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European Salon de News, Discussion et Klatsch - 14 May

by afew Sun May 13th, 2012 at 04:00:38 PM EST

 A Daily Review Of International Online Media 


Europe on this date in history:

1931 - Ådalen shootings: five people are killed in Ådalen, Sweden, as soldiers open fire on an unarmed trade union demonstration.

More here and here

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by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 11:55:11 AM EST
Merkel's CDU braced for Sunday election rout | EurActiv

In Berlin, he is known as Angela Merkel's smartest minister. But Norbert Röttgen has led a lacklustre campaign ahead of key elections this Sunday (13 May) in North Rhine-Westphalia, where opinion polls predict a historical defeat for the Christian Democrats in Germany's most populous state.

In Berlin, German environment minister Röttgen is known as "Merkel's darling".

But his fortunes could change dramatically this weekend as opinion polls predict the worst ever result for Angela Merkel's Christian Democratic Union (CDU) in North Rhine-Westphalia, where Röttgen is attempting to dislodge Social-Democrat Hannelore Kraft as Prime Minister.

The German press is widely predicting Röttgen's defeat. Financial Times Deutschland pronounced the "Crash of a High-Flyer", while Süddeutsche Zeitung dubbed him "The nail in Merkel's coffin".

To make matters worse, Röttgen linked the regional poll to a vote of confidence on Merkel's European austerity policy in pre-election statements.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 12:20:21 PM EST
[ Parent ]
BBC News - New election blow for Germany's Merkel - exit polls

Chancellor Angela Merkel's conservatives have suffered heavy losses in an election in Germany's most populous state, exit polls suggest.

Support for the Christian Democrats dropped from 35% to 26% in North Rhine-Westphalia, with the Social Democrats set to return to power with the Greens.

Analysts say many voters rejected Mrs Merkel's tough line on fiscal discipline as a cure for state debt.

Voters in Greece, France and Italy also recently rejected austerity policies.

In another development, the exit polls suggested Germany's Pirate Party had won seats in North Rhine-Westphalia, making it their fourth state parliament.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 12:31:48 PM EST
[ Parent ]
Merkel's party routed in big German state | Reuters

(Reuters) - Chancellor Angela Merkel's conservatives suffered a crushing defeat on Sunday in an election in Germany's most populous state, a result which could embolden the left opposition to step up its criticism of her European austerity policies.

The election in North Rhine-Westphalia (NRW), a western German state with a bigger population than the Netherlands and an economy the size of Turkey, was held 18 months before a national election in which Merkel is expected to fight for a third term.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 12:45:42 PM EST
[ Parent ]
by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 12:51:44 PM EST
[ Parent ]
As a self-appointed ET guardian against America-bashing, and a hobbyist in the realm of pointing out Germany- and UK-bashing, I would like to suggest that in ongoing discussion about the evils of austerity an effort be made to clarify that it is not the UK, or Germany, or the US that is pushing this idea, but only a (powerful) subset of the populations of these countries; subsets whose control over national policies may be overturned if or when sanity prevails.
by asdf on Sun May 13th, 2012 at 04:52:46 PM EST
[ Parent ]


I would be ashamed to admit that I had risen from the ranks. When I rise it will be with the ranks, and not from them Eugene Debs
by redstar on Mon May 14th, 2012 at 06:26:18 AM EST
[ Parent ]
That's a very tall order, that subset.
by de Gondi (publiobestia aaaatttthotmaildaughtusual) on Mon May 14th, 2012 at 04:14:54 PM EST
[ Parent ]
Campaigners press for 'fundamental change' at EU food agency: theparliament.com
Campaigners have called on the EU to "break the systemic links" between European Food Safety Agency (EFSA) and International Life Sciences Institute Europe (ILSI).

The demand comes as MEPs on Thursday refused to endorse the accounts of several EU agencies, including EFSA for 2010.

The group Testbiotech is amongst those now urging "fundamental changes" to EFSA's founding regulations, which are due for review later this year.

A report considered at the plenary called the alleged links between EFSA and ILSI a source of potential conflict of interest. The two organisations have strongly denied any such links.

Alleged links between the two organisations are said to exist at management board level as well as on panels such as those for genetically engineered plants, food additives and pesticides.

ILSI, based in Brussels, is funded by a range of sources, including the EU as well food industry and agrochemical companies.
by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 12:25:09 PM EST
[ Parent ]
great catch afew

It's a fine line between homage, parody, and consumer opportunism. Jess Walter
by melo (melometa4(at)gmail.com) on Sun May 13th, 2012 at 09:17:26 PM EST
[ Parent ]
I haven't seen it getting much media play.
by afew (afew(a in a circle)eurotrib_dot_com) on Mon May 14th, 2012 at 01:14:52 AM EST
[ Parent ]
Greece looks set for repeat election | euronews, world news

Greece looks to be heading for a repeat election as the country's three biggest parties appear unable to agree over an EU-IMF bailout.

The leaders of conservative New Democracy, the Socialists and Syriza, a radical leftist party that rejects the terms of the rescue plan, held talks with Greek President Karolos Papoulias.

Three attempts to form a government ended in failure last week.

EU leaders admit that failure to adhere to the terms of the bailout could see Greece leave the eurozone.

Socialist leader Evangelos Venizelos appealed to the "logic and patriotism" of his counterparts and called on them strike a deal.

He said that he held some hope of forming a government despite the meeting's dead end.

But Alexis Tspiras, the leader of Syriza, rejected any possibility of softening its anti-austerity stance.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 12:27:05 PM EST
[ Parent ]
Syriza Says It Won't Join Greek National Unity Government - Bloomberg

Greece's biggest anti-bailout party, Syriza, said for the second time in as many days that it won't join a unity government, pushing the country closer to new elections that have sparked concerns about a euro-area exit.

"Syriza won't betray the Greek people," leader Alexis Tsipras said in statements televised on state-run NET TV after a meeting brokered by President Karolos Papoulias between the party and the leaders of the New Democracy and Pasok parties. "We are being asked to agree to the destruction of Greek society."

by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 12:39:27 PM EST
[ Parent ]
Each party must make its natural politics. Syriza should not be part of a government contrary to what has been promised by Syriza.

Experience in Spain: Zapatero should call elections in last May 2010, instead of taking a decision contrary to the nature of his party:
 1. It failed to solve anything.
 2. The Socialist Party lost votes.
 3. The political disaffection was increased.
 4. u.s.w.

by PerCLupi on Mon May 14th, 2012 at 06:55:18 AM EST
[ Parent ]
"Syriza won't betray the Greek people," leader Alexis Tsipras said in statements televised on state-run NET TV after a meeting brokered by President Karolos Papoulias between the party and the leaders of the New Democracy and Pasok parties. "We are being asked to agree to the destruction of Greek society."

