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European Salon de News, Discussion et Klatsch - 8 December

by Fran Sun Dec 7th, 2008 at 03:03:12 PM EST

On this date in history:

1865 - Birth of Jean Sibelius, a Finnish composer of the later Romantic period and one of the most notable composers of the late 19th and early 20th centuries. His music played an important role in the formation of the Finnish national identity. (d. 1957)

More here and video


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by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 03:03:58 PM EST
EUobserver: European Parliament capitulates on biofuel deal

EUOBSERVER / BRUSSELS - The policy tennis match between biofuels supporters and opponents in the European Union has all but drawn to a close, with the backers of the controversial fuel source securing almost complete victory.

Representatives of EU members states, the European Parliament and the European Commission this week came to a back-room agreement that supports the sourcing of 10 percent of the EU's road transport fuel from renewable forms of energy by 2020 - the same target figure originally proposed by the EU executive in January of this year.

When the proposal was first unveiled, most policymakers assumed that biofuels would make up all or most of the 10 percent figure.

But in the wake of reports from the World Bank through to the UN saying that in many cases biofuels produced more greenhouse gases than fossil fuels and threatened global food supplies, EU lawmakers were under pressure to slim down or abandon the biofuels element of the 10 percent renewable transport fuel target.

In particular, scientists warned that "indirect land-use change" - the creation of new farmland on previous grassland or forest to compensate for farmland lost to biofuels - would put the value of even the "cleanest" biofuels in doubt.

While many in the European Parliament had been convinced of the dangers, the commission and member states remained adamant that the target go ahead largely unchanged.

Under this week's tri-partite agreement, consideration of problems caused by indirect land-use change has been completely junked, apart from a caveat that the European Commission will come up with a report by 2010 on how to minimise this process.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 03:08:23 PM EST
[ Parent ]
by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 03:25:07 PM EST
[ Parent ]
Czech Premier Wins Party Leadership Battle | Europe | Deutsche Welle | 07.12.2008
Czech Prime Minister Mirek Topolanek successfully defended his party's leadership Sunday, Dec. 7 a sign of continuity for the European Union as the Czech Republic prepares to chair the bloc and vote on its reform treaty.

In a 284 -162 vote the Civic Democratic Party, which opposes deeper European integration, chose pragmatic treaty supporter Topolanek over his eurosceptic challenger, Prague Mayor Pavel Bem.

"Hopefully I will finally have a moment to prepare and gather strength for that half year, for which I feel great responsibility," Topolanek told reporters. The Czech Republic is set to take over at EU's helm from France on January 1.

But the premier still faces hurdles as his three-party center-right government has been significantly weakened.

Topolanek defeated Bem in a second blow to party's eurosceptic camp during this weekend's party congress.

On Saturday, President Vaclav Klaus, an outspoken EU critic and party's iconic founder, surprisingly cut his ties with the party he founded in 1991 and subsequently led for 12 years.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 03:08:54 PM EST
[ Parent ]
Bloomberg.com: Exclusive

Dec. 5 (Bloomberg) -- At 4 a.m. on Sept. 30, as the collapse of Lehman Brothers Holdings Inc. was shaking up investors on six continents, President Nicolas Sarkozy convened an emergency meeting at the Elysee Palace in Paris to broker the bailout of French-Belgian bank Dexia SA. For an hour, he grilled Finance Minister Christine Lagarde and Bank of France Governor Christian Noyer on the terms of the 6.4 billion euro rescue plan, says François Perol, Sarkozy's economic adviser.

One of his top requirements: Dexia Chief Executive Officer Axel Miller must leave and forfeit his 3.7 million euro severance paycheck.

With that gesture, Sarkozy, who took office pledging to instill a work-hard, get-rich ethos in a country known for its disdain for money, turned into something more familiar to the French: a politician who intervenes in private companies, subsidizes jobs and bashes the bosses.

"By conveying the message that the state can do better than free markets, Nicolas Sarkozy is appealing to the French's old instinct for protection," says Philippe Waechter, chief economist at Natixis Asset Management in Paris. "He seems to be turning his back on his reformist agenda meant to give the French economy more inner resilience."

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 03:09:54 PM EST
[ Parent ]
One of (Sarkozy's) top requirements: Dexia Chief Executive Officer Axel Miller must leave and forfeit his 3.7 million euro severance paycheck.
says Philippe Waechter, chief economist at Natixis Asset Management in Paris. "He seems to be turning his back on his reformist agenda meant to give the French economy more inner resilience."

Well, had Sarkozy not so insisted we can be certain the severance pay would have greatly contributed to Alex Miller's "inner resilience."  Such actions must surely strike at the very heart of financial capitalism-- enriching those who run the system.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Dec 7th, 2008 at 03:42:24 PM EST
[ Parent ]
Amusing that they go to seek wisdom of a specialist from Natixis Asset Management, though...
by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 03:53:56 PM EST
[ Parent ]
by Jerome a Paris (etg@eurotrib.com) on Sun Dec 7th, 2008 at 04:38:04 PM EST
[ Parent ]
From what I can make out of the Google garble translation it would appear that there was score settling, class bias, and that Miller attempted, but was frustrated  by French officials, to sell the US subsidiary before it blew up.  As no good deed goes unrewarded, he, a Belgan, lost his parachute and was instead presented as the sacrificial goat.  Did I come close?

It is appalling that Google Translate cannot even properly handle the ne xxxx pas construction of French.  Is it entirely vocabulary based?

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Dec 7th, 2008 at 07:53:00 PM EST
[ Parent ]
Vocabulary based and can't handle accents. I suspect a heavy Anglo bias...
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Dec 8th, 2008 at 01:45:30 AM EST
[ Parent ]
Am I reading this correctly?

Is Bloomberg suggesting that the tax payers subsidize Mr Miller's severance paycheck, as a reward for having put the bank in such a fine situation that it desperately required government funded bailout?

You'll have to admire the chutzpah...

When you're falling off a cliff and someone throws you a rope, you are not exactly in a situation to make demands and complain about your rescuer butting into your business, now are you?

by Bernard (bernard) on Sun Dec 7th, 2008 at 05:42:03 PM EST
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I suspect that bloomberg is on some secret mission to make us love Sarkozy, or something. The 'work hard-get rich' string doesn't necessarily imply 'be a rich manager-FAIL-get a reward'. Except in some randroid alternate reality.

In the real world, at least in continental Europe, the conservative mantra is that the poor get too much, relative poverty isn't real, and that work has to pay again. The notion that wealth rightly confers privilege is, lets say... underdeveloped.

by nanne (zwaerdenmaecker@gmail.com) on Sun Dec 7th, 2008 at 07:35:16 PM EST
[ Parent ]
The Bloomberg article struck me as a poor and messy puff for Sarko.
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Dec 8th, 2008 at 01:47:56 AM EST
[ Parent ]
..so messy, it looks more like a hit piece than a puff piece: all the neo-lib clichés are there, complete with the obligatory reference to de Gaulle and a history of French protectionism through the ages...

Funny part: the authors appear to be French; they sure have mastered the fine art of Economist/FT/WSJ speech...

by Bernard (bernard) on Mon Dec 8th, 2008 at 05:00:58 PM EST
[ Parent ]
7 points for Randroid - plus an honorary award that pushes the term into contention for Term of the Year.

Never underestimate their intelligence, always underestimate their knowledge.

Frank Delaney ~ Ireland

by siegestate (siegestate or beyondwarispeace.com) on Mon Dec 8th, 2008 at 03:35:08 AM EST
[ Parent ]
BBC NEWS | World | Europe | Fresh riots erupt in Greek cities

Thousands of protesters have attacked banks and shops in Athens and Greece's northern city of Thessaloniki, angered by the police's killing of a teenager.

Demonstrators threw petrol bombs, rocks and other objects at the buildings and at police, who responded with tear gas.

Greek Interior Minister Prokopis Pavlopoulos has appealed for restraint.

The streets of the capital were already strewn with glass and rubble after a night of rioting sparked by Saturday's shooting, in the Exarchia district.

Police said Saturday's riots had left 24 police officers injured, one seriously, and 31 shops, nine banks and 25 cars damaged or burned.

by In Wales (inwales aaat eurotrib.com) on Sun Dec 7th, 2008 at 03:11:18 PM EST
[ Parent ]
the reaction sounds extremely excessive. I imagine there's more behind this to have spread like wildfire

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Sun Dec 7th, 2008 at 05:32:55 PM EST
[ Parent ]
Greek youths riot after police shoot boy | World news | guardian.co.uk

Riots have broken out in several Greek cities after police shot dead a teenage boy in Athens.

