European Tribune

European Salon de News, Discussion et Klatsch - 27. September

by Fran
Fri Sep 26th, 2008 at 04:13:57 PM EST

On this date in history:

1871 - Grazia Deledda, an Italian writer whose works won her a Nobel Prize for Literature in 1926, was born. (d. 1936)

More here and here


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EUROPE
by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:14:34 PM EST
EU Agrees New Guidelines on Immigration | Europe | Deutsche Welle | 25.09.2008
The European Union's interior ministers agreed Thursday on common principles guiding the way member states manage the influx of non-EU nationals. But a Blue Card scheme for skilled migrants is still on hold.

The immigration and asylum pact, which is due to be formally adopted by EU leaders at their October 15-16 summit, seeks to improve the management of legal immigration, tighten controls on illegal immigrants and construct a common asylum policy.

"The aim of the pact is to avoid the two obvious potential pitfalls: the creation of a European fortress, and the total opening up to illegal immigration," said French Interior Minister Brice Hortefeux, who was chairing the interior ministers' meeting.

But critics argue that the final, watered-down version agreed by ministers in Brussels on Thursday is ineffective and gives too great a voice to national governments. For instance, the pact calls on EU countries to attract more highly skilled workers from outside the bloc. But it leaves governments with the power to decide who and how many of them should be admitted in their own countries.

by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:16:38 PM EST
[ Parent ]
For instance, the pact calls on EU countries to attract more highly skilled workers from outside the bloc. But it leaves governments with the power to decide who and how many of them should be admitted in their own countries.

Thats a bad thing? (??)

by Trond Ove on Fri Sep 26th, 2008 at 04:43:17 PM EST
[ Parent ]
because in that case it's no longer a EU policy, it's just each country on its own without any coherence or consistency - and yet the people can then travel within the Schengen zone, for instance, without restriction.

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (jeromeguillet@yahoo.fr) on Sat Sep 27th, 2008 at 04:16:21 AM EST
[ Parent ]
Following the attack on Italian immigration laws yesterday, the Vatican strongly criticized the EU on immigration policy.
by de Gondi (publiobestia aaaatttthotmaildaughtusual) on Sat Sep 27th, 2008 at 06:04:01 AM EST
[ Parent ]
Disenchanted Austrian Voters Could Turn to Far Right | Europe | Deutsche Welle | 26.09.2008
Fed up with government bickering and growing economic uncertainty, Austrian voters could hand the far right big gains in general elections on Sunday.

If opinion polls prove correct, the Austrian far-right may notch large gains in general elections on Sunday, Sept 28.

Austria's voters appear to be fed up with rising inflation (at 3.9 percent, a 15-year high), poor integration of the country's large immigrant population, and the inability of the current government to do much about either.

The combined poll numbers of Austria's two far right-parties, the Freedom Party and the Alliance for Austria's Future are hovering around 25 percent. That would represent the best draw for the Austrian far-right since 1999, when then-Freedom Party (and now Alliance) leader Jörg Haider stunned Europe by garnering 27 percent.

by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:16:56 PM EST
[ Parent ]
Austrian Elections: The Populist and His Protégé - SPIEGEL ONLINE - News - International

Jörg Haider used to be Austria's far-right scourge, the populist who could win elections. Now Heinz-Christian Strache, his former protégé, has stepped into his shoes. The two men hate each other, but dissatisfaction among Austrian voters this Sunday could give them unprecedented power.

 "Now it is about us Austrians:" A woman stands in front of an election banner of the Freedom Party in Vienna. Outside, the late summer has brought one last bout of sweltering temperatures to the Austrian city of Klagenfurt. But inside the convention center, the state of Carinthia has thrown a party for itself. A trade show devoted to wood products has just opened. Industry officials are giving remarks. The economics minister has traveled to Klagenfurt from Vienna, and even the bishop is there.

Finally, the state's governor steps up to the microphone, sporting a dark tan, smiling with his bright white teeth and wearing a traditional jacket he normally wears at such events. Jörg Haider reports that his state is home to "fantastic manufacturing companies" and that more than 12,000 new jobs have been created. Carinthia is pulling itself up from the bottom of the heap. It's a model for Austria's future. That, at least, is Haider's message.

by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:19:49 PM EST
[ Parent ]
Austria's far right set for comeback in Sunday's elections - EUobserver

Austria is having a bout of deja-vu, as the far right may win enough votes to become a junior coalition member in the country's national elections on Sunday (28 September). Austria will also be the first EU country where teenagers over 16 will cast their ballots.

Following the break-up of the grand coalition between the centre-left Social-Democratic Party (SPO) and the centre-right People's Party (OVP), the early elections due on Sunday are hardly likely to solve the deadlock, with each of these parties plunging below 30 percent in the latest polls, while far right parties are catching up in the surveys, suggesting that they could become a potential coalition partner.

Jorg Haider still dreams of being Austria's chancellor.

Back on the billboards is the controversial Jorg Haider, whose right-wing party became a junior coalition member with OVP in 2000, causing an EU-wide outcry and isolating Austria for some months from the international scene.

Though leader of a minor party, the Alliance for the Future of Austria (BZO), Mr Haider dreams of becoming Austria's next chancellor, while the latest polls suggest he might win eight percent of the votes on Sunday, thus doubling the current seats his party holds in the national parliament.

by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:24:05 PM EST
[ Parent ]
Austria opens the polls to 16-year-olds - Europe, World - The Independent

Austria becomes the first country in the European Union to grant its 16-year-olds the right to vote in a general election this weekend but the move has provoked widespread controversy and criticism, even from the teenagers heading for the ballot box for the first time.

The new law lowering the voting age from 18 to 16 was passed last year by Austria's grand coalition government of conservatives and Social Democrats. It was expected to be used for the first time in polls scheduled for 2010, but the governing coalition was consumed by infighting and collapsed in July. And 200,000 new Austrian voters aged 16 and 17, now have a chance to vote on Sunday.

The move is designed to offset what is seen as a demographic imbalance caused by the Alpine state's rapidly ageing population. Last year Austria's 65-year-olds exceeded the number of 15-year-olds in the country. However, critics have argued that given the snap elections, the youngsters have not had enough time to prepare themselves as a result. And some of the would-be voters - who can purchase beer and wine even though they cannot drive or do military service - concur.

"I don't agree with the idea of teenagers of my age being given the right to vote," said Julia Tauschek, a 16-year-old high school pupil from the Austrian town of Linz yesterday. "We simply don't know enough about politics and we are not taught much about them at school either."

by Fran (fran at eurotrib dot com) on Sat Sep 27th, 2008 at 01:47:54 AM EST
[ Parent ]
I wonder how this will work out?!
by Fran (fran at eurotrib dot com) on Sat Sep 27th, 2008 at 01:48:15 AM EST
[ Parent ]
I hope we get some breakdowns of how the new voters voted in the results.
by Metatone (metatone [a|t] gmail (dot) com) on Sat Sep 27th, 2008 at 04:34:33 AM EST
[ Parent ]
It would be useful. Start with the articles you've already provided here, and ETers will add the results as they come in...

