Financial Crisis

[12DrinkMore]

The Big Salary game.

Now, IMO, there is no way that an employee should be paid 10,000,000 Quid/year. That works out at 27,000 Quid/day, or more than the average UK annual salary.

But maybe there is light dawning

Fourth lobbying group joins calls for Tesco investors to vote against 'excessive' directors' pay at the supermarket

Last year chief executive Sir Terry Leahy received some £10m in pay and cheap or free shares. Tim Mason, who runs the loss-making US offshoot, received about £7m.

7,000,000 Quid for making a loss?

He should be sacked.

And Leary should be offered a max of 1,000,000; around four times the PM receives. That's enough. If he doesn't like it, then I am sure there will be a queue of suitable applicants handing in their CV's to the personnel dept, sorry, that's giving away my age, the Human Resources Department.

Which I assume also has it's counterpart, the Inhuman Resource Department, where Brown will be dropping off his CV, once he has licked his wounds and is feeling motivated to become "Economically Active" again, God help us.

[sokal]

The additional money isn't circulating

It's being absorbed into bank balance sheets (to plug hideen holes) like rainfall in the desert

it is always circulating. The big banks buy treasury's for the fed, which keeps interest rates lower then they should be.

[Naam]

Interesting to see how it performs against Asian currencies / Is it possible that the Yuan rather than strengthening against the USD may weaken , as has happened recently with other Asian currencies ?

The Chinese don't really seemed to have said very much, perhaps the whole noise was just to keep Tim off their backs for a while?

All they said was that the rate would be more flexible, but no time scale. With EUR-Trade exceeding USD-Trade, the comments at the bottom indicate that the RMB could very well depreciate against the USD, which is currently on the up and up, in order to support the EUR-Trade.

The Chinese have pretty much all the cards here, so in the end they will do what's best for China. as indeed Tim tries to do what's best for the US, in his own somewhat deluded way.

all said, nothing to add!

[sokal]

This is why it is not inflationary (you have merely avoided deflation). Still the whole point is that with enough 'rainfall' you can flood a 'desert' and once the hole is plugged enough water will make the bucket 'overflow'.

yes but once the flood starts it becomes almost impossible to control in the real world (don't tell Ben)

I concur.

No signs of water yet.

Arid...

Drought conditions i would say

Major Miss In Initial Claims As Double Dip Takes Even Firmer Hold

We should all move to Venezuela, Afghanistan or Mongolia then, they all have over 25% inflation:jap:

[sokal]

very interesting comment

The US and the IMF say the Yuan is undervalued, which helps Chinese firms compete overseas and contributes to the large surplus in China's international trade.

China has kept the currency from rising by selling Yuan for dollars and has built up massive foreign exchange reserves as a result.

The way China invested those reserves is seen by many economists as a key factor in the recent international financial crisis.

In April, the US treasury delayed a report that could label China a currency manipulator, in what was seen as an attempt to give Beijing time to reform its currency without appearing to do so under pressure.

bbc

so who is going to buy all the US debt if China revalues ?

The Fed of course.

[churchill]

Interesting to see how it performs against Asian currencies / Is it possible that the Yuan rather than strengthening against the USD may weaken , as has happened recently with other Asian currencies ?

The Chinese don't really seemed to have said very much, perhaps the whole noise was just to keep Tim off their backs for a while?

All they said was that the rate would be more flexible, but no time scale. With EUR-Trade exceeding USD-Trade, the comments at the bottom indicate that the RMB could very well depreciate against the USD, which is currently on the up and up, in order to support the EUR-Trade.

The Chinese have pretty much all the cards here, so in the end they will do what's best for China. as indeed Tim tries to do what's best for the US, in his own somewhat deluded way.

all said, nothing to add!

Roubini: China's Decision to Unpeg Yuan May Backfire On The U.S., Yuan May Weaken

Shocked Investor: Roubini: China's Decision to Unpeg Yuan May Backfire On The U.S., Yuan May Weaken

[12DrinkMore]

The Chinese don't really seemed to have said very much, perhaps the whole noise was just to keep Tim off their backs for a while?