Following the shooting in the central Exarchia district of the capital late yesterday, youths began throwing petrol bombs at police, burning cars and smashing windows.

Officers used teargas to try to disperse the crowds as hundreds of protesters marched on the police headquarters in Athens chanting "Murderers in uniforms".

The violence spread quickly to Greece's second largest city of Thessaloniki and to other towns in the north.

The circumstances surrounding the boy's death remain unclear. According to a statement issued by police and obtained by Reuters, the officers said their patrol car had been attacked by 30 youths throwing stones and other objects.

When they attempted to arrest the youths, they were attacked again and one of the officers fired three shots, killing the boy, the statement said.

"The two maintain that they were attacked again and responded, with one firing a stun grenade and the other, by shooting three times, resulting in the fatal wounding of the minor."

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 03:12:12 PM EST
[ Parent ]
AFP: Two police arrested over Greek teen shooting

ATHENS (AFP) -- Two Greek police officers were arrested Sunday over the killing of a 15-year-old boy, touching off a wave of violent protests by angry youths setting Athens and other Greek cities ablaze.

Thousands of protestors battled police in central Athens Sunday, smashing the windows of shops and banks with molotov cocktails, and sending three officers to hospital, said police, who used tear gas to disperse the rioters.

And in the western city of Patras, a police officer was in hospital after being beaten up by a group of youths.

In the Greek capital, officers arrested about 10 protestors and about 14 demonstrators were treated for breathing difficulties caused by the tear gas, said the police.

Along Alexandras avenue, at least three banks -- the National Bank of Greece, the Emporiki Bank and the Bank of Piraeus -- as well as supermarkets and dozens of shops were set on fire during the clashes .

Nearly 5,000 people rallied outside the National Museum near where the teenage victim, Andreas Grigoropoulos, died late Saturday.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 03:13:49 PM EST
[ Parent ]
It's difficult to describe, because it is unfolding right now even, but we're seeing large-scale, uncontrollable riots here, going on for a second night. Although there is a long history of anarchist and autonomist actions and (mostly) reactions, bordering often on a cowboy-and-indian style ritualized confrontation with the cops, last night (and today and tonight), the rioting was unprecedented in participation, in speed of reaction and in geographical extent. As I write this parts of Athens are burning, main University buildings are occupied by students, and looting has started. Most shops in Athens' main commercial boulevard, Ermou Str. have been burnt or smashed, and riots or ongoing in the country's second largest city, Thessaloniki, as well as Patras, Ioannina, Mytilene, Iraklion ,Chania, Agrinio, almost every town larger than 20k people it seems. From what I understood for the description of Paris riots three years ago, this is pretty close in terms of the extent of damage inflicted on the city.

The trigger was the murder of the 16 year old kid in Exarchia, the alternative/atiauthoritarian hotbed of Athens, in what eyewitnesses describe as a shooting in cold blood by a Special Guard (like a policeman only less trained and more eager to shoot as not a few recent incidents have shown). But the tension that has created the possibilities of riots has been brewing for some time now, certainly since last year's student protests, when the police started a de facto feud with anyone under 30. But it isn't just the youth. The police were pelted with lemons thrown by apartment residents of all ages from their balkonies, I heard, as they were passing through Alexandras Ave and the composition of the crowd yesterday (2500 three hours after the event at midnight, of all ages), included some not so young faces.

There is a climate of utter dissapointment with the government (and the political system as a whole I'd say), coupled with the grimmest mood I can remember, insecurity, high unemployment, high cost of living along with low paying and precarious work especially for young people - plus of course the ominous shadow of the Crisis.

IOW, in terms of societal weather: its rioty with a good chance of local revolts.

The road of excess leads to the palace of wisdom - William Blake

by talos (mihalis at gmail dot com) on Sun Dec 7th, 2008 at 04:53:12 PM EST
[ Parent ]
BBC NEWS | World | Europe | China protest at EU-Dalai meeting

China has "lodged a strong protest" against France over Saturday's meeting between the French president and the Dalai Lama, Chinese state media report.

Deputy Foreign Minister He Yafei summoned the French ambassador to China to protest, Xinhua news agency said.

"This has undermined the political foundations of Sino-French and Sino-European ties," Mr He told the envoy.

The Tibetan spiritual leader was at a gathering of Nobel Peace Prize winners in Poland when he met Mr Sarkozy.

In protest at the meeting, Beijing cancelled an EU-China summit last week which France was to host early this week.

France currently hold the rotating presidency of the European Union.

Mr Sarkozy is in Poland for a meeting with nine EU eastern member states on the bloc's climate change plans.

The French president, who did not meet the Buddhist leader when he visited France in August, appealed for calm about Saturday's meeting.

"The world needs an open China that participates in global governance," said Mr Sarkozy. "China needs a powerful Europe that gives work to Chinese enterprise."

by In Wales (inwales aaat eurotrib.com) on Sun Dec 7th, 2008 at 03:19:25 PM EST
[ Parent ]
Slashdot | German Gov't Donates 100,000 Images To Wikipedia
"The German Federal Archive has agreed to donate 100,000 images to Wikipedia under the German version of the Creative Commons Attribution Share-Alike License. These pictures cover a period from 1860 to present. This is the largest picture donation ever to Wikipedia, and possibly the largest in the history of the free culture movement." Apparently, this is part of a project which will eventually make 11 million photos available for public use.


Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se
by A swedish kind of death on Mon Dec 8th, 2008 at 04:58:26 AM EST
[ Parent ]
SPECIAL FOCUS World Planetary Global Meltdown
by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 03:04:28 PM EST
Obama vows strong new financial regulations | Industries | Financial Services & Real Estate | Reuters

WASHINGTON, Dec 7 (Reuters) - U.S. President-elect Barack Obama said on Sunday he would put strong new financial regulation at the center of his economic recovery program to force more accountability on the banking industry.

Obama again warned that the U.S. economic crisis, which saw the country lose more than half a million jobs in November alone, would worsen before it gets better.

"As part of our economic recovery package what you will see coming out of my administration, right at the center, is a strong set of financial regulations," Obama said in a taped appearance on NBC's "Meet the Press" television show.

"Banks, ratings agencies, mortgage brokers, a whole bunch of folks (will) start having to be much more accountable and behave much more responsibly.

"We've got to have transparency, openness, fair dealing in our financial markets and that's an area where I think over the last eight years we've fallen short."

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 03:10:35 PM EST
[ Parent ]
BBC NEWS | World | Americas | US Elections 2008 | Obama vows aid for car industry

US President-elect Barack Obama says he will not allow the country's car industry to collapse, but any state help must come with strict conditions.

The industry and its stakeholders would have to restructure, he told NBC television's Meet the Press.

Congress and the White House have been holding talks on a plan to rescue the beleaguered US car industry.

Mr Obama warned the economy would get worse before it improved, but any aid plan needed strong regulations.

He also named Japanese-American General Eric Shinseki as Veterans' Affairs chief.

He said Gen Shinseki was exactly the right person to honour returning soldiers.

by In Wales (inwales aaat eurotrib.com) on Sun Dec 7th, 2008 at 03:15:05 PM EST
[ Parent ]
The upcoming Bloomberg dispatch almost writes itself:

"With that gesture, Obama, who took office pledging to instill a work-hard, get-rich ethos in a country known for its disdain for state aid, turned into something more familiar to the Democrats: a politician who intervenes in private companies, subsidizes jobs and bashes the bosses."

See above, about Dexia bank.

by Bernard (bernard) on Sun Dec 7th, 2008 at 05:47:31 PM EST
[ Parent ]
GM, Chrysler Literally Can't Afford Bankruptcy

This would be funny if it weren't so sad. It seems bankruptcy is not an option for GM or Chrysler, but not because they're "too big to fail", as we've been told, but rather it's because they can't even finance a bankruptcy. From Bloomberg:
by Loefing on Sun Dec 7th, 2008 at 05:48:06 PM EST
[ Parent ]
Bloomberg.com: Economy

Dec. 7 (Bloomberg) -- President-elect Barack Obama said the economic crisis will worsen before a recovery takes hold, and the government must act swiftly to stimulate job creation.

"Things are going to get worse before they get better," Obama said in an interview on NBC's "Meet the Press" program broadcast today.

Obama, who takes office Jan. 20, said his advisers are still working to determine the size of the economic stimulus package needed to pull the country out of the longest recession since 1982. "But it is going to be substantial," he said, without giving an estimate.

While calling the federal budget deficit he will inherit "enormous," Obama said economic recovery is more important, "and that means that we can't worry, short term, about the budget deficit."

