of court in September.



Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 03:53:27 PM EST
[ Parent ]
BBC NEWS | World | Europe | Italy migrants' state 'appalling'

The working conditions of many poor African migrants in rural areas of southern Italy are "appalling", the international medical charity MSF says.

The charity, which calls the workforce an invisible and vulnerable army, says migrants live in dilapidated buildings, with no electricity or running water.

Thousands of Africans, many of them without papers, seek jobs as fruit pickers in the Calabria region.

MSF says they are paid about 20 euros (£19; $29) for 12 hours' work daily.



Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 03:53:58 PM EST
[ Parent ]
EUobserver

Slovenia said on Wednesday (17 December) it would block further accession talks with EU candidate Croatia due to a long-running border dispute between the two countries.

Zagreb was hoping to open 10 new chapters of its accession negotiations package with the EU and close another five during an intergovernmental conference on Friday (19 December) in Brussels.

A coastal border dispute between Croatia and Slovenia threatens the former's EU accession talks

But speaking ahead of the meeting, Slovenian Prime Minister Borut Pahor said his country had reservations, arguing that documents - notably maps - Croatia had provided during its accession process could prejudge a solution of their long-running border dispute.

"Slovenia has reservations concerning seven chapters, since the documents presented by Croatia could prejudge the common border," Mr Pahor told journalists in Ljubljana.

"And concerning another four chapters, we also have substantial reservations," he said, adding that Slovenia would at this stage "only give its consent to open one chapter and close three."



Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 04:01:23 PM EST
[ Parent ]
See drimalo's diaries here and here.
by afew (afew(a in a circle)eurotrib_dot_com) on Fri Dec 19th, 2008 at 01:57:11 AM EST
[ Parent ]
If you want a reason to laugh (or cry), have a look here at how Slovenes and Croats handle a joint project that has been running for over 25 years...

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
by Migeru (migeru at eurotrib dot com) on Fri Dec 19th, 2008 at 05:15:04 AM EST
[ Parent ]
EUobserver

While EU countries remain mired in a decade-long disagreement over a patent system covering the entire 27-country bloc, the Americans are recruiting the Old Continent's best brains and capitalising big-time on their creativity, according to education and culture commissioner Jan Figel, who has set his mind on persuading European researchers to stay at home.

Why do the Americans steal all the best European brains? Commissoner Figel is to try to convince European geniuses to stay at home.

"We need to think about rewarding quality, excellence and talent in Europe, and this is partly about money, of course. But it is also about how to deal with intellectual rights and patents," the Slovak commissioner told EUobserver ahead of the 2009 official launch of the so-called European Year of Innovation and Creativity.

Through the 2009 programme, which will include various national projects and debates in areas such as the knowledge society, sustainable development and creative arts and industries, Brussels wants to raise awareness of the importance of creativity and innovation in creating a prosperous Europe.

Economic growth, jobs and innovation also feature as the top priorities of the EU's Lisbon Agenda - agreed by EU leaders in 2000 - that aims for Europe to become the most competitive economy in the world by 2010. The US is seen as its key competitor.



Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 04:02:13 PM EST
[ Parent ]
This just leaves me speechless. I don't really know where to begin to deconstruct it.
by Metatone (metatone [a|t] gmail (dot) com) on Fri Dec 19th, 2008 at 05:32:57 AM EST
[ Parent ]
i hear you,

beppe grillo's blog has many expats who could not break through the patronage ceiling here.

calculated mediocrity...

then you wonder how many potential einsteins might be trawling the tomato fields of calabria for €20 a day, if they had had a chance at a neuropean education...

"Two wrongs don't make a right, but three lefts do." Jim Hightower

by melo (melometa4(at)gmail.com) on Fri Dec 19th, 2008 at 05:05:06 PM EST
[ Parent ]

Marée noire de l'"Erika" : Total est responsable

Le propriétaire du bateau Erika n'est plus le seul responsable de la marée noire de décembre 1999. La Cour de cassation a tranché, dans un arrêt du 17 décembre : le propriétaire du chargement du bateau - Total - est tout autant responsable. La Cour a ainsi cassé une décision de la cour d'appel de Rennes, de février 2002, qui avait débouté la petite commune de Mesquer (Loire-Atlantique) de ses demandes de paiement des frais de nettoyage de ses côtes. Elle a estimé que la décision de 2002 "violait le code de l'environnement".

La Cour de cassation s'est fondée sur des précisions apportées en juin par la Cour de justice européenne, qu'elle avait sollicitée. L'affaire est désormais renvoyée devant la cour d'appel de Bordeaux, qui devra se prononcer sur d'éventuelles indemnisations dues à la commune. Cette cour d'appel devra "déterminer si les sociétés du groupe Total [Total International Ltd, l'affréteur du pétrolier Erika, et Total Raffinage, le producteur du fioul] ont contribué au risque de survenance de la pollution occasionnée par le naufrage".

L'avocate Corinne Lepage, qui avait défendu les intérêts de Mesquer, s'est réjouie de cette cassation. "L'arrêt va beaucoup plus loin qu'une responsabilité pénale [du groupe pétrolier] pour faute ou négligence. Si on établit qu'il a pris un risque, cela suffira à établir sa responsabilité pour rembourser les frais de nettoyage" non supportés par le Fonds international d'indemnisation, a déclaré Mme Lepage. "En jugeant que les boulettes provenant de l'Erika constituaient des déchets, les hautes juridictions ont admis que le droit des déchets affirmant le principe pollueur-payeur était applicable", a ajouté le cabinet de l'avocate dans un communiqué, qualifiant cet arrêt de "décision historique".

Total is judged to be responsible for the oil spill in Brittany in 1999, as owner of the shipment (they used to hide behind the previous rules that only the ship owner was repsonsible; this is an interesting new legal precedent)

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

by Jerome a Paris (etg@eurotrib.com) on Thu Dec 18th, 2008 at 06:18:01 PM EST
[ Parent ]
Wow. Progress! I remember the case...

*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.
by DoDo on Thu Dec 18th, 2008 at 06:44:18 PM EST
[ Parent ]




*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.
by DoDo on Thu Dec 18th, 2008 at 07:01:37 PM EST
[ Parent ]
FT.com / MARKETS / Currencies - Sterling feels the weight of the euro bearing down
So swift has been sterling's fall from grace that something that seemed unthinkable only a few weeks ago - parity against the euro - now seems only a matter of time. On Thursday, the pound lurched a step nearer parity, as it hit a fresh low of 95.56 pence against the single currency. On a trade-weighted basis, the currency also hit a fresh record low.

