European Salon de News, Discussion et Klatsch - 16 October

by Fran
Thu Oct 15th, 2009 at 03:46:55 PM EST

 A Daily Review Of International Online Media 


Europeans on this date in history:

1726 – Daniel Chodowiecki, a Polish-German painter and printmaker with Huguenot ancestry, who is most famous as an etcher, was born. (d. 1801)

More here and here

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by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:25:37 PM EST
Silvio Berlusconi issues denials over Afghanstan bribe scandal - Times Online

Silvio Berlusconi today denied that his government authorised secret Italian payments to Taleban fighters that left French soldiers exposed in Afghanistan, amid a furious reaction to the details published in The Times.

The Italian Prime Minister said that he was also unaware of any such action undertaken under the previous Government of Romano Prodi.

The Times has learnt that when French soldiers arrived to assume control of the Sarobi area, east of Kabul, in mid-2008, they were not informed that the departing Italians had kept the region relatively peaceful by paying local Taleban fighters to remain inactive.

Western officials say that because the French knew nothing of the payments they made a catastrophically incorrect threat assessment.

[Murdoch Alert]
by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:31:47 PM EST
[ Parent ]
French Opposition demands answers on bribe claim in Sarobi ambush - Times Online

The French Defence Minister was called on today to give an urgent account to Parliament of the Taleban ambush that led to the deaths of ten soldiers in Afghanistan.

As the Socialist Party reacted with anger to The Times report, the ministry said that it had long been aware of "rumours" that linked Italian bribery to the ambush in Sarobi, east of Kabul in August 2008. The reports had no basis, it said.

Jean-Marc Ayrault, the Socialists' parliamentary leader, told Hervé Morin, the Defence Minister that the denial was not enough. "This is very serious, if it is true, and I ask the minister to come in the immediate future before the Defence Committee to explain and tell us what information he has," said Mr Ayrault.

"If operations of this type are being used to administer certain areas . . . distributing money to the Taleban creates a general problem for the co-ordination of military operations," he added.

[Murdoch Alert]
by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:32:30 PM EST
[ Parent ]
French troops were killed after Italy hushed up `bribes' to Taleban - Times Online

When ten French soldiers were killed last year in an ambush by Afghan insurgents in what had seemed a relatively peaceful area, the French public were horrified.

Their revulsion increased with the news that many of the dead soldiers had been mutilated -- and with the publication of photographs showing the militants triumphantly sporting their victims' flak jackets and weapons. The French had been in charge of the Sarobi area, east of Kabul, for only a month, taking over from the Italians; it was one of the biggest single losses of life by Nato forces in Afghanistan.

What the grieving nation did not know was that in the months before the French soldiers arrived in mid-2008, the Italian secret service had been paying tens of thousands of dollars to Taleban commanders and local warlords to keep the area quiet, The Times has learnt. The clandestine payments, whose existence was hidden from the incoming French forces, were disclosed by Western military officials.

US intelligence officials were flabbergasted when they found out through intercepted telephone conversations that the Italians had also been buying off militants, notably in Herat province in the far west. In June 2008, several weeks before the ambush, the US Ambassador in Rome made a démarche, or diplomatic protest, to the Berlusconi Government over allegations concerning the tactic.

[Murdoch Alert]
by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:35:44 PM EST
[ Parent ]
The Minister of Defense said he intends to sue the Times. According to him it's the follow-up to the "trashy defamation campaign" of the past weeks against Berlusconi.
by de Gondi (publiobestia aaaatttthotmaildaughtusual) on Fri Oct 16th, 2009 at 12:54:18 AM EST
[ Parent ]
.Today the Times continues with its scoop on Italian payments throughout Afghanistan. There is also an interview with a Taleban chief.

However, it would be worthwhile to put this in perspective. It is not uncommon in war to pay off local insurgents. In Afghanistan it has been a long standing practice to "rent" rather than "buy" local chiefs.  Recently the US complained to the British for having done the same. Nor is French military intelligence in the dark on the matter. It is becoming a political issue with French MP's on the warpath.

It would certainly be more cost effective to just buy up allegiances- or rather rent them.

by de Gondi (publiobestia aaaatttthotmaildaughtusual) on Fri Oct 16th, 2009 at 04:03:43 AM EST
[ Parent ]
Subtext:

Murdoch: "I steal your milkshake!"
Burlesconi: "I keel you!"

Whatever happened in Afghanistan is useful collateral damage in the media war.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Fri Oct 16th, 2009 at 06:55:28 AM EST
[ Parent ]
Russian opposition parties stage unprecedented walkout of parliament - Telegraph
Three Russian opposition parties, including those seen to be pro-Kremlin, staged an unprecedented walkout of Wednesday's session of the lower house of parliament to protest fraud in local elections.

A total of 135 deputies in the 450-seat Duma were part of the protest, including the Communists, the far-right wing Liberal Democratic Party and the Just Russia party.

Russia's beleaguered opposition alleged widespread fraud as the Prime Minister Vladimir Putin's dominant United Russia party tightened its grip on politics with a sweeping victory in the weekend's local elections.

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:32:53 PM EST
[ Parent ]
They could stage a lock-in and bombing, that wouldn't be unprecedented.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Thu Oct 15th, 2009 at 03:54:28 PM EST
[ Parent ]
Turkey sees growing reservations over EU bid | Europe | Deutsche Welle | 14.10.2009
The EU's annual report on Turkey's membership bid has praised Ankara for its reform and foreign policy initiatives. But this is being met with little enthusiasm in Turkey as doubts over its bid continue to grow.  

The European Commission's annual progress report on Turkey's bid to join the European Union will have been welcome reading for the Turkish government. It was largely positive, stressing important steps on reforms to improve freedom of expression, efforts to resolve the conflict with Kurdish rebels and significant diplomatic initiatives, like improving relations with Armenia.

Brussels did voice concerns about press freedom in relation to a multi-billion-euro tax-evasion case against media group Dogan Media Holding, a vocal critic of the current government.

Even so, Ergemen Bagis, the cabinet minister responsible for Turkey's bid to join the EU, welcomed the report's largely positive findings.

"EU membership is one of the basic goals of our government," Bagis said. "We will continue our efforts with great determination and will work hard to get a more positive report next year."

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:36:27 PM EST
[ Parent ]
Europe, the future frontiers -  Le Monde/Presseurop

As the political situation on its periphery evolves, the EU needs to clearly define its borders, argues geopolitician Michel Foucher in Le Monde, especially in regard to Turkish accession, on which the Commission is publishing its annual report today.

Up to 2004-2007, the implicit mental map upon which the EU's ultimate borders were to be traced was actually an open secret, though not up for debate. It was taken for granted in Brussels and in most country capitals that the territorial expansion of the Union should continue until it covers the whole continent, bar Russia. But for this exception, in other words, the EU territory should eventually coincide with that of the Council of Europe, the only European institution to have explicitly defined its perimeter, back in 1994.

This scenario of maximum enlargement expresses the vision of an organised Europe nurtured by successive administrations in the US, and the continuity of America's European project is indeed remarkable, from Bill Clinton to Barack Obama, who, in this regard, confirmed in his Ankara address the stance previously taken by George W. Bush.

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:39:02 PM EST
[ Parent ]
the EU needs to clearly define its borders

What for? That was not at all clear to me from the article...

I wonder how Emmanuel Todd would react to this. (Todd claimed that the notion that 'we have to draw a line' in a continuum is central to Anglo-Saxon thinking and comes from inheritance customs, while it isn't present in French/Romanesque thinking, also due to inheritance customs.)

*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 Oct 16th, 2009 at 07:19:09 AM EST
[ Parent ]
DoDo:
the EU needs to clearly define its borders

What for?

To keep Muslims (Turkey and Bosnia and Albania) out.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Fri Oct 16th, 2009 at 07:34:46 AM EST
[ Parent ]
Doesn't the Council of Europe include Turkey, Bosnia, Albania, and Azaerbaijan? That suggests that "Council of Europe bar Russia" would not seem to work for that particular purpose.


Utsukushikereba sore de ii
by BruceMcF (agila61 at netscape dot net) on Fri Oct 16th, 2009 at 09:05:14 AM EST
[ Parent ]
Yes.

Council of Europe - Wikipedia, the free encyclopedia

Article 4 of the Council of Europe Statute specifies that membership is open to any "European" State. This has been interpreted liberally from the beginning (when Turkey was admitted) to include any Eurasian state with a toe-hold in Europe.

As a result, nearly all European states have acceded to the Council of Europe, with the exception of Belarus (human rights concerns) and Kazakhstan (human rights concerns) as well as Kosovo which is not considered an independent state by some Council of Europe member states.

by afew (afew(a in a circle)eurotrib_dot_com) on Fri Oct 16th, 2009 at 09:11:11 AM EST
[ Parent ]
Le Monde/Presseurop
the continuity of America's European project is indeed remarkable, from Bill Clinton to Barack Obama

Europe as "America's project" [for US presidents].
Remarkable, indeed.

Europeans think a hundred miles is a long way. Americans think a hundred years is a long time.
by Bernard on Fri Oct 16th, 2009 at 07:42:44 AM EST
[ Parent ]
Puisque ces mystères nous dépassent, feignons d'en être les organisateurs.
by afew (afew(a in a circle)eurotrib_dot_com) on Fri Oct 16th, 2009 at 09:15:41 AM EST
[ Parent ]
Because of this continuity, I can continue linking to my own stuff for the next 10 years!
In American foreign-policy thinking the most widespread argument for pushing the EU to accept Turkey into its arms is the supposed transformational power of the decision. By taking up a Muslim, second world country the EU is supposed to show the world that the cultural and economic standards of what we still call the west are open to everyone. This is one of the few really bipartisan foreign-policy ideas, supported by Clinton as well as by both Bush 41 and 43. The view was repeated in recent comments by US undersecretary of State Nicolas Burns:
"Historians will say it is one of these important decisions the Europeans made ... at the beginning of the 21st century, to open the EU up to this major Muslim secular democracy"
In the EU, we should be extremely careful about this kind of view, because in a way, it asks us to embrace Turkey precisely because of the aspects that separate us. We will be ill-served by this kind of enlightened idealism when we want to work on the things that unite the EU, like respect for diversity, human rights, international law and a dynamic economic system that rewards all people's efforts. Turkey still has some way to go on all of these.

The potential reward of welcoming Turkey is also belied by the more detailed cleavages that exist in the Middle East. Turkey's neigbours are Arabs - who dislike Turkey for having been an occupying country and not being or speaking Arab; Iranians, who are of a different Islamic denomination; Armenians, who are Christian and have some old issues with Turkey, and Georgians who are also Christian. Turkish entry into the EU could well serve to enlarge instead of bridge these cleavages, especially those with the Arab world.

by nanne (zwaerdenmaecker@gmail.com) on Fri Oct 16th, 2009 at 10:02:44 AM EST
[ Parent ]
German parties won't block Turkey's EU bid | Germany | Deutsche Welle | 15.10.2009
Germany's new government will not slam the door on Turkey's EU membership bid, according to sources close to the coalition talks. However, Turkey is still a long way from meeting the EU's criteria for entry.  