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (jeromeguillet@yahoo.fr) on Sat Sep 27th, 2008 at 06:05:28 AM EST
[ Parent ]
Depends if they can vote through Facebook or not... ;-)
by ChrisCook (cojockathotmaildotcom) on Sat Sep 27th, 2008 at 08:19:50 AM EST
[ Parent ]
European Parliament Backs Car CO2 Laws in Dramatic U-Turn | Europe | Deutsche Welle | 26.09.2008
A key European Parliament committee has given its backing to strong European Union limits on the amount of carbon dioxide (CO2) new cars should emit in a dramatic turnaround from the expected result.

The decision on Thursday, Sept. 26, was greeted with delight by environmental groups, with Greenpeace praising the parliament's environment committee for "warding off disaster" and Brussels-based group Transport and Environment (T&E) saying that parliamentarians had "stood up to enormous pressure" from lobbyists.

Car industry disappointed

But it was met with dismay by auto lobbies and politicians, with the association of European car manufacturers, ACEA, saying that the committee had "given the wrong signal" and "missed the opportunity to shape a realistic framework" for development.

Guenther Beckstein, conservative premier of the German state of Bavaria, which is home to major manufacturers BMW and Audi, said in a statement that "the anti-industry decision by the socialist majority in the committee endangers thousands of jobs (and) must be corrected" by the full parliament and the council of EU states.

by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:17:12 PM EST
[ Parent ]
MEPs stick with strong line on CO2 emissions from cars - EUobserver

EUOBSERVER / BRUSSELS - In a surprise vote, deputies in the European Parliament's environment committee have put car manufacturers on the back foot, not only endorsing European Commission proposals for restricting carbon dioxide emissions from cars by 2012, but by proposing a second, deeper target for reductions by 2020.

A secondary target for car emissions reductions by 2020 was added to the bill

The bill would force car firms to cut the average emissions of CO2 in new cars to 130 grams per kilometre by 2012 - a reduction of some 24 percent on the average 158 grammes of CO2 per kilometre cars emit today.

Companies that do not meet the 130g target would be fined €20 per gramme per kilometre over the limit in 2012, a sum that would increase to €95 by 2015.

The car industry, in particular German manufacturers, who produce much heavier, more polluting vehicles than their French and Italian counterparts, which had spent enormous effort in trying to dilute the commission's proposals, was effectively rebuffed by the vote.

by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:18:15 PM EST
[ Parent ]
German manufaturers have quickly adapted to the French feebate system (linked to carbon emissions: there is a tax for cars above 160g/km, and a rebate for cars below 130g/km) and are not the last to tout their super clean engines and models...

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (jeromeguillet@yahoo.fr) on Sat Sep 27th, 2008 at 06:06:57 AM EST
[ Parent ]
MEPs to ask Congress about US funding for Irish No vote - EUobserver

EUOBSERVER / BRUSSELS - The European Parliament's delegation to the US will on its next trans-Atlantic visit ask Congress about allegations that the Irish anti-Lisbon Treaty campaign was funded out of America.

The parliament's political group leaders - the "conference of presidents" - made the decision on Thursday (25 September) following calls for transparency by the Irish and French governments and the European Commission.

Ireland rejected the treaty in June, but the battle is now heating up for the European elections

The move also comes after Declan Ganley - an Irish businessman with US interests who ran the prominent No-vote lobby, the Libertas group - admitted loaning it €200,000 of his own money. Under Irish rules, donations must be capped at €6,348.

The conference of presidents decided not to set up its own commission of enquiry, leaving any investigation to Ireland's Standards in Public Office Commission (SIPO). But the parliament's administration will "regularly and closely monitor the situation."

by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:17:41 PM EST
[ Parent ]
Can an 'And therefore we must hold the election again' be far behind?
by ThatBritGuy (thatbritguy (at) googlemail.com) on Fri Sep 26th, 2008 at 07:21:50 PM EST
[ Parent ]
Brussels aims for EU-wide internet by 2010 - EUobserver
The European Commission is keen to have fast internet access for all EU citizens by 2010, with a communication on the project due in 2009, PAP reports. "Fast internet connections are a passport to the information society and a condition of economic growth," information commissioner Reding said.
by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:18:38 PM EST
[ Parent ]
'Laissez-faire' capitalism is 'finished,' says France - EUobserver

Both France and Germany on Thursday (25 September) said the current financial crisis would leave important marks on the world economy, with French president Nicolas Sarkozy declaring that the under-regulated system we once knew is now "finished," and German finance minister Peer Steinbruck saying the crisis marks the beginning of a multi-polar world, where the US is no longer a superpower.

"The all-powerful market that always knows best is finished," says France's president

Speaking to an audience of some 4,000 supporters in Toulon, France, Mr Sarkozy said the financial turmoil had highlighted the need to re-invent capitalism with a strong dose of morality, as well as to put in place a better regulatory system.

"The idea of the all-powerful market that must not be constrained by any rules, by any political intervention, was mad. The idea that markets were always right was mad," Mr Sarkozy said.

"The present crisis must incite us to refound capitalism on the basis of ethics and work ... Self-regulation as a way of solving all problems is finished. Laissez-faire is finished. The all-powerful market that always knows best is finished," he added.

by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:19:10 PM EST
[ Parent ]
"The idea of the all-powerful market that must not be constrained by any rules, by any political intervention, was mad"

It was, specifically, yours, little dictator.

"The womb that spawned that thing is fertile yet"

by Cyrille (cyrillev domain yahoo.fr) on Sat Sep 27th, 2008 at 01:23:26 AM EST
[ Parent ]
Translation of Sarko's comments: "my chances of ruling the world just improved dramatically."

you are the media you consume.

by MillMan (millguy at gmail) on Sat Sep 27th, 2008 at 03:37:19 AM EST
[ Parent ]
Sarko is a man in need of a white cat.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Sat Sep 27th, 2008 at 06:43:58 PM EST
[ Parent ]
IIt's market imploding, destroying all (say that again: ALL) investment banks, damaging all others, and having them coming to the government for help that has destroyed the claims that markets were better.

Financial capitalism was tried (thanks to Sarkozy and others) and failed momentously.

What is said now is irrelevant. The reality is overwhelming.

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

by Jerome a Paris (jeromeguillet@yahoo.fr) on Sat Sep 27th, 2008 at 04:20:43 AM EST
[ Parent ]
market imploding, destroying all (say that again: ALL) investment banks

This cannot be stressed enough. It's quite shocking - normally when a bubble bursts the wave of acquisitions of failed businesses leaves at least one firm standing (the .com bubble was a lot of hot air but not entirey) but if none is left it means there wasn't any there there.

