Ad astra per aspera

She then argues that Europe's bailout fund should be allowed to bail out Spanish banks directly, rather than having to work through its sovereign government (a view not shared by some EU states, including Germany).

Europe's bailout fund should be bailing out governments, not banks.

_{It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II}

you are the media you consume.

The Danish Presidency of the EU has been warned: France and Germany are absolutely against negotiating new decision powers for the European Commission on the temporary re-establishment of border controls in the Schengen zone of free movement of persons. Furthermore, the two countries fully intend to have their say on the Schengen Code reform to give member states the option of re-establishing controls if one of the member states is not sufficiently controlling illegal immigration.

...

The two ministers penned the letter ahead of the Home Affairs Council, on 26 April in Luxembourg. The political stakes will be high at that Council. Indeed, French President Nicolas Sarkozy has made the reform of the Schengen system the condition of France's continued participation - if he is re-elected in the presidential elections. Yet the Council will take place between the first and the second rounds of the French elections.

Therefore, Paris and Berlin want to move forward on the other front: the possibility of re-establishing border control with countries that are failing to control their external borders - specifically targeting Greece, whose border with Turkey is the main point of passage into the EU for illegal immigrants.

How the Serious People© and TPTB are responding:

Ever since I learnt about confirmation bias I've started seeing it everywhere

Levon was the modern soul of all that was amurkan popular music. He watched Elvis and Cash play high school auditoriums. He snuck listens to black musicians, like many did in Arkansas then. He was the first to join what would become the best lineup of Ronnie Hawkins' Hawks, and later became The Band.

Backing Dylan on that torturous electric tour was a horror, in which they could only survive by believing in the music, but it was a taste of what was to come. The Band followed Dylan to Woodstock, where the infamous Basement Tapes were created in the basement of Big Pink.

After that, no place to go but to their own songwriting. And that's what shook amurka. I was there, and watched it change. The effect of their first albums (remember them) astonished the musical royalty, and had Eric Clapton come visit, and ask to join.

Levon was the heart and soul of those amazing musicians.

But this is basically a political (all economics are political) blog, so i'll only say...  i won't say nothing about the power of watching this music begin to bridge the gap in the then cultural war.

I only spent a few hours alone with Levon in my life, more with organist Garth Hudson. Levon wasn't there when Danko visited me in my tipi, but you can bet he heard about the all night visit. (He remembered hearing Danko talk about the hippy night when i last saw him.)

I'll bet a lot of musicians can't hold back the tears tonight... but will be always grateful for such a wondrous legacy.

Skennah Kowa, Levon, Akwego Skennah.

"Life shrinks or expands in proportion to one's courage." - Anaïs Nin

It is just not conceivable that everybody will just hunker down and accept this madness. There will come a tipping point where the crazy will become so obvious and the voices pointing it out so loud, that the TINA CW will be publicly called in question, in other words, it will no longer be the CW.

Fitch doubts Dutch AAA as property slump reaches 'coma' - Telegraph

The Netherlands has been a vocal critic of fiscal excess in Greece but is now in breach of EU rules itself, an unexpected casualty of the eurozone's contractionary policy mix. Critics cite the troubles in Holland - and Belgium - as evidence that the European Central Bank has been too tight, asphyxiating credit for the whole bloc. The M3 money supply contracted over the winter on a month-to-month basis.

(h/t ARGeezer)

I invite financial markets to behave in a rational way.

Whip them waves, Canute!

_{It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II}

Argentina needs "international oil companies" for ... what?  

Exactly.

And:

The question now is whether Argentina will be able to get the financing it needs for YPF after shocking diplomats and investors. And if Sinopec will make a move. The company acquired part of Repsol's Brazilian business in 2010 and Chinese media reported on Tuesday that it was considering an investment in YPF of up to $15 billion.

One does wonder - doesn't one? - where Argentina will be able to get financing if the PRC kicks in $15 billion.

Ever since I learnt about confirmation bias I've started seeing it everywhere