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Monday, November 07, 2011

666 - The Italian 10 Year Bond Just Hit 6.66%


GUARDIAN


Greece locked in coalition talks as Italy's borrowing costs soar - live

• Negotiations over a new Greek unity government continue
• Italian 10-year bond yields hit 6.66%


The yield (or interest rate) on a 10-year just hit 6.66% - which, according to Reuters data, it its highest point since 1997 (when Italy was suffering another financial crisis) - from 6.353% overnight.
That is a huge move in the context of an average day in the bond markets. For context, 6% is generally seen as the start of the 'danger zone' where the cost of borrowing becomes prohibitively expensive (although the Bank of Italy argues that it can cope with 8%).
Italian bond yields have closed above the 6% mark for the last six days, despite the European Central Bank buying up tens billions of euros of Italian debt last week.
The steady rise in Italian bond yields is alarming the City. As Gary Jenkins of Evolution Securities explained this morning:
As calls grow for Silvio Berlusconi to step aside, he faces a key test of his leadership on Tuesday with members of the lower house of Parliament due to vote on public finances.
There has been a lot of speculation that a different leader would lead to a sharp retraction in Italian bond yields. That might well be the case in the short term but considering the starting debt position, the economic outlook and the general lack of confidence in Italian debt it promises to be a challenging period of time for any Italian leader.
Last Friday, Berlusconi denied that the Italian economy as in trouble, pointing out that its restaurants remain full.

121 comments:

  1. DCLXVI - The Roman numeral of the Beast
    B-6,O-66 - The bingo numbers of the Beast
    ddd - The ambulance number of the Beast
    Route 666 - The highway of the Beast
    Sick, sick, sick - The humor of the Beast
    sqrt (-666) - The imaginary number of the Beast
    $719.28: The number of the Beast (including tax)
    $636.95 - The number of the Beast at Sam's Wholesale Club.
    (666)-555-4444: The area code of the Beast
    Lotus 6-6-6 - The spreadsheet of the Beast
    P.O. Box 666: The mailing address of the Beast
    Phillips 666 - The gasoline of the Beast
    Floor 666: The penthouse suite of the Beast

    ReplyDelete
  2. Once Italy's cost of borrowing rises above this level, it becomes very difficult to bring it down again.

    Because at that point, investors know that Italy cannot repay its debts, which means they won't lend to Italy.

    But once investors stop lending, then Italy cannot possibly meet the hundreds of billions of euros of debts that are coming up for repayment in the next few months.

    So it becomes a self-fulfilling panic, just like a bank run.

    Which is to say that, once Italy's cost of borrowing rises above, say, 7%, the chances are that it will just keep on rising as investors desert its bonds in their droves.

    The boat will capsize.

    ReplyDelete
  3. 500 Million People, and not an oil well in sight.

    They were getting some from the North Sea, and now that is drying up.

    It's "fork-time."

    ReplyDelete
  4. The thing we all forget is, when Mussolioni focused their lizard brains, Italy was a Powerful Industrial Power.

    They're not stupid people. And, they're Not a lazy people. They Have been "an atrociously governed" people.

    All of this doesn't matter. They're trapped in a currency, and social system that is guaranteed to destroy them.

    ReplyDelete
  5. The Euro was like the free credit cards we all received two times a week in the not too distant pass. The Greeks redeemed theirs to the hilt as did Spain and Italy. It is understandable if you have lived in Northern Europe a few years . The winters are long, gray, damp and dark. Everyone dreams about going to Spain, Italy or Greece for fun and sun. They did and decided “wouