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European Salon de News, Discussion et Klatsch - 8 May

by Nomad Mon May 7th, 2012 at 03:12:49 PM EST

 A Daily Review Of International Online Media 


Europeans on this date in history:

1903 - death of Paul Gauguin (born 1848), a leading French Post-Impressionist artist whose work was influential to the French avant-garde artists.

More here and here

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by Nomad on Mon May 7th, 2012 at 03:15:08 PM EST
Hollande's victory: The tortoise who beat the hare - FRENCH ELECTIONS 2012 - FRANCE 24

n style and probably in substance, France's incoming president could not be more different than the country's outgoing leader.

François Hollande's political rise to the country's top post has been slow and steady, with the French media portraying him as "Monsieur Normal" - an easygoing, everyday man. Contrast that with the glamour-struck Nicolas Sarkozy, who earned the nickname "hyper-president" during his five years in office.

If Hollande's victory has a fabled quality, it surely mirrors Aesop's "The Hare and The Tortoise", with the steady, shelled creature finally outpacing the hyperactive hare.

International audiences are probably more familiar with his former partner, Ségolène Royal, who unsuccessfully ran against Sarkozy in the 2007 presidential poll. For those who knew him during the 2012 campaign trail - and that includes his comrades on the left - Hollande was the butt of snide, if good-natured, monikers, including "Flanby" (a wobbly custard) and "capitaine du pedalo,' or the captain of a pedal boat.

But in the course of his bid for presidency, Hollande emerged as a statesman-like figure, a change that included an image makeover, complete with a 10 kilo weight loss and designer glasses.

In substance, the transformation was apparent during the only televised debate of the 2012 presidential campaign, when the 57-year-old Socialist politician exuded confidence as he sat back and took on a pugnacious, finger-jabbing Sarkozy.

by Nomad on Mon May 7th, 2012 at 03:24:40 PM EST
[ Parent ]
The main challenges facing Francois Hollande - Europe - World - The Independent

Germany

How can President Hollande succeed, where the pugnacious Nicolas Sarkozy failed, and persuade Chancellor Angela Merkel that her all-austerity approach to saving the Euro is destructive? Questions of procedure - to re-open or not to re-open the EU budgetary discipline pact signed in March - can be solved. The real battle will be over Mr Hollande's plan - widely liked save in Berlin - for a multi-billion euros programme of EU infrastructure schemes, funded essentially by printing Euros.

Deficit

How can President Hollande keep his promise to bring the French budget below 3 per cent of GDP next year - and to zero by 2017 - without angering left-wing supporters? Or how can he backslide without spooking the markets? No French budget has been balanced since 1974. Mr Hollande has several pet spending programmes, such as 60,000 new school posts over five years. He has plans to raise more money by taxing the rich. At some point, he will have to start cutting into the sprawling French state apparatus, which absorbs 56 per cent of GDP.

Jobs

How can President Hollande keep his promise to reverse the upward trend in unemployment - now 9.4 per cent - without massive state spending? He has proposals which might make a marginal difference, like a scheme to reduce the burden of payroll taxes on any employer who hires a young trainee without firing an older worker. To truly succeed he needs to make France more competitive internationally and reduce the record €70bn annual trade deficit.  But how can he do that while French employers are burdened by high pay roll taxes  to fund the welfare state?

by Nomad on Mon May 7th, 2012 at 03:25:04 PM EST
[ Parent ]
And the real opponents ... all the wealthy and the politicians who want to see him fail before this contagion of hope spreads. Good luck, kids.

http://www.youtube.com/watch?v=_wp4O7v5320
by THE Twank (yatta blah blah @ blah.com) on Mon May 7th, 2012 at 04:28:55 PM EST
[ Parent ]
Sorry, am to tierd to translate.

Les Etats-Unis à reculons vers l'inconnu - Libération

LORRAINE MILLOT Washington, de notre correspondante

Jusque parmi les proches de Barack Obama, on ironisait encore ces derniers jours : François Hollande ? «Pour moi, il a plutôt la tête d'un Premier ministre que d'un président», a lancé Rahm Emanuel, ex-bras droit d'Obama à la Maison Blanche et maire de Chicago, lors d'une réception à la résidence de l'ambassadeur de France à Washington. Interloqués, les diplomates français ont plaidé que beaucoup d'hommes d'Etat ne remplissaient vraiment leur costume présidentiel qu'après leur entrée en fonction. Peine perdue auprès de Rahm Emanuel qui, en tant que «professionnel», n'imagine pas non plus Hollande «grandir dans la fonction»...

by Fran (fran at eurotrib dot com) on Mon May 7th, 2012 at 05:03:22 PM EST
[ Parent ]

English

Spanish

Arabic

Google tranlate, slightly amended


Lorraine Millot Washington, our correspondent;-

 Even among those close to Barack Obama, ask ironically : Francois Hollande?

"To me, he's more of a prime minister than a president," suggested Rahm Emanuel, former right-hand Obama, at the White House and Chicago Mayor at a reception at the France's ambassador residence in Washington. Taken aback, the French diplomats have argued that many statesmen do not really grow into  their presidential suit until taking office. Not a chance with Rahm Emanuel, who, as a "professional", does not imagine Holland "grow in office" ...



keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Tue May 8th, 2012 at 03:00:31 AM EST
[ Parent ]
Of course, the President is Mario Draghi.

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 Tue May 8th, 2012 at 05:11:37 AM EST
[ Parent ]
a change that included an image makeover, complete with a 10 kilo weight loss and designer glasses.

ROFL.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Tue May 8th, 2012 at 05:04:41 AM EST
[ Parent ]
The weight loss was taken quite seriously here - as a sign that he really wanted the job and would do what it took to get there (one of the reasons Jospin lost was that he never showed that he really really wanted the job). So as a symbol of his determination that was meaningful and worked.

Wind power
by Jerome a Paris (etg@eurotrib.com) on Tue May 8th, 2012 at 06:31:25 AM EST
[ Parent ]
Initial attempts to form Greek coalition government fall flat - GREECE - FRANCE 24

A first round of government talks in Greece ended in stalemate on Monday after the top-seeded conservative party failed to entice parties opposed to the country's EU-IMF bailout deal to join a coalition.

Conservative New Democracy leader Antonis Samaras said his efforts to form a national salvation administration had failed, meaning that the leftist Syriza party would now be tasked with forming a government.

"I did whatever I could to secure a result but it was impossible," Samaras said in a televised address after a day of separate meetings with fellow leaders.

"I informed (head of state President Carolos Papoulias) and returned the mandate," the 60-year-old leader said.

Samaras was rebuffed by the second-place leftist Syriza party and the small Democratic Left group, while the nationalist Independent Greeks and the Communist party refused even to meet with him.

Third-place socialist Pasok, formerly in a coalition with New Democracy, agreed to cooperate but only if the leftists also joined.

Syriza leader Alexis Tsipras will be summoned by Papoulias at 1100 GMT on Tuesday and given three days to form a government.

by Nomad on Mon May 7th, 2012 at 03:25:11 PM EST
[ Parent ]
Former ultranationalists lead in Serbia election | EurActiv

Serbia held joint parliamentary, presidential and local elections on Sunday (6 May), sending ultranationalist Tomislav Nikolić and incumbent President Boris Tadić to a presidential election run-off on 20 May. BETA, the EurActiv partner agency in Serbia, reports.

The Progressive Party of Nikolić and the coalition led by Tadić's Democratic Party are also neck-and neck in the parliamentary election, held the same day.

According to the first official results of the Presidential poll, Nikolić won 25.47% of votes, while Tadić obtained 23.63%. The Socialist leader Ivica Dačić won 16.61%, the leader of the Democratic Party of Serbia Vojislav Koštunica 7.4%, Zoran Stanković, the current Health minister 7.36%, and Čedomir Jovanović, leader of the Liberal Democratic Party got 4.11% of votes.

Meanwhile, the parliamentary vote marked the surge of the former ultranationalist allies of Slobodan Milošević, who rode on voter anger at the country's economic stagnation. Tadić's Democrats polled 38% in the last election in 2008, but were punished this time for an economic downturn that has driven unemployment to 24%.

The Progressive Party took a pro-European stance only after its founding in 2008, when it decided to split from the nationalist Serbian Radical Party. As a result, it has yet to prove its commitment to European integration and democratic standards. The historic leader of the Radical Party Vojislav Šešelj is currently standing trial for war crimes before the Hague tribunal.

by Nomad on Mon May 7th, 2012 at 03:28:58 PM EST
[ Parent ]
Opinion: Serbia chooses the lesser evil | Europe | DW.DE | 07.05.2012

The socialists have emerged on top in parliamentary polls in Serbia. The candidates for president face a run-off later this month. No matter who wins, DW's Verica Spasovska says, Serbia is on its way to the EU.

