Financial Crisis

[cheeryble]

My Handelsblatt Morning Briefing warns me about France:

- its share in world trade fell by 33% in the last 10 years

That's about when I stopped ordering in claret in generous amounts.

[midas]

'There will be more wealth confiscation, without a doubt'

Savers and investors face further "wealth confiscation" in Europe as the continent struggles to resolve the single
currency's problems, a bank chief has said.

European politicians will take the "easy option" of taking money from the rich rather than raising taxes and cutting spending to deal with the continent's debt problem, Lars Christensen, the head of Saxo Bank, said

http://www.telegraph.co.uk/finance/personalfinance/investing/10027101/There-will-be-more-wealth-confiscation-without-a-doubt-Saxo-Banks-Lars-Christensen.html

[AlexLah]

The Zircon Princess seemed to have lost her senses...........

1982.

[mccw]

"""""More Americans now die of suicide than in road accidents, according to a newly-released US government report.

The most recent statistics from the Centres for Disease Control and Prevention (CDC) showed there were 33,687 deaths from motor vehicle crashes in 2010, while 38,364 people took their own life.

The rate among middle-aged Americans has climbed a startling 28% in a decade, a period that included the recession and the mortgage crisis.

People aged 35 to 64 account for about 57% of suicides in the US.

The trend was most pronounced among white men and women in that age group. Their suicide rate jumped 40% between 1999 and 2010.

But the rates in younger and older people held steady. And there was little change among middle-aged blacks, Hispanics and most other racial and ethnic groups. """"""

-sky news app

[cheeryble]

"""""More Americans now die of suicide than in road accidents, according to a newly-released US government report.

How do they get access to your posts?

[mania]

More Americans now die of suicide than in road accidents, according to a newly-released US government report.

That is surprising but I was also surprised recently to read that more US soldiers now

die due to suicide rather than combat.

The enemy within: Soldier suicides outpaced combat deaths in 2012

Edited May 4, 2013 by mania

[mccw]

Big gains for UK Independence Party

Mean while:

""UK cabinet ministers who are refusing to make the required spending cuts are being warned that the Treasury will simply seize their funds, leaving them unable to foot their departments bills."" -RT app

Later they describe sifting over redponsiblitties for education and health / taking money out of the forign aid and development budgets to pay for the more important things at home. So it looks like UKIP common sense is well effecting the national agenda. I expect they will have a landslide in the European elections next year and the Torys will be compelled to legislate for an in our referendum on EU membership before the next parliment in order to have any chance in the next elections.

How effect a UK exit from the EU would have on the GFCs? UK is one of the largest contributors and would do well to get out. I think the British people have had enough and could see a Tory UKIP alliance coming to power at the next National elections. Lib Dems have been destroyed, Labour is not exactly surging and UKIP provide pro working people policies to take away from the left aswell as the centre. Interesting times. Gives me hope for a better future. Well better relative to what it would be continueing to feed the failed eurozone and held under an undemocratic structure of fiddlers and over regulators determined to push through a Superstate agenda.

Its really amazing the people of Greece, Portugal , Cyprus etc aren't confident enough in thier own nation to call for independence. Maybe because they are all the net takers while we are the big givers. When are the German populations going to say enough of sending our taxes south? I know they industry likes a weaker currency but it must be hard for the population to stomach the hand outs and anti German Nazi shouting in return

[mccw]

Mania - that is indeed really surprising.

[cheeryble]

Surprised no-one has mentioned the Reinhardt and Rogoff fiasco and the possible ill-effect their "work" has had on European policy vis a vis austerity......and whether European policies might now be adapted to be less tuned to the RR message and more in tune with growing the economy.

There is no doubt their paper had a huge worldwide effect on policy and outcomes of that policy, and likely a retrograde one.

Perhaps one of our posters can check if there's a public debate happening in public in Europe about this yet, or whether it's all behind closed doors for now as there will be so much egg on so many faces and could mean such a reversal in attitude.

