European Salon de News, Discussion et Klatsch - 13 July

by afew
Mon Jul 12th, 2010 at 03:59:38 PM EST

 A Daily Review Of International Online Media 


Europeans on this date in history:

100 BC - birth of Gaius Julius Caesar, Roman military and political leader, who played a critical role in the transformation of the Roman Republic into the Roman Empire. (d. 44 BC)

More here and here

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by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 12th, 2010 at 11:25:18 AM EST
Brussels launches plan to avert future bank runs | EurActiv
The European Commission will today (12 July) propose a series of measures to protect savers from the risk of failure in a move aimed at restoring confidence in the banking system and preventing public panic during financial storms.

 Michel Barnier, the EU's internal market commissioner, is planning to review legislation governing bank deposit guarantees and the protection of retail investors, according to a Commission note obtained by EurActiv.

He is also embarking on a more ambitious venture to introduce guarantees against the failure of insurance firms with a "minimum set of common requirements" across Europe.

by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 12th, 2010 at 11:33:44 AM EST
[ Parent ]
Finance ministers to discuss stress-tests for banks | Policies | Business | Financial services | European Voice
Supervision reforms also on the agenda of tomorrow's meeting; Van Rompuy taskforce to hold talks today.

The EU's finance ministers will meet tomorrow (13 July) with the aim of agreeing details of a stress-testing exercise of the European banking sector, and how the EU should reform its supervisory architecture for the financial markets.

The meeting will today be preceded by the third session of the EU's ministerial taskforce on reforming economic governance. The taskforce is chaired by Herman Van Rompuy, the president of the European Council, and has a representative from each member state, in almost all cases its finance minister. The meeting will discuss sanctions that should be applied against member states that have excessively high deficits and levels of public debt. Governments want the taskforce to agree a set of governance reforms by October.

The taskforce will be followed by a meeting of the eurozone's finance ministers.

by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 12th, 2010 at 11:42:49 AM EST
[ Parent ]
Futile.

Until the intellectual presuppositions of the politicians and Serious People™ change any re-regulation of banking will circle around to the Same Old plus tweaks.

Guess I'm saying the monkeys are in charge of the banana plantation and until that changes we won't see changes.

If you never fail, you're not trying hard enough.

by ATinNM on Tue Jul 13th, 2010 at 11:03:27 AM EST
[ Parent ]
a move aimed at restoring confidence in the banking system and preventing public panic during financial storms.

Barrels full of opium on street corners might be more effective. Most would no longer care.

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 Mon Jul 12th, 2010 at 06:04:31 PM EST
[ Parent ]
Note the emphasis is on preventing public panic not preventing financial storms.

If you never fail, you're not trying hard enough.
by ATinNM on Tue Jul 13th, 2010 at 11:06:25 AM EST
[ Parent ]
Insurance, Finance, and Real Estate are so tightly connected and cross-coupled it is possible to speak, and speak accurately, of the FIRE industry.  Regulating the Insurance companies won't accomplish much if the F and RE wings of the complex are not also drawn in.

As long as Financial regulations are not re-drawn and re-instituted any regulation of Insurance is an exercise in futility ... if not misdirection.  

If you never fail, you're not trying hard enough.

by ATinNM on Tue Jul 13th, 2010 at 10:52:27 AM EST
[ Parent ]
If all risk is socialised why do we still pretend the financial system should be run for profit?

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Migeru (migeru at eurotrib dot com) on Tue Jul 13th, 2010 at 11:56:52 AM EST
[ Parent ]
Because the US was left standing at the end of the Cold War.

Therefore, the US won the Cold War.

Therefore, the US economic system is superior to Socialism.

If you never fail, you're not trying hard enough.

by ATinNM on Tue Jul 13th, 2010 at 12:03:12 PM EST
[ Parent ]
I thought the End of History happened back then so none of what is happening now has any implications...

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Migeru (migeru at eurotrib dot com) on Tue Jul 13th, 2010 at 12:06:15 PM EST
[ Parent ]
[Moustache of Understanding Alert]

The world will have had been flat but now it had will been round.

Or not.

;-)


If you never fail, you're not trying hard enough.

by ATinNM on Tue Jul 13th, 2010 at 12:22:31 PM EST
[ Parent ]
That sounds like a lolcat...

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Migeru (migeru at eurotrib dot com) on Tue Jul 13th, 2010 at 12:51:49 PM EST
[ Parent ]


If you never fail, you're not trying hard enough.
by ATinNM on Tue Jul 13th, 2010 at 01:11:06 PM EST
[ Parent ]
We've all known pocket-sized bundles of death cats like that

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Tue Jul 13th, 2010 at 01:25:52 PM EST
[ Parent ]
Gazprom bids to unsettle key Nabucco partner | EurActiv
Russian gas monopoly Gazprom is trying to unsettle the EU-favoured Nabucco gas pipeline consortium by trying to enlist one of its members, German utility RWE, for the alternative South Stream pipeline, the Handelsblatt daily reported yesterday (11 July).

 Alexander Medvedev, Gazprom's vice-president, proposed that German energy utility RWE (Rheinisch-Westfälisches Elektrizitätswerk AG) should become part of South Stream, writes Handelsblatt, quoting sources close to the negotiations.

RWE, the second largest electricity producer in Germany, is already a member of the Nabucco consortium (see 'Background').

Should Gazprom succeed in ousting RWE from the Nabucco consortium, the EU-favoured project would be pronounced dead, the German press wrote.

by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 12th, 2010 at 11:34:54 AM EST
[ Parent ]
EUobserver / Ireland objects to EU-Israel data deal

Irish minister for justice Dermott Ahern has confirmed that Dublin is seeking to block a new European Commission initiative that would allow the free transfer of personal data on EU citizens to Israel.

The minister's statement over the weekend, reported in Israeli daily Haaretz on Monday (12 July), follows recent media reports that Ireland is concerned the data could be misused after eight fake Irish passports were allegedly used by Israel's intelligence agency Mossad in the assassination of Hamas operative Mahmoud al-Mabhouh earlier this year.

As a result, Irish officials last week called for the scrapping of commission plans to declare Israeli data protection standards as being sufficient to allow the transfer of personal data.

Without the formal declaration, the broad transfer of the personal information such as bank and telephone details between the two sides is forbidden.

"It may well be the case that Israel provides data protections which meet EU standards," a spokesman for Mr Ahern said last week, reported the Irish Times.

"But the minister believes the EU committee has to take very serious account of the forgery of EU passports - including Irish ones - by Israel in recent months."

by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 12th, 2010 at 11:37:59 AM EST
[ Parent ]
EUobserver / Ship Ahoy! Lobby firm buys up EU maritime officials

EUOBSERVER / BRUSSELS - Transparency campaigners are worried that a PR outfit which lobbies the EU on maritime issues has "bought up the top of the EU's maritime department lock, stock and barrel."

The alert comes as Malta's Joe Borg, the commissioner responsible for maritime affairs and fisheries until last year, gets set to start work with Fipra, a PR consultancy actively lobbying on maritime issues, whose main office is about 100 yards from the commission's headquarters in Brussels.

On 11 June, the commission gave Mr Borg the green light to work at the firm, saying: "In view of the fact that Mr Borg's envisaged activity falls outside the scope of his portfolio during his time in office," it did not even need to convene its Ad Hoc Ethical Committee, a body which examines potential conflict of interest when commissioners leave the EU.

Mr Borg is to join his old colleague John Richardson, a former director in the European Commission's "Directorate General Mare," the EU's maritime and fisheries department, who in September 2008 became Fipra's "maritime policy and diplomacy special advisor."

During his time at the commission, Mr Richardson headed the task force that drafted the EU's 2007 Integrated Maritime Policy, which deals with competition, employment and environmental standards in the sector. He also headed up the Baltic Sea, North Sea and Landlocked Member State directorate.

Corporate Europe Observatory, the EU transparency watchdog, has sharply criticised the developments, noting that Fipra has not even signed up to the commission's own lobbyist registry.

by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 12th, 2010 at 11:39:05 AM EST
[ Parent ]
Court supports EU decision on fuel additive | Policies | Transport | Road & rail | European Voice
European Court of Justice rules against US firm that sells MMT on the EU market.

Europe's highest court has rejected a claim from an American company that an EU decision to restrict a potentially risky chemical compound was unlawful. The outcome will be seen as a vindication of the precautionary principle, the `better-safe-than-sorry' approach that underpins many EU laws to protect health and the environment.

In a judgement yesterday (8 July), the European Court of Justice (ECJ) ruled that an EU law to restrict the fuel additive MMT was lawful. MMT is a manganese compound added to petrol to stop it igniting too quickly. Although hardly used in the EU, talk of banning it sparked a high-stakes lobbying battle inside the European Commission in 2008. (See this European Voice.com article for more.)

The EU imposed restrictions on MMT in 2009, citing the risk of damage to human health and possible damage to car engines. Under the EU's fuel quality law, MMT in fuel shall be limited to 6 milligrams of manganese per litre from 2011, falling to 2mg per litre from 2014.

Afton, the only company that sells MMT on the EU market, said this amounted to a de facto ban, and that the limits were arbitrary and unscientific.

by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 12th, 2010 at 11:44:01 AM EST
[ Parent ]
France24 - Scandal-plagued Sarkozy faces nation on TV

President Nicolas Sarkozy faces the nation in a prime time TV interview Monday night as he battles record low approval ratings and a growing political donations scandal that has turned into the biggest challenge confronting the French president since he took office three years ago.

In a rare summer time TV interview Monday, Sarkozy will face French journalist David Pujadas, the main anchor of the public televison network France 2, on the terrace of the Elysée presidential palace - a first in France.

The embattled French president has also promised to address questions from ordinary French people posted on the presidential Facebook page in an attempt to reach out to voters.



Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Mon Jul 12th, 2010 at 12:23:01 PM EST
[ Parent ]
Compromise on healthcare reform broadens coalition rift | Germany | Deutsche Welle | 12.07.2010

Just days after German Chancellor Angela Merkel's coalition struck a deal to revamp the country's healthcare system, senior members of the governing parties have expressed doubts about the bill.

Leading members of Merkel's Christian Democrats (CDU) and their junior partners, the Free Democrats (FDP) ended months of intense debate on Tuesday of last week when they agreed on a compromise to fill next year's 11-billion euro ($13.95 billion) gap in healthcare funding.

