World Politics

[Anonymous]

You can say whatever you want around here unless you say anything about President Obama / The Democrats that is negative. And also please do not mention you like to make money while working a job and keep any of it.

Strange that way, ain't it?

 

[Bala Verde]

Oh please, stop the victim hood act already. That's a liberal thing.

PS> I hope you haven't been secretly donating your hard earned pre-tax dollars to the Friends of Herman C(amp)aig(n) Funds. I think he is just in it for the money (given his, up till now, non-existent ground campaign organization)

 

[VeloCity]

Don't forget the sexual assault allegations from Willey and Broaddrick. In Broaddrick's case, it was a rape accusation.

So why not hold Cain to the same standard? Both were/are alleged to have committed multiple acts of sexual harassment, yet with Cain it's "inconsequential BS".

(EDIT: actually, come to think of it, they're not the same - Clinton's were, and remain, unproven allegations; Cain has admitted that settlements were indeed made in both of his cases. A better comparison for Clinton would be Clarence Thomas.)

Yep, it matters.

So if the allegations against Clinton spoke to his character, what do the allegations say about Cain's character?

 

[redtreviso]

So why not hold Cain to the same standard? Both were/are alleged to have committed multiple acts of sexual harassment, yet with Cain it's "inconsequential BS".

So if the allegations against Clinton spoke to his character, what do the allegations say about Cain's character?

Maybe Bill (loofa)O'Reilly will get the bottom of this..or Joe (dead intern) Scarborough

 

[Anonymous]

So why not hold Cain to the same standard? Both were/are alleged to have committed multiple acts of sexual harassment, yet with Cain it's "inconsequential BS".

(EDIT: actually, come to think of it, they're not the same - Clinton's were, and remain, unproven allegations; Cain has admitted that settlements were indeed made in both of his cases. A better comparison for Clinton would be Clarence Thomas.)

So if the allegations against Clinton spoke to his character, what do the allegations say about Cain's character?

So why not hold Cain to the same standard? Both were/are alleged to have committed multiple acts of sexual harassment, yet with Cain it's "inconsequential BS".

(EDIT: actually, come to think of it, they're not the same - Clinton's were, and remain, unproven allegations; Cain has admitted that settlements were indeed made in both of his cases. A better comparison for Clinton would be Clarence Thomas.)

Okay, here is what (so far) Cain is accused of;

The sources — including the recollections of close associates and other documentation — describe episodes that left the women upset and offended. These incidents include conversations allegedly filled with innuendo or personal questions of a sexually suggestive nature, taking place at hotels during conferences, at other officially sanctioned restaurant association events and at the association’s offices. There were also descriptions of physical gestures that were not overtly sexual but that made women who experienced or witnessed them uncomfortable and that they regarded as improper in a professional relationship.

Now contrast that to "charges" of rape and sexual assault. Hopefully you'll agree there to be a difference.

Cain has admitted that settlements were indeed made in both of his cases.

Hold up.... a monetary settlement (whopping 5 figures including upon, among other things, separation of employment) is the same as an admission of guilt? Since when?

 

[Amsterhammer]

And I think you guys are getting a little frustrated with your candidates.

As it is, I'd far prefer Cain be the Republican candidate than Romney. Don't think it's possible to stress that enough.

Cain-Bachman would be my dream ticket.

Followed very closely by Perry-Bachman.

 

[VeloCity]

Okay, here is what (so far) Cain is accused of;

The sources — including the recollections of close associates and other documentation — describe episodes that left the women upset and offended. These incidents include conversations allegedly filled with innuendo or personal questions of a sexually suggestive nature, taking place at hotels during conferences, at other officially sanctioned restaurant association events and at the association’s offices. There were also descriptions of physical gestures that were not overtly sexual but that made women who experienced or witnessed them uncomfortable and that they regarded as improper in a professional relationship.

Now contrast that to "charges" of rape and sexual assault. Hopefully you'll agree there to be a difference.