Serbia is feeling the pinch of the economic crisis like never before: Unemployment has reached an historic high, most companies are in no position to pay wages in due time and corruption is rife.

But voters in Sunday's parliamentary elections more or less handed the present coalition government a vote of confidence. There is a good chance the pro-European Democratic Party (DS) of incumbent President Boris Tadic will be able to renew their coalition with the socialists (SPS). The socialists, founded by late Slobodan Milosevic, have done surprisingly well, putting the SPS in a position to comfortably and confidently enter into coalition talks. The party's showing has significantly strengthened party leader and Interior Minister Ivica Dacic's position as a political opponent to President Tadic.

The actual election victors by a hair's breadth, the conservative Serbian Progressive Party (SNS), led by Tomislav Nikolic, are highly unlikely to take over power: they lack a suitable coalition partner.

In view of the desolate economic situation, Serbia's voters have opted for what is familiar and established - and the lesser evil. Only the fact that the Tadic party suffered losses amounting to about 30 percent compared with the last parliamentary election showed how disappointed Serbians are with the coalition's work and the resulting economic woes.

by Nomad on Mon May 7th, 2012 at 03:29:22 PM EST
[ Parent ]
Italy's political outsiders have their day in the absence of Berlusconi | Tobias Jones | Comment is free | guardian.co.uk

Although overshadowed by elections in Greece and France, Italy's local election results, announced late on Monday evening, are nonetheless fascinating. They represent a massive victory for a comedian-turned-blogger-turned-activist called Beppe Grillo. For years, the round-faced, 63-year-old with thick grey hair has been shaking the cage of traditional politics: staging rallies, organising petitions and pleading for a clean-up of the country's notoriously murky politics. He's been a bit like an Italian Michael Moore - a passionate self-publicist who sees the world in black and white.

Until now, no one really took the comedian seriously. He was a stone in the shoe and nothing more. But his Cinque Stelle political movement has come from nowhere to win, in recent projections, almost 20% of the vote in the city of Parma almost 15% of the vote in Genova, Grillo's home city. The centre right, by contrast, stands to win between just 10% and 20% in those cities.

The other extraordinary story of the elections - in which 28 provincial capitals and almost 1,000 town councils have gone to the polls - occurred in Palermo. There, in the Sicilian capital, the centre-left and centre-right coalitions appear set to gain barely more than 30% of the vote between them. It's as if the Tories and Labour were to get less than one-third of all votes cast. And the clear winner in Palermo is another small party of protest, the Italy of Values party, led by Silvio Berlusconi's nemesis, Antonio Di Pietro. Like Grillo, Di Pietro - a former magistrate who spearheaded investigations into corruption in the 1990s - has long campaigned for an end to corruption in public life.

by Nomad on Mon May 7th, 2012 at 03:29:49 PM EST
[ Parent ]
Kneecapping of Italian nuclear power firm boss prompts terrorism fears | World news | The Guardian

The head of an Italian nuclear engineering company was kneecapped by a gunman on Monday, evoking fears of a return to Italy's violent "years of lead" in the 1970s as the country sinks deeper into recession.

Roberto Adinolfi, the chief executive of Ansaldo Nucleare, was leaving his home in Genoa when a man wearing a motorcycle helmet shot him in the leg with a Tokarev pistol before escaping with an accomplice on a stolen black moped, which was later found by police.

Adinolfi's right knee was fractured in the attack but was he not in a serious condition.

Shooting victims in the legs was a speciality of the Italian Red Brigades, the terrorist organisation which sought to destabilise the Italian government with a series of kidnappings and murders, culminating in the snatching and killing of the former prime minister Aldo Moro in 1978.

The group also shot at three executives at companies in the Ansaldo group and kidnapped another in the 1970s, raising suspicions that Monday's shooting was designed to send a message.

"It is like they wanted to say: 'Let's start again like 40 years ago'," one source told Italian news agency Ansa, adding that the attack could be a signal to sleeper cells to launch their own operations.

by Nomad on Mon May 7th, 2012 at 03:32:43 PM EST
[ Parent ]
How do we really know what the Red Brigades tactics really were ? As I remember, and maybe I overdosed on "Accidental death of an anarchist", but weren't most of those attacks were done by the right wing to discredit the left.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Tue May 8th, 2012 at 03:03:57 AM EST
[ Parent ]
Either way, it sounds like someone left the time warp open again.

The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
by dvx (dvx.clt ät gmail dotcom) on Tue May 8th, 2012 at 03:40:27 AM EST
[ Parent ]
They let Ansaldo run nuclear power stations?

"Oh crap" does not seem to quite suffice here.

- Jake

If you only spend 20 minutes of the rest of your life on economics, go spend them here.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Tue May 8th, 2012 at 03:22:08 AM EST
[ Parent ]
they are just a supplier of equipment for nuclear plants (one of many)

Wind power
by Jerome a Paris (etg@eurotrib.com) on Tue May 8th, 2012 at 06:33:15 AM EST
[ Parent ]
Eurointelligence Daily Briefing: Samaras and Venizelos want Greek debt deal to be renegotiated
The Greek elections have already changed the politics of the eurozone crisis strategy: the two pro-austerity parties are now saying the Greek debt deal must be renegotiated; Venizelos wants the cuts to be phased in over three years, as opposed to two; Samaras handed back his mandate to form a government, a task that has now passed to Syriza, the left-wing anti-reform party; chances of forming a new government are slim, as a result of which new elections are now considered the most likely outcome; Francois Hollande wants either eurobonds or ECB primary market participation to be explicitly included in the fiscal treaty; the economics spokesman of Italy's PDL has made exactly the same request, criticizing Monti's cosy relationship with Angela Merkel; Hollande wants to open up the Franco-German relationship, and make it less exclusive; Merkel reminds Hollande that agreed pacts have to be honoured; Holger Steltzner says pressure on Merkel to open her wallet will become unbearable; Mariano Rajoy has forced out Rodrigo Rato as head of Bankia ahead of a state capital injection; Spanish PM yields to pressure to restructuring the worst parts of the Spanish banking system; Brussels is currently considering whether to give Spain an extra year to comply with the fiscal target; arrears of Portuguese creditors have been rising strongly this year; Bundesbank criticizes the trend towards risk sharing in the monetary union; Sebastian Dullien and Mark Schieritz, meanwhile, argue that Germany's rising Target 2 balances constitute a significant protection of private sector creditors.


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 Tue May 8th, 2012 at 04:30:57 AM EST
[ Parent ]
Public Service Europe: Guy Verhofstadt in interview - we need 'radical' pro-EU movement (26 April 2012)
The man tipped to be the next president of the European Commission talks exclusively to PublicServiceEurope.com about his ambitions for a truly federal Europe and a more proactive EU foreign policy as well as the need to question the state of Russian democracy, Chinese human rights, the rise of nationalism and a possible European Freedom of Information Act

Some commentators suggest your early political career was aligned with neoliberalism beliefs before you moved more towards the centre ground. Do you think that the economic crisis we are still in the middle of proves that neoliberalism has failed - and, as communism has also failed, what ideologies are left for Europe to pin its hopes on?

"The financial crisis, not the sovereign debt crisis, clearly indicated that self-regulation of markets wasn't working - as had been the assumption in the years leading up to 2008. Everybody thought that economic growth comes from the markets and that they would self-regulate. That just did not happen. But the crisis does not spell the end of free-market economics. For me, it is just the repetition of what Adam Smith said in the Wealth of Nations; that the free market needs a number of basic rules and regulations. That's not a new idea, only in the years before the financial crisis did we think that these rules could be organised by the markets themselves."



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 Tue May 8th, 2012 at 05:15:36 AM EST
[ Parent ]
Deutsche Welle: Election results nibble away at eurozone credibility (08.05.2012)
The German government believes reforms and saving costs are the best way out of the debt crisis. But voters in Greece and France have voted against this policy. Experts fear the euro may be turning into a soft currency.
<sigh>

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 Tue May 8th, 2012 at 05:19:26 AM EST
[ Parent ]
Form La Repubblica.  Election outcome in Palermo revised: they computed the percentages based on the total number of votes cast, not the number of valid votes.....
Un "pasticcio" nell'interpretazione delle norme regionali sta falsando, in queste ore, i risultati elettorali delle amministrative. Tutte le percentuali attribuite ai candidati sindaci vanno corrette al ribasso: è quello che fa sapere l'assessorato alle Autonomie locali che ha inviato una nota ai Comuni interessati dal voto. In pratica, gli uffici elettorali hanno assegnato le percentuali sulla base del totale dei voti attribuiti ai candidati sindaci. Invece la base di calcolo dovrebbe essere il totale dei voti validi, ovvero quelli presi dai candidati sindaci ma anche da liste e candidati al consiglio, con l'unica eccezione delle schede nulle. E ciò per effetto del combinato di due leggi regionali  -  la 35 del 1997 e la 6 del 2012  -  che lascia in piedi il vecchio sistema di calcolo, costruito quando il voto per il consigliere si estendeva automaticamente al candidato sindaco.
The problem seems be due to some confusing combination of local laws, rather than simple incompetence.
by gk (g k quattro due due sette "at" gmail.com) on Tue May 8th, 2012 at 09:51:11 AM EST
[ Parent ]
by Nomad on Mon May 7th, 2012 at 03:15:11 PM EST
EUobserver.com / Economic Affairs / Europe's left-wing turn worries markets

With a Socialist president in France and a strong popular mandate in Greece for re-negotiating the terms of its bail-out, the German-driven focus on budget discipline in Europe may have to soften.