(Excellent interview with Joseph Stiglitz on the Leonard Lopate Show podcast check it out it comes to Europe later on with potential solutions.)

http://www.wnyc.org/shows/lopate/2013/apr/29/joseph-stiglitz-debt/

Edited May 4, 2013 by cheeryble

[mccw]

Surprised no-one has mentioned the Reinhardt and Rogoff fiasco and the possible ill-effect their "work" has had on European policy vis a vis austerity......and whether European policies might now be adapted to be less tuned to the RR message and more in tune with growing the economy.

There is no doubt their paper had a huge worldwide effect on policy and outcomes of that policy, and likely a retrograde one.

Perhaps one of our posters can check if there's a public debate happening in public in Europe about this yet, or whether it's all behind closed doors for now as there will be so much egg on so many faces and could mean such a reversal in attitude.

(Excellent interview with Joseph Stiglitz on the Leonard Lopate Show podcast check it out it comes to Europe later on with potential solutions.)

http://www.wnyc.org/shows/lopate/2013/apr/29/joseph-stiglitz-debt/

Yes austerity is terrible for the economy's of Southern Europe. More debt and spending would also be terrible. Unless just printing money to pay for everything it would be unaffordable. If plain strait massive printing then inflation dangers abound. I think the West is at a peak / end of the road of debt based growth and an organised stagflation is the least worse option chosen. Maybe they can print a few more euros to throw to to PIIGS to easy their woes but ultimately the fundamental problem of too much debt remains; more debt is no solution.

[cheeryble]

Stiglitz suggests that if Eurobonds were made available to the problem nations they would be much much cheaper than the finance available (or unavailable) now.

He suggests the saving involved would help things a lot.

The downside?

I guess if you're issuing Eurobonds at low rates you are essentially underwriting the issue with an element of risk, hoping for no default as things are now strictly controlled and it will come to a slow but happy conclusion.

Edited May 4, 2013 by cheeryble

[mccw]

Stiglitz suggests that if Eurobonds were made available to the problem nations they would be much much cheaper than the finance available (or unavailable) now.

He suggests the saving involved would help things a lot.

The downside?

I guess if you're issuing Eurobonds at low rates you are essentially underwriting the issue with an element of risk, hoping for no default as things are now strictly controlled and it will come to a slow but happy conclusion.

Who would issue the euro bonds? ECB? So then there needs to be central budget setting other wise the PIIGS can spend spend spend and not fix any structural problems but create larger structural problems for the entire block. Structural the whole thing needs re organising but there is no democratic mandate for how far its gone already let alone the chance to reform the eurozone in to a proper centrally planned superstate.

[manarak]

as things are now strictly controlled

LOL

[yoshiwara]

Stiglitz suggests that if Eurobonds were made available to the problem nations they would be much much cheaper than the finance available (or unavailable) now.

He suggests the saving involved would help things a lot.

The downside?

I guess if you're issuing Eurobonds at low rates you are essentially underwriting the issue with an element of risk, hoping for no default as things are now strictly controlled and it will come to a slow but happy conclusion.

Who would issue the euro bonds? ECB? So then there needs to be central budget setting other wise the PIIGS can spend spend spend and not fix any structural problems but create larger structural problems for the entire block. Structural the whole thing needs re organising but there is no democratic mandate for how far its gone already let alone the chance to reform the eurozone in to a proper centrally planned superstate.

When parties from Southern Europe intone that austerity isn't working what they really are asking for is for Germany to resume paying their bills without any structural changes necessary to improve their underlying position. Germany has made it abundantly clear that they will support countries undertaking reforms otherwise no. Eg Greece is slowly being dragged along kicking and screaming, but when German workers read that governments bleating against austerity are still defending 14 months pay to government employees they dig in their heels. Yes EU bonds are a cover for the continuation of bad policies.

[yoshiwara]

Big gains for UK Independence Party

When Cameron said UKIP was full of "fruitcakes, loonies and closet racists", he was spot on.