Hang tough, baby. You're writing history, possibly for the whole world.

http://www.youtube.com/watch?v=_wp4O7v5320

by THE Twank (yatta blah blah @ blah.com) on Mon May 14th, 2012 at 11:25:19 AM EST
[ Parent ]
Tsipiras is saying what Papandreou or Zapatero should have said two years ago.

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 Mon May 14th, 2012 at 11:30:38 AM EST
[ Parent ]
Financial Middlemen Muddle Climate Commitments - IPS ipsnews.net
ROME, May 13, 2012 (IPS) - The European Union has been using all means necessary to fill the multi- billion-euro fund for climate change, including the controversial mobilisation of public resources through private financial intermediaries.

Following the Copenhagen Climate Change summit in December 2009, rich countries pledged an annual 100 billion dollars (72 billion euros) by 2020 to help developing countries deal with the impacts of climate change.

The EU committed to providing 7.2 billion euros for the fund over the period 2010-12, most of which will presumably be channelled through the Green Climate Fund

Although originally this money was expected to come from public sources, developed countries are now leveraging substantial amounts of private finance to raise funds. Increasing attention is being given to financial intermediaries that supposedly have easier access to private investment in developing countries, and are thus better able to stimulate financial flows.

Experts say it may be possible to raise funds in the range of 100-200 billion dollars (72-144 billion euros) per year through these intermediaries, as a result of private flows from developed to developing countries.

The idea is that development banks and financial institutions, such as the European Investment Bank (EIB) and the International Finance Corporation (IFC), use public money to invest in financial intermediaries working in developing countries to attract private investors.
by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 03:35:32 PM EST
[ Parent ]
Russian Writers Lead Thousands on Walk to Anti-Putin Camp | Russia | RIA Novosti

A host of Russian literary figures led thousands of people through the squares and boulevards of downtown Moscow on Sunday afternoon to an opposition camp that has become the epicenter of the challenge to the rule of President Vladimir Putin.

"The authorities have to understand that they need to be respectful when they talk to the people," bestselling author Boris Akunin told supporters. "If they chase after them with truncheons, nothing good will come of this. The more aggressive they are, the quicker everything will end for them."

Organizers and independent media said over 10,000 people had attended Sunday's event, one of the largest unsanctioned opposition gatherings in recent years in Russia. Police said 2,000 people were present.

Detective novel writer Akunin, popular poet Dmitry Bykov, and around ten other writers announced Sunday's "Test Stroll" after some 600 people were detained as they gathered at downtown Moscow landmarks in the wake of Putin's May 7 inauguration. Protest leaders alleged arbitrary and illegal arrests of anti-Putin activists.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 03:38:09 PM EST
[ Parent ]
Socialist Party spokesman Hamon slams Merkel over austerity policy - France - RFI

French Socialist Party spokesman Benoit Hamon sharply criticized German Chancellor Angela Merkel in a televised interview on Sunday saying she must understand that she alone cannot decide the fate of Europe.

 

"We did not vote to have a European Union president who is called Angela Merkel," he said on France 3 public channel when asked about socialist President François Hollande's desire to renegotiate the eurozone's fiscal pact.

"We want to renegotiate the European treaty so that economies are relaunched through growth," he said, adding that it is the austerity measures that Merkel argues are so essential to underpin Europe's eventual recovery that have pushed the Greek economy to the edge.

Hamon belongs to the left wing of the Socialist Party and is not considered to be close to Hollande.

I saw this interview. As soon as he had said this, the "journalist" made like he hadn't heard and threw him a question about Hollande's concubine Ms Trierweiler.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 03:42:52 PM EST
[ Parent ]
See the general standard of "journalism" in France is the same as the US.

Ever since I learnt about confirmation bias I've started seeing it everywhere
by ATinNM on Sun May 13th, 2012 at 04:23:04 PM EST
[ Parent ]
Yup.
by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 04:36:31 PM EST
[ Parent ]
Eurointelligence Daily Briefing: High Noon in Athens
Talks with President Karolos Popoulias ended in an impasse, as Syriza refused point-blank to join a government; talks continue as New Democracy and Pasok are pondering alternatives;one option is for a coalition to include the small Democratic Left, which wants to remain in the eurozone, but cancel the EU/IMF memorandum after two years; but DL so far refuses to enter a coalition with the participation of Syriza; another option under discussion is for the Independent Greeks, a rightwing splinter group, to join the coalition; a poll shows 78.1% of Greeks want to stay in the euro; the two big parties are expected to use the upcoming election campaign as a referendum on euro membership; European central bankers have been threatening for the first time that Greece might be leaving the euro; Paul Krugman says the euro might end within a few months from now; Wolfgang Munchau writes that the Greeks face four choices, of which the best would be to stick with the programme until primary balance is reached, and then default inside the eurozone; CDU suffers a catastrophic defeat in Northrhine-Westphalia; German commentators see the result as having serious implications for Merkel and her coalition; the markets' reaction to the restructuring of Spanish banks has been underwhelming, as investors remain convinced that Spain needs an EFSF/ESM programme; French Socialists attack Angela Merkel ahead of tomorrow's meeting with Francois Hollande; a poll shows that the united front of the French left has a clear lead but the Socialists trail the UMP; Vincent Reinhart and Ken Rogoff, meanwhile, show that debt overhangs have massively negative implications on growth.


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 Mon May 14th, 2012 at 03:21:33 AM EST
[ Parent ]
Wolfgang Munchau says the Greek choice is between a default right now, or a default postponed

In his FT column, Wolfgang Munchau says the Greeks face four options[:

f]ollow the programme;

follow the programme until primary balance is reached, and then default;

default now, and hope to remain in the euro;

default and leave the euro.[

]Munchau says the worst of all options is number [one] as it will end in a political and economic catastrophe. Leaving the euro would not make much sense either. That leaves the two default-inside-the-eurozone options. Munchau says it would be better for Greece to reach a primary balance first, and then default. The plan by Syriza to default now, and hope the EU is bluffing, is too risky. It would trigger a cessation of the loan payments, and an immediate collapse of the Greek state. The dynamic of that situation may well push Greece out of the eurozone, though Tsipras is right when he says that this outcome is not in the eurozone's own best interest. Munchau says he agrees with that point, but argues that eurozone leaders have made numerous misjudgements before.



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 Mon May 14th, 2012 at 03:25:17 AM EST
[ Parent ]
Greece will continue to get money from the EFSF after a euro exit

According to Der Spiegel, Greece will get money from the EFSF even if it leaves the eurozone. Plans of the German finance ministry foresee that only the part of the EFSF transfers to Greece will be scrapped in the case of an exit that go directly to the Greek budget. The part of the EFSF billions that are used to service the Greek government bonds that are being held by the ECB will continue to [be] paid. This will help to prevent losses of the ECB that would have to be supported by the national budgets, the magazine explains. According to the German plans Greece would remain part of the EU after a euro exit and thus be eligible to EU assistance that would have to be paid by all 27 EU members and not only the Euro 17 as currently the case. According to a poll done for Welt am Sonntag, 78% of all Germans favour suspending all aid payments until Greece has formed a government that clearly commits itself to the EU/IMF program and its reforms.