Weakness in the pound is nothing new, of course. So far this year, the pound has dropped nearly 23.1 per cent against the euro. But the pace of its most recent fall against the single currency - it has dropped almost 7 per cent this week - is startling.

That slump has been driven primarily by the UK's greater reliance than the eurozone on services, once the country's great engine of growth, and particularly financial services.

Longer-term forces have also been at work. Mansoor Mohi-uddin at UBS says the pound was boosted from the late 1990s by rebounding oil prices and an expanding financial services sector. But he says, in the post bubble world, financial services will shrink significantly as a share of UK GDP, while at the same time UK oil production is due to decline sharply.



"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Fri Dec 19th, 2008 at 02:41:11 AM EST
[ Parent ]

[Jerome's WEEEEEE™ Technology]

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

by Jerome a Paris (etg@eurotrib.com) on Fri Dec 19th, 2008 at 04:26:47 AM EST
[ Parent ]
It seems today the € is plunging...

Un roi sans divertissement est un homme plein de misères
by linca (antonin POINT lucas AROBASE gmail.com) on Fri Dec 19th, 2008 at 05:55:55 AM EST
[ Parent ]
That's just profit-taking from the last two weeks...

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
by Migeru (migeru at eurotrib dot com) on Fri Dec 19th, 2008 at 05:57:04 AM EST
[ Parent ]
FT.com / Europe - Pressure mounts on Belgian PM
Pressure was mounting on Thursday night on the Belgian prime minister to resign over allegations that his government had tried to prevent the country's judges from blocking the dismantling of Fortis, the troubled financial services group.

Cabinet ministers held an emergency meeting to consider accusations that Yves Leterme's office had sought to influence an appeal court ruling that froze the October break-up of Fortis

The crisis was triggered by the publication on Thursday of a letter from the head of the Supreme Court that claimed officials had intervened in the case, brought by minority shareholders in the group.

"Everything was done so that the decision of the 18th chamber of the court of appeal could not be pronounced as planned," the letter alleges.



"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Fri Dec 19th, 2008 at 02:50:30 AM EST
[ Parent ]
FT.com / Europe - Russia and Georgia close to deal
Russia and Georgia on Thursday came close to agreement on a mechanism for preventing and resolving continuing violence in and around Georgia's breakaway regions of South Ossetia and Abkhazia.

But objections by the Russian-backed regions scuppered a final accord, according to US diplomats who attended the internationally mediated talks in Geneva.

A further round of negotiations, aimed at improving security and helping those displaced by the five-day war Russia and Georgia fought in August, is scheduled for mid-February.



"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Fri Dec 19th, 2008 at 03:01:17 AM EST
[ Parent ]
FT.com / Europe - Last Franco statue in Spain taken down
The last public statue of Francisco Franco on the Spanish mainland was torn down on Thursday, ending an era in which the late dictator lorded it over town squares across the country.

Four years after the decision to remove it was taken by Santander's city council, 33 years after Franco's death and 44 years after it was erected, workmen with pneumatic drills and an oxy-acetylene torch cut away the bronze equestrian statue from its plinth.



"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Fri Dec 19th, 2008 at 03:02:38 AM EST
[ Parent ]
SPECIAL FOCUS

Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 03:49:25 PM EST
BBC NEWS | Business | No 'disorderly' US car collapse

President Bush will not allow a "disorderly collapse" of the US car industry, the White House has said.

Spokeswoman Dana Perino said the president was nearing a conclusion on how to provide the carmakers with financial assistance.

She said a disorderly collapse of the Big Three was "not an option", though she ruled out any bail-out on Thursday.

A $14bn (£9.4bn) rescue failed in the Senate last week, raising fears of job cuts and a possible industry collapse.

In a statement to reporters, Ms Perino said: "We're nearing a conclusion, we're narrowing options, I just don't have anything for you today."

The Big Three US carmakers are waiting for the US government to find a way to help the struggling car industry.



Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 03:55:57 PM EST
[ Parent ]
Bush mulling managed bankruptcy in auto industry | U.S. | Reuters

WASHINGTON (Reuters) - The Bush administration is weighing the option of a managed bankruptcy in the U.S. auto industry as it works out an aid package that is close to being finalized, the White House said on Thursday.

President George W. Bush said in an interview with the American Enterprise Institute that he was worried about the impact a "disorderly bankruptcy" might have on financial markets and whether or not U.S. automakers can become viable.

White House spokeswoman Dana Perino also said the deliberations on aid for the troubled carmakers are taking into account a startling decision on Wednesday by Chrysler LLC to close its factories for a month and idle 46,000 workers beginning on Friday.



Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 04:04:54 PM EST
[ Parent ]
EUobserver

The European Commission has given in to calls to loosen up rules on state aid in order to tackle looming economic recession, while some national governments are piling on the pressure for a similar amnesty on their widening budget deficits.

"These changes are justified given the exceptional economic conditions," competition commissioner Neelie Kroes told a press conference on Wednesday (17 December).

State aid rules are being loosened up for two years, competition commissioner Neelie Kroes has announced.

"But given that these are temporary circumstances, today's measures must also be temporary," she added.

Under the changes, which took effect Wednesday, governments will be able to grant direct aids and susbsidised loans of up to €500,000 without notifying the commission. This is more than double the current €200,000 threshold, above which national governments face long procedures and delays.

Governments may also offer guarantees for loans to firms at a reduced premium, as well as subsidise loans and provide risk capital aid of up to €2.5 million per company per year, rather than the €1.5 million that is currently the case.



Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 03:59:46 PM EST
[ Parent ]
EUobserver

People across Europe have a grim view of the economic outlook for 2009, according to a new survey of European Union citizens. At the same time that Europeans are worrying about their wallet, they are also fretting about recent developments in the Caucasus, with three out of five thinking the Georgian conflict could have a negative impact on the EU's energy security.

Some 60 percent of Europeans think Russia's August war with Georgia might have an impact on EU's energy security.

"The new Eurobarometer reflects the difficult times in which we currently live. Citizens are clearly very concerned by the economic crisis," Margot Wallstrom, EU commissioner for institutional relations and communication strategy said about the regular European Commission survey released on Thursday (18 December).