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 03:22:44 PM EST
[ Parent ]
UPDATE 1-U.S. Sen. Dodd says GM CEO should move on | Deals | Mergers & Acquisitions | Reuters

WASHINGTON, Dec 7 (Reuters) - U.S. Senate Banking Committee chairman Christopher Dodd said on Sunday General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) chief executive Rick Wagoner should resign to allow new leadership to restructure the faltering company.

"I think he has to move on," Dodd, a Connecticut Democrat who is leading efforts to craft legislation to bailout U.S. automakers, said on CBS's "Face the Nation."

U.S. lawmakers are close to a deal to provide $15 billion in emergency loans to help General Motors and Chrysler LLC avoid bankruptcy. Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz), thought to be in best shape of any of the Big Three U.S. auto makers, is also seeking a line of credit from the U.S. government.

Dodd said the legislation would buy the U.S. auto industry time to work through structural and financial problems. He said industry restructuring should be done under new leadership. Asked about Wagoner, Dodd said he should step aside.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 03:15:11 PM EST
[ Parent ]

Dan Quayle and Cerberus Holding American Economy Hostage

But far more important, making a Chrysler bailout contingent on GM's acquisition basically bails a bunch of muckety-muck Republicans and pseudo-Republicans out of their stupid business decisions.

As this article makes clear, Cerberus is a private investment firm loaded to the gills with Washington retreads:

(...)

Cerberus' MO is to buy companies cheaply, chop them up, re-package them, and sell them for a profit. Which is precisely what they intended to do when they acquired Chrysler last year for $7.4 billion (and more than half of GMAC in 2006). But, after a year-long hunt for someone to buy Chrysler and a further $2 billion investment, Cerberus is stuck with a company in a troubled sector hemorrhaging money. So they have been lobbying to have someone bail them out of their crappy investment.

Which is where the Republicans in Congress comes in. We know that Bob Bennett (who has received $17,000 of Cerberus love of late) is getting lobbied to get Cerberus bailed out of its bad investment; and, surprise surprise, Bennett proposed exactly that at Thursday's hearing. We also know that someone--probably Snow or Quayle or someone like that--not only chatted up Bob Corker the other day, but induced him to publicly announce that Cerberus isn't going to help bail its own company, Chrysler, out (this was right before Corker slammed GM's stock by falsely stating its DOE application had been rejected). And though Richard Shelby doesn't want any kind of bailout, it's worth noting the $37,500 invested in him of late, as well as similarly large chunks to John Kyl and Orrin Hatch. (Cerberus also gives big to MI's legislators, both Democratic and Republican.)

In other words, some of these Republicans who are so adamant that the Big Two and a Half shouldn't be bailed out also happen to be the same guys pushing to bail out their buddies at Cerberus.



In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Sun Dec 7th, 2008 at 04:40:45 PM EST
[ Parent ]

HSBC finds tidy profit in property slump

HSBC has emerged as an unlikely beneficiary of the property slump after banking £250m in an 11th-hour deal to take back the keys to its Canary Wharf headquarters from its Spanish owner.

Metrovacesa, the heavily indebted Spanish property company, bought the skyscraper, 8 Canada Square, from HSBC for £1.09bn last summer - using debt provided by HSBC. The deal, at the very peak of the market, was the UK's most expensive property transaction yet. The subsequent crash has eroded almost all the equity put in by Metrovacesa.

The sale and leaseback of the tower, the second-tallest in the UK, was funded by a bridging loan of £810m from the bank topped up by about £280m of equity from Metrovacesa. Metrovacesa and HSBC on Friday finalised the terms of a deal under which the bank will buy back the building for £838m, meaning a loss of more than £250m for Metrovacesa.

The Spanish company was left with few choices after finding it impossible to refinance the deal elsewhere. It also failed during the summer to find a buyer for the building or a stake in it.

I remember thinking (and maybe writing?) that HSBC was doing the smart thing then.

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Sun Dec 7th, 2008 at 04:52:12 PM EST
[ Parent ]

Deepwater Rig Rates Jump as Shortage Trumps Oil Drop

Dec. 5 (Bloomberg) -- Rental rates for deepwater drilling rigs continue to surge as a worldwide shortage of vessels used to search the oceans for oil outweighs the biggest drop in crude prices in a quarter-century.

Transocean Inc., the world's largest offshore oil driller, agreed to lease its C. Kirk Rhein Jr. rig to Burgundy Global Exploration Corp. for $550,000 a day, a 52 percent increase from the previous rate, according to a public filing today.

Burgundy's lease commences in February, after South African energy producer Sasol Ltd.'s current contract to use the rig off the coast of Mozambique expires, Transocean said. Burgundy, based in Makati City, Philippines, plans to search for oil in Filipino waters.

"It is impressive," Brian Uhlmer, an analyst at Pritchard Capital Partners LLC in Houston, said today in a note to clients. The rate makes Uhlmer "more comfortable" about deepwater-rig operators' prospects for maintaining profits despite lower crude prices.

The global credit crunch is a boon for rig operators such as Transocean because the lack of financing is preventing smaller rivals from following through with plans to build new vessels. As many as one-fifth of the new deepwater rigs on order in shipyards from South Korea to Norway will be canceled or delayed because of capital constraints, Uhlmer said in October.

Demand for vessels that can explore more than 6 miles (9.7 kilometers) below the sea surface and hundreds of miles from shore has risen faster than the world's supply of the most- sophisticated drill ships, pushing day rates to a record.

High Seas

Royal Dutch Shell Plc, Anadarko Petroleum Corp. and other energy producers require rigs that can operate year-round in rough seas and shelter more than 100 employees for weeks at a time to find crude in places such as the Atlantic Ocean off the coast of Angola and the Gulf of Mexico.

Offshore exploration yielded the Western Hemisphere's biggest discovery in three decades when Rio de Janeiro-based Petroleo Brasileiro SA in 2006 found the Tupi field, home to the equivalent of 5 billion to 8 billion barrels of oil.

Transocean also announced higher rental rates today for its GSF Adriatic VI rig off the coast of Gabon and the GSF 103 in Egyptian waters. Each $50,000 increase in daily rig rates adds $3.21 to Transocean's full-year per-share earnings, according to JPMorgan Securities Inc.

Transocean, which is based in the Cayman Islands and run from Houston, is expected to boost 2008 profit by 47 percent to $4.61 billion, based on the average estimate of 19 analysts surveyed by Bloomberg.



In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Sun Dec 7th, 2008 at 04:53:50 PM EST
[ Parent ]


In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Sun Dec 7th, 2008 at 05:04:48 PM EST
[ Parent ]
Are banks still busy deleveraging? Can you take the exchange rate of the dollar as an indicator?
by nanne (zwaerdenmaecker@gmail.com) on Sun Dec 7th, 2008 at 08:01:41 PM EST
[ Parent ]
but not just banks - hedge funds too. Numbers I've read suggest that hedge funds will shrink from $2.2 trillion to $1.2 trillion over the year, from the combination of losses and withdrawals. And most of that lead to moves towards dollars.

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Mon Dec 8th, 2008 at 06:02:53 AM EST
[ Parent ]
In the latest issue of Barron's Alan Abelson discusses a  recent speech by economist Henry Kaufman before a group of bankers highlighting the dangers of the financial consolidation that is resulting from the crisis:

From bad to worse  

As Henry points out, there's no way around it: We've got to kick our addiction to debt if the world is to regain some semblance of financial sanity. On that score, we might interject, one can detect a kind of grim upside to the economic horror afflicting us: It's already done wonders in raising the consciousness of just plain folks -- if not necessarily that of Washington and Wall Street -- to the perils of sinking deep into debt.

Henry lays out with admirable coherence and relative brevity the various likely consequences of the hellish economic and financial bind we find ourselves in. We were particularly struck and disturbed by what he deems the most profound long-term effect of the credit crisis: The sharp acceleration in a trend that has already reached epic proportions -- the concentration that's radically changing finance as we've known it.

The mighty wave of acquisitions, shotgun mergers and the like that has swept over the field has greatly increased the domination of the top 15 institutions, which now hold over half the nonfinancial debt in this fair land. "These were the very firms," Henry reminds us, "that played a central role in creating debt on an unprecedented scale through a process of massive securitization via complex new credit instruments" and who "pushed for legal structures that made many aspects of the financial market opaque."

He warns that in the years ahead, these financial goliaths "will limit any chance for the U.S. to move toward greater economic democracy," and they are riddled with conflicts of interest springing from their multiple roles "in securities underwriting, in lending and investing, in the making of secondary markets and in the management of other people's money."

Henry also balefully predicts that "through their global reach, these sprawling firms will transmit financial contagion even more quickly," and "when the current crisis abates, the pricing power of these huge financial conglomerates will grow significantly, at the expense of borrowers and investors."