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 Sat Sep 27th, 2008 at 04:59:23 AM EST
[ Parent ]
Goldman Sachs is still standing, and the rules were changed along the way, so we'll never know if it would have made it under the old rules...

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (jeromeguillet@yahoo.fr) on Sat Sep 27th, 2008 at 06:07:54 AM EST
[ Parent ]
Or whether it would have made it without a former CEO as Treasury Secretary.

"The womb that spawned that thing is fertile yet"
by Cyrille (cyrillev domain yahoo.fr) on Sat Sep 27th, 2008 at 07:22:50 AM EST
[ Parent ]
Oh, but Investment Banking is dead as a business model, even for GS.

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 Sat Sep 27th, 2008 at 09:24:41 AM EST
[ Parent ]

market imploding, destroying all (say that again: ALL) investment banks

....mmmm....I love the smell of meltdown in the morning....

ALL investment banks....ALL....

by ChrisCook (cojockathotmaildotcom) on Sat Sep 27th, 2008 at 08:23:25 AM EST
[ Parent ]
The Economic Fallout in Britain: Financial Elite Feel the Pinch - SPIEGEL ONLINE - News - International

The economic crisis is rippling out to the sectors that service the financial elite -- from child care to restaurants to travel agencies.

 How long will it stay on the menu? In June, Burger King introduced a €120 "bling burger" in London. With unemployment rising and investment banks likely to lay off thousands more in the coming months, Britain is in the midst of a major slowdown. Although the situation isn't as dire as in the U.S., ripple effects from the financial crisis are starting to spread through the British economy. From restaurants to real estate agents to domestic staff agencies, myriad businesses that service Britain's financial sector are feeling the pinch. "Cafés, restaurants, and other services linked to the City and financial markets are going to be reamed," says Jamie Dannhauser, an economist at Lombard Street Research in London.

Consider Abbeville Nannies, a child-care placement agency that operates in the affluent London neighborhoods of Battersea and Wandsworth, known as "Nappy Valley." Director Kate Barker says the credit crunch has led to a drop in demand for maternity nurses, who provide 24-hour care for newborns at a cost of up to $2,000 a week. At the same time, Barker is fielding calls from worried nannies who say the parents they work for are getting laid off and can no longer afford their services. "It has really affected us over the last year, and now it is accelerating," Barker says.

by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:20:51 PM EST
[ Parent ]
nuff said

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (jeromeguillet@yahoo.fr) on Sat Sep 27th, 2008 at 04:22:30 AM EST
[ Parent ]
BBC NEWS | Business | More cash is injected into banks

Central banks are taking co-ordinated action to lend extra cash to banks.

The Bank of England, US Federal Reserve, European Central Bank and Swiss National Bank will be involved.

The Bank of England will be lending an extra $30bn (£16bn) for a one week period, $10bn overnight and $40bn in three-month loans.

The central banks said that the extra cash was intended to help banks as they approach the end of the financial third quarter next week.

by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:21:51 PM EST
[ Parent ]
There is no interbank market anymore right now. Banks get their short term funding exclusively from the Central Banks right now. The system is broken beyond what most people can imagine - even inside banks.

I've been told that, recently, the city of Madrid went out to the market in an auction for some new bonds - bonds that usually attract dozens of bids from banks and that should, even now, prove to be attractive as they are eligible as ECB collateral. 2 banks (two) showed up, and the city ended up paying interest margins 10 times higher than they usually do.

This cannot last for very long, there is going to be a major breakdown at some point.

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

by Jerome a Paris (jeromeguillet@yahoo.fr) on Sat Sep 27th, 2008 at 06:11:49 AM EST
[ Parent ]

Banks seek special funding costs clause

Banks are looking at passing on higher funding costs to corporate borrowers by invoking an extraordinary clause in loan agreements triggered by market turmoil.

A growing number of banks are concerned that Libor - a benchmark for interbank borrowing costs and the base for calculating the interest rate for many corporate loans - is no longer accurate in reflecting their actual funding costs.

(...)

In general, loan financings will allow a syndicate of lenders to switch the rate at which they lend to a company to a level that represents their true costs of funds, with the support of at least a third of the syndicate. But it requires banks to disclose what they believe their own cost of funding.

However, individual banks are reluctant to complain that Libor rates are too low because it is tantamount to admitting other banks view them as a risky borrower.

(...)

Syndicating lending worldwide has collapsed as a result of the global financial crisis and there is evidence that where credit facilities are being provided they are much shorter term.

These clauses used to be part of the "boiler plate" legal documentation of financings, ie standard wording that was there 'just in case', but that nobody worried about because it was never used. It was drafted initially in response to doller funding difficulties during one of the oil crises in the 70s, and almost never used since, but now it's at the heart of what we have to deal with.

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

by Jerome a Paris (jeromeguillet@yahoo.fr) on Sat Sep 27th, 2008 at 07:13:37 AM EST
[ Parent ]

Locally, Wall Street stalls funds for Maine's streets

State hits surprising obstacles in trying to sell road bond: high rates, no buyers

The state of Maine could not float a $50 million transportation bond this week because traders told officials there was "no market" at all for large financial transactions such as this one.

The state hopes the national financial crisis will stabilize by next week, when it again tries to access capital, probably getting a higher interest rate than had been expected.

"In 34 years I have never had a trader say, 'I can't give you a sale price. There is no market,' " said Maine Municipal Bond Bank Executive Director Robert Lenna, describing his efforts to sell the bond on Wall Street.

A week ago, Lenna said, the interest rate for the AA-rated revenue bond would have been about 3.8 percent or 3.9 percent. But on Tuesday, short-term interest rates, a factor used to calculate interest rates for municipal bonds, soared as high as 9 percent and 10 percent, effectively shutting down market activity.

"If there is any place the (national financial) crisis is affecting the citizens of Maine, it is here," Maine Treasurer David Lemoine said Wednesday.



In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (jeromeguillet@yahoo.fr) on Sat Sep 27th, 2008 at 07:30:51 AM EST
[ Parent ]
At 9 and 10 percent there should be plenty of buyers for a measly $50 million bond, issued by a government entity.

There's plenty of money floating around.  All that has to happen is to match sellers with buyers.  It's a brand new thing called:  A Market.  

There's no reason there couldn't be an 'E-Bay' for bonds, bills, notes, and paper.  Where the seller and buyers meet .. and bypass the intermediaries: banks, broker/dealers, & etc.