Yep, there is a big difference. Whatever the details may be, we know that Cain's two incidences did actually happen. We don't know if Clinton's did or not.

Not that I'm trying to defend Clinton, mind you - good president as far as governing and policies go, but the Lewinsky affair revealed him to be quite the slimeball.

 

[Cobblestones]

Interesting new development. Greece will have a popular vote in January concerning their fiscal crisis. Predictably, stock markets plummet.

Do you consider this lack of leadership by the prime minister or a victory for democracy?

Quoting myself here.

Dudes, forget the republican sideshow for the moment. Greece is on the verge of total collapse. The government had only a 2 vote majority in parliament. Today, following the announcement to put the EU financial intervention package up to a vote, several MPs of the governing party stopped their support.

The chiefs of the army, navy and air force have been fired. I fear the threat of a military coup.

 

[VeloCity]

Cain-Bachman would be my dream ticket.

Followed very closely by Perry-Bachman.

So many possible combinations. I'd have to go full-on nutso with Bachmann-Santorum.

Speaking of VPs, though, god I wish Obama hadn't picked Biden. Never mind that he can't keep his foot out of his mouth, choosing someone who has no chance of ever being pres doesn't set the Dems up very well for the future. I understand that Obama wanted someone with significant experience, but couldn't he have chosen someone who'd make a more attractive candidate down the road? Now the Dems will have to start all over again in 2016.

 

[Anonymous]

Yep, there is a big difference. Whatever the details may be, we know that Cain's two incidences did actually happen. We don't know if Clinton's did or not.

Not that I'm trying to defend Clinton, mind you - good president as far as governing and policies go, but the Lewinsky affair revealed him to be quite the slimeball.

Whatever the details may be, we know that Cain's two incidences did actually happen

Really?? What we know is Cain was accused. We know there was a settlement of some sort.

We don't actually know much else yet.


but if your standard is a settlement then Clinton must have ravaged Paula Jones;

Paula Jones agreed to drop her sexual harassment lawsuit against President Clinton on Nov. 13 in return for $850,000 – but no apology or admission of guilt from the president.

http://www.washingtonpost.com/wp-srv/politics/special/pjones/pjones.htm

 

[Anonymous]

Quoting myself here.

Dudes, forget the republican sideshow for the moment. Greece is on the verge of total collapse. The government had only a 2 vote majority in parliament. Today, following the announcement to put the EU financial intervention package up to a vote, several MPs of the governing party stopped their support.

The chiefs of the army, navy and air force have been fired. I fear the threat of a military coup.

Yep.

All other BS aside this could spell the end of the Eurozone or worse. This is not a good situation at all.

 

[redtreviso]

""Paula Jones agreed to drop her sexual harassment lawsuit against President Clinton on Nov. 13 in return for $850,000 – but no apology or admission of guilt from the president. ""

not counting what the GOP paid her to start with.

 

[redtreviso]

""The Heritage Foundation and the American Enterprise Institute have put out a report purporting to show that public school teachers are overpaid. It's 23 pages of elaborate statistical justification of right-wing beliefs, all built on a foundation of right-wing assumptions. The basic claims are that while teachers are underpaid relative to other people with similar levels of education, in fact they are overpaid because education programs are easier than other majors and also, teachers are stupid; that public school teachers earn more than private school teachers and this shows they earn more than the market should support; and that people who leave teaching earn less while people who enter teaching earn more, therefore teachers are overpaid.
""

http://www.dailykos.com/story/2011/11/01/1032086/-Heritage-Foundation-andoverpaid

elaborate statistical justification elaborate statistical justification elaborate statistical justification elaborate statistical justification elaborate statistical justification elaborate statistical justification elaborate statistical justification elaborate statistical justification elaborate statistical justification elaborate statistical justification elaborate statistical justification elaborate statistical justification elaborate statistical justification elaborate statistical justification

http://www.youtube.com/watch?v=RxsOVK4syxU

 

[Bala Verde]

Quoting myself here.