A major provision in the bill, crafted by Health Minister Philipp Roesler, would raise the mandatory health insurance premium, which is shared by employers and employees ,to 15.5 percent of wages, up from the current 14.9 percent.



Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Mon Jul 12th, 2010 at 12:32:28 PM EST
[ Parent ]
NHS shake-up grants new powers to doctors and patients - Telegraph

GP practices will be obliged to join forces to commission treatment directly under a reform blueprint published by Andrew Lansley, the Health Secretary.

They will be handed much of the multimillion-pound budget currently handled by primary care trusts (PCTs), which will be abolished along with strategic health authorities.



Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Mon Jul 12th, 2010 at 12:41:40 PM EST
[ Parent ]
Oh dear, a constant state of revolution is rarely good for service delivery.

They're gonna get rid of the managers just as they need cost savings and efficient processes. Un-managed services rarely achieve maximum effectiveness.

Much cost is wasted in the NHS by the front line workers who will not change services that are organised primarily for the convenience of the practitioners rather than effectiveness. Without external management to challenge this, I'm not sure where the cost saving will come from except through service cuts.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Mon Jul 12th, 2010 at 05:09:08 PM EST
[ Parent ]
Gaza protesters receive Met police payouts - Channel 4 News
Exclusive: Two protesters beaten by unidentified police officers during a Gaza demonstration in London receive £25,000 in compensation from the Metropolitan Police, writes home affairs correspondent Simon Israel.


never let desperation get in the way of judgement.
by ceebs (ceebs (at) eurotrib (dot) com) on Mon Jul 12th, 2010 at 01:39:34 PM EST
[ Parent ]
Beppe Grillo's Blog
"A falling tree makes more noise than a growing forest ." Laozi.
Whatever the sound: a rustling of big leafy fronds, a sudden crash, an echo of leaves stripped from broken branches, even before you can understand the direction and the intensity, you know it's a new scandal in the forest. It's enough to casually glance at the headings in a newspaper or listen to half a sentence in a café in the morning. The fallen trees are a common news item, background hum. Our hearing is so used to the constant sound of rotten wood or dried-out wood that is lying on the ground that every other sound is a marvel, an exception, so improbable to be invariably ignored. The voice of the forest is in fact unknown to us. The campaign groups, the associations of citizens that develop a new idea about refuse, about renewable energy, about the regeneration of the territory and a thousand other positive ideas, are invisible to our senses. Covered up by the incinerators, by nuclear power stations, by the Great Useless Works, by the endless trials for mafia and for corruption of members of the government and of parliamentarians. A noise that leads to deafness, repeated and wearing like a vuvuzela. The trumpeters of the scandals, the crows in every bush, have the task of transforming the crashing noises in melodies, the rotten wood into politicians, into industrialists, into blameless bankers, even after the verdict of the Court of Cassation. In the forest each one counts for one. The tiny shoot can become a great oak. The forest is enough in itself and perhaps this is disenchanting, this apparent indifference in relation to the degradation of Italy is in reality a step change from the past, a slow change to doing it yourself, taking into your hands the future of your own country, from the Val di Susa, to the referendum for public water, to the new industry of waste recycling at Vedelago, to the cleaning of rivers and streams, to the "gruppi di acquisto solidali" (GAS) {purchasing solidarity groups}, to the participation in town council meetings, to the opposition to military bases like the one at Dal Molin in Vicenza. The forest grows, the old trunks, corrupted and full of woodworm, fall down. It seems that the noise they make covers up everything. Keep your ears open. Like the American Indians, put your ears to the ground. There's a new music that's growing. It's honest and discreet but it's irresistible. It's you.

tell it...

" Nothing can bring you peace but yourself." R.W.Emerson

by melo (melometa4(at)gmail.com) on Mon Jul 12th, 2010 at 04:23:06 PM EST
[ Parent ]
The Associated Press: 300 arrested in major anti-crime sweep in Italy

Italian police launched one of their biggest operations ever against the powerful 'ndrangheta crime syndicate on Tuesday, arresting 300 people including top bosses and seizing millions worth of property in pre-dawn raids.

The man believed to be the 'ndrangheta's top boss, Domenico Oppedisano, was picked up in Rosarno, a small coastal town in Calabria, the southern region where the organization is based, police said.

Also arrested was the man in charge of the gang's businesses in Milan, where the 'ndrangheta has been making major inroads.



By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Migeru (migeru at eurotrib dot com) on Tue Jul 13th, 2010 at 09:31:59 AM EST
[ Parent ]
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 12th, 2010 at 11:25:47 AM EST
Analysis - Signs euro zone crisis may have turned corner | Reuters

(Reuters) - It's too early to call the end of the euro zone crisis, but signs are growing that Europe may have turned a corner in its struggle to restore financial stability.

French Economy Minister Christine Lagarde, mangling a treasured Winston Churchill quotation, said last week: "We are in the middle of the beginning of the end."

More prudently, we may be seeing "the end of the beginning."

The evidence comes partly from financial markets, which are calmer, partly from the real economy, which is perkier, and partly from policy, which is responding at last to at least some investor concerns.

There are still plenty of risks -- lack of faith in planned stress tests of European banks; low or no economic growth; more credit rating agency downgrades of sovereign debt; an eventual Greek default or debt restructuring; weaknesses in euro zone governance; and political resistance to painful reforms.

But on balance, things are starting to look up.

by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 12th, 2010 at 12:01:23 PM EST
[ Parent ]
Clap harder, ignore system trends, and it'll be ponies and lollipops forever.

If you never fail, you're not trying hard enough.
by ATinNM on Tue Jul 13th, 2010 at 11:17:03 AM EST
[ Parent ]
Bank Profits Depend on Debt-Writedown `Abomination' in Forecast - Bloomberg.com

July 12 (Bloomberg) -- Bank of America Corp. and Wall Street firms that notched perfect trading records in the first quarter are now depending on an accounting benefit last used in the depths of the credit crisis to prop up their results.

Bank of America, the biggest U.S. bank by assets, may record a $1 billion second-quarter gain from writing down its debts to their market value, Citigroup Inc. analyst Keith Horowitz estimated in a June 23 report. The boost to earnings, stemming from an accounting rule that allows banks to book profits when the value of their own bonds falls, probably represented a fifth of pretax income, Horowitz wrote.

Investor fears of a Greek default, stalled U.S. economic recovery and tougher industry regulations have rattled markets, snapping banks' trading streaks and rekindling doubts about their creditworthiness. Prices for Bank of America's credit derivatives -- used by traders to bet on the likelihood of the firm's default -- rose by 34 percent during the second quarter, while Morgan Stanley's doubled and Goldman Sachs Group Inc.'s surged 86 percent.

by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 12th, 2010 at 12:06:18 PM EST
[ Parent ]
More Abominations
The second-quarter results may include gains taken under a U.S. accounting rule known as Statement 159, adopted by the Financial Accounting Standards Board in 2007, which allows banks to book profits when the value of their bonds falls from par. The rule expanded the daily marking of banks' trading assets to their liabilities, under the theory that a profit would be realized if the debt were bought back at a discount.

Accounting `Abomination'

In practice, it's an accounting "abomination" because fluctuations in the value of the debt don't change the amount the banks owe, said Chris Kotowski, an analyst at Oppenheimer & Co. in New York.


Given that they should not even exist but that they were saved by the TARP, etc. call it [Abomination]2.
Now all that remains is to not require them to take the loss when the value reverts. Next they will be writing CDSs on themselves and using the increased value of the CDS as the bank's value tanks as profit. Someone please tell me they are not already doing this.

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 Mon Jul 12th, 2010 at 08:42:36 PM EST
[ Parent ]
In short, this is a consequence of mark-to-market accounting rules. It is not an abomination to reduce the present value of future debt insofar as you could buy back your bonds at a lower price than you issued them. But if you have the cash lying around to buy back your bonds your credit shouldn't be deteriorating? Anyway, I believe Ecuador pulled a fast one on the credit markets some time ago when they said they might default on their debt and when the bond prices plummetted they bought back a pile of their own debt for less than they would have had to pay otherwise. Share buybacks work the same way - if you believe the stock is undervalued (and management tends to have a better view of intrinsic value than shareholders) it makes sense to buy the shares back.

Oh, the magic of discounting...

See this thread from a year ago...

Migeru:

Economics and Politics - Paul Krugman Blog - NYTimes.com
So Citigroup is profitable because investors think it's failing, while Morgan Stanley is losing money because investors think it will survive. I am not making this up.
Which was followed by
Holding To Account
Own Credit CVA

Now what about Citi? It has the same pricing model as GS, which calculates a FV of $1m. So surely C recognises a financial liability of $1m? No. Again, accounting standards differ slightly in wording, but in principal the fair value of a liability is the price at which an entity could extinguish any future obligations, in an arm's length transaction. I.e. "What price would a counterparty be willing to cancel/settle the trade at now. Well, we have seen above that GS, and probably the rest of the market, would accept $700k to cancel the deal. So, Citi gets to write the liability down to $700k. In accounting terms:

DR Financial Liabilities $300k

CR Principal Transactions $300k

Yes, you have read it correctly - Citi has made a profit of $300k as a result of becoming less creditworthy!!! In accounting/industry spreak, Citi has made an Own Credit CVA of $300k.
Read the whole post.
To which Jerome replied
Some banks have actually been buying up their own bonds (for amounts less than their full face value), so it's not completely cut off from reality.


By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Migeru (migeru at eurotrib dot com) on Tue Jul 13th, 2010 at 04:40:46 AM EST
[ Parent ]
Pardon me. I read that holdtoaccount article. Had to: cash value added (CVA) is not an accounting term. It's another fin-cannibal sales tool: the easy way to calculate premium by comparing firms' cash flows!

Again, [proprietary] accounting standards differ slightly in wording, but in principal the fair value of a liability [sic] is the price at which an entity [sic] could extinguish any future obligations, in an arm's length transaction.

The writer means the fair value of a SECURITY which is distinct from the "value of a liability," the total balance remaining or specified principal plus total interest owed. By "entity" I suppose the writer means seller, who may or may not be the only "creditor" entitled to the coupon rate since its issue. The PRICE of a marketable bond necessarily diminishes over time with balance of payments due.

