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European Salon de News, Discussion et Klatsch - 12 September

by dvx Sun Sep 11th, 2011 at 04:02:50 PM EST

 A Daily Review Of International Online Media 


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1940 - Cave paintings are discovered in Lascaux, France.

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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 Sun Sep 11th, 2011 at 11:59:03 AM EST
German chancellor calls for patience with indebted Greece | Germany | Deutsche Welle | 10.09.2011

German Chancellor Angela Merkel has called on her compatriots to have patience with Greece, comparing the southeastern European country's economic woes and attempts at reform with the re-unification of former West Germany and communist East Germany two decades ago.

"What hasn't been done in years cannot be done overnight," Merkel - who grew up in East Germany - told the Berlin daily Tagesspiegel on Saturday.

"Remember the re-unification process," the chancellor continued. "How much time it took in the early 1990s to rebuild new administrative infrastructures, share know-how and privatize."

"We must be patient," she said.



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 Sun Sep 11th, 2011 at 12:15:48 PM EST
[ Parent ]
Is she proposing a new Solidaritätszuschlag? No, I don't think so.
by gk (gk (gk quattro due due sette @gmail.com)) on Sun Sep 11th, 2011 at 04:53:32 PM EST
[ Parent ]
Can I use that in Scrabble with triple word score?

They tried to assimilate me. They failed.
by THE Twank (yatta blah blah @ blah.com) on Mon Sep 12th, 2011 at 07:53:43 AM EST
[ Parent ]
Swedish police arrest four on suspicion of plotting terrorist attack | World news | guardian.co.uk

Swedish police have arrested four people on suspicion of preparing a terror attack and have evacuated an arts centre in the country's second largest city.

The four were arrested in Gothenburg and were suspected of plotting terrorism, security police spokesman Stefan Johansson said.

It was not immediately clear whether the arrests were linked to the 10th anniversary of the September 11 terrorist attacks in the US.

Police in Gothenburg said they had evacuated an arts centre in the early hours of Sunday due to a threat deemed to pose "serious danger for life, health or substantial damage of property".



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 Sun Sep 11th, 2011 at 12:15:58 PM EST
[ Parent ]
Local | Four arrested for preparing terror crimes

Gothenburg's International Biennial for Contemporary Art's opening party was ongoing at the gallery, when the police arrived on the scene.

Just after midnight, the police asked the gallery's manager to evacuate the area.

"I don't know much more than that the police threw us out, and said they'd arrested four people suspected of terror crimes. Then they cordoned off the whole area," said manager Mia Christersdotter Norman to daily newspaper Expressen.

Contemporary Art exhibit?

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre

by ATinNM on Sun Sep 11th, 2011 at 05:38:27 PM EST
[ Parent ]
'Slaves' freed from caravan site | UK news | The Guardian

Twenty-four men believed to have been held against their will and forced to work have been freed from a caravan site in Bedfordshire.

Five people on the site, in Leighton Buzzard, have been arrested under suspicion of keeping 24 men from England, Romania and Poland as slaves in "filthy and cramped" conditions, police said. Four men and a woman were arrested after a long-running investigation by Bedfordshire police.

Officers believe a number of people were being held against their will - some for as long as 15 years - and being forced to live in squalid conditions and work for no pay at the Greenacre caravan site.

More than 200 officers raided the site at 5.30am on Sunday, releasing the 24 men, who were taken to a medical centre.



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 Sun Sep 11th, 2011 at 12:16:14 PM EST
[ Parent ]
Germany's EU Commissioner Oettinger: 'Deficit Sinners' Flags Should Fly at Half-Mast' - SPIEGEL ONLINE - News - International

Greece clearly needs help escaping from its financial quagmire, according to German European Union Energy Commissioner Günther Oettinger. In fact, the EU should consider using some "unconventional" methods to increase motivation among Greek officials for solving the country's problems, he told daily Bild on Friday.

"There has been the suggestion too of flying the flags of deficit sinners at half mast in front of EU buildings," the member of Chancellor Angela Merkel's conservative Christian Democrats told the paper. "It would just be a symbol, but would still be a big deterrent."

Another tactic for pulling the debt-stricken country out of crisis could be replacing "the obviously ineffective administrators" there, he added. Because Greek officials have failed at collecting outstanding taxes and selling state-owned assets as planned, Oettinger alleged, experts from other EU nations should be sent in to do their jobs instead. "They could operate without concern for resistance and end the inefficiency," he told Bild.



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 Sun Sep 11th, 2011 at 01:04:50 PM EST
[ Parent ]
Germany is a disgrace.
by Upstate NY on Sun Sep 11th, 2011 at 09:12:37 PM EST
[ Parent ]
Not so.

Some Germans are a disgrace.  Along with some Americans, some British, some Italians, some Spanish, some Swedes, some Greeks, some Finns, usw.

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre

by ATinNM on Sun Sep 11th, 2011 at 09:52:53 PM EST
[ Parent ]
I didn't say Germans. I said Germany. These are the elected leaders. Even Merkel has joined in.
by Upstate NY on Sun Sep 11th, 2011 at 10:05:47 PM EST
[ Parent ]
Well, Wolfgang Münchau reacted to this by calling Öttinger "certifiably mad".

But Öttinger is "the German Commissioner"...

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Mon Sep 12th, 2011 at 02:15:33 AM EST
[ Parent ]
that "Brussels" is crazy...

Wind power
by Jerome a Paris (etg@eurotrib.com) on Mon Sep 12th, 2011 at 03:20:29 AM EST
[ Parent ]
The Eurosceptics don't really need to say anything at the moment. The EU is shooting itself in the head, why waste breath?
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Sep 12th, 2011 at 03:49:45 AM EST
[ Parent ]
No, Oettinger is a disgrace.

"Life shrinks or expands in proportion to one's courage." - Anaïs Nin
by Crazy Horse on Mon Sep 12th, 2011 at 08:40:11 AM EST
[ Parent ]
And what do we hear from Schauble? Stark? Merkel? Roesler? Where do I disambiguate?
by Upstate NY on Mon Sep 12th, 2011 at 09:37:19 AM EST
[ Parent ]
Organ-selling firm in NHS talks - mirror.co.uk

A PRIVATE healthcare firm whose wealthy clients were given donor organs bought from children is in talks to run transplant operations for the NHS.

Department of Health officials have already had three meetings this year with representatives of the General Healthcare Group about taking over NHS work.

But a subsidiary of the General ­Healthcare Group - Netcare - was last year fined nearly £700,000 after pleading guilty to illegally transplanting human organs in South Africa.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Sun Sep 11th, 2011 at 01:43:06 PM EST
[ Parent ]
Seriously? CHILDREN can sell their organs? In what world is this legal? What kind of "civilization" would allow this, even with the consent of the parents?

'tis strange I should be old and neither wise nor valiant. From "The Maid's Tragedy" by Beaumont & Fletcher
by Wife of Bath (kareninaustin at g mail dot com) on Mon Sep 12th, 2011 at 03:25:39 AM EST
[ Parent ]
Okay, should have read the whole article FIRST. Sorry.

'tis strange I should be old and neither wise nor valiant. From "The Maid's Tragedy" by Beaumont & Fletcher
by Wife of Bath (kareninaustin at g mail dot com) on Mon Sep 12th, 2011 at 03:27:02 AM EST
[ Parent ]
I'm not in the mood to read the article, but to answer your question, in a world ruled by Republicans, and they'll pay nothing if they can.