Och nu den svenska kocken bakar en Alaskan älg jägare. Bonk! Bonk! Bonk!

by ATinNM on Sat Sep 27th, 2008 at 12:05:27 PM EST
[ Parent ]
This just adds circumstantial evidence that the LIBOR is being understated by the banks that report into 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 Sat Sep 27th, 2008 at 09:30:52 AM EST
[ Parent ]
That's amazing.  I've read these clauses for 20 years and NEVER thought that they would be invoked.  I could never get them removed from documents for my borrowers because banks insisted they had to have them.  But everyone regularly said that they would never be invoked -- unless of course there was such a  huge problem with the whole banking system that this would only be one of many worries.  
 
by Maryb2004 on Sat Sep 27th, 2008 at 02:50:40 PM EST
[ Parent ]
Doesn't the tacit understanding by everyone involved that the clauses wouldn't be involved make it possible to void them in court?

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 Sat Sep 27th, 2008 at 03:39:03 PM EST
[ Parent ]
I'm sure we'll see a lot of litigation over this.  But generally courts will enforce contracts between parties that are deemed to have the ability to bargain with each other and the idea that one party agreed to a clause because it believed there was a tacit understanding that the other party wouldn't use the clause probably won't fly.  Plus I'm not sure the argument is that there was an understanding the bank would never use it.  I think the reality is that no one thought the circumstances would arise that would cause the bank to use it.  Because no bank would invoke this clause unless pretty much ALL banks were invoking it, which means a financial crisis - any bank that decided to invoke it when no other bank was invoking it would lose all their customers.  It really comes down to the inability of the marketplace to imagine a financial crisis of this magnitude.

A better argument would be that this clause was not truly negotiated between the parties since the borrower had no choice but to accept the clause if it wanted it's loan.  Again, usually the courts don't buy that argument unless it is a consumer loan with a borrower who had no real bargaining power.   Contracts between non-consumers are usually assumed to be between parties with equal bargaining power (even though that isn't true).  In this case I don't think any borrower had the power to bargain the clause away so maybe that argument would be useful where it usually isn't.

by Maryb2004 on Sat Sep 27th, 2008 at 04:01:38 PM EST
[ Parent ]
Matt Stoller seems to be linking to this comment as evidence that nothing needs to be done in the US until the next administration takes office.  

But this $700B 'bailout' is a huge mistake.  As Jerome A Paris makes clear, our financial system is extraordinarily broken.  There's also plenty of cash to take over these banks, but these bankers want government money because it comes on better terms than Warren Buffett's sweetheart deal.

It should be obvious at this point that there's no urgent need for a deal.  We're going to muddle along with a broken financial system for awhile, and the Bush administration is simply not acting like a meltdown is a realistic possibility.  So why should we?  Let the voters decide this one.

Is that your position?  

I didn't interpret this comment of yours to mean that there is no need for SOME kind of action before January 20, 2009.  Or that we can just "muddle along with a broken financial system" for a while without risking a meltdown.

Am I wrong?

by Maryb2004 on Sat Sep 27th, 2008 at 02:47:11 PM EST
[ Parent ]
Well, one of the best outsprings from Jérôme has been the slow-motion car crash analogy.
It does seem extraordinarily slow motion if one concentrates on the real economy (yes, I know investment bankers and French finance ministers claim that this does not mean anything but we know it does, and what it does mean). The collapse has been evident to all since 14 months now, and is still relatively mild.

We can't even be sure of the magnitude of the crisis outside finance (and in finance there MUST be a crisis -finance had got too big and needs to shrink). So what do we know? Well, a rotten plan is worse than no plan at all until January. Come January, we can hope for something half-decent, and we will know more so presumably it will be easier to target the funds. The price to pay is 3 more months of slow-motion crash.
On the other hand, we can be pretty sure that no good plan will pass before at least the election. Definetely the current plans do not address the need for finance to have its crisis. Bailing them out so they stay at a similar level when they need to become at least 5 times smaller will not do.

So it seems reasonable to stand firm. Then I would say don't wait till January. Pass something truly designed to help (can you have an extraordinary session of Congress just for that?), and challenge Bush to veto it -if he even can.
If he does, the plan takes shape in January anyway and he misses his last chance to leave a legacy that is not 100% awful.

I reckon that we will have a financial meltdown come what may (well, $700 billions won't be enough, and I don't reckon that the, at least, couple of trillions that would be needed to avoid it will be available), but probably no genuine meltdown before January in the rest of the economy. So if no action is the only alternative to making things worse, no action it should be.

Now, no meltdown in the rest of the economy won't prevent it from feeling awful -but it WAS awful even during the Bush "boom", so returning to June 2007 is not the solution.

If there must be one quick action, I'd go for stopping foreclosures, either by cancelling the rates spike for people living in the house, or simply by letting them stay in return for payment of what they can afford.

"The womb that spawned that thing is fertile yet"

by Cyrille (cyrillev domain yahoo.fr) on Sat Sep 27th, 2008 at 04:27:26 PM EST
[ Parent ]
Well, as I wrote to him via email:


I think the fact that banks markets are absolutely frozen should be more widely publicised. Because the fact is - things CANNOT GET WORSE between banks. Behaviour re counterparty risk is already pretty much at the maximum it can be in terms of not doing business - ie bankruptcies won't change much in that respect.

That fact should indeed allow lawmakers to say that taking a bit of time to design a real bailout would not be detrimental.

I must admit I was pretty shocked to learnt that banks have not just limited lending to other banks, but that have just stopped lending to one another altogether. Things can't get any worse. Central banks are carrying the financial world over from day to day - it's not something viable over the long run, but it's not something that needs to be stopped on a specific date either.



In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (jeromeguillet@yahoo.fr) on Sat Sep 27th, 2008 at 06:14:45 PM EST
[ Parent ]
it's not something viable over the long run, but it's not something that needs to be stopped on a specific date either.

I guess the question is - when does time cross over into the long run?  Because if it isn't viable over the long run - the beginning of the long run is the specific date that it needs to stop.  

I'd find it helpful to have some idea of how long you think this situation can be viable (not necessarily in terms of months but in terms of trigger events) and what happens if we get past that point without any plan in place.  

by Maryb2004 on Sun Sep 28th, 2008 at 03:09:06 AM EST
[ Parent ]
ITV - John Pilger - The new world war - the silence is a lie
In an article for the New Statesman, John Pilger describes the 'great silence' over the annual British party conferences as politicians and their club of commentators say nothing about a war provoked and waged across the world the responsibility for which lies close at hand.