[mccw]

Big gains for UK Independence Party

When Cameron said UKIP was full of "fruitcakes, loonies and closet racists", he was spot on.

Only the desperate resort to such playground name calling when confronted with arguments they can't conquer. When Cameron described UKIP that way he also basically said the same to the views of half his own MPs and most of the conservative grass roots.

The "racist" accusation is a dirty ploy which has facilitated all sorts of wrongs like the over PC and Muslim pandering along with the unaffordable open door immigration policies. Everything comes down to cost not race. Britain is full of diversity and nobody aims to change the ethnic make up, I would never support such rubbish and neither would any significant number of British population as has been shown by the BNPs tiny share of the vote. It is because UKIP is not racist, but plain talking common sense approach, that they are able to now realise such large % of the vote. 25% averaged of the popular vote is huge news. It represents an expression of concerns and belief in principles the main parties aren't effectively addressing.

Its not all about simply withdraw from the EU but a plan for after involving a proper restructure of the welfare state and slashing back the over state regulation, repositioning the energy supply environment based on long term cost effectiveness rather than CO2 targets, or how about a flat rate tax; anybody?

[manarak]

Big gains for UK Independence Party

When Cameron said UKIP was full of "fruitcakes, loonies and closet racists", he was spot on.

rather odd for a man of Cameron's stature to insult political opponents as homesexuals... are you sure of that quote?

Edited May 4, 2013 by manarak

[mccw]

Big gains for UK Independence Party

When Cameron said UKIP was full of "fruitcakes, loonies and closet racists", he was spot on.

rather odd for a man of Cameron's stature to insult political opponents as homesexuals... are you sure of that quote?

Haha

The quote is correct and much repeated through out the media. But "fuitcakes" is taken as another word for crazies/ loonies rather than them being gay.

[mccw]

Stiglitz suggests that if Eurobonds were made available to the problem nations they would be much much cheaper than the finance available (or unavailable) now.

He suggests the saving involved would help things a lot.

The downside?

I guess if you're issuing Eurobonds at low rates you are essentially underwriting the issue with an element of risk, hoping for no default as things are now strictly controlled and it will come to a slow but happy conclusion.

Who would issue the euro bonds? ECB? So then there needs to be central budget setting other wise the PIIGS can spend spend spend and not fix any structural problems but create larger structural problems for the entire block. Structural the whole thing needs re organising but there is no democratic mandate for how far its gone already let alone the chance to reform the eurozone in to a proper centrally planned superstate.

When parties from Southern Europe intone that austerity isn't working what they really are asking for is for Germany to resume paying their bills without any structural changes necessary to improve their underlying position. Germany has made it abundantly clear that they will support countries undertaking reforms otherwise no. Eg Greece is slowly being dragged along kicking and screaming, but when German workers read that governments bleating against austerity are still defending 14 months pay to government employees they dig in their heels. Yes EU bonds are a cover for the continuation of bad policies.

For once I completely agree with you!

[yoshiwara]

Stiglitz suggests that if Eurobonds were made available to the problem nations they would be much much cheaper than the finance available (or unavailable) now.

He suggests the saving involved would help things a lot.

The downside?

I guess if you're issuing Eurobonds at low rates you are essentially underwriting the issue with an element of risk, hoping for no default as things are now strictly controlled and it will come to a slow but happy conclusion.

Who would issue the euro bonds? ECB? So then there needs to be central budget setting other wise the PIIGS can spend spend spend and not fix any structural problems but create larger structural problems for the entire block. Structural the whole thing needs re organising but there is no democratic mandate for how far its gone already let alone the chance to reform the eurozone in to a proper centrally planned superstate.

When parties from Southern Europe intone that austerity isn't working what they really are asking for is for Germany to resume paying their bills without any structural changes necessary to improve their underlying position. Germany has made it abundantly clear that they will support countries undertaking reforms otherwise no. Eg Greece is slowly being dragged along kicking and screaming, but when German workers read that governments bleating against austerity are still defending 14 months pay to government employees they dig in their heels. Yes EU bonds are a cover for the continuation of bad policies.