She in particular noted that despite growing concern about many different global issues, support for the EU has not however dropped since the spring, saying this "suggests that people see the EU as part of the solution."

More than two-thirds of EU citizens (69%) consider the situation of their national economy to be bad, a 20 percent rise since last year, while 58 percent of Europeans consider the bloc's economy as a whole to be in a bad shape - a 31 percent increase since 2007.



Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 04:00:41 PM EST
[ Parent ]

Some 60 percent of Europeans think Russia's August war with Georgia might have an impact on EU's energy security.

Yak.

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

by Jerome a Paris (etg@eurotrib.com) on Thu Dec 18th, 2008 at 05:11:58 PM EST
[ Parent ]
Obama promises to bolster financial regulation | Politics | Reuters

CHICAGO (Reuters) - President-elect Barack Obama promised on Thursday to strengthen financial regulatory agencies and crack down on runaway "greed and scheming" in an effort to restore stability to a reeling U.S. economic system.

Obama named veteran regulator Mary Schapiro as chairwoman of the Securities and Exchange Commission and Gary Gensler to head the Commodity Futures Trading Commission. The president-elect said he would charge them with leading a broad overhaul of the financial regulatory system.

"These individuals will help put in place new, common-sense rules of the road that will protect investors, consumers and our entire economy from fraud and manipulation by an irresponsible few," Obama told reporters in Chicago.



Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 04:04:20 PM EST
[ Parent ]
Barack Obama blames laissez-faire regulators for Bernard Madoff scandal | Business | guardian.co.uk

President elect Barack Obama today blamed a lack of "adult supervision" in the financial markets for scandals such as Bernard Madoff's alleged $50bn fraud and has pledged a radical overhaul to introduce smarter, tougher oversight of Wall Street.

Appointing several regulatory chiefs, including a new chairman for the Securities and Exchange Commission, Obama blamed the Bush administration's laissez-faire economic philosophy for recent mis-steps including Madoff's stunning exposure as a corrupt financier.

"There's not a lot of adult supervision out there," said Obama at a press conference in Chicago today. "Whether it's in the political world or the financial world, there's a sense that anything's going on. Whatever's good for me, I do."



Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 04:18:47 PM EST
[ Parent ]
(someone whose name I cannot recall now posted an excerpt from early Bloomberg which advanced propaganda: the merger of SEC and CFTC regulatory authority. I can't get to the comment because someone else posted a parent YouTube (w. latest Google embedded java menu) my browser cannot parse: lock-up)

This idea, "merger," is expressed explicitly in "Blueprint for a Modernized Financial Regulatory Structure" (March 2008) ...

To address this gap in information, Treasury recommends that the Federal Reserve enter into a collaborative agreement with the CFTC and the SEC that would allow the Federal Reserve to access examination information and to accomoany the SEC and the CFTC on financial examinations. While the Federal Reserve and the SEC have been working closely throughout the recent credit market events, a more formalized arrangement would contribute to the Federal Reserve's overal understanding of financial market conditions. Such an agreement would also provide useful information for the Federal Reserve'soperation of the discount window should the need to invoke broader lending authority arise in the future.  ...

It is important task for the PWG's perspective on these events. [2008: 85 - 86 "Short-term Recommendations"]

... as was eliminating OFHEO and OTS, state regulated insurers, and creating a uniform federal mortgage lending standards among other "core bank" and "primary dealer" instrumentalities.


Schapiro was head of the CFTC in the Clinton administration; Gensler is a GS alum and former Clinton Treasury secretary; and both were aboard Clinton's signature of the GLB Act. Now Tim Geithner, M&A "core bank" architect, is Obama's Treasury designee having distinguished his expertise in resolving systemic market failures, while Lockhart and Bair are being drummed out of the beltway.

"Obama Vows Regulators Will Crack Down on `Greed and Scheming' " is a frame, already being repeated in MSM broadcasts tonight, for a predetermined scheme to save institutions of financial capitalism from itself. $8T not counting $1T worth of CapEx funnelled to commercial clients.

The USA "national economy" is on the verge of institutionalizing one big, fat debt monetizing machine from the perpetual, landless poverty of its citizens. "Controlled demolition" of the old financial services industry, you read it here first (before the Putz tried it out) months ago. The policy is global. Don't be surprised when you wake up one day at a desk between cold-calls to sell fund shares of innovative, complex, structured securitizies to keep the only "retirement" plan you have vested.

I told y'all to read that shite.


Diversity is the key to economic and political evolution.

by Cat on Thu Dec 18th, 2008 at 07:14:07 PM EST
[ Parent ]
The comment you refer to is by Melanchthon in the Open Thread. Here's the money quote (my bold):

Melanchthon:

Shapiro is likely to promote an overhaul of the nation's financial-market regulations, including a possible merger of the SEC with the CFTC, which has jurisdiction over $5 trillion in trades.

That reminded me of this, re CFTC head of ten years ago, Brooksley E. Born:

What Went Wrong

When the warring parties faced off next, in the Senate Agriculture committee's hearing room July 30, 1998, it was not a neutral battleground to air their differences. Chairman Richard G. Lugar, an Indiana Republican, wanted to extract a public promise from Born to cease her campaign. Otherwise, Congress would move forward on a Treasury-backed bill to slap a moratorium on further CFTC action.

The committee had to switch to a larger room to accommodate the expected crowd of lobbyists representing banks, brokerage firms, futures exchanges, energy companies and agricultural interests, according to a Lugar aide. A dubious Lugar opened the hearing by telling Born: "It is unusual for three agencies of the executive branch to propose legislation that would restrict the activities of a fourth."

Born would not yield. She portrayed her agency as under attack, saying the Fed, Treasury and SEC had already decided "that the CFTC's authority should instead be transferred to and divided among themselves."

See my diary Logical Limits to Bubbles. Born, who followed Schapiro at the CFTC, was attempting to increase her agency's supervision of (ballooning) OTC derivatives, and was stymied by Greenspan, Levitt, and Rubin.

by afew (afew(a in a circle)eurotrib_dot_com) on Fri Dec 19th, 2008 at 03:02:49 AM EST
[ Parent ]
Pound nears €1 as budget deficit hits record high | Business | guardian.co.uk

The pound tumbled to within sight of parity with the euro today after official figures showed the government's budget deficit lurched to a record high in November.

