Another Tuesday Open Thread

by dvx Tue Jul 24th, 2012 at 12:14:09 PM EST

Just add witty remark.

Another Tuesday Open Thread | 25 comments (25 topical, 0 editorial, 0 hidden)

Re: Another Tuesday Open Thread (none / 1)

I'm at my wit's end. Sorry.

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 Jul 24th, 2012 at 12:15:43 PM EST

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Boris Johnson explains the O games. Crikey !!

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Tue Jul 24th, 2012 at 12:38:59 PM EST

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Couldn't have happened to a more deserving gaggle of shits. Sadly, the death penalty is no longer on the statute books...

Daily Beast - Peter Jukes (aka Brit on dKos) - Rebekah Brooks, Andy Coulson, and Fleet Street's Elite Charged

Eight of Fleet Street's most prominent tabloid journalists face multiple charges of phone hacking, the Crown Prosecution Service announced Tuesday, one year after the phone-hacking scandal erupted at Rupert Murdoch's best-selling Sunday tabloid, News of the World.
The nineteen charges of phone interception relate to a number of high-profile figures, from celebrities such as Angelina Jolie and Brad Pitt, Jude Law and Sienna Miller, and Sir Paul McCartney to senior British politicians, such as the former deputy prime minister John Prescott and the former home secretary Charles Clarke. But the most emotive relates to the hacking of the phone of Milly Dowler, the 13-year-old schoolgirl who went missing in March 2002 and whose body was found six months later. The revelation that her phone had been hacked precipitated what Prime Minister David Cameron called a "firestorm" of scandal and led to the closure of the 168-year-old newspaper.
The most high profile of those charged include Rebekah Brooks, once a close confidante of the Murdoch family and a friend of the prime minister, who resigned as CEO of News International, News Corp.'s U.K. publishing arm, last summer. She is already facing three charges of perverting the course of justice in a court case that will begin in a few months. Brooks was the youngest editor of News of the World, from 2000 to 2003, when she was replaced by her deputy and friend Andy Coulson.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Tue Jul 24th, 2012 at 12:44:29 PM EST

Diplomatic facepalm (none / 0)

Reuters: CORRECTED-Spain, Italy, France call for swift EU action -Spanish gov't (Jul 24, 2012)

(Corrects to make clear it was not a joint statement)
(Reuters) - Spain, Italy and France on Tuesday called for a swift implementation of the decisions taken at the last European Union summit in Brussels, the Spanish Foreign Ministry said in a statement posted on its website.

At best, Spain, Italy and France made the call at the General Affairs Council meeting, which meets behind closed doors, but it was not successful; then Spain's representative and alter the foreign minister made public statements about it, and Italy and France denied that there had been a joint statement.

At worst, somebody's lying.

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa

by Migeru (migeru at eurotrib dot com) on Tue Jul 24th, 2012 at 12:54:48 PM EST

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And now the offending webpage has been removed from the Spanish government's website...

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa

by Migeru (migeru at eurotrib dot com) on Tue Jul 24th, 2012 at 12:58:09 PM EST
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@Suanzes

Joder. #vamosamorirtodos RT @pximenez: Teníamos dos aliados. Solo dos. Se acabó http://economia.elpais.com/economia/2012/07/24/actualidad/1343141864_521058.html ...

Shit, we're all gonna die. We had two allies, only two. It's over

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa

by Migeru (migeru at eurotrib dot com) on Tue Jul 24th, 2012 at 03:28:45 PM EST
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More details from Reuters: UPDATE 1-Spain says Italy, France back call for swift EU action

The Foreign Ministry said in a statement sent by email and posted on its website that Spain, France and Italy had called at a meeting of EU affairs ministers in Brussels to swiftly execute the decisions from the last EU summit.
"Secretary of State for EU affairs, Inigo Mendez de Vigo, the French minister for EU affairs Bernard Cazeneuve and the Italian minister for EU affairs, Enzo Moavero Milanesi, meeting at the General Affairs council in Brussels, have called for immediate execution of the agreements of the last European Council of June 28 and 29," it said.
...
"This information is untrue," Cazeneuve told Reuters.
An Italian official, communicating on condition of anonimity said: "I don't know where they got that from. There's nothing like that here or in other capitals."