Dudes, forget the republican sideshow for the moment. Greece is on the verge of total collapse. The government had only a 2 vote majority in parliament. Today, following the announcement to put the EU financial intervention package up to a vote, several MPs of the governing party stopped their support.

The chiefs of the army, navy and air force have been fired. I fear the threat of a military coup.

According to Greece it was a planned shuffle.

The stock market as well as the EURUSD (which was way too high at 1.4 anyway...) are both down. We have seen this volatility in the past, with every new shred of optimism boosting the markets to unsustainable high, short squeezes driving prices even higher, and when that news is properly digested, everyone sees the emperor without clothes.

The referendum is a wrench in the EFSF machine, which requires complete obedience form its debtors in Greece. Given the bloodbath in the streets of Athens, a cabinet/parliamentary upset will undo all the work EU leaders have done in the past couple of weeks in an attempt to calm the markets. But with -5% growth/contraction in Greece, the repayment of loans and guarantees are like Tantalus' curse, always just out of reach.

They'd better directed their efforts and energy on stimulating Greece's floundering economy.

Apparently when they agreed the terms of the deal (forced Greece), Papandreu didn't mention the referendum...

I wonder what Cain thinks of all of this. Perhaps we should electrify the firewalls to halt further contagion.

On a slightly different note, this just in:

In Retreat, Bank of America Cancels Debit Card Fee

The bank listened, but only after other large banks had indicated that they would not impose similar fees. Wells Fargo, JPMorgan Chase, SunTrust and Regions Financial have all pulled back on their plans.

Kartel very much?

I wonder how much it would have hurt their bottom line due to a loss of customers. Did they see some movement? CEO Brian Moynihan should be fired for incompetence, but since he's 100% invested in his company, plummeting BAC prices have already softened him up a bit.

 

[Semper Fidelis]

Does not mattah what Cain has to say. What about the socialist president obama? Will the change man speak? What about blindon the vp?

 

[Bala Verde]

Even more interesting than the Greece referendum, if it's going to happen, is the proliferation of derivatives, to 'hedge' all this risk. It's like a daisy chain, banks are insuring themselves among themselves, after which they insure themselves against insurances they took out.

According to Bloomberg/zerohedge:

U.S. banks increased sales of insurance against credit losses to holders of Greek, Portuguese, Irish, Spanish and Italian debt in the first half of 2011, boosting the risk of payouts in the event of defaults.

Guarantees provided by U.S. lenders on government, bank and corporate debt in those countries rose by $80.7 billion to $518 billion, according to the Bank for International Settlements. Almost all of those are credit-default swaps, said two people familiar with the numbers, accounting for two-thirds of the total related to the five nations, BIS data show.

“Risk isn’t going to evaporate through these trades,” Cannon said. “The big problem with all these gross exposures is counterparty risk. When the CDS is triggered due to default, will those counterparties be standing? If everybody is buying from each other, who’s ultimately going to pay for the losses?”

The CDS holdings of U.S. banks are almost three times as much as their $181 billion in direct lending to the five countries at the end of June, according to the most recent data available from BIS. Adding CDS raises the total risk to $767 billion, a 20 percent increase over six months, the data show. BIS doesn’t report which firms sold how much, or to whom. A credit-default swap is a contract that requires one party to pay another for the face value of a bond if the issuer defaults.

In theory, if a bank owns $50 billion of Greek bonds and has sold $50 billion of credit protection on that debt to clients while buying $90 billion of CDS from others, its net exposure would be $10 billion. This is how some banks tried to protect themselves from subprime mortgages before the 2008 crisis. Goldman Sachs and other firms had purchased protection from New York-based insurer AIG, allowing them to subtract the CDS on their books from their reported subprime holdings.

IS 50% haircut a credit event triggering a default? Apparently not, according to the ISDA

European leaders are doing everything they can not to trigger the default clauses in CDS contracts to avoid putting the banking system at risk. They persuaded bondholders to accept a 50 percent loss on their holdings of Greek debt in an agreement reached in Brussels last week with the Institute of International Finance, an industry association. The deal calls for a voluntary exchange of debt.