The figures spooked the foreign exchange markets because they showed the public finances were in deep trouble even before the tax cuts announced by Alistair Darling at the end of last month, implying that the government was going to be issuing even more debt than markets had expected to cover its ballooning deficits.

The pound fell to just above 95p to the euro, equivalent to around €1.05 to the pound. Sterling was also hit by comments from Bank of England deputy governor Charles Bean suggesting that interest rates, currently at 2%, could "fall all the way to zero".



Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 04:25:18 PM EST
[ Parent ]
FT.com / Asia-Pacific - Japan cuts rates as economy falters
The Bank of Japan reduced interest rates for the second time in two months on Friday, bringing its rates within the US Federal Reserve's range after its historic move close to zero earlier in the week.

The Bank of Japan reduced its overnight call rate to 0.1 per cent from 0.3 per cent, amid a rapidly deteriorating economy. Economic woes were emphasized by the BoJ's Tankan survey of business confidence on Monday, which had its sharpest decline in more than three decades.

The BOJ also moved to increase its outright buying of Japanese government bonds to 1,400bn yen ($15.7bn) per month from 1,200bn yen. The central bank will also add floating-rate, inflation-linked, and 30-year bonds to its buying operations, and will also temporarily buy commercial paper outright.



"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Fri Dec 19th, 2008 at 02:33:03 AM EST
[ Parent ]
FT.com / Germany - D Bank faces buyer strike over bond move
Deutsche Bank is facing the prospect of a buyers' strike against its own debt and even debt it tries to sell on behalf of others as investors protest against the bank's decision not to redeem a bond deal this week.

The German bank shocked bond and equity investors - and raised fears about its own capital strength - on Wednesday when it became the first big bank to say it would not repay the €1bn ($1.42bn) bond as expected in January.

The move makes it more likely that other banks will not repay their own extendable so-called hybrid-capital bonds. Such instruments helped banks expand their balance sheets before the financial crisis and have played an important role in shoring them up since.

"We are treating this issue very seriously and are extremely disappointed with Deutsche Bank," Richard Thomson, of Henderson Global Investors, said. "They consistently led us to believe that these deals would be called and they led us to believe that it was not an economic issue but a reputational issue.

"We have told Deutsche that unless circumstances change we will not buy any Deutsche Bank new issues and have spoken to at least five other big sterling fund managers who said they will take this stance."



"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Fri Dec 19th, 2008 at 02:47:31 AM EST
[ Parent ]
Whine, whine, whine...

If they behave lika children and don't buy the debt someone else will, and those people will get a bargain at the expense of the whiners.

Peak oil is not an energy crisis. It is a liquid fuel crisis.

by Starvid (arvid.hallen at gmail.com) on Fri Dec 19th, 2008 at 10:38:29 AM EST
[ Parent ]
Japan slashes interest rates to 0.1% | Business | guardian.co.uk

The Bank of Japan today cut interest rates to 0.1% in another attempt by central banks around the world to drag the global economy out of recession.

The bank's eight board members voted 7-1 to lower the basic lending rate from 0.3% to 0.1%, following a cut from 0.5% to 0.3% at the end of October.

by Metatone (metatone [a|t] gmail (dot) com) on Fri Dec 19th, 2008 at 05:37:34 AM EST
[ Parent ]
Here's a piece I'd like to see get discussed by those with more knowledge, who are willing to read the links, and not shoot from the hip.
Are we being had?
First Piece: (Two days ago), from David Sirota on Alternet:
Did we get punked on the bailout?

As the Minneapolis Federal Reserve reports, the major claims about a credit crisis that justified Congress cutting a trillion-dollar blank check to Wall Street were demonstrably false. And new data and reports show they remain demonstrably false.

For instance, take a look at line 1 and line 5 of this December Federal Reserve report on bank lending. That's right -- you see no significant decrease in lending, and in some cases, an increase. Interbank lending has dropped some, but certainly not at the crisis levels the Bush administration and banks claimed.

Then take a look at this story from Reuters, recounting a big report from a widely respected financial analysis firm:

    "The credit crunch is not nearly as severe as the U.S. authorities appear to believe, and public data actually suggest world credit markets are functioning remarkably well, a report [from Celent consulting] released on Thursday says. ... The report, much of which is based on U.S. Federal Reserve data, challenges a long list of assumptions one by one, arguing that there is indeed a financial crisis but that, on aggregate, the problems of a few are by no means those of the many when it comes to obtaining credit.

    "It is startling that many of (Federal Reserve) Chairman (Ben) Bernanke and (Treasury) Secretary (Henry) Paulson's remarks are not supported or are flatly contradicted by the data provided by the very organizations they lead," said the report.

Second piece, yesterday, from Firedoglake:
Lies, Damned lies, and Bank assets and liabilities

Lies, Damn Lies, and Bank Assets and Liabilities
By: Ian Welsh Thursday December 18, 2008 6:30

Net Bank Assets2
Recently David Sirota's been linking to a Fed report that is skeptical of the public justification of the bailout.  The entire report is worth reading, but what it basically says is that interbank lending wasn't frozen, that if LIBOR rates were a bit high, they weren't all that high, that consumer credit was still being issued and that corporations, on aggregate (there are some individual exceptions) were able to borrow money, as of the time of the bailout.

The charts in the back of the report don't entirely, in my opinion, support their argument, though they mostly do. In particular there is a huge 200 billion dollar drop in commercial paper outstanding from Sept 10th to October 8th, from about 800 billion to 600 billion. That's 25% of the market that dried up.  With a slight lag, there is a huge spike in 90 day commercial paper rates for non AA, non-financial paper from 3% to 6%, with smaller increases in AA paper.

Interbank Lending v.2

However, in general they're right, based on publicly available data, something odd is going on--there shouldn't be a crisis.  Take a look at the top chart above, showing net assets.  It's not that unhealthy (the late spike, I think, is when Paulson forced money down the banks' throats).  Then take a look at the next chart -- interbank lending.  It peaks in October, then collapses, hitting its lowest rate November 26th.  The total collapse is about 27%, in a period of about two months.  And bear in mind that the bailout bill was proposed in late September.  As of the point when Paulson proposed the bailout, there wasn't a very large decline in interbank lending.