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa

by Migeru (migeru at eurotrib dot com) on Tue Jul 24th, 2012 at 03:41:17 PM EST
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Le ministre des affaires européennes dément avoir exigé l'application des accords du sommet européen \| Le Monde		The Minister for European Affairs denies having demanded the implementation of the agreements of the EU summit \| Le Monde
Le ministre des affaires européennes, Bernard Cazeneuve, a indiqué ne pas avoir demandé avec ses collègues espagnol et italien une "application immédiate" des accords du sommet de Bruxelles fin juin, comme l'affirmait mardi 24 juillet un communiqué espagnol.		The Minister of European Affairs, Bernard Cazeneuve, said he did not ask with his Spanish and Italian colleagues for an "immediate implementation" of the agreements of the Brussels summit in late June, as affirmed in a Spanish statement Tuesday, July 24.
"Il n'y a pas eu de démarche commune avec l'Italie et l'Espagne. Je n'ai pas demandé d'application immédiate des accords. On suit les décisions prises au sommet européen et on travaille dessus", a-t-il déclaré, interrogé par l'AFP.		"There has been no common approach with the Italy and Spain. I did not ask for immediate implementation of the agreements. We follow the decisions taken at the EU summit and we are working on them ", he told AFP.
Un communiqué publié sur le site du ministère des affaires étrangères espagnol indique que les ministres des affaires européennes de l'Espagne, de l'Italie et de la France ont demandé mardi à Bruxelles "l'application immédiate des accords" du dernier sommet européen. "Cela n'a aucun sens d'affirmer cela. Cela n'a pas été évoqué entre nous", a ajouté M Cazeneuve.		A statement posted on the website of the Spanish Ministry of Foreign Affairs indicates that the Ministers for European Affairs of Spain, Italy and France asked Tuesday in Brussels for "the immediate implementation of the agreements" of the last EU summit. "It makes no sense to say that. This was not discussed between us" , added Mr. Cazeneuve.
Le gouvernement italien a de son côté exprimé "sa stupeur" à propos d'un "prétendu" communiqué commun signé par l'Espagne, l'Italie et la France et exigeant l'application immédiate des accords du sommet européen de fin juin.		The Italian government for its part expressed its "astonishment" about an "alleged" joint statement signed by Spain, Italy and France, demanding the immediate implementation of the agreements of the EU summit in late June.

by afew (afew(a in a circle)eurotrib_dot_com) on Tue Jul 24th, 2012 at 03:54:39 PM EST
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It boggles the mind.

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa

by Migeru (migeru at eurotrib dot com) on Tue Jul 24th, 2012 at 04:24:34 PM EST
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Linkiesta: Scudo sì, scudo no, ma qual è la verità? (Fabrizio Goria)

