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Thursday Open Thread

by afew Thu Apr 19th, 2012 at 11:58:04 AM EST

Rock on


Display:
Or off.
by afew (afew(a in a circle)eurotrib_dot_com) on Thu Apr 19th, 2012 at 11:58:43 AM EST
Depends what you like. Welcome to 90s angst-filled rock.

by In Wales (inwales aaat eurotrib.com) on Thu Apr 19th, 2012 at 12:36:54 PM EST
[ Parent ]
ET could use a GEMA macro which says:

"Unfortunately, this video is not available in Germany because it may have contained music for which GEMA has not granted respective music rights, or because the music crossed borders through countries not controlling their borders for illegal immigrants in violation of electoral rights within certain French-speaking countries and selected export-enhanced neighbors, or because the music illegally relates to broken social contracts, or because GEMA executives already have the music on their computers, or, and more likely, you have not been deemed worthy enough."

Or possibly a shorter version.

Or not.

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

by Crazy Horse on Thu Apr 19th, 2012 at 02:10:23 PM EST
[ Parent ]
Shorter:

GEMA will not allow this video to be seen because they hate you.  Until you die, and the death certificate is filed with our legal staff, your entire country will continue to be blocked.

 

Skepticism is the first step on the road to truth. -- Denis Diderot

by ATinNM on Thu Apr 19th, 2012 at 02:25:27 PM EST
[ Parent ]
It is Soul Asylum, Just Like Anyone, if a version exists anywhere that you are allowed to look at.
by In Wales (inwales aaat eurotrib.com) on Thu Apr 19th, 2012 at 03:26:43 PM EST
[ Parent ]
Sometimes Germany sucks.

'tis strange I should be old and neither wise nor valiant. From "The Maid's Tragedy" by Beaumont & Fletcher
by Wife of Bath (kareninaustin at g mail dot com) on Thu Apr 19th, 2012 at 05:04:41 PM EST
[ Parent ]
And the rest of the time it blows?

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Thu Apr 19th, 2012 at 05:39:00 PM EST
[ Parent ]


keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Thu Apr 19th, 2012 at 12:12:19 PM EST
Is there still a meetup scheduled for next week?

Hey, Grandma Moses started late!
by LEP on Thu Apr 19th, 2012 at 12:36:35 PM EST
Never mind, I see the diary.

Hey, Grandma Moses started late!
by LEP on Thu Apr 19th, 2012 at 12:38:58 PM EST
[ Parent ]
There you are! Cinema's gift to Kleenex! Hope you are in spiffing condition.

You can't be me, I'm taken
by Sven Triloqvist on Thu Apr 19th, 2012 at 12:42:32 PM EST
[ Parent ]
I presume you're not making the trip; too bad :(

Hey, Grandma Moses started late!
by LEP on Thu Apr 19th, 2012 at 12:49:35 PM EST
[ Parent ]
Sorry LEP. I'm up to my waist in the proverbial, but still smiling. Keep those Commies in order, and take lots of pictures.

You can't be me, I'm taken
by Sven Triloqvist on Thu Apr 19th, 2012 at 12:57:26 PM EST
[ Parent ]
Save the Rich:

(From the incomparable but relatively unfamous Garfunkel and Oates. N.B - other G&F vids definitely not safe for work, or for puritans of any persuasion.)

by ThatBritGuy (thatbritguy (at) googlemail.com) on Thu Apr 19th, 2012 at 12:42:24 PM EST
Just what I needed...


You can't be me, I'm taken
by Sven Triloqvist on Thu Apr 19th, 2012 at 12:45:32 PM EST
[ Parent ]
The Guardian: Eurozone crisis live: Christine Lagarde sees 'light recovery, with dark clouds on horizon'
On Spain, Lagarde says the Madrid authorities are taking the situation extremely seriously. 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).

Such an intervention, she says, "could and should" be accompanied by more global European supervision.

This is quite a hot issue, given the continuing slump in Spanish share prices and the record bad debt levels on Spain's banks' books.

Other highlights include firewalls with firepower
On the issue of the IMF firewall, Lagarde says she expects its firepower to be "significantly" increased this week, but she does tries to steer the media away from focusing too much on the question of exactly how much new commitments she has received*.


guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Thu Apr 19th, 2012 at 01:41:42 PM EST
Migeru:
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

by eurogreen on Fri Apr 20th, 2012 at 03:40:15 AM EST
[ Parent ]
There is an argument to be made that the EU needs a federal-level bank resolution scheme. States (other than Greece) only needed to be bailed out after they take on private debt as public debt (see Ireland as the extreme example).

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Fri Apr 20th, 2012 at 03:42:40 AM EST
[ Parent ]
Typically Spanish: France and Germany want to suspend the Shengen Agreement
The Interior Ministers of France and Germany have written a joint letter in which they call for the reform of, and `temporary suspension' of the Schengen agreement which allows for the free movement between most member states of the EU.

...

France and Germany consider that a `temporary suspension' is needed during the crisis, and Paris and Berlin speak of `provisional' closure of frontiers, and only when a country in the Schengen space cannot control the flow of immigrants. They say they will give the details to their European partners at the next conference.

Meanwhile Spain has announced the suspension of the Schengen Treaty and the re-establishing of frontier controls with France ahead of the European Central Bank meeting which is to be held in Barcelona on May 3.



guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Thu Apr 19th, 2012 at 01:43:18 PM EST
I can't believe this stuff is happening.

you are the media you consume.

by MillMan (millguy at gmail) on Thu Apr 19th, 2012 at 01:50:48 PM EST
[ Parent ]
Welcome to the 1930s, farce version.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Thu Apr 19th, 2012 at 01:52:05 PM EST
[ Parent ]
Is there any reason any more anyone should accept the notion that Germany is even partially dealing with the EU in good faith?
by Metatone (metatone [a|t] gmail (dot) com) on Thu Apr 19th, 2012 at 04:58:42 PM EST
[ Parent ]
Yes. They call the shots so their narrative must be accepted at face value.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Thu Apr 19th, 2012 at 05:37:53 PM EST
[ Parent ]
I know you've said it all much earlier, but with the Euro on the deathbed and the destruction of Schengen, what's left of the EU dream?

What's left of the EU is the single market, but I suspect over the next few years that will prove to be as much nightmare as dream...

by Metatone (metatone [a|t] gmail (dot) com) on Thu Apr 19th, 2012 at 05:50:19 PM EST
[ Parent ]
What's left? A bunch of dreamers.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Thu Apr 19th, 2012 at 06:50:25 PM EST
[ Parent ]
http://www.guardian.co.uk/world/2012/apr/19/greece-military-spending-debt-crisis

Nothing new in this piece, but people are slowly noticing:

  1. The corruption and bribery that German defence contractors indulge in.

  2. Merkel's support for said firms, at the expense of ordinary Greeks...

etc. etc.
by Metatone (metatone [a|t] gmail (dot) com) on Thu Apr 19th, 2012 at 06:05:35 PM EST
[ Parent ]
actually, yes. ordinary germans are not plotting to overrun greece, just as ordinary spanish or italians aren't looking to suck off germany's generous tit...

it's the 1%, sowing division amongst the people, setting us against each other.

"We can all be prosperous but we can't all be rich." Ian Welsh

by melo (melometa4(at)gmail.com) on Thu Apr 19th, 2012 at 10:25:47 PM EST
[ Parent ]
Europolitics: Paris and Berlin share common vision of Schengen's future
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.

"Countries failing to control immigration" is the excuse they find to throw Greece out of Schengen. Then they'll throw it out of the Euro.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Thu Apr 19th, 2012 at 01:54:54 PM EST
[ Parent ]
Entirely understandable.

Would you want scruffy southerners polluting your precious bodily fluids?

</snark>

Skepticism is the first step on the road to truth. -- Denis Diderot

by ATinNM on Thu Apr 19th, 2012 at 02:30:21 PM EST
[ Parent ]
Sounds like the German government giving Sarkozy a last helping hand. Yet this has to be searched for on French info sites, even the Figaro. Maybe Sarko hopes to make a fuss about it between the two rounds.
by afew (afew(a in a circle)eurotrib_dot_com) on Thu Apr 19th, 2012 at 02:46:35 PM EST
[ Parent ]
In fact, all the groundwork is there for a huge "immigration scare" between the two rounds.

It's not widely recognised that Sarkozy has actually done a huge amount to propell France towards the Front National's ideal of an ethnic fortress.

Item : Naturalisations are plummeting. In 2011, the decline is of the order of 20%, I believe, and the target for 2012 is of the order of 50%. This has been achieved without fanfare, partly by making the criteria tougher, partly by administrative harassment.

Item : Expulsion of illegals has greatly increased (though I suspect that this is largely sleight of hand, achieved by ferrying boatloads of Comorians off of Mayotte)

Item : Sarko has indicated that the number of illegals will be halved, or something, if he is re-elected... this, obviously, requires the end of Schengen.

It won't work, all that it will achieve is to improve the ratio of Le Pen voters who vote Sarko in the second round, but that can't save him. It will, however, poison the issue for the next government by arousing passions.

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

by eurogreen on Fri Apr 20th, 2012 at 03:54:23 AM EST
[ Parent ]
They call that a "vision"?

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Thu Apr 19th, 2012 at 05:41:49 PM EST
[ Parent ]
Reality check : "France" is a lame duck. As of next Monday, Germany is way out on a limb on this.

And not only on this.

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

by eurogreen on Fri Apr 20th, 2012 at 03:43:50 AM EST
[ Parent ]
}}}shudder{{{

'tis strange I should be old and neither wise nor valiant. From "The Maid's Tragedy" by Beaumont & Fletcher
by Wife of Bath (kareninaustin at g mail dot com) on Thu Apr 19th, 2012 at 05:07:55 PM EST
[ Parent ]


guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Thu Apr 19th, 2012 at 02:30:34 PM EST
The EU:

How the Serious People© and TPTB are responding:



Skepticism is the first step on the road to truth. -- Denis Diderot

by ATinNM on Thu Apr 19th, 2012 at 02:35:37 PM EST
[ Parent ]


guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Thu Apr 19th, 2012 at 03:56:56 PM EST
[ Parent ]
Yanis proposes reasonable solutions to difficult problems. If they are rejected, as seems likely, it will largely be because the current 'winners' in the euro game fear losing some current advantages more than they fear collapse. Tell me what real problems there are in implementing his plans.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Apr 19th, 2012 at 06:03:39 PM EST
[ Parent ]
I launched the Bonk Expo 2012 Facebook Page a couple of days ago.

You can't be me, I'm taken
by Sven Triloqvist on Thu Apr 19th, 2012 at 02:44:10 PM EST
liked

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Thu Apr 19th, 2012 at 03:21:20 PM EST
[ Parent ]
Seconded.

'tis strange I should be old and neither wise nor valiant. From "The Maid's Tragedy" by Beaumont & Fletcher
by Wife of Bath (kareninaustin at g mail dot com) on Thu Apr 19th, 2012 at 05:11:02 PM EST
[ Parent ]
me too
by ElaineinNM on Thu Apr 19th, 2012 at 06:50:08 PM EST
[ Parent ]
Has anyone seen this presentation from Richard Koo: The World In Balance Sheet Recession?
Apparently, it's an update from his 2011 talk at INET's Bretton Woods Conference that Jake has been linking to in his sig line.
by Bernard on Thu Apr 19th, 2012 at 03:51:49 PM EST
Comment le contre-espionnage a égaré la fiche de Merah - Le Nouvel Observateur How counter-espionage lost Merah's file - Le Nouvel Observateur
Bernard Squarcini, le chef de la Direction centrale du Renseignement intérieur (DCRI), est formel. Ses services n'auraient entendu parler de Mohamed Merah qu'en novembre 2010, et ce pour la première fois.Bernard Squarcini, the chief of the Central Direction of Interior Intelligence (DCRI) is absolutely sure. His staff only heard of Mohamed Merah in November 2010, for the first time.
Or Mohamed Merah a bien été fiché comme susceptible d'attenter à la sûreté de l'Etat dès 2006. Suite à l'opération conduite à Artigat, les Renseignements généraux (ancêtres de la DCRI) avaient émis une fiche "S", comme sûreté de l'Etat, à son nom, le désignant comme "membre de la mouvance islamiste radicale, susceptible de voyager et de fournir une assistance logistique à des militants intégristes". La procédure implique que les policiers contrôlant un individu fiché "S" signalent sa présence aux RG et recueillent un maximum de renseignements sur lui (provenance, destination, moyens de transport, etc.). Bref, qu'ils le surveillent étroitement, "sans attirer l'attention". But a file was in fact opened in 2006 on Mohamed Merah, as likely to endanger state security. Following the operation conducted in Artigat, the Renseignements Généraux (predecessors of the DCRI) had issued an "S" file, S for state security, with his name on it, describing him as "a member of the radical Islamist movement, likely to travel and provide logistic support to militant fundamentalists ". The procedure implies that the police controlling the papers of an "S"-file individual should indicate his presence to the RG and collect as much information on him (starting point, destination, transportation, etc..). In short, he should be kept under close watch, "without attracting attention."
Selon notre enquête, la fiche Merah de 2006 s'est volatilisée deux ans plus tard, soit en 2008, à la faveur d'un incroyable imbroglio administratif sur fond de guerre des polices, à l'occasion de la fusion entre les RG et la DST (Direction de la Surveillance du Territoire), devenus la DCRI. Un projet cher à Nicolas Sarkozy. "Les fiches S ont une validité de deux ans et doivent être renouvelées après ce délai par les services", explique un agent de renseignement qui s'est penché sur cette bévue. "Dans la nouvelle organisation, le pôle 'Islamisme radical' des RG, à l'origine de la fiche, a été presque entièrement démantelé pour faire la part belle aux spécialistes antiterroristes venus de la DST", explique ce même agent. "La mémoire des RG est partie en fumée, et la fiche S de Merah est passée à l'as."Our investigation has found that Merah's 2006 file vanished two years later, in 2008, thanks to an incredible administrative imbroglio against a backdrop of warring police factions, when the RG and DST (Direction de la Surveillance du Territoire), merged to become the DCRI. A project dear to Nicolas Sarkozy. "S-files are valid for two years and must be renewed after this time," said an intelligence agent who looked into this blunder. "In the new organization, the 'radical Islam' group of the RG, that first issued the file, was almost completely dismantled for give way to the anti-terrorism experts from the DST," says the same agent. "The memory of the RG went up in smoke, and Merah's S-file disappeared."
by afew (afew(a in a circle)eurotrib_dot_com) on Thu Apr 19th, 2012 at 04:41:58 PM EST
Whip to Grave: Levon Helm, the Real Voice of America


Then, Capitol released Music from Big Pink. It didn't sound like anything on the radio. It didn't sound like anything on earth. The lyrics were dense and allusive, as dense as Dylan's, but drawn from a different place, a bleached-out roadhouse in Fort Smith, not a folk club in the Village, the kind of place where, as Levon once said, you had to puke twice and show them your knife before you could get in. You could hear all kinds of things in the music -- white soul, field hollers, the sound a carnival makes on the outskirts of town when the sun drops behind the horizon and all the lights come up. It might have been recorded in 1938 for all anyone really knew.  In his legendary review in Rolling Stone, Al Kooper, no stranger to musical eccentricity his own self, tried to parse out all the influences he heard on the record:

I hear the Beach Boys, the Coasters, Hank Williams, the Association, the Swan Silvertones as well as obviously Dylan and the Beatles. What a varied bunch of influences. I love all the music created by the above people and a montage of these forms (bigpink) boggles the mind. But it's also something else. It's that good old, intangible, can't-put-your-finger-on-it "White Soul." Not so much a white cat imitating a spade, but something else that reaches you on a non-Negro level like church music or country music or Jewish music or Dylan. The singing is so honest and unaffected, I can't see how anyone could find it offensive (as in "white people can't pull this kind of thing off".)

Skennah Kowa, Levon, N'yahweh. Danke für Alles.


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

by Crazy Horse on Thu Apr 19th, 2012 at 05:33:46 PM EST
I'm not sure if many Yurpeens understand the legacy of this amazing man and his cohorts... even though The Band's website is hosted by freaks in Norway. Perhaps some of you remember the cultural effect of Dylan going electric, or you were there when someone in Royal Albert Hall shouted Judas!

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

by Crazy Horse on Thu Apr 19th, 2012 at 07:41:05 PM EST
[ Parent ]
A great tribute to a great man.

however, the pedant in me must note that the Judas comment was shouted at the Manchester Free Trade Hall concert. However, a recording of this concert was released, labeled as having been made at the Albert Hall and leading to a widespread misapprehension as to where it had happened.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Fri Apr 20th, 2012 at 03:12:31 AM EST
[ Parent ]
The Atlantic magazine: Spain Is Doomed: Why Austerity Is Destroying Europe (18 April 2012)
... but the beatings will continue until bond yields improve!
Heh...
Unsurprising to everybody who isn't a Eurocrat, that is. Consider this mind-boggling quote from the chairman of the euro zone finance ministers, Jean-Claude Juncker:
I invite financial markets to behave in a rational way. Spain is on track.
On track? For national bankruptcy, yes. But for recovery, absolutely not. Juncker's quote betrays a fundamental misreading of what is making markets anxious. He thinks markets shouldn't worry because Spain is going to follow through on its budget cuts. But markets are worried that Spain is going to follow through on its budget cuts. Austerity would almost certainly shrink the economy and make the country's unconscionable unemployment even worse.


guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Thu Apr 19th, 2012 at 07:07:22 PM EST
Yet again, schizophrenic markets? They want brutal state deleveraging, or they don't want it?

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.

by afew (afew(a in a circle)eurotrib_dot_com) on Fri Apr 20th, 2012 at 02:26:54 AM EST
[ Parent ]
No, not Schizophrenic markets.

As I argued yesterday, markets want solvency. When there are doubts over a state's solvency, there is a market reaction. Or a market move is a signal that there are doubts over the solvenct. Or a random market movemakes people focus and realise there's a solvency problem.

Then the austerian politicians, advisors or commentators say "the markets demand delevaraging".

But deleveraging does not necessarily improve the sustainability of the remaining debt. Certainly not when deleveraging involves a stressed asset sale. Therefore the markets may react negatively to the deleveraging if it doesn't improve debt sustainability.

As we know, the "debt sustainability estimates" by the Troika have been a joke. Every successive report has predicted an increase, not a decrease, of "program country" debt burdens and a longer time to "return to the markets".

The schizoprenia comes from the yuxtaposition of the erroneous interpretation that "the markets demand deleveraging" and "the markets dislike debt reduction". The markets can be said to be acting consistently on an estimate of solvency.

The issue is, really, that deleveraging by asset sales is self-defeating and that deleveraging by debt restructuring can cause creditors to become insolvent in their turn, which is the underlying mechanism for a cascading financial crisis.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper

by Migeru (migeru at eurotrib dot com) on Fri Apr 20th, 2012 at 03:24:07 AM EST
[ Parent ]
Yes, I take your point. But the communication matters as it relates to public opinion, and that's what I'm interested in.

From that point of view, we are hearing contradictory narratives. The narrative "brutal deleveraging is self-defeating" is not imo based on thin air, and will grow to greater prominence as the media find it difficult to ignore.

by afew (afew(a in a circle)eurotrib_dot_com) on Fri Apr 20th, 2012 at 03:40:57 AM EST
[ Parent ]
Shock doctrinaires actually believe that market panics are useful
In order to escape from that circle the countries should be able to refinance the part above 60% with money from the redemption fund. But the Ifo Institute and the Kieler Institute für Weltwirtschaft (IfW) are strictly opposed. They argue that guaranteeing the fund would lower Germany's rating. Also they say the pressure of the markets is necessary for those countries to reform.
It is therefore extremely convenient for them to believe (or pretend to believe) that "market pressure" represents a rational "demand for reform", even if "reform" destroys debt sustainability and only makes market pressure worse.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Fri Apr 20th, 2012 at 03:46:19 AM EST
[ Parent ]
Yes, so the "markets want reform" narrative is the one the propagandists will fall back on.

Have you seen this example?

by afew (afew(a in a circle)eurotrib_dot_com) on Fri Apr 20th, 2012 at 03:52:37 AM EST
[ Parent ]
Yes, but stating "markets want reform" and "markets want growth" leads to "markets are schizophrenic". Since markets don't "want" anything, the schizophrenia is in the contradictions of the narrative peddlers.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Fri Apr 20th, 2012 at 04:11:03 AM EST
[ Parent ]
What else am I saying?
by afew (afew(a in a circle)eurotrib_dot_com) on Fri Apr 20th, 2012 at 04:36:37 AM EST
[ Parent ]
Let's add the state of the "virtuous" Netherlands:

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)

by afew (afew(a in a circle)eurotrib_dot_com) on Fri Apr 20th, 2012 at 02:30:40 AM EST
[ Parent ]
Migeru:
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

by eurogreen on Fri Apr 20th, 2012 at 04:01:45 AM EST
[ Parent ]
Yet more evidence that Junker is an idiot.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Migeru (migeru at eurotrib dot com) on Fri Apr 20th, 2012 at 04:13:20 AM EST
[ Parent ]
This is a wonderful example of the unintentional humor of the business press
http://www.thecorner.eu/2012/04/affaire-repsol-wall-street-criticises-argentinas-move/

-They're desperate," chairman of Equity Group Investments Sam Zell said to Bloomberg."They're running out of options. I don't know what they're going to nationalize next, but I know I don't want to be there.
-

Because Sam Zell is the epitome of private equity looting. If there was a way to get him out of the US economy, we'd benefit enormously.

by rootless2 on Thu Apr 19th, 2012 at 07:22:05 PM EST

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.



Skepticism is the first step on the road to truth. -- Denis Diderot

by ATinNM on Thu Apr 19th, 2012 at 07:47:32 PM EST
[ Parent ]

Need to listen to more from these guys.

Skepticism is the first step on the road to truth. -- Denis Diderot

by ATinNM on Thu Apr 19th, 2012 at 10:20:10 PM EST


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