For once I completely agree with you!

No! No! Not that!

[manarak]

Big gains for UK Independence Party

When Cameron said UKIP was full of "fruitcakes, loonies and closet racists", he was spot on.

rather odd for a man of Cameron's stature to insult political opponents as homesexuals... are you sure of that quote?

Haha

The quote is correct and much repeated through out the media. But "fuitcakes" is taken as another word for crazies/ loonies rather than them being gay.

not the first time I have problems understanding what them Brits exactly mean when talking - that is, when I understand the words at all!

[mccw]

""""Bank Robber Says He Gave Stolen Cash To Poor

Last Updated 09:16 01/05/2013

An Australian man charged with robbing a US bank of $140,000 has told a court his actions were justified because he gave much of the money to people made homeless due to bank repossessions.

Corey Donaldson, 39, who is representing himself, told the jury he was using the banks to bailout the poor after becoming homeless himself last year and meeting people on the streets.

In an emotional opening statement Donaldson said: "I must say, I feel like a frightened child.

"I came up with the idea that since the banks had been bailed out, and the people had not, I was going to confiscate money from US Bank in Jackson, Wyoming, and redistribute it to the poor and homeless in America and that's what I did," he said.

Donaldson, who has lived in the US for 20 years, is accused of claiming explosives were planted around the bank while carrying out the robbery on New Year's Eve.

Jared Thomas Williams, branch manager of the bank, said Donaldson met him in his office on the day of the robbery.

He added that he told him members of a Mexican cartel were outside the building and were prepared to blow it up if Mr Williams did not give him $2m (£1.29m) in cash.

"There were four military-grade explosives that had been buried in the snow, and they were prepared to detonate them," Mr Williams said Donaldson told him.

Mr Williams said he loaded $140,000 (£90,000) - nearly all the cash in the bank - into a duffel bag before giving it to Donaldson.

Donaldson was arrested in Utah after he was identified on surveillance cameras in the bank.

A close friend of his, Kevin Day, had called police after he arrived at his home late one night and told him where to find $8,000 (£5,150).

Mr Day testified that he had been close friends with Donaldson for 16 years, adding he became emotional when he received the money as it came at a good time.

Investigators say they they recovered about $30,000 (£19,309) after Donaldson's arrest. Donaldson told an FBI agent shortly after that he had intended to surrender.

The trial is expected to last a week."""""""

-sky news

He should sell his story to Hollywood. Hope he can have a few bucks waiting for him when he gets out in what 15years

What a dick his "friend" was! Given him 8grand and he goes n grasses him up!

[mccw]

Ofcourse it could all be a ruse for sympathy from the jury, not likely much from any judge. For the movie a Robin Hood character would be best.

[yoshiwara]

not the first time I have problems understanding what them Brits exactly mean when talking - that is, when I understand the words at all!

The British never say what they mean or mean what they say. Perfidious Albion.

[yoshiwara]

Big gains for UK Independence Party

When Cameron said UKIP was full of "fruitcakes, loonies and closet racists", he was spot on.

Only the desperate resort to such playground name calling when confronted with arguments they can't conquer. When Cameron described UKIP that way he also basically said the same to the views of half his own MPs and most of the conservative grass roots.

The "racist" accusation is a dirty ploy which has facilitated all sorts of wrongs like the over PC and Muslim pandering along with the unaffordable open door immigration policies. Everything comes down to cost not race. Britain is full of diversity and nobody aims to change the ethnic make up, I would never support such rubbish and neither would any significant number of British population as has been shown by the BNPs tiny share of the vote. It is because UKIP is not racist, but plain talking common sense approach, that they are able to now realise such large % of the vote. 25% averaged of the popular vote is huge news. It represents an expression of concerns and belief in principles the main parties aren't effectively addressing.