(My emphasis)

These people continue to behave as if everyone must bear losses except the ECB, when it's the ECB that cannot go bankrupt by definition.

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 Mon May 14th, 2012 at 03:27:38 AM EST
[ Parent ]
The European reaction is predictable. The EU has now reverted to threats. Various central bankers yesterday raised the prospect for the first time that Greece might have to exit the euro. Patrick Honohan, the Irish central bank governor, said in a speech that the eurozone would withstand a Greek exit, calling it "not necessarily fatal". The FT has an interview with Luc Coene, the Belgian central bank governor, who spoke of an "amicable divorce". Jens Weidmann of the Bundesbank said the consequences would be worse for Greece than for the eurozone.

The idea is to scare the Greeks into following the agreed line. Politically, this is not working well.



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 Mon May 14th, 2012 at 03:28:32 AM EST
[ Parent ]
Krugman - Eurodämmerung

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Mon May 14th, 2012 at 03:52:59 AM EST
[ Parent ]
Paul Mason blog: Greece: Trying to understand Syriza (BBC News, 14 May 2012)
This is less of a blog more of a series of notes to try and enhance understanding of who Syriza and its leader Alexis Tsipras actually are, and how they might behave if, as polls suggest, they become the winning party in a second Greek general election. I've been troubled by the lack of historical depth; and of course my own knowledge is limited to English sources. Get ready to hear about parties and political currents that most commentators believed were insignificant just a few years ago.

[27 bullet points later]

Whatever the outcome, the above explains how a combination of historical factors, the position of the EU and a demographic radicalisation of young people propelled one of the furthest left parties in any European parliament to within a few steps of forming a government; and provoking a showdown with the EU that would doubtless see Greece's suspension or exit from the Euro.

At the same time it explains that the resulting government may, in effect, be little more than a left-social democratic government, despite its symbology and the radicalism of some of its voters. By forcing the mainstream parties into positions where they could not express the will of the majority of centrist voters, the EU may end up destroying the Greek party system as it has been shaped since 1974.



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 Mon May 14th, 2012 at 08:28:20 AM EST
[ Parent ]
Fears over Greek bailout send shares and euro tumbling (14 May 2010)
Share prices have dropped across Europe and the euro has slid to an 18-month low against the dollar on fears that the eurozone bailout of Greece will fail and reports that French president Nicolas Sarkozy threatened to pull his country out of the single currency altogether to force Germany to agree to the rescue plan.

The panic selling has been stoked by news that Spain's underlying inflation rate turned negative in April for the first time on record, adding to fears that the country is facing a cash crunch.

...

Germany has been reluctant to act throughout the Greece crisis. But the meeting in Brussels finally put together a €110bn (£94bn) rescue package.



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 Mon May 14th, 2012 at 10:38:15 AM EST
[ Parent ]
Telegraph [UK]: Greece may never be able to pay off debts, says Deutsche Bank chief Ackermann (14 May 2010)
The unprecedented €720bn rescue package agreed by European policy makers this week to combat the sovereign-debt crisis threatening the euro was necessary, Mr Ackermann said, because if Greece were to "fall down" this could spread to other countries and lead to "a kind of meltdown".

Greece is the first country in 11 years of European monetary union to require a political pledge of support as fears over its debt sparked a market attack that has dented the euro.

Greece has been forced to implement tough austerity measures as a pre-condition for an international bailout, a move that has sparked widespread protests in the southern european country.



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 Mon May 14th, 2012 at 10:39:37 AM EST
[ Parent ]
Oh really?! Captain Obvious has retained his math skills.
by epochepoque on Mon May 14th, 2012 at 11:36:13 AM EST
[ Parent ]
by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 11:55:37 AM EST
China Lowers Banks' Reserve Requirements to Support Growth - Bloomberg

China cut the amount of cash that banks must set aside as reserves for the third time in six months, pumping money into the financial system to support lending after data showed a slowdown in growth is deepening.

Reserve ratios will fall 50 basis points, effective May 18, the People's Bank of China said on its website yesterday. The level for the nation's largest lenders will decline to 20 percent based on previous statements.

Premier Wen Jiabao is increasingly shifting to supporting the nation's expansion from fighting inflation and containing property prices. China's import gains stalled in April while industrial output rose at the slowest pace since 2009 and new yuan loans were the lowest this year, adding to global growth concerns just as Europe's debt crisis reignites.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 12:42:23 PM EST
[ Parent ]
Getting bubbly in the chinese financial sector

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Mon May 14th, 2012 at 03:07:52 AM EST
[ Parent ]
JPMorgan executives to leave over trading loss

LONDON/NEW YORK (Reuters) - JPMorgan will move to limit the fallout from a shock trading loss that could reach $3 billion or more by parting company with three top executives involved in its costly failed hedging strategy, sources close to the matter said.

The bank - the biggest in the United States by assets - is expected to accept the resignation this week of Ina Drew, its New York-based chief investment officer and one of its highest-paid executives, in the next few days, the sources said. Two of Drew's subordinates who were involved with the trades, London-based Achilles Macris and Javier Martin-Artajo, are also expected to be asked to leave, they said. Neither was available for comment on Monday.

The departures come after the unit Drew runs, known as the Chief Investment Office (CIO), mismanaged a portfolio of derivatives tied to the creditworthiness of bonds, according to bank executives. The portfolio included layers of instruments used in hedging that became too complicated to work and too big to quickly unwind in the esoteric, thinly traded market.


The CIO is only supposed to take winning gambles. Looks like they outsmarted themselves. Perhaps they could form a new financial corporation with Jon Corzine.

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 Mon May 14th, 2012 at 09:59:42 AM EST
[ Parent ]
JPM make the case for Glass Steagall   The Financial Crimes

The frank admission of "sloppiness and bad judgement," and determination that the firm would "admit it, we will learn from it, we will fix it, and we will move on" was an exercise in damage limitation.

Or in other words, banks that take government guaranteed deposits cannot be trusted to trade the funds they hold. If JPM, source of Value at Risk and the credit swap can mess up to the tune of $2 billion, what are the chances of the 1st Investment Bank of Mudville not making the same mistake?  It is hard to see a $2 billion loss arising on a portfolio of secured loans to medium sized industrials.  At least, not as an "egregious error" that pops up overnight.

Meanwhile, JPM directors have effectively overstated prior trading profits by $2billion and trousered the ensuing bonuses and LTIP payouts.



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 Mon May 14th, 2012 at 10:23:00 AM EST
[ Parent ]
This kind of analysis is so wildly off the mark, it seems like deliberate disinformation.


 It is hard to see a $2 billion loss arising on a portfolio of secured loans to medium sized industrials.

That would be news to old GM bondholders. Furthermore, the sainted Glass-Steagal did not require "secured" loans, and certainly not secured industrials. CDOs are secured loans. It's just been 30 years since the S&L crisis but it seems to have faded from memory.

Finally, there is ZERO indication that JPMorgan's loss endangered its secured deposits which are in a different subsidiary that has its own collateral requirements.

The solution to secured deposits is clearly a Postal bank or TIPS Savings Accounts. All this nostalgic twaddle about the Golden Age of the New Deal is reactionary fantasizing.

by rootless2 on Mon May 14th, 2012 at 11:08:53 AM EST
[ Parent ]
I don't know how acurate this other story is: Dimon Fortress Breached (May 14, 2012)
When he joined the bank in 2006, his new commander, Chief Executive Officer Jamie Dimon, was transforming the once-conservative unit from a risk manager to a profit center.

...

That drive has now shattered JPMorgan's cultivated reputation for policing risk and undermined Dimon's authority as a critic of regulatory efforts to curb speculation by too-big- to-fail banks. It also cost Chief Investment Officer Ina R. Drew, one of the most powerful women on Wall Street, her job. As U.S. and U.K. investigators descend on the firm following Dimon's announcement last week of a $2 billion trading loss, lawmakers are pointing to the breakdown at the largest U.S. bank as evidence that tougher rules are needed.

Dimon pushed Drew's unit, which invests deposits the bank hasn't loaned, to seek profit by speculating on higher-yielding assets such as credit derivatives, according to five former executives. The CEO suggested positions, a current executive said. Profits surged over the next five years as assets quadrupled to $356 billion and employees were given proprietary- trading accounts, current and former executives said.



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 Mon May 14th, 2012 at 11:15:37 AM EST
[ Parent ]
Seems reasonable, but somewhat irrelevant. Those banks are too big to manage and will lose money as investors go elsewhere.
by rootless2 on Mon May 14th, 2012 at 12:03:27 PM EST
[ Parent ]
I am sure the market will sort it all out.

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 Mon May 14th, 2012 at 01:31:29 PM EST
[ Parent ]
by rootless2 on Mon May 14th, 2012 at 01:44:02 PM EST
[ Parent ]
Not in any way that is helpful to any but the tiny fraction of the electorate that is benefiting from the ongoing debacle. And the most fundamental problem we face is that the operatives for that tiny faction both benefit from being underwritten by the taxpayer for their failures and from 'regulatory forbearance' by such regulators as we have. Rule of law is replaced by rule of oligopoly and the problems get worse as the oligarchs extract more and more wealth from the rest of society. This can only be seen as a good from Lenin's 'the worse the better' perspective, but 'the worse, the worse' seems more likely. In the USA, de facto fascism is far more likely and has, to a considerable, degree already arrived.


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 Mon May 14th, 2012 at 02:19:10 PM EST
[ Parent ]
Nonsense. It's a big benefit to the general population already. And despite the defeatist whining of the "left", Dodd-Frank provides the government wind up authority.

And "rule of law" is a bogus concept - it should be in the dictionary next to "delusions". There never was, never will be.

While the "left" continues to predict defeat and trot out marketing terms that the Right has told them to use (like "oligarchy"), the Obama government is actually shrinking the finance sector

by rootless2 on Mon May 14th, 2012 at 03:20:23 PM EST
[ Parent ]
Dodd-Frank provides the government wind up authority.

How all of that works depends on rules currently being developed in the face of massive lobbying. JPM's most recent $2 billion fiasco might result in something worthwhile - we will see. But those provisions just formalize what was already an inherent ability of The Federal Reserve. The problem has been that no one has wanted to use the authority. Perhaps they don't want to blow up ther ATM used by the political class of both parties.  

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 Mon May 14th, 2012 at 04:45:26 PM EST
[ Parent ]
And "rule of law" is a bogus concept - it should be in the dictionary next to "delusions".

I don't think it is totally bogus, though it has been seriously compromised in the last few decades. It is the problem of the 'real' vs. the 'ideal' and exists on a continuum between those poles. Migeru had an excellent diary that dealt, in part, with the consequences of the loss of rule of law which I cannot identify from his diary list. Perhaps he will remember.

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 Mon May 14th, 2012 at 04:50:48 PM EST
[ Parent ]
This is what drives me to drink about the "progressive narrative". Did we have rule of law when COINTELPRO was wiping out the Black Panthers or when Medina was acquitted of culpability in ordering Caley to push villager into a ditch and machine gun them? Was it "rule of law" that got Volcker to bail out Chase for its bad loans to torture regimes in Latin America by destroying US industry and labor unions? Where was the "rule of law" when Ed Meese was explaining that people wouldn't be suspects if they were not guilty or Enron's bankers were never even indicted for participating openly in stock fraud?

Holding the powerful accountable is ALWAYS a struggle that requires popular pressure - and querulous nostalgia is not popular pressure.

by rootless2 on Mon May 14th, 2012 at 05:54:45 PM EST
[ Parent ]
A continuum can consist of times when rule of law applies to a considerable extent in finance and very little at all to 'national security' issues. The difference is that allowing the corruption of rule of law in the finance sphere allows the cannibalization of the rest of the society more effectively than does the corruption of rule of law in national security issues. By so doing it undermines the basis for all security -the adequate functioning of our economy. The parasite of finance is busy eating the bone and muscle of the society as we blog.

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 Mon May 14th, 2012 at 06:04:03 PM EST
[ Parent ]
No, but we had the concept of the rule of law, which made it possible to understand these events as social failures and aberrations, and which - in parts of Europe at least making popular pressure possible.

Your bitching about 'the left' is designed to have the opposite effect.

You're for progress when it's 'moderate'  and well-behaved - except when you're a fan of the martyrdom of the Black Panthers and effective popular pressure,which were and are neither.

What is your purpose here, exactly?

by ThatBritGuy (thatbritguy (at) googlemail.com) on Mon May 14th, 2012 at 06:19:33 PM EST
[ Parent ]
OOOH! You had a concept. Mazel-tov.

Your analysis of my purpose is, as far as I can tell, nothing more than a pointless insult.

by rootless2 on Mon May 14th, 2012 at 06:40:28 PM EST
[ Parent ]
The concept of 'rule of law' is over 2,000 years old and is basic to political, historical, economic, anthropological and sociological analysis.