 

[blutto]

Quoting myself here.

Dudes, forget the republican sideshow for the moment. Greece is on the verge of total collapse. The government had only a 2 vote majority in parliament. Today, following the announcement to put the EU financial intervention package up to a vote, several MPs of the governing party stopped their support.

The chiefs of the army, navy and air force have been fired. I fear the threat of a military coup.

...a coup would be a disaster ( remember that Greece has had a long period of US sanctioned military control post WW2...and that leadership group is as much as anything a major reason that Greece is in the mess its in now ) but the country and its institutions are already quite predisposed to that kind of leadership....would be seen internally, within the old power elite at least, as almost a comfortable default position (unfortunately)...

Cheers

blutto

 

[Amsterhammer]

Quoting myself here.

Dudes, forget the republican sideshow for the moment. Greece is on the verge of total collapse. The government had only a 2 vote majority in parliament. Today, following the announcement to put the EU financial intervention package up to a vote, several MPs of the governing party stopped their support.

The chiefs of the army, navy and air force have been fired. I fear the threat of a military coup.

...a coup would be a disaster ( remember that Greece has had a long period of US sanctioned military control post WW2...and that leadership group is as much as anything a major reason that Greece is in the mess its in now ) but the country and its institutions are already quite predisposed to that kind of leadership....would be seen internally, within the old power elite at least, as almost a comfortable default position (unfortunately)...

Cheers

blutto

I really cannot see any coup taking place. 2011 is not the 1960's. The EU would not and could not tolerate a military junta.

Yep.

All other BS aside this could spell the end of the Eurozone or worse. This is not a good situation at all.

Jesus, Mary and Joseph, I agree with you, Scott. I would go a step further though, and suggest that this is very serious doo-doo indeed; far more serious right now than anything we've been talking about here in recent days.

This story has totally dominated the evening news over here. The following are some items that I have gleaned from watching and listening tonight, I offer them from memory, and therefore without links or references, fwiw.

The Greek PM's referendum idea is a last ditch gamble. He knows that the Greeks would vote 'no' if asked to approve further cuts; he therefore intends to tie the question of acceptance of the 'loan package deal' to a commitment to staying in the Eurozone, which most Greeks apparently do approve of. He is in deep doo-doo ahead of a vote of confidence this Friday - he is almost certain to lose this vote after defections from the ruling party today. New elections could apparently be organized within a month. This announcement today took absolutely everyone by surprise.

However, he severely miscalculated what the effect of his announcement would be, see today's massive global stock market drops, the weakening of the Euro, the return of the 'panic' that had only been somewhat assuaged last week when the Greek deal was first announced. He also clearly did not reckon on (or did not care about) the reaction of Euro leaders, who are mightily p!ssed off about this manoeuvre.

Merkel and Sarkozy had invited the G20 to Cannes this Thursday/Friday to explain how this package deal was going to save Greece from bankruptcy, as well as guaranteeing the future of the Euro. Now, the two of them will have an extra summit between them tomorrow to talk about what's to be done. The Dutch government, which had to do a lot of arm-twisting to sell the Greek rescue deal to the Dutch parliament, is also extremely unhappy. There appears to be something of a, 'well f*** the Greeks then' attitude growing, as the rescue package of trillions of Euros cannot be dependent on the result of a referendum in January, or a Greek election in December. There's a 'now or not at all' groundswell. The money promised/earmarked for Greece could be used to make sure that neither Italy nor Spain 'go under'. There's also the question of the 50% of their debt that was canceled (I believe that this was linked to the whole rescue package, but I'm not 100% sure.)

There is not only 'panic' on the stock and money markets, but also in the corridors of power in Brussels. The worst case scenario would see the Eurozone collapsing. I have seen only one politician say that he hoped that the Greek rescue deal would fail - Geert Wilders, our own home grown right wing nut job.

 

[Cobblestones]

I really cannot see any coup taking place. 2011 is not the 1960's. The EU would not and could not tolerate a military junta.