They tried to assimilate me. They failed.
by THE Twank (yatta blah blah @ blah.com) on Mon Sep 12th, 2011 at 07:57:59 AM EST
[ Parent ]
The whole idea of selling off potentially profitable parts of the NHS in order to drive down costs is simply insane. Sadly, us usual British politics are merely a sick parody of America's with the corporate whores in both major parties are engaged in a race to the bottom to wreck all that is good and decent about the country in which I grew up and live.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Mon Sep 12th, 2011 at 06:18:16 AM EST
[ Parent ]
Yanis Varoufakis: Greece's desperate new tax grab: Akin to carpetbombing the economy in order to save it
To paraphrase, Greece's PM and his Finance Minister effectively conceded that the Greek economy, or what is left of it, must be  destroyed in order to be saved from... bankruptcy. This is a large claim, so allow me to explain: Greece's GDP is in free fall. -7.3% and counting. Each month sees a new tax being imposed on those who cannot avoid it while the rest, who can, send their money to Swiss and German bank accounts. Thus, while public investment has followed private investment to negative territory (in the sense that not even replacement capital is on offer), the Greek macroeconomy is increasingly strangled by the cruel combination of falling demand, crumbling banks and rising public debt.

...

Falling asset prices, the euthanasia of the rentier and a shift from property related activities to industrial production and innovation is surely a good thing for an economy that makes strides into a better future. But a property tax that falls on an impoverished middle class in the midst of a recession is the peacetime financial equivalent to carpetbombing the proverbial Vietnamese village in order to... save it.



Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Mon Sep 12th, 2011 at 02:28:45 AM EST
[ Parent ]
a massive tax hike on luxury cars (ie costing more than €15k) could help too...

Wind power
by Jerome a Paris (etg@eurotrib.com) on Mon Sep 12th, 2011 at 03:19:57 AM EST
[ Parent ]
I have seen some noises about trying to tax ship owners...

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Mon Sep 12th, 2011 at 04:12:53 AM EST
[ Parent ]
I don't know what cars cost in France, but I don't think there are any new cars under €15k, at least in Sweden. Micro-cars possibly excepted.

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Mon Sep 12th, 2011 at 04:57:45 AM EST
[ Parent ]
Citroen : C0, C1, C3 or Nemo Combi.

Renault : Twingo, Clio, Modus or Kangoo.

Peugeot : 107, 206, 207.

None of these are micro-cars, most of them are suitable for all general use, excluding special needs (e.g. if you need 4WD, cargo handling, more than 5 seats, or are morbidly obese)

But perhaps none of them would pass Swedish safety standards?

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

by eurogreen on Mon Sep 12th, 2011 at 05:50:56 AM EST
[ Parent ]
Eurointelligence Daily Briefing: After Stark
Jürgen Stark resigns from the ECB in protest at the bond purchases programme; resignation throws Angela Merkel's eurozone crisis strategy into disarray; FT Deutschland reports that Stark's resignation was aimed at Jean-Claude Trichet personally; Germany proposes Jörg Asmussen as Stark's successor, but it is not clear that he could take over as chief economist, given his lack of qualifications; Luigi Zingales says Stark's resignation was a symbol of the alienation of the German economics establishment, and predicts a breakup of the eurozone into a northern and a southern zone; Holgner Stelzner sees the formation of national factions within the ECB's governing council; Le Monde argues that governments left the ECB no choice but to purchase bonds; Germany is preparing for a Greek default, either within or outside the eurozone; Greece plans a temporary property tax to be collected through the electricity bills; the Greek government also decided to expedite the vote on its 2012 budget; pressure is growing within the FDP for a referendum on the ESM - which would be severe strain on the coalition; Wolfgang Münchau says the verdict of the Constitutional Court is a disaster for the eurozone, as it rules out eurobonds; UBS calculates that the cost of leaving the euro exceeds the cost of rescue operations; Moody's is likely to downgrade three French banks today; the euro, meanwhile, fell to a ten-year low against the Japanese yen.


Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Mon Sep 12th, 2011 at 02:31:41 AM EST
[ Parent ]
The three French banks, Société Générale, Crédit Agricole, BNP Paribas, are down 10 points (more) at the opening of the Paris Bourse.
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Sep 12th, 2011 at 03:53:41 AM EST
[ Parent ]
The run on French banks continues...

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Mon Sep 12th, 2011 at 05:30:29 AM EST
[ Parent ]
Migeru:
Luigi Zingales says Stark's resignation was a symbol of the alienation of the German economics establishment

That made me smile, with reference to the French sense : "aliénation" = "mental derangement"

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

by eurogreen on Mon Sep 12th, 2011 at 05:55:08 AM EST
[ Parent ]
Greece plans a temporary property tax to be collected through the electricity bills
@matinaStevis tweets
Emergency property tax announced by Venizelos 2b collected through energy bills, notoriously disruptive Public Power Corp unionists say they won't allow their service to become tax-collecting mechanism, will block this tax collection. Doubtful they can do that but still


Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Mon Sep 12th, 2011 at 10:49:46 AM EST
[ Parent ]
PM - Editor helped chancellor manipulate news 12/09/2011
MARK COLVIN: One of the enduring mysteries of the phone hacking scandal in Britain concerns the former editor of the News of the World, Andy Coulson.

Why, after Coulson resigned from the paper over hacking done on his watch, did the Tory leadership hire him as chief spokesman? And why did the prime minister David Cameron hang on to him for so long as the scandal deepened?

Andy Coulson did eventually leave Downing St in January this year. Five months later he was arrested on charges related to phone hacking allegations.

And eight weeks ago the former News International chief executive Rebekah Brooks revealed to a parliamentary committee hearing that it was George Osborne who recommended Mr Coulson.


Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Mon Sep 12th, 2011 at 06:48:05 AM EST
[ Parent ]
+ + + Osborne Coke and Hookers Story Breaking Tonight + + + Coulson Accused of Softening Blow - Guy Fawkes' blog
EXCLUSIVE UPDATE: Though he's not sure whether tonight's interview has this detail, Guido understands that Osborne's "safe word" during kinky paid for sex and cocaine sessions (in case they got out of hand) was "Louise".


Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Mon Sep 12th, 2011 at 07:07:43 AM EST
[ Parent ]
Expect opposition MPs to start calling that out whenever he rises at debates now

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Mon Sep 12th, 2011 at 07:09:02 AM EST
[ Parent ]
Who Could Have Predicted?

I mean the coke and hookers-for-kinky-sex part.

Not the Louise part. That's just random.

(Although I'm surprised it wasn't Tina.)

by ThatBritGuy (thatbritguy (at) googlemail.com) on Mon Sep 12th, 2011 at 07:37:12 AM EST
[ Parent ]
well it's been suggested that its fake as georges safe word is definitely "The previous administration"

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Mon Sep 12th, 2011 at 07:44:02 AM EST
[ Parent ]
Guido has been flogging this story up and down Fleet st for a while now and the media won't/can't touch it cos it doesn't appears to have any proof attached.