Tutto e il contrario di tutto. Di punto in bianco, sulle agenzie si inizia a leggere che Italia, Spagna e Francia avrebbero chiesto una rapida attivazione dello scudo anti-spread. Rapide, e secche, le smentite dei funzionari italiani e francesi, che lasciano gli spagnoli con il cerino in mano. Madrid, intanto, ribadisce che la nota congiunta esiste, è netta, ed è pubblicata sul sito del governo. O meglio, era, dato che è stata rimossa (qui il link alla vecchia pagina). L'operazione sarebbe quindi stata fatta all'oscuro di Roma e Parigi. Intanto però il ministro dello Sviluppo economico, Corrado Passera, ha spiegato che l'Europa deve dare un segnale forte: «Urge un intervento per tranquillizzare i mercati». Prove tecniche di attivazione dello scudo?
Dall'Italia tutti cadono dalle nuvole. È vero che lo spread, ovvero il differenziale di rendimento fra i titoli di Stato decennali di Italia e Germania, è oltre quota 500 punti base e si avvicina sempre più ai massimi di novembre. È vero che la tensione sui bond italiani è aumentata negli ultimi giorni, coi tassi d'interesse arrivati oltre quota 6,5 per cento. È vero che il downgrade di Moody's ha peggiorato la percezione sull'Italia. Ma è altrettanto vero che, almeno per ora, non ci sono state richieste di aiuto o esortazioni a un acquisto di titoli di Stato da parte del nostro Paese. «C'è stato un vertice, quello del 28 e 29 giugno, e si era giunti a un accordo di massima. Ma dire che è il momento di metterlo in pratica mi pare eccessivo», dice a Linkiesta un funzionario di Palazzo Chigi. Stesse parole giungono dal Tesoro. Arrivano smentite e nessuno vuole sentire parlare di scudo anti-spread. «Sarebbe assurdo attivarlo adesso», dice senza mezzi termini un alto funzionario del Dipartimento del debito pubblico del Tesoro. Eppure, ha continuato a ribadire la Moncloa, il comunicato congiunto esiste. Ma cosa è successo?
Fonti governative spiegano che è avvenuto un colloquio fra i ministri per gli Affari europei di Francia, Italia e Spagna, in quel di Bruxelles. E il ministro Íñigo Méndez De Vigo è il primo a fornire alle agenzie stampa copia del comunicato incriminato, in cui si legge che i tre Paesi in questione «hanno chiesto l'esecuzione immediata degli accordi dell'ultimo Consiglio europeo degli scorsi 28 e 29 giugno». Cioè, l'equivalente di alzare bandiera bianca. Immediatamente i corrispettivi stranieri del ministro iberico, Enzo Moavero Milanesi per l'Italia e Bernard Cazeneuve per la Francia, hanno smentito. Di più, Palazzo Chigi esprime «stupore» per le dichiarazioni di Méndez De Vigo. Stessa visione per l'Eliseo, che prende le distanze da Madrid. In realtà, è plausibile che si sia discusso anche dell'utilizzo dei due fondi salva-Stati European financial stability facility (Efsf) e European stability mechanism (Esm) per l'acquisto di titoli di Stato sul mercato primario e secondario, come nelle possibilità sia dell'uno sia dell'altro. Tuttavia, la discussione sarebbe rimasta solo ipotetica e attuabile dopo alla piena attivazione dello Esm, che dovrà avvenire solo dopo l'approvazione della Corte costituzionale tedesca, che si esprimerà il 12 settembre.

Shield, no shield, what's the truth? (Fabrizio Goria)

Everything is the opposite of everything. Out of the blue, one start seeing in the wires that Italy, Spain and France had asked for a quick activation of the anti-spread shield. Quickly, and dryly, the denials of Italian and French functionnaries leave the Spanish holding the bag. Madrid, in the meantime, retorts that the joint note exists, and it's published on the government's website. Or, rather, it was, given that it's been removed (here the link to the old page. The operation appears to have been made keeping Paris and Rome in the dark. In the meantime, however, the [italian] minister for economic development, Corrado Passera, explained that Europe must give a strong signal, "an intervention to quiet down the markets is urgent". Technical evidence of the activation of the shield?
From Italy, all falling from the clouds. It is true that the spread, or the yield spread between government bonds of Italy and Germany, is beyond the level of 500 basis points and is getting closer to November's maximum. It is true that the tension on the Italian bonds has increased in recent days, with interest rates reaching more than 6.5 percent. It is true that Moody's downgrade has worsened perceptions about Italy. But it is equally true that, at least for now, there have been no requests for help or exhortations to buy government bonds on the part of our country. "There was a summit, that of 28 and 29 June, and an agreement had been reached in principle. But to say that it's time to put it into practice seems excessive to me," an official at Palazzo Chigi tells Linkiesta. The same words come from the Treasury. Denials come and no one wants to hear about an anti-shield spread. "It would be absurd to turn it on now," says in no uncertain terms a senior official of the Treasury's Department of Public Debt. Yet, Moncloa reiterated, the joint statement exists. But what happened?
Government sources explained that there was a conversation between the Ministers for European Affairs of France, Italy and Spain, in Brussels. And the minister Íñigo Méndez De Vigo is the first to provide the news agencies with a copy of the offending statement, which states that the three countries concerned "have requested the immediate implementation of the agreements of the last European Council of last June 28 and 29 '. That is, the equivalent of raising the white flag. Immediately the counterparties of the Spanish foreign minister Enzo Moavero Milanesi for Italy and for France Bernard Cazeneuve, denied it. Moreover, Palazzo Chigi expressed "amazement" at Méndez De Vigo's statements. Same view form the Elysée, which keeps its distance from Madrid. In fact, it is plausible that it was discussed to use the two state-saving funds European Financial Stability Facility (EFSF) and European Stability Mechanism (ESM) for the purchase of government securities on the primary and secondary markets, as it is possible for either. However, the discussion would have remained only hypothetical and applicable after the full activation of the ESM, which should take place only after approval by the German Constitutional Court, which will vote Sept. 12.