Chancellor Angela Merkel's conservative Christian Democrats and the pro-business Free Democrats agreed "unanimously" to stick with the last government's position on Turkey's EU membership bid, sources from both parties told AFP on Thursday.

The previous coalition of the Christian Democrats with the center-left Social Democrats had called the negotiations an "open-ended process" with no guarantee of membership.

The deal between the parties is expected be worded in a similar fashion to Merkel's 2005 coalition agreement.

In that document, the parties said "if the EU is not in a position to take on new members or Turkey cannot fully meet all the criteria necessary for membership, Turkey must be bound closely to European structures in a way that allows its privileged relationship with the EU to develop further."

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:48:49 PM EST
[ Parent ]
Europe needs to find ways to age gracefully | Europe | Deutsche Welle | 15.10.2009
Europe's aging population is going to put a heavy strain on public finances, according to a new European Commission report. This "time bomb" can be defused, but it will not be easy and it will not be cheap. 

According to the Survey of Health, Ageing and Retirement in Europe (SHARE) website, the ratio of older people to total population is higher in Europe than on any other continent and this phenomenon will continue well into this century.

This growing population of retirees will create additional economic pressures for European countries where debt levels are already high. Governments, faced with the current global financial downturn, have taken on new debt in an attempt to spend their way out of the recession. Yet the money they are currently spending is miniscule in comparison to the money governments will have to spend on healthcare and pensions in the future, the report said.

The projected impact on public finances will dwarf the effect of the current financial crisis "many times over," said the commission paper.

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:36:58 PM EST
[ Parent ]
EUobserver / Brussels dangles visa-free prospect in front of Kosovo

EUOBSERVER / BRUSSELS - The European Commission plans to set wheels in motion for visa-free travel with Kosovo despite its non-recognition by five EU states and high levels of both corruption and poverty.

The EU executive in a report on Kosovo out on Wednesday (14 October) said it "proposes to draft a comprehensive strategy to guide Kosovo's efforts to meet the EU's requirements for visa liberalisation."

Everyday life in Kosovo: weapons and mobile phones, but no sewage

The process is open-ended for now, with visas to be scrapped only "when the necessary reforms will have been undertaken."

The move is a political response to popular feeling among Kosovar Albanians that Serbia, which is held responsible for the 1999 war and numerous atrocities, is being given privileged treatment by the EU, while the victims of the conflict are left behind.

Serbia, Macedonia and Montenegro will enjoy visa-free EU travel from January 2010.

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:37:37 PM EST
[ Parent ]
EUobserver / Berlusconi says: 'Vote Tony' for EU president

EUOBSERVER / BRUSSELS - Italian Prime Minister Silvio Berlusconi on Wednesday (14 October) came out in favour of "Forza Blair" as president of the European Council.

"Tony Blair has all the credentials to become the first president of the European Council," Mr Berlusconi wrote in a letter that appeared in Il Foglio, a conservative daily.

Forza Italia's former leader has backed 'Forza Blair'

The Italian leader was responding to an editorial entitled "Vote Tony, vote Tony!" in the paper that had appeared on Monday.

"Dear editor, I absolutely agreed with your idea, even before you could think of it," the prime minister wrote.

He added that the former British prime minister should be "appointed to that post as soon as legally and politically possible."

On Tuesday, the newspaper known for its Fox-news style neo-conservatism, said that Mr Blair's candidacy was an opportunity both for Europe and for "Il Cavaliere."

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:38:21 PM EST
[ Parent ]
Le Figaro - Politique : «Ce n'est pas mon fils qui est visé, c'est moi»Le Figaro: Sarkozy Interview
Une fois Lisbonne ratifié, Tony Blair peut-il être un bon candidat à la présidence de l'Union européenne ?Once Lisbon has been ratified, could Tony Blair be a good candidate for the presidency of the European Union (sic)?
Il est trop tôt pour le dire. Il y aura un débat. Nous sommes en présence de deux thèses : faut-il un président fort et charismatique ou un président qui facilite la recherche du consensus et qui organise le travail ? Personnellement, je crois en une Europe forte politiquement et incarnée. Mais le fait que la Grande-Bretagne ne soit pas dans l'euro reste un problème.It is too soon to say. There will be a debate. There are two theses: do we need a strong and charismatic president or a president who helps to seek consensus and who organizes the work? Personally, I believe in a politically strong Europe embodied [by someone]. But the fact that Great Britain is not in the euro remains a problem.
by afew (afew(a in a circle)eurotrib_dot_com) on Fri Oct 16th, 2009 at 02:05:44 AM EST
[ Parent ]
Nicolas Sarkozy: Tony Blair faces strong opposition as EU President - Times Online

The remarks by Mr Sarkozy to Le Figaro, the newspaper that is considered to be his house organ, dampened hopes in the Blair team that French arm-twisting would win the day when EU leaders meet later this month in the aftermath of Ireland's approval of the Lisbon Treaty. French commentators said that Mr Sarkozy appeared to be dumping Mr Blair as a liability.

The candidacy of Mr Blair is supported by eastern and southern Europe but opposed by the Netherlands and Belgium, founder states of the Common Market. It is also opposed by the European Left and much of the European Parliament. His support of the war in Iraq and free market capitalism damns him in many eyes.

...

Mr Sarkozy's aides have been saying for weeks that France is not aiming to force Mr Blair on Europe. He has been canvassing other names, including Felipe González, the Socialist former Spanish Prime Minister. The games is far from over, French diplomats noted. The decision will come down to a bout of traditional EU horse-trading, probably at the leaders' summit in Brussels at the end of this month.

by afew (afew(a in a circle)eurotrib_dot_com) on Fri Oct 16th, 2009 at 02:07:18 AM EST
[ Parent ]
Few Britons Want Blair as EU President: Angus Reid Global Monitor
(Angus Reid Global Monitor) - The idea of Tony Blair becoming president of the European Council is not particularly popular with people in Britain, according to a poll by Angus Reid Strategies. 47 per cent of respondents oppose the former British prime minister taking on this role.

...

Polling Data

Under the terms of the Lisbon Treaty, EU leaders will choose a President of the European Council for a two and a half year renewable term. Would you support or oppose Tony Blair becoming president of the European Council?

Strongly support..............9%

Moderately support...........23%

Moderately oppose............12%

Strongly oppose..............35%

Not sure.....................20%

Source: Angus Reid Strategies
Methodology: Online interviews with 2,005 British adults, conducted on Oct. 8 and Oct. 9, 2009. Margin of error is 2.2 per cent.

Complete Poll (PDF)

by afew (afew(a in a circle)eurotrib_dot_com) on Fri Oct 16th, 2009 at 02:12:05 AM EST
[ Parent ]
Terror Act used on climate activist - Crime, UK - The Independent

Terror legislation was used to stop a British climate change activist from travelling to Denmark, it has emerged.

Chris Kitchen, 31, said he was prevented from crossing the border on Tuesday at about 5pm when the coach he was travelling on stopped at the Folkestone terminal of the Channel Tunnel.

Mr Kitchen told the Guardian that police officers boarded the coach and, after checking all passengers' passports, took him and another climate activist to be interviewed under schedule 7 of the Terrorism Act 2000, a clause which enables border officials to stop and search individuals to determine if they are connected to terrorism.

He was asked what he intended to do in Copenhagen and also about his family, work and past political activity.

Mr Kitchen said he pointed out that anti-terrorist legislation did not apply to environmental activists but said the officer replied that terrorism "could mean a lot of things".

His coach had left by the time his 30-minute interview had finished and police paid for a ticket for him to return to London.

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:40:38 PM EST
[ Parent ]
Naturaly. He'll sue the police and 10 months from now a judge will tell everyone off for breaching his human rights. And everyone will laugh that they can carry on playing the game because our corrupt scum sucking politicians have made protest illegal but haven't even got the gutys to admit it.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Thu Oct 15th, 2009 at 04:42:28 PM EST
[ Parent ]
Vaclav Klaus: How Czech president is fighting on to stop Europe in its tracks | World news | The Guardian
Lisbon treaty has been eight years in making and is on brink of coming into force, but not if Klaus gets his way

For a man standing alone between Europe and its future, Vaclav Klaus is playing hard to get. Last week a trip to Albania, this week Russia; the Czech president has performed a vanishing act just when he has the rest of Europe dancing to his tune.

He relishes being at the centre of a showdown. But it appears he is currently more interested in selling copies of his tract on global warming denial.

Last week, as a panicky campaign was launched in Berlin, Paris, Brussels, Stockholm, and Prague to try to force Europe's biggest renegade into line, Klaus was dining by the Adriatic.

For five days he refused to return phone calls from Fredrik Reinfeldt, the Swedish prime minister and current EU president saddled with the Klaus emergency. Jan Fischer, the Czech Republic's caretaker prime minister, has an even less enviable task, as mediator between Klaus and the rest of Europe's leaders. But Klaus won't give him the time of day. Fischer admitted he had managed to get him briefly on the phone, but not to arrange a meeting.

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:44:10 PM EST
[ Parent ]
EUobserver / Outlines emerging of new EU commission

EUOBSERVER / BRUSSELS - The next European Commission is set to be filled with conservative and liberal commissioners, feature several familiar faces, and plenty of new job titles. However, when it will be set up remains the great unknown.

With just over two weeks to go before the current commission officially ends its term, and with weighty portfolios the most desired, member states have begun jostling to get a substantial seat at the commission table for the next five years.

Several commissioner hopefuls have expressed an interest in an economic portfolio. A few member states, including Finland, Belgium, Luxembourg, Estonia, Latvia, Slovenia, Spain and Slovakia, have either officially re-nominated the same commissioner or are thought likely to do so.

But for the vast majority of the 27 member states, there is a question mark over who they will send to Brussels. Most notable among the not-yet-named list are Germany, France and the UK. Those who are nominated late may find that the plum positions are already taken.

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:50:27 PM EST
[ Parent ]
EUobserver / Outlines emerging of new EU commission

EUOBSERVER / BRUSSELS - The next European Commission is set to be filled with conservative and liberal commissioners, feature several familiar faces, and plenty of new job titles. However, when it will be set up remains the great unknown.

With just over two weeks to go before the current commission officially ends its term, and with weighty portfolios the most desired, member states have begun jostling to get a substantial seat at the commission table for the next five years.

Several commissioner hopefuls have expressed an interest in an economic portfolio. A few member states, including Finland, Belgium, Luxembourg, Estonia, Latvia, Slovenia, Spain and Slovakia, have either officially re-nominated the same commissioner or are thought likely to do so.

But for the vast majority of the 27 member states, there is a question mark over who they will send to Brussels. Most notable among the not-yet-named list are Germany, France and the UK. Those who are nominated late may find that the plum positions are already taken.

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:53:39 PM EST
[ Parent ]
Russia upset at U.S.-Ukraine missile defense talks | TPM News Pages
MOSCOW (Reuters) - Russia said on Thursday it was worried about U.S. talks on the use of Ukrainian radar stations as part of a revised missile defense shield, a step that could hinder efforts to reset ties between the two Cold War foes.

Russia, which is extremely sensitive to any hint of U.S. cooperation with former Soviet republics, initially welcomed President Barack Obama's scrapping of Bush-era plans for a missile defense system in central Europe.