All they said was that the rate would be more flexible, but no time scale. With EUR-Trade exceeding USD-Trade, the comments at the bottom indicate that the RMB could very well depreciate against the USD, which is currently on the up and up, in order to support the EUR-Trade.

The Chinese have pretty much all the cards here, so in the end they will do what's best for China. as indeed Tim tries to do what's best for the US, in his own somewhat deluded way.

all said, nothing to add!

Roubini: China's Decision to Unpeg Yuan May Backfire On The U.S., Yuan May Weaken

Shocked Investor: Roubini: China's Decision to Unpeg Yuan May Backfire On The U.S., Yuan May Weaken

And straight from the horse's mouth

The People's Bank of China--News

China´s external trade is steadily becoming more balanced. The ratio of current account surplus to GDP, after a notable reduction in 2009, has been declining since the beginning of 2010. With the BOP account moving closer to equilibrium, the basis for large-scale appreciation of the RMB exchange rate does not exist. The People´s Bank of China will further enable market to play a fundamental role in resource allocation, promote a more balanced BOP account, maintain the RMB exchange rate basically stable at an adaptive and equilibrium level, and achieve the macroeconomic and financial stability in China

'nuff said.....

Edited June 20, 2010 by 12DrinkMore

[cloudhopper]

China’s Renminbi Announcement: A Big Headfake « naked capitalism

[midas]

So maybe our days on this thread are numbered ?

A question I have though is surely if Obama flicks the switch for the entire

USA, he wouldnt have the power to cut off access for the entire globe......or would he ?

Obama internet 'kill switch' proposed

US President Barack Obama would be granted powers to seize control of and even shut down the internet under a new bill that describes the global internet as a US "national asset".

The proposal is from Joe Lieberman, a repeat offender on rights versus regulation, in a bill called Protecting Cyberspace as a National Asset Act of 2010.

But Geordie Guy, spokesman for the online users' lobby group Electronic Frontiers Australia, said " "The internet is not a national asset of the United States, nor is it a media regulation problem of Australia. It is an international network used by millions upon millions of citizens and it needs to remain free and available."

ENTIRE ARTICLE HERE Obama internet 'kill switch' proposed

Edited June 20, 2010 by midas

[midas]

I know this topic is slightly off thread but it is more 'productive' than BP, short selling debates.

Abrak so sorry to post something again that may seem to you as not being " productive " but when you read these things

everything else seems to be less important......for a while anyway

Hope for the best but prepare for the worst.........and dont forget politicians dont think the same way

we do

Arab media: US, Israeli warships cross Suez Canal

12 US warships as well as an Israeli warship crossed the Suez Canal to the Red Sea on Friday, Arab media reported Saturday, quoting eyewitnesses.A surge in aircraft activity in the Persian Gulf is also well on its way to being confirmed. There has been no update on the three Israeli nuclear-armed subs that are believed to be operating off the coast of Iran currently

12 American Warships, Including One Aircraft Carrier, And One Israeli Corvette, Cross Suez Canal On Way To Red Sea And Beyond | stocksthatpay.com

[flying]

well aint that the pot calling the kettle black - "the US treasury delayed a report that could label China a currency manipulator"

:lol:

[flying]

Arab media: US, Israeli warships cross Suez Canal

12 US warships as well as an Israeli warship crossed the Suez Canal to the Red Sea on Friday, Arab media reported Saturday, quoting eyewitnesses.A surge in aircraft activity in the Persian Gulf is also well on its way to being confirmed. There has been no update on the three Israeli nuclear-armed subs that are believed to be operating off the coast of Iran currently

If that turns out to be true....I am guessing it will go down as the single biggest mistake in the history of those two countries. And that is saying something give their mistake riddled histories.

[sokal]

Arab media: US, Israeli warships cross Suez Canal

12 US warships as well as an Israeli warship crossed the Suez Canal to the Red Sea on Friday, Arab media reported Saturday, quoting eyewitnesses.A surge in aircraft activity in the Persian Gulf is also well on its way to being confirmed. There has been no update on the three Israeli nuclear-armed subs that are believed to be operating off the coast of Iran currently

If that turns out to be true....I am guessing it will go down as the single biggest mistake in the history of those two countries. And that is saying something give their mistake riddled histories.

I am guessing you don't live in Israel.

what do you think of this video ? Dr. Bill Wattenburg - Nuclear Attack

Dr. Bill Wattenburg - Iranian Nukes

Edited June 20, 2010 by sokal

[flying]

I am guessing you don't live in Israel.

what do you think of Dr. Bill Wattenburg

No I do not live in Israel nor do I live in fear based BS of any terrorist.

The bullies of the world....The REAL bullies are easily identified by their actions not by the claims/scare tactics made by others of their future intents/actions. Thus justifying an attack on a basically innocent nation/country....This Pre-Emptive war BS is for brain dead sheep.

As for what I think of the Gun grabbing Bill Wattenburg.....hmmm better not ask a pro gun person like me

His type would like nothing more than to have martial law rule the streets in the states.

Edited June 21, 2010 by flying

[sokal]

I am guessing you don't live in Israel.

what do you think of Dr. Bill Wattenburg

No I do not live in Israel nor do I live in fear based BS of any terrorist.

The bullies of the world....The REAL bullies are easily identified by their actions not by the claims/scare tactics made by others of their future intents/actions. Thus justifying an attack on a basically innocent nation/country....This Pre-Emptive war BS is for brain dead sheep.

As for what I think of the Gun grabbing Bill Wattenburg.....hmmm better not ask a pro gun person like me

His type would like nothing more than to have martial law rule the streets in the states.

That is just the other side of the story.

Why would it, as you say, be a bad decision for Israel to attack Iran ? The Israeli government figures the backlash will be bad but manageable.

[flying]

I am guessing you don't live in Israel.

what do you think of Dr. Bill Wattenburg

No I do not live in Israel nor do I live in fear based BS of any terrorist.

The bullies of the world....The REAL bullies are easily identified by their actions not by the claims/scare tactics made by others of their future intents/actions. Thus justifying an attack on a basically innocent nation/country....This Pre-Emptive war BS is for brain dead sheep.

As for what I think of the Gun grabbing Bill Wattenburg.....hmmm better not ask a pro gun person like me

His type would like nothing more than to have martial law rule the streets in the states.

That is just the other side of the story.

Why would it, as you say, be a bad decision for Israel to attack Iran ? The Israeli government figures the backlash will be bad but manageable.

Just the other side of the story? I forgot but your Canadian yes?

Oh boy we would do best not to open this Israel/Iran can of worms here.......

But to put it shortly....How can attacking anyone or any country unprovoked be assured a manageable backlash? Especially by Israel... one of three countries who are NOT a part of the Nuclear Non Proliferation Treaty along with India & Pakistan.

How dare anyone especially Israel demand anything of any country when it comes to declaring Nuclear ability. When they themselves have always taken a policy of deliberate ambiguity in regards to their own Nuclear ability/holdings?

By the same line of thought the US or some other should strike Israel immediately for not declaring exactly what they have nor obtaining permission to have it.

Of course I am not saying it would be right but it would be the exact same thing.....

Oh but Israel is not terrorist right? Many would disagree...Again I am not saying it is right but I do not agree with this whole premise.

Lastly you say the backlash is manageable? What in the world makes you think Iran stands alone? It is funny when folks are slaughtered for no apparent reason how others will rise to their aide.

Edited June 21, 2010 by flying

[sokal]

I am guessing you don't live in Israel.

what do you think of Dr. Bill Wattenburg

No I do not live in Israel nor do I live in fear based BS of any terrorist.

The bullies of the world....The REAL bullies are easily identified by their actions not by the claims/scare tactics made by others of their future intents/actions. Thus justifying an attack on a basically innocent nation/country....This Pre-Emptive war BS is for brain dead sheep.