The euro traded at its lowest in three months on Asian markets Monday morning (7 May), down to $1.29 from $1.3 on Friday. It also fell against the Japanese yen from 104.5 on Friday to 103.4.

An investor note from the National Australia Bank spelled out the worries: "The Hollande win in France is not necessarily a surprise. However it brings home the reality that incumbents following the prescribed austerity measures are going to find it difficult to remain elected."

"What happens to these austerity measures now are what are weighing on (the euro)," the bank said.

by Nomad on Mon May 7th, 2012 at 03:36:59 PM EST
[ Parent ]
Europe's left-wing turn worries markets

Wow, didn't see that coming.

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

by THE Twank (yatta blah blah @ blah.com) on Mon May 7th, 2012 at 04:32:45 PM EST
[ Parent ]
Eurozone crisis: democracy trumps austerity but will the euro survive? | Business | The Guardian

It happens like this. The election result in Greece means pro-austerity parties lack the parliamentary support and the moral authority to govern. Demands from Athens for the tough bailout conditions to be softened are turned down flat by the International Monetary Fund, the European Central Bank and the European Commission.

Political impasse in Greece leads to a second general election being called for next month. Angela Merkel makes it clear the next tranche of cash to keep Greek banks and the Greek state solvent will not be given unless the plan is adhered to in full. The strains on the single currency become intolerable; Greece leaves the euro and defaults, starting the process by which monetary union unravels.

In May 2010, when David Cameron and Nick Clegg were negotiating the terms of their coalition agreement and Greece received its first package of financial support, the idea that Europe was about to be gripped by a crisis that would put monetary union in peril was ridiculed. On Monday, as the euro fell on the foreign exchanges, the Greek stock market plunged and investors piled into the safe haven of German bunds, it no longer seems quite so far-fetched.

The jittery mood in the markets reflects the fear that the turmoil of the past five years - the sub-prime crisis, the near-death experience of the banks, the deepest slump since the Great Depression, the sovereign debt crisis - is about to reach a climax over the coming months with a battle for the euro's very survival.

by Nomad on Mon May 7th, 2012 at 03:37:31 PM EST
[ Parent ]
If Greece defaults, won't those 100% CDS instruments Geithner was so worried about be triggered?

Won't that be interesting to watch?

by ThatBritGuy (thatbritguy (at) googlemail.com) on Tue May 8th, 2012 at 05:10:58 AM EST
[ Parent ]
They have been triggered and paid out already, as Greece did default (as per the ISDA determination).

Wind power
by Jerome a Paris (etg@eurotrib.com) on Tue May 8th, 2012 at 06:34:22 AM EST
[ Parent ]
And the financial system survived?

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 Tue May 8th, 2012 at 07:33:17 AM EST
[ Parent ]
Europe 'expects' Greece to respect bailout terms - GREECE - FRANCE 24

The European Commission said on Monday it expects the next Greek government to respect the terms of a financial rescue after the rise of anti-bailout parties at weekend elections.

"The Commission hopes and expects that the future government of Greece will respect the engagements that Greece has entered into," commission spokeswoman Pia Ahrenkilde Hansen told a news briefing.

Greek conservative leader Antonis Samaras, whose party came on top of Sunday's elections, said he would seek to "amend" the country's controversial EU-IMF loan agreement in order to boost growth.

But the conservatives and Greece's other mainstream party, the Socialists, fell short of an absolute majority in the 300-seat parliament, making it unclear how a new government will be formed.

"It is up to Greek political forces to work in a spirit of responsibility to form a government with a stable majority," said Ahrenkilde Hansen.

She added that the commission stands ready to continue helping Greece implement the unpopular reforms attached to the bailout package, seen as contributing to electoral gains made by neo-Nazi and far-left parties.

"We think that Greece must remain a member of the euro but everybody has to carry its responsibilities," said the European Commission's economic affairs spokesman, Amadeu Altafaj.

Warning that "solidarity is a two-way street," Altafaj called for the "full and timely" implementation of the bailout programme in order to ensure that the massive Greek debt becomes sustainable.

by Nomad on Mon May 7th, 2012 at 03:38:14 PM EST
[ Parent ]
Greece takes a leap into the dark, driven by defiance and despair | Maria Magaronis | Comment is free | The Guardian

The message of Sunday's election in Greece is clear: the Greeks have said no to more of the cuts and austerity measures that have devastated the country, pushing unemployment above 20%, shattering the healthcare system, tearing families apart and leading some to suicide. It was above all a vote of rage against the two major parties, Pasok and New Democracy, which between them ran the economy into the ground, signed up to a disastrous austerity programme in exchange for dead-end bailouts from the EU and IMF, and then allowed the blows to fall on the most vulnerable.

The medium, though, is more confused and troubling. As elsewhere in Europe, the draining away of the centre has revealed a jagged landscape: the shorthand of "extremes of left and right" doesn't begin to map it. The most obvious rift in Greece in the last months - a rift that's been described to me more than once as a "civil war"- has been between those who are for and against the "memorandum", the EU/IMF schedule of demands. The pro-memorandum forces want to keep Greece in the eurozone at any cost; most of their opponents also want to stay in Europe - but not of "Merkozy", austerity and the banks.

Across that rift runs an older, deeper one, whose roots go back at least as far as to the actual civil war that followed the Axis occupation, leading to 30 years in which the left was outlawed, and culminating in the neo-fascist junta of 1967 to 1974. The social and political collapse brought by the crisis has revived those memories, too, as well as old family loyalties. In the summer of 2011, when the aganaktismenoi ("outraged") of Syntagma Square briefly became the darlings of the foreign media, conservative truck drivers could rub shoulders with eco warriors and direct democracy mavens; the Greek flag could stand for self-determination as well as nationalism. But not any more.

by Nomad on Mon May 7th, 2012 at 03:38:37 PM EST
[ Parent ]
Economics and Politics by Paul Krugman - The Conscience of a Liberal - NYTimes.com

A thought on the Greek election results: what we're seeing there is the danger of getting all the Very Serious People together in a national unity government when the Very Serious People are, in fact, all wrong about what needs to be done.

Backing up a minute: I don't think you want to read European elections in terms of any particular ideological tide. This is very much a Larry Bartels world in which voters toss out incumbents and reward insurgents if the economy is bad, never mind the specifics of their platforms. Hollande's victory in France is no more a harbinger of a general leftward shift than Rajoy's victory in Spain a little while ago heralded a general rightward shift; these are just the "outs" benefiting from the fact that they aren't in, and the economy stinks.

But now consider Greece, which had a government of national unity -- an alliance between the center-right and the center-left, dedicated to following what the VSPs consider responsible policies. Think of it as Michael Bloomberg with retsina. Sounds great, doesn't it? (Not to me, but I'm not a Serious Person).

The trouble is that the responsible policies aren't -- the austerity program that has defined being Serious in Europe is an abject (and predictable) failure. So voters take their anger out by voting against the insiders. And since all the respectable people are inside the political tent, backing and being identified with failed policies, that means a big vote for extremists right and left.

And yes, the echoes of the 1930s are very strong.

by Nomad on Mon May 7th, 2012 at 03:41:17 PM EST
[ Parent ]
Now Even The Guy Who Represents Greece's Bondholders Is Saying Austerity Is A Bad Idea  Business Insider

The idea that "bond vigilantes" are demanding steep budget cuts from countries all around the world continues to be exposed as dangerous, mythical nonsense.

As we wrote this weekend, there are virtually no examples of countries having been rewarded by the bond market for making cuts (as Paul Krugman then pointed out, it does appear that Latvia was rewarded for fiscal consolidation, so there is one counterpoint).

....

Check out what Charles Dallara, the head of the Institute for International Finance, the guy who literally was in the room, negotiating haircuts on behalf of Greek creditors said.

 From The Guardian's Euro-crisis liveblog, here's Dallara's quote from CNBC Europe:

We've seen the European economy within the political framework has disconnected. The overall focus on short-term budget cuts has to be adapted with economic reality.

If we can get private investors' confidence rebuilt, we can change the situation around in Greece. The focus has been too heavily placed in short-term budget cuts and this has created the feeling that the situation seems bottomless.