But then look at the third chart: Bank Credit.  That's the total outstanding loans and securities held.  Sure, it peaks in October, but the decline isn't precipitous by any means.  In fact, if you pull out the components, what you find is that loans and leases (the 4th chart) have declined, from their peak in October, by about 57 billion.  And again, as of the time of the bailout proposal, they were still rising.

Bank Credit v2

What's this all mean?  Two things.  First, according to the official data, the main issues are interbank lending and short term commercial paper.  There is not a general tightening of credit to the real economy.

Second: the official numbers are probably not real.  Here's the problem.  Net assets are just fine, yet banks are failing.  Citigroup had to get hundreds of billions of dollars of loan guarantees and folks in the know generally assume that many banks are functionally bankrupt.  The assets on banks' books have not been properly marked to market or even to income.  (If a loan has an income stream I'm happy to book it based on the present value of that income stream, discounted by the expected failure rate of an asset with that level of return.)  

Loans and Leases v2.

But, right now, except to each other, and with the exception of commercial paper, credit is still operating, in aggregate.  The fact that banks won't lend to each other suggests, in part, that they know that each other's books are cooked.  After all, they know what they have on their balance sheets, listed at mark to model (aka: mark to fantasy) and they know other banks have the same crap on their sheets.

The Fed and the Treasury together have spent, loaned, and guaranteed in excess of 8 trillion dollars at this point.  That's more than the entire loans and leases portion of the domestic banking industry.  Given the net assets of the banking industry are only about 1.3 trillion dollars, for a fraction of that price, they could have bought out the entire banking industry.

The problem, then, is that we don't know how large the hole is.  According to the banks, there is no hole.  On aggregate, they are healthy, indeed their net assets position is healthier than it has been in ages.  So either the bailout was a complete scam, when more targeted actions by the Fed would have worked, or the balance sheets are a lie.

I'm going with both.

From my rather shaky knowledge base in bankspeak, this looks like a fairly persuasive case.


Grabbing what you can, as John Ruskin said, isn't any less wicked when you grab it with the power of your brains than with the power of your fists.

by geezer in Paris (risico at wanadoo(flypoop)fr) on Fri Dec 19th, 2008 at 06:48:18 AM EST
[ Parent ]
I think the detailed reply here, linked by Sargon when you posted this previously, has answers to all the doubts.

*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.
by DoDo on Fri Dec 19th, 2008 at 07:30:49 AM EST
[ Parent ]
I read the link then:  my interest here is to get viewpoints that are less directly involved in the events under discussion.

Grabbing what you can, as John Ruskin said, isn't any less wicked when you grab it with the power of your brains than with the power of your fists.
by geezer in Paris (risico at wanadoo(flypoop)fr) on Wed Dec 24th, 2008 at 03:05:26 PM EST
[ Parent ]
geezer in Paris:
Given the net assets of the banking industry are only about 1.3 trillion dollars, for a fraction of that price, they could have bought out the entire banking industry.

'only give me a lever(age), and i will move the world'

archimedes.

"Two wrongs don't make a right, but three lefts do." Jim Hightower

by melo (melometa4(at)gmail.com) on Fri Dec 19th, 2008 at 06:14:45 PM EST
[ Parent ]
Here is a diary from bonddad about it:

We Weren't Punked; There is A Severe Financial Crisis

"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char

by Melanchthon on Sat Dec 20th, 2008 at 02:30:38 PM EST
[ Parent ]
We were punked, a severe financial crisis ensued, and then we were punked again which will just make it worse.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
by Migeru (migeru at eurotrib dot com) on Sat Dec 20th, 2008 at 02:39:46 PM EST
[ Parent ]
Thanks. Good diary.

Grabbing what you can, as John Ruskin said, isn't any less wicked when you grab it with the power of your brains than with the power of your fists.
by geezer in Paris (risico at wanadoo(flypoop)fr) on Wed Dec 24th, 2008 at 02:56:56 PM EST
[ Parent ]
Op-Ed Columnist - The Madoff Economy - NYTimes.com
The revelation that Bernard Madoff -- brilliant investor (or so almost everyone thought), philanthropist, pillar of the community -- was a phony has shocked the world, and understandably so. The scale of his alleged $50 billion Ponzi scheme is hard to comprehend.

Yet surely I'm not the only person to ask the obvious question: How different, really, is Mr. Madoff's tale from the story of the investment industry as a whole?

The financial services industry has claimed an ever-growing share of the nation's income over the past generation, making the people who run the industry incredibly rich. Yet, at this point, it looks as if much of the industry has been destroying value, not creating it. And it's not just a matter of money: the vast riches achieved by those who managed other people's money have had a corrupting effect on our society as a whole.



"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Fri Dec 19th, 2008 at 08:52:29 AM EST
[ Parent ]
A Paul Krugman op-ed.

(General note for Salons: I think the authors of op-eds should always be indicated.)

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

by DoDo on Fri Dec 19th, 2008 at 08:59:52 AM EST
[ Parent ]
Paul Krugman - The Madoff Economy - NYTimes.com
Now, as we survey the wreckage and try to understand how things can have gone so wrong, so fast, the answer is actually quite simple: What we're looking at now are the consequences of a world gone Madoff.

Bold mine.

"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Fri Dec 19th, 2008 at 09:28:08 AM EST
[ Parent ]
A world gone Rand, and Friedman, and Greenspan and Reagan and Thatcher.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
by Migeru (migeru at eurotrib dot com) on Fri Dec 19th, 2008 at 09:31:57 AM EST
[ Parent ]
"Money makes the World go Rand, the World go Rand, the World go Rand...""

"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Fri Dec 19th, 2008 at 09:36:45 AM EST
[ Parent ]
between made-off and kash-kari it's going all gilbert and sullivan...

mind-warp!

the clues were coming thick and fast...

did even End-run make off with that much moolah?

"Two wrongs don't make a right, but three lefts do." Jim Hightower

by melo (melometa4(at)gmail.com) on Fri Dec 19th, 2008 at 06:39:01 PM EST
[ Parent ]
WORLD

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by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 03:49:42 PM EST
BBC NEWS | World | Africa | Rwanda genocide mastermind jailed

Former senior defence official Theoneste Bagosora has been convicted of instigating Rwanda's 1994 genocide and sentenced to life in prison.