Britain's political conference season of 2008 will be remembered as The Great Silence. Politicians have come and gone and their mouths have moved in front of large images of themselves, and they often wave at someone. There has been lots of news about each other. Adam Boulton, the political editor of Sky News, and billed as "the husband of Blair aide Anji Hunter", has published a book of gossip derived from his "unrivalled access to No 10". His revelation is that Tony Blair's mouthpiece told lies. The war criminal himself has been absent, but the former mouthpiece has been signing his own book of gossip, and waving. The club is celebrating itself, including all those, Labour and Tory, who gave the war criminal a standing ovation on his last day in parliament and who have yet to vote on, let alone condemn, Britain's part in the wanton human, social and physical destruction of an entire nation. Instead, there are happy debates such as, "Can hope win?" and, my favourite, "Can foreign policy be a Labour strength?" As Harold Pinter said of unmentionable crimes: "Nothing ever happened. Even while it was happening, it wasn't happening. It didn't matter. It was of no interest."

The Guardian's economics editor, Larry Elliott, has written that the Prime Minister "resembles a tragic hero in a Hardy novel: an essentially good man brought down by one error of judgement". What is this one error of judgement? The bank- rolling of two murderous colonial adventures? No. The unprecedented growth of the British arms industry and the sale of weapons to the poorest countries? No. The replacement of manufacturing and public service by an arcane cult serving the ultra-rich? No. The Prime Minister's "folly" is "postponing the election last year". This is the March Hare Factor.
by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:24:40 PM EST
[ Parent ]
Georgians question Saakashvili's reform pledge | World news | Chron.com - Houston Chronicle

TBILISI, Georgia -- Georgians were critical Thursday of President Mikhail Saakashvili's plans for major political reforms as the country struggles to cope with the devastation caused by its war with Russia.

In a speech Tuesday at the U.N. General Assembly, Saakasvhili promised major social and legal reforms that would strengthen checks and balances in government, overhaul the legal system, broaden media freedoms and provide support for the political opposition. He compared his program to the Rose Revolution -- the 2003 peaceful protests that brought his pro-Western government to power.

But Nino Burdzhanadze, the former speaker of parliament, said Georgia does not need a new revolution.

"We are farther from solving the conflict that we were before the August crisis," she told The Associated Press. "We have problems with the economy and democracy, how can you speak of promises right now?"

She blamed Saakashvili for the political and economic disruption caused by last month's war with Russia, in which Georgia used military force to try to reclaim control of a separatist region, South Ossetia.

Russia crushed the Georgian military, drove deep within Georgia and later recognized the independence of South Ossetia and another breakaway region, Abkhazia.

by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:25:47 PM EST
[ Parent ]
A Powerhouse in Decline: Election Threatens to Erode Bavarian Conservatives' National Role - SPIEGEL ONLINE - News - International

For decades, politics in Bavaria have been synonymous with the Christian Social Union, the state's sister party to Angela Merkel's Christian Democrats. When voters go to the polls on Sunday, the party could lose an absolute majority it has maintained for decades. Is this the end of Germany's last bastion of old-fashioned conservatism?

The Last Prost? Bavarian Governor Günther Beckstein's party is close to losing its absolute majority in parliament during state elections this weekend. The name escaped him for a moment. Former Bavarian Governor Edmund Stoiber was standing at the microphone in front of 4,000 people -- and 4,000 beer steins -- campaigning for his party, the conservative Christian Social Union (CSU), the Bavarian sister party of German Chancellor Angela Merkel's Christian Democratic Union (CDU). But then Stoiber, for the life of him, simply could not remember the name -- of none other than his successor, the current Bavarian governor.

The Bavarian way of life must continue to be associated with the CSU, Stoiber had proclaimed to his audience in a large tent in the city of Freising, north of Munich, drawing the unusually long index finger of his right hand through the air like a baton.

by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:28:14 PM EST
[ Parent ]
German right fears for southern bastion - International Herald Tribune

INGOLSTADT, Germany: Battling a heavy cold and sore throat, Chancellor Angela Merkel ventured into the southern state of Bavaria this week, desperate to persuade voters to turn out Sunday for a regional election that will have far-reaching consequences for Germany's conservative bloc as it starts the countdown to federal elections next year.

Merkel's party, the Christian Democratic Union, is concerned about support for its sister conservative party in Bavaria, the Christian Social Union. For more than half a century, the Christian Social Union has governed with an absolute majority in the prosperous, predominately Catholic state. But opinion polls show that the Christian Social Union could lose its absolute majority unless undecided voters can be won over.

Merkel told crowds in Ingolstadt, an elegant town on the Danube: "Tell your neighbors, your family, your colleagues at work to vote for us on Sunday."

Playing on the word "Stimme" which means both vote and voice, a hoarse Merkel told cheering crowds, "Now you know how important a Stimme is."

by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:30:33 PM EST
[ Parent ]
BBC NEWS | Europe | Russia to upgrade nuclear systems

Russian President Dmitry Medvedev has announced plans to build a "guaranteed nuclear deterrent system", to be in place by 2020.

He said he wanted military chiefs to submit plans by December.

He called for a programme to build new nuclear submarines as well as "a system of aerospace defence".

The announcement comes just weeks after Russia accused the US of starting a new arms race by siting part of its missile defence shield in Poland.

"We must guarantee nuclear deterrence under various political and military conditions by 2020," Mr Medvedev told military commanders.

by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:31:23 PM EST
[ Parent ]
Russia to build missile defence shield and renew nuclear deterrence - Times Online

Russia is to build new space and missile defence shields and put its armed forces on permanent combat alert, President Medvedev announced today.

In a sharp escalation of military rhetoric, Mr Medvedev ordered a wholesale renovation of Russia's nuclear deterrence and told military chiefs to draw up plans to reorganise the armed forces by December.

He said that Russia must modernise its nuclear defences within eight years, including the creation of a "system of air and space defence".

The announcement puts Russia in a new arms race with the United States, which has infuriated the Kremlin by seeking to establish an anti-missile shield in eastern Europe. The US argues that the shield is aimed at rogue states such as Iran, but Russia is convinced that its own security is threatened.

[Murdoch Alert]
by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:32:25 PM EST
[ Parent ]
'Last dictator' calls an election in Belarus in a bid to come in from the cold - Times Online

Belarus goes to the polls tomorrow in a parliamentary election that its dictatorial leader hopes will improve relations between the country and the West.

Supporters of Alexander Lukashenko, the President, held all 110 seats in the last parliament. But 70 opposition candidates have been allowed to stand this time and as many as 30 are expected to win seats.

Mr Lukashenko has called on the European Union and the United States to give a positive assessment of the elections and to embrace Belarus. The man who was dubbed the last dictator in Europe recently hired Lord Bell, the British public relations guru, to improve his image.

Almost 500 observers from the Organisation for Security and Co-operation in Europe (OSCE) are attending the election as Mr Lukashenko strives to win international approval of the ballot as free and fair.