The seven years, from 1967 to 1974 in fact.

Or think about the coup in Spain in 1981.

Not too distant past (at least I remember it well and I'm not THAT old).

I agree that the EU would not 'tolerate' it, but what would they do in practice? Invade Greece? Excuse me while I ROFL.

 

[patricknd]

SO you are saying that that President Obama does not have any stupid things he said? He is above the stupid stuff? So you do not want to discuss them unless there is a verifiable quote? I am sure if Scott in "SO CALL" wants to he could find much more.
Anyhow I have to go now. My management is trying to kick me out of my office. They keep going on and on about this is not a place to defecate/urinate/fornicate/dope up/ sleep over etc. They are really trying to bring down my preoccupation!(OSBM) It is me the .00000001 percent going up against the giant machine. They just turned down my demand to get past the blog filter and the utupes filter on the interwebs.

Fight the good fight Glenn. Me and red are behind you 110%

 

[rhubroma]

...a coup would be a disaster ( remember that Greece has had a long period of US sanctioned military control post WW2...and that leadership group is as much as anything a major reason that Greece is in the mess its in now ) but the country and its institutions are already quite predisposed to that kind of leadership....would be seen internally, within the old power elite at least, as almost a comfortable default position (unfortunately)...

Cheers

blutto

In fact Greece was encouaged to keep borrowing against its debt by its US advisors.

But this is what happens when the economy of finance replaces that of production, which is what I alluded to before in the idea that the world has already entered its post-production/industrial phase of democracy. Perhaps this is what they mean by post-post modernism? (Which, by the way, I have never quite figured out or gotten.)

According to Tony Judt ( The World is Broken), our society in the post WWII era worked best when there was trust among folks and a consensus about making a more socially cohesive state. The more trust circulated, Judt believed, the better society woked. Then something went terribly awry.

"Wherever you turned (30 years ago or so)," Judt said, "there was some economic expert who extolled the virtues of deregulation at the financial makets, of the minumum State and of low taxes." We also heard that song before and, today, we have seen the results. The market left on its own, without or with little contols, has devoured itself; greed was suddenly transformed into a virtue of courage; inequality became widely diffused; finance, no longer the work of production, became the primary source of wealth - even before the economy of production; the public debts of all the Western states sky-rocketed (and here the Greek debacle was born and made worse by hedge fund speculators); etc.

It was a true betrayal, apart from a public and social travesty, and it is here where the Greeks are quite naturally irrate, and, justly, where the youth of today suffer and protest.

The current unsupportable situation of financial capitlism demands that it is high time for the economy to no longer rule over democracy, but for democracy (which means the people) to rule over the economy.

The Greece debacle is perhaps the incarnation of all that is f-ed-up with capitalism today.

 

[redtreviso]

Republican Judge... there's video.. look it up.. too graphic to post..

"""2004: Aransas County Court-At-Law Judge William Adams took a belt to his own teenage daughter as punishment for using the internet to acquire music and games that were unavailable for legal purchase at the time. She has had ataxic cerebral palsy from birth that led her to a passion for technology, which was strictly forbidden by her father's backwards views.



Maybe he's just a fiscal conservative??

 

[blutto]

In fact Greece was encouaged to keep borrowing against its debt by its US advisors.

But this is what happens when the economy of finance replaces that of production, which is what I alluded to before in the idea that the world has already entered its post-production/industrial phase of democracy. Perhaps this is what they mean by post-post modernism? (Which, by the way, I have never quite figured out or gotten.)

According to Tony Judt ( The World is Broken), our society in the post WWII era worked best when there was trust among folks and a consensus about making a more socially cohesive state. The more trust circulated, Judt believed, the better society woked. Then something went terribly awry.