"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Dec 7th, 2008 at 09:00:43 PM EST
[ Parent ]
Back at junk value, recyclables are piling up in the U.S. - International Herald Tribune

Trash has crashed.

The economic downturn has decimated the U.S. market for recycled materials like cardboard, plastic, newspaper and metals. Across the country, this junk is accumulating by the ton in the yards and warehouses of recycling contractors, which are unable to find buyers or are unwilling to sell at rock-bottom prices.

Ordinarily the material would be turned into products like car parts, book covers and boxes for electronics. But with the slump in the scrap market, a trickle is starting to head for landfills instead of a second life.

"It's awful," said Briana Sternberg, education and outreach coordinator for Sedona Recycles, a nonprofit group in Arizona that recently stopped taking certain types of cardboard, like old cereal, rice and pasta boxes. There is no market for these, and the organization's quarter-acre yard is already packed fence to fence.

"Either it goes to landfill or it begins to cost us money," Sternberg said.

by Fran on Mon Dec 8th, 2008 at 01:48:10 AM EST
[ Parent ]
A nice summary of Things To Do
Needed to Improve the Economy:  A Fundamental Shift in U.S. Foreign Policy
Twenty Practical Foreign Policy Changes for Obama's Administration

Barack Obama's approach to foreign policy should be guided by three key insights.  

First, there are no military solutions to most of the nation's or the world's problems.  

Second, we will be welcomed as a good global partner or we will fail as a global bully.  The world has changed.  The United States has no capacity, and the Obama administration should make clear it no longer has any desire, to dominate the world.

Finally, the United States is economically weak due largely to excessive militarization.  Stated simply, living standards are declining for most Americans because our nation accounts for approximately half of world military expenditures. Although the present economic crisis is linked to casino capitalism and a deregulated market place, the nation's economic decline is best understood in relation to disastrous and costly wars, excessive military spending, and failed foreign policies.  

People throughout the nation and the world are hoping that under Obama's leadership the United States will choose new approaches and pathways to national and global security.  U.S. citizens
have spoken clearly.  We want disastrous wars to end.  We want our government to use its power and resources to help make the economy work for average citizens.  

Here are twenty practical changes to U.S. foreign policy that will help the Obama administration fruitfully reengage the world and fulfill promises to revitalize and promote greater justice in the U.S. economy:




Never underestimate their intelligence, always underestimate their knowledge.

Frank Delaney ~ Ireland

by siegestate (siegestate or beyondwarispeace.com) on Mon Dec 8th, 2008 at 04:03:17 AM EST
[ Parent ]
when I read stuff like this, however well intentioned I can't help but thinking "and can I have a pony ?" They're all good ideas, but there isn't one I've seen mentioned on realistic appraisals of Obama's agenda.

He needs to start doing a "Stranded Wind" and keep posting these ideas on dKos until they start getting traction there. then he needs to get the attention of beltway people and take it from there.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Mon Dec 8th, 2008 at 07:03:41 AM EST
[ Parent ]
You are not incorrect on any point above.

I feel the same way and unfortunately, am sitting here wondering when it is going to be OK to start expecting more from the Big O'man. Jan 25? Feb 25?

I'll contact the author with your suggestions. If he likes them, I'll tell him to send you that pony.

Never underestimate their intelligence, always underestimate their knowledge.

Frank Delaney ~ Ireland

by siegestate (siegestate or beyondwarispeace.com) on Mon Dec 8th, 2008 at 11:53:46 AM EST
[ Parent ]
In what can perhaps best be described as an economy editorial the largest swedish paper - know for its laissez-faire economy politics - today pushed for the centralbank to start ledning directly to companies as previous attempts to stimulate banks to lend has failed. This is quite an unprecedented move by the paper in question and smelling a bit of desperation at the current situation.

I do not think swedish banks are that much in the risk of collapsing but they are following the international trend and thus are tightening the credit market.

Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se

by A swedish kind of death on Mon Dec 8th, 2008 at 04:55:57 AM EST
[ Parent ]
M of A - Good Signs In The Downturn
Good Signs In The Downturn

These are good signs:

I hope and expect to see more like this. Such activism is not only morally right, it is needed to change the direction of a capitalist system run wild back to a more social(ist) one.



Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se
by A swedish kind of death on Mon Dec 8th, 2008 at 05:08:40 AM EST
[ Parent ]
WORLD
by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 03:04:57 PM EST
US-CUBA: Business Support for Dismantling Embargo
WASHINGTON, Dec 7 (IPS) - If U.S. President-elect Barack Obama wants to begin dismantling Washington's nearly 50-year-old trade embargo against Cuba, it appears he will have widespread support for doing so.

Not only have some major foreign policy heavyweights recently called for ending the embargo if, for no other reason, than to create desperately needed goodwill elsewhere in the Americas and beyond.

But major U.S. business groups also appear more enthusiastic than ever for pushing the incoming administration and the most Democratic Congress in some 20 years in that direction, although they concede the process may be more gradual than they would like.

"We support the complete removal of all trade and travel restrictions on Cuba," a dozen such business associations, including the politically potent Business Roundtable, American Farm Bureau Federation, National Retail Federation, and the U.S. Chamber of Commerce wrote, in a letter addressed to Obama Thursday.

"We recognize that change may not come all at once, but it must start somewhere, and it must begin soon," they added, noting that Washington's trade embargo and its long-standing efforts to isolate Havana for national security reasons during the Cold War have "far outlasted (their) original purpose".

The letter, which was drafted by Jake Colvin, vice president for Global Trade Issues of the National Foreign Trade Council (NFTC), is the latest in a series of public statements by prominent foreign policy figures and institutions in favour of easing, if not abandoning, Washington's efforts to isolate Havana.
by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 03:06:21 PM EST
[ Parent ]
Better prepare for a FOAM EMERGENCY in South Florida!

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Dec 7th, 2008 at 03:53:46 PM EST
[ Parent ]
INDIA/PAKISTAN: Hoax Call Hyped by Media - Get Hostilities to Brink
KARACHI, Dec 7 (IPS) - A hoax phone call from India to Pakistan's President threatening military reprisals in the aftermath of the terrorist attack on Mumbai city, hyped up by media, brought the nuclear-armed neighbours close to conflict.

However, analysts believe that the hostilities arising from the attack and the media hype can still be contained.

The three-day standoff in Mumbai was barely over on Nov. 28 when the late-evening phone call was made, supposedly from India's External Affairs Minister Pranab Mukherjee, to Pakistan President Asif Ali Zardari. Because of the heightened tensions, his staff bypassed routine procedures and transferred the call to Zardari.

The imposter "directly threatened to take military action if Islamabad failed to immediately act against the supposed perpetrators of the Mumbai killings" according to a report in the daily Dawn, Pakistan of Dec. 6, which reveals that the call was a hoax that sent Pakistan into a state of `high alert' last weekend, "eyeing India for possible signs of military aggression".

The "aggressive" call, as the news trickled out, created grounds for anger in Pakistan and was used to create public opinion against sending the chief of Pakistan's Inter-Services Intelligence (ISI) to India as the Pakistan government had agreed to do.

A tussle over the issue between the Pakistan army and the civilian government ended with the government reneging on its promise and saying that only a `representative' of the ISI would be sent.
by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 03:06:51 PM EST
[ Parent ]
This is precisely why signatories of the NNPT have got to be held to what are, after all, multilateral legal obligations to dismantle nuclear arsenals.

The US neocons' frolic with talk of nuclear strikes must cease, and the human and environmental cost of the use of DU exposed for the supreme crime it continues to be.

by Loefing on Sun Dec 7th, 2008 at 06:06:30 PM EST
[ Parent ]
BBC NEWS | World | Africa | 'Turnout high' in Ghana elections

Presidential and parliamentary elections in Ghana have attracted a huge turnout with few reported problems, poll officials say.

President John Kufuor, stepping down after serving the maximum two terms, urged participants to accept the result peacefully and in good faith.

The race to succeed him is considered to be a tight one.

The main contenders are ex-foreign minister Nana Akufo-Addo and the opposition's John Atta Mills.

Mr Atta Mills, of the National Democratic Congress, is a candidate for the top office for a third time.

by In Wales (inwales aaat eurotrib.com) on Sun Dec 7th, 2008 at 03:12:11 PM EST
[ Parent ]
BBC NEWS | World | Africa | Zimbabwe 'needs new leadership'

President Robert Mugabe's government cannot lead Zimbabwe out of its current humanitatian crisis, the Elders group of influential statesmen has said.

The group - which includes former UN Secretary General Kofi Annan - said there was "bitter disappointment" with the current leadership.