That said, the sale date of the note WRT maturity date of the note is the more reliable gauge of PRICE, regardless of unobservable inputs ascribed by firm accountants to secured or unsecured assets' income or, even, amount of CDS proceeds applied to issuer's repayment schedule.

My question is --absent government intervention of securities circulating whereby treasury agents buy  paper in the secondary market in order to sell those securities at a discount to their issuers OR exercise equity warrants  -- at what point in the period is a bondtrader most likely to surrender a note for sale to its issuer below cost, i.e. price paid for the bond or balance of income to maturity?

I'm thinking, never, barring personal catastrophe, say, long-term unemployment or grandma's eviction.

It seems to me, this material is merely a explanation of one of a number of "mark-to-model" valuation methods --no matter how often the writer evokes the phrase "fair value"-- rather than fair ("mark-to-market") value reporting criteria proposed by FASB. (pdf).




Diversity is the key to economic and political evolution.

by Cat on Tue Jul 13th, 2010 at 03:29:19 PM EST
[ Parent ]
"except for derivative assets and liabilities"  How nice.

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 Tue Jul 13th, 2010 at 08:42:50 PM EST
[ Parent ]
Hold up. (Don't laugh too hard.) ¶ 820-10-50-2 (c-d) specifies appropriate disclosure of a Level 3 instrument credit event or transaction (purchase, sales, issuances, and settlements) resulting in a net gain or loss of other recognized income --OR--  transfer of a Level 2 or Level 1 instrument's fair value between classes.

As everyone knows, Topic 820, now in revision, is the new name of FAS 157 which defined asset classes for Basel II "unification" purposes

  • Level 1. Quoted prices in active markets for identical assets or liabilities; observable price
  • Level 2. assets do not have observable prices, but have inputs that are based on observable prices.
  • Level 3. Significant unobservable inputs of the fair value calculation of another asset

(NB. Liability classes require no other critera --one dood's asset is the other's liability--though one do wonder, which column of the counterpartays gets to claim authoritay.)

Possibly related hooha of "complex structured financial product" EXPORTS:
Level 2 assets are the new Level 3
NYSSCPA to FASB: Weak!
Dems to NeuLabradores: Automate Suckas!, or the Blueprint for Working Families and Women Returns

Diversity is the key to economic and political evolution.

by Cat on Wed Jul 14th, 2010 at 08:23:53 AM EST
[ Parent ]
at what point in the period is a bondtrader most likely to surrender a note for sale to its issuer below cost, i.e. price paid for the bond or balance of income to maturity?

When he is convinced that it is now in fact worth less than the price offered and likely to further decline? If the choice could be taking a haircut or suffering a near total loss, he might take the haircut. Or not, depending on testosterone levels.

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 Tue Jul 13th, 2010 at 09:06:27 PM EST
[ Parent ]
One has to consider default risk and recovery rate...

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Migeru (migeru at eurotrib dot com) on Wed Jul 14th, 2010 at 09:25:40 AM EST
[ Parent ]
ahh yess.

Market solution? or CIVIL ACTION?
Market solution? or CIVIL ACTION?
Market solution? or CIVIL ACTION?

bacon, bacon, bacon, I want bacon.

What to do, what to do...

Diversity is the key to economic and political evolution.

by Cat on Wed Jul 14th, 2010 at 10:17:28 AM EST
[ Parent ]
Both and, not either or.

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 Wed Jul 14th, 2010 at 11:32:27 AM EST
[ Parent ]
Cat:
cash value added (CVA) is not an accounting term
But I thought we were talking about Credit Valuation Adjustment (CVA)?

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Migeru (migeru at eurotrib dot com) on Wed Jul 14th, 2010 at 09:22:14 AM EST
[ Parent ]
lol. Could be. Finance gives me gas anyhoo.

Diversity is the key to economic and political evolution.
by Cat on Wed Jul 14th, 2010 at 10:13:17 AM EST
[ Parent ]
Cat:
It seems to me, this material is merely a explanation of one of a number of "mark-to-model" valuation methods --no matter how often the writer evokes the phrase "fair value"-- rather than fair ("mark-to-market") value reporting criteria proposed by FASB.
Nice...

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Migeru (migeru at eurotrib dot com) on Wed Jul 14th, 2010 at 09:24:47 AM EST
[ Parent ]
ARGeezer:
The rule expanded the daily marking of banks' trading assets to their liabilities, under the theory that a profit would be realized if the debt were bought back at a discount.

Accounting `Abomination'

In practice, it's an accounting "abomination" because fluctuations in the value of the debt don't change the amount the banks owe

But then fluctuations in the value of the debt don't change the amount the banks are owed (i.e., mark-to-market accounting of assets is also an abomination).

Remember that, in the aftermath of Lehman Brothers' collapse, there was a puch to relax/suspend mark-to-market rules.

That is, when the market is bubbly, mark-to-market allows the booking of unrealised trading profits, and that's a good thing for people on bonuses.

But when the market sours, mark-to-market requires booking unrealised losses, which is a bad thing for people on bonuses.

And then when credit sours, mark-to-market allows booking unrealised profits from counterfactual debt buybacks, which is again good for the bottom line.

I think it's not so much that these are accounting abominations but that accounting is itself an abomination because it was created in the days of fixed income streams and constant interest rates and is wholly unprepared to deal with fluctuating markets in a sensible way.

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan

by Migeru (migeru at eurotrib dot com) on Tue Jul 13th, 2010 at 05:55:59 AM EST
[ Parent ]
My major concern is allowing mark to market on the up-side but not requiring it on the down side. Over and over.

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 Tue Jul 13th, 2010 at 11:07:25 AM EST
[ Parent ]
They already mark a loss when debtors' credit deteriorates and a profit when it improves.

The scandal, WTF-ery and double-taking comes about when the same rules are applied to their own obligations, whereby if your credit deteriorates you book a profit and if it improves you book a loss.

But, of course, tweaking accounting rules in good times to overstate the upside and in bad times to understate the downside is, apparently, par for the course. There wasn't a lot of outrage when the US Congress debated relaxing mark-to-market rules in late 2008...

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan

by Migeru (migeru at eurotrib dot com) on Tue Jul 13th, 2010 at 11:55:42 AM EST
[ Parent ]
There wasn't a lot of outrage...

Certainly not from the financial sector or their hirelings. And, as bizarre as it seems, I cannot rule out the possibility that they have written credit default swaps on themselves and booked profits when they declined, whether they held them or sold them. Wall Street is worse than a casino. At least a casino has some rules by which it is required to abide. Wall Street mostly makes up and changes rules to suit itself at any given moment.

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 Tue Jul 13th, 2010 at 12:08:38 PM EST
[ Parent ]
The average US citizen - see any number of diaries and discussions on dKos - doesn't understand what is going on.  Most US citizens don't even understand the Federal Reserve system ... which IMHO is the easiest part of the US FIRE complex to grasp.

The ignorance stems from them trying to talk about it from that "common sense" and "Appeal to Authority" stance we were talking about the other day?

But I really don't know.


If you never fail, you're not trying hard enough.

by ATinNM on Tue Jul 13th, 2010 at 12:16:07 PM EST
[ Parent ]
The average US citizen - see any number of diaries and discussions on dKos - doesn't understand what is going on.

That is obvious every time you see a commenter asking for advice on his 401(k)...

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan

by Migeru (migeru at eurotrib dot com) on Tue Jul 13th, 2010 at 02:19:35 PM EST
[ Parent ]
FASB 159

Step back for a moment.

Bonus pools are skimmed from revenue, are they not?

Let's be clear that the alleged defects or refinement of rules requiring estimation of market prices pertain to quality of information needed to approve a firm's credit application, not its actual operating performance. And perhaps what offends you most of all is, the representation of operating performance suggested by imaginary transactions --events which have not occurred-- rather than the realized gain (retired debt) in unobligated income or loss (asset "write down") attributed to repayments of historical cost, "buys" at market rate, or defaults which have occurred.

Mr Young [believed] that most [financial statement] users do not expect revaluation of the entity's securities (which are part of an entity's overall capital structure) to be a component of operating performance. In his view, the changes in the entity's overall capital structure (both debt capital and equity capital), particularly from the effect of changes in the entity's own creditworthiness, should not be reflected in business performance. Recognizing changes in an entity's own creditworthiness in earnings could mislead users and potentially represent or conceal operating performance issues. At a minimum, eligibility criteria should be required when the fair value option is elected for the debt portion of an entity's capital structure. [2007: 25]

820 would correct valuation errors allowed by 159 that permit firm accountants to discriminate cash equivalence and selection of certain classes of assets and assumptions about future operating conditions and income.

820 would force firm accountants to disclose data inputs to an estimated the value of securities, promissory notes and outstanding coupons as if the market price less historical cost of each instrument represented cash equivalent value in sum of the going concern if liquidated a/k/a its book value. Well, that's debatable. But there you have the solution to the problem of financing firms ever on the verge of insolvency.

At least 820 attempts to harmonize, or standardize, mark-to-model methodologies. That is a good thing.

Let's not lose sight of the so-called paralysis that seized the capital market because prospective traders lost "confidence" in the "liquidity" of each other's financial instruments for sale or pledged for collateral. The quality of that information is as important to prospective creditors as realized profit (loss) over a reporting period.

How else do you propose to evaluate the cash equivalence of financial instruments which comprise the manufacture and inventory of financial services firms?


Diversity is the key to economic and political evolution.

by Cat on Tue Jul 13th, 2010 at 07:05:27 PM EST
[ Parent ]
I think it's not so much that these are accounting abominations but that accounting is itself an abomination because it was created in the days of fixed income streams and constant interest rates and is wholly unprepared to deal with fluctuating markets in a sensible way.

To my untutored outsider view it seems that the abomination is having allowed "financial innovation" to create the complexity which led to the instability. We have allowed the financiers to sail us well out of sight of land without a compass and we can only see clouds overhead. We need to get back to solid ground.

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 Tue Jul 13th, 2010 at 09:14:39 PM EST
[ Parent ]
"Financial innovation" is another word for "regulatory arbitrage" more often than not...

Anyway, accounting is an abomination. Exhibit A: off-balance-sheet items. Exhibit B: contingent liabilities. Exhibit C: loss of control enabling repo 105. Exhibit D: "Goodwill", that is, "intangible assets".