[Murdoch Alert]
by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:33:15 PM EST
[ Parent ]
Spirit of Benito Mussolini is revived amid fears of right-wing march to power - Times Online

His monuments still dominate Rome's skyline; his name is chanted at football matches and a notorious episode of his rule was recently re-enacted, complete with men dressed as SS stormtroopers. The rehabilitation of Benito Mussolini, Italy's wartime dictator, may not yet be complete -- but it is not for want of trying.

Yesterday urban planners and architectural historians from across Italy gathered in Rome to honour the "glories" of Fascist architecture. The conference, at Latina, a model "new town" created in reclaimed marshland south of Rome by Mussolini in 1932, is the brainchild of Giorgio Frasinetti, the head of urban planning at Predappio, the town in Emilia-Romagna where Il Duce was born and is buried.

Mr Frasinetti admitted that Fascism had its "ugly" aspects but he insisted that the buildings erected throughout the country under Mussolini should not be seen as an embarrassment, but deserved "re-evaluation".The move follows the restoration of an obelisk bearing the word "Dux" (Duce) outside the Olympic Stadium in Rome and of Mussolini's Rome residence, the Villa Torlonia. This month a "wartime enactment association" wearing Nazi uniforms re-created the rescue of Mussolini by SS commandos at Campo Imperatore in the Abruzzo mountains, where he was held after being deposed in September 1943. Massimo Castelli, head of the association, insisted that the event arose solely from a "passion for military history".

  [Murdoch Alert]
by Fran (fran at eurotrib dot com) on Sat Sep 27th, 2008 at 01:57:24 AM EST
[ Parent ]
The constant unabashed recall of fascism by government and parliamentary members is an assault on the republic. Revisionism is rampant. Imagine, say, a French president who refuses to celebrate the Bastille day or his American colleague who refuses to recognize the fourth of July and you have Berlusconi.

On September 8 which marks the ousting of Mussolini and the armistice with the allies, the mayor of Rome rendered a tribute to the fascist forces. The outcry culminated when Gianfranco Fini, head of the Allianza Nazionale and president of the Chamber of Deputies, formally distanced himself and his party from fascism. However, the fascist base loudly dissented from his position.

On the 20th of September during the commemoration of the battle of Porta Pio in which Sabaudian and Garibaldian forces stormed Rome and put an end to papal temporal rule over the central states, the only victims commemorated were the nine papal soldiers cynically sent to death by the Pope so as to demonstrate his overthrow as violent. A crown was laid by the Catholic sect "Militia Cristi." Protests by lay speakers were silenced. If the event were not so ridiculously outrageous and laughable, one might shrug his shoulders. Why not go to Gettysburg and only commemorate the confederates?

During the uproar, Berlusconi was asked about his opinion on fascism by his chief grovelling reporter during a leggy talk show. He replied that the controversy didn't really interest him. Berlusconi has systematically attended fascist events where he has been hailed by adulating crowds  chanting, "Duce! Duce!" He has declared on several occasions that he "is one of them." Last December, Berlusconi launched his new party in an exact remake of Peron's act, from a car in San Babila in Milano. San Babila is the historical heart of national fascism. San Babila is synonymous with fascism.

Many reporters simply don't ask the right questions. But then I doubt they either know or care about it. It's already an honour to chat with his Excellency with a meek chickenshit smile to weasel out the question.

In the mean time an afro-Italian gets clubbed to death over a pack of Ringo cookies in Milano, six Africans get slaughtered in Castelvolturno by the Camorra- and the fascist Minister of Defense has little else to say than it's a gang war, while the racist Minister of the Interior characterizes it as a civil war. Both are wrong. It was a racist massacre.

The fascists are already in power in Rome. They're just cool and chic in their fuckme high heals and bad designer suits.

by de Gondi (publiobestia aaaatttthotmaildaughtusual) on Sat Sep 27th, 2008 at 06:43:21 AM EST
[ Parent ]
Russia uses big wheat yield as a foreign policy tool - Telegraph
Russia's bumper wheat harvest has allowed it to open a new front in the re-emerging Cold War as it uses food to expand its influence in the Middle East and Africa.

The largest wheat harvest in 15 years is expected to yield 51 million tons, of which a record-breaking 15 million are earmarked for export. Only the US and Canada are expected to export more.

The boom comes as the Kremlin's influence in the Middle East grows, with trade volumes at record levels and increasing collaboration in the energy sector.

Russia's grain trade may prove as controversial as its involvement in energy markets, because it was announced in July that the industry, now mainly in the hands of private traders, would soon be amalgamated into one trading company under Kremlin control.

Iraq has bought 200,000 tons of Russian hard milling wheat at $300 a ton. It is the second large sale of Russian wheat since July.

[Torygraph Alert]
by Fran (fran at eurotrib dot com) on Sat Sep 27th, 2008 at 02:01:39 AM EST
[ Parent ]
when will we hear about the "food weapon"?

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (jeromeguillet@yahoo.fr) on Sat Sep 27th, 2008 at 06:12:48 AM EST
[ Parent ]
WORLD
by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:14:57 PM EST
Amid Finance Crisis, UN Aid Summit Raises $16 Billion | Europe | Deutsche Welle | 26.09.2008
Despite a massive financial crisis afflicting rich countries, a one-day UN development conference witnessed a strong outpouring of aid from leaders both public and private to help the world's poorest nations.

Major charitable foundations, government leaders and businesses of all stripes joined forces Thursday to push for progress in ending poverty, hunger and fighting diseases, and warned that the ongoing financial turmoil was no reason to bring those efforts to a halt.

The pledges totalled $16 billion (10.9 billion euros) according to an initial UN estimate, including more than $3 billion to eradicate malaria, $2 billion to tackle an ongoing food crisis and $4.5 billion for educational programs.

by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:16:17 PM EST
[ Parent ]
BBC NEWS | Africa | Somali pirates 'seize 30 tanks'

Pirates off the coast of Somalia have seized a Ukrainian ship carrying T-72 tanks, an official has said.

Ukraine's foreign ministry said the ship had a crew of 21 and was sailing under a Belize flag to the Kenyan port of Mombasa.

A report from Russia's Interfax news agency said earlier that the ship had a cargo of about 30 tanks, as well as spare parts for armoured vehicles.

by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:21:28 PM EST
[ Parent ]
The irony!

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid (arvid.hallen at gmail.com) on Fri Sep 26th, 2008 at 04:30:01 PM EST
[ Parent ]
Warships of 2 big powers pursue Somali pirates who seized weapons - International Herald Tribune

For a moment, the pirates might have thought that they had really struck gold -- Somalia-style.

The gun-toting, seafaring thieves, who routinely pounce on cargo ships bobbing along on the Indian Ocean, suddenly found themselves in command of a vessel crammed with $30 million worth of grenade launchers, piles of ammunition, even battle tanks.