The group also called on the Southern African Development Community (SADC) to help contain a cholera outbreak.

Humanitarian agencies say the epidemic has claimed about 600 lives so far.

The Elders include former UN Secretary-General Kofi Annan, former US President Jimmy Carter and international advocate for women and children's rights Graca Machel.

"There is bitter disappointment in the current leadership. This government has not demonstrated the ability to lead the country out of its current crisis," said former UN Secretary General Kofi Annan.

by In Wales (inwales aaat eurotrib.com) on Sun Dec 7th, 2008 at 03:13:07 PM EST
[ Parent ]
UK plotting to invade Zimbabwe: Mugabe spokesman | International | Reuters

HARARE (Reuters) - Zimbabwe's government has accused former colonial ruler Britain of using a cholera epidemic to rally Western support for an invasion of the collapsing southern African nation, a state-run newspaper said on Sunday.

President Robert Mugabe is under mounting pressure from the international community, especially Western nations which accuse him of ruining the once prosperous country and exposing its people to famine and disease.

British Prime Minister Gordon Brown has branded Mugabe's government a "blood-stained regime" and said it was responsible for the cholera epidemic that has killed at least 575 people. The world must tell Mugabe "enough is enough," he said.

U.S. Secretary of State Condoleezza Rice said on Friday the veteran leader's departure from office was long overdue.

The growing Western criticism signaled a plot to oust Mugabe's government militarily, Mugabe's spokesman George Charamba said.

"I don't know what this mad prime minister (Brown) is talking about. He is asking for an invasion of Zimbabwe ... but he will come unstuck," Charamba told the state-controlled Sunday Mail.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 03:17:00 PM EST
[ Parent ]
the headline is delusional. I doubt there will be sorrow if Mugabe's reign is ended by some invasion or other, but I doubt ti will originate from the UK. Zim has no oil, no over-riding British or US interest, so we have no dog in the fight

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Sun Dec 7th, 2008 at 05:46:37 PM EST
[ Parent ]
Bloomberg.com: Africa

Dec. 7 (Bloomberg) -- A cholera epidemic that started in Zimbabwe has spread to neighboring Botswana and Zambia as well as South Africa, the Southern African Development Community said.

The 15-nation group has sent a team to Zimbabwe "to assess the situation," SADC's secretariat said in an e-mailed statement late yesterday. The SADC team will consult with the World Health Organization and hold an emergency meeting with health ministers from some member states on Dec. 11.

"The current spread of the cholera outbreak is also affecting Botswana, South Africa and Zambia," SADC said. It didn't provide details of how many people were infected in those countries.

The Zimbabwe cholera outbreak accompanied the collapse of the country's health and sanitation systems following a decade of recession and political upheaval under President Robert Mugabe. The country's health ministry reported 484 deaths and 11,735 cholera cases since August, according the Web site of the WHO.

Cholera, mainly spread through contaminated water and food and poor sanitation, causes severe diarrhea and vomiting that can lead to death.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 03:17:50 PM EST
[ Parent ]
BBC NEWS | World | Africa | Sudan build-up in oil-rich state

The Sudanese army says it has sent more troops to the sensitive oil-rich South Kordofan state.

The army told state media that it had information that a Darfur rebel group planned to attack the area.

The main party in the south says the military build-up is a violation of a 2005 peace deal that ended civil war.

There has been speculation in Khartoum for weeks that large numbers of Darfur rebels had crossed into Kordofan, followed by northern soldiers.

Sudan's armed forces have now confirmed the military build-up.

An army spokesman said the aim was to prevent any effort by the Darfur rebel Justice and Equality Movement (Jem) to extend its activities into South Kordofan.

by In Wales (inwales aaat eurotrib.com) on Sun Dec 7th, 2008 at 03:14:05 PM EST
[ Parent ]
BBC NEWS | World | Americas | Opposition damns Chavez vote bid

Opposition parties in Venezuela have formally rejected a plan by President Hugo Chavez to seek to stay in office as long as he keeps winning elections.

In a joint statement, the opposition said: "Fourteen years are sufficient."

Mr Chavez, marking 10 years since his first election as president, is seeking reforms that would let him stand again when his latest term ends in 2012.

Last year, he lost a referendum on the issue and opposition parties say it cannot be voted on again.

Thousands of supporters of the president gathered outside the presidential palace in Caracas on Saturday to mark the 10th anniversary of his first election victory in December 1998.

But opposition parties issued a joint statement saying the president's re-election proposals were "anti-democratic, unconstitutional and against the national interest".

by In Wales (inwales aaat eurotrib.com) on Sun Dec 7th, 2008 at 03:18:36 PM EST
[ Parent ]
Pakistani militants destroy Western army vehicles | Reuters

PESHAWAR, Pakistan (Reuters) - Pakistani militants attacked a parked convoy of trucks carrying military vehicles for Western forces in Afghanistan near Peshawar early on Sunday, destroying 96 trucks, police said.

Security guards said they were overpowered by more than 200 militants who attacked two terminals on the ring road round the northwestern city of Peshawar, where the trucks carrying Humvees and other military vehicles were parked.

"It happened at around 2.30 a.m. They fired rockets, hurled hand grenades and then set ablaze 96 trucks," senior police officer Azeem Khan told Reuters.

Most of the fuel and other supplies for U.S. and NATO forces in landlocked Afghanistan are trucked through Pakistan, much of it through the mountainous Khyber Pass between Peshawar, capital of North-West Frontier Province and the border town of Torkham.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 03:19:13 PM EST
[ Parent ]
VOA News - Pakistani Militants Destroy Western Army Vehicles
The pre-dawn Taliban raid took place at a logistics terminal in the northwestern Pakistani city of Peshawar where dozens of trucks carrying Humvees and other military vehicles were parked.  

The terminal manager, Kifayatullah Khan, tells VOA there were a total of 106 vehicles and the heavily armed men destroyed all of them before fleeing the scene.   

"There were around 300 people who came and attacked the terminal.  They first fired on our main gate with a rocket, damaging the gate and making their entrance," Khan said.  "When they entered the terminal they started firing in different directions.  One of our security guards was killed in the incident."

More than 70 percent of supplies for NATO and U.S forces stationed in landlocked Afghanistan are trucked through Peshawar after they are unloaded from ships at the southern Pakistani port city of Karachi.  But the supplies have come under frequent attacks by Taliban militants at logistic terminals in and around Peshawar as well as while passing through the Khyber Pass.
by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 03:19:50 PM EST
[ Parent ]
BBC NEWS | World | South Asia | Militants torch Afghan supplies

More than 90 lorries supplying US forces in Afghanistan have been set on fire in a suspected militant attack in north-west Pakistan, police say.

Police said at least one person was killed as about 300 gunmen using rockets overpowered the guards at a terminal near the city of Peshawar.

Some of the lorries were laden with Humvee armoured vehicles.

There have been a series of attacks on convoys recently - although not on this scale, says the BBC's Martin Patience.

The road from Peshawar to Afghanistan is a major supply route for US and Western forces battling against the Taleban.

A US spokesman, Lt Col Rumi Nielsen-Green, said the incident was "militarily insignificant".

"So far there hasn't been a significant loss or impact to our mission," she said.

But, with 300 lorries crossing the border each day, military officials will be deeply concerned that their supply line can be disrupted in this manner, our correspondent in the Afghan capital, Kabul, says.

by In Wales (inwales aaat eurotrib.com) on Sun Dec 7th, 2008 at 03:26:07 PM EST
[ Parent ]
Pakistan Raids Lashkar-e-Taiba Camp - WSJ.com
Pakistani security forces raided a camp run by Lashkar-e-Taiba on Sunday, according to a senior Pakistani official.

The Pakistani official said the action against the camp was taken because of evidence that the militants based in the facility were linked to the attacks on Mumbai. He said information about the Lashkar-e-Taiba facility was provided to President Asif Ali Zardari's government by both India and the U.S.

"We are taking action based on the intelligence given to us," the official said. "It's Pakistan's decision based on our own national interest." The official said he expects his government to conduct more actions against Lashkar-e-Taiba in the days and weeks ahead.



Truth unfolds in time through a communal process.
by marco on Mon Dec 8th, 2008 at 03:18:47 AM EST
[ Parent ]
DAWN.COM | Pakistan | Army raids LeT compound in Kashmir, say witnesses

MUZAFFARABAD/ISLAMABAD: Security forces have launched a `quiet' crackdown on activists belonging to the banned jihadi outfit Lashkar-e-Taiba in different parts of the country and Azad Jammu and Kashmir.