As for what I think of the Gun grabbing Bill Wattenburg.....hmmm better not ask a pro gun person like me

His type would like nothing more than to have martial law rule the streets in the states.

That is just the other side of the story.

Why would it, as you say, be a bad decision for Israel to attack Iran ? The Israeli government figures the backlash will be bad but manageable.

Just the other side of the story? I forgot but your Canadian yes?

Oh boy we would do best not to open this Israel/Iran can of worms here.......

But to put it shortly....How can attacking anyone or any country unprovoked be assured a manageable backlash? Especially by Israel... one of three countries who are NOT a part of the Nuclear Non Proliferation Treaty along with India & Pakistan.

How dare anyone especially Israel demand anything of any country when it comes to declaring Nuclear ability. When they themselves have always taken a policy of deliberate ambiguity in regards to their own Nuclear ability/holdings?

By the same line of thought the US or some other should strike Israel immediately for not declaring exactly what they have nor obtaining permission to have it.

Of course I am not saying it would be right but it would be the exact same thing.....

Oh but Israel is not terrorist right? Many would disagree...Again I am not saying it is right but I do not agree with this whole premise.

Lastly you say the backlash is manageable? What in the world makes you think Iran stands alone? It is funny when folks are slaughtered for no apparent reason how others will rise to their aide.

yes I am Canadian

Israel is the only country in the middle east that could be destroyed by one crude nuclear bomb.

Look at the language coming out o the president of Iran(who also happens to be a holocaust denier) The Isrealies are simply concerned about their survival, everything you mentioned about ability and holdings is just politics. The middle east is so complicated with Sunni muslim VS Shiite conflict that the only thing keeping them at peace is their hate-on for Israel so anyone backing Iran is unlikely.

Israel just wants to bomb Iranian nuclear sites and go home, Iran is the one that will start the war. Israel bombed a nuclear site in Iraq in 1981 and bombed a nuclear site in Syria in 2007. There was minimal repercussions.

[midas]

yes I am Canadian

Israel is the only country in the middle east that could be destroyed by one crude nuclear bomb.

Look at the language coming out o the president of Iran(who also happens to be a holocaust denier) The Isrealies are simply concerned about their survival, everything you mentioned about ability and holdings is just politics. The middle east is so complicated with Sunni muslim VS Shiite conflict that the only thing keeping them at peace is their hate-on for Israel so anyone backing Iran is unlikely.

Israel just wants to bomb Iranian nuclear sites and go home, Iran is the one that will start the war. Israel bombed a nuclear site in Iraq in 1981 and bombed a nuclear site in Syria in 2007. There was minimal repercussions.

i can only think you are saying these things because you are a gold bug and maybe you could see

your precious metal sky rocketing as a result of World War 3 ?

But be careful what you wish for because the world is very different now from 1981 and even 2007.

Do you think a nuclear armed Pakistan ( a 90% failed state ) plus Syria, Lebannon,Turkey etc

will stand by and allow an unprovoked attack ?

Edited June 21, 2010 by midas

[flying]

Israel just wants to bomb Iranian nuclear sites and go home, Iran is the one that will start the war.

Now reverse it.......Lets say Iran would like to fly to Israel & bomb a few Israeli nuclear sites & go home?...OK?

Will it be Israel who then starts a war?

Funny how some can say it is ok for Israel to bomb a place & that is not considered starting a war..Instead that is pre-emptive strike <sic>...but that place reacting to being bombed now that IS starting a war?

I feel the English language has failed me miserably.

As for the threatening language that some say has come out of anyone...well sticks & stones eh?

Language is not a result if it was should North Korea still be there?

Judge by actions not words.

Who is steaming with nuclear arms across oceans to start a fight? I really hope it is not the USA

Edited June 21, 2010 by flying

[cloudhopper]

Interesting thesis on fiat and trade describing some more subtle forms of warfare-

Global Financial Crisis for Dummies: Why the Abandonment of the Gold Standard is Responsible for the World's Sovereign Debt Crises | zero hedge

[flying]

Interesting thesis on fiat and trade describing some more subtle forms of warfare-

Thanks I really enjoyed that

[BlackJack]

i will go long on Israel

and short on Iran

[midas]

before this " financial crisis " is fully over,

I predict sooner than later the Obama Regime will curtail civil liberties and freedom

even more.