Its not all about simply withdraw from the EU but a plan for after involving a proper restructure of the welfare state and slashing back the over state regulation, repositioning the energy supply environment based on long term cost effectiveness rather than CO2 targets, or how about a flat rate tax; anybody?

UKIP are a two-trick pony. A dumping ground for every malcontent around.

'The parties aren't listening to us!' Is that right Mildred.....

....How many councils exactly did they win?

Edited May 5, 2013 by yoshiwara

[kblaze]

More Americans now die of suicide than in road accidents, according to a newly-released US government report.

That is surprising but I was also surprised recently to read that more US soldiers now

die due to suicide rather than combat.

The enemy within: Soldier suicides outpaced combat deaths in 2012

Its true, but it should be noted that the military suicide rate is still below the civilian suicide rate.

http://www.worldmag.com/2013/01/military_suicide_rate_rises_but_remains_below_national_average

"According to figures released today, the civilian suicide rate for males aged 17-60 was 25 per 100,000 in 2010, the latest year for which such statistics are available. That compares with the military's rate in 2012 of 17.5 per 100,000."

Edited May 7, 2013 by kblaze

[cheeryble]

Its true, but it should be noted that the military suicide rate is still below the civilian suicide rate.

http://www.worldmag.com/2013/01/military_suicide_rate_rises_but_remains_below_national_average

According to figures released today, the civilian suicide rate for males aged 17-60 was 25 per 100,000 in 2010, the latest year for which such statistics are available. That compares with the military's rate in 2012 of 17.5 per 100,000."[/font]

That stat may hide a much higher prevalence of suicide in the military given that a precondition of being in the military is to be fit and not suffering from clinical depression as many of the suicides outside will be.

If you like sorting reliable stats among the dross listen to More Or Less from the BBC....I like it very much.

You can hear the facts (properly analysed) on subjects as diverse as how many birds die flying into glass and a score check on Margaret Thatchers PMship. Did she really ruin British Industry, education, health service, reduce taxation etc? (clue: She actually comes out quite well and the BBC is hardly known for a Tory bias).

Edited May 7, 2013 by cheeryble

[midas]

The Financial Press–A Disinformation Machine — Paul Craig Roberts

In America everything is hype for a buck. They will sell you any lie. And the bulk of the population, of course, can be counted on for falling for every lie.

http://www.paulcraigroberts.org/2013/05/05/the-financial-press-a-disinformation-machine-paul-craig-roberts/

Edited May 8, 2013 by midas

[yoshiwara]

Surprised no-one has mentioned the Reinhardt and Rogoff fiasco and the possible ill-effect their "work" has had on European policy vis a vis austerity......and whether European policies might now be adapted to be less tuned to the RR message and more in tune with growing the economy.

There is no doubt their paper had a huge worldwide effect on policy and outcomes of that policy, and likely a retrograde one.

Perhaps one of our posters can check if there's a public debate happening in public in Europe about this yet, or whether it's all behind closed doors for now as there will be so much egg on so many faces and could mean such a reversal in attitude.

(Excellent interview with Joseph Stiglitz on the Leonard Lopate Show podcast check it out it comes to Europe later on with potential solutions.)

http://www.wnyc.org/shows/lopate/2013/apr/29/joseph-stiglitz-debt/

Reinhart and Rogoff reply to the misrepresentations of their academic paper 'Growth in a Time of Debt' in the April 27-28 edition of the IHT. They say: 'The politically charged discussion...has falsely equated our finding of a negative association between debt and growth with an unambiguous call for austerity'.

[cheeryble]

They replied very unconvincingly.

They have just published errata.

Apart from simple mistakes and ridiculous weighting there is no display of one way causality and whether more debt >>>slower growth or whether slower growth>>>more debt.

It's all a great shame as Ken Rogoff's a very affable character......but much more shame for those affected by their prognostications around the world.

Edited May 9, 2013 by cheeryble