Bagosora and two co-defendants were found by a UN tribunal to have led a committee that plotted the massacre of ethnic Tutsis and moderate Hutus.

It is the first time the Rwanda tribunal has convicted anyone of organising the killings.

More than 800,000 people were killed in Rwanda's genocide.

Along with Bagosora, former military commanders Anatole Nsegiyumva and Alloys Ntabakuze were also found guilty of genocide, crimes against humanity and war crimes, and given life sentences.



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by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 03:54:40 PM EST
[ Parent ]
BBC NEWS | World | Africa | Zimbabwe cholera outbreak widens

Zimbabwe's cholera epidemic continues to spread and has now claimed 1,111 lives among 20,581 cases since August.

Latest UN figures include a new outbreak of hundreds of cases in Chegutu, near the capital Harare, which has been worst hit by the disease.

Aid agency Oxfam has launched a £4m ($6.2m) appeal to tackle the epidemic and acute food shortage in Zimbabwe.

It comes as the ruling Zanu-PF holds its annual conference, with a minister saying the party is "united".



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by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 03:55:06 PM EST
[ Parent ]
BBC NEWS | World | Africa | Zuma sues South Africa cartoonist

South Africa's ruling party leader Jacob Zuma is suing a cartoonist for $712,300 (£464,200) for a controversial drawing of him published in September.

In the Sunday Times newspaper cartoon, Jonathan Shapiro draws Mr Zuma about to rape the "justice system".

It appeared at a time when Mr Zuma was facing a corruption trial, which was later dismissed on a technicality. He was acquitted of rape in 2006.



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by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 03:55:27 PM EST
[ Parent ]
Posted by Nomad (click for diary):

by afew (afew(a in a circle)eurotrib_dot_com) on Fri Dec 19th, 2008 at 03:12:54 AM EST
[ Parent ]
Zuma has sued Shapiro close to ten times now, and many cases against him have been dropped one after the other by the Zuma team in covert silence. Not one case against Shapiro has actually gone to court.

It's mostly about Zuma getting into the limelight - another chance to be portrayed as "I'm unfairly being picked upon". Then drop the case silently, and sue Shapiro for another of his more outrageous cartoons.

by Nomad on Fri Dec 19th, 2008 at 08:53:59 AM EST
[ Parent ]
BBC NEWS | World | Americas | Guantanamo closure plan ordered

US Defense Secretary Robert Gates has ordered plans to be drafted for the closure of the Guantanamo Bay detention centre, the Pentagon says.

A team was looking at moving inmates from the facility in a way that continued to protect the American people, a spokesman said.

About 250 detainees remain in the controversial camp in Cuba.

US President-elect Barack Obama says closing the camp "in a responsible way" is one of his top priorities.

Mr Obama takes office on 20 January.

Pentagon spokesman Geoff Morrell said Mr Gates - who is to retain his position in the new administration - had wanted to be prepared in case Mr Obama wished to tackle the issue "early in his tenure".



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by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 03:56:21 PM EST
[ Parent ]
BBC NEWS | World | Americas | Cuba seeks prisoner deal with US

Cuban President Raul Castro has suggested he would release political prisoners as a "gesture" with the US.

Speaking during a trip to Brazil, Mr Castro said: "Let's do gesture for gesture," essentially a call for the US to release five Cubans in its custody.

The five were convicted in 2001 for spying on Cuban exiles, but are considered heroes in Cuba.

US President-elect Barack Obama has said some restrictions on Cuba could be eased after he takes over in January.

Mr Obama has said that he would lift restrictions on family travel and remittances to Cuba, but maintain the US trade embargo to press for changes in the Communist-run country.



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by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 03:56:49 PM EST
[ Parent ]
BBC NEWS | World | Middle East | Iraqi shoe-thrower 'apologises'

The Iraqi journalist who threw his shoes at US President George W Bush has apologised to Iraqi PM Nouri Maliki, the prime minister's office says.

Local TV reporter Muntader al-Zaidi wrote a letter to Mr Maliki asking for forgiveness over his "ugly act", prime minister's spokesman Yasin Majeed said.

Mr Zaidi has been in custody since he threw shoes and shouted insults at Mr Bush during Sunday's news conference.

His actions have made him a hero in some quarters of the Arab world.

Iraqi officials have described the incident as shameful.

Mr Zaidi has been charged with "aggression against a president", which carries a prison sentence of up to 15 years.



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by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 03:57:18 PM EST
[ Parent ]
Iraqi journalist says sorry for throwing shoes at George Bush | World news | guardian.co.uk

An Iraqi journalist who threw his shoes at George Bush has publicly apologised and asked the Iraqi prime minister, Nouri al-Maliki, to forgive him, Iraqi officials said today.

Muntazer al-Zaidi said in a letter that his "big ugly act cannot be excused," said Yasin Majeed, Maliki's media adviser.

In a plea for clemency, Zaidi added: "I remember in the summer of 2005, I interviewed your excellency and you told me, 'Come in, this is your house.' And so I appeal to your fatherly feelings to forgive me."



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by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 04:18:13 PM EST
[ Parent ]
I wonder how many toenails that took?

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid (arvid.hallen at gmail.com) on Fri Dec 19th, 2008 at 10:40:18 AM EST
[ Parent ]
BBC NEWS | World | South Asia | Mumbai 'scout' suspects in court

Two suspected militants have appeared in court in Mumbai amid an investigation into whether they scouted for those who attacked the city.

Indian nationals Fahim Ansari and Sabauddin were transferred from Uttar Pradesh state, where they are being held in separate cases.

The magistrate gave Mumbai (Bombay) police custody until 31 December.

Fahim Ansari was arrested early this year allegedly carrying maps with details of Mumbai landmarks.



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by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 03:58:11 PM EST
[ Parent ]
BBC NEWS | World | Middle East | Gaza groups will not renew truce

Palestinian militant groups in Gaza say they are not expecting a six-month ceasefire with Israel which expires on Friday to be renewed.

The Egyptian-brokered deal began on 19 June but has been tested regularly by Palestinian rocket attacks on Israel and Israeli operations in Gaza.

Israel has said it is in favour of renewing the truce.

The Islamist militant group Hamas says Israel failed to ease its blockade on the Gaza Strip.

Israeli officials insist they never made a commitment to do so.

Both sides have accused the other or regularly infringing the truce.