From wiki:

The rule of law, also known as rule by law, is a legal maxim whereby governmental decisions are made by applying known legal principles.[2] Such a government can be called a nomocracy (from Greece nomos (law) and kratos (power), dominion, rule). The rule of law is rule not by one person, as in an absolute monarchy, but by laws, as in a democratic republic; no one person can rule and even top government officials are under and ruled by the law. In addition to this, in such a government, laws cannot be enacted which would undermine the rule of law via the setup of separate frameworks of rules for separate subsets of the population. Writing in 350 BC, the Greek philosopher Aristotle declared, "The rule of law is better than the rule of any individual."[3]

The phrase can be traced back to 17th century and was popularized in the 19th century by British jurist A. V. Dicey. The concept was familiar to ancient philosophers such as Aristotle, who wrote "Law should govern.".[4]

Despite wide use by politicians, judges and academics, the rule of law has been described as "an exceedingly elusive notion"[5] giving rise to a "rampant divergence of understandings ... everyone is for it but have contrasting convictions about what it is."[6]

At least two principal conceptions of the rule of law can be identified: a formalist or "thin" and a substantive or "thick" definition of the rule of law. Formalist definitions of the rule of law do not make a judgment about how just the law is, but define specific procedural attributes that a legal framework must have in order to be in compliance with the rule of law. Substantive conceptions of the rule of law go beyond this and include certain substantive rights that are said to be based on, or derived from, the rule of law.


Your mocking and dismissive tone towards those with whom you disagree does you no good and is not an asset to your arguments. We try to maintain a degree of decorum and civility on ET, even when we disagree. That is part of what makes ET a special place.


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 Mon May 14th, 2012 at 09:15:23 PM EST
[ Parent ]
La majestueuse égalité des lois, qui interdit au riche comme au pauvre de coucher sous les ponts, de mendier dans les rues et de voler du pain.
by rootless2 on Mon May 14th, 2012 at 10:28:18 PM EST
[ Parent ]
And "rule of law" is a bogus concept

In that case why have laws at all? And why, especially, should we expect the actions of government to conform to laws? Rule of law is the difference between almost all representative governments and the sort of absolute monarchies as that of Louis XIV who famously said 'L'état, c'est moi'.

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 Mon May 14th, 2012 at 05:46:11 PM EST
[ Parent ]
i'm in favor of justice. Laws sometimes help, sometimes do not.
by rootless2 on Mon May 14th, 2012 at 06:06:27 PM EST
[ Parent ]
Glass-Steagal did not require "secured" loans, and certainly not secured industrials.

A bond is secured by levels of priority. First, it is secured by the equity of the stock of the company. In a bankruptcy the equity usually gets wiped out and bond holders become the new equity holders. After equity is gone the bondholders have first claim on the remaining assets of the corporation. The GM case was special in that GM had used equity as security for the unfunded pension and retirement obligations to UAW workers and the Obama administration put those interests ahead of some of the more recalcitrant bond holders. They were offered a hair cut but refused. No claim is absolute.

CDOs are secured loans.

It might be more accurate to say that CDOs have the appearance of secured loans. Come the crunch few want to find out just how many times a particular item of collateral has been 'securitized' or just how robust that collateral actually is. Those doubts were the essence of the crisis that started in '07 and continues.

It's just been 30 years since the S&L crisis but it seems to have faded from memory.

What has faded is the will to prosecute fraud. We had it then. It has yet to appear in this crisis in any serious way - not for lack of worthy targets for investigation.

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 Mon May 14th, 2012 at 04:27:48 PM EST
[ Parent ]
Speaking of fraud, the theory that S&L bankers were prosecuted or that the S&L wind up was anything but a grotesquely scandalous give away of public money to the wealthiest is one of the greatest frauds I have ever encountered.

The trophy prosecution of Keating was reversed on appeal and his Senate sponsors got completely away. A couple of midwest regional bank execs got a year or two of tennis at Federal expense. And it cost the taxpayer hundreds of billions to give away S&L assets to people like Ron Perlman. And that huckster Bill Black has now sold this sorry charade to the naive as an exemplar of rule of law. What a sales job!

by rootless2 on Mon May 14th, 2012 at 04:33:56 PM EST
[ Parent ]
Again with the labeling! I don't think Bill Black is the huckster here or that your portrayal of him is balanced. He was in charge of one team of an effort that secured over 1,000 convictions, many of executives of S & Ls. Of course this did not put Humpty back together again. And the team with which Black worked was, effectively, an independent prosecutor, the work of which was continually under assault by those with a vested interest in continuing fraudulent behavior.

The difference between then and now is that now we haven't even made the effort. I didn't expect such an effort from the Bush Administration. That we did not get any real effort to prosecute those who produced the meltdown in '08 was disappointing, given the preponderance of control Democrats exercised in Congress and the White House. To many, myself included, this can be attributed to the power Wall Street exercises over Washington via both parties.

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 Mon May 14th, 2012 at 05:02:42 PM EST
[ Parent ]
1000 convictions is what he says. Not quite correct.
Of those 900 so, there were 137 executive officers - and most of those from tiny little banks. Forgive me, but a 1 month suspended sentence and $1000 fine for the former VP of Tumbleweed Valley S&L and Livestook Feed Store does not fill me with admiration or make me believe that the Dick Fulds of the world were trembling with fear.

http://www.deseretnews.com/article/238259/JUSTICE-DEPARTMENT-BOASTS-905-CONVICTIONS-IN-SL-SCANDAL.ht ml

The real scandal though was the resolution trust corporation
http://fcx.fdic.gov/bank/analytical/banking/2000dec/brv13n2_2.pdf

One of the things Black never explains is that resolution of the S&L debacle CREATED the giant TBTF banks. All those local thrifts were packaged and folded up and given as gifts to people who put together huge national banking organizations.

Black has a morality tale in which he is a Dragon-Slaying Hero, not a guy who sent a couple of small town nitwits to Club Fed for a few weeks. But what really happened was that S&L fiasco and resolution was a consolidation of banking that was caused by the increased centralization of finance which increased the pressure on Thrifts to show greater returns or lose deposits.

by rootless2 on Mon May 14th, 2012 at 05:40:24 PM EST
[ Parent ]
S & Ls tend to be 'tiny little banks'. Black, to my knowledge, had no part in The Resolution Trust Corporation nor was consulted as to the disposition of those assets. It may be more accurate to say that the large banks used the debacle to grow into giant banks, aided by the doctrine of 'deregulation' which claimed that banks would self regulate. They will, but in the interests of particular people in the institutions and not in the interests of the overall economy or society.

The unchecked merger mania in the financial sector likely had much more to do with the growth of the TBTFs, from the point of view of the feedstock for that growth. The fertilizer for that growth was the climate of deregulation that prevailed from the late '70s under Carter through the '08 crisis and which really has yet to be properly discredited.

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 Mon May 14th, 2012 at 05:55:08 PM EST
[ Parent ]
But the whole story is deceptive. The real story is

Changes in world finance and 20 years of financial centralization caused profit pressure on the small mortgage banks set up to profit from New Deal subsidy of suburbs for white people. This pressure combined with a real estate boom thanks to those subsidies caused many S&Ls to wildly overextend and try to cover it up. In the resulting fiasco, small time bankers lost their banks, a few went to jail, and banking was further centralized.