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa

by Migeru (migeru at eurotrib dot com) on Tue Jul 24th, 2012 at 05:13:06 PM EST
[ Parent ]

More good news (4.00 / 5)

Solar tax credit pays for itself
Economic activity generates excess revenue
A federal tax credit that has helped energize the recent boom in solar construction pays for itself and even generates excess revenue for the treasury, according to a recent study.
The study was published by the US Partnership for Renewable Finance (US PREF), a program of the American Council On Renewable Energy (ACORE).
"Paid in Full" finds that the solar investment tax credit (ITC), expanded by the Energy Policy Act of 2005 by President George W. Bush and modified as a grant program under stimulus legislation championed by President Barack Obama, can deliver a 10% internal rate of return to taxpayers on the government's initial investment. The report examines the cash flows generated by tax revenues on solar leases and power purchase agreements to show that a $10,500 tax credit for a residential system can provide a $22,882 nominal benefit to the government in those scenarios over the life of the solar asset, and a $300,000 commercial solar credit can create a $677,627 nominal benefit in a similar time period.
"The fiscal return demonstrated in this model is independent of, and additive to the numerous other benefits of solar projects, including job creation, energy independence, the preservation of natural resources and the health benefits of cleaner air," the study says.
(...)
US PREF is a coalition of senior level financiers who invest in all sectors of the energy industry, including renewable energy.

(I was not involved)

Wind power

by Jerome a Paris (etg@eurotrib.com) on Tue Jul 24th, 2012 at 01:24:12 PM EST

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Robert Mundell interview: Robert Mundell: Euro is here to stay (Financial Post, Jun 8, 2012)

MUNDELL: The euro is not the problem. The problem within the European Union and the European Monetary Union is government deficits and the debts of a few countries, mostly in Southern Europe. It is a failure of fiscal discipline that has threatened the solvency of the debt-ridden countries whose high deficits are due in large part to the current recession in Europe and more generally the slowdown of the world economy. The debts would only become a problem for the euro if these deficits led the European Central Bank (ECB) to create substantial inflation to try to bail out these countries.
...
What is often missed by economists is that the creation of the euro was a political event of great importance to the future of European integration. Before World War I, Europe was, in Max Weber's phrase, "mistress of the world" (he called America "Europe overseas"). The two World Wars and the end of the Cold War led to the collapse of colonialism and a diminution in European power below its equilibrium and certainly its optimum. The euro is more than just the icing on the cake on the single European market and the European Union (EU), it is the glue that keeps the core of Europe together. Never before has there been a currency union that covers so large a share of the world economy and that has grown so successfully and so rapidly within the space of a decade and a half.
This is not to say that there is not a great deal to be done to make it a better currency union. The process of deficit adjustment has to continue, with austerity, structural reform and new investment strategies. Fire engines have to be ready to put out the financial fires that are engulfing Greece, Portugal, Spain, Cyprus and Italy. Money has to come from the ECB, the European Financial Stability Facility, and the International Monetary Fund. Above all, bailouts have to be linked to some transfer of fiscal authority from countries that have become insolvent to the European Commission acting under the auspices, for constitutional correctness, of the European Council.
...
This is not to say that Europe might not be better off with a redistribution of functions from the nation-state to the "federal" level, including defense and social security unification. But if these shifts of responsibility are made along with corresponding shifts in the powers of taxation, they should be made on grounds of efficiency and economic justice, not on grounds that they are necessary for monetary union.

See Robert Mundell, evil genius of the euro by Greg Palast, 26 June 2012

For the architect of the euro, taking macroeconomics away from elected politicians and forcing deregulation were part of the plan

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa

by Migeru (migeru at eurotrib dot com) on Tue Jul 24th, 2012 at 03:15:03 PM EST

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Via @quatremer

Un papier de Mundell sur l'euro "qui est là pour rester", pour ceux qui utilisent sa ZMO sans comprendre http://opinion.financialpost.com/2012/06/08/robert-mundell-euro-is-here-to-stay/ ... #euro

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa

by Migeru (migeru at eurotrib dot com) on Tue Jul 24th, 2012 at 03:16:18 PM EST
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The patient is dying but the operation was a success!

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

by ATinNM on Tue Jul 24th, 2012 at 03:16:32 PM EST
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I'll have a diary up soon about Mundell, the OCA theory, and the "genesis" of the euro.

by afew (afew(a in a circle)eurotrib_dot_com) on Tue Jul 24th, 2012 at 03:19:10 PM EST
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Though the Greg Palast article is mostly self-aggrandizing hot gas.

by afew (afew(a in a circle)eurotrib_dot_com) on Tue Jul 24th, 2012 at 03:19:59 PM EST
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Vladimir Putin and his poison tasters: culinary secrets of the world's leaders - Telegraph

These are some of the culinary secrets to emerge from the latest meeting of the select club of chefs who cook for the planet's most powerful leaders.
The "club des chefs des chefs", a group of 27 top chefs from the kitchens of the world's presidents, prime ministers and monarchs, is gathering in Paris this week to swap recipes and tit bits on dinner-party diplomacy. The cooks insist haute cuisine plays a crucial role in warming ties and sealing international deals.
The club, whose title plays on the double meaning of the French word "chef" for cook and leader, was founded 35 years ago by Gilles Bragard. On Tuesday, he revealed that President Putin of Russia maintains the medieval monarchs' tradition of having everything he eats tried by someone else for fear of poisoning.
"Tasters still exist but only in the Kremlin, where a doctor checks every dish with the chef," Mr Bragard said ahead of a reception for the chefs hosted by new French President François Hollande.

by Fran (fran at eurotrib dot com) on Tue Jul 24th, 2012 at 03:41:28 PM EST

Re: Another Tuesday Open Thread (4.00 / 2)

what is the taste of polonium then ?

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Tue Jul 24th, 2012 at 03:49:48 PM EST
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Re: Another Tuesday Open Thread (4.00 / 3)

Like sausage with a 'um.

by afew (afew(a in a circle)eurotrib_dot_com) on Tue Jul 24th, 2012 at 04:15:41 PM EST
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Dutch royal family 'overtake Britain's as most expensive in Europe' - Telegraph

The research by Prof Matthijs is based on comparisons of civil lists and parliamentary reports on national accounts and do not include the cost of security for European royals, or compare their incomes from private wealth.
But Europe's most expensive head of state is not a King or a Queen but the president of a republic.
The study found that the most expensive head of state is Francois Hollande, the president of the French Republic, with the annual cost of the Elysée Palace running to £87.2 million - almost three times the bill for the Dutch royals.

by Fran (fran at eurotrib dot com) on Tue Jul 24th, 2012 at 04:45:54 PM EST

Re: Another Tuesday Open Thread (none / 0)

Telegraph:

The study found that the most expensive head of state is Francois Hollande, the president of the French Republic, with the annual cost of the Elysée Palace running to £87.2 million - almost three times the bill for the Dutch royals.

Part of the credit must go to Hollande's predecessor who has contributed to quite a bit of increase in the presidency expenses.

In all fairness, the French president having real executive powers, comparison with figurehead presidents or royalties isn't really a propos: it should compare with Prime Ministers in other European countries. Then again, did you expect fairness considering the source?

Europeans think a hundred miles is a long way. Americans think a hundred years is a long time.

by Bernard on Wed Jul 25th, 2012 at 07:53:00 AM EST
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Greenland ice sheet melted at unprecedented rate during July:

The Greenland ice sheet melted at a faster rate this month than at any other time in recorded history, with virtually the entire ice sheet showing signs of thaw.
The rapid melting over just four days was captured by three satellites. It has stunned and alarmed scientists, and deepened fears about the pace and future consequences of climate change.
...
The set of images released by Nasa on Tuesday show a rapid thaw between 8 July and 12 July. Within that four-day period, measurements from three satellites showed a swift expansion of the area of melting ice, from about 40% of the ice sheet surface to 97%.

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

by ATinNM on Tue Jul 24th, 2012 at 07:16:43 PM EST

Re: Another Tuesday Open Thread (4.00 / 3)

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