But Moscow has been irked by a U.S. statement that countries like Ukraine could contribute early warning information as part of the revised shield plan and reports that talks between the U.S. and Ukraine on the issue had already begun.

"We feel concerned," Russian Deputy Foreign Minister Sergei Ryabkov was quoted by RIA news agency as saying when asked about the possible use of Ukrainian radars by the United States.

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:57:59 PM EST
[ Parent ]
Guardian: Carter-Ruck in new move to stop debate in parliament
The law firm Carter-Ruck has made a fresh move that could stop an MPs' debate next week by claiming a controversial injunction it has obtained is "sub judice".

The move follows the revelation of the existence of a secret "super-injunction" obtained by the firm on behalf of the London-based oil traders Trafigura.

The injunction not only bans disclosure of a confidential report on Trafigura and toxic waste, but also banned disclosure of the injunction's very existence, until it was revealed by an MP this week under parliamentary privilege.

Carter-Ruck partner Adam Tudor today sent a letter to the Speaker, John Bercow, and also circulated it to every single MP and peer, saying they believed the case was "sub judice".

If correct, it would mean that, under Westminster rules to prevent clashes between parliament and the courts, a debate planned for next Wednesday could not go ahead.

This seems to be outright contempt of Parliament.  Sure, parliament doesn't discuss cases before the courts - but purporting to tell them they cannot (rather than them choosing not to) is attempting to interfere with MPs in the course of their duties, a classic contempt.

These scumsucking lawyers have gone way too far this time...

by IdiotSavant on Fri Oct 16th, 2009 at 12:54:05 AM EST
[ Parent ]
Anyone know what the penalties for contempt of parliament are?
by gk (g k quattro due due sette "at" gmail.com) on Fri Oct 16th, 2009 at 01:26:08 AM EST
[ Parent ]
Well the individual can be dragged before parliament to appologise in person, or they can be imprisoned, fines have been removed as a way of dealing with individuals  (in 1792) the last time someone was fined for these charges was in 1666. Its all a bit academic though, as all the law I've been able to track down involves individuals rather than companies.

If you're not part of the solution, you're part of the precipitate.
by ceebs (ceebs (at) eurotrib (dot) com) on Fri Oct 16th, 2009 at 01:40:25 AM EST
[ Parent ]
I don't see it as contempt of parliament. Farter-Cuck is simply reminding parliament of their legal responsibilities.

Of course the situation is farcical, the libel law is farcical and should be repealed, these total gagging orders are ridiculous and should be repealed. They are an abuse of the system and totally against any understanding of the concept of free speech.

But that's what happens when a bunch of lazy MPs tug their forelocks and serve the interests of rich and powerful people and corporations who want to ensure that nobody gets to hear about their disgusting behaviour.

F-C's behaviour is not outrageous under the alw as it stands. It's the law itself which is outrageous. It should be changed. But there's too much money flowing through the system for it to stand a chance of being changed.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Fri Oct 16th, 2009 at 03:50:15 AM EST
[ Parent ]
No link, though

Time: Opposition Grows to Tony Blair's Bid for E.U. President

Here's a riddle: What unites French Socialists and British Conservatives, brings feminists together with the editors of prurient tabloid newspapers and gives shared purpose to a clutch of small European countries and more than 37,000 signatories to an online petition? Answer: Tony Blair. Across Europe, natural adversaries and strange bedfellows are finding common purpose in their efforts to stop Britain's former Prime Minister from assuming the role popularly known as president of Europe.

[...]

 Indeed there will. France's President, Nicolas Sarkozy, is Blair's most persuasive champion, and the Italians, Poles and Spanish are also on board. But two things could still scupper Blair's chances when the E.U. horse-trading begins: a coalition of small countries coalescing around an alternative candidate or a "nein" from German Chancellor Angela Merkel, the leader of Europe's largest economy. Westminster insiders say Merkel will back Blair, though without enthusiasm. A German government source is more nuanced. "The Chancellor worked well with [Blair] during the 2007 German E.U. presidency when the Lisbon Treaty was sealed. But of course, she worked well with others too."


I don't know where this 'Sarkozy champions Blair' meme comes from given that he's shifted his position several times. Certainly, Spain and Poland can't be said to 'be on board' at this time except amongst Blair's spinmeisters. But it's nice that Catherine Mayer got to ask a German government source.
by nanne (zwaerdenmaecker@gmail.com) on Fri Oct 16th, 2009 at 05:09:54 AM EST
[ Parent ]
Though there's no link

  1. the headline is good
  2. we're mentioned in the first paragraph

It's a very useful piece even if the analysis in the extended copy leaves a bit to be desired (that's the part at the bottom anyway, so it can be discounted as fake balance)
by nanne (zwaerdenmaecker@gmail.com) on Fri Oct 16th, 2009 at 05:21:14 AM EST
[ Parent ]
The same link accessed today has this:

Tony Blair's Bid for E.U. President: Opposition Growing - TIME

What unites French Socialists and British Conservatives and brings feminists together with the editors of prurient tabloid newspapers? Answer: Tony Blair.

They're scared of us, that's what it is.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Oct 25th, 2009 at 10:26:43 AM EST
[ Parent ]
 ECONOMY & FINANCE 

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:26:06 PM EST
European Finance: The Big Thaw - SPIEGEL ONLINE - News - International

As investors return to the market, big companies in Europe are finding it easier to raise money via bonds, equities and even IPOs.

The chief financial officers at some of Europe's largest firms have had a busy few months. Since markets started to recover in early summer, executives from companies including German retailer Metro and Anglo-Australian miner Rio Tinto have hit up investors for extra funds. And in the past two weeks, French banks Société Générale and BNP Paribas, as well as Italian counterpart UniCredit, have announced rights issues set to raise billions of dollars.

The fact that corporations are refilling their coffers is the latest sign the worst of the Great Recession may now be over. Indeed, data provider Dealogic estimates European companies have taken in almost $221 billion through rights issues and initial public offerings so far this year. That's just below the $228 billion raised in all of 2008, which analysts expect to be surpassed by the end of 2009. Firms also have bagged $1.1 trillion through corporate bonds so far this year, vs. $865 billion during all of 2008. Nonfinancial companies-still suffering from banks' high lending fees-have scored almost two-thirds of their funding from the resurgent corporate bond market.

The flurry of activity is a win-win for companies and investors alike. For recession-hit firms, the extra cash helps bolster sagging balance sheets and provides ammunition to snap up merger-and-acquisition targets at continuing knockdown prices. And for gun-shy investors -- many still hoping to recoup losses from the past two years-the chance to lock in attractive corporate bond yields and grab equity stakes amid rising markets is too good to pass up.

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:30:59 PM EST
[ Parent ]
Confirmation that since credit intermediaries are fucked, investors will connect directly with those needing investment.

But there will be no recovery unless and until individual and corporate incomes in the real economy -not the Vampire Squid economy - pick up.

That is 10 to 20 years away, if ever, in the absence of systemic fiscal and monetary reform.

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 Thu Oct 15th, 2009 at 06:16:43 PM EST
[ Parent ]
Since markets started to recover in early summer, executives from companies including German retailer Metro and Anglo-Australian miner Rio Tinto have hit up investors for extra funds. And in the past two weeks, French banks Société Générale and BNP Paribas, as well as Italian counterpart UniCredit, have announced rights issues set to raise billions of dollars.

SG, BNP and UniCredit are all banks.

Did Metro and Rio Tinto use a bank as an underwriter for these equity/debt issues?

If so, how is this

Confirmation that since credit intermediaries are fucked, investors will connect directly
If not, how dit Rio Tinto and Metro manage the issues? They don't have the in-house expertise for it.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Thu Oct 15th, 2009 at 06:23:29 PM EST
[ Parent ]
Migeru:
If not, how dit Rio Tinto and Metro manage the issues? They don't have the in-house expertise for it.

Exactly.

Banks as service providers - bringing investors together with investment, managing issues, maybe even underwriting them - none of this is credit intermediation.

Credit intermediaries are fucked through the need to conserve capital - which, as we see, they are raising from investors, while they can.

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 Thu Oct 15th, 2009 at 08:16:12 PM EST
[ Parent ]
So you're saying the banks acted as intermediaries but did not underwrite the issues?

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Fri Oct 16th, 2009 at 02:47:34 AM EST
[ Parent ]
Migeru:
So you're saying the banks acted as intermediaries but did not underwrite the issues?

Where did you get that idea from?

I am saying that if you are not a credit counterparty - ie a middleman standing between the depositor and the borrower - then you are not a credit intermediary.

An underwriter, as I understand underwriting, is a service provider, being paid for taking on a contingent liability to provide the finance if no-one else does. An insurance/ guarantee function, essentially

An intermediary is a middleman. We are seeing the end of credit middlemen and their replacement by credit service providers.

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 Oct 16th, 2009 at 04:39:08 AM EST
[ Parent ]
ChrisCook:
We are seeing the end of credit middlemen and their replacement by credit service providers.
Now I get it.

However,

a contingent liability to provide the finance if no-one else does
Implies acting as a creditor. But not as a credit intermediary.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Fri Oct 16th, 2009 at 04:58:02 AM EST
[ Parent ]
banks will be credit service providers, and creditors, but not credit intermediaries?

It's like the animal that walks like a duck, and quacks like a duck, but it's not a duck.

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

by Jerome a Paris (etg@eurotrib.com) on Fri Oct 16th, 2009 at 05:49:43 AM EST
[ Parent ]
LOL

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Fri Oct 16th, 2009 at 06:08:20 AM EST
[ Parent ]
Did you actually read what I wrote, as opposed to what migeru said?

I presume you know what an underwriter does? My understanding is that an underwriting bank will only end up as a creditor/investor if they don't manage to find other creditors/investors willing to put up existing credit=money.

Would you characterise the function of debt underwriting by a bank as credit service provision, or as credit creation/ intermediation?

The fact that credit intermediation is increasingly fucked is my point, and no amount of snark will make that any less the case.

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 Oct 16th, 2009 at 11:10:56 AM EST
[ Parent ]
is about guaranteeing the availability of the funds, and pushing the responsibility of spreading the risk around (or building the funding book) from the client to the bank.

So it's both a credit service and credit creation. The syndication is just shuffling around of money, whether it exists or needs to be created by other entities (and the part sold down by the underwriter may itslef be destroyed of shuffled elsewhere).

The only distinction between bank debt and capital market instruments is that bank debt is syndicated to a smaller pool of potential participants, and is less easy to trade. But fundamentally it's not very different.

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

by Jerome a Paris (etg@eurotrib.com) on Fri Oct 16th, 2009 at 11:55:49 AM EST
[ Parent ]
The only distinction between bank debt and capital market instruments is that bank debt is syndicated to a smaller pool of potential participants, and is less easy to trade. But fundamentally it's not very different.

Hallelujah. =)

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

by Starvid (arvid.hallen at gmail.com) on Sat Oct 17th, 2009 at 06:05:14 AM EST
[ Parent ]
Underwriting is a traditional banking service activity - indeed, in the US in the days of Glass-Steagall, it was the core activity that defined investment banks when commercial banks were not allowed to be the providers of that service.