You got that? The guy who is literally the personification of bond vigilantes in Europe is saying that enough is enough with regards to short term austerity. How much clearer than the failure of the current path get?



http://www.businessinsider.com/charles-dallara-on-the-need-to-move-away-from-pure-austerity-2012-5#i xzz1uH9bU5BU


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 Tue May 8th, 2012 at 07:45:05 AM EST
[ Parent ]
Should be interesting to see how Angie and her minions spin this.

Oh wait, they've taken a copyright on the word "growth," as first in Stupidity Pact, and now the whatever they call it agreement.

Of course, for Dallara's minions, privatization continues apace. And he's not yet making noises about forgiving debt to the millions of lives already shattered.

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

by Crazy Horse on Tue May 8th, 2012 at 09:21:23 AM EST
[ Parent ]
Far preferable to him is EU 'growth and development' funds as disguised bail-outs to all bondholders. Germany only wants to do this for German bondholders.

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 Tue May 8th, 2012 at 09:42:04 AM EST
[ Parent ]
Europe Needs to Reform Its Banking Sector - SPIEGEL ONLINE

It was one of those puzzling sentences that central bankers like to leave hanging in the air. The temporary European Financial Stability Facility (EFSF), the rescue fund for cash-strapped euro-zone countries, has not been very successful, admitted European Central Bank (ECB) President Mario Draghi at a press conference in Barcelona last Thursday. "Its functioning fell short of both expectations and needs," he said.

OAS_RICH('Middle2'); Draghi left it up to the journalists in the audience to interpret what is wrong with the fund and what needs to be changed. Furthermore, the Italian banker failed to mention that his organization has long been exploring ways of expanding the scope of the EFSF, or its permanent successor, the European Stability Mechanism (ESM), to give the bailout mechanism more firepower.

Euro Group chief Jean-Claude Juncker had asked Draghi for his advice in the matter two weeks earlier. Originally, the ESM, which will be launched in July 2012, was only intended to help out debt-ridden governments, which would have to meet strict requirements in return. But recently, there have been serious closed-door discussions about direct aid for banks. In Brussels, a working group is also looking at this delicate subject.

Time is running out. With the financial crisis now in its fifth year, the banks' problems remain unresolved, and in some countries they are even jeopardizing the stability of the state -- and the future of the European common currency.

by Nomad on Mon May 7th, 2012 at 03:43:02 PM EST
[ Parent ]
The only solution to the eurozone crisis - FT.com

It is easy to solve the eurozone crisis on a piece of paper. I have done it many times. It is also easy to invent new institutions: a fiscal union, a treasury secretary, a common sovereign bond and a banking union. I would welcome most of these. But we must subject these discussions to a reality check. While these institutions will emerge from this crisis, none of them can solve it. That will have to be the job of the existing institutions.

This applies particularly to the idea of a common bank resolution fund. It is a great idea, but political resistance to it will be so big that it will not be implemented in full and in time. It will not solve the crisis.

The solution can come only from a combination of two instruments - debt monetisation through the European Central Bank and default into the European Stability Mechanism, the €500bn rescue fund that becomes operational in July.

In practice, any resolution of the crisis will involve more of the latter than the former. We have reached the limits of what the ECB will do. I agree with Paul de Grauwe, of the London School of Economics, that direct purchases of government bonds would have been more effective than the indirect route of long-term refinancing operations. But the ECB is unlikely to go that far.

Instead, the most obvious solution will come through a default by a troubled eurozone country into the ESM and the other rescue funds.

by Nomad on Mon May 7th, 2012 at 03:43:58 PM EST
[ Parent ]
By Wolfgang Münchau.
by afew (afew(a in a circle)eurotrib_dot_com) on Mon May 7th, 2012 at 04:35:46 PM EST
[ Parent ]
Global action on tax evasion has largely failed, study shows | Business | The Guardian

The most concerted global push ever undertaken against international tax evasion has failed to reverse the flow of funds to offshore financial centres, according to banking industry data.

Despite unprecedented action from political leaders, and a blizzard of bilateral co-operation treaties entered into by offshore centres, deposit data from the Bank of International Settlements (BIS) shows bank accounts in tax havens still held $2.7tn (£1.7tn) last year - about the same amount as in 2007.

Niels Johannesen and Gabriel Zucman, academics who were granted access to a rarely seen breakdown of BIS data, concluded: "So far, the G20 tax haven crackdown has ... largely failed ... Treaties have led to a modest relocation of bank deposits between tax havens but have not triggered significant flows of funds out of tax havens."

Their findings are in sharp contrast to the official verdict on the G20 initiative in London in 2009. Last November Angel Gurria, general-secretary of the Organisation for Economic Co-operation and Development, the body whose job is to oversee the crackdown, told the G20 in Cannes: "The era of bank secrecy is over." Acknowledging work remained to be done in some areas, he nevertheless insisted: "It is now no longer possible to hide assets or income without risking detection."

Presented with Johannesen and Zucman's findings last week, Pascal Saint-Amans, the OECD's head of tax, said: "It's an interesting survey, but perhaps it is published a bit early. Let's see what the impact is in a couple of years."

by Nomad on Mon May 7th, 2012 at 03:45:06 PM EST
[ Parent ]
ECLAC; (3 May 2012) Latin America and the Caribbean received US$153.448 billion from foreign direct investment (FDI) in 2011, which represents 10% of the global total flows according to a report presented May 3 by the Economic Commission for Latin America and the Caribbean (ECLAC) in Santiago, Chile. This is about the largest amount of FDI received by the region so far, as stated in the report entitled Foreign Direct Investment in Latin America and the Caribbean 2011.
See the Financial Times.

MercoPress: Trade between Asia and Latin America reached 442 billion dollars in 2011 growing at an annual rate of 20.5% in the last twelve years according to a joint report from the Inter American Development Bank and the Asian Development Bank.

RIO DE JANEIRO, May 7, 2012 (IPS) - The Brazilian government of Dilma Rousseff is taking firm steps towards stronger relations with Africa, such as the creation of a special fund to finance development projects together with multilateral lenders like the World Bank.


"Beware of the man who does not talk, and the dog that does not bark." Cheyenne
by maracatu on Mon May 7th, 2012 at 07:57:32 PM EST
[ Parent ]
Opening of New Berlin Airport Delayed - Spiegel Online
Just three weeks before Berlin's shiny new international airport was scheduled to open, officials have called it off, citing problems with fire safety equipment. No new date has been set but the German capital's mayor has said it could be as late as the second half of August.
It was supposed to open in Oct last year. That was pushed back to June 3rd and now it's probably sometime in the fall.
by epochepoque on Tue May 8th, 2012 at 03:15:29 PM EST
[ Parent ]
Embarrassing for all responsible involved. Except...

new airports, with all sorts of new technology, are complex. Denver's hub was delayed several times, also embarrrasssing, But when it finally got working, all was forgiven, as it worked well.

Berlin will be fine, as far as the passengers are concerned. Whether Air Berlin can survive the delay is open to question.

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

by Crazy Horse on Tue May 8th, 2012 at 04:43:55 PM EST
[ Parent ]
by Nomad on Mon May 7th, 2012 at 03:15:14 PM EST
Syria goes to polls amid deadly unrest - Middle East - Al Jazeera English

Syrians are voting in the first parliamentary elections under a new constitution that paved the way for a multiparty system in the country.

Voting began at 7:00am (04:00GMT) across Syria on Monday. It was initially scheduled for September 2011, but was postponed for six months after President Bashar al-Assad announced the launch of a reform process.

Violence rocked the east of the country ahead of Monday's vote, underlining the challenge of holding a credible poll while bloodshed continues, complicating the task of UN observers monitoring a ceasefire declared on April 12.

Security and logistical concerns notwithstanding, the credibility of the vote has also been hit by the refusal of the main opposition forces to participate.

A deadly uprising has raged across the country since mid-March 2011, claiming more than 11,100 lives, mostly civilians, according to the Britain-based Syrian Observatory for Human Rights.

by Nomad on Mon May 7th, 2012 at 03:51:03 PM EST
[ Parent ]
.:Middle East Online::Elections flyers and ballots mix with gunfire and bullets in Syria:.

Syrians were voting on Monday in the first "multiparty" parliamentary elections in five decades, being held against a backdrop of violence and dismissed as a sham by the opposition.

Voting began at 7:00 am (0400 GMT) across Syria, which has been swept by raging unrest since March last year, when President Bashar al-Assad resorted to force in a bid to quash a revolt against his autocratic regime.

The vote, initially scheduled for September 2011, was postponed to May 7 after Assad announced the launch of a reform process.

"I am voting because I support the reforms, but the new parliament needs to tackle unemployment as a priority so that young Syrians don't emigrate," said Shahba Karim, 18, after casting her vote in central Damascus.

"I think these elections will bring a definitive end to the crisis."

Outside the polling station, voters were handed flyers in support of the various candidates.