What is sedition?

Sedition is the illegal promotion of resistance against the government, usually in speech or writing. What is illegal depends on the government and its regard for freedom of speech. The crime of sedition is alive and actively prosecuted in many countries today

The Montana Sedition Project

Edited June 22, 2010 by midas

[midas]

Lets start with the flow rate 80,000 to 100,000 barrels a day. Absolutely no problem here. It is at least double current estimates but they have already increased current estimates by at least 5 fold. By the way that makes it already the most 'productive' offshore well in the world.

Next lets move on to theory. Eventually a huge eruption of oil will occur where by 'several billion' barrels will spurt into the ocean causing a massive disaster. No problem with the massive disaster. 10B bblBut lets take several billion as being - '2'. At the 'current' flow rate of 100,000 it will take approximately 54 years for that to happen.

No lets not do that because its incorrect !

Size of reservoir - estimated by BP and its partner, Andarko to be between 2.5B and 10B bbl. (that's 100,000,000,000 gallons and 400,000,000,000 gallons).

[sokal]

yes I am Canadian

Israel is the only country in the middle east that could be destroyed by one crude nuclear bomb.

Look at the language coming out o the president of Iran(who also happens to be a holocaust denier) The Isrealies are simply concerned about their survival, everything you mentioned about ability and holdings is just politics. The middle east is so complicated with Sunni muslim VS Shiite conflict that the only thing keeping them at peace is their hate-on for Israel so anyone backing Iran is unlikely.

Israel just wants to bomb Iranian nuclear sites and go home, Iran is the one that will start the war. Israel bombed a nuclear site in Iraq in 1981 and bombed a nuclear site in Syria in 2007. There was minimal repercussions.

i can only think you are saying these things because you are a gold bug and maybe you could see

your precious metal sky rocketing as a result of World War 3 ?

But be careful what you wish for because the world is very different now from 1981 and even 2007.

Do you think a nuclear armed Pakistan ( a 90% failed state ) plus Syria, Lebannon,Turkey etc

will stand by and allow an unprovoked attack ?

Oil would be the big bet when Isreal attacks Irans nuclear sites. Being a gold bug, I wish that situation was resolved so that the world could peacefully go bankrupt.

Not many of the countries you mentioned support a nuclear armed Iran.

[sokal]

Israel just wants to bomb Iranian nuclear sites and go home, Iran is the one that will start the war.

Now reverse it.......Lets say Iran would like to fly to Israel & bomb a few Israeli nuclear sites & go home?...OK?

Will it be Israel who then starts a war?

Funny how some can say it is ok for Israel to bomb a place & that is not considered starting a war..Instead that is pre-emptive strike <sic>...but that place reacting to being bombed now that IS starting a war?

I feel the English language has failed me miserably.

As for the threatening language that some say has come out of anyone...well sticks & stones eh?

Language is not a result if it was should North Korea still be there?

Judge by actions not words.

Who is steaming with nuclear arms across oceans to start a fight? I really hope it is not the USA

The difference is that the president of Iran has openly stated on record that he wants to wipe Israel off the map. He has said nothing about his concern that Israel might have nuclear weapons. No war resulted when Israel bombed Syria in 2007 but everyone knows that the Syrian leadership is allot more level headed then the Iranian president.

[midas]

Oil would be the big bet when Isreal attacks Irans nuclear sites. Being a gold bug, I wish that situation was resolved so that the world could peacefully go bankrupt.

Not many of the countries you mentioned support a nuclear armed Iran.

I have no idea where you are getting your information from on which your views are based because they are incorrect . In fact I saw Bashar al-Assad being interviewed on BBC World just 4 days ago and he wasnt so level headed then.