The problems that emerged when the investment banks converted from partnerships to corporations (something which should of course not have been allowed) came from leveraging underwriting skills in pursuit of financial middleman incomes through the invention of new financial instruments to underwrite. Freeing the financial industry from being tied to income growth in the productive sector - or so it was thought, in the midst of the bubble economy, as it is always thought in midst of a bubble economy.

Utsukushikereba sore de ii

by BruceMcF (agila61 at netscape dot net) on Fri Oct 16th, 2009 at 09:16:30 AM EST
[ Parent ]
BruceMcF:
the investment banks converted from partnerships to corporations (something which should of course not have been allowed)
Can you elaborate?

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Fri Oct 16th, 2009 at 09:20:01 AM EST
[ Parent ]
The investment banks in the US used to be partnerships - normally organized as closed corporations, but with the corporation held by a partnership pool.

Lehman Bros. went public to merge with American Express, and so of course was spun off as a corporation when American Express decided to get out of banking. Salomon Bros. went public with its take-over by Phibro Corp. (which became Salomon Inc.). Goldman Sachs went public in an IPO in 1999.


Utsukushikereba sore de ii

by BruceMcF (agila61 at netscape dot net) on Fri Oct 16th, 2009 at 09:42:20 AM EST
[ Parent ]
There are three major differences between partnerships and joint stock companies/corporations.

(a) Ownership and control goes with stock ownership in a corporation - in a partnership it's whatever they agree, and typically one member, one vote;

(b) Principal/Agency conflict in a corporation, between owner stock-holders and their agents, the directors/management - that need not, and probably will not, be the case in a partnership;

(c) in a Corporation members have only a collective responsibility, whereas in a partnership they have a collective and individual (joint and several) responsibility.

Limited Liability is a separate issue. For maybe 250 years until 1855 in the UK Companies and their members did not have limited liability, any more than partnerships did, and it was an extremely contentious change at the time.

Quite rightly, since as it has turned out, in return for this privilege, investors don't give much back to the society which grants them the privilege.

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 Oct 16th, 2009 at 11:32:25 AM EST
[ Parent ]
ChrisCook:
For maybe 250 years until 1855 in the UK Companies and their members did not have limited liability, any more than partnerships did, and it was an extremely contentious change at the time.
An economic history hypothesis here: financial instability à la Minsky did not occur before 1855 and there was a speculative bubble starting in 1855 which ended in a severe recession.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Fri Oct 16th, 2009 at 11:37:55 AM EST
[ Parent ]
Migeru:
An economic history hypothesis here: financial instability à la Minsky did not occur before 1855 and there was a speculative bubble starting in 1855 which ended in a severe recession.

I think most people would characterise both the South Sea Bubble and the Mississippi Bubble as financial instability, but I have yet to read Minsky's definition.

IMHO it's leverage - ie deficit-based financing, of which John Law's Banque Royale was arguably the first recognisable Central Bank nexus - that is the prime cause of instability.

Limited liability certainly wouldn't act against instability, that's for sure.

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 Oct 16th, 2009 at 12:05:29 PM EST
[ Parent ]
ChrisCook:
I think most people would characterise both the South Sea Bubble and the Mississippi Bubble as financial instability, but I have yet to read Minsky's definition.
But was the crisis systemic? Was it followed by a recession?

South Sea Company - Wikipedia, the free encyclopedia

Furthermore, the scramble for liquidity appeared internationally as "bubbles" were also ending in Amsterdam and Paris. The collapse coincided with the fall of the Mississippi Scheme of John Law in France. As a result, the price of South Sea shares began to decline.

By the end of September the stock had fallen to £150. The company failures now extended to banks and goldsmiths as they could not collect loans made on the stock, and thousands of individuals were ruined (including many members of the aristocracy). With investors outraged, Parliament was recalled in December and an investigation began. Reporting in 1721, it revealed widespread fraud amongst the company directors and corruption in the Cabinet. Among those implicated were John Aislabie (the Chancellor of the Exchequer), James Craggs the Elder (the Postmaster General), James Craggs the Younger (the Southern Secretary), and even Lord Stanhope and Lord Sunderland (the heads of the Ministry). Craggs the Elder and Craggs the Younger both died in disgrace; the remainder were impeached for their corruption. Aislabie was imprisoned.

The newly appointed First Lord of the Treasury Robert Walpole was forced to introduce a series of measures to restore public confidence. Under the guidance of Walpole, Parliament attempted to deal with the financial crisis. The estates of the directors of the company were confiscated and used to relieve the suffering of the victims, and the stock of the South Sea Company was divided between the Bank of England and East India Company. A resolution was proposed in parliament that bankers be tied up in sacks filled with snakes and tipped into the murky Thames.[3] The crisis had significantly damaged the credibility of King George I and of the Whig Party.



En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Fri Oct 16th, 2009 at 12:33:26 PM EST
[ Parent ]
Mississippi Company - Wikipedia, the free encyclopedia

The number of outstanding shares of the company was probably around 500,000 in 1720. A stock price of 15,000 livres would have given the company a market capitalization of 7.5 billion livres. After the share price collapsed to 500 livres in September 1721, the company was valued at only 250 million livres. As a comparison, the French government expenses was 150 million livres in 1700, while their debt in 1719 was 1.6 billion livres.

With the demand for company shares being high, the government and John Law set out to buy back the whole 1.6 billion livres government debt for shares in the company. The plan was successful and in 1720 the whole government debt was acquired by the company, before the company's market capitalization began to collapse during 1720 and 1721. Compare this with the debt acquisition by The South Sea Company of England that acquired 80% of the 50 million pound government debt during 1720. The South Sea Company reached a highest share price of 1,000 pounds in August 1720, a few months later than the Compagnie des Indes.

As the creditors bought shares in the company with their bonds and debt papers (debt-for-equity transaction), the whole government debt became property of the company, the company became property of the former creditors, now the shareholders, and the effective control fell into the hands of the government that paid an annual 3% interest to the company, which amounted to 48 million livres. Through these transactions the French government had successfully unloaded their whole gigantic debt of 1,000% the annual budget (perhaps 200% - 400% of GDP) and was basically debt free.



En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Fri Oct 16th, 2009 at 12:35:20 PM EST
[ Parent ]
If you compare the parlous state of French finances pre-Law and the clean slate post-Law it appears that while the Bubble wiped out many people, its effect wasn't entirely negative.

There's a great film to be made  about John Law, and a couple of good documentaries. His understanding of the concept of Money was as good as any I have seen.

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 Oct 16th, 2009 at 01:27:10 PM EST
[ Parent ]
... a public corporation and either a closely held corporation or partnership with respect to investment banks, which is that while all publicly traded commercial firms have an incentive to engage in short term actions to ramp up their share price, there are no institutions so well able to ramp up their share price by taking actions to ramp up all share prices.

The long term close holding of the investment bank is what gives teeth to the practice of the investment bank holding a portion of the financial instruments that they underwrite - when the real risk of the holding devolves onto external shareholders while the short term reward to inflated financial asset pricing accrues to all executives with stock options, the fact that the investment bank holds a portion of the financial instruments that they underwrite loses a lot of its force.


Utsukushikereba sore de ii

by BruceMcF (agila61 at netscape dot net) on Fri Oct 16th, 2009 at 05:16:22 PM EST
[ Parent ]
include unlimited liability of the partners to back the obligations of the partnership.

ie the whole fortune of the top management was de facto invested in the company.

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

by Jerome a Paris (etg@eurotrib.com) on Fri Oct 16th, 2009 at 10:21:53 AM EST
[ Parent ]
... closely held corporations occurred over a much longer period in the US, with some becoming closely held corporations in the 30's, and others only going corporate as part of the process of becoming a publicly traded corporation. So some of the partnerships were partnerships de jure, and others were corporations in which "becoming a partner" meant receiving a piece of the partnership pool of shares that was the controlling interest in the closely held corporation.

It was the conversion to publicly traded corporations that struck in a wave starting after 1980 and ending at the same time as the repeal of Glass-Steagall. Of course, the incestuousness of the primary institutions engaged in managing new issues into the capital markets being controlled by shares bought and sold in the same capital markets was remarked upon, but nobody in a position of power made a big issue of it.


Utsukushikereba sore de ii

by BruceMcF (agila61 at netscape dot net) on Fri Oct 16th, 2009 at 05:22:39 PM EST
[ Parent ]
A year after the crunch, it's boom time again for bankers - Times Online

Investment bankers are about to enjoy a record bonus season as confidence surges in the financial markets.

Just 12 months after the global economy was brought close to collapse by reckless lending -- forcing banks to turn to taxpayers for help -- stock markets in London and New York are enjoying one of the strongest bull runs in decades and investment banks are preparing to announce huge profits.

In Britain, job losses slowed in the three months to August. Unemployment rose by 88,000 to 2.47 million, the lowest rise since July last year, and youth unemployment fell slightly. China reported strong trade figures and oil hit a high for the year.

Goldman Sachs, which employs 5,500 people in London, is expected to report a sharp rise in third-quarter profits today. Analysts estimate that, barring a major setback, the average London worker at Goldman will receive about $748,000 (£467,000) in salary and bonuses -- 13 per cent higher than 2007 and more than double the 2008 average.

[Murdoch Alert]
by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:33:43 PM EST
[ Parent ]
JP Morgan bankers on course for bumper bonuses | Business | guardian.co.uk
* Net profits of $3.6bn in third quarter

* Staff on course for average pay of $133,000

JP Morgan Chase signalled today that City firms are preparing to make huge bonus payments after it kicked off the US bank reporting season by smashing profit expectations.

The bank revealed it had set aside $7.3bn (£4.6bn) in the third quarter to pay staff, taking the total remuneration pot for the first nine months of the year to $21bn, 23% more than at the same time last year.

The admission by JP Morgan Chase that it was preparing to raise bonuses came as Goldman Sachs was expected to report that it too was enjoying a bumper year and its bonus pool could reach $22bn.

Mounting expectations that bankers are looking forward to huge pay cheques barely a year after the banking system was bailed out by governments across the world have forced the biggest payers in the City to capitulate to government demands to adopt the G20 principles on pay.

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:43:42 PM EST
[ Parent ]
ForEx Crystal Ball of Doom | Bloomberg | 15 Oct 2009

The dollar may drop to 50 yen next year and eventually lose its role as the global reserve currency, Sumitomo Mitsui Banking Corp.'s chief strategist said, citing trading patterns and a likely double dip in the U.S. economy.

"The U.S. economy will deteriorate into 2011 as the effects of excess consumption and the financial bubble linger," said Daisuke Uno at Sumitomo Mitsui, a unit of Japan's third- biggest bank. "The dollar's fall won't stop until there's a change to the global currency system." ...

The dollar is now at [Elliot] wave five of the 40-year cycle, Uno said. It dropped to 92 yen during wave one that ended in March 1973. The dollar will target 50 yen during the current wave, based on multiplying 92 with 0.764, a number in the Fibonacci sequence, and subtracting from the 123.17 yen level seen in the second quarter of 2007, according to Uno.



Diversity is the key to economic and political evolution.
by Cat on Thu Oct 15th, 2009 at 07:32:55 PM EST
[ Parent ]
Sumitomo's Prophecy and Tarot Service:
a number in the Fibonacci sequence

Good to see a point of view backed up by hard science.