But more to the point, is it news or merely tittle tattle ? And that's the issue , aside from hoping the Osborne never makes capital on the "drug problem" or on prostitution, I don't really see a story here. "Famous politician, who used to smash up restaurants when he was a young man, also used cocaine and prostitutes" just isn't a story anymore. I'm sorry but Mayfair is just bursting at the seams with the entitled rich snorting columbian marching powder up £50 notes off prostitutes' stomachs.

It may tell us something about the hypocrisy of the ruling classes but nothing about Osborne's capabilities as a Chancellor, as a politician or even as a human being. Fawkes is being an ass

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Mon Sep 12th, 2011 at 07:53:12 AM EST
[ Parent ]
well the storys in the Why Coulson got a job with Cameron part and wether this was because of any impropriety on Osbournes part


Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Mon Sep 12th, 2011 at 08:20:53 AM EST
[ Parent ]
Well, he still has the thorny problem that there doesn't appear to be any proof. Equally, it would help if he pushed the Coulson angle a little harder and the salacious details like "safe word" a lot less

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Mon Sep 12th, 2011 at 08:27:41 AM EST
[ Parent ]
The big details aren't the Guido story really though, It's more the Large scale Australian News program thats being transmitted probably sometime around now

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Mon Sep 12th, 2011 at 08:39:13 AM EST
[ Parent ]
RT @MikeSmithsonPB: Ladbrokes suspend betting on George Osborne for the next cabinet exit. http://t.co/hC3V69e

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Mon Sep 12th, 2011 at 11:08:36 AM EST
[ Parent ]
 ECONOMY & FINANCE 


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 Sun Sep 11th, 2011 at 11:59:18 AM EST
Greece on verge of default as doubt grows over €8bn bailout | World news | The Observer

Greece's embattled prime minister, George Papandreou, has moved to counter growing fears that Athens is about to default on its debts, saying there was a clear route back to economic health.

Speaking amid high security as protesters converged on the northern city of Thessaloniki for its annual international trade fair on Saturday, the socialist leader said: "There are two paths. One is the path of major change that will lead to a productive and creative Greece.

"The other path, the supposedly easier one, does not look problems straight in the eye and leads to disaster. We insist on the path of change."

Despite strong denials that the country is heading for a default, rumours have grown that the end game is approaching. Wolfgang Schäuble, the German finance minister, has insisted that a sixth, €8bn (£6.8bn) instalment of aid will not be released unless Greece enacts corrective measures to kickstart its economy and improve competitiveness. Experts from Washington and Brussels will fly into Athens this week to assess whether Greece is sticking to its programme of drastic spending cuts and tax rises, amid fears that its creditors could be ready to pull the plug.



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 Sun Sep 11th, 2011 at 12:16:45 PM EST
[ Parent ]
Dollar borrowing costs add to strain on European banks - FT.com

European banks are facing increasing strains on their balance sheets because of the dramatic jump in the cost to borrow dollars, essential for some institutions as they need to repay loans in US currency.

The cost for European banks to swap euros into dollars has jumped fivefold since June, hitting the highest levels since December 2008, and raising the risk of insolvency in the region's financial sector.

Strategists estimate European banks face a $500bn dollar funding gap - the sum they need to repay loans and obligations in the US currency over the coming months. The extra cost to swap euros into dollars, therefore, could make the difference between survival and bankruptcy for some institutions, strategists warn.

French banks, especially Société Générale, have been hit hard by a drying-up of US-based dollar liquidity, as money market funds have retreated from eurozone banks. That, in turn, has depressed their share prices, already jittery due to the lenders' outsized Greek exposures.



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 Sun Sep 11th, 2011 at 12:17:19 PM EST
[ Parent ]
But they planned for this. They knew that the lack of a solution to the sovereign debt problems would eventual result in a loss of money market fund investment. Right?
by Upstate NY on Sun Sep 11th, 2011 at 09:44:06 PM EST
[ Parent ]
If you say so.
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Sep 12th, 2011 at 01:14:32 AM EST
[ Parent ]
What, you're telling me the ECB allowed the Eurozone banking sector to accumulate massive US$ liabilities without building up a reserve base of comparable size with which to act as a lender of last resort in US$?

Of course, accumulating reserves would have required "printing" Euros and that would have been inflationary.

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Mon Sep 12th, 2011 at 02:14:55 AM EST
[ Parent ]
Remember that most lending is done by banks via borrowing 6-month dollars on the inter-bank market and on-lending it to their clients. They build reserves on the risk of the client not paying them back, but they do not build reserves for the risk of not-rolling over their funding (which is a liquidity risk, in that case).

Wind power
by Jerome a Paris (etg@eurotrib.com) on Mon Sep 12th, 2011 at 03:23:40 AM EST
[ Parent ]
Right, and if access to the USD interbank market becomes a problem for Eurozone banks, you have a 6-month span of USD liquidity pain. Back in 2008 those European banks that could access the UD Fed's liquidity facilities took advantage of it, but that has become politically contentious ("what is the Fed doing lending taxpayers' dollars to foreign banks?").

Liquidity provision to Eurozone banks is the job of the ECB. But liquidity provision in USD is not something the ECB can do without putting the Fed in a political bind (currency swaps by the Fed were construed as "lending" in a famous US House session) and it cannot be done in unlimited amounts regardless. So the ECB would have done well to accumulate enough USD reserves to back the USD interbank liabilities of the Eurozone banks. If the total size of the USD funding needs of the Eurozone banks stays roughly stable or grows non-bubblyly, this should not be a problem.

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Mon Sep 12th, 2011 at 04:14:05 AM EST
[ Parent ]
Recall
Grayson's Fed exchanges have become small sensations online; a May grilling of the Fed inspector general approaching a million views on YouTube and roughly another million on other video players.

His most recent battle with Bernanke, which is already on its way to 100,000 views, was fought over the Fed's project of "central bank liquidity swaps." The Huffington Post first reported the swaps in March. In response to the global economic crisis, the Fed has injected hundreds of millions of U.S. dollars into foreign central banks in exchange for foreign currency. The swaps represent a radical intervention by the Fed in the global money supply but have barely been covered by the media. They are done without approval from or oversight by the Congress or the White House.

Bernanke, asked by Grayson what the central banks did with the U.S. money, replied: "I don't know."

with video...

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Mon Sep 12th, 2011 at 04:31:11 AM EST
[ Parent ]
It's still a US issue because the big US banks don't like to lend (they underwrite bonds and sell them to investors) and quite a bit of lending in the US to US companies is done by European banks...

So if they don't have the liquidity, they'll stop lending in the US.

Wind power

by Jerome a Paris (etg@eurotrib.com) on Mon Sep 12th, 2011 at 11:36:14 AM EST
[ Parent ]
Maybe that inconvenient little fact needs to be pointed out to US Congressmen. Namely, that American investment banking is not into lending but into intermediating...

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Mon Sep 12th, 2011 at 12:02:31 PM EST
[ Parent ]
No secret the US banks are intermediaries.  

The consequences of the knowledge is "secret" only in the sense no one wants to 'go there' as it would halt the merry-go-round.

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre

by ATinNM on Mon Sep 12th, 2011 at 04:00:37 PM EST
[ Parent ]
Junk bond sale boosts hopes for European market - FT.com

Europe's first junk bond sale in more than six weeks has nurtured hopes that the continent's euro-denominated high-yield debt market may flicker back to life, despite turmoil emanating from the continent's indebted periphery.

Fresenius Medical Care, a German healthcare company, late last week priced a dual tranche, €400m and $400m junk bond - the first euro-denominated high yield offering since July 26 - at a lower coupon than initially indicated.

"Almost every measure of risk in Europe is still at multiyear highs so getting this deal done was encouraging," said Mathew Cestar, European head of leveraged finance at Credit Suisse, which led Fresenius's euro tranche sale and was a bookrunner on the dollar tranche. "Investors clearly still have cash available."

Fresenius's holding company also reopened the European high-yield debt market in 2009, after the financial crisis and Lehman Brothers' implosion has caused credit markets to seize up.



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 Sun Sep 11th, 2011 at 12:18:04 PM EST
[ Parent ]
Rich Tax Breaks Bolster Video Game Makers - NYTimes.com

The United States government offers tax incentives to companies pursuing medical breakthroughs, urban redevelopment and alternatives to fossil fuels.

It also provides tax breaks for a company whose hit video game this year was the gory Dead Space 2, which challenges players to advance through an apocalyptic battlefield by killing space zombies.

Those tax incentives -- a collection of deductions, write-offs and credits mostly devised for other industries in other eras -- now make video game production one of the most highly subsidized businesses in the United States, says Calvin H. Johnson, who has worked at the Treasury Department and is now a tax professor at the University of Texas at Austin.

Because video game makers straddle the lines between software development, the entertainment industry and online retailing, they can combine tax breaks in ways that companies like Netflix and Adobe cannot. Video game developers receive such a rich assortment of incentives that even oil companies have questioned why the government should subsidize such a mature and profitable industry whose main contribution is to create amusing and sometimes antisocial entertainment.



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 Sun Sep 11th, 2011 at 12:39:35 PM EST
[ Parent ]
Economists doubt payroll tax cut will create jobs

Washington --

Economists are generally skeptical about the biggest and most bipartisan part of President Obama's $477 billion plan to help put 14 million people back to work: a large payroll tax cut for workers and businesses.

While they were more positive about Obama's plan to spend as much as $140 billion on roads, schools and other infrastructure, many economists do not expect the plan to jump-start an economy teetering on the edge of a double-dip recession.

UC Berkeley economist and former Clinton administration Labor Secretary Robert Reich wrote on his blog that the plan correctly identifies the problem as growth and jobs, not deficits, but "isn't nearly large enough or bold enough to make a major dent in unemployment or to restart the economy."



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 Sun Sep 11th, 2011 at 12:49:54 PM EST
[ Parent ]

Yup.  Clear sign of how tax rates boost the economy.

Not.

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre

by ATinNM on Sun Sep 11th, 2011 at 05:44:39 PM EST
[ Parent ]
Banks May Fight Banks Over Mortgage Suits - Bloomberg

Bank of America Corp. (BAC), JPMorgan Chase & Co. (JPM) and other banks may pay more to resolve claims over their alleged roles in the collapse of a $2.3 trillion mortgage- backed securities market if sophisticated investors are allowed to sue as a group along with less savvy ones.

Class-action status allows investors to pool financial and legal resources, giving them greater leverage to win larger settlements or verdicts. The banks, however, have a court ruling on their side that may help fend off such blockbuster cases. It says class status is barred because some investors are too sophisticated -- in fact, because some of them are other banks, including JPMorgan.

"It is possible to be both an alleged perpetrator and victim at the same time," said Jacob S. Frenkel, a former U.S. Securities and Exchange Commission lawyer now in private practice in Potomac, Maryland. "It's unprecedented that you have the most sophisticated institutions as victims, to be in a position where their losses are so great that they have sued."



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 Sun Sep 11th, 2011 at 01:11:13 PM EST
[ Parent ]
Toyota Makes Prius a Priority in Fight to Climb Back - Bloomberg

Two weeks after Japan's March 11 earthquake knocked out more than 650 of Toyota Motor Corp. (7203)'s suppliers, halting worldwide production, the automaker had to decide where to focus its resources. It picked the Prius.

"We were rapidly burning through cash," said Atsushi Niimi, head of production, in an interview. "We decided we had to get things going bit by bit to survive through this, so we prioritized the cars our customers wanted most."

The carmaker started calling suppliers across the country to find parts for the Prius and luxury-brand Lexus hybrids. By March 28, Toyota's Tsutsumi and Kyushu factories were producing the models again at 30 to 40 percent of capacity, Niimi said.

By choosing the Prius ahead of the Corolla and Camry sedans that enabled Toyota to become global No. 1 by 2008, President Akio Toyoda is staking the future of Japan Inc. on hybrid technology as the solution to the nation's worst disaster since World War II and the company's initial indifference to customer complaints that prompted its biggest recall. General Motors Co. (GM) supplanted Toyota as the world's largest automaker in the first half of this year, as Japan's last remaining company in the world's top 50 by market value lost customers to GM, Ford Motor Co. (F) and Hyundai Motor Co. (005380) in the U.S. market, which is recovering from its deepest postwar slump.



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 Sun Sep 11th, 2011 at 01:11:25 PM EST
[ Parent ]
Analysis: Stark ECB exit hits shaky euro zone at worst time | Reuters

(Reuters) - The resignation of the top German official at the European Central Bank could hardly have come at a worse time for euro zone policymakers as they grope for a way out of the deepest crisis in the single currency's 12-year history.

The ECB is the one institution that has kept the euro zone afloat in the sovereign debt crisis and prevented a bond market meltdown. The European Union has no federal government or common fiscal authority and speaks with many dissonant voices.

Juergen Stark's departure from the ECB's Executive Board in despair at the policy of buying government bonds to prevent the crisis spreading comes as policymakers in Berlin and beyond are preparing for the growing possibility of a Greek default.

It seems bound to complicate the next round of crisis management because it has injected the poison of inter-state politics as well as ideological division into the independent central bank.

"It's the ECB that is holding the show together, so anything that weakens the ECB is bad news," said an EU official involved in financial crisis management.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Sep 11th, 2011 at 03:50:59 PM EST
[ Parent ]
There have been a slew of opinion pieces in Spain whose tone is basically good riddance as Stark is depicted as an incompetent political hack.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Sun Sep 11th, 2011 at 04:12:36 PM EST
[ Parent ]
afew:
the poison of inter-state politics as well as ideological division

Ideally, it would be one-state politics and monolithic ideology.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Sep 11th, 2011 at 04:17:15 PM EST
[ Parent ]
To say that it's his departure that injects the poison of politics into the ECB's crisis management really takes chutzpah or cluelessness.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Sun Sep 11th, 2011 at 04:56:39 PM EST
[ Parent ]

An Impeccable Disaster

What Mr. Trichet and his colleagues should be doing right now is buying up Spanish and Italian debt -- that is, doing what these countries would be doing for themselves if they still had their own currencies. In fact, the E.C.B. started doing just that a few weeks ago, and produced a temporary respite for those nations. But the E.C.B. immediately found itself under severe pressure from the moralizers, who hate the idea of letting countries off the hook for their alleged fiscal sins. And the perception that the moralizers will block any further rescue actions has set off a renewed market panic.

Adding to the problem is the E.C.B.'s obsession with maintaining its "impeccable" record on price stability: at a time when Europe desperately needs a strong recovery, and modest inflation would actually be helpful, the bank has instead been tightening money, trying to head off inflation risks that exist only in its imagination.




Wind power
by Jerome a Paris (etg@eurotrib.com) on Mon Sep 12th, 2011 at 03:50:51 AM EST
[ Parent ]
No, it should be in Europe.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Mon Sep 12th, 2011 at 04:04:40 AM EST
[ Parent ]
OECD composite leading indicators signal widespread slowdown in economic activity

Composite leading indicators (CLIs) for July 2011, designed to anticipate turning points in economic activity relative to trend, continue to point to a slowdown in economic activity in most OECD countries and major non-member economies. The CLI for the OECD area fell 0.5 point in July; the fourth consecutive monthly decline.
Compared to last month's assessment, the CLIs for Canada, France, Germany, Italy, the United Kingdom, Brazil, China and India are pointing more strongly to a slowdown in economic activity.  The CLIs for the United States and Russia are now also pointing more clearly to a slowdown in economic activity than in last month's assessment.


by afew (afew(a in a circle)eurotrib_dot_com) on Mon Sep 12th, 2011 at 06:22:28 AM EST
[ Parent ]
 WORLD 


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 Sun Sep 11th, 2011 at 11:59:35 AM EST
Hope fades for Zanzibar disaster survivors - Africa - Al Jazeera English
Zanzibar has promised stern punishment for those responsible for overloading a ferry that capsized off the coast of east Africa, killing nearly 200 people.

Rescue boats, helicopters and divers searched on Sunday for any remaining survivors but hopes were fading fast of finding anyone alive in the submerged wreck.

Zanzibar minister of state Mohamed Aboud Mohamed told a news conference the death toll from Saturday's disaster was 197, with 619 survivors, meaning the MV Spice islander was loaded with
over 200 more people than it was licensed to carry.

"The government will take stern measures against those found responsible for this tragedy, in accordance with the country's laws and regulations," he said. "We will not spare anyone."

The accident was the worst maritime disaster in the history of Zanzibar, Tanzania's semi-autonomous archipelago and popular tourist destination. In 1996, a Tanzanian ferry sank on Lake Victoria with as many as 1,000 aboard. Only 114 survived


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 Sun Sep 11th, 2011 at 12:21:44 PM EST
[ Parent ]
Guatemala votes for new president - Americas - Al Jazeera English

Otto Perez Molina, a former army general who has promised an "iron fist" against criminals, is leading the field of 10 candidates as Guatemalans cast ballots for a new president.

Crime, violence and the economy have been the biggest campaign issues for voters in the Central American nation of 14.7 million people who will vote on Sunday.

"We are afraid all the time of the criminals," Mario Rojas, a resident Guatemala City, the capital, told Al Jazeera. "We are afraid of ourselves or our children being murdered."

All government institutions had been placed on a 48-hour "orange alert" before the voting. 

Lucia Newman, Al Jazeera's correspondent in Guatemala City, said "violence provoked by gangs, organised crime and drug traffickers has made the country one of the most dangerous in the Western Hemisphere".



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 Sun Sep 11th, 2011 at 12:21:51 PM EST
[ Parent ]
Battles rage for Gaddafi's last strongholds - Africa - Al Jazeera English

Heavy fighting is raging for the control of three key Libyan towns after a deadline set for the surrender of loyalists of Muammar Gaddafi expired.

Al Jazeera correspondents reported that fighters aligned with the National Transitional Council (NTC) were seeking to capture Bani Walid, Sirte and Sabha from Gaddafi loyalists after the latter chose to ignore the deadline for surrender.

Libyan fighters said they were in control of the northern gate of Bani Walid on Sunday, and they were awaiting reinforcements from Misrata before launching a full assualt on the city.

With talks aimed at peaceful handover of the Gaddafi strongholds collapsing, Mustapha Abdel Jalil, the head of the NTC, said on Saturday the situation was "in the hands of [his] battlefield commanders".



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 Sun Sep 11th, 2011 at 12:21:59 PM EST
[ Parent ]
Gaddafi's diehard secret police dig in as Nato jets blast desert stronghold | World news | The Observer

Nato launched air strikes on Saturday against Bani Walid, one of the last remaining Libyan towns still held by forces loyal to Muammar Gaddafi. Loyalists were mounting fierce resistance, fuelling speculation about which regime figures were hiding in the desert bastion.

Rebel commanders believe several hundred fanatical fighters are trapped in the town, a maze of hills and fortified positions 90 miles south-east of the capital, Tripoli. Street-to-street fighting raged and loyalists were accused of firing Grad rockets from civilian homes.

Air strikes hammered fortified positions near the town centre, including buildings thought to shelter Scud missiles that have already been launched against rebel-held Misrata.

Overnight fighting saw eight prisoners, one of them a brigadier, captured by rebel patrols, and one unit of Misrata's Halbus brigade, thought to be operating with forward air controllers of the SAS, is now six miles from the town centre.



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 Sun Sep 11th, 2011 at 12:39:46 PM EST
[ Parent ]
Tantawi testimony on Mubarak postponed - Middle East - Al Jazeera English

Egypt's military ruler has postponed his court session in the trial of Hosni Mubarak, Egypt's former president, with his lawyer citing the attack on Israel's embassy in Cairo on Friday.

Field Marshal Hussein Tantawi, Mubarak's one-time confidant, had been expected to offer highly anticipated testimony on Sunday about Mubarak's alleged role in the killing of protesters in the uprising that toppled him in February.

Assem Qandil, a defence lawyer, said Tantawi was unable to testify because he was too busy dealing with the security issues after the Israeli embassy was attacked.

Qandil said the field marshal had offered to send written testimony, but "the judge refused and reissued a request for Tantawi to show up in court".



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 Sun Sep 11th, 2011 at 12:22:08 PM EST
[ Parent ]
Taliban 'offered bin Laden trial before 9/11' - Central & South Asia - Al Jazeera English

The Taliban government in Afghanistan offered to present Osama bin Laden for a trial long before the attacks of September 11, 2001, but the US government showed no interest, according to a senior aide to the Taliban leader, Mullah Omar.

Wakil Ahmad Muttawakil, Taliban's last foreign minister, told Al Jazeera in an exclusive interview that his government had made several proposals to the United States to present the al-Qaeda leader, considered the mastermind of the 2001 attacks, for trial for his involvement in plots targeting US facilities during the 1990s.

"Even before the [9/11] attacks, our Islamic Emirate had tried through various proposals to resolve the Osama issue. One such proposal was to set up a three-nation court, or something under the supervision of the Organisation of the Islamic Conference [OIC]," Muttawakil said.

"But the US showed no interest in it. They kept demanding we hand him over, but we had no relations with the US, no agreement of any sort. They did not recognise our government."



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 Sun Sep 11th, 2011 at 12:22:16 PM EST
[ Parent ]
Old, old news, although possibly worth repeating.

From the Independent, 15 October 2001:

After a week of debilitating strikes at targets across Afghanistan, the Taliban repeated an offer to hand over Osama bin Laden, only to be rejected by President Bush.

Etc.

Also a reminder that the Afghanistan fiasco has lasted ten fucking years already.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Mon Sep 12th, 2011 at 05:46:35 AM EST
[ Parent ]
the day before yesterday i was watching bbc world, and there was a reporter in afghanistan showing locals pix of the twin towers, they had never seen them, and the reporter mentioned a poll taken that showed 90% of afghans had no idea 9-11 had even happened!

i wondered if this was the first war, in the information age no less, that the victims had no idea why they were being attacked.

meanwhile 40,000 die per day from starvation, with no memorials full of celebs to mourn them.

shit

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Mon Sep 12th, 2011 at 06:05:04 AM EST
[ Parent ]
My memory is that, at the time, the view was that the Taliban offered such a wide ranging support structure to al Qaeda that merely taking the figurehead wasn't going to make much difference. In fact that would simply be offering the US the chance to be on the receiving end of endless hostage situations.

I don't think any US govt would have felt able to accept such an offer, but it's certainly true that Bush/Cheney wanted to blow shit up so that their version of the US could feel it got its pound of flesh.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Mon Sep 12th, 2011 at 06:46:41 AM EST
[ Parent ]
Before 9/11 Bin Laden was some guy the US said they wanted to talk to. So it's not totally surprising the US didn't bother.

But after 9/11 Bin Laden was Public Enemy Number 1. It makes no sense to suggest the US was scared there would be reprisals if they took him home, because they were already making very loud noises about being as scared of further attacks as it was possible to be.

Also, it would have been an obvious propaganda coup for the home audience.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Mon Sep 12th, 2011 at 06:57:22 AM EST
[ Parent ]
Israel facing 'diplomatic tsunami' with Arab neighbors | McClatchy

JERUSALEM -- The attack on the Israeli embassy in Cairo has brought into sharp relief Israel's increasing isolation in a still region grappling with the changes of the Arab Spring.

Israel was forced to evacuate its ambassador and most of its diplomatic staff from Cairo this weekend after hundreds of Egyptian protesters tore down a security wall protecting the Nile-side embassy, ransacked its files and burned an Israeli flag. It came less than a week after Turkey, Israel's other major ally in the Muslim world, announced it was expelling the Israeli ambassador and downgrading its relationship to the lowest possible level after a deadly skirmish involving a Turkish aid vessel that was attempting to deliver supplies in defiance of Israel's blockade of the Gaza Strip.

With another potential predicament brewing later this month when the Palestinians are expected to request membership and statehood at the United Nations, Israeli-Arab relations appear to be plunging to their lowest point in years.

"Within a week Israel has found itself two friends down and about to face a so-called diplomatic tsunami with the Palestinians," said one European envoy in Jerusalem, who spoke on condition of anonymity under diplomatic protocol.



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 Sun Sep 11th, 2011 at 12:34:49 PM EST
[ Parent ]
Israel faces worst crisis with Egypt for 30 years as diplomats flee | World news | The Observer

srael is facing its worst crisis with Egypt for 30 years after being forced to airlift diplomats and their families to safety during the storming of its embassy in Cairo by a violent mob.

The siege of the embassy ended, with the 86 Israelis fleeing, only after intervention from the White House following phone calls between the Israeli prime minister, Binyamin Netanyahu, and US President Barack Obama.

The attack was the latest diplomatic storm to engulf the Jewish state, whose relations with another ally, Turkey, have worsened over the past nine days. Israel is also facing a "diplomatic tsunami" at the UN later this month when a majority of countries are expected to back recognition of a Palestinian state.

The embassy attack, in which a security wall was demolished and a group of protesters reached the door of the embassy's secure area, threatened to cause "serious damage in peaceful relations between our two countries", the prime minister said.



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 Sun Sep 11th, 2011 at 12:40:00 PM EST
[ Parent ]
Israel approves plan to relocate 30,000 Bedouin from unrecognized villages - Haaretz Daily Newspaper | Israel News
Prime Minister Benjamin Netanyahu's cabinet on Sunday approved a plan to relocate tens of thousands of Bedouin from their unrecognized villages into settlements with official state status.

The plan emerges from the Prawer Report, drafted to find a solution to the problem of unrecognized villages in the Negev.

As part of the plan, some 20,000 to 30,000 Bedouon will be relocated to recognized settlements including Rahat, Khura and Ksayfe. The plan also includes financial compensation for those relocated, as well asalternate plots of land. The program is estimated to cost the state NIS 6.8 billion.

Opponents of the plan have accusing the government of evacuating people from their homes for no justified reason and against their will.

Bedouin representative called the decision "a declaration of war," and some 150 members of the community gathered outside the prime minister's office in Jerusalem on Sunday to protest the decision.



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 Sun Sep 11th, 2011 at 12:43:06 PM EST
[ Parent ]
The arab spring is leaving the cosy stasis of the Israeli security state behind. They need to adapt to their new more democratic surroundings but their entire politics revolves around the idea that they must force others to adapt to them, but they must never adapt to others

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Mon Sep 12th, 2011 at 06:51:32 AM EST
[ Parent ]
Veto a State, Lose an Ally - NYTimes.com

The United States must support the Palestinian bid for statehood at the United Nations this month or risk losing the little credibility it has in the Arab world. If it does not, American influence will decline further, Israeli security will be undermined and Iran will be empowered, increasing the chances of another war in the region.

Moreover, Saudi Arabia would no longer be able to cooperate with America in the same way it historically has. With most of the Arab world in upheaval, the "special relationship" between Saudi Arabia and the United States would increasingly be seen as toxic by the vast majority of Arabs and Muslims, who demand justice for the Palestinian people.

Saudi leaders would be forced by domestic and regional pressures to adopt a far more independent and assertive foreign policy. Like our recent military support for Bahrain's monarchy, which America opposed, Saudi Arabia would pursue other policies at odds with those of the United States, including opposing the government of Prime Minister Nuri al-Maliki in Iraq and refusing to open an embassy there despite American pressure to do so. The Saudi government might part ways with Washington in Afghanistan and Yemen as well.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Mon Sep 12th, 2011 at 08:19:23 AM EST
[ Parent ]
U.N. push for Syria rights team blocked: official | Reuters

(Reuters) - Syria has repeatedly blocked United Nations requests to admit human rights monitors, said a U.N. official who stressed that regional bodies such as the Arab League are key to reaching a long-term political solution to the crisis.

U.N. humanitarian affairs chief Valerie Amos said the organization had made clear it was "extremely concerned" about reports of human rights violations, but that the Syrian government had denied entry to rights investigators.

"The requests have repeatedly been made for a human rights mission into Syria. It hasn't yet happened but they have been made repeatedly," Amos told Reuters in an interview.

She added that a U.N. mission entered Syria last month but with only limited access.



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 Sun Sep 11th, 2011 at 01:10:58 PM EST
[ Parent ]
 LIVING OFF THE PLANET 
 Environment, Energy, Agriculture, Food 


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 Sun Sep 11th, 2011 at 11:59:54 AM EST
Lawmakers dueling over proposed Alaska gold mine | McClatchy

WASHINGTON -- In a high-stakes battle that pits gold and copper against fish, members of Congress are scrapping over a plan to build one of the world's largest open pit mines in southwest Alaska.

Fearing that toxic wastes from the mine could hurt the wild salmon population in her home state, Washington state Democratic Sen. Maria Cantwell intends to enter the fray Monday. She plans to ask the head of the Environmental Protection Agency to consider using the Clean Water Act -- if necessary -- to stop the proposed Pebble Mine project on Bristol Bay.

Cantwell, a second-term senator and a member of the Senate Energy and Natural Resources Committee, will become the first senator to issue such a call. She'll face opposition from Alaska Republican Rep. Don Young, who already has introduced a bill that would strip the EPA of its authority to halt the project.

While supporters are excited about the mine's potential to create thousands of jobs, environmental groups and other critics worry that the project would have a devastating impact on wildlife, including seals, caribou, moose, grizzly bears and migratory birds. The bay supplies nearly half of the world's annual sockeye salmon harvest.



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 Sun Sep 11th, 2011 at 12:16:22 PM EST
[ Parent ]
supporters are excited about the mine's potential to create thousands of jobs
Fishing and eating just doesn't compete with gold fever.
by Andhakari on Mon Sep 12th, 2011 at 02:24:21 AM EST
[ Parent ]
Wind tunnel helps determine how birds fly so far without water - latimes.com
Twice a year, bar-tailed godwits migrate more than 7,000 miles so they can spend their summers in Alaska and their winters in New Zealand. Bar-headed geese fly about 2,000 miles between Mongolia and India, traveling at altitudes high enough to clear the top of Mt. Everest.

Such flights are physically draining, requiring birds to expend enormous amounts of energy without stopping for food or water. For years, scientists have wondered how they do it.

Now researchers think they've figured out how birds stay hydrated on their marathon journeys.

Observing tiny songbirds as they flew for hours in a state-of-the-art wind tunnel, biologists at the University of Western Ontario in Canada discovered that the animals conserve water by burning muscle and organs instead of fat.


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 Sun Sep 11th, 2011 at 12:49:38 PM EST
[ Parent ]
Illegal Fishing Crackdown: Trans-Atlantic Pact Targets 'Other Piracy' - SPIEGEL ONLINE - News - International

A bilateral deal announced this week between the European Union and the United States aims to fight illegal fishing, a crime blamed for a number of problems in the world's oceans, from fishery collapse to poverty and piracy in Africa. The agreement signed in Washington was thin on details, but environmental groups praised it nonetheless. "We view this as quite positive," said Maria Jose Cornax of Oceana, a conservation nonprofit based in Madrid.

EU and US officials have made ringing remarks about illegal fishing without explaining how they might oppose it. "Piracy off the coast of Africa has grabbed headlines in recent years, but there is another type of piracy that has received far too little attention," said a joint statement released in advance of Wednesday's agreement. "Pirate fishing around the world is costing fishermen their jobs and income, and harms the ocean environment."

The EU and US have therefore agreed to cooperate "at the technical, operational and political level," said Dr. Jane Lubchenco, head of the US-based National Oceanic and Atmospheric Administration (NOAA), who signed the agreement with Maria Damanaki, the EU's fisheries commissioner.

But specifics will have to wait for new laws in the United States, Maria Jose Cornax told SPIEGEL ONLINE. "Our Oceana colleagues in Washington are working on (recommending) concrete measures," she said.



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 Sun Sep 11th, 2011 at 01:05:14 PM EST
[ Parent ]
Explosion at nuclear plant in southern France - San Jose Mercury News
PARIS--An explosion rocked the Marcoule nuclear plant in southern France on Monday, the country's nuclear safety body and local authorities said.

It was not immediately clear how serious the accident was or whether there were any victims. The Marcoule site is located in Langedoc Roussillon, in southern France, near the Mediterranean Sea.

Evangelia Petit of the Agency for Nuclear Safety said Monday an explosion had taken place but declined to provide any further details. Officials in the Gard region confirmed Monday's explosion but also would not elaborate.

The local Midi Libre newspaper, on its web site, said an oven exploded at the plant, killing one person and seriously injuring another. No radiation leak was reported, the report said, adding that no quarantine or evacuation orders were issued for neighboring towns.

Three other people have been hospitalized with lighter injuries in the explosion, the paper said.

The accident occurred at 11:45 a.m. (0945 GMT, 5:45 a.m. EDT) in a plant that treats nuclear waste operated by a subsidiary of France's EDF electricity company, the report said.



It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
by eurogreen on Mon Sep 12th, 2011 at 08:28:12 AM EST
[ Parent ]
 LIVING ON THE PLANET 
 Society, Culture, History, Information 


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 Sun Sep 11th, 2011 at 12:00:16 PM EST
BBC News - Supercomputer predicts revolution

Feeding a supercomputer with news stories could help predict major world events, according to US research.

A study, based on millions of articles, charted deteriorating national sentiment ahead of the recent revolutions in Libya and Egypt.

While the analysis was carried out retrospectively, scientists say the same processes could be used to anticipate upcoming conflict.

The system also picked up early clues about Osama Bin Laden's location



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 Sun Sep 11th, 2011 at 12:16:33 PM EST
[ Parent ]
If it "could" be used to anticipate upcoming conflicts, why haven't they already done so?
by gk (gk (gk quattro due due sette @gmail.com)) on Sun Sep 11th, 2011 at 04:56:39 PM EST
[ Parent ]
The simple answer is, it doesn't work.  

Yes it is better than guessing but the success rate is around 30% accurate, 70% wrong.

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre

by ATinNM on Sun Sep 11th, 2011 at 05:53:25 PM EST
[ Parent ]
That's probably better than most foreign ministries and intelligence agencies could do.
by Andhakari on Mon Sep 12th, 2011 at 02:29:46 AM EST
[ Parent ]
Prediction is not as hard when it's not about the future.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Sun Sep 11th, 2011 at 08:06:00 PM EST
[ Parent ]
lol

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
by ATinNM on Sun Sep 11th, 2011 at 08:31:52 PM EST
[ Parent ]
on world events. The markets will reveal hidden information. Right?

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
by eurogreen on Mon Sep 12th, 2011 at 06:03:55 AM EST
[ Parent ]
The wisdom of the markets is more related to the stampeding of drunken coke-addled sheep, who, at moments of crisis, mutate into lemmings

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Mon Sep 12th, 2011 at 06:54:59 AM EST
[ Parent ]
Wind tunnel helps determine how birds fly so far without water - latimes.com
Twice a year, bar-tailed godwits migrate more than 7,000 miles so they can spend their summers in Alaska and their winters in New Zealand. Bar-headed geese fly about 2,000 miles between Mongolia and India, traveling at altitudes high enough to clear the top of Mt. Everest.

Such flights are physically draining, requiring birds to expend enormous amounts of energy without stopping for food or water. For years, scientists have wondered how they do it.

Now researchers think they've figured out how birds stay hydrated on their marathon journeys.

Observing tiny songbirds as they flew for hours in a state-of-the-art wind tunnel, biologists at the University of Western Ontario in Canada discovered that the animals conserve water by burning muscle and organs instead of fat.


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 Sun Sep 11th, 2011 at 12:49:23 PM EST
[ Parent ]
What It Takes to Power Google - Technology Review

Google is the first major Web company to reveal exactly how much energy it uses--information that will help researchers and policy makers understand how the massive explosion of Internet usage and cloud computing is contributing to global energy consumption.

Google uses 260 million watts continuously across the globe, the company reported on Wednesday. This is equivalent to the power used by all the homes in Richmond, Virginia, or Irvine, California (around 200,000 homes), and roughly a quarter of the output of a standard nuclear power plant.

By far, the majority of Google's energy use is tied up in its data storage centers, according to Jonathan Koomey, a professor at Stanford University and a researcher who focuses on energy and IT. He says that roughly 220 million of those watts are used solely by the company's data centers, based on figures Google showed him. Most of this energy is used in cooling data center systems. Google custom builds many data centers, such as a new one in Finland that uses a seawater cooling system, to cut down on electricity.

This has enabled Google to be relatively energy efficient, says Koomey, who estimates that the company owns about 3 percent of servers worldwide and uses only 1 percent of electricity for data centers worldwide. "They're operating more efficiently than other data centers," he says.



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 Sun Sep 11th, 2011 at 01:05:28 PM EST
[ Parent ]
Companies Put Their Heads Together to Make Chips that Stack Up - Technology Review

BM will work with materials manufacturer 3M to develop the necessary mortar to build much more complex three-dimensional computer chips. The companies announced this week that they will aim to develop microchips made of 100 chip layers stacked on top of each other. Stacking chips in this way could make all sorts of electronics faster and more power-efficient.

Three-dimensional chips have already found their way into some niche applications, but they are expensive to make, and can only be stacked about a dozen layers high before they overheat.

Three-dimensional chips can handle data more efficiently because data has to travel less distance to reach a different component. Stacked chips with connections running through them vertically like pipes in a skyscraper should be able to process more data faster, and with lower power requirements.

Eby Friedman, a professor of electrical and computer engineering at the University of Rochester who is not involved with either company, says that because of heat-management issues, today's three-dimensional chips max out at around a half dozen layers even in research labs. "These chips are burning a lot of power, very close to one another, and thermal effects will become dominant," he says.



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 Sun Sep 11th, 2011 at 01:05:43 PM EST
[ Parent ]
Canv.as Paints a New Approach to Social Networking - Technology Review
Too many social sites today are more work than play: another in-box to keep up with, another place to trudge through friend connections, another status bar to update.

Chris Poole may have brought the fun back to social with his new site, Canv.as, which offers users "a place to share and play with images" that's built with a fierce commitment to spontaneous creativity. Poole is the 23-year-old founder of 4chan, a site famous for embodying the Internet's id in all its glory and squalor. 4chan's anonymous community has been behind a number of pranks and Internet "memes,"  including "Rickrolling."

With Canv.as, Poole hopes to bring his countercultural perspective to a site that will gain a mainstream audience, and make a profit. In the process, he also hopes to remind people that socializing is supposed to be fun. "The idea of play was very important to us," Poole says.


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 Sun Sep 11th, 2011 at 01:05:51 PM EST
[ Parent ]
 PEOPLE AND KLATSCH 


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 Sun Sep 11th, 2011 at 12:00:32 PM EST
Today in jazz history:

2000 - death of Stanley Turrentine, American jazz saxophonist (b. 1934).



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 Sun Sep 11th, 2011 at 12:04:35 PM EST
[ Parent ]
Actor Cliff Robertson,'Uncle Ben' in `Spiderman,' Dies at 88

The actor who played Peter Parker's ill-fated Uncle Ben in the Spiderman films with Tobey Maguire has died of natural causes, his secretary of 53 years has confirmed.

Cliff Robertson's career did not start with the Spiderman franchise- the actor had several decades in the spotlight in a variety of roles. However, after seeing a resurgence in his profile following the success of Spiderman, Spiderman 2 and Spiderman 3- all three of which Robertson appeared in despite his character's death in the first- Robertson commented on his website:

"Since Spider-Man 1 and 2, I seem to have a whole new generation of fans. That in itself is a fine residual."

But indeed, Spiderman was a footnote to a long and esteemed career. The actor won an Academy Award for Best Actor in 1968 for the film adaptation of Letters to Algernon, titled Charly. Before that, he was hand-selected to play then-President John F. Kennedy, Jr. by the man himself in the film PT 109. The film was the first to dramatize a sitting president.



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 Sun Sep 11th, 2011 at 01:10:33 PM EST
[ Parent ]
A regret of my life is I'll never see the Lascaux and other cave paintings in France and Spain 'up close and personal.'  I've seen the photographs and even some reproductions on stone and skins but the real thing?  Nope.

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
by ATinNM on Sun Sep 11th, 2011 at 05:58:09 PM EST
[ Parent ]

Herzog Finds His Inner Cave Man


What a gift Werner Herzog offers with "Cave of Forgotten Dreams," an inside look at the astonishing Cave of Chauvet-Pont-d'Arc -- and in 3-D too. In southern France, about 400 miles from Paris, the limestone cave contains a wealth of early paintings, perhaps from as long ago as 32,000 years. Here, amid gleaming stalactites and stalagmites and a carpet of animal bones, beautiful images of horses gallop on walls alongside bison and a ghostly menagerie of cave lions, cave bears and woolly mammoths. Multiple red palm prints of an early artist adorn one wall, as if to announce the birth of the first auteur.
...
Whatever the reason, it's a blast to be inside the cave, to see these images, within 3-D grabbing reach. As the smooth-handed director of photography Peter Zeitlinger wields the camera, Mr. Herzog walks and even crawls for your viewing pleasure. He's an agreeable, sometimes characteristically funny guide, whether showing you the paintings or talking with the men and women who study them. As evident from his other documentaries, like "Encounters at the End of the World," set in Antarctica, he also has a talent for tapping into the poetry of the human soul, finding people who range freely in this world and others, like the circus performer turned anthropologist here who night after night dreamed of lions after visiting the cave.


"Life shrinks or expands in proportion to one's courage." - Anaïs Nin
by Crazy Horse on Sun Sep 11th, 2011 at 06:23:22 PM EST
[ Parent ]
Danke

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
by ATinNM on Sun Sep 11th, 2011 at 09:53:46 PM EST
[ Parent ]
You can see it up close and personal. I know someone with a license, he takes people there once a year. It's very costly, $5k to $10k for the tour. It's a 2 week tour, all meals, hotels, transport inside France.
by Upstate NY on Sun Sep 11th, 2011 at 09:52:02 PM EST
[ Parent ]
is that I passed up the chance to visit Lascaux with my father. We were driving through the region, 18 years ago, and it wasn't in our plans; but he had a lifelong passion for prehistory, which he had communicated to me, and I knew he would be eager to do it. It would have been logistically complicated (we had a newborn infant and her mother to take care of), and we said "oh well... next time."

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
by eurogreen on Mon Sep 12th, 2011 at 06:08:27 AM EST
[ Parent ]
I've never understood why, given how important this cave is, that they never set up an air conditioning system to desiccate the air and remove residual CO2.

But given the decay, removing the people was a sensible solution

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Mon Sep 12th, 2011 at 07:00:23 AM EST
[ Parent ]
They have tried several air conditioning systems, without succeeding in recreating the air movement that preserved the paintings for thousands of years.
by afew (afew(a in a circle)eurotrib_dot_com) on Mon Sep 12th, 2011 at 07:02:56 AM EST
[ Parent ]
Not only CO2, fungi and black mold have been introduced to the cave by all the visitors.

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
by ATinNM on Mon Sep 12th, 2011 at 10:20:55 AM EST
[ Parent ]


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