"These elections must be credible and people must participate to show they are concerned by the crisis gripping the country because that is the only way we will find a solution," said Laith al-Allaj, a 22-year-old university student.

A total of 7,195 candidates have registered to stand for the 250 seats, state news agency SANA said.

by Nomad on Mon May 7th, 2012 at 03:55:26 PM EST
[ Parent ]
Robert Fisk: Arab Spring has washed the region's appalling racism out of the news - Robert Fisk - Commentators - The Independent

How many tracts, books, documentaries, speeches and doctoral theses have been written and produced about Islamophobia? How many denunciations have been made against the Sarkozys and the Le Pens and the Wilders for their anti-immigration (for which, read largely anti-Muslim) policies or - let us go down far darker paths - against the plague of Breivik-style racism?

The problem with all this is that Muslim societies - or shall we whittle this down to Middle Eastern societies? - are allowed to appear squeaky-clean in the face of such trash, and innocent of any racism themselves.

A health warning, therefore, to all Arab readers of this column: you may not like this week's rant from yours truly. Because I fear very much that the video of Alem Dechasa's recent torment in Beirut is all too typical of the treatment meted out to foreign domestic workers across the Arab world (there are 200,000 in Lebanon alone).

Many hundreds of thousands have now seen the footage of 33-year-old Ms Dechasa being abused and humiliated and pushed into a taxi by Ali Mahfouz, the Lebanese agent who brought her to Lebanon as a domestic worker. Ms Dechasa was transported to hospital where she was placed in the psychiatric wing and where, on 14 March, she hanged herself. She was a mother of two and could not stand the thought of being deported back to her native Ethiopia. That may not have been the only reason for her mental agony.

Lebanese women protested in the centre of Beirut, the UN protested, everyone protested. Ali Mahfouz has been formally accused of contributing to her death. But that's it.

The Syrian revolt, the Bahraini revolution, the Arab Awakening, have simply washed Alem Dechasa's tragedy out of the news. How many readers know - for example - that not long before Ms Dechasa's death, a Bengali domestic worker was raped by a policeman guarding her at a courthouse in the south Lebanese town of Nabatieh, after she had been caught fleeing an allegedly abusive employer?

by Nomad on Mon May 7th, 2012 at 03:56:27 PM EST
[ Parent ]
EU tells defiant Iran it must suspend atom activity | Reuters

The European Union told Iran on Monday it must suspend uranium enrichment, a few days after the Islamic state ruled out doing just that, as Tehran and the West engaged in diplomatic shadow-boxing ahead of nuclear talks this month.

The United States called on Iran to take "urgent practical steps" to build confidence during negotiations with world powers on Tehran's nuclear program, which Washington and its allies suspect is a bid to develop an atomic bomb capability.

Iran, attending an international conference in Vienna alongside its Western foes, for its part accused the United States of supporting Israel's atomic activities. The Jewish state is widely assumed to hold the Middle East's only nuclear arsenal.

Iran and the six major powers resumed discussions last month in Istanbul after a gap of more than a year - a chance to ease escalating tension and avert the threat of a new Middle East war - and both sides described the atmosphere as positive.

The next meeting between the powers - the United States, France, Britain, China, Russia and Germany - and Iran is to take place on May 23 in the Iraqi capital. Iranian officials say they are "optimistic" about making progress.

But with Iran seeking an end to sanctions and Western states reluctant to prematurely ease the pressure they credit with bringing Tehran to the negotiating table, diplomats are already playing down the chances of a settlement in Baghdad.

by Nomad on Mon May 7th, 2012 at 03:57:06 PM EST
[ Parent ]
Israel moves for early elections - Middle East - World - The Independent

The Israeli government today proposed that national elections be
moved forward to September 4, putting in motion a brief campaign
expected to propel Benjamin Netanyahu to another term as prime minister.

Parliament is to begin deliberating bills to dissolve the legislature later in today, making the date official. A final vote is expected to be held tomomrrow.

The current government is the most stable Israel has had in years. But disagreements on a variety of domestic issues such as drafting the ultra-Orthodox into the military and tearing down illegal structures in West Bank settlements have led Netanyahu to move up elections by more than a year.

Recent polls have suggested Netanyahu's Likud Party would win at least one-quarter of parliament's 120 seats to become the legislature's largest faction - putting him in a comfortable position to form a majority coalition.

They also indicate he might be able to form a more moderate coalition than the hawkish lineup he now heads, in partnership with centrist parties more open to making concession to the Palestinians.

The early elections have also renewed speculation that Israel might attack Iran's suspect nuclear programme, perhaps within months.

by Nomad on Mon May 7th, 2012 at 04:00:56 PM EST
[ Parent ]
That didn't last long.
Prime Minister Benjamin Netanyahu and opposition chairman MK Shaul Mofaz (Kadima) reached a surprise agreement early Tuesday morning to form a national unity government.

The move came as the Knesset was preparing to disperse for early elections, which were expected to be scheduled for September 4.

Under the agreement, Kadima will join Netanyahu's government and commit to supporting its policies through the end of its term in late 2013. Mofaz is expected to be appointed deputy prime minister, as well as minister without portfolio.

[...]

Shaul Mofaz was elected head of Kadima less than two weeks ago, when he defeated former party head Tzipi Livni in the party's leadership primary.

In an interview with Haaretz ahead of the primary, Mofaz insisted that, if elected, he would not join a government led by Netanyahu.

by gk (g k quattro due due sette "at" gmail.com) on Tue May 8th, 2012 at 02:44:34 AM EST
[ Parent ]
BBC News - Malawi devalues kwacha by 33%, leading to panic-buying

Shoppers in Malawi have been scrambling to buy basic goods, fearing huge price rises after the currency was devalued by 33%.

The BBC's Raphael Tenthani in Blantyre says that many shops had run out of staple foods such as sugar, cooking oil and bread by the end of Monday.

The kwacha was devalued as part of moves by the new government to restore donor funding.

The former government had rejected IMF calls to devalue the currency.

Our reporter says that other goods such as rice, maize flour and orange squash were running short in Blantyre's Chichiri shopping centre - the main retail area in Malawi's biggest city.

He has been told that the same panic-buying is also happening in Malawi's main towns.

The scramble comes despite economists saying they did not expect the devaluation to immediately lead to higher prices, as many businesses were expecting the move and were already using the new exchange rate.

The central bank announced that one dollar would now be worth 250 kwacha, up from 168, while the peg to the US currency would be scrapped.

by Nomad on Mon May 7th, 2012 at 03:59:26 PM EST
[ Parent ]
Blind Activist Reports Little Progress - WSJ.com

Blind Chinese activist Chen Guangcheng said he remains hopeful that he can leave China for the U.S. under a recent deal between Washington and Beijing, but he said barriers remain before the two sides can fully defuse their sticky diplomatic situation.

In an interview on Monday, Mr. Chen said both the U.S. and the Chinese central government have shown patience as they move to implement a deal that would allow him to study abroad at New York University. "I'm very thankful for the U.S. government for helping me in this period," he said. "I'm also very thankful to the [Chinese] central government for its calm and restraint during this episode."

But Mr. Chen said he still lacks a passport and has heard little in the way of progress in implementing a deal since the two sides said on Friday that he could study abroad. "Right now, there's no progress," he said, adding "I can't predict what sort of problems I might encounter."

The slow progress helps illustrate the complexity of resolving a case that drew world-wide attention after Mr. Chen eluded the guards surrounding his home in China's eastern Shandong province who have kept him under virtual house arrest for the past 19 months. He eventually sought shelter at the U.S. Embassy in Beijing, where he stayed for six days. The incident sparked a series of tense days and negotiations between the U.S. and China ahead of and during bilateral talks that included U.S. Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner.

by Nomad on Mon May 7th, 2012 at 04:01:31 PM EST
[ Parent ]
BBC News - Mexico election: TV debate sees candidates trade barbs

Mexico's election race has stepped up a gear with the four presidential hopefuls facing one another in their first TV debate ahead of July's poll.

Front-runner Enrique Pena Nieto of the Institutional Revolutionary Party (PRI) faced sharp attacks from his rivals.

The barbed comments enlivened a rigidly controlled format, correspondents say.

But it is unclear how many voters were watching, with the main TV channels opting to show a dance show and a football match instead.

Mr Pena Nieto began the debate highlighting Mexico's "worst economic performance in 80 years" during the last two administrations of the National Action Party (PAN).

He is hoping to return the PRI, which governed Mexico for much of the 20th Century, to power after a 12-year absence.

by Nomad on Mon May 7th, 2012 at 04:02:55 PM EST
[ Parent ]
Honduras Culture and Politics: And the Winner Is: Miguel Facussé! Winner for what? we're glad you asked: selected by Reporters Without Borders as one of its group of 41 global "Predators" threatening freedom of the press.