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan

by Migeru (migeru at eurotrib dot com) on Wed Jul 14th, 2010 at 02:40:09 AM EST
[ Parent ]
UK recession even deeper than first thought | Business | guardian.co.uk

The deepest recession in Britain's post-war history was even more severe than previously feared, the government said today.

Fresh information collected by the Office for National Statistics showed that the peak to trough decline in output was 6.4% of gross domestic product rather than the original 6.2% estimate.

The new figures confirmed that the six successive quarters of negative growth from spring 2008 until autumn 2009 were the toughest for the economy since the Great Depression of the 1930s, harsher even than the slump of the early 1980s.



Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Mon Jul 12th, 2010 at 12:34:51 PM EST
[ Parent ]
All the more need for Austerity then.....

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 Mon Jul 12th, 2010 at 04:38:58 PM EST
[ Parent ]
Crisis Awaits World's Banks as Trillions Come Due - NYTimes.com
The sovereign debt crisis would seem to create worry enough for European banks, but there is another gathering threat that has not garnered as much notice: the trillions of dollars in short-term borrowing that institutions around the world must repay or roll over in the next two years.

The European Central Bank, the Bank of England and the International Monetary Fund have all recently warned of a looming crunch, especially in Europe, where banks have enough trouble raising money as it is.

Their concern is that banks hungry for refinancing will compete with governments -- which also must roll over huge sums -- for the bond market's favor. As a result, credit for business and consumers could become more costly and scarce, with unpleasant consequences for economic growth.
...
Banks worldwide owe nearly $5 trillion to bondholders and other creditors that will come due through 2012, according to estimates by the Bank for International Settlements. About $2.6 trillion of the liabilities are in Europe.

U.S. banks must refinance about $1.3 trillion through 2012. While that sum is nothing to scoff at, analysts seem most concerned about Europe because the banking system there is already weighed down by the sovereign debt crisis.



"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Mon Jul 12th, 2010 at 04:59:48 PM EST
[ Parent ]
i thought we had found the panacea to this problem.

just indenture another few generations into the future, no?

it's the 'dropkick crisis', we had the drop, next...

" Nothing can bring you peace but yourself." R.W.Emerson

by melo (melometa4(at)gmail.com) on Mon Jul 12th, 2010 at 05:43:05 PM EST
[ Parent ]
Heh.

I've been talking about this for some time.

If you never fail, you're not trying hard enough.

by ATinNM on Tue Jul 13th, 2010 at 11:39:06 AM EST
[ Parent ]
Melanchthon:
The European Central Bank, the Bank of England and the International Monetary Fund have all recently warned of a looming crunch, especially in Europe, where banks have enough trouble raising money as it is.

Their concern is that banks hungry for refinancing will compete with governments -- which also must roll over huge sums -- for the bond market's favor. As a result, credit for business and consumers could become more costly and scarce, with unpleasant consequences for economic growth.

Monetarism is dead. So is central banking which is either politically independent or not an instrument of fiscal policy. But Willem Buiter was also saying these things a year ago in What's left of central bank independence? (Maverecon at FT.com, May 5, 2009)

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Migeru (migeru at eurotrib dot com) on Tue Jul 13th, 2010 at 11:52:03 AM EST
[ Parent ]
WHEN was the Federal Reserve "politically independent?"  Not in my lifetime.  The Fed has always carried out monetary policy in support of the ruling elites.  It's only become more apparent as the number of financial institutions have dwindled through firm consolidation.

If you never fail, you're not trying hard enough.
by ATinNM on Tue Jul 13th, 2010 at 12:19:39 PM EST
[ Parent ]
means "independent from politicians who have to worry about voters and may take populist decisions"

Wind power
by Jerome a Paris (etg@eurotrib.com) on Wed Jul 14th, 2010 at 06:20:48 AM EST
[ Parent ]
In that vein:

What's left of central bank independence? | Willem Buiter's Maverecon | FT.com

political independence: the central bank cannot seek or take instructions from any government/state body or other institution/body

...

President Trichet of the ECB is already so far down the road of telling governments what to do and what not to do in the fiscal and structural reform domains, that one is hardly surprised by yet another lecture on budgetary policy from the Eurotower.  Traditionally, continental European central bankers speak very little about monetary policy in public, and are often unwilling to engage in public debate or answer questions about their monetary duties, but carry on endlessly about budgetary and structural reform matters.  It's always easier to speak about things you have no responsibility for, that are not part of your mandate and about which you probably don't know very much.

The opposite problem has been encountered in the US, when Ben Bernanke has been so often seen shoulder-to-shoulder with past and present Secretaries of the Treasury, that it is hard to tell (except for the beard) where one begins and the other ends.  A Chairman of the Fed ought not to publicly endorse or reject fiscal measures, budgets or plans.  It's not his mandate and not his competence.  It also further politicises the Fed and undermines its future independence.

...

The regulation and supervision of financial institutions and markets is a deeply political activity. Property rights are being assigned, restricted, qualified or taken away.  Banks are stopped from doing things they want to do and forced to do things they do not want to do.  Barriers to entry and exit are created, lowered or removed.  Such activities don't fit the image of an independent, a-political central bank very well.

I consider it to be inevitable that when a central bank becomes deeply involved in the supervision of systemically important financial institutions and markets (let alone in their regulation), it will become politicised and lose its independence, even in the domain of conventional monetary policy (setting the official policy rate).  This view is strongly supported by the increasing politicisation of the Fed - by far the least operationally independent of the leading central banks in the advanced industrial countries.



By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Migeru (migeru at eurotrib dot com) on Wed Jul 14th, 2010 at 07:28:27 AM EST
[ Parent ]
FT.com / Comment / Editorial - Buck without bang
Alessandro Profumo, UniCredit's chief executive, has received lukewarm reactions from other European banks to his proposal for a €20bn privately financed fund to support cross-border banks in distress. The continent's bankers are presumably more warmly united around the main purpose such a fund would serve - to dam a rising tide in favour of a bank levy.

Some of the mixed feelings about Mr Profumo's idea, floated in an FT comment article yesterday, can be put down to confusion about exactly what the proposal entails. He explicitly says it is not a resolution or bail-out fund intended to cover the losses of insolvent banks. The idea, rather, seems to be for Europe's cross-border banks to voluntarily pay into a fund that, if wholesale markets were to freeze up as they have done in this crisis, would carry solvent banks through their dire straits until they could again raise funding in the markets.



"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Mon Jul 12th, 2010 at 05:17:06 PM EST
[ Parent ]
Bank run on Unicredit in 5, 4, ...

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Migeru (migeru at eurotrib dot com) on Mon Jul 12th, 2010 at 05:19:04 PM EST
[ Parent ]
Any relation to an earlier, scandal plagued UK minister?

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 Mon Jul 12th, 2010 at 08:50:08 PM EST
[ Parent ]
FT.com / Capital Markets - China's €1bn vote of confidence in Spanish bonds
China, the world's largest foreign exchange holder, bought several hundred million euros of Spanish bonds last week as Asian investors returned to the eurozone peripheral market after a two-month hiatus.

China's State Administration of Foreign Exchange, or Safe, which manages the reserves under the country's central bank, was allocated up to €400m ($505m) of Spanish 10-year bonds in a debt deal last Tuesday, according to people familiar with the situation.

Safe had put in an order for about €1bn after demand rose to €14.5bn in a matter of a few hours last Tuesday. Mike Amey, portfolio manager at Pimco, said: "The fact big Asian investors are back in the market is a big vote of confidence for the eurozone. There was strong demand for the Spanish bond. It really helped sentiment."



"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Mon Jul 12th, 2010 at 05:20:38 PM EST
[ Parent ]
Chinese credit firm says US worse risk than China   AP

BEIJING (AP) -- A Chinese firm that aims to compete with Western rating agencies declared Washington a worse credit risk than Beijing in its first report on government debt Sunday amid efforts by China to boost its influence in global markets.

Dagong International Credit Rating Co.'s verdict was a break with Moody's, Standard & Poors and Fitch, which say U.S. government debt is the world's safest. Dagong said it rated Washington below China and 11 other countries such as Switzerland and Australia due to high debt and slow growth. It warned the U.S. is among countries that might face rising borrowing costs and risks of default.

The report comes amid complaints by Beijing that Western rating agencies fail to give China full credit for its economic strength, boosting borrowing costs -- a criticism echoed by some foreign analysts. At June's G-20 summit in Toronto, President Hu Jintao called for the creation of a more accurate system.

Dagong, founded in 1994 to rate Chinese corporate debt, says it is privately owned and pledges to make its judgments impartially. But in a sign of official support, its announcement Sunday took place at the headquarters of the Xinhua News Agency, the ruling Communist Party's main propaganda outlet.

Dagong's chairman, Guan Jianzhong, said the current Western-led rating system is to blame for the global crisis and Europe's debt woes. He said it "provides the wrong credit-rating information" and fails to reflect changing conditions.


And what will US Masters of the Universe do when China not only has all of the reserves buy starts to issue its own ratings?

Jesse has a bit to say about this, including:

Governments like China do not take actions like this randomly, and their quasi-state organizations do not march to the beat of their own drummer. It will be interesting to watch this develop, and calculate the strategy, to figure out the next steps.

From a thematic perspective, coming up, competitive devaluations, and a shift in the reserve currency regime that will resemble a seismic shift, most likely pivoting around the SDR composition discussions later this year.

The US battered the euro and has been sitting on gold and silver ahead of the SDR discussions. And now China has slipped a shiv between the ribs of the almighty Dollar. This is just the overture, the prelude to the dance.

And further down the road, trade wars, well, at least trade wars more overt than the ones which have been ongoing since 1980, in which the US based multinationals thought they were pulling the strings, breaking the back of American labor.

And guess who the arms dealers are in this paper chase, selling to all sides? Who are the untouchables, the TBTF, a strategic asset in the financial arsenal of democracy? When these boys roll into town it's time to hide the women, children, livestock and provender.



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 Tue Jul 13th, 2010 at 01:14:49 AM EST
[ Parent ]
ECB's Trichet wants end of rating agencies oligopoly | Reuters

The world needs more than three major credit ratings agencies because their actions exacerbate market swings, European Central Bank President Jean-Claude Trichet was quoted on Tuesday as saying.

"The ratings agencies in general tend to amplify rises and falls in financial markets. You can see it still today very visibly. That goes against financial stability," he said in an interview with French daily Liberation.