1. Assad defends Iran's nuclear ambitions

SYRIA - IRAN Assad defends Iran's nuclear ambitions - Asia News

2. Turkey supports Iran's right to develop nuclear energy

News.Az - Turkey supports Iran's right to develop nuclear energy for peaceful purposes

3. Pakistan sold Iran key nuclear secrets, including how to build uranium-

enrichment centrifuges

Pakistan Nuclear Weapons

4. Lebanon hails Iran nuclear declaration

http://www.presstv.com/detail.aspx?id=126916&sectionid=351020104

Edited June 22, 2010 by midas

[AlexLah]

Israel just wants to bomb Iranian nuclear sites and go home, Iran is the one that will start the war.

Now reverse it.......Lets say Iran would like to fly to Israel & bomb a few Israeli nuclear sites & go home?...OK?

Will it be Israel who then starts a war?

Funny how some can say it is ok for Israel to bomb a place & that is not considered starting a war..Instead that is pre-emptive strike <sic>...but that place reacting to being bombed now that IS starting a war?

I feel the English language has failed me miserably.

As for the threatening language that some say has come out of anyone...well sticks & stones eh?

Language is not a result if it was should North Korea still be there?

Judge by actions not words.

Who is steaming with nuclear arms across oceans to start a fight? I really hope it is not the USA

The difference is that the president of Iran has openly stated on record that he wants to wipe Israel off the map. He has said nothing about his concern that Israel might have nuclear weapons. No war resulted when Israel bombed Syria in 2007 but everyone knows that the Syrian leadership is allot more level headed then the Iranian president.

Sokal you and many others still believe the crap that has been injected in your brain by the MSM?

Do you know what he actually said?

He said: Imam ghoft een rezhim-e ishghalgar-e qods bayad az safheh-ye ruzgar mahv shavad.

You might recognize the word that I underlined.

To make it a bit more easy to understand for you and others that still believe this myth, below the word by word translation of the sentence.

Imam (Khomeini) ghoft (said) een (this) rezhim-e (regime) ishghalgar-e (occupying) qods (Jerusalem) bayad (must) az safheh-ye ruzgar (from page of time) mahv shavad (vanish from).

Khomeini made some statements and said that

The Shah of Iran, the Soviet Union and the Iraqi dictator Saddam Hussein would vanish or collapse.

Ahmadinejad was referring to those predictions and said that this regime occupying Jerusalem must vanish from the page of time.

[midas]

Anyway sokal perhaps its not going to happen your way

So please tell us who will be the innocent parties in this case ?

Iran to sail into Gaza blockade

Israel's arch enemy Iran to send an aid ship to the blockaded Gaza Strip risking a high-seas confrontation with Israel.

An Iranian television report has quoted a spokesman for the ship, Abdolraouf Adibzadeh, saying the vessel will begin its 14-day journey on Sunday.

Read more: Iran to sail into Gaza blockade - World, Breaking News - Belfasttelegraph.co.uk

Read more: Iran to sail into Gaza blockade - World, Breaking News - Belfasttelegraph.co.uk

[Naam]

Do you know what he actually said?

He said: Imam ghoft een rezhim-e ishghalgar-e qods bayad az safheh-ye ruzgar mahv shavad.

You might recognize the word that I underlined.

To make it a bit more easy to understand for you and others that still believe this myth, below the word by word translation of the sentence.

Imam (Khomeini) ghoft (said) een (this) rezhim-e (regime) ishghalgar-e (occupying) qods (Jerusalem) bayad (must) az safheh-ye ruzgar (from page of time) mahv shavad (vanish from).

Khomeini made some statements and said that

The Shah of Iran, the Soviet Union and the Iraqi dictator Saddam Hussein would vanish or collapse.

Ahmadinejad was referring to those predictions and said that this regime occupying Jerusalem must vanish from the page of time.

Alex is right! that's exactly what he said. unfortunately for the media it is politically not correct to spread the original message without totally misquoting or even falsifying whatever Ahmadinejad utters.