NYT: FORWARD OPERATING BASE MOCORON, Honduras -- The United States military has brought lessons from the past decade of conflict to the drug war being fought in the wilderness of Miskito Indian country, constructing this remote base camp with little public notice but with the support of the Honduran government.
Boz comments.

[Costa Rican] Presidenta Laura Chinchilla asked her minister of Transport, Francisco Jimenez, to resign his post following complaints of alleged corruption with the construction of the 160km road, the Juan Rafael Mora Porras, near the Nicaraguan border. (...) Eleven out of 23 ministers in Chinchilla's Cabinet have given up their posts in the last two years. Only three of them have taken other jobs in the government.

InSight: Despite its initial success in reducing violence in the capital, a gang truce in Belize's capital city appears to be under strain as violence between groups escalates. Since it came into force in Belize City in September 2011, the government-backed gang truce produced immediate results with only nine homicides committed during its first 100 days, according to the US Overseas Security Advisory Council (OSAC). This marked a departure from the trend of rising violence in the city, which saw a peak of 129 homicides in 2010.

The Cuban Triangle: BLITZER: If you could speak directly to the top leaders in Cuba, what would you say? [Alan] GROSS: I would say to Raul Castro that I think he's trying to do some very courageous things.


"Beware of the man who does not talk, and the dog that does not bark." Cheyenne
by maracatu on Mon May 7th, 2012 at 07:44:49 PM EST
[ Parent ]
If the US had learnt any lessons from the last decade of conflict, building a base camp like this shows they were the wrong ones.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Tue May 8th, 2012 at 03:14:01 AM EST
[ Parent ]
Netanyahu's deal with Kadima has taken everybody with surprise, as they try to speculate on what it means. Here's some commentary from Ha'aretz.
The deal reached between Prime Minister Benjamin Netanyahu and Kadima chief Shaul Mofaz on Monday broke the record for cynical agreements, one which had held since the August 1939 Molotov-Ribberntrop agreement between Russia and Germany. It allows Netanyahu to change his name to Kombinyamin [Netanyahu's first name combined with the word "Kombina," which in Israel is used to refer to an underhanded deal], and reminds us that the last time Mofaz was anywhere near the concept "reliability" it was as an IDF soldier during the raid to rescue hijacked airline passengers in Entebbe.

[...]

As for Iran, Mofaz has thus far distanced himself from the reckless adventurism attributed to Barak and Netanyahu. However, that was a long time ago, about 24 hours, and in the meantime he lost the "o" and one "p" from "opposition," and has ended up with "position." His relative advantage, as the only Iranian-born Israeli leader, he already used in previous years in speaking with Iranians on Israeli Radio's Farsi station. Then, he warned Tehran of the consequences of an attack on Israel, and promised, among other things, to spare the civilian population when Israel goes on a counter strike; he also supported economic sanctions. But that was during previous, less belligerent cabinets.

by gk (g k quattro due due sette "at" gmail.com) on Tue May 8th, 2012 at 05:39:46 AM EST
[ Parent ]
From 972mag.
My first thought upon seeing the news was that Mofas is a spineless worm, lacking any credibility; the second was that he was probably the worst politician in the history of Israel. Ehud Barak, with five nameless MKs, shook Netanyahu down for four ministries, among them the all-important Ministry of Security (aka Ministry of Defense). Mofaz, with almost six times that number of MKs (and more MKs than Likud has), managed to grab just a puny ministry without portfolio and the meaningless title of senior vice premier.

[...]

Except that in Israeli history, there is a precedent for the head of a large party who joins a national unity government and takes only a ministry without portfolio: Menachem Begin, who entered Levi Eshkol's national unity government in the weeks before the Israeli offensive of the Six Day War. Begin argued he should join the government out of responsibility to the nation. This period in the government helped transform Begin, who was at the time described by the establishment-controlled media as a flesh eating demon - Ben Gurion made a habit of comparing him to Hitler, and would not refer to him by name, only as the "MK sitting next to MK Bader" - and grant him the legitimacy which, a decade later, would be essential to his electoral victory.

Mofaz, who has already served as Minister of Security and Minister of Transportation, is not in need of such legitimacy. He is a part of the establishment, not an outsider looking for a way in. So why is he joining the Netanyahu government on terms so similar to Begin's in 1967?

Perhaps because he is indeed Israel's most inept politician. But we should consider the possibility that, like Begin, he knows (as head of the opposition) that Israel is about to launch a fateful attack, and knows that what looked this morning like the worst act of political opportunism since Shimon Peres lost one time too many and left Labor for Kadima, may appear two weeks from now in a totally different light: as providing the government with aid at its hour of greatest need.

Let's just hope he turns out to be a doofus after all.

by gk (g k quattro due due sette "at" gmail.com) on Tue May 8th, 2012 at 01:59:11 PM EST
[ Parent ]
by Nomad on Mon May 7th, 2012 at 03:15:17 PM EST
Dinosaurs' Gas May Have Helped Warm the Air - WSJ.com

Gassy dinosaurs may have spewed so much methane into the air that it could have helped warm the climate tens of millions of years ago, when temperatures were much higher than today, a team of U.K. scientists reported Monday.

The stomach gas released each year by a family of long-necked, plant-eating dinosaurs, which included the world's largest known land animals, may have equaled the total amount of methane produced every year today from all natural, agricultural and industrial sources, the researchers said Monday in the journal Current Biology. Methane, a greenhouse gas, is 23 times as effective at trapping heat in the atmosphere as carbon dioxide.

The new scientific work highlights the importance of wildlife, livestock, and other natural sources of greenhouse-gas emissions in shaping global climate.

by Nomad on Mon May 7th, 2012 at 04:06:17 PM EST
[ Parent ]
Climatic effects of a solar minimum: Grand solar minimum and climate response recorded for first time in same climate archive
An abrupt cooling in Europe together with an increase in humidity and particularly in windiness coincided with a sustained reduction in solar activity 2800 years ago. Scientists from the German Research Centre for Geosciences GFZ in collaboration with Swedish and Dutch colleagues provide evidence for a direct solar-climate linkage on centennial timescales. Using the most modern methodological approach, they analysed sediments from Lake Meerfelder Maar, a maar lake in the Eifel/Germany, to determine annual variations in climate proxies and solar activity.

The study published online this week in Nature Geoscience reports the climatic change that occurred at the beginning of the pre-Roman Iron Age and demonstrates that especially the so-called Grand Minima of solar activity can affect climate conditions in western Europe through changes in regional atmospheric circulation pattern. Around 2800 years ago, one of these Grand Solar Minima, the Homeric Minimum, caused a distinct climatic change in less than a decade in Western Europe.

The exceptional seasonally laminated sediments from the studied maar lake allow a precise dating even of short-term climate changes. The results show for a 200 year long period strongly increased springtime winds during a period of cool and wet climate in Europe. In combination with model studies they suggest a mechanism that can explain the relation between a weak sun and climate change. "The change and strengthening of the tropospheric wind systems likely is related to stratospheric processes which in turn are affected by the ultraviolet radiation" explains Achim Brauer (GFZ), the initiator of the study. "This complex chain of processes thus acts as a positive feedback mechanism that could explain why assumingly too small variations in solar activity have caused regional climate changes."

by Nomad on Mon May 7th, 2012 at 04:07:34 PM EST
[ Parent ]
Wind farms 'have major economic benefit' - Green Living - Environment - The Independent

Onshore wind farms, recently under attack from leading conservationists for damaging the countryside, can bring significant economic benefits locally and nationally, as well as contributing to the fight against climate change, a new study claims.

Onshore wind supported 8,600 jobs and was worth £548m to the UK economy in 2011, says the report, by consultancy BiGGAR Economics. Of this figure 1,100 jobs were created at local authority level, with £84m of investment.

Looking at 18 case studies of wind farms of different sizes drawn from across the UK, the study analyses the contribution of wind farm development, construction, operation and maintenance to the economy at a local, regional and national level. It suggests if onshore wind is deployed at a scale suggested in the Government's Renewable Energy Roadmap, the economy could benefit by £780m by 2020, with around 11,600 jobs being supported.

From its beginnings 20 years ago, Britain's wind industry now has 3,176 large onshore turbines, with 568 turbines in the sea, according to RenewableUK, the wind industry trade body.

The onshore wind farms together can produce about 4.5 gigawatts of electricity, roughly the equivalent of four large conventional power stations, with another 1.5GW coming from offshore turbines. But the growing presence of turbines in the landscape - there are nearly 3,000 more in the planning process - has led to criticism from conservationists, and last week the Campaign to Protect Rural England broke ranks with other environmental groups who have hitherto been united in support for wind energy for the contribution it can make, with other CO2-free energies like solar and tidal power, to cut carbon emissions that cause climate change.

by Nomad on Mon May 7th, 2012 at 04:08:27 PM EST
[ Parent ]
Thousands of jobs at risk after David Cameron abandons solar subsidies - UK Politics - UK - The Independent

New moves to reduce subsidies for fitting solar panels on homes are jeopardising Britain's hopes of hitting renewable energy targets and threatening thousands of jobs, David Cameron was warned last night.