Although to be fair, it's not any more or less outrageous than a lot of other economic scienctificism.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Fri Oct 16th, 2009 at 07:02:14 AM EST
[ Parent ]
Elliott wave principle - Wikipedia, the free encyclopedia
R. N. Elliott's analysis of the mathematical properties of waves and patterns eventually led him to conclude that "The Fibonacci Summation Series is the basis of The Wave Principle."[1] Numbers from the Fibonacci sequence surface repeatedly in Elliott wave structures, including motive waves (1, 3, 5), a single full cycle (5 up, 3 down = 8 waves), and the completed motive (89 waves) and corrective (55 waves) patterns. Elliott developed his market model before he realized that it reflects the Fibonacci sequence. "When I discovered The Wave Principle action of market trends, I had never heard of either the Fibonacci Series or the Pythagorean Diagram."[1]


En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Fri Oct 16th, 2009 at 07:05:41 AM EST
[ Parent ]
Dan Brown would make an excellent economist, it seems...

*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 Oct 16th, 2009 at 07:08:35 AM EST
[ Parent ]
But this fellow's not an economist, he's a "technical analyst". In The Wikipedia, it says his work is criticized for being pseudo-scientific and violating the efficient market hypothesis.

It does not say who the critics are, but the second critique sounds like mainstream economists.

Indeed, both critiques sound like mainstream economists, who are often a bit tone-deaf to that kind of internal contradiction.

BTW, Dan Brown would be a brilliant technical analyst. An ability to generate fictions about elaborate patterns with a very thin surface veneer of plausibility to persuade large numbers of the gullible that the patterns are real world phenomena - why, that's just the job description for a technical analyst.


Utsukushikereba sore de ii

by BruceMcF (agila61 at netscape dot net) on Fri Oct 16th, 2009 at 09:51:38 AM EST
[ Parent ]
Yeah, novelists can pull the wool over anyone's eyes (anyone who wants it to happen, that is...).
by afew (afew(a in a circle)eurotrib_dot_com) on Fri Oct 16th, 2009 at 10:10:23 AM EST
[ Parent ]
"NT" signifies that there is no text in this space, so clearly you are not reading this at the present time. The management thanks you for your cooperation.


Utsukushikereba sore de ii
by BruceMcF (agila61 at netscape dot net) on Fri Oct 16th, 2009 at 05:09:00 PM EST
[ Parent ]
ROFL

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Fri Oct 16th, 2009 at 10:20:01 AM EST
[ Parent ]
End of Dollar as Reserve Currency   Jesse's Café Américain

We get a chuckle over this dollar weakness when free market people like Steve Forbes come out and look for market intervention to stop it. The market is taking the dollar where it should be, where it needs to go. If only countries with obvious pegs and ongoing manipulation to support export mercantilism were also to allow their currencies to float more freely. It is going to kill off global trade. It is the great failure of the WTO and US trade policy to have allowed pegs and overt currency manipulation policies which are de facto tariffs and subsidies on trade.

.....

The only way out, the only viable path, is for the US to embrace a serious reform of its markets and its financial system, and to change system that encourages the debilitating corruption of decision-making in Washington, which is under the influence of an army of well-heeled lobbyists.

To that extent, the "straight talking" pre-Palin version of John McCain had it right. Little serious reform can be done until campaign finance and influence peddling in Washington is addressed. McCain saw the danger of this conflict of interest in his own career as part of the Keating Five, and his own party and the rise of the neo-con statism and its assault on republican ideals.

The Democrats have shown themselves to be no better, having gone down the slippery slope of Clinton capitalism, the partnership of special interests and government. Obama failed when he embraced it. And now both parties are deep in the mire of corruption.



As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer at eurotrib.com) on Thu Oct 15th, 2009 at 08:32:35 PM EST
[ Parent ]
Extracting the Evidence

Richard Beales writes in Breakingviews, linked from today's NYT, (won't copy, so I'll summarize, or you can click on the title), that things are about to get interesting for some of BOA's attorneys.  Judge Rakoff has rejected a proposed settlement between BOA and the SEC over lack of disclosure. He wants to know who made what decisions and what was the legal advice on which they relied.

BOA had refused to release the legal advice on which they relied for the Merrill acquisition.  Andrew Cuomo, NY State Atty. General, threatened to charge Ken Lewis and other bank bosses.  BOA reversed course and agreed to release the advise and Lewis has announced he will resign and take no salary for '09.

Wachtell, Lipton, Rosen and Katz are the attorneys that provided the advice on the acquisition. BOA is now relying on other counsel. Not only will the correspondence be released, but the attorneys could find themselves testifying for Rogoff, Cuomo and the US Congress. The interesting prospect is that the advice they proffered was routine in the industry.    

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer at eurotrib.com) on Thu Oct 15th, 2009 at 09:23:10 PM EST
[ Parent ]
How the Servant Became a Predator: Finance's Five Fatal Flaws » New Deal 2.0

1. The financial sector harms the real economy.

Even when not in crisis, the financial sector harms the real economy. First, it is vastly too large. The finance sector is an intermediary -- essentially a "middleman". Like all middlemen, it should be as small as possible, while still being capable of accomplishing its mission. Otherwise it is inherently parasitical. Unfortunately, it is now vastly larger than necessary, dwarfing the real economy it is supposed to serve.

[...]

2. The financial sector produces recurrent, intensifying economic crises here and abroad.

[...]

3. The financial sector's predation is so extraordinary that it now drives the upper one percent of our nation's income distribution and has driven much of the increase in our grotesque income inequality.

[...]

5. The CEO's of the largest financial firms are so powerful that they pose a critical risk to the financial sector, the real economy, and our democracy.



Europeans think a hundred miles is a long way. Americans think a hundred years is a long time.
by Bernard on Fri Oct 16th, 2009 at 08:31:33 AM EST
[ Parent ]
They make it sound like this is a new development. Re-reading Veblen's Theory of Business Enterprise (1904) it is apparent things were already like this for all to see 100 years ago.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Fri Oct 16th, 2009 at 08:49:01 AM EST
[ Parent ]
... we've been here before - that's why this time around it was necessary to strip out protections against it happening again before it could be allowed to happen again.


Utsukushikereba sore de ii
by BruceMcF (agila61 at netscape dot net) on Fri Oct 16th, 2009 at 09:56:19 AM EST
[ Parent ]
How about this time around we mandate that economists actually learn economic history and the history of economic thought?

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Fri Oct 16th, 2009 at 11:38:35 AM EST
[ Parent ]
You can mandate it, but who guards the guardians?


Utsukushikereba sore de ii
by BruceMcF (agila61 at netscape dot net) on Fri Oct 16th, 2009 at 05:07:32 PM EST
[ Parent ]
 WORLD 

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:26:32 PM EST
World Focus: Why Palestinians have lost faith in Obama - Middle East, World - The Independent

For a man who is sometimes seen as the Palestinian politician that the Israelis and the Americans like best, Prime Minister Salaam Fayyad was in a strikingly robust mood during a two-hour press conference in Ramallah yesterday. While too polite to criticise the Obama administration, he nevertheless had a clear message in the wake of the failure by the US to persuade the Israeli government of Benjamin Netanyahu to grant a freeze on Jewish settlement construction in the West Bank as a precursor to serious negotiations.

He suggested that the Palestinian leadership no longer had much interest in a "process for the sake of a process" and he questioned what Mr Netanyahu's "equivocal" endorsement of a Palestinian state really meant.

Mr Fayyad had been much struck by a report from the Jerusalem Centre for Public Affairs, arguing that the 60 per cent of the West Bank controlled by Israel and designated as Area C under the Oslo accords, including the Jordan Valley, should not be handed over in any peace deal. If the Israeli establishment was envisaging a "Mickey Mouse state" along these lines, he said, then "it looks like it would not come close to what we have in mind."

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:36:04 PM EST
[ Parent ]
BBC NEWS | South Asia | Pakistan shaken by fresh attacks

Gunmen have attacked law enforcement buildings in Pakistan, with at least 18 people reported killed in Lahore and eight in a suicide bombing elsewhere.

The highest-profile target in Lahore was the Federal Investigation Agency offices. There were also co-ordinated attacks on two police academies.

Meanwhile, in the north-western town of Kohat, a suicide bomber rammed his car into a police station, killing eight.

There has been an upsurge in violence in Pakistan in recent weeks.

Lahore itself was long spared the brunt of Pakistan's militant violence, but there have been a number of attacks in the city since the start of the year.

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:39:23 PM EST
[ Parent ]
The Remote Control President: Palestinians Rail Against Bungling Abbas - SPIEGEL ONLINE - News - International

Palestinian President Mahmoud Abbas is damaging his standing with his own supporters as he careens back and forth between Israel and the United States. As his support fades, Palestinians are beginning to discuss a possible successor. Someone who might pave the way for reconciliation between Abbas' Fatah party and the radical Hamas.

Laila al-Bukhari has a limp handshake. It is hard to believe that her hands once attached explosive belts to Palestinian suicide bombers.

Al-Bukhari, now 32, was released just days ago after spending seven years and four months in an Israeli prison. Her eyes constantly dart around the room as she talks, as if to make sure that she is no longer incarcerated in a small cell at Damun Prison in the Israeli port city of Haifa. Instead she is sitting in the large living room of her parents' house, a former British governor's residence in the Palestinian city of Nablus in the mountains of the West Bank.

The young woman is wearing trousers and a T-shirt, her reddish-brown hair is tied back into a ponytail, and her bare feet are inserted into white platform sandals. Bukhari, a member of the secular Fatah movement, is not a devout Muslim.

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:46:28 PM EST
[ Parent ]
$400 per gallon gas to drive debate over cost of war in Afghanistan   By Roxana Tiron  The Hill

The Pentagon pays an average of $400 to put a gallon of fuel into a combat vehicle or aircraft in Afghanistan.  The statistic is likely to play into the escalating debate in Congress over the cost of a war that entered its ninth year last week.

Pentagon officials have told the House Appropriations  Defense Subcommittee a gallon of fuel costs the military about $400 by the time it arrives in the remote locations in Afghanistan where U.S. troops operate.

"It is a number that we were not aware of and it is worrisome," Rep. John Murtha (D-Pa.), the chairman of the House Appropriations Defense panel, said in an interview with The Hill. "When I heard that figure from the Defense Department, we started looking into it."

The Pentagon comptroller's office provided the fuel statistic to the committee staff when it was asked for a breakdown of why every 1,000 troops deployed to Afghanistan costs $1 billion. The Obama administration uses this estimate in calculating the cost of sending more troops to Afghanistan.


Could be more damaging than $1,000 toilet seats.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer at eurotrib.com) on Thu Oct 15th, 2009 at 10:39:44 PM EST
[ Parent ]
Kilcullen's Long War   by Tom Hayden  The Nation

An influential Pentagon strategist advocates a fifty-year counterinsurgency campaign.

Let us say, hypothetically, that American forces kill or capture Osama bin Laden and Mullah Omar, enabling President Obama to declare victory and bring our troops home. Would he? Not according to the Pentagon's plan for a fifty-year "Long War" of counterinsurgency spanning Iraq, Afghanistan, Pakistan, the Horn of Africa, the Philippines and beyond.