But this time, they might have gotten far more than they bargained for. Unlike so many other hijackings off the coast of Somalia that have gone virtually unnoticed -- and unpunished -- the attack Thursday evening on the Faina, a Ukrainian vessel bringing military equipment to Kenya, has provoked the wrath of two of the most powerful militaries on the planet.

The United States Navy was in hot pursuit of the ship Friday. And the Russians were not far behind.

"This is really getting out of control," said Mohammed Osman, a Somali government official in Kenya.



Europeans think a hundred miles is a long way. Americans think a hundred years is a long time.
by Bernard on Fri Sep 26th, 2008 at 05:02:24 PM EST
[ Parent ]
Radical settlers take on Israel - International Herald Tribune

YITZHAR, West Bank: A pipe bomb that exploded late on Wednesday night outside the Jerusalem home of Zeev Sternhell, a Hebrew University professor, left him lightly wounded and created only a minor stir in a nation that routinely experiences violence on a much larger scale.

But Sternhell was noted for his impassioned critiques of Jewish settlements in the West Bank, once suggesting that Palestinians "would be wise to concentrate their struggle against the settlements." And the authorities found fliers near his home offering nearly $300,000 to anyone who kills a member of Peace Now, a leftist Israeli advocacy group, leading them to suspect that militant Israeli settlers or their supporters were behind the attack.

If so, the bombing may be the latest sign that elements of Israel's settler movement are resorting to extremist tactics to protect their homes in the occupied West Bank against not only Palestinians, but also Jews who some settlers argue are betraying them. Radical settlers say they are determined to show that their settlements and outposts cannot be dismantled, either by law or by force.

by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:23:13 PM EST
[ Parent ]
I saw that in the NYT. Yikes. He's a very good historian, specializing in fascist and proto-fascist movements, particularly France.
by MarekNYC on Fri Sep 26th, 2008 at 04:31:07 PM EST
[ Parent ]
Well, he may want to pay attention to fascist and proto-fascist movements in his home country now...

Europeans think a hundred miles is a long way. Americans think a hundred years is a long time.
by Bernard on Fri Sep 26th, 2008 at 04:41:27 PM EST
[ Parent ]
I believe that's what got him bombed...
by MarekNYC on Fri Sep 26th, 2008 at 04:56:36 PM EST
[ Parent ]
VOA News - Iraqi President Urges UN Members to Drop Saddam-Era Sanctions
Iraq's president Jalal Talabani, touting security gains in that country, has appealed to nations around the world to open diplomatic missions in Baghdad and drop sanctions left over from the Saddam Hussein era. The Iraqi leader was among speakers Thursday in the U.N. General Assembly's general debate. VOA's David Gollust reports from our U.N. bureau.

The Iraqi president says his government still has a long road ahead in its efforts to restore full peace to the country.

But in his U.N. speech, he highlighted incremental successes by Iraqi security forces in Baghdad, Basra, Mosul, and Diyala provinces, and said the government aims to take over security responsibilities for the entire country from U.S.-led multi-national troops by the end of this year.

Accordingly, Mr. Talabani appealed to the world community to recognize the security gains by reopening or establishing diplomatic missions in Baghdad and by increasing the level of representation at the handful of foreign missions already functioning there.
by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:25:16 PM EST
[ Parent ]
Medvedev and Chávez sign $1 billion military loan - International Herald Tribune

Russia stepped up efforts to project its increased might on the world stage on Friday, welcoming President Hugo Chávez of Venezuela by signing a $1 billion military loan to the country and announcing wide-ranging plans to modernize Russia's nuclear deterrence.

The Russian Navy also dispatched a warship to the Indian Ocean to try to intercept a Ukrainian vessel reportedly carrying 30 battle tanks that was seized by pirates. The United States also sent a warship in hot pursuit.

After a military exercise in the southern city of Orenburg, near the border with Kazakhstan, President Dmitri Medvedev declared Friday that by 2020 Russia would construct new types of warships, including nuclear submarines carrying cruise missiles, and an unspecified space defense system.

"A guaranteed nuclear deterrent system for various military and political circumstances must be provided by 2020," Medvedev said, in comments reported by Reuters.

by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:29:56 PM EST
[ Parent ]
NYTimes.com - Wasilla Watch - Sarah Palin and the Rape Kits - Editorial

Even in tough budget times, there are lines that cannot be crossed. So I was startled by this tidbit reported recently by The Associated Press: When Sarah Palin was mayor of Wasilla, Alaska, the small town began billing sexual-assault victims for the cost of rape kits and forensic exams.

Ms. Palin owes voters an explanation. What was the thinking behind cutting the measly few thousand dollars needed to cover the yearly cost of swabs, specimen containers and medical tests? Whose dumb idea was it to make assault victims and their insurance companies pay instead?
(...)
That's why when Senator Joseph Biden, the Democratic vice-presidential nominee, drafted the 1994 Violence Against Women Act, he included provisions to make states ineligible for federal grant money if they charged rape victims for exams and the kits containing the medical supplies needed to conduct them. (Senator John McCain, Ms. Palin's running mate, voted against Mr. Biden's initiative, and his name has not been among the long list of co-sponsors each time the act has been renewed.)


Some topic for the Veep's debate...

Europeans think a hundred miles is a long way. Americans think a hundred years is a long time.
by Bernard on Fri Sep 26th, 2008 at 04:58:57 PM EST
[ Parent ]
Wachovia Begins Early Deal Talks with Citi

Wachovia has begun preliminary talks with Citigroup about a potential merger, people briefed on the matter said Friday afternoon.

Feelers have also been extended between Wachovia and Wells Fargo and Spain's Banco Santander, these people said.

How fun. Back in the dark ages of this mess, say about six or nine months ago, Citi was the worst hit of the major banks. Now not only is nobody worried about them, they're even thinking of buying a big chunk of the shitpile to add to what they already have. As for Santander - I've read that the biggest Spanish national banks managed to isolate themselves relatively well from the fallout from their own housing bubble, with only the midsize and small ones in serious trouble. I guess they figure their American friends are having so much fun, they might as well join them.

by MarekNYC on Fri Sep 26th, 2008 at 05:04:57 PM EST
[ Parent ]
"too big to fail" banks are we creating (or reinforcing)  with all these mergers and aquisitions?

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (jeromeguillet@yahoo.fr) on Sat Sep 27th, 2008 at 04:25:54 AM EST
[ Parent ]
Jim Hoagland - A World of Risk Beyond Wall Street - washingtonpost.com

NEW YORK -- George W. Bush governs by crisis interspersed with long periods of not governing at all. Only when disaster threatens or arrives does this president summon himself, Congress and the nation to act -- in haste and extremis rather than in reasoned unison.

This calamity is a global financial meltdown rather than the attacks of Sept. 11, the Iraq war's unraveling or Hurricane Katrina. But Bush's gun-to-the-head leadership style held constant last week. "My plan or apocalypse" was the choice he presented to Americans.