"Wherever you turned (30 years ago or so)," Judt said, "there was some economic expert who extolled the virtues of deregulation at the financial makets, of the minumum State and of low taxes." We also heard that song before and, today, we have seen the results. The market left on its own, without or with little contols, has devoured itself; greed was suddenly transformed into a virtue of courage; inequality became widely diffused; finance, no longer the work of production, became the primary source of wealth - even before the economy of production; the public debts of all the Western states sky-rocketed (and here the Greek debacle was born and made worse by hedge fund speculators); etc.

It was a true betrayal, apart from a public and social travesty, and it is here where the Greeks are quite naturally irrate, and, justly, where the youth of today suffer and protest.

The current unsupportable situation of financial capitlism demands that it is high time for the economy to no longer rule over democracy, but for democracy (which means the people) to rule over the economy.

The Greece debacle is perhaps the incarnation of all that is f-ed-up with capitalism today.

...against the background of your statement about the economy ruling over democracy check the following statement from a member of the economic imperium....

"While it may be the democratic thing to do ... what will happen if Greek votes ‘no', which is possible given how unpopular the bailout plan appears to be amongst Greece's voters," said Michael Hewson, a markets analyst at CMC Markets.

...tough call for this gentleman it seems...wonder if he would consider a fascist option if it were available for him next time he voted...because for his world view that option would makes things much easier wouldn't they...

...and speaking of fascist options see below...

In a surprise move, the defence minister proposed on Tuesday evening the complete replacement of the country’s top brass.

At an extraordinary meeting of the Government Council of Foreign Affairs and Defence (Kysea), which comprises the prime minister and other key cabinet members, Defence Minister Panos Beglitis proposed the following changes to the army, navy and air force and the general staff:

General Ioannis Giagkos, chief of the Greek National Defence General Staff, to be replaced by Lieutenant General Michalis Kostarakos
Lieutenant General Fragkos Fragkoulis, chief of the Greek Army General Staff, to be replaced by lieutenant general Konstantinos Zazias
Lieutenant General Vasilios Klokozas, chief of the Greek Air Force, to be replaced by air marshal Antonis Tsantirakis
Vice-Admiral Dimitrios Elefsiniotis, chief of the Greek Navy General Staff, to be replaced by Rear-Admiral Kosmas Christidis
It is understood that the personnel changes took many members of the government and of the armed forces by surprise.

What better way to consolidate power than to bring in 'your guys' as the country lurches closer to all out chaos?

...just having this happening at this particular time is kinda odd is it not?...and dear gawd I hope it doesn't come to this....though there is the remote possibility that real serious economic turmoil in Greece and the potential effects around the world may produce some pretty radical responses...and to be completely honest about it its not like the business community doesn't just love the Chinese economic model....

...the good news is that Iceland went thru something somewhat similar recently and last I checked they haven't sank into the ocean and we are still standing...so a good outcome is possible....the best outcome would probably be having the derivatives laden banks go up in flames ( there actually only 5 major players here ) and rest of the world, you know the one that is real in the physical sense, dust off the dust that that explosion produces and just do what they have always done, and produce the stuff that is real and can be seen as having real value, a genuine wealth component if you may...just a dream...errr...a thought...

...this could end up being a pretty interesting point in history....and there is one card on the table that could produce a very amazing result....

Cheers

blutto

 

[rhubroma]

...against the background of your statement about the economy ruling over democracy check the following statement from a member of the economic imperium....

"While it may be the democratic thing to do ... what will happen if Greek votes ‘no', which is possible given how unpopular the bailout plan appears to be amongst Greece's voters," said Michael Hewson, a markets analyst at CMC Markets.

In fact the market fundamentalists fear democracy. But they have had a political class above all in America and, to a somewhat lesser extent, in Europe, which has operated wholesale in there interests under the ideology of eternal growth at the markets and in the belief that there are some banks simply too big to fail, but nations (like Greece), no, that's alright. And they passed laws that permitted the derivative banks to speculate upon the solvency of entire states, which means the well-being of societies.

...tough call for this gentleman it seems...wonder if he would consider a fascist option if it were available for him next time he voted...because for his world view that option would makes things much easier wouldn't they...