Military intellectuals envision a prolonged cold war against Al Qaeda, with hot wars along the way. It happens that the Long War is over Muslim lands rich with oil, natural gas and planned pipelines. The Pentagon identifies them as hostile terrain where Al Qaeda and its affiliates are hidden.

Among the top experts responsible for this fifty-year war plan, concocted in 2005 in windowless offices in the Pentagon, is Dr. David Kilcullen, a former Australian soldier, an anthropologist, former top adviser to Gen. David Petraeus and current aide to Gen. Stanley McChrystal. Kilcullen is a media favorite, the subject of a long New Yorker profile by George Packer, glowing columns by David Ignatius in the Washington Post and weighty late-night conversations with Charlie Rose.

Kilcullen's recent book, The Accidental Guerrilla, presents the case for a Long War of fifty or even 100 years' duration, with chapters on Iraq (a mistake he believes was salvaged by the military surge he promoted in 2007-08), Afghanistan (where he recommends at least a five-to-ten-year campaign), Pakistan (whose tribal areas he sees as the center of the terrorist threat) and even Europe (where, he says, human rights laws create legislative "safe havens" for urban Muslim undergrounds).


We don't produce enough meglomaniacal "military intellectuals" domestically, so we import them from Australia!

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer at eurotrib.com) on Thu Oct 15th, 2009 at 11:10:31 PM EST
[ Parent ]
 LIVING OFF THE PLANET 
 Environment, Energy, Agriculture, Food 

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:27:06 PM EST
BBC NEWS | Science & Environment | Arctic to be 'ice-free in summer'

The Arctic Ocean could be largely ice-free and open to shipping during the summer in as little as ten years' time, a top polar specialist has said.

"It's like man is taking the lid off the northern part of the planet," said Professor Peter Wadhams, from the University of Cambridge.

Professor Wadhams has been studying the Arctic ice since the 1960s.

He was speaking in central London at the launch of the findings of the Catlin Arctic Survey.

The expedition trekked across 435km of ice earlier this year.

Led by explorer Pen Hadow, the team's measurements found that the ice-floes were on average 1.8m thick - typical of so-called "first year" ice formed during the past winter and most vulnerable to melting.

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:39:44 PM EST
[ Parent ]
Anti-nuclear group criticizes German waste shipments to Russia | Environment & Development | Deutsche Welle | 15.10.2009
In the wake of a French investigation into reports that nuclear waste is sent from French plants to Siberia, news has emerged that Germany has a long tradition of shipping toxic waste to Russia.  

The German anti-nuclear group "ausgestrahlt" said that since 1996, Germany's only uranium enrichment plant in Gronau has shipped about 22,000 tons of uranium hexafluoride, which is a compound used in the uranium enrichment process, to Russia.

"Ausgestrahlt" reported on Wednesday that only 10 percent of that was returned to Germany as enriched uranium. The anti-nuclear activists said the remaining 90 percent was stored in Siberia, outdoors and in rusting containers. Uranium hexafluoride is highly toxic and corrosive to most metals.

URENCO, the uranium-processing firm that runs the Gronau enrichment facility, confirmed that it has shipped more than 27,000 tons of depleted uranium to Russia's state-run firm Tenex since 1996. About 10 to 15 percent of the material was treated and returned to Germany. URENCO says it has meanwhile terminated cooperation with the Russian

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:46:02 PM EST
[ Parent ]
Next German government agrees to keep nuclear power plants | Germany | Deutsche Welle | 15.10.2009
Germany's incoming government has agreed to reverse plans to abandon nuclear power. Berlin is eager to reduce dependency on gas and oil imports but environmentalists have already vowed to fight the decision. 

Germany's next center-right government of Christian Democrats and Free Democrats (FDP) under Chancellor Angela Merkel now says that the timetable of abandoning nuclear power by 2020 cannot be kept.

Already ahead of Germany's general election at the end of September, the two parties had pledged to extend the life of some of the country's 17 nuclear power plants.

Economics Minister Karl-Theodor zu Guttenberg on Thursday confirmed that as coalition talks progress to form a new government, the two sides have agreed to accommodate that pledge and keep the nuclear plants running longer.

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:48:06 PM EST
[ Parent ]
Nuclear Renaissance Stalls: Problems Plague Launch of 'Safer' Next-Generation Reactors - SPIEGEL ONLINE - News - International

The executives of electric utilities worldwide are dreaming of a renaissance in nuclear power. But problems with a new, state-of-the-art reactor in Finland suggest that this is unlikely to happen. The industry's alternative strategy is to modernize older plants to drastically extend reactor lifetimes.

The managers at Finnish electric utility TVO expressed one last wish before ordering what would be the world's largest nuclear power plant from Siemens and the French nuclear power conglomerate Areva. They wanted the reactor to be painted oxblood red and white, the traditional colors of the picturesque summer homes on Finland's western coast.

At least the two companies have managed to fulfill that request. Workers are currently securing colored panels to the turbine building. Otherwise, not much is going as it should be on Europe's biggest nuclear construction site.

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:49:29 PM EST
[ Parent ]
The prototype plant is over time and over budget? Quelle surprise!

Guess why the Finns asked for a turnkey contract? The next EPR's will not be prototypes, and they will incorporate the lessons learned.

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

by Starvid (arvid.hallen at gmail.com) on Thu Oct 15th, 2009 at 04:12:23 PM EST
[ Parent ]
Giant snakes warming to U.S. climes  By Janet Raloff, Science News


The Big WrapThis matchup between a Florida gator and Burmese python shows the snake's tenacity in hunting big game. Exotic snakes are making inroads in domestic climes, as described in the Science & the Public blog. USGS

Some were pets whose bodies and appetites apparently got too big for their owners to support. Most are probably descendants of released pets. Today, thousands of really big non-native snakes -- we're talking boa constrictors, anacondas and pythons -- slither wild in southern Florida. And there's nothing holding them in the Sunshine State. Which is why a report that was released today contends they pose moderate to high ecological threats to states on three U.S. coasts.

Indeed, the homelands of these snakes share climatic features with large portions of the United States -- territory currently inhabited by some 120 million Americans. Based on comparisons of the temperatures, rainfall and land cover found in the snakes' native range, it's possible that these slithering behemoths could stake claims to territory as far north as coastal Delaware and Oregon. Or so Gordon Rodda and Robert Reed of the U.S. Geological Survey observe in a 300-page assessment. As North America's climate warms, the two predict, these invaders might even expand that range -- by the end of this century becoming permanent residents of the Midwest.

The red states contain climate and land features that might make them hospitable to giant, invasive snakes.


A threat to three US coasts AND to Mexico, Central America and, eventually, to South America as well.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer at eurotrib.com) on Thu Oct 15th, 2009 at 09:58:34 PM EST
[ Parent ]
See this: Excuse Me, But Your Pet Is Threatening My Ecosystem

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Fri Oct 16th, 2009 at 06:07:18 AM EST
[ Parent ]
Um . . . aren't giant boa constrictors, pythons, etc mostly FROM South America to begin with?  Making them native, and not a threat to anything which they haven't been threatening for a long time.

Then again, as the learned producers behind the Anaconda series of movies have shown us, we can never be TOO worried about giant killer snakes.

by Zwackus on Fri Oct 16th, 2009 at 06:38:52 AM EST
[ Parent ]
Only the Anaconda is from South America.  The primary "threat" is from the Burmese Python, which has a much wider range of temperature and moisture tolerance than does the Anaconda.  Yet I have my doubts that even the Burmese Python will threaten El Paso, Las Cruces or Tucson. I suspect that the map cited only considers temperature as a theoretical limit. I rather doubt that the Chihuahua, Sonora, Colorado or Mojave Deserts would offer sufficient megafaunal biomass to support a 4 meter snake.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer at eurotrib.com) on Fri Oct 16th, 2009 at 09:48:06 AM EST
[ Parent ]
... is not the south of the United States of America, its like this other continent with countries like Venezuala and Brazil and Paraguay and like that

A snake from South America that never made it up the isthmus to the Gulf Coast of North America is not a native species because its from "The Americas". Ecosystems are more specific than that.


Utsukushikereba sore de ii

by BruceMcF (agila61 at netscape dot net) on Fri Oct 16th, 2009 at 10:01:20 AM EST
[ Parent ]
I think he was responding to the line

A threat to three US coasts AND to Mexico, Central America and, eventually, to South America as well.

But presumbly it wouldn't be able to survive somewhere on the way down, or it would have made it up to the U.S. by itself anyway.

by gk (g k quattro due due sette "at" gmail.com) on Fri Oct 16th, 2009 at 01:23:34 PM EST
[ Parent ]
And the Burmese Python is the most likely candidate for expansion to Central and South America, although the African Python could also be a possibility there.  Probably depends on how well they adapt to coastal swamp, desert and savanah, though major rivers could provide alternate routes.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer at eurotrib.com) on Fri Oct 16th, 2009 at 02:58:09 PM EST
[ Parent ]
BPA in the womb shows link to kids' behavior  By Janet Raloff,  Science News

Researchers have just linked prenatal exposure to bisphenol-A - a near-ubiquitous industrial chemical - with subtle, gender-specific alterations in behavior among two year olds. Girls whose mothers had encountered the most BPA early in pregnancy tended to become somewhat more aggressive than normal, boys became more anxious and withdrawn.

This is the first study to link human behavioral impacts with BPA, a common ingredient in hard polycarbonate plastics and the resins used in food-can linings. Emerging data from an unrelated research group points to another especially rich newfound source of BPA to which people unwittingly may be exposed: thermally printed cash-register receipts (see next blog).

At present, there's no way to know whether the apparent behavioral impact of BPA exposures early in development will persist or disappear, says Bruce Lanphear of Simon Fraser University in Burnaby, British Columbia. But this epidemiologist, an author of the new study, says his worry is that if the kids don't grow out of these behaviors - and indeed, the changes are expressed widely across a population - they could greatly increase the number of teens at risk for delinquency, say, or for one day needing medical treatment of depression or anxiety.

....

Girls whose mothers had the highest BPA exposures in early pregnancy tended to score high on the "externalizing" component of a test known as BASC-2, for Behavioral Assessment System for Children-2. It's geared to young children and evaluates their tendency towards aggression and hyperactivity. Boys with the highest womb exposures to BPA tended to exhibit an increased "internalizing" BASC score. They were more likely to "be withdrawn or show depressive symptoms, or maybe complain about aches and pains - which is often a manifestation of anxiety," Braun explains.

The trend towards a behavioral deviation from the norm in all of these kids was small, Braun says, perhaps 2 to 6 points (as measured on about a 100-point scale) for each 10-fold increase in mom's urinary BPA. That's a magnitude of change similar to the subtle IQ drops attributable to environmental lead exposures in U.S. children, notes Lanphear. Yet when extrapolated across a population, the societal cost of those tiny IQ losses becomes staggering, his calculations indicate. (My bold.)


Which is not to say, of course, that we should not continue to privilege corporations to introduce untested chemicals into our food chain and environment.  After all, most of the worst are "grandfathered" under existing rules, if any.
 

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer at eurotrib.com) on Thu Oct 15th, 2009 at 10:17:06 PM EST
[ Parent ]
Bush-era EPA document on climate change released  LA Times

Reporting from Washington - The Environmental Protection Agency on Tuesday released a long-suppressed report by George W. Bush administration officials who had concluded -- based on science -- that the government should begin regulating greenhouse gas emissions because global warming posed serious risks to the country.