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by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 03:58:53 PM EST
[ Parent ]
Hilda Solis looks to become the Secty of Labor.  This is a very good appointment, she is very left for the USA, a member of the Progressive Caucus, and got a 100% rating from the Americans for Democratic Action.  Now, we have at least one person on board whom I really support.  We'll see if she can make herself heard.

"I said, 'Wait a minute, Chester, You know I'm a peaceful man...'" Robbie Robertson
by NearlyNormal on Thu Dec 18th, 2008 at 04:19:29 PM EST
[ Parent ]
Yipee, I got my TribExt to work again! Let me celebrate with a bilingual column...

You remember from two days ago: after US generals publicly praised the intelligence input of two German agents who held out in Baghdad during the invasion, current foreign minister (and then overseer of secret services) Frank-Walter Steinmeier was again called before a parliamentary committee. That was today -- here is his, by his standards, quite sharp reaction:

BND-Agenten im Irak-Krieg: Steinmeier wehrt sich gegen "vergiftetes" US-Lob - SPIEGEL ONLINE - Nachrichten - Politik BND agents in the Iraq War: Steinmeier fends himself against "poisoned" US praise - SPIEGEL ONLINE - News - Politics
Und die Aussagen der hochrangigen US-Militärs, die gegenüber dem SPIEGEL erklärten, dass die Arbeit der Deutschen am Boden "extrem wichtig", ja sogar "unbezahlbar" gewesen sei? Ein "vergiftetes Lob", aus dem Pentagon, erregte sich Steinmeier. Einige Stunden zuvor hatte auch schon Steinmeiers Vorgänger im Auswärtigen Amt, Joschka Fischer (Grüne) von "Küssen voller Gift" gesprochen.And the statements of senior U.S. militarymen, who declared to SPIEGEL that the on-ground work of the Germans was "extremely important" or even "priceless"? A "poisoned praise" from the Pentagon, Steinmeier says, getting agitated. A few hours earlier, Steinmeier's predecessor in the Foreign Office, Joschka Fischer (Greens) already spoke of "kisses full of poison".
Mir den Aussagen von US-Generälen sollten offenbar "alte Rechnungen" beglichen werden, sagte Steinmeier, der 2003 als Kanzleramtschef für die Geheimdienste zuständig war. Es sei eine "irrwitzige Vorstellung", dass zwei BND-Agenten maßgeblich die Entscheidungen "der modernsten Militärmaschine der Welt" hätten beeinflussen können. "Deutschland soll für die Fehler des Krieges nachträglich in Mithaftung genommen werden", sagte der Minister. Dann ergänzte er noch an die Adresse des Koalitionspartners: Sollte der Ausschuss der "Vorbereitung des Wahlkampfs" dienen, wäre er "dafür der falsche Ort".The statements of U.S. Generals were obviously meant to settle "old scores", told Steinmeier, twho was responsible for secret service activity as the chief of the Chancellor's Office. It is an "insane conception" that two BND agents would be able to have operative influence over the decisions "of the most modern military machine of the World". "Germany is to be taken into co-liability for the errors of the war after the fact," said the minister. Then he supplemented towards the address of the coalition partner [CDU/CSU]: Should the Committee serve the "preparation of the electoral campaign", it would be "the wrong place for that".

Steinmeier's defense is, basically:

  • the agents were left behind so that Germany has independent sources, especially about WMD issues,
  • he denies any collection of intel on targets,
  • the aim of giving intel to the Americans was the protection of diplomatic sites and hospitals, but (he told after it was pointed out that other intel got to the US too) they just gave everything they had.

I'm not sure how much of this is true, but one should definitely ask oneself about the motivation of the generals' statements -- why this way, why all rhetoric no specifics, why now.

For context: Steinmeier is the SPD's chancellor candidate in the 2009 elections.

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

by DoDo on Thu Dec 18th, 2008 at 04:56:54 PM EST
[ Parent ]
My god, the German media is even sillier than Swedish media.

So, the Germans helped the Americans a little with intelligence? What's the big deal? They certainly got something in return, or will get something in the future. That's the world of intelligence gathering. The German journalists should come down from their high horses.

Peak oil is not an energy crisis. It is a liquid fuel crisis.

by Starvid (arvid.hallen at gmail.com) on Fri Dec 19th, 2008 at 10:42:57 AM EST
[ Parent ]
Sigh...

I guess you should debate that with your ideological brothers in the CDU, who played a strong role in the parliamentary hearing that is the subject of the above news.

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

by DoDo on Fri Dec 19th, 2008 at 03:11:08 PM EST
[ Parent ]
THIS, THAT, AND THE OTHER

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by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 03:50:09 PM EST
BBC SPORT | Cricket | International Teams | India | India pull out of Pakistan tour

India have pulled out of next year's planned cricket tour of Pakistan in the wake of November's attacks in Mumbai after receiving government advice.

They were due to arrive in Pakistan on 4 January for three Tests, five one-day games and a Twenty20 international but the Indian government stepped in.

Pakistan Cricket Board spokesman Salim Altaf conceded: "It was a decision neither in their nor in our hands."



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by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 03:57:44 PM EST
[ Parent ]
The Great Debate » Debate Archive » Electric cars will not cure environmental woes | The Great Debate |

The world is falling in love with plug-in hybrids and all-electric cars. President-elect Obama wants to put 1 million on the road by 2015. GM features them, particularly the Chevy Volt, in its new business plan for a debut in 2010. The EU wants them to shrink greenhouse gas emissions in 2020 by 20% from 1990 levels. This week the Chinese auto company BYD began selling the world's first commercially-available plug-in hybrid sedan.

No matter that these cars are not widely available; that they are priced far above traditional models; that many have a short range, making them useful only for local trips; that batteries may be prone to catching fire; and that many motorists park on the street, where charging is impractical.

For some, these issues pale in importance to saving the planet from harmful emissions of carbon, sulfur dioxide and nitrogen dioxide--all of which are released from internal combustion engine vehicles. If battery powered cars reduce emissions, environmentalists argue, they should be produced and consumers should be enticed to buy them.

But whereas electric cars don't pollute when they're running on batteries, they're not pollution-free. Making the lithium-ion batteries is pollution-intensive and recharging the batteries uses electricity. And most electricity generation, from coal- and gas-fired power plants, still causes pollution.