But all things end. Bush -- and the two candidates to succeed him -- needs to communicate that financial unilateralism is also a relic of bygone times. In this era of instant telecommunications and unfettered capital flows across borders, U.S. rescue plans will work in the long run only if they are accompanied by significant international regulatory reform and innovation.

This crisis suggests that newspapers are not the only species endangered by the telecommunications revolution. The ways in which stock markets, banks and insurance companies do business are also being rendered obsolete by the force of computers, fiber-optic networks and other instruments of globalization.



Somewhere in cyberspace, the ghost of de Chardin is smiling.
by budr on Sat Sep 27th, 2008 at 10:05:34 AM EST
[ Parent ]
THIS, THAT, AND THE OTHER
by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:15:19 PM EST
'Jet Man' Yves Rossy rockets into record books with first solo flight over Channel - Telegraph

Yves Rossy, 49, who calls himself Fusionman because he is half man, half bird, made the 22 mile crossing from Calais to Dover in just under 15 minutes.

Reaching speeds in excess of 125 mph, the flight was so smooth the Swiss even had time to carry out a few loops over the British coastline before pulling the rip cord and parachuting to earth.

Mr Rossy, whose day job is an airline pilot, had to shelve his two previous attempts to enter the record books due to poor British weather but a blue autumn weather meant conditions were perfect today.

At 1.06pm the former military fighter pilot, who now works for Swiss International Air Lines, his folded wings attached to his back, high fived his crew and then dropped from a plane 8,000 feet above the French coast.


by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:22:51 PM EST
[ Parent ]
Half man, half bird? Crumbs. There's evolution for you.

Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Fri Sep 26th, 2008 at 04:24:24 PM EST
[ Parent ]
'The European Spirit is Really Taking Hold Here': Birth of a Bilingual Newspaper on the German-Dutch Border - SPIEGEL ONLINE - News - International

A regional cross-border newspaper for communities living near the Dutch-German border illustrates how relations between the populations have improved. The Schengen agreement has helped change the groups' attitudes toward one another.

The first issue of Buren (Neighbors) has just landed on the doormats of 400,000 residents in the region around Enschede on the Dutch-German border. The special collector's item, as the paper's editorial identifies itself, is a combined effort by the Dutch regional newspaper Twentsche Courant Tubantia, and the German titles Westfälische Nachrichten and Grafschafter Nachrichten.

FOUND IN ... This article has been provided courtesy of NRC Handelsblad. NRC Handelsblad and its companion Web site NRC.nl are two of the most respected brands in Dutch journalism.

Journalists from all three newspapers double as translators for each other's articles in Buren, which is published in both Dutch and German editions. The new paper was launched to celebrate 50 years of collaboration between the border communities in the area.

Close Relationships

The stories focus on the close relationships that have developed between the Dutch and the Germans over the years. "We've come up with some remarkable statistics," says Jan Haverkate, one of the Dutch journalists working on the project.

by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:27:11 PM EST
[ Parent ]
KLATSCH
by Fran (fran at eurotrib dot com) on Fri Sep 26th, 2008 at 04:15:41 PM EST
For those like me who cannot watch the debate on TV, you can watch through CSPAN via:

RealAudio

or

Windows Media Player

Truth unfolds in time through a communal process.

by marco (cowannar at gmail punkt com) on Fri Sep 26th, 2008 at 09:16:14 PM EST
[ Parent ]
Early polling after the Debate:

In a poll of 500 uncommitted voters

CBS Poll:

40% Obama Wins
38% Tie
22% McCain won

"Forty percent of uncommitted voters who watched the debate tonight thought Barack Obama was the winner. Twenty-two percent thought John McCain won. Thirty-eight percent saw it as a draw.

Forty-six percent of uncommitted voters said their opinion of Obama got better tonight.

Sixty-eight percent of uncommitted voters think Obama would make the right decisions about the economy. Forty-one percent think McCain would.

Forty-nine percent of these voters think Obama would make the right decisions about Iraq. Fifty-five percent think McCain would.

CNN Poll:

Obama won 51%
McCain won 38%

MediaCurves ran a Focus Group poll:

Independents in the MediaCurves focus group gave the debate to Obama 61-39. They also think he won every individual segment. Republicans gave the debate to McCain 90-10, Democrats to Obama 93-7."

Bottom Line: Foreign Policy was supposed to be McCain's strength.  He needed a blow-out win to start grabbing back the slow drift of Undecided to Obama.  He didn't.  He blew it.

If anything Obama will come out the winner.

McCain also made a huge mistake by mentioning his opposition to ethanol.  With Indiana and Missouri polling close, with the trend slightly towards Obama, he can't afford to offend/piss-off farmers in the Corn Belt.  Well.  He did.  Interesting to see how that plays out over the next week.

Och nu den svenska kocken bakar en Alaskan älg jägare. Bonk! Bonk! Bonk!

by ATinNM on Sat Sep 27th, 2008 at 12:24:08 AM EST
[ Parent ]
TV producers risk wrath of Nicolas Sarkozy by filming his love for Carla Bruni - Telegraph
Nicolas Sarkozy's whirlwind romance with Carla Bruni, the supermodel who became his wife, is to be turned into a television drama.

But there was speculation in French media circles as to whether any big channel would risk the wrath of the President - close to several media tycoons - by buying it.

The film will be a mixed adaptation of two recent unauthorised biographies, for which television company Endemol has just bought the rights, charting the French first couple's lightning courtship and marriage.

One is called Ruptures (Break-ups) by Mickaël Darmon and Yves Derai - a play on words between Mr Sarkozy's pledge to "break" with past ways of governing, his divorce from ex-wife Cécilia, and Miss Bruni's break from her man-eating past.

The book recounts Mr Sarkozy's deteriorating relationship with his ex-wife, his election last year and ends with their separation.

by Fran (fran at eurotrib dot com) on Sat Sep 27th, 2008 at 01:59:20 AM EST
[ Parent ]
Fran:
But there was speculation in French media circles as to whether any big channel would risk the wrath of the President - close to several media tycoons - by buying it.

I was going to ask why French media moguls are so afraid of their president while Americans so fearlessly put out movies such as Fahrenheit 9/11 and W..

Then I discovered that Lions Gate is a Canadian company.

Truth unfolds in time through a communal process.

by marco (cowannar at gmail punkt com) on Sat Sep 27th, 2008 at 02:36:26 AM EST
[ Parent ]
Indeed: American media moguls did NOT touch any such movies as Fahrenheit or W with a 10-foot pole...

On the other hand, they DID put out such cow manure pile as "The path to 9/11", for instance...

Europeans think a hundred miles is a long way. Americans think a hundred years is a long time.

by Bernard on Sat Sep 27th, 2008 at 05:04:09 AM EST
[