It seems to me that capitalism today has already become a sort of economic fascism. A regime that makes all the decisions and rules over everything, because beyond suffrage and owns the politicians, by the brute force of its potency. I wonder, though, speaking of the rule of an elite class of super-elect who are above the peons, if such gentlemen have every read Plato's Republic?

...and speaking of fascist options see below...

In a surprise move, the defence minister proposed on Tuesday evening the complete replacement of the country’s top brass.

At an extraordinary meeting of the Government Council of Foreign Affairs and Defence (Kysea), which comprises the prime minister and other key cabinet members, Defence Minister Panos Beglitis proposed the following changes to the army, navy and air force and the general staff:

General Ioannis Giagkos, chief of the Greek National Defence General Staff, to be replaced by Lieutenant General Michalis Kostarakos
Lieutenant General Fragkos Fragkoulis, chief of the Greek Army General Staff, to be replaced by lieutenant general Konstantinos Zazias
Lieutenant General Vasilios Klokozas, chief of the Greek Air Force, to be replaced by air marshal Antonis Tsantirakis
Vice-Admiral Dimitrios Elefsiniotis, chief of the Greek Navy General Staff, to be replaced by Rear-Admiral Kosmas Christidis
It is understood that the personnel changes took many members of the government and of the armed forces by surprise.

What better way to consolidate power than to bring in 'your guys' as the country lurches closer to all out chaos?

Caesar all over again, except this time the strategy is based on sheer desperation and can only be an ominous portent of the the arriving tempest.

...just having this happening at this particular time is kinda odd is it not?...and dear gawd I hope it doesn't come to this....though there is the remote possibility that real serious economic turmoil in Greece and the potential effects around the world may produce some pretty radical responses...and to be completely honest about it its not like the business community doesn't just love the Chinese economic model....

Italy's got 100 days, apparently, to convince the EU of its reforms, or else il casino, the spread on its bonds being now at the critical 6%, at which default becomes a real possibility. Radical responses won't be limited to Greece if such comes to pass, let me tell you.

The interesting thing about China is that, as the president of the World Bank Zoellick ironically commented, a country that has mean pro capita wages at $ 4,000, with a projected 8.6% growth of its economy this year (far superior to the Western nations), is being requested to pump cash reserves into Europe, which has a pro-capita wage median of $ 38,000, to buoy the Continent through purchasing treasury bonds and so save it from its public debt. Brazil and India have been encouraged in this salvific activity as well.

Herein lies what's wrong with the Chinese model, as the Chinese themselves are all to painfully aware, even if this is what the West was like during the industrial revolution. The imbalance of wealth is appalling.

...the good news is that Iceland went thru something somewhat similar recently and last I checked they haven't sank into the ocean and we are still standing...so a good outcome is possible....the best outcome would probably be having the derivatives laden banks go up in flames ( there actually only 5 major players here ) and rest of the world, you the one that is real in the physical sense, dust off the dust that that explosion produces and just do what they have always done, and produce the stuff that is real and can be seen as having real value, a genuine wealth component if you may...just a dream...errr...a thought...

...this could end up being a pretty interesting point in history....and there is one card on the table that could produce a very amazing result....

Cheers

blutto

But what's all that the Western politicians tell us, their mantra and our "salvation," as we have been hearing in preparation for the G20 summit at Cannes? Focus On Growth.

I thought that's all they've been doing though, not on social justice, equality, democracy, etc: just make the economy grow.

Though isn't that what's gotten us here all along?

 

[Semper Fidelis]

USA - global economy.

Greece is proof that the global economy is a bunch of crap. As usual the USA is to blame for all this trouble...as usual. Our Socialist President Obama has done nothing but play golf and smoke cancer sticks.

Preoccupied at my office I am hearing rumblings that the MAN will be sending in the LAW if I do not end my peaceful preoccupation. “This aggression will not stand man”. They denied my latest demand for a new office chair,,, One that does not make my prostate gland feel like it is stuck in my tonsils when I sit down. Dammm the MAN!