In Muzaffarabad, a major army operation was under way in the city suburbs on Sunday against a site being used by the Jamaatud Dawa, which is headed by Hafiz Mohammad Saeed. Sources said that more than 20 members of the banned organisation and Lashkar-e-Taiba's `commander' Zakiur Rehman Lakhwi had been arrested. <...>

Police and civil administration officials in Muzaffarabad told reporters they did not know what was happening.

Local residents, however, said they had seen army personnel taking control of the area along Shawai Nullah, some five kilometres northwest of Muzaffarabad, where the organisation possesses a large plot of land on which several buildings had been built. The Lashkar-i-Taiba (LeT) of Hafiz Saeed occupied the same place before the organisation was proscribed. <...>

AFP quoted an intelligence official as saying that three Jamaat-ud-Dawa members had been arrested on Monday.

`Three people were rounded up in a brief operation against the Islamic charity Jamaat-ud-Dawa,' the official said. ...



Truth unfolds in time through a communal process.
by marco on Mon Dec 8th, 2008 at 03:48:38 AM EST
[ Parent ]
Mumbai after-shocks rattle Pakistan by Syed Saleem Shahzad | Asia Times Online
... The situation in NWFP is spiraling out of control, with militancy spilling over from the tribal areas into this province.

In the past four days, militants have abducted a record 60 people from the provincial capital Peshawar, most of them retired army officers and members or relatives of the Awami National Party (ANP), which rules in the province. The Taliban have butchered many people with affiliations to the ANP or those with relatives in the security apparatus.

Meanwhile, North Atlantic Treaty Organization supply convoys passing through Khyber Agency en route to Afghanistan have come under increasing attacks. In the most recent incident, militants destroyed 40 containers in supposedly secure terminals in the middle of Peshawar.

In this anarchic situation, the Jamaatut Dawa (LET), with its well-defined vertical command structure under the single command of Saeed, could commit its several thousand members, virtually a para-military force, to the cause of the anti-state al-Qaeda-linked Pakistani militants.

What has stopped the anti-India orientated group from doing this is its under-riding loyalty to and support from Pakistan. If the authorities start to mess with the LET, beyond the routine rhetoric, all hell could break loose inside the country.

Similarly, if pressure is placed on the ISI, there could be a severe reaction from the more hardline elements in that organization, as well as in the military. ...


Truth unfolds in time through a communal process.
by marco on Sun Dec 7th, 2008 at 09:02:38 PM EST
[ Parent ]
Pakistan's Spies Aided Group Tied to Mumbai Siege - NYTimes.com

Lashkar-e-Taiba, the Pakistan-based militant group suspected of conducting the Mumbai attacks, has quietly gained strength in recent years with the help of Pakistan's main spy service, assistance that has allowed the group to train and raise money while other militants have been under siege, American intelligence and counterterrorism officials say.

American officials say there is no hard evidence to link the spy service, the Directorate for Inter-Services Intelligence, or ISI, to the Mumbai attacks. But the ISI has shared intelligence with Lashkar and provided protection for it, the officials said, and investigators are focusing on one Lashkar leader they believe is a main liaison with the spy service and a mastermind of the attacks.

As a result of the assault on Mumbai, India's financial hub, American counterterrorism and military officials say they are reassessing their view of Lashkar and believe it to be more capable and a greater threat than they had previously recognized. ...



Truth unfolds in time through a communal process.
by marco on Mon Dec 8th, 2008 at 03:17:20 AM EST
[ Parent ]
Alleged Terrorist Group Steers Young Men to Fight - WSJ.com

... Since the attacks, Indian police say [captured terrorist suspect Mohammed Ajmal] Kasab has come to regret his actions and asked police to deliver a letter to his father. In it, according to Mr. Roy, he wrote in Urdu: "I did not go on the path you told me to. I did not realize that the path I was taking would lead me here. I went too far. I am now as good as dead. Nobody should go down this path." <...>

According to police accounts, Mr. Kasab has said he is from a poor family of devout Muslims in the small, dusty village of Faridkot in Punjab. His father worked selling snacks out of a cart. One of five siblings, Mr. Kasab has said he dropped out of school when he was in fourth grade so he could help support the family, working as a casual laborer in his town of 3,000 people. <...>

The recruiters persuaded him to attend a training camp, where they showed him video footage of Hindu extremists demolishing the Babri Masjid and Hindu mobs killing Muslims in the aftermath of the burning of a train full of Hindu pilgrims passing through Godhra in 2002. <...>

At several camps around Pakistan, including a major Lashkar-e-Taiba camp in Muzaffarabad in Kashmir, Mr. Kasab underwent 18 months' training in marine warfare, weaponry and explosive use, he told interrogators, said Mr. Roy, the Maharashtra police director general.

Among the trainers were several who appeared in army and navy uniforms with names and rank badges, Mr. Roy said. The Pakistani government denies any of its military was involved in training the attackers. <...>

Residents in the village where Mr. Kasab grew up said he moved out a few years ago, according to a local journalist. His father, Amir, confirmed the gunman as his son after seeing a photograph of him injured after the attacks, the journalist said. His mother burst into tears and kissed the photograph. The elder Mr. Kasab said he hasn't received any money from Lashkar-e-Taiba. "I don't sell my son," he told the journalist.



Truth unfolds in time through a communal process.
by marco on Mon Dec 8th, 2008 at 03:30:00 AM EST
[ Parent ]
Muslims in India Put Aside Grievances to Repudiate Terrorism - NYTimes.com
MUMBAI, India -- Throngs of Indian Muslims, ranging from Bollywood actors to skullcap-wearing seminary students, marched through the heart of Mumbai and several other cities on Sunday, holding up banners proclaiming their condemnation of terrorism and loyalty to the Indian state.

The protests, though relatively small, were the latest in a series of striking public gestures by Muslims -- who have often come under suspicion after past attacks -- to defensively dissociate their own grievances as a minority here from any sort of sympathy for terrorism or radical politics in the wake of the deadly assault here that ended Nov. 29.

Muslim leaders have refused to allow the bodies of the nine militants killed in the attacks to be buried in Islamic cemeteries, saying the men were not true Muslims. They also suspended the annual Dec. 6 commemoration of a 1992 riot in which Hindus destroyed a mosque, in an effort to avert communal tension. Muslim religious scholars and public figures have issued strongly worded condemnations of the attacks.

So far, their approach appears to have worked: the response has been remarkably unified, with little of the suspicion and fear that followed some previous attacks.

Hindu right-wing groups have been noticeably absent from the streets. Although leaders of the opposition Hindu nationalist Bharatiya Janata Party have criticized the government's handling of the crisis, they have not stirred anti-Muslim sentiment.



Truth unfolds in time through a communal process.
by marco on Mon Dec 8th, 2008 at 04:03:24 AM EST
[ Parent ]
Hindu right-wing groups have been noticeably absent from the streets. Although leaders of the opposition Hindu nationalist Bharatiya Janata Party have criticized the government's handling of the crisis, they have not stirred anti-Muslim sentiment

A saving grace, but for how long ?? The indian govt needs to crack down on these people as much as on islamists.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Mon Dec 8th, 2008 at 06:59:34 AM EST
[ Parent ]
Bloomberg.com: Africa

Dec. 7 (Bloomberg) -- Algeria's local natural gas consumption will reach between 49.6 billion and 67.1 billion cubic meters in a decade, the Regulatory Commission for Electricity and Gas in the North African country said.

Consumption this year will be 27.4 billion cubic meters, 7 percent higher than a year earlier, as new projects requiring natural gas for fuel came on stream, the commission said in a statement today.

The oil and gas producer is targeting production of 86 billion cubic meters of gas by 2010.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 03:20:56 PM EST
[ Parent ]
less gas available for exports...

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Sun Dec 7th, 2008 at 04:42:06 PM EST
[ Parent ]
So what does it mean in the short term and medium term?

Even though we have a general assets and prices deflation trend, and some people are forecasting oil down to $25, we should actually energy prices to go up?

Doesn't it depend on the demand destruction caused by the collapse of the economy?

by Bernard (bernard) on Sun Dec 7th, 2008 at 05:54:37 PM EST
[ Parent ]
Drone to Patrol Part of Border With Canada - NYTimes.com

FARGO, North Dakota -- Federal Customs and Border Protection authorities are preparing to launch unmanned aircraft patrols from this state, the first time such monitoring will occur along the nation's northern border.

A Predator B aircraft, delivered to Grand Forks on Saturday, will make runs along the northern edge of North Dakota using sensors that can provide video and detect heat and changes to landscape, Customs and Border Protection officials said.