Some 400 senior figures in the solar energy industry said demand for panels has collapsed since the Government started slashing financial incentives for families that want to go green.

In a joint letter to the Prime Minister, seen by The Independent, they protested that the sector faced a bleak future without dramatic action to demonstrate his support for solar energy. They said that more than 6,000 people working in solar energy had lost their jobs since last summer - and 43 per cent of companies in the sector are planning redundancies.

Ministers provoked fury last year when they more than halved the subsidy for the feed-in tariff for households which feed excess electricity from their solar panels into the national grid.

Critics said the move would deter people from buying panels, which cost an average of £12,000, because it would double the time it took them to recoup their initial investment.

by Nomad on Mon May 7th, 2012 at 04:10:33 PM EST
[ Parent ]
The report is here (pdf) and sadly does not mention the merit-order effect, i.e. the fact that wind power tends to bring market prices for electricity down.

Wind power
by Jerome a Paris (etg@eurotrib.com) on Tue May 8th, 2012 at 06:37:22 AM EST
[ Parent ]
Shale Gas Hype: Subprime 2.0? « naked capitalism

If my RSS reader is any guide, most of the press about shale gas has focused on two issues. First, shale gas is in considerable supply, cheap to produce, and burns far cleaner than other fossil fuels. Second, shale gas does not look so hot environmentally, all in. Fracking can pollute ground water (and potable water is our most scarce resource) and releases enough methane to make shale gas as detrimental as coal. Still, it has been treated as the Great Hope for America's energy woes, a way to turn the US into an exporter, and maybe it will cure cancer too. Obama touted 100 years of shale gas reserves, and manufacturers envision an American revival based on cheap fuel.

The problem is that the good part of this story is largely wrong. Shale gas supplies are overestimated, and it is not as cheap as it has been touted to be. The big reason is that shale gas wells, unlike oil wells, peter out really quickly. The result is that the viability of shale gas as a solution to America's high energy consumption level is only on an interim basis. Shale gas is more likely to be a stopgap, a 25 year solution rather than a 100 one.

As with the housing bubble, analysts and journalists who understand the economics are giving clear warnings, but they don't seem to be getting much of an audience. For instance, Jeff Goodell in Rolling Stone wrote in March:

At the same time, scientists began to conclude that America's reserves of natural gas have been overhyped. In January, the Energy Department cut its estimate of the amount of gas available in the Marcellus Shale by nearly 70 percent, and a group affiliated with the Colorado School of Mines warns that there may be only 23 years' worth of economically recoverable gas left nationwide. Even worse, new studies suggest that because of fugitive emissions of methane from wellheads and pipelines, natural gas may actually be no better than coal when it comes to global warming.

In February, no doubt annoyed by Obama's State of the Union claim of 100 years of shale gas, aeberman of The Oil Drum wrote a detailed post explaining in some detail what the supply side looks like. One key fact: the US is already at the point where it is drilling less productive wells:

by Nomad on Mon May 7th, 2012 at 04:10:41 PM EST
[ Parent ]
DutchNews.nl - Fair trade certification for gold

Aid groups in the Netherlands are developing fair trade certification for gold which was mined in a fair, safe and environmentally-friendly way.

The Max Havelaar organisation, famed for its fair trade coffee and chocolate, and Solidaridad network group have developed the gold mark which will initially be used by 10 jewelry makers. The organisations hope sustainability will be a major issue in the gold sector within five years.

Some 85% to 90% of gold is currently extracted in large scale mining projects which lead to ground water and river pollution with mercury, the organisations say. Locals are also forced to move homes when a mining company arrives and gold mining is also associated with the destruction of forests.

'If a mine is empty, the local environment is seriously polluted and the original residents get nothing,' Nico Roozen, director of Solidaridad told Nos television.

by Nomad on Mon May 7th, 2012 at 04:11:05 PM EST
[ Parent ]
Sierra Nevada range is getting higher | Environment | The Guardian

The Sierra Nevada range in the US grows about half an inch in elevation every 10 years, according to scientists. Researchers at the University of Nevada's geodetic laboratory in Reno and the University of Glasgow in the UK say they have recorded annual elevation increases between 1mm and 2mm for more than 10 years along the entire 400-mile range between Nevada and California. A combination of GPS data and space-based radar has provided them with unprecedented accuracy. "The exciting thing is we can watch the range growing in real time," said Bill Hammond, lead researcher of the multi-year project at the University of Nevada,.

"Using data back to before 2000 we can see it with accuracy better than 1 millimeter per year. Perhaps even more amazing is that these minuscule changes are measured using satellites in space."

The research was funded by the National Science Foundation and Nasa, along with the UK's Natural Environment Research Council.

Hammond said the findings would be published in July in the journal Geology and may help resolve an active debate regarding the age of the modern Sierra in California and Nevada.

by Nomad on Mon May 7th, 2012 at 04:11:29 PM EST
[ Parent ]
by Nomad on Mon May 7th, 2012 at 03:15:21 PM EST
The global fight to end capital punishment | World news | The Guardian

"If we needed to hang someone tomorrow," Martin Martinez, Trinidad and Tobago's commissioner of prisons, says, grinning wolfishly, "we would grease up the gallows and buy some new rope." Death by hanging is the penalty for anyone convicted of murder in Trinidad and Tobago, although no one has been executed here since 1999.

From his air-conditioned office, minutes from the cemetery in the capital, Port of Spain, Martinez reels off the four witnesses needed: a doctor, a priest, a court official and himself, the prisons commissioner. "It is traumatising to take a man's life," he explains. "It's an emotional issue, as there is such a high murder rate here. The death penalty sends a message, but it may or may not solve the problem."

Prime minister Kamla Persad-Bissessar, backed by former Fifa vice-president Jack Warner, who is now her minister for works and transport, is campaigning for enforcement of the death penalty to fight the "the tsunami of crime" that has hit Trinidad and Tobago. In Jamaica, which has one of the world's highest murder rates, there is also a growing clamour for the rope to be used.

The debate is close to boiling point in the English-speaking Caribbean, partly because it plays on one of the few remaining links to Britain colonialism. The fate of those on death row is currently decided more than 4,000 miles away, in Westminster, at the judicial committee of the privy council (JCPC). "We talk about independence, meaning a flag and an anthem," Martinez says, "but we need to sever the umbilical cord with the mother country."

by Nomad on Mon May 7th, 2012 at 04:12:49 PM EST
[ Parent ]
BBC News - S Korea 'to target powdered human flesh capsules'

South Korea says it will increase customs inspections targeting capsules containing powdered human flesh.

The Korea Customs Service said it had found almost 17,500 of the capsules being smuggled into the country from China since August 2011.

The powdered flesh, which officials said came from dead babies and foetuses, is reportedly thought by some to cure disease and boost stamina.

But officials said the capsules were full of bacteria and a health risk.

"It was confirmed those capsules contain materials harmful to the human body, such as super bacteria. We need to take tougher measures to protect public health," a customs official was quoted as saying by the Korea Times.

Inspections are to be stepped up on shipments of drugs arriving from north-east China, Yonhap news agency reported.

The Dong-a Ilbo newspaper said that capsules were being dyed or switched into boxes of other drugs in a bid to disguise them.

Some of the capsules were found in travellers' luggage and some in the post, customs officials said.

Allegations that human flesh capsules were being trafficked from north-east China into South Korea emerged last year in a South Korean television documentary.

by Nomad on Mon May 7th, 2012 at 04:13:21 PM EST
[ Parent ]
BBC News - Curry's ability to fight cancer put to the test

A chemical found in curry is to be tested for its ability to kill bowel cancer tumours in patients.

Curcumin, which is found in the spice turmeric, has been linked to a range of health benefits.

Studies have already shown that it can beat cancer cells grown in a laboratory and benefits have been suggested in stroke and dementia patients as well.

Now a trial at hospitals in Leicester will investigating giving curcumin alongside chemotherapy drugs.

About 40,000 people are diagnosed with bowel cancer in the UK each year.

If the disease spreads around the body, patients are normally given a combination of three chemotherapy drugs, but about half will not respond.

Forty patients at Leicester Royal Infirmary and Leicester General Hospital will take part in the trial, which will compare the effects of giving curcumin pills seven days before starting standard chemotherapy treatment.

by Nomad on Mon May 7th, 2012 at 04:13:44 PM EST
[ Parent ]
El Bulli chef sued over allegations of cheating former partner | Life and style | The Guardian

One of the world's most celebrated chefs, Spaniard Ferran Adrià, is to appear in court over allegations that he cheated a former partner out of his proper share in the legendary El Bulli restaurant.