Blacks story is: MEN WERE MEN BACK THEN AND STRODE THE EARTH MIGHTILY SMITING THE BANK CRIMINALS. IN THESE DIMINISHED DAYS, MEN LACK THE COURAGE I SHOWED BACK WHEN I SMOTE EVIL.

And that's a load of horseshit. Prosecuting the former chairman of the board of Pendejo Hills S&L y SheepDip Supply is not anything like prosecuting the head of a trillion dollar Wall Street bank.

by rootless2 on Mon May 14th, 2012 at 06:03:59 PM EST
[ Parent ]
You set up a caricature of Black in all caps and then ridicule that caricature. Black at least did the best he could at that time with the opportunities he had, deprecate them as you chose. Black never had the opportunity to prosecute trillion dollar Wall Street Banks.

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 Mon May 14th, 2012 at 08:56:01 PM EST
[ Parent ]
You miss the point. Glass-Steagal does not require bankers to make safe investments - it simply prevents them from engaging in "investment banking". Lending money to crazy real-estate development projects in the height of a boom - fine. Buying CDOs blessed by a ratings agency - great. Buying dividend recap bonds from a dying company!? Wonderful.

The S&L debacle PRECEDED the repeal of Glass. Look it up.

by rootless2 on Mon May 14th, 2012 at 04:36:49 PM EST
[ Parent ]
Colonized by Corporations | Common Dreams

A change of power does not require the election of a Mitt Romney or a Barack Obama or a Democratic majority in Congress, or an attempt to reform the system or electing progressive candidates, but rather a destruction of corporate domination of the political process--Gamer's "patron-client" networks. It requires the establishment of new mechanisms of governance to distribute wealth and protect resources, to curtail corporate power, to cope with the destruction of the ecosystem and to foster the common good. But we must first recognize ourselves as colonial subjects. We must accept that we have no effective voice in the way we are governed. We must accept the hollowness of electoral politics, the futility of our political theater, and we must destroy the corporate structure itself.

The danger the corporate state faces does not come from the poor. The poor, those Karl Marx dismissed as the Lumpenproletariat, do not mount revolutions, although they join them and often become cannon fodder. The real danger to the elite comes from déclassé intellectuals, those educated middle-class men and women who are barred by a calcified system from advancement. Artists without studios or theaters, teachers without classrooms, lawyers without clients, doctors without patients and journalists without newspapers descend economically. They become, as they mingle with the underclass, a bridge between the worlds of the elite and the oppressed. And they are the dynamite that triggers revolt.

This is why the Occupy movement frightens the corporate elite. What fosters revolution is not misery, but the gap between what people expect from their lives and what is offered. This is especially acute among the educated and the talented. They feel, with much justification, that they have been denied what they deserve. They set out to rectify this injustice. And the longer the injustice festers, the more radical they become.



It's a fine line between homage, parody, and consumer opportunism. Jess Walter
by melo (melometa4(at)gmail.com) on Mon May 14th, 2012 at 10:07:37 AM EST
[ Parent ]
by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 11:55:58 AM EST
Senior Afghan peace negotiator shot dead in Kabul | Reuters

(Reuters) - Gunmen shot dead a top Afghan peace negotiator in the capital Kabul on Sunday, dealing another blow to the country's attempts to negotiate a peace deal with the Taliban.

Maulvi Arsala Rahmani, 68, was one of the most senior and important members on Afghanistan's High Peace Council, set up by President Hamid Karzai two years ago to liaise with the insurgents.

"He (Rahmani) was stuck in heavy traffic when another car beside him opened fire," said General Mohammad Zahir, head of Kabul police's investigation unit. No suspect was arrested.

The Taliban denied involvement in the killing of Rahmani, a defector from the Taliban who retained strong ties to the movement.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 12:45:03 PM EST
[ Parent ]
Mutilated bodies found in northern Mexico - Americas - Al Jazeera English
Mexican authorities have found the dismembered bodies of at least 49 people stuffed into bags and dumped on a highway near the northern industrial city of Monterrey in what appeared to be part of a string of brutal drug gang killings, local media reported.

The bodies were found in the early hours of Sunday, sparking a large deployment of local, state and military officials to the scene, daily Excelsior reported on its website.

"We are still in the process of counting the bodies, but there are at least 37 that we have tallied so far," a spokesperson for the state of Nuevo Leon, the home state of Monterrey, told the AFP news agency.

The bodies were found on an isolated stretch of the highway 180km from the US border.

The report follows a string of atrocities, including 18 people who were found decapitated and dismembered near Mexico's second-largest city, Guadalajara, on Wednesday.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 03:28:29 PM EST
[ Parent ]
Several dead in clashes in Lebanon's Tripoli - Middle East - Al Jazeera English

At least four people have been killed, and another 24 injured, after fighting erupted overnight in the Lebanese city of Tripoli between residents loyal to Syrian President Bashar al-Assad and those supportive of the Syrian opposition, witnesses and security officials have said.

Rocket-propelled grenades and automatic rifles were used in the fighting in an Alawite enclave and surrounding Sunni neighbourhoods in the port city, 70km north of Beirut, the capital.

"The clashes peaked at dawn. The sound of gunfire is still echoing in the city," a Lebanese security official said.

Al Jazeera's Zeina Khodr, reporting from Beirut on Sunday, said that there was uneasy calm in the city but that the fighting was "definitely related to the on-going crisis in Syria".

by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 03:29:28 PM EST
[ Parent ]
Deserting Refugees in the Sahara - IPS ipsnews.net
KUFRA, Libya, May 13, 2012 (IPS) - As dusk settles over the isolated Saharan town Kufra, young guards order a few hundred migrants lined up at a detention centre to chant "Libya free, Chadians out", before they kneel down for evening prayers.

Most of the prisoners in the small, squalid compound called the Freedom Detention Centre - run by Kufra's military council - are from Chad. Hundreds more, from Somalia, Eritrea and Ethiopia, were moved to bigger facilities due to overcrowding.

Almost 1,000 miles from the Mediterranean coast in Libya's desolate southeast desert, the Kufra oasis strategically lies near the long and porous borders of Egypt, Sudan and Chad.