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by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 04:03:32 PM EST
[ Parent ]
Mafia boss kills himself after arrest - Europe, World - The Independent

A suspected mafia leader whose indiscretions on the telephone prompted Italian police to launch one of its biggest operations against organised crime in Sicily hanged himself in his prison cell on Tuesday night, hours after being arrested.

Gaetano Lo Presti, 52, is alleged to have been one of two people believed to be the new leaders of the Sicilian Mafia - or Cosa Nostra. He had been running cells in the Porta Nuova area of Palermo since last year and had become one of the most powerful gangsters on the island. He was deeply involved in the organisation's decision to try to forge a new power structure after the arrest of the head mobster, Bernardo Provenzano, in 2006



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by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 04:13:19 PM EST
[ Parent ]
knew too much dept.

"Two wrongs don't make a right, but three lefts do." Jim Hightower
by melo (melometa4(at)gmail.com) on Fri Dec 19th, 2008 at 06:40:05 PM EST
[ Parent ]
Cabbage-patch revolutionaries? The French 'grocer terrorists' - Europe, World - The Independent

They are brilliant ex-students from bourgeois families who live in a farm commune in the green, empty, centre of France. To the delight of local people, they have revived the defunct village shop and bar. They are also, according to the French Interior Minister, "ultra-leftist-anarchist" subversives, members of an "invisible committee" plotting the violent downfall of capitalism.

Since nine of the alleged "terrorist grocers" were arrested one month ago, severe doubts have surfaced about the French government's allegations. Villagers at Tarnac in Corrèze in south-west France and parents of the suspects have campaigned for the investigation against the so-called "Tarnac Nine" to be dropped. The whole notion of an "ultra-left" terrorist threat is an absurdity, they say: the convenient fantasy of an "authoritarian", centre-right government.



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by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 04:14:42 PM EST
[ Parent ]
Cedric, the great hope for Tasmanian devils, is sick - Australasia, World - The Independent

He was supposed to be the saviour of his species, but now a Tasmanian devil named Cedric has contracted the deadly facial tumour that has brought the creatures to the brink of extinction.

Scientists struggling to conserve the carnivorous marsupials had pinned their hopes on Cedric, who appeared to be immune to the highly contagious, disfiguring viral disease. For the past two years, he had produced antibodies when injected with dead and live facial tumour cells. But this week Cedric tested positive for DFTD (devil facial tumour disease). They had hoped to start a breeding programme to propagate his mix of genes but his love life has been put on hold.



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by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 04:15:58 PM EST
[ Parent ]
Legal move to crack down on climate protesters | Environment | The Guardian

The attorney general is considering asking the courts to clamp down on high-profile, direct-action protests on issues such as climate change, the Guardian can exclusively reveal.

Six Greenpeace protesters, who were acquitted in September of criminal damage for their demonstration at the Kingsnorth coal-fired power station in Kent, now face having their case referred to the court of appeal in what is believed to be an attempt to increase convictions for direct-action protests.



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by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 04:21:34 PM EST
[ Parent ]
Does anyone remember when the UK was a free country ?

Okay, we ain't Burma, nothing like, but I really don't like the direction we're going in. Ever since the miner's strike the police have been politicised. Section 27 (terror law) arrests of football fans and peace protesters is pretty much a standard technique now, and these aren't even legal. But being discharged by a judge 6 months on doesn't actually make up for the denial of a right to protest. ID cards ? Protest exclusion zones around Westminster (ie everywhere within M25) ?

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Fri Dec 19th, 2008 at 08:05:02 AM EST
[ Parent ]
Chilling developments in Dubai | Environment | The Guardian

There will surely come a day when Dubai runs the world's reserves of hyperbole dry. But in the meantime, we continue to draw a sharp intake of breath each time a new construction project is announced. We have had ski domes built in the desert, seen vast artificial islands rise from the sea and watched several structures vying for the title of world's tallest building. Dubai represents the will, vision and ambition of our species. Yet many believe it shines an unflattering light on our tendency for folly and hubris, too.

This week, it was reported that the Palazzo Versace hotel - the Emirate's latest offering for those still in the market for exorbitant luxury - will boast, when completed in 2010, a refrigerated 820sq metre swimming pool and a beach with artificially cooled sand to protect its guests from the excesses of a climate that can see summer temperatures exceeding 50C. Wind machines will even be on hand to provide a gentle breeze.



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by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 04:22:11 PM EST
[ Parent ]
I can't get away from the mental image than one day, some day, these towers will be toppled by some Jihad (and it doesn't need to be an Islamic Jihad; a Butlerian Jihad would also do)

*Traitor*, n.
A benighted individual who perceives an illusory distinction between serving his nation and abetting the criminals who govern it.
by DoDo on Thu Dec 18th, 2008 at 05:06:26 PM EST
[ Parent ]
Everything about that whole development is obscene and if I believed in karma I have no doubt there'd be a massive load of bad karma coming back to land on a number of people.

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by In Wales (inwales aaat eurotrib.com) on Fri Dec 19th, 2008 at 02:39:54 AM EST
[ Parent ]
In Wales:
a massive load of bad karma coming back to land on a number of people

Bad karma, possibly: bad debt, certainly.

Modern conservatives engage in one of man's oldest exercises in moral philosophy: the search for a superior moral justification for selfishness.Galbraith

by ChrisCook (cojockathotmaildotcom) on Fri Dec 19th, 2008 at 04:35:45 AM EST
[ Parent ]
Having been there, I rather see these towers run out of energy and maintenance in a deserted city and slowly decay in the sandstorms, eventually ending as shelters for wild goats...

"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Fri Dec 19th, 2008 at 05:47:05 AM EST
[ Parent ]
KLATSCH

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by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 03:50:36 PM EST
George Bush serves up a Christmas video starring Barney the dog | News | guardian.co.uk
As we contemplate whether George W Bush has been the worst US president in history, he makes it easier for us to decide by serving up another turkey.


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by In Wales (inwales aaat eurotrib.com) on Thu Dec 18th, 2008 at 04:20:37 PM EST
[ Parent ]
I'd seen this already - I'm sure I've also seen it tagged somewhere as satire.

If it isn't satire, it's a rare insight into the mind of the man himself - incoherent, stilted, sappy, and hallunicogenically strange.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Thu Dec 18th, 2008 at 04:52:03 PM EST
[ Parent ]


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