The report, known as an "endangerment finding," was done in 2007. The Bush White House refused to make it public because it opposed new government efforts to regulate the gases most scientists see as the major cause of global warming.

The existence of the finding -- and the refusal of the Bush administration to make it public -- were already known. But no copy of the document had been released until Tuesday.

The document "demonstrates that in 2007 the science was as clear as it is today," said Adora Andy, EPA spokeswoman. "The conclusions reached then by EPA scientists should have been made public and should have been considered."



As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer at eurotrib.com) on Thu Oct 15th, 2009 at 10:27:10 PM EST
[ Parent ]
Obama IS better than Bush.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer at eurotrib.com) on Thu Oct 15th, 2009 at 10:27:56 PM EST
[ Parent ]
Talk about setting the bar low.  This one is subterranean.

I love the smell of roast chicken in the morning!
by THE Twank (yatta blah blah @ blah.com) on Fri Oct 16th, 2009 at 08:55:41 AM EST
[ Parent ]
McCain, based on his choice of Palin, easily fitted under it...
by gk (g k quattro due due sette "at" gmail.com) on Fri Oct 16th, 2009 at 01:20:10 PM EST
[ Parent ]
Remember that old "race to the bottom" which we're doing with wages?  Now we have another race, a new bottom.  Wonder who will top (go under) Glenn Beck?

I love the smell of roast chicken in the morning!
by THE Twank (yatta blah blah @ blah.com) on Fri Oct 16th, 2009 at 05:33:55 PM EST
[ Parent ]
We knew this as early as 2003.

Politics & Science - Investigating the State of Science Under the Bush Administration

In August 2003, at the request of Rep. Henry A. Waxman, the Democratic staff of the Government Reform Committee in the U.S. House of Representatives assessed the treatment of science and scientists by the Bush Administration. The resulting report -- Politics and Science in the Bush Administration -- found numerous instances where the Administration has manipulated the scientific process and distorted or suppressed scientific findings. These actions go far beyond the typical shifts in policy that occur with a change in the political party occupying the White House. Thirteen years ago, former President George H.W. Bush stated that "[n]ow more than ever, on issues ranging from climate change to AIDS research . . . government relies on the impartial perspective of science for guidance." Today, President George W. Bush's Administration has skewed this impartial perspective, generating unprecedented criticism from the scientific community and even from prominent Republicans who once led federal agencies.


En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Fri Oct 16th, 2009 at 09:01:17 AM EST
[ Parent ]
 LIVING ON THE PLANET 
 Society, Culture, History, Information 

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:27:34 PM EST
Essay - The Collider, the Particle and a Theory About Fate - NYTimes.com
More than a year after an explosion of sparks, soot and frigid helium shut it down, the world's biggest and most expensive physics experiment, known as the Large Hadron Collider, is poised to start up again. In December, if all goes well, protons will start smashing together in an underground racetrack outside Geneva in a search for forces and particles that reigned during the first trillionth of a second of the Big Bang.

Then it will be time to test one of the most bizarre and revolutionary theories in science. I'm not talking about extra dimensions of space-time, dark matter or even black holes that eat the Earth. No, I'm talking about the notion that the troubled collider is being sabotaged by its own future. A pair of otherwise distinguished physicists have suggested that the hypothesized Higgs boson, which physicists hope to produce with the collider, might be so abhorrent to nature that its creation would ripple backward through time and stop the collider before it could make one, like a time traveler who goes back in time to kill his grandfather.

Holger Bech Nielsen, of the Niels Bohr Institute in Copenhagen, and Masao Ninomiya of the Yukawa Institute for Theoretical Physics in Kyoto, Japan, put this idea forward in a series of papers with titles like "Test of Effect From Future in Large Hadron Collider: a Proposal" and "Search for Future Influence From LHC," posted on the physics Web site arXiv.org in the last year and a half.

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:30:32 PM EST
[ Parent ]
BBC NEWS | Europe | Vatican to host Galileo exhibit

A new exhibition marking the 400th anniversary of Galileo's work is set to open in the Vatican.

The Catholic Church once labelled Galileo, now regarded as modern astronomy's founding father, a heretic.

He was tried for challenging the widely held belief that the sun travelled around the Earth.

Although Copernicus did much ground-breaking work on the link between the sun and the Earth, it was Galileo's instruments that proved the theory.

It was not until 1992 that Pope John Paul II declared that the Church's ruling was an error and that Catholics were not hostile to science.

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:40:02 PM EST
[ Parent ]
Frankly Ithink it's disgusting the church hsoting a celebration of Galileo's life. It is hypocrisy so outrageous only a religion would consider doing it so brazenly.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Thu Oct 15th, 2009 at 04:51:09 PM EST
[ Parent ]
Well, at least they didn't burn him at the stake after hacking his head off.
by de Gondi (publiobestia aaaatttthotmaildaughtusual) on Fri Oct 16th, 2009 at 05:44:57 AM EST
[ Parent ]
Abortion study praises liberal Dutch attitude to sex | Radio Netherlands Worldwide
A leading sexual health organisation has praised the Netherlands for its liberal approach to sex, which has helped the country achieve one of the world's lowest abortion rates. A study released by the US-based Guttmacher Institute found there has been a global drop in the number of women choosing to terminate unwanted pregnancies.

"The Netherlands' example ought to be an inspiration for the rest of the world. You start when people are young and give them an unambiguous message, which is: human sexuality is fine, it's part of life, we hope you will wait to have sex until you're in a committed relationship but in any case it's not alright to become a parent before you're ready to raise a child and it's not alright to pass on a disease."

Decrease in abortions
Abortions decreased worldwide from around 45.5 million in 1995 to 41.6 million in 2003, which Dr Camp described as a positive development.

"Most of the findings in the new report are good news. Around the world we see significant declines in both the numbers and rates of abortion. The main reason for that is that there has also been a significant decline in unintended pregnancy.... Overall, contraceptive use has increased from a little over half, to almost two thirds of women around the world."
 

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:42:57 PM EST
[ Parent ]
Work is good for you - especially after retirement, study finds - Telegraph
Work is good for you, according to a new study, which concluded that disgruntled workers dreaming of early retirement may want to think again.

Older people who hold temporary or part-time jobs after retirement enjoy better physical and mental health than those who stop working entirely, according to the US study, which was released on Tuesday.

Those who continue to work in their original field also have better mental health than those who change fields, according to the study published in the October issue of the Journal of Occupational Health Psychology, a magazine published by the American Psychological Association.

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:44:33 PM EST
[ Parent ]
Carter-Ruck in new move to stop debate in parliament | UK news | The Guardian

The law firm Carter-Ruck has made a fresh move that could stop an MPs' debate next week by claiming a controversial injunction it has obtained is "sub judice".

The move follows the revelation of the existence of a secret "super-injunction" obtained by the firm on behalf of the London-based oil traders Trafigura.

The injunction not only bans disclosure of a confidential report on Trafigura and toxic waste, but also banned disclosure of the injunction's very existence, until it was revealed by an MP this week under parliamentary privilege.

Carter-Ruck partner Adam Tudor today sent a letter to the Speaker, John Bercow, and also circulated it to every single MP and peer, saying they believed the case was "sub judice".



If you're not part of the solution, you're part of the precipitate.
by ceebs (ceebs (at) eurotrib (dot) com) on Thu Oct 15th, 2009 at 08:42:27 PM EST
[ Parent ]
 PEOPLE AND KLATSCH 

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:28:05 PM EST
Hi all, this is the last Salon by me for a long while, I am taking a sabbatical. It's now more than 4 years since I have started doing the Salon, I loved and enjoyed it and learned a lot from doing it. However, currently it has become more like a straightjacket, having to show up regularly and spending so much time on ET without actually being able to join in the discussions.

I will be around, maybe at the beginning a little less, am also trying to reduce my internet time, but then on and off for joining in on what's going on at ET.

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:45:14 PM EST
[ Parent ]
Fran, thank you for all of your efforts. ET has been blessed with your selfless contributions and we are richer for your having been here.

We will miss your reduced presence but I certainly undestand you need a break. Fare well.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Thu Oct 15th, 2009 at 04:53:22 PM EST
[ Parent ]
Thank you, for your kind words Helen. :-)
by Fran (fran at eurotrib dot com) on Fri Oct 16th, 2009 at 01:16:29 AM EST
[ Parent ]
I was just writing a note saying how superb today's Salon is, and how much strength you give it generally. I was going to propose a plaque or official medal and title for your wall...

...then see this.

Life changes. What you have given and what you will give, is appreciated.

Thanks and continue to be/do/have well.

Never underestimate their intelligence, always underestimate their knowledge.

Frank Delaney ~ Ireland

by siegestate (siegestate or beyondwarispeace.com) on Fri Oct 16th, 2009 at 05:24:21 AM EST
[ Parent ]
Thanks siegestate, your words are very appreciated. :-)
by Fran (fran at eurotrib dot com) on Fri Oct 16th, 2009 at 11:53:11 AM EST
[ Parent ]
Thankyou so much Fran - a superb effort for an extended period, and much appreciated here!
by ThatBritGuy (thatbritguy (at) googlemail.com) on Fri Oct 16th, 2009 at 07:10:23 AM EST
[ Parent ]
Thanks TBG! :-)
by Fran (fran at eurotrib dot com) on Fri Oct 16th, 2009 at 11:53:41 AM EST
[ Parent ]
Barack Obama's pastor is evangelical nephew of Johnny Cash - Telegraph
President Barack Obama's new pastor is an evangelical Iraq veteran who has denounced Islam as a faith that "from its very birth has used the edge of the sword as a means to convert or conquer".

Carey Cash, a US Navy chaplain who baptised more than 50 men during the Iraq invasion in 2003, is a fervent believer in spreading Christianity within the armed forces and believed a "wall of angels" protected his men as they fought their way from Kuwait to Baghdad.

A 6ft 4ins graduate of the Citadel military academy in South Carolina, the Rev Cash nearly became a professional American footballer.

by Fran (fran at eurotrib dot com) on Thu Oct 15th, 2009 at 03:45:34 PM EST
[ Parent ]
The Associated Press: Interracial couple denied marriage license in La.

HAMMOND, La. -- A Louisiana justice of the peace said he refused to issue a marriage license to an interracial couple out of concern for any children the couple might have. Keith Bardwell, justice of the peace in Tangipahoa Parish, says it is his experience that most interracial marriages do not last long.

Neither Bardwell nor the couple immediately returned phone calls from The Associated Press. But Bardwell told the Daily Star of Hammond that he was not a racist.

"I do ceremonies for black couples right here in my house," Bardwell said. "My main concern is for the children."

Bardwell said he has discussed the topic with blacks and whites, along with witnessing some interracial marriages. He came to the conclusion that most of black society does not readily accept offspring of such relationships, and neither does white society, he said.

"I don't do interracial marriages because I don't want to put children in a situation they didn't bring on themselves," Bardwell said. "In my heart, I feel the children will later suffer.