The heirs of Miquel Horta, a former financial backer and shareholder in El Bulli, claim that the chef took advantage of their father's frail mental health to con him into selling his share in the business for a knockdown rate, according to Spain's Cadena SER radio station.

Horta's children say that their father's financing of a new, bigger kitchen at the beachside restaurant outside the north-eastern town of Roses was key to El Bulli's later success.

Horta received 20% of the business in return for putting in the money to rebuild and expand the kitchens in the early 1990s.

In 2005, Adrià and his business partner Juli Soler bought out Horta - who had originally made his money from making eau de cologne. They reportedly paid Horta, who has since died, €1m for the 20% share.

Now Horta's sons, Jofre and Sergi, claim that Adrià and Soler deliberately set an excessively low valuation for a restaurant that had become a brand name with global recognition.

by Nomad on Mon May 7th, 2012 at 04:14:18 PM EST
[ Parent ]
Italian mafia interior tastes exposed - in pictures | World news | guardian.co.uk
Criminal? Italian mafia interior tastes exposed - in pictures

Italian tax police and soldiers reveal the Naples home of jailed Camorra clan mobster Nicola Schiavone, in the process shedding a rather garish light on the kitsch interior tastes of a modern crime family.

by Nomad on Mon May 7th, 2012 at 04:16:36 PM EST
[ Parent ]
Pretty frightening loo, have to keep your eyes shut in there.
by afew (afew(a in a circle)eurotrib_dot_com) on Mon May 7th, 2012 at 04:29:45 PM EST
[ Parent ]
Quite a fan of Lladró too it would appear.
by sgr2 on Mon May 7th, 2012 at 05:10:24 PM EST
[ Parent ]
Now if that's not criminal,I don't know what is.

The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
by dvx (dvx.clt ät gmail dotcom) on Tue May 8th, 2012 at 03:50:21 AM EST
[ Parent ]
Beppe Grillo's Blog

The economy cannot continue to grow indefinitely
Hello everyone, my name is Simone Perotti. I am an author and I write novels and essays. I wrote the book entitled "Adesso basta" (literally "Enough is enough"), as well as another entitled "Ufficio di scollocamento" (literally "The Disemployment Bureau"), a book that I co-wrote with Paolo Ermani. Disemployment is a way to break free of the current system, meaning not only financially and work wise and not simply chucking up your job and changing your way of life, but something far more specific, which involves changing and getting out of the rat race totally, in every sense including psychologically, existentially and philosophically, as well as financially, work wise and socially. It is essentially an attempt to abandon the sinking ship before the captain's belated announcement can actually make life far more difficult for you.
Those Costa Concordia passengers who somehow managed to save themselves did so only by disobeying orders and getting themselves ready to get off the ship and head for safety long before the Captain eventually gave the order to abandon ship. "The Disemployment Bureau" was born of a somewhat thought provoking and paradoxical idea that someone nevertheless began to take very seriously indeed, examined carefully and actually saw through to fruition. There are now disemployment bureaus springing up here in Italy, avenues that help us understand the true nature of the problem that we are facing, namely that the promise is not going to be fulfilled, the promise that we could be part of a system that would deliver jobs for everyone, opportunities for everyone and that would include paid leave, shopping, houses and motorcars for all. There is no way that this promise can be kept because it was based on a very different economic, social and political situation to the one that we are currently seeing and everything has changed since then, so the ship is beginning to creak and groan, to list to one side and is now about to sink completely.
The "Ufficio di scollocamento" was born from the need from below to build up the necessary understanding, followed by the kind of action required in order to change our circumstances.
Soon we will all be disemployed, it is already happening. The system had made a promise that it is now unable to fulfil. Changing the rules midway through the game is deemed to be totally unacceptable at any stage and under any circumstances. Irrespective of whether it is merely a game of football or something far more serious, the rules simply cannot be changed midway through the game. We cannot simply stop the game before full-time just because the score is even, yet this is precisely what is happening at the moment. We knuckled down and got to work and agreed to participate in this society because this society was going to give us all sorts of things in return, such as a pension at a reasonable age, various services and an opportunity for everyone to have a job and to be able to grow professionally. However, that promise was based on the situation at the time, on an economy that was growing at the time, even though it was actually foreseeable that the economy could not continue to grow indefinitely and nor could the supply of third world countries that were ripe for exploitation be guaranteed and, in the meantime, those Countries have since become developing Countries in their own right and are no longer willing to sit back and allow themselves to be exploited.

Giving some sort of meaning to our own lives
That promise, which is now no longer feasible, is tending to exclude an ever increasing number of people from that idyllic plan for communal wellbeing and more and more people will be joining the ranks of the disemployed.
That ill-conceived civilisation, namely that of the north-west section of this planet where the kind of capitalism that demands standardised communal behaviour from which no one can escape is indeed the driving force, has already pretty much reached the end of the line.
The lead time for this change, or rather the time remaining for us to be able plan such a change, is busy running away fast and soon there will not be any time left in which to plan.



It's a fine line between homage, parody, and consumer opportunism. Jess Walter
by melo (melometa4(at)gmail.com) on Tue May 8th, 2012 at 05:16:03 AM EST
[ Parent ]
by Nomad on Mon May 7th, 2012 at 03:15:29 PM EST
Any shortcomings of important news can be wholly blamed on my fever-intoxicated mind.
by Nomad on Mon May 7th, 2012 at 04:19:39 PM EST
[ Parent ]
Actually Nomad, before i noticed your comment, i was going to post that today's compendium (including input from maracatu and others, and ET comments) sets a truly high standard. Danke.

Quick goodbettering.

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

by Crazy Horse on Tue May 8th, 2012 at 04:23:35 AM EST
[ Parent ]
Get well soon.

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 Tue May 8th, 2012 at 04:32:39 AM EST
[ Parent ]

(click to embiggen)

- Jake

If you only spend 20 minutes of the rest of your life on economics, go spend them here.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon May 7th, 2012 at 04:27:30 PM EST
[ Parent ]
Why are you showing profits going to shareholders in the MBA version?
by Colman (colman at eurotrib.com) on Mon May 7th, 2012 at 04:34:00 PM EST
[ Parent ]
Yeah, nothing coming out for management that I can see.
by afew (afew(a in a circle)eurotrib_dot_com) on Mon May 7th, 2012 at 04:38:26 PM EST
[ Parent ]
Of course not. Management contribute their wisdom to the firm. That they are remunerated for this does not enter into their view of themselves as beneficent beatific figures.

Though "profits" should have read "shareholder value," of course. Actual operating profits aren't required for that.

- Jake

If you only spend 20 minutes of the rest of your life on economics, go spend them here.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon May 7th, 2012 at 05:02:36 PM EST
[ Parent ]
Profits? General Motors pre bankruptcy is a perfect example of the system. The company lost money and market share year after year, and was clearly having difficulties producing things people would want to buy, yet their shares traded actively on the market and they were able to borrow staggering sums of money on the bond market. For years, the major economic activity was paying management, bondholders, and investment banks (commission). That is, for years, the company was transferring assets from the productive enterprise to its financial side management and consultants.
 
by rootless2 on Mon May 7th, 2012 at 05:49:39 PM EST
[ Parent ]
by asdf on Mon May 7th, 2012 at 09:01:03 PM EST
[ Parent ]
Georges Hollande a voté pour son fils sans partager ses idées - Libération George Holland voted for his son without sharing his ideas - Liberation
«Je suis heureux pour lui. Mais Sarkozy a fait un cadeau empoisonné à mon fils. J'espère qu'il va redresser la France. Oui, je le crois. Il a beaucoup de diplômes», a affirmé à Nice-Matin Georges Hollande, 89 ans, père du nouveau président de la République et  médecin ORL à la retraite. Selon le quotidien, il a assuré à ses voisins qu'il «a voté pour son fils parce qu'il ne peut pas faire autrement, mais ce ne sont pas ses idées». Partisan d'une droite dure, pro-Algérie française et hostile au général de Gaulle dans les années 60, le père du nouveau président n'a pas influencé politiquement son fils, très attaché à sa mère Nicole, une assistante sociale décédée en 2009, que le quotidien niçois qualifie de «fervente catholique de gauche», et qui figurait sur la liste socialiste aux municipales de Cannes en 2008. "I'm happy for him. But Sarkozy made a poisoned gift to my son. I hope he will put France on its feet. Yes, I believe him. He has many degrees ", George Holland, 89, father of the new president and retired ENT doctor said to Nice-Matin. The newspaper said he assured his neighbors that he "voted for his son because he can not do otherwise, but not for his ideas" . Supporter of a hard right, pro-French Algeria and hostile to de Gaulle in the 60s, the father of the new president has not influenced his son politically, very attached to his mother Nicole, a social worker who died in 2009, that the Nice daily calls "devout Catholic left" , who ran in the socialist list for the municipal elections in Cannes in 2008.


It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
by eurogreen on Tue May 8th, 2012 at 06:43:52 AM EST
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