The plane, which can go 260 miles per hour and fly as high as 50,000 feet, can stay aloft for 18 hours. The first missions, designed to help spot people crossing the border illegally or avoiding ports of entry, are expected to start next month.

Similar aircraft have patrolled the nation's southern border since 2005, where they have helped lead to the discovery of more than 18,000 pounds of marijuana and 4,000 illegal immigrants, a spokesman for the agency said. ...



Truth unfolds in time through a communal process.
by marco on Mon Dec 8th, 2008 at 03:58:08 AM EST
[ Parent ]
Struggle For Kabul - The Taliban Advance | The International Council on Security and Development:

43- Areas of Taliban presence in Afghanistan during 2007 - November 2008

A re-made map indicating where the Taliban used to have a 54% permanent presence in 2007.


45 - Areas of Taliban presence in Afghanistan plus fatal violent incidents in 2008 - November 2008

Map detailing provinces with permanent, substantial and light Taliban presence along with acts of violence that have resulted in a known civilian, military or insurgent fatality. Permanent Taliban presence now amounts to 72% of the total landmass.



Truth unfolds in time through a communal process.
by marco on Mon Dec 8th, 2008 at 05:39:25 AM EST
[ Parent ]
An unacceptable affront | China Daily | Opinion:

... Indeed, Sarkozy had provoked the Chinese more than once. And, after some slight shows of regret, or perhaps ambiguous explanations, China continued to buy Airbuses.

That might exactly be why the French president was bold and assured in the face of Chinese anger, netizens argue. <...>

By the way, an advice for the surprised French - do not mistake spontaneous grassroots expressions of discontent for alleged government instigation. <...>

When President Sarkozy asked the Chinese to respect his loyalty to his own values and principles, he ignored the Chinese side's special sensitivities on matters of sovereignty.

He made reconciliatory gestures after the unpleasant pre-Olympic episodes, and was forgiven by the Chinese.

But there is a limit to everything. What happened Saturday calls into question all his previous efforts to repair ties, and his personal credibility as well.

If there is any dip in sales for LVMH, Carrefour, Renault, Peugeot-Citroën, etc. in China this week, it will be interesting to see how long it lasts.  I have a feeling that among the Chinese middle class, foreign brand names already achieved longer lasting power than patriotic indignation.

Truth unfolds in time through a communal process.

by marco on Mon Dec 8th, 2008 at 06:49:23 AM EST
[ Parent ]
THIS, THAT, AND THE OTHER
by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 03:05:28 PM EST
BBC NEWS | UK | Food body says 'avoid Irish pork'

Pork from the Irish Republic and Northern Ireland should not be eaten due to contamination fears, the Food Standards Agency has said.

The advice follows the Irish government's recall of pork products made in the Republic since September.

Dioxins were found in pigs thought to have eaten contaminated feed on 56 farms - nine in Northern Ireland.

The UK's Food Standards Agency said it did not believe at this stage that UK consumers faced any "significant risk".

by In Wales (inwales aaat eurotrib.com) on Sun Dec 7th, 2008 at 03:10:31 PM EST
[ Parent ]
Tainted Irish pork may have reached 25 nations | Top News | Reuters

DUBLIN/LONDON (Reuters) - Irish pig meat contaminated with toxic dioxins could have been exported to as many as 25 countries, Ireland's Chief Veterinary Office said on Sunday.

The Irish government has recalled all domestic pork products from shops, restaurants and food processing plants because of contamination with dioxin -- which in some forms and concentrations, and with long exposure, can cause cancer and other health problems.

Neighbouring Britain, the main export market, has warned consumers not to eat any Irish pork products after tests revealed the contamination.

"We believe it's in the order of 20-25 countries. It's certainly less than 30," Chief Veterinary Officer Paddy Rogan told a news conference, speaking about how many countries could be affected.

Authorities said 10 farms in Ireland and a further 9 farms in the British province of Northern Ireland had used a contaminated pig feed that prompted Dublin to announce the recall on Saturday.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 03:29:40 PM EST
[ Parent ]
Why were Wall Street workers not asked for concessions?
Autoworkers stepped up to the plate to save the car industry. White-collar workers, on the other hand, weren't expected to do the same when financial firms went to Congress with hat in hand.

David Lazarus,  December 7   LA TIMES

Say what you will about the role of the union in exacerbating Detroit's financial troubles, one thing stands out: Blue-collar workers are taking it in the shorts as part of their employers' efforts to secure some bailout bucks from Uncle Sam.

I don't recall white-collar workers on Wall Street stepping up with similar concessions in return for their companies' receiving billions of dollars in taxpayer cash.

"There is absolutely no excuse for a bailout without significant sacrifices by all stakeholders," said Robert Reich, who served as Labor secretary under President Clinton and is now a professor of public policy at UC Berkeley.

-Skip-

"Most Americans don't understand -- or don't want to understand -- the complicated deal we made with Citigroup," Reich said. "But when you talk about General Motors, it's much more concrete. People know what a car is."

For that reason, he said, lawmakers in Washington have been more assertive about wringing concessions from the auto industry, whereas the heads of Wall Street firms essentially got by with slaps on the wrist.




"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Dec 7th, 2008 at 04:23:38 PM EST
[ Parent ]
A Lifestyle Distinct - The Muxe of Mexico - NYTimes.com

... Anthropologists trace the acceptance of people of mixed gender to pre-Colombian Mexico, pointing to accounts of cross-dressing Aztec priests and Mayan gods who were male and female at the same time. Spanish colonizers wiped out most of those attitudes in the 1500s by forcing conversion to Catholicism. But mixed-gender identities managed to survive in the area around Juchitán, a place so traditional that many people speak ancient Zapotec instead of Spanish.

Not all muxes express their identities the same way. Some dress as women and take hormones to change their bodies. Others favor male clothes. What they share is that the community accepts them; many in it believe that muxes have special intellectual and artistic gifts.

Every November, muxes inundate the town for a grand ball that attracts local men, women and children as well as outsiders. A queen is selected; the mayor crowns her. "I don't care what people say," said Sebastian Sarmienta, the boyfriend of a muxe, Ninel Castillejo García. "There are some people who get uncomfortable. I don't see a problem. What is so bad about it?" ...



Truth unfolds in time through a communal process.
by marco on Sun Dec 7th, 2008 at 07:28:38 PM EST
[ Parent ]
It's official: Men really are the weaker sex - Science, News - The Independent

The male gender is in danger, with incalculable consequences for both humans and wildlife, startling scientific research from around the world reveals.

The research - to be detailed tomorrow in the most comprehensive report yet published - shows that a host of common chemicals is feminising males of every class of vertebrate animals, from fish to mammals, including people.

Backed by some of the world's leading scientists, who say that it "waves a red flag" for humanity and shows that evolution itself is being disrupted, the report comes out at a particularly sensitive time for ministers. On Wednesday, Britain will lead opposition to proposed new European controls on pesticides, many of which have been found to have "gender-bending" effects.

It also follows hard on the heels of new American research which shows that baby boys born to women exposed to widespread chemicals in pregnancy are born with smaller penises and feminised genitals.

"This research shows that the basic male tool kit is under threat," says Gwynne Lyons, a former government adviser on the health effects of chemicals, who wrote the report.

by Fran on Mon Dec 8th, 2008 at 01:45:48 AM EST
[ Parent ]
Some of us on this site continue to use computing assistance in our attempts at discussing ideas.  Tomorrow is the 40th Anniversary of the legendary demonstration by Douglas Engelbart, Stanford Research Institute, of a new way of using computer technology.


"For many who witnessed it," writes John Markoff in his book "What the Dormouse Said," about the development of the personal computer, "it was more than a bolt out of the blue: It was a religious experience."
.....
"A small box with a tail coming out - you might as well call it a mouse," said English, who figured out how to construct the device based on a sketch that Engelbart had drawn in 1961.

The mouse wasn't the automatic choice. It won out only after other approaches - a light pen, a joystick, even a knee-operated control - proved to be far less efficient, English said.

Many retrospective looks at the 1968 demonstration have highlighted the introduction of the mouse, which Engelbart patented under the name "X-Y Position Indicator for a Display System."

Steve Jobs was 13 years old; Stewart Brand (Whole Earth Catalog) was behind the camera as Engelbart communicated from the stage to his lab.

There's a fascinating memorial site here.  Complete with catalogued clips as well as the entire demo.  From this little creature evolved the 3-D trackpad, or touch sensitive screen; who'da thunk it?

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

by Crazy Horse on Mon Dec 8th, 2008 at 04:03:17 AM EST
[ Parent ]
Had not heard of Engelbart.  What a genius!  (I wonder if he was left-handed.)  He even anticipated the WWW:

PC premiered 40 years ago to awed crowd:

The invention featured rudimentary windows and hyperlinks that allowed jumping from one document to another, as well as the ability to edit text and add graphics on a video monitor.