"The two main hubs are Kufra and Sabha in Libya," explains Emmanuel Gignac, head of the United Nations High Commission for Refugees (UNHCR) in Libya. "All West African migrants are going through Sabha via Chad or Niger, and those originating from the Horn of Africa are going through Sudan to Kufra... then either directly to Tripoli or Benghazi. Those are roughly the routes."
by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 03:33:12 PM EST
[ Parent ]
Mondoweiss
My father recently received a form letter response from Joe Pitts (Pennsylvania's 16th district). A year ago, after visiting me in Ramallah, my father contacted Pitts' office, expressing his opposition to House Resolution 268, a one-sided resolution that condemned Palestinians and reaffirmed the US "commitment to a negotiated settlement of the Israeli-Palestinian conflict". The incredibly baffling, much-delayed response from Pitts included this gem:
With the global war against terrorism, it is now incumbent on Prime Minister Ariel Sharon and Palestinian Authority (PA) Chairman Yasir Arafat to clamp down on Palestinian extremists that have perpetuated violence and to restart a peace process that has collapsed.
This response was dated April 20, 2012.
by gk (g k quattro due due sette "at" gmail.com) on Sun May 13th, 2012 at 04:27:42 PM EST
[ Parent ]
Yes, this does not surprise me in the slightest.

I suspect Tony Blair probably thinks similarly

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Mon May 14th, 2012 at 03:11:01 AM EST
[ Parent ]
by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 11:56:30 AM EST
Russia and Japan to build gas pipeline

The former Foreign Minister of Japan, Seiji Maehara now the Chairman of the Council for political studies of the ruling Democratic Party of Japan says that Russia and Japan are studying the possibility of jointly constructing a gas pipeline. He was speaking at the end of his talks at the office of the Russian Gazprom.

The issue of building a gas pipeline on the seabed was raised by Russia this time. The Japanese politician expected this and had discussed it with representatives of the Japanese business community ahead of his trip to the Russian capital. Mr. Maehara says that his country is studying the Russian proposal.

Japan sees the laying of a gas pipeline as an alternative to liquefied gas, which is shipped to the country in tankers. A preliminary study of the issue by specialists confirms that the project is technically possible.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 12:06:01 PM EST
[ Parent ]
Global Prices of Pollination-dependent Products such as Coffee and Cocoa Could Continue to Rise in the Long Term

In recent years the economic value of pollination-dependent crops has substantially increased around the world. As a team of researchers from the Helmholtz Centre for Environmental Research (UFZ), the Technical University of Dresden and the University of Freiburg headed by the UFZ wrote in an article entitled "Spatial and temporal trends of global pollination benefit" in the open-access journal PLoS ONE the value of ecological pollination services was around 200 billion US dollars in 1993 and rose to around 350 billion US dollars in 2009.

For the first time, the researchers were also able to show in which regions of the world pollination plays a particularly important role and agriculture is furthermore particularly dependent upon the pollination carried out by animals.

The researchers analysed this relationship on the basis of 60 crops, such as coffee, cocoa, apples and soya beans, which are dependent upon pollination by animals, mostly insects such as honeybees and wild bees, butterflies or bumble bees. These investigations enabled them to create a global map showing the dependence of agricultural yields upon pollination.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 12:06:53 PM EST
[ Parent ]
Memo: Group Wants To Create Fake Grassroots Wind 'Subversion' Campaign That 'Should Appear As A Groundswell' | ThinkProgress

In February, a group of anti-wind activists gathered in Washington, DC. Their goal: establish a coordinated, nation-wide program of "wind warriors" who could be dispatched to fight the industry anywhere, anytime.

The organization would combine efforts and create "what should appear as a `groundswell' among grass roots" to counter legislation supporting wind energy on the federal, state and local levels.

The leader of the group was John Droz, Jr, a long-time wind opponent and a senior fellow at the ultra-conservative American Tradition Institute. ATI calls itself an "environmental" think tank. The organization, known best for suing climate scientist Michael Mann, is devoted to spreading doubt about climate change, opposing state-level renewable energy targets, and stripping away environmental regulations.

The ATI is so extreme that it was denounced by the American Association for the Advancement of Science for contributing to an "environment that inhibits the free exchange of scientific findings and ideas."

According to a memo just obtained by the Checks and Balances Project and reviewed by Climate Progress, Droz has also been focused on crafting a fake grassroots campaign to fight renewable energy projects -- specifically wind -- in legislatures, zoning boards and town halls across the country.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 12:13:38 PM EST
[ Parent ]
Tom Philpott | Mother Jones

Last week, the University of Illinois' College of Agricultural, Consumer and Environmental Sciences (ACES) in Champaign-Urbana made a momentous announcement: it has accepted a $250,000 grant from genetically modified seed/agrichemical giant Monsanto to create an endowed chair for the "Agricultural Communications Program" it runs with the College of Communications.

The university's press release quotes Monsanto's vice president of technology communications giving a taste of its vision for the investment:

With the population expecting to reach 9 billion by 2030, farmers from Illinois and beyond will be asked to produce more crops while using fewer resources. At Monsanto we are committed to bringing farmers advanced ag technologies to help them meet this challenge. Effectively communicating farmers' efforts to feed, clothe and fuel a rapidly growing population is a major part of the solution.

A cynic might translate that statement this way: In order to maintain our highly profitable and hotly contested business model, we'll need a new generation of PR professionals to construct and disseminate our marketing message.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 12:16:52 PM EST
[ Parent ]
Naimi Says Brent Oil Should Drop to $100 as Supply Tops Demand - Bloomberg

Crude prices should fall because global supply is outweighing demand, according to Saudi Arabia's oil minister, Ali al-Naimi.

"We want a lower price than where it is now," al-Naimi said in Adelaide today. "We need to get the price to a level of around $100" a barrel for London's Brent crude, he said. Saudi Arabia is the world's biggest oil exporter.

Brent, a benchmark price for more than half the world's crude, has dropped 6 percent this month amid concern Europe's debt crisis will worsen and curb fuel demand. OPEC is working to bring prices down, the group's Secretary-General, Abdalla el- Badri, said May 3.

The producer group, scheduled to meet next month, is pumping 8.3 percent more crude than it considers necessary this quarter, figures from the Vienna-based group show.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 12:40:32 PM EST
[ Parent ]
Q&A: Women Farmers Are Key to a Food-Secure Africa - IPS ipsnews.net
BULAWAYO, May 11, 2012 (IPS) - While women constitute the majority of food producers, processors and marketers in Africa, their role in the agricultural sector still remains a minor one because of cultural and social barriers.

According to the Food and Agriculture Organization of the United Nations (FAO), women are the majority of the world's agricultural producers, supplying more than 50 percent of the food that is grown globally. And in sub-Saharan Africa the number is higher, as women grow 80 to 90 percent of the food in the region.

FAO says that although across the globe women are responsible for providing the food for their families, they do this in the face of constraints and attitudes that conspire to undervalue their work and responsibilities and hinder their participation in decision and policy making.

But it is a situation that the new Alliance for a Green Revolution in Africa (AGRA) boss, Jane Karuku, says must change in order for Africa to feed itself.
by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 03:33:57 PM EST
[ Parent ]
Kodak Had a Secret Nuclear Reactor Loaded With Weapons-Grade Uranium Hidden In a Basement

Kodak may be going under, but apparently they could have started their own nuclear war if they wanted, just six years ago. Down in a basement in Rochester, NY, they had a nuclear reactor loaded with 3.5 pounds of enriched uranium--the same kind they use in atomic warheads.