If you're not part of the solution, you're part of the precipitate.
by ceebs (ceebs (at) eurotrib (dot) com) on Thu Oct 15th, 2009 at 08:47:32 PM EST
[ Parent ]
La Repubblica today has published some photos of Berlusconi's cavorting with young women taken in the summer of 2008. This follows the spread published by El Pais- a newspaper Berlusconi is now seeking to buy up (one critical voice less).

According to the accompanying article, the reporter-photographer Antonello Zappadu, consigned his production of over 10,000 photos of Berlusconi's antics to the Columbian agency Ecoprensa to keep it safe. Requests for photos arrive from throughout the world, some of them amusing. An Israeli agency would like to use pictures of Berlusconi and his escorts to advertise a hotel chain.

by de Gondi (publiobestia aaaatttthotmaildaughtusual) on Fri Oct 16th, 2009 at 03:50:29 AM EST
[ Parent ]
de Gondi:
El Pais- a newspaper Berlusconi is now seeking to buy up (one critical voice less).
Whaaa...?

There are claims that El Pais is in deep financial trouble but... being bought out by Burlesqueoni?

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Migeru (migeru at eurotrib dot com) on Fri Oct 16th, 2009 at 04:12:35 AM EST
[ Parent ]
I'll dig up the article- last month. Berlusconi is buying his way into a company that in turn has controlling shares in El Pais. The article may be off-line, in some financial section. Ya, it's a hostile takeover.
by de Gondi (publiobestia aaaatttthotmaildaughtusual) on Fri Oct 16th, 2009 at 04:16:46 AM EST
[ Parent ]
An article published in El Economista at the beginning of August mentioned negotiations for a joint venture between Prisa and Telecinco.

More recently there has been a more detailed article on the case which I hope to find.

by de Gondi (publiobestia aaaatttthotmaildaughtusual) on Fri Oct 16th, 2009 at 04:28:49 AM EST
[ Parent ]
Il Cavaliere all'assalto del Paìs - l'Unità.it (28 agosto 2009)Il Cavaliere assaulting El Pais - l'Unità.it (28 August 2009)
Fatto è però che l'ingresso di Telecinco, la tv spagnola controllata da Mediaset, nell'azionariato di Prisa avrebbe come conseguenza il controllo di fatto del primo quotidiano di Spagna, El Paìs, la cui penetrazione in Sudamerica è potentissima e il cui prestigio indiscusso. Negli ambienti della politica e dell'editoria spagnola l'assalto di Berlusconi è dato per imminente: ottobre, forse già settembre. In un seminario del settore che si è svolto nei giorni scorsi sui Pirenei si è parlato apertamente di «italianizzazione» del sistema mediatico. Gli spagnoli usano il termine italianizzazione come noi usiamo «balcanizzazione»: intendono indebolimento dei controlli e delle regole, guerre sanguinose, potere del più forte sul più debole e, sullo sfondo, corruzione.It's a fact, though, that the entry of Telecinco, the Spanish TV [station] controlled by [Berlusconi's] Mediaset would have as a cunsequence the de facto control over the first newspaper in Spain, El País, whose [market] penetration in South America is very strong and whose prestige is unquestioned. In Spanish political and editorial circles Berlusconi's assault on El País is deemed imminent: october, maybe already September. The "italianization" of the media system was talked about openly in a [publishing] industry seminar that took place in the Pyrenees in recent days. Spaniards use the term "Italianization" like we [Italians] use the term "Balcanization": meaning a weakening of controls and rules, bloody wars, rule of the strong over the weak and, as background, corruption.
......
Non è dunque irrilevante anche ai fini della capacità di censura ricostruire quel che sta avvenendo. Il gruppo Prisa, a due anni dalla morte del suo potentissimo fondatore Jesus de Polanco (detto "Gesù dal Gran Potere"), si trova indebitato per circa 5mila milioni di euro. La rovinosa situazione economica viene addebitata dagli analisti in primo luogo ad una errata operazione di fusione tra il comparto della carta stampata (il Pais in testa, primo quotidiano di Spagna per vendite, in buona salute economica) e tutto il settore televisivo di cui fanno parte la tv privata Cuatro, diverse radio e tv locali, un potente settore multimediale: il debito accumulato dalle tv ricade sulla carta stampata.[On account of El País reporting of the veline scandal over the summer] what is taking place is therefore not irrelevant to the ends of Berlusconi's ability to censor. The Prisa group, two years after the death of its very powerful founder Jesús de Polanco (called Jesús del Gran Poder [the Christ of the Great Power is a famous image and Easter religious procession in Spain]), finds itself indebted by around €5bn. The ruinous economic situation is attributed by analysts in the first place to a misplaced merger operation between the press branch (with El Pais at the head, in good economic health) and the TV sector composed by the private TV station Cuatro, various local TV and radio stations and a powerful media sector: the debt accumulated by the TVs fell on the press sector.
Il principale concorrente nel settore privato di Prisa è il gruppo Mediapro che fa capo a Jaume Roures, proprietario della Sexta (un'altra importante tv privata) del quotidiano in ascesa Publico e di molti altri media minori. La battaglia per i diritti del calcio ha visto il gruppo Mediapro prevalere su Prisa, oggi nelle mani dei figli e dei nipoti del fondatore. Dal punto di vista politico Mediapro è oggi più vicino a Zapatero di quanto non lo sia El Paìs, le cui relazioni col governo socialista si sono andate raffreddando. Tra la Cuatro e la Sexta c'è Telecinco, di proprietà di Berlusconi.The main private competitor of Prisa is the Mediapro group which is led by Jaume Roures, owner of the Sexta (another important private TV station) the rising newspaper Público and many other minor media. The battle over football [TV] rights has seen the Mediapro group prevail over Prisa, now in the hands of the sons and nephews of the founder. From a political standpoint, Mediapro is today closer to Zapatero than El País, whose relationship with the Socialist government has been cooling. After Cuatro and Sexta is Telecinco, owned by Berlusconi.

Gah.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Migeru (migeru at eurotrib dot com) on Fri Oct 16th, 2009 at 04:46:53 AM EST
[ Parent ]
It appears Mediaset wants to buy all or part of Sogecable (Prisa's audiovisual media branch) but it is not clear whether they will acquire a share of Prisa itself. See Berlusconi consuled Mariano Rajoy on the possible purchase of Sogeacble (El Mundo, 09/10/2009). Also, Berlusconi close to a big deal with Prisa (PR Noticias, 14/10/09) which does mention the possibility that Prisa issue new shares in conjunction with the sale of a part of Sogecable to Mediaset.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Fri Oct 16th, 2009 at 04:56:26 AM EST
[ Parent ]
Just to clarify: PRISA owns El País and also Sogecable which is the private TV company. Prisa and Sogecable are separately quoted in the Madrid stock exchange: Sogecable is not a wholly owned subsidiary of PRISA. However
In 2006 Prisa made a public acquisition bid on 20% of Sogecable's actions to increase its participation up to almost 50%. Prisa increased its stake above the 50% mark in late 2007, triggering a mandatory (by Spanish law) bid for the remainder of the shares.[1] At the close of the offer period on 12 May 2008, Prisa announced that it held over 95% of Sogecable's share capital.
This means that Berlusconi can buy a participation in Sogecable without impacting the ownership of El País.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Fri Oct 16th, 2009 at 05:15:53 AM EST
[ Parent ]
I posted this last Monday, seems increasingly relevant.

Asia times - Paul Bigioni - the real Threat of Fascism

As contradictory as it may seem, fascist dictatorship was made possible because of the flawed notion of freedom which held sway during the era of laissez-faire capitalism in the early twentieth century. It was the liberals of that era that clamored for unfettered personal and economic freedom, no matter what the cost to society. Such untrammeled freedom is not suitable to civilized humans. It is the freedom of the jungle. In other words, the strong have more of it than the weak. It is a notion of freedom which is inherently violent, because it is enjoyed at the expense of others. Such a notion of freedom legitimizes each and every increase in the wealth and power of those who are already powerful, regardless of the misery that will be suffered by others as a result. The use of the state to limit such "freedom" was denounced by the laissez-faire liberals of the early twentieth century. The use of the state to protect such "freedom" was fascism. Just as monopoly is the ruin of the free market, fascism is the ultimate degradation of liberal capitalism.


keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Fri Oct 16th, 2009 at 05:17:21 AM EST
[ Parent ]
Excellent job. I recall a long article in la Repubblica's off-line Monday financial supplement but the Unità article sums it up neatly. Thanks!

Berlusconi has always sought to take over the independant press, the most famous case being the Mondadori takeover through bribery for which his group was condemned. The recent sentence in a civil court condemned his group to pay 750 million euro damages to the De Benedetti group.

The Mondadori take-over however was not as complete as he desired. At the time it also included the Espresso-La Repubblica group that managed to break out of the deal thanks to very heavy political pressure at the time, as well as the craftiness of the E-R group. Had Berlusconi prevailed he would have controlled la Repubblica and L'Espresso giving him a monopoly of the two major weeklies as well as the leading Italian paper as of 1992.

La Repubblica is perhaps the only major "pure" editorial enterprise in Italy. All major papers are controlled as bargaining chips in the political arena by industrial giants or political parties (Corriere della Sera, la Stampa, Sole 24 Ore. This has accustomed Italian readers to impulsively suspect hidden objectives behind the news rather than plain editorial professionality.

In conclusion, the Berlusconi press has launched a ridiculous smear campaign against the judge who condemned Berlusconi to pay damages. Judge Mesiano is a very strange person! He goes to the barber shop, smokes, shows signs of impatience at times, but above all he wears blue trousers, turquoise socks and white loafers. Indeed, highly suspicious! Prime morning reportage. Paranoia galore!

As for Spain and the rest of the nations of Europe, exceptional measures must be taken to block any takeover whatsoever by Berlusconi.

by de Gondi (publiobestia aaaatttthotmaildaughtusual) on Fri Oct 16th, 2009 at 05:42:29 AM EST
[ Parent ]
Does anyone have time to put together a diary from this thread?

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Fri Oct 16th, 2009 at 06:10:07 AM EST
[ Parent ]
Will try.
by Nomad on Fri Oct 16th, 2009 at 06:25:38 AM EST
[ Parent ]
Here are some old threads about the battle between MediaPro and PRISA:



En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Fri Oct 16th, 2009 at 06:33:22 AM EST
[ Parent ]
Here's another article published October 5th on the battle over Telecom and Berlusconi's conflict of interests. The Spanish Telefonica has 42,3% of Telco which effectively controls Telecom. This prevents Telecom from becoming a dynamic international player. Either Telecom stays put or Telefonica has to see its presence marginalized. According to the article Berlusconi could use his role as PM to forward his interests with Prisa by putting pressure on Telefonica in Italy. I'll leave it to our economists to clarify that point.

An accompanying article by Stefano Carli that illustrates the situation of telecommunications in Spain and Prisa's crisis is not available on the net.

Berlusconi's Telecinco is already the leader in audience shares in Spain and has its eyes on Prisa's Cuatro TV. Are we going to witness the berlusconisation of Spain- and Latin America- in the near future? Is it already on the way? With Cuatro and El Pais under the belt all Berlusconi would need is a compliant rightwing PM.

by de Gondi (publiobestia aaaatttthotmaildaughtusual) on Sat Oct 17th, 2009 at 05:04:20 AM EST
[ Parent ]


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