"It is probably appropriate not to continue to have a worldwide oligopoly of three agencies. But the underlying issue is to attenuate or cancel out this amplification to which the rating agencies contribute."



By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Migeru (migeru at eurotrib dot com) on Tue Jul 13th, 2010 at 09:37:51 AM EST
[ Parent ]
As I wrote some time ago regarding the use of rating agencies by banks
So, national supervisors (that is, central banks) would be well in their rights to decree that the institutions they supervise are not required to use agency credit ratings to risk-weight their assets for regulatory capital purposes.
So, stop prevaricating and obfuscating and pontificating, Mr. Trichet, and do something. Such as, agree with the European System of Central Banks to stop requiring European banks to use the commercial credit agencies' ratings for regulatory capital calculations...

Banks can use their own ratings or market CDS spreads or they can read the entrails of chickens or consult Paul the Octopus...

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan

by Migeru (migeru at eurotrib dot com) on Tue Jul 13th, 2010 at 09:45:54 AM EST
[ Parent ]
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 12th, 2010 at 11:26:14 AM EST
Rumblings Rise Between Hezbollah and Israel - IPS ipsnews.net
RAMALLAH, Jul 12, 2010 (IPS) - Israeli intelligence has warned that a new war with Hezbollah on Israel's northern border with Lebanon cannot be ruled out, following heightened tensions between United Nations peacekeeping forces and Hezbollah supporters in the south of Lebanon.

"Israel has to be ready for any sudden provocation or outbreak of hostilities," Dan Diker from the Jerusalem Centre for Public Affairs tells IPS. "The same way the 2006 Israel-Lebanon war was triggered over Hezbollah capturing Israeli soldiers."

In 2006 Hezbollah guerillas captured several Israeli soldiers after laying ambush along the border. This led to the second Israel-Lebanon war which lasted just over a month until UN Resolution 1701 brought hostilities to an end.

Dr Samir Awad from Birzeit University near Ramallah, however, thinks the possibility of a military confrontation in the near future is slim, and that the current flare-up has more to do with internal Lebanese politics.

"Neither side wants war at this stage. Both Israel and Hezbollah are unwilling to pay the high price of a new and bloody conflict. The events in the south are related to a power struggle in the Lebanese government," Awad tells IPS.
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 12th, 2010 at 11:45:19 AM EST
[ Parent ]
Or it could be the Israeli Defense Dept. simply fighting budget cuts.

"Beware of the man who does not talk, and the dog that does not bark." Cheyenne
by maracatu on Mon Jul 12th, 2010 at 06:54:33 PM EST
[ Parent ]
COLOMBIA: Paramilitaries Don't Want to Take the Blame Alone - IPS ipsnews.net
BOGOTÁ, Jul 11, 2010 (IPS) - The so-called para-politics, para-institutions and para-economy in Colombia "have their place in the dock" among the accused, said eight former leaders of ultra-right armed paramilitary groups, now demobilised and charged with crimes against humanity in the nation's decades-long civil war.

From prison, the eight sent a letter last week to those who were once among their potential military targets: the leaders of the centre-left Alternative Democratic Pole (PDA), Gustavo Petro, former presidential candidate for that party, and Iván Cepeda, congressman-elect and spokesperson for the Movement of Victims of State Crimes (MOVICE).

What prompted the letter was a meeting between Petro and Colombia's conservative president-elect, the former Defence minister Juan Manuel Santos, who has declared he will set up a "government of national unity."
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 12th, 2010 at 11:46:42 AM EST
[ Parent ]
Those behind the so-called "Justice and Peace Law" never intended to get to the bottom of the whole affair (to do so would have required a truly herculean effort!).  It was merely a subterfuge in order coax the US Congress to authorize the country eligible for a FTA with the USA.  I mean..., heck!, some of the accused were extradited to the USA, which was (and is) an active party to the whole right wing paramilitary repression machine!

"Beware of the man who does not talk, and the dog that does not bark." Cheyenne
by maracatu on Mon Jul 12th, 2010 at 07:12:37 PM EST
[ Parent ]
France24 - Sudanese President Bashir faces genocide charges
AFP - The International Criminal Court added genocide Monday to the list of charges against Sudan's President Omar al-Beshir, after issuing a warrant for his arrest for war crimes and crimes against humanity last year.
   
"The Chamber finds that there is sufficient evidence to establish reasonable grounds to believe that (Omar al-Beshir) is criminally responsible ... for those charges of genocide," said a court decision published on Monday.
   
The ICC's appeals chamber ordered judges in February to rethink their decision to omit genocide from a warrant issued for the Sudanese leader's arrest in March 2009.


Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Mon Jul 12th, 2010 at 12:23:26 PM EST
[ Parent ]
France24 - Govt faces challenge on reforms after losing upper house majority
AFP - Japan's premier faced an uphill battle Monday to push through promised reforms, from reviving the economy to whittling down massive public debt, after his party's electoral mauling at the weekend.
   
Naoto Kan, who took office just a month ago as Japan's fifth leader in four years, suffered a heavy blow when his centre-left Democratic Party of Japan (DPJ) lost the upper house of parliament in an electoral rout Sunday.
   
The result, worse than predicted by opinion polls and pundits, signalled that the world's number two economy is in for another stretch of weak leadership as it seeks to end two decades of economic stagnation.


Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Mon Jul 12th, 2010 at 12:25:13 PM EST
[ Parent ]
Gaza flotilla report blames poor Israeli planning and intelligence | World news | The Guardian

An Israeli military investigation has concluded that flawed intelligence and poor planning led to the lethal interception of a flotilla of ships attempting to break the blockade of Gaza.

The 150-page report does not blame the commandos who opened fire, killing nine Turkish activists, after being confronted by pro-Palestinian demonstrators during the raid.



Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Mon Jul 12th, 2010 at 12:35:38 PM EST
[ Parent ]
No Wrongdoing In Israeli Raid on Gaza Ship - Report - NYTimes.com

TEL AVIV (Reuters) - An Israeli military inquiry found no wrongdoing or negligence in the navy's raid on a Gaza-bound aid flotilla, but said intelligence and operational mistakes led to the deaths of nine Turkish activists.

A civilian panel is conducting a separate inquiry into the May 31 raid that triggered an international outcry, strained Israel's relations with its once-close Muslim ally Turkey and forced the Jewish state to ease its land blockade on Gaza.

"The inquiry found that on the one hand there were no wrongdoings and no negligences in any fundamental areas during a complicated and complex operation," Giora Eiland, a retired Israeli general who headed the military inquiry said on Monday.



never let desperation get in the way of judgement.
by ceebs (ceebs (at) eurotrib (dot) com) on Mon Jul 12th, 2010 at 01:35:34 PM EST
[ Parent ]
"The inquiry found that on the one hand there were no wrongdoings and no negligences in any fundamental areas during a complicated and complex operation," Giora Eiland, a retired Israeli general who headed the military inquiry said on Monday.

Who could have predicted?

I love the smell of roast chicken in the morning!

by THE Twank (yatta blah blah @ blah.com) on Tue Jul 13th, 2010 at 07:30:25 AM EST
[ Parent ]
Voice of America: Iran: Missing Scientist Takes Refuge in Pakistan Embassy in US
Iran's state media say an Iranian nuclear scientist has taken refuge in Pakistan's embassy in Washington and is seeking an immediate return to his homeland.  The scientist, Shahram Amiri, went missing during a pilgrimage in Saudi Arabia, where Iran says he was captured and handed over to U.S. intelligence agents - a claim the United States denies.

The latest twist in Amiri's case follows conflicting accounts, reportedly by the scientist himself, that he had been kidnapped and tortured by the U.S. Central Intelligence Agency or, conversely, he was in the United States for academic studies.

Amiri had been working for Iran's Atomic Energy Organization, which the United States and other countries suspect is trying to develop nuclear weapons - a charge Tehran denies.


By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Migeru (migeru at eurotrib dot com) on Tue Jul 13th, 2010 at 09:35:08 AM EST
[ Parent ]
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 12th, 2010 at 11:26:48 AM EST
EU wants to put GMO dispute to an end | EurActiv
The European Commission will tomorrow (13 July) propose an overhaul of the EU's policy for approving genetically modified (GM) crops, which will allow countries more freedom to ban cultivation on their territory while retaining an EU-wide authorisation system.

 The new policy for GM crop cultivation, to be unveiled tomorrow, aims to draw a line under years of stalemate between countries that support GMOs and those opposed to their cultivation.

The initiative aims to deliver on a promise made by European Commission President José Manuel Barroso before his reappointment last year (EurActiv 03/09/09).

At present, EU member states are only able to restrict GM crop cultivation under strict conditions, as authorisation licences are valid across the 27-country bloc, in accordance with the principles of the EU single market.

by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 12th, 2010 at 11:36:17 AM EST
[ Parent ]
Uranium Bottoming as China Buys Supplies From Cameco (Update2) - Bloomberg.com

July 12 (Bloomberg) -- China is buying unprecedented amounts of uranium, signaling that prices are poised to rebound after three years of declines.

The nation may purchase about 5,000 metric tons this year, more than twice as much as it consumes, building stockpiles for new reactors, according to Thomas Neff, a physicist and uranium- industry analyst at the Massachusetts Institute of Technology in Cambridge. Prices will jump by about 32 percent next year, the most since 2006, RBC Capital Markets said.

India and China are leading the biggest atomic expansion since the decade after the 1970s oil crisis to cut pollution and power economies growing more than twice as fast as Europe and North America. The boom, combined with slowing supply growth, may benefit Cameco Corp., a co-owner of the world's largest uranium mine, and Areva SA, the largest builder of reactors.

"China's demand is insatiable," said Dave Dai, an analyst at the Daiwa Institute of Research in Hong Kong. "They will have to take almost whatever is available."

by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 12th, 2010 at 12:03:47 PM EST
[ Parent ]
afew:
India and China are leading the biggest atomic expansion since the decade after the 1970s oil crisis

yeah and quality control is so high in those countries... petfood?

afew:

to cut pollution

sick fux get to pretend nuclear waste doesn't count, sure, pull the other one.

coal and nukes, the two horns of the devil's dilemna.

want a western lifestyle? prepare to be Gored...

afew:

"They will have to take almost whatever is available."