But why did Kodak have a hidden nuclear reactor loaded with weapons-grade uranium? And how did they get permission to own it, let alone install it in a basement in the middle of a densely populated city?



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Mon May 14th, 2012 at 09:44:16 AM EST
[ Parent ]
Paul Watson, a founder of Greenpeace and later Sea Shepherd Society, has been arrested in Germany. There's been a warrant from Costa Rica out for him from ten years ago. He's travelled freely though Yurp during the decade, because Interpol didn't make the warrant active or something.

But not German authorities. He was arrested at Frankfurt airport on the way to a Star Trek convention in Düsseldorf, i kid you not.

Spiggle (auf Deutsch)

Because even in environmental defense, sex sells, here is, relauched April 16th this year, Brigitte Bardot.



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

by Crazy Horse on Mon May 14th, 2012 at 01:51:48 PM EST
[ Parent ]
by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 11:56:53 AM EST
2012 not end of world for Mayans after all

Mayan wall writings in Guatemala include calendars suggesting the culture was not convinced the world will end in 21012, as many have believed, researchers say.

Some previously discovered Mayan calendars did not go beyond 2012 -- but the newly discovered writings and calendars do, scientists said.

"So much for the supposed end of the world," archaeologist William Saturno of Boston University, lead author of a study published in the journal Science, said.

Discovered in the ruins of Xultun, the astronomical calendar was unearthed in a filled-in scribe's room, USA Today reported.

The ancient Mayan civilization of pyramid temples had collapsed there by about A.D. 900, leaving very few records of their astronomy -- until now, Saturno said.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 12:14:07 PM EST
[ Parent ]
Ancient Maya Astronomical Tables from Xultun, Guatemala - Abstract
Maya astronomical tables are recognized in bark-paper books from the Late Postclassic period (1300 to 1521 C.E.), but Classic period (200 to 900 C.E.) precursors have not been found. In 2011, a small painted room was excavated at the extensive ancient Maya ruins of Xultun, Guatemala, dating to the early 9th century C.E. The walls and ceiling of the room are painted with several human figures. Two walls also display a large number of delicate black, red, and incised hieroglyphs. Many of these hieroglyphs are calendrical in nature and relate astronomical computations, including at least two tables concerning the movement of the Moon, and perhaps Mars and Venus. These apparently represent early astronomical tables and may shed light on the later books.
by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 03:47:17 PM EST
[ Parent ]
Shedding Light on Inequality in World's Most Unequal Region - IPS ipsnews.net
SANTIAGO, May 11, 2012 (IPS) - A new report takes a close look at the territorial distribution of poverty and inequality in Latin America, which has long had a reputation of being the most unequal region in the world.

The Latin American Report on Poverty and Inequality 2011, presented this week by the Latin American Centre for Rural Development (RIMISP), notes that rural areas and indigenous and black populations are hit hardest by inequality.

It also points out that the huge disparities in development levels within the countries of Latin America are one of the aspects of inequality that have received the least attention.

"In Latin America, one's place of birth or residence is not a minor issue because it determines both socio-economic conditions and opportunities to access the goods that guarantee wellbeing," the report says.

"This is true of entire countries and areas within them. The region is home to countries that have achieved greater levels of growth, but that growth is concentrated in a limited number of territories," it adds.

The study also says that some countries with relatively low average levels of development have no areas that are particularly lagging or advanced with respect to the national median, while other countries with relatively high average levels of development have only a few areas with satisfactory results.
by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 03:36:25 PM EST
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Flame Retardants Are Toxic & Haven't Been Shown to Save Lives. Why Are They Ubiquitous? | 80beats | Discover Magazine

"The average American baby is born with 10 fingers, 10 toes and the highest recorded levels of flame retardants among infants in the world." So begins the Chicago Tribune'damning four-part series about spin and science, or lack thereof, in the flame retardants industry. Flame retardant chemicals have become so ubiquitous-there's two pounds of the stuff in just the cushions of a large couch--because we've accepted the health dangers are worth the protection they provide against fire. Except, there is no scientific basis for the claim that flame retardants save lives.

Part three in the series, published today, is a systematic debunking of the few studies the industry has continuously cited as evidence for the efficacy of flame retardants. One obscure Swedish study, available only in Swedish, relied on flimsy evidence from just eight electrical fires caused by TVs. The peer-reviewed paper also lists a PR specialist among its authors. The lead scientist of another study has disavowed what he calls the industry's "grossly distorted" flogging of his work, which looked at levels of flame retardants far above industry standard in household furniture. These examples and many more show how scientific authority has been manipulated for profit:

by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 03:50:37 PM EST
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by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 11:57:19 AM EST
Ten essential German etiquette tips - The Local
Pee sitting down and make eye contact while clinking glasses and you can't go far wrong. For this week's Local List, we've come up with some essential etiquette tips for those on their first sojourn through Germany.
by afew (afew(a in a circle)eurotrib_dot_com) on Sun May 13th, 2012 at 12:35:36 PM EST
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I'm sorry, but I can't tell if this is a joke or not. For example, in most countries I know of, you're supposed to put your left hand in your lap when at the dinner table...
by asdf on Sun May 13th, 2012 at 10:56:50 PM EST
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It's not, only the captions are written ironically.

I personally find the "hand on lap" American rule insane, especially when cutting a steak.

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 Mon May 14th, 2012 at 01:19:09 AM EST
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Well, we Americans are seriously conflicted when it comes to our table manners. Why we insist on retaining the European layout of fork and knife and then constantly switch them between hands is certainly clumsy.

In plenty of third world countries the left hand is considered unclean, and should remain out of site whenever possible. So that's not exclusively an Americanism.

by asdf on Mon May 14th, 2012 at 10:08:57 AM EST
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European Tribune - European Salon de News, Discussion et Klatsch - 14 May
1931 - Ådalen shootings: five people are killed in Ådalen, Sweden, as soldiers open fire on an unarmed trade union demonstration.

And it led to many things. Among them sentenced demonstrators, but not sentenced military. Soc-dems campaigned and won the '32 election largely on Ådalen and the Kreuger crash (financial match empire that went up in flames). Despite expectations in the party, the sentenced demonstrators did not get a pardon, leading to heated debate. Exactly what was said during the crucial soc-dem post-election meeting in Stockholm is not known as that protocol is lost. It being the only lost protocol in the Stockholm soc-dems history indicates that it was not an accident.

Anyway, lawes were changed and Ådalen is still the go-to example of why the military should not perform police duties.

A vote for PES is a vote for EPP! A vote for EPP is a vote for PES! Support the coalition, vote EPP-PES in 2009!

by A swedish kind of death on Mon May 14th, 2012 at 03:31:48 AM EST
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