However, this puzzles me:

PC premiered 40 years ago to awed crowd:

The mouse wasn't the automatic choice. It won out only after other approaches - a light pen, a joystick, even a knee-operated control - proved to be far less efficient, English said.

I would have guessed that the light pen would have proven more efficient than the mouse.  Was this due to technological limits of the time?

Truth unfolds in time through a communal process.

by marco on Mon Dec 8th, 2008 at 04:16:22 AM EST
[ Parent ]
A mouse has a much higher resolution. Light pens are limited to the display resolution.

Also, you can only use a light pen by poking at the screen with it. A mouse can be set up so you can move across the entire screen with a much smaller and less physically demanding wrist movement.

I used to have an A4 graphics tablet, and while it was good for drawing, it was a huge pain to use as a pointing device - I had to make huge swooping arcs with my forearm to move the pointer, and it soon became tiring.

Engelbart's idea of 'efficiency' was as much ahead of the time as the mouse was. He didn't just point and guess - he produced empirical models which measured accurately how easy it was to use each device.

The only thing which might be easier to use than a mouse is an eye tracker combined with a finger switch - there are commercial (military/med) products which work like this, but they're not as cheap as a $50 rodent.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Mon Dec 8th, 2008 at 09:22:32 AM EST
[ Parent ]
I had a tablet where you could assign menu item short cuts to a column of click-on points on the pad. It cut down the gestural effort, but all tablets have the problem of visual/gestural feedback compromise.

I was hoping by now we could have something like a fine grain touch screen tablet A3 size: that would solve the feedback problem in that you'd be looking at what you drew.


You can't be me, I'm taken

by Sven Triloqvist on Mon Dec 8th, 2008 at 10:39:46 AM EST
[ Parent ]
You mean like this?

I had one of these for a while - one thing it isn't is light.

The other thing it isn't is accurate - the drawing accuracy drifted noticeably towards the edges.

There's a new generation of multitouch products due next year. A 22-24" multitouch interface light enough to keep on my lap is probably all I'd ever want for music, graphics and general browsing.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Mon Dec 8th, 2008 at 12:46:54 PM EST
[ Parent ]
Excellente!

You can't be me, I'm taken
by Sven Triloqvist on Mon Dec 8th, 2008 at 01:19:55 PM EST
[ Parent ]
The light pen has been marketed by IBM for its big, vector graphics displays (2250, 3250) for a long time.

Like the display hardware it comes probably from the military (RADAR) displays. The light pen is only usable to select an illuminated point, i.e. for selection. This case is easy to program, as the light pen is activated the moment the display order is executed; the light pen interrupt pointed to it. –  No need for big in-core data structures to search. With raster-graphic displays this advantage was no more and the light pen died.

Remarkable how long this trade-off worked. However, the needed storage was not readily available until the 1980s, delaying the use of raster graphic displays.

Even more remarkable it is that Engelbart was so well funded that he could ignore these short-sighted economies.

Those early years were very innovative, unfortunately the machines lacked the power, or the researchers and in particular the students (with the exception of the MIT AI Lab) lacked the machines. In that respect the PC was an educational machine.

by Humbug (mailklammeraffeschultedivisstrackepunktde) on Mon Dec 8th, 2008 at 04:19:39 PM EST
[ Parent ]
Getting old in Okinawa | CNN (video report):
Amid the tall citrus trees of Okinawa, Japan, Tsune Ganaha is busy picking fruit as she does eight hours every day.  It's not what she does, but who she is that's remarkable.

"I just turned ninety," she says.  Age ninety.  Climbing trees after tree, hauling down bags of fruit, and doesn't remember a day she's ever been sick in her nearly seventy years on this farm.

Ganaha's 54- and 61-year old daughters say good luck trying to get her to retire.  "We can't stop her," they say. And why would they?  She's the best climber in the family.  <...>

We met 96-year old Toyohide Taira who loves to flirt with the ladies, who tells young people: "Don't get married.  You'll be sick of your spouse when you're 90!" <...>

Gerontologist Craig Wilcox has been studying longevity  in Okinawa for fifteen years, an island that has the highest percentage of centenarians anywhere in the world.

He points to a number of factors:

  • the Okinawan diet: very low in fat, salt and sugar: this traditional lunch plate is filled with papaya, tofu and dark leafy vegetables
  • at this weekend event, they snack on citrus fruits and sip on unsweetened green tea
  • they exercise and work well into old age
  • there's a good, affordable healthcare system that focuses on prevention
  • and a strong sense of sense of community that values optimism, where older people remain active and respected

Wilcox says any community can replicate this: "We still refer to these types of diseases as 'age-associated diseases' back in North America.  Well, people don't do that anymore here.  There's tremendous amount of control people have over these diseases if they live the right lifestyle." <...>

Tsune Ganaha's family swears by a daily dose of Okinawan citrus.  But more importantly, working and being close to family, a recipe she says will keep her hiking these hills for more years to come.

the report doesn't mention another possibility:  survival of the fittest  (only half-kidding)

Truth unfolds in time through a communal process.

by marco on Mon Dec 8th, 2008 at 05:16:15 AM EST
[ Parent ]
KLATSCH
by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 03:05:48 PM EST

BBC NEWS | England | Wiltshire | Christmas tree too big to put up

The lighting-up ceremony of a Christmas tree in Swindon has had to be postponed after the bigger-than-expected tree broke the base it was being mounted on.

Council officials had asked for a 40ft (12m) tree as the centrepiece for the town's "magic roundabout" but a 50ft tall (15m) tree was delivered instead.

When contractors tried to lift it on to the specially-made plinth for Monday's switch-on the base fractured.

It is believed the extra weight was to blame. The tree had to be taken away.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Sun Dec 7th, 2008 at 03:53:40 PM EST
[ Parent ]
Not the world-famous Swindon Magic Roundabout?

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 7th, 2008 at 04:11:27 PM EST
[ Parent ]
Sadly so - cursed to remain festively treeless for at least another week by a tragedy of materials science.

Weep - weep! - for the drivers of Swindon and Wiltshire.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Sun Dec 7th, 2008 at 04:46:03 PM EST
[ Parent ]
That is mind warping!

You can't be me, I'm taken
by Sven Triloqvist on Sun Dec 7th, 2008 at 04:58:01 PM EST
[ Parent ]
"Time for bed" said Zebedee

{only UK people of a certain generation are gonna get that.}

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Sun Dec 7th, 2008 at 05:52:11 PM EST
[ Parent ]
I had to explain it to French friends who were LOL about the Swindon roundabout. (There are two different words in French for a traffic roundabout and a fun-fair roundabout).
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Dec 8th, 2008 at 02:25:34 AM EST
[ Parent ]
It was a very popular French TV program originally named "Le Manège Enchanté". The French name for Zebedee was Zébulon.

"Dieu se rit des hommes qui se plaignent des conséquences alors qu'ils en chérissent les causes" Jacques-Bénigne Bossuet
by Melanchthon on Mon Dec 8th, 2008 at 05:05:44 AM EST
[ Parent ]
Yes, but Eric thompson(UK presenter and father of Emma) only used the pictures. He created a whole other world of narrative and dialogue around those images that was, apparently, startlingly different from the original.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Mon Dec 8th, 2008 at 06:55:48 AM EST
[ Parent ]
or does Obama look like he's aged a few years since he got elected?



Truth unfolds in time through a communal process.

by marco on Mon Dec 8th, 2008 at 04:41:06 AM EST
[ Parent ]
How much of that is the lack of a need to appear young for the campaign, and thus a radical reduction in makeup ?

Un roi sans divertissement est un homme plein de misères
by linca (antonin POINT lucas AROBASE gmail.com) on Mon Dec 8th, 2008 at 05:25:02 AM EST
[ Parent ]
The days of pork just coming out of Congress... those days are over.

I knew he was a good stand-up comedian... but I think that takes the cake.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon Dec 8th, 2008 at 07:50:33 AM EST
[ Parent ]
In lean times, SoCal residents trade guns for food

The annual Gifts for Guns program ended Sunday in Compton, a working class city south of Los Angeles that has long struggled with gun and gang violence. In a program similar to ones in New York and San Francisco, the Los Angeles County Sheriff's Department allows residents to anonymously relinquish firearms in return for $100 gift cards for Ralphs supermarkets, Target department stores or Best Buy electronics stores.



You can't be me, I'm taken
by Sven Triloqvist on Mon Dec 8th, 2008 at 12:35:39 PM EST
[ Parent ]


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