TINA

" Nothing can bring you peace but yourself." R.W.Emerson

by melo (melometa4(at)gmail.com) on Mon Jul 12th, 2010 at 04:33:48 PM EST
[ Parent ]
New Mumbai airport plan pits environment against business
Chinchpada, India (AFP) July 11, 2010
Lush green mangrove trees and shrubs stretch into the distance on the muddy outskirts of Navi Mumbai in western India, the low-lying land swollen with heavy monsoon rains

Nearby, the people of Chinchpada are starting their day: women wash and dry clothes in the open, children walk barefoot to school along a dirt track and men sip tea at a stall.

But the village, nearly a dozen others like it nearby, and 160 hectares (395 acres) of the steaming mangroves are under threat.

A blue sign on the roadside indicates why: "Site For International Airport," it says in large white letters.

India's government is expected to make a decision on whether to give the go-ahead for the 90-billion-rupee (1.9-billion-dollar) project within weeks, after a battle between developers and opponents lasting more than a decade.

by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 12th, 2010 at 12:08:00 PM EST
[ Parent ]
China seizes melamine-tainted milk powder: reports
Beijing (AFP) July 9, 2010
Chinese authorities have seized 76 tonnes of milk powder tainted with the same chemical responsible for the deaths of six babies two years ago, state media said Friday.

The powder was seized in northwestern China's Gansu province after tests showed it contained up to 500 times the allowed level of the toxic industrial chemical melamine, Xinhua news agency reported.

The Beijing News said tainted powder has also been detected in Jilin province in China's northeast and that two officials from the dairy company at the centre of the latest discovery in Gansu had been detained.

The reports highlight China's continued problems reining in the use of melamine, which is used to make plastics but has been widely and illegally added to dairy products to give the appearance of higher protein content.

by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 12th, 2010 at 12:08:41 PM EST
[ Parent ]
Africa's national parks failing to conserve large mammals, study shows | Environment | guardian.co.uk

Africa's extensive network of national parks is failing to stem the decline of large mammals, according to a new study that highlights biodiversity loss across the continent.

Populations of large mammals such as zebra, buffalo and lion have declined by an average of 59% since 1970, according to the research, which collated data from parks including popular tourist safari destinations such as the Masai Mara in Kenya and the Serengeti in Tanzania.

The study warns that urgent efforts are needed to better protect the animals and secure the future of the parks, which draw millions of tourists each year and provide much-needed income.

Ian Cragie, a conservation scientist at the University of Cambridge who led the study, said: "Although the results indicate that African national parks have generally failed to maintain their populations of large mammals, the situation outside the parks is undoubtedly worse. Many species like rhino are practically extinct outside national parks."



Jesus died for somebody's sins but not mine - Patti Smith
by dvx (dvx.clt ät gmail dotcom) on Mon Jul 12th, 2010 at 01:18:36 PM EST
[ Parent ]
Where Are the Respirators? | Mother Jones

Progressive groups and fisherman are attacking the Obama administration for not protecting cleanup workers in the Gulf from hazardous oil and chemical dispersant fumes. Last week, a coalition of local and national groups launched BPMakesMeSick.com, a petition calling on President Obama to ensure that BP provides workers in the Gulf with respirators.

The petition, sponsored by the Progressive Change Campaign Committee (PCCC), states:

We cannot let the denial of protective gear that hurt so many 9/11 clean-up workers happen again with the Gulf clean-up workers.

President Obama and the federal government must demand that BP allow every clean-up worker who wants to wear respiratory protective equipment to do so--and ensure that workers get the equipment and training they need to do their jobs safely.



never let desperation get in the way of judgement.
by ceebs (ceebs (at) eurotrib (dot) com) on Mon Jul 12th, 2010 at 02:18:28 PM EST
[ Parent ]
they evidently don't understand how capitalism works

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Mon Jul 12th, 2010 at 05:13:34 PM EST
[ Parent ]
someone should apologise, stat.

BP needs our unconditional support at this difficult time. respirators get in the way of efficiency, besides they cost money.

give haywood his life back!

" Nothing can bring you peace but yourself." R.W.Emerson

by melo (melometa4(at)gmail.com) on Mon Jul 12th, 2010 at 06:05:31 PM EST
[ Parent ]
Most of these workers will become litigators later.  Better to kill them off now.

Hey BP, where's my cheque?  This advice doesn't come free.

I love the smell of roast chicken in the morning!

by THE Twank (yatta blah blah @ blah.com) on Tue Jul 13th, 2010 at 07:34:55 AM EST
[ Parent ]
Cocoa Beach Tar Balls Not From BP Gulf Spill - Orlando News Story - WESH Orlando
Officials say tar balls found last week on Brevard County beaches are not from the massive BP oil spill in the Gulf of Mexico.


never let desperation get in the way of judgement.
by ceebs (ceebs (at) eurotrib (dot) com) on Mon Jul 12th, 2010 at 06:14:11 PM EST
[ Parent ]
Goodie!  Who else is leaking?

I love the smell of roast chicken in the morning!
by THE Twank (yatta blah blah @ blah.com) on Tue Jul 13th, 2010 at 07:39:24 AM EST
[ Parent ]
Residents Unconcerned About Cocoa Tar Balls - Orlando News Story - WESH Orlando
Lori Stottler, a Cocoa Beach native, said that it isn't unusual for there to be tar balls on Cocoa Beach. Her father built the Cocoa Beach Pier.

"When we were kids running down the beach we would get tar stuck to our feet and our parents would have to get the tar off our feet," she said. "So this doesn't that it is an effect from what's going on the other side of the coast."

Beth Morrone, a Cocoa Beach native, said that she isn't worried about the tar balls and believes they are from a recent shrimp boat that sunk.

People's ability to convince themselves there's nothing to worry about is astounding.

Then again, you wouldn't want people panicking...

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan

by Migeru (migeru at eurotrib dot com) on Tue Jul 13th, 2010 at 08:21:39 AM EST
[ Parent ]
respirators are gay, everyone knows that.

" Nothing can bring you peace but yourself." R.W.Emerson
by melo (melometa4(at)gmail.com) on Mon Jul 12th, 2010 at 06:23:45 PM EST
[ Parent ]
BBC News - Global population study launched by Royal Society

The UK's Royal Society is launching a major study into human population growth and how it may affect social and economic development in coming decades.

The world's population has risen from two billion in 1930 to 6.8 billion now, with nine billion projected by 2050.

The society acknowledges it is delving into a hugely controversial area, but says a comprehensive and scientific review of the evidence is needed.



Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Mon Jul 12th, 2010 at 02:43:33 PM EST
[ Parent ]
What the Hell?

Doomsday: How BP Gulf disaster may have triggered a 'world-killing' event

Ominous reports are leaking past the BP Gulf salvage operation news blackout that the disaster unfolding in the Gulf of Mexico may be about to reach biblical proportions.

251 million years ago a mammoth undersea methane bubble caused massive explosions, poisoned the atmosphere and destroyed more than 96 percent of all life on Earth.  Experts agree that what is known as the Permian extinction event was the greatest mass extinction event in the history of the world.

55 million years later another methane bubble ruptured causing more mass extinctions during the Late Paleocene Thermal Maximum (LPTM).

The LPTM lasted 100,000 years. [3]

Those subterranean seas of methane virtually reshaped the planet when they explosively blew from deep beneath the waters of what is today called the Gulf of Mexico.

Now, worried scientists are increasingly concerned the same series of catastrophic events that led to worldwide death back then may be happening again-and no known technology can stop it.

The article then goes on to discuss in somewhat less lurid detail.

I lack the knowledge required to evaluate.


If you never fail, you're not trying hard enough.

by ATinNM on Mon Jul 12th, 2010 at 05:39:13 PM EST
[ Parent ]
Caveat lector

Helium Help - How to earn money at Helium

There is opportunity to earn more than pocket change on Helium; on the other hand . . . don't quit your day job. Note: The Helium revenue share is figured daily for your account. If you have a rating star, you will receive revenue share payment for that day. If you do not participate by maintaining a rating star on Helium for a full 12 months, you will lose any accrued earnings in your account. For a more detailed explanation of our payment structure, read section #5 of our Helium User Agreement. Upfront Payments

Starting with the July writing cycle (which starts June 25), we will pay Upfront Payments only for the first five (5) articles written to a title in an eligible channel. We also pay on the number of writing stars you have on calculation day (the last day of the month).

Based on your stars, you can earn:

  • 1 Writing Star - $0.50 per article published
  • 2 Writing Star - $1.00 per article published
  • 3 Writing Star - $1.50 per article published
  • 4 Writing Star - $2.00 per article published
  • 5 Writing Star - $2.50 per article published

According to our analysis of titles and top-earning articles over the past year, highly rated articles tend to win in the ad-revenue-share game. If you are article Number 15 in a title of 30 articles, chances are you're not earning.
 
In order for you to earn more and get better visibility for your writing on the web, we want to encourage all members to write to empty and "lonely" titles. Use the Title Finder to uncover the empty titles or titles with only a few articles.
 
We're not telling you NOT to write to titles with more than five articles. But we are strongly suggesting that you will do better to write where you can earn more in the long run.

Ineligible channels: Some channels are more lucrative to Helium in terms of advertising revenue, and it makes sense that these channels are where we encourage most of our writing energy. Opinion pieces, poetry, news stories just don't generate the revenue we need to share with our writers.


by ThatBritGuy (thatbritguy (at) googlemail.com) on Mon Jul 12th, 2010 at 06:40:24 PM EST
[ Parent ]
Doomsday: How BP Gulf disaster may have triggered a world-killing event - by Terrence Aym - Helium
Reports, filtering through from oceanologists and salvage workers in the region, state that the upper level strata of the ocean floor is succumbing to greater and greater pressure. That pressure is causing a huge expanse of the seabed-estimated by some as spreading over thousands of square miles surrounding the BP wellhead-to bulge. Some claim the seabed in the region has risen an astounding 30 feet.

The fractured BP wellhead, site of the former Deepwater Horizon, has become the epicenter of frenetic attempts to quell the monstrous flow of methane.

The subterranean methane is pressurized at 100,000 pounds psi. According to Matt Simmons, an oil industry expert, the methane pressure at the wellhead has now skyrocketed to a terrifying 40,000 pounds psi.

Another well-respected expert, Dr. John Kessler of Texas A&M University has calculated that the ruptured well is spewing 60 percent oil and 40 percent methane. The normal methane amount that escapes from a compromised well is about 5 percent.

More evidence? A huge gash on the ocean floor--like a ragged wound hundreds of feet long--has been reported by the NOAA research ship, Thomas Jefferson. Before the curtain of the government enforced news blackout again descended abruptly, scientists aboard the ship voiced their concerns that the widening rift may go down miles into the earth.

That gash too is hemorrhaging oil and methane. It's 10 miles away from the BP epicenter. Other, new fissures, have been spotted as far as 30 miles distant.

Measurements of the multiple oil plumes now appearing miles from the wellhead indicate that as much as a total  of 124,000 barrels of oil are erupting into the Gulf waters daily-that's about 5,208,000 gallons of oil per day.

Most disturbing of all: Methane levels in the water are now calculated as being almost one million times higher than normal.

Mass death on the water

If the methane bubble--a bubble that could be as big as 20 miles wide--erupts with titanic force from the seabed into the Gulf, every ship, drilling rig and structure within the region of the bubble will immediately sink. All the workers, engineers, Coast Guard personnel and marine biologists participating in the salvage operation will die instantly.

Next, the ocean bottom will collapse, instantaneously displacing up to a trillion cubic feet of water or more and creating a towering supersonic tsunami annihilating everything along the coast and well inland. Like a thermonuclear blast, a high pressure atmospheric wave could precede the tidal wave flattening everything in its path before the water arrives.

When the roaring tsunami does arrive it will scrub away all that is left.[7]

lurid? nah... details, shmetails... would that wake enough folks up? nah...

lots of other gulfs.

this has been my fear since the beginning of this clusterfuck, and while it may well be futile, i hope europe tries to stop the oil entering the med.

" Nothing can bring you peace but yourself." R.W.Emerson

by melo (melometa4(at)gmail.com) on Mon Jul 12th, 2010 at 06:43:04 PM EST
[ Parent ]
There are no credible sources for any of the suppositions, which makes the article very suspect. There are links which look like they're references and sources, but all they do is link to wikipedia and background notes on sites like the Guardian.

The one source that backs up the 'news' links to a random blog of no obvious authority.

Admittedly given the news blackout anything at all could be happening down there, including an invasion by Daleks. But I think a cracking sea floor and/or a rise of 30ft would have triggered a few sea quakes by now, and that doesn't seem to have happened.

I'd be more worried about Siberian clathrates than I would be about a methane explosion in the GOM.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Mon Jul 12th, 2010 at 06:55:01 PM EST
[ Parent ]
I would prefer to believe this, given that i live about 550 miles north and 600 feet above Lake Pontchartrain, but...

I have seen articles about and posts from the Jefferson referenced, only to be unable to find anything in a search. This included references to a significant leak somewhere about 20 miles south of the Deepwater Horizon site.

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 Mon Jul 12th, 2010 at 09:43:43 PM EST
[ Parent ]
The link to Kessler is the only one that's actually informative about this...

Oceanographer John Kessler analyzes methane levels from oil spill site

John Kessler, a chemical oceanographer in the College of Geosciences at Texas A&M University, is currently analyzing methane levels in water collected from seven miles to 500 meters from the Deepwater Horizon wellhead.

Preliminary results, he says, point to high concentrations of the gas. "Methane levels ranged from 10,000 to nearly 1 million times higher in some spots than normal concentration," Kessler said.

The 10-day cruise, which was funded by a National Science Foundation Rapid Response grant, returned June 21 with nearly 1 million data points gathered. Since that time, he and his colleagues have been analyzing the results in the shore-based lab at Texas A&M.



By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Migeru (migeru at eurotrib dot com) on Tue Jul 13th, 2010 at 04:31:18 AM EST
[ Parent ]
ThatBritGuy:
I'd be more worried about Siberian clathrates than I would be about a methane explosion in the GOM.

why, are they a million times normal too?

thanks for easing my concerns, :(

" Nothing can bring you peace but yourself." R.W.Emerson

by melo (melometa4(at)gmail.com) on Tue Jul 13th, 2010 at 12:16:47 PM EST
[ Parent ]
What is "a million times normal" is the observed concentration of methane dissolved in water in the gulf in some samples taken by a Texas A&M oceanographer. That tells you very little about the amount of methane that could potentially be released from the Gulf of Mexico.

TBG implies that the amount of methane trapped in the Siberian permafrost easily exceeds that in the Gulf of Mexico, and I think I agree (based on no data :-) with his impression.

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan

by Migeru (migeru at eurotrib dot com) on Tue Jul 13th, 2010 at 12:37:07 PM EST
[ Parent ]
I wouldn't worry too much about Siberian clathrates.  

They seem to be geysering away quite nicely.

If you never fail, you're not trying hard enough.

by ATinNM on Tue Jul 13th, 2010 at 12:33:11 PM EST
[ Parent ]
My understanding of methane under pressure is that it rapidly forms a heavy soft-crystalline structure that sinks. It is entirely stable at the temperatures that are found below 4-500 feet (150m).

So, any methane that isn't transported by rising oil to the daylight zone is unlikely to provide a problem for us in this geological cycle.

As TBG says, the accelerating release of the Siberian clathrates are the problem we're facing right now.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Tue Jul 13th, 2010 at 06:27:45 AM EST
[ Parent ]
Ye Olde Nomade Poste on methane clathrates.
by afew (afew(a in a circle)eurotrib_dot_com) on Tue Jul 13th, 2010 at 07:07:38 AM EST
[ Parent ]
Let me get this straight.  Possible extinction of humans et al but the real heroes, the bacteria and fungi, just keep munching along.  Republicans GO EXTINCT!  Where's the downside?  I don't see it.

I love the smell of roast chicken in the morning!
by THE Twank (yatta blah blah @ blah.com) on Tue Jul 13th, 2010 at 07:50:49 AM EST
[ Parent ]
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 12th, 2010 at 11:27:16 AM EST
Liberian Woman in the Centre Circle - IPS ipsnews.net
MONROVIA, Jul 11, 2010 (IPS) - Vivian Howard is a single mother who cooks and cleans like just about any other woman in Liberia - but in her work life she's in charge of 22 strong, athletic men. The first and only centre female referee in Liberia with a FIFA badge, Howard is standing shoulder to shoulder with the men of Liberia.

There's a perception - especially in the international community - that in a country led by Africa's first elected female president, women in Liberia are taking the lead in all walks of life.

It's true there are more female ministers in Ellen Johnson-Sirleaf's government than ever before, new legislation has been passed to protect and promote women's rights and some women are being given chances in life that they had never experienced.

However, women still remain firmly on the bottom rung of society. They're the most vulnerable members of the community in terms of access to education, access to health and access to justice.
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 12th, 2010 at 11:48:32 AM EST
[ Parent ]
South Africa Draws Praise as Soccer World Cup Ends (Update1) - Bloomberg.com

July 12 (Bloomberg) -- South Africa has pulled off what many said couldn't be done: a soccer World Cup that filled stadiums and gave thousands of fans a party they won't forget.

The month-long tournament, the world's most-watched sporting event, ended yesterday with a victory for Spain at Soccer City stadium in Johannesburg. Foreign visitors to the competition may have numbered half a million, the Finance Ministry said, exceeding an earlier estimate by 200,000.

The absence of any serious crime, the tournament's smooth operation and the publicity given to South Africa will help the country shed its reputation for murder and racial tension, said Pratibha Thaker, Africa director at the London-based Economist Intelligence Unit. Now, Finance Minister Pravin Gordhan says he hopes the country can use that drive to tackle unemployment, AIDS and poor educational standards.

"Before the World Cup, the news was all about crime and AIDS," Thaker said in a July 5 phone interview. "What we're seeing now is a very favorable image. This will help to boost tourism and boost the recovery. It's crucial that the government keeps the momentum going."

by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 12th, 2010 at 12:04:26 PM EST
[ Parent ]
France24 - Fidel Castro to make special TV appearance

AP - Fidel Castro is back. The aging revolutionary leader will appear Monday on Cuba's key public affairs television program, according to a front-page headline in the Communist-party newsletter Granma. It may be the most prominent appearance by the former president since he fell ill in 2006.

Castro, 83, was set to discuss his concerns about the Middle East on the Mesa Redonda - or Round Table - a daily talk show about current events that is usually transmitted live on state media and seen across the island.



Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Mon Jul 12th, 2010 at 12:24:05 PM EST
[ Parent ]
France24 - Easter Island sky watchers witness total solar eclipse
AFP - A total solar eclipse drew an 11,000-kilometer (6,800-mile) arc over the Pacific Sunday, plunging remote territories into darkness, but drawing thousands of curious tourists and their dollars.
   
The skies grew black in the middle of the day as the Moon slipped in front of the Sun and aligned with the Earth, blotting out the sunshine that just moments earlier had swathed the island's silent, ancient stone guardians.
   
Applause erupted from thousands of stargazers who began gathering days ago on this remote Chilean outpost for the rare four-minute, 41-second eclipse.


Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Mon Jul 12th, 2010 at 12:29:12 PM EST
[ Parent ]
Russians convicted over Forbidden Art show | Europe | Deutsche Welle | 12.07.2010

Two men who organized a controversial art exhibition in Moscow in 2007 were found guilty of inciting hatred by a Russian court on Monday, but the judge let them go free, after ordering them to pay fines. The trial was fiercely criticised by human rights activists.

Art expert Andrei Yerofeyev and former museum director Yury Samodurov had set up the Forbidden Art Exhibition at the Museum of Moscow. The show included a depiction of Jesus Christ with a Mickey Mouse head, and a spoof Coca-Cola ad carrying the slogan, "This is my Blood."



Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Mon Jul 12th, 2010 at 12:33:10 PM EST
[ Parent ]
Large Hadron Collider rival Tevatron 'has found Higgs boson', say rumours - Telegraph

Tommaso Dorigo, a physicist at the University of Padua, has said in his blog that there has been talk coming out of the Fermi National Accelerator Laboratory in Batavia, Illinois, that the Higgs has been discovered.

The Tevatron, the huge particle accelerator at Fermi - the most powerful in the world after the LHC - is expected to be retired when the CERN accelerator becomes fully operational, but may have struck a final blow before it becomes obsolete.



Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Mon Jul 12th, 2010 at 12:43:02 PM EST
[ Parent ]
It's the telegraph. Wen it comes to science, assume it's wrong.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Mon Jul 12th, 2010 at 05:14:58 PM EST
[ Parent ]
Anti-vaccine group accused of harassing, misleading parents - ABC News (Australian Broadcasting Corporation)

The New South Wales Health Care Complaints Commission (HCCC) has compiled a damning report into Australia's most prominent anti-vaccination group, the Australian Vaccination Network (AVN).

The HCCC accuses the AVN of providing inaccurate and misleading information and selectively quoting research out of context to argue against vaccination.

The report has also noted accusations that the AVN harassed the parents of a child who died of whooping cough last year, after they advocated the importance of childhood vaccination.



never let desperation get in the way of judgement.
by ceebs (ceebs (at) eurotrib (dot) com) on Mon Jul 12th, 2010 at 01:34:24 PM EST
[ Parent ]
The Media Blog: BBC calls its own Facebook fans "saddos"
BBC Sport was guilty of a false start this weekend when it launched a half-baked Olympic microsite with some unfortunate - and unflattering - holding text in place... see if you can spot it (scroll down for a close-up and some other screengrabs): 


never let desperation get in the way of judgement.
by ceebs (ceebs (at) eurotrib (dot) com) on Mon Jul 12th, 2010 at 01:37:12 PM EST
[ Parent ]
BBC News - Women bishops should be create, Church of England rules

The Church of England's ruling synod has decided that women bishops should be allowed, but there are further steps to take before they can be ordained.

The General Synod has given minimal concessions to traditionalist Anglicans who opposed the move.

They had sought exemptions from serving under women bishops and guaranteed access to a male alternative.

But the synod decided women bishops should be able to decide the identity of any bishop entering their dioceses.

They would also have the ability to dictate the functions these bishops could carry out.



Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Mon Jul 12th, 2010 at 02:47:55 PM EST
[ Parent ]
Sterilise claimants urges racist treasury website
12 July 2010

This is a single issue newsletter asking for your urgent help in getting a government website closed down. The site, set up by the treasury to allow people to suggest ways to cut government spending, is full of hate-filled racist and disablist suggestions, including the sterilisation of benefits claimants, the return of the workhouse and the forced repatriation of asylum seekers and migrants.  Some of the site's content is so extreme it may even constitute a criminal offence.

The Spending Challenge website was set up on Friday by the coalition government and features an introduction and video on its home page by chancellor George Osborne.

In his video Osborne tells visitors that "Your government needs you, please get in touch" and the introduction assures visitors that:


never let desperation get in the way of judgement.
by ceebs (ceebs (at) eurotrib (dot) com) on Mon Jul 12th, 2010 at 05:27:01 PM EST
[ Parent ]
Intelligence: The Evolution of Night Owls | Psychology Today
A previous study found that evening people are smarter than morning people. In a new paper, Kanazawa replicates the finding and provides a theoretical grounding. Because the nocturnal lifestyle allowed by electricity didn't exist 10,000 years ago, we must now rely on general intelligence to override our early-to-bed instincts. So those with more of it stay up later. How much later? See below.

Night Lights

Bedtimes and wake-up times for Americans in their 20s by IQ.

Very Dull (IQ < 75)

Weekday: 11:41 P.M.-7:20 A.M.

Weekend: 12:35 A.M.-10:09 A.M.

Normal (90 < IQ < 110)

Weekday: 12:10 A.M.-7:32 A.M.

Weekend: 1:13 A.M.-10:14 A.M.

Very Bright (IQ > 125)

Weekday: 12:29 A.M.-7:52 A.M.

Weekend: 1:44 A.M.-11:07 A.M.



"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Mon Jul 12th, 2010 at 05:30:25 PM EST
[ Parent ]
So on a quick  calculation, its about 1 minute per point of IQ,  <fingers and thumbs>  so my 2 am  usual bedtime gives roughly an IQ of 215 :)

never let desperation get in the way of judgement.
by ceebs (ceebs (at) eurotrib (dot) com) on Mon Jul 12th, 2010 at 06:09:10 PM EST
[ Parent ]
And my 4am bedtime gives me an IQ of [counts on more fingers...] lots and lots.
by ThatBritGuy (thatbritguy (at) googlemail.com) on Mon Jul 12th, 2010 at 06:32:25 PM EST
[ Parent ]
Well, I'm very definitely a morning person and turn into a pumpkin at midnight if I'm not abed.

so that explains a lot.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Tue Jul 13th, 2010 at 06:21:06 AM EST
[ Parent ]
All Americans in their 20s get up between 7.20 and 7.52 in the week and fucking late on weekends.

Lazy bastards.

by afew (afew(a in a circle)eurotrib_dot_com) on Tue Jul 13th, 2010 at 07:13:13 AM EST
[ Parent ]
Because the nocturnal lifestyle allowed by electricity didn't exist 10,000 years ago, we must now rely on general intelligence to override our early-to-bed instincts.

I love Just So stories.

If you never fail, you're not trying hard enough.

by ATinNM on Tue Jul 13th, 2010 at 11:45:46 AM EST
[ Parent ]
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 12th, 2010 at 11:27:40 AM EST
BBC News - Switzerland rejects US extradition of Roman Polanski

Authorities in Switzerland have decided not to extradite film director Roman Polanski to the US to face sentencing for a case dating back to 1977.

Polanski, 76, has been under house arrest in his Swiss chalet since December 2009 pending the decision.

He is wanted in the US over a conviction for unlawful sex with a 13-year-old girl.

Swiss Justice Minister Eveline Widmer-Schlumpf said the "restrictions on his liberty have been lifted."

A Swiss official said the US cannot appeal the decision.

by afew (afew(a in a circle)eurotrib_dot_com) on Mon Jul 12th, 2010 at 11:40:39 AM EST
[ Parent ]
Well, good.  Now we can get back to important issues, like banning minarets and burqas.

Be nice to America. Or we'll bring democracy to your country.
by Drew J Jones (myfriends@thisispancakes.com) on Tue Jul 13th, 2010 at 08:19:28 AM EST
[ Parent ]
Two contrasting responses to this today;-

Independent - Johann Hari - So that's OK then. It's fine to abuse young girls, as long as you're a great film director

So now we know. If you are a 44-year-old man, you can drug and anally rape a terrified 13-year-old girl as she sobs, says "No, no, no," and pleads for her asthma medication - all according to the victim's sworn testimony - and face no punishment at all. You just have to meet two criteria - (a) you have to run away and stay away for a few decades; and (b) you need to direct some good films. If you do, not only will you walk free, there will be a huge campaign to protect you from the "witch-hunt" and you will be lauded as a hero.

Guardian - Agnes Poirier - The prurient hounding of Roman Polanski is over at last

Roman Polanski is a free man, at long last. Justice and reason have finally prevailed after nine months of mass hysteria on both sides of the Atlantic, hysteria and moralistic prejudices.


keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Tue Jul 13th, 2010 at 10:29:47 AM EST
[ Parent ]
France24 - Police arrest teenage burglary suspect known as the 'Barefoot Bandit'
AFP - Fugitive burglar and Internet folk hero, the "Barefoot Bandit," was nabbed by Bahamas police Sunday after one last daring attempt to evade capture -- this time in a stolen boat.
   
Bahamian authorities said 19-year-old Colton Harris-Moore was arrested seven days after they found the wreckage of a stolen plane he is believed to have flown to the archipelago.
   
"In an effort to avoid capture, the suspect engaged in a high-speed chase, by boat, with police," a police official told reporters.
   
"After a brief chase, the suspect was taken into custody without incident," he said, adding that Harris-Moore was arrested with a firearm and other evidence.


Ad astra per aspera
by In Wales (inwales aaat eurotrib.com) on Mon Jul 12th, 2010 at 12:28:15 PM EST
[ Parent ]
R.I.P. Harvey Pekar - Comic Book Resources
After decades of success which ranged from one of the medium's earliest self-publishing triumphs to a mainstream crossover that would defy all expectations for the phrase "comic book movie," one of the comics greatest stories has come to an end as The Cleveland Leader has confirmed that writer Harvey Pekar died this morning at the age of 70.


never let desperation get in the way of judgement.
by ceebs (ceebs (at) eurotrib (dot) com) on Mon Jul 12th, 2010 at 02:19:32 PM EST
[ Parent ]
PBS Offering Three-Hour Valentine to George Shultz -- With Rightwing Backing | The Nation
In one of strangest -- though most welcome -- reviews in The New York Times in recent years, Alessandra Stanley openly mocks the three-hour (yes, you read that right) PBS documentary about Nixon/Reagan strong man George F. Shultz.   She makes fun of the length over three Mondays -- even Jefferson only got three hours, and from Ken Burns, famous for going overlong -- and we even get a shot at the sponsors.  Well, at least the film reveals that the buttoned-down Shultz has a small tattoo of a Princeton Tiger on his butt.


never let desperation get in the way of judgement.
by ceebs (ceebs (at) eurotrib (dot) com) on Mon Jul 12th, 2010 at 02:20:13 PM EST
[ Parent ]
Monkeys trained as battlefield killers in Afghanistan - People's Daily Online
Afghanistan's Taliban insurgents are training monkeys to use weapons to attack American troops, according to a recent report by a British-based media agency.

Reporters from the media agency spotted and took photos of a few "monkey soldiers" holding AK-47 rifles and Bren light machine guns in the Waziristan tribal region near the border between Pakistan and Afghanistan. The report and photos have been widely spread by media agencies and Web sites across the world.

chinaganda

" Nothing can bring you peace but yourself." R.W.Emerson

by melo (melometa4(at)gmail.com) on Mon Jul 12th, 2010 at 08:14:32 PM EST
[ Parent ]

he's back!

" Nothing can bring you peace but yourself." R.W.Emerson

by melo (melometa4(at)gmail.com) on Mon Jul 12th, 2010 at 08:18:50 PM EST
[ Parent ]
I've got internet connection in my rented room in Dharamkot, village just above McLeod Ganj (where Dalai lama lives). As usual for India it took quite a long time to fix connection, so-called WiFi, it's just rented reciever of wireless signal and from adapter the Tibetan-run company provided LAN cable to my netbook. The connection is just 256 kbps but it's surprisingly fast and seem to satisfy all my needs (besides e-mails it's just posting blogs with photos).
by FarEasterner (avdavydov@yandex.ru) on Tue Jul 13th, 2010 at 08:52:29 AM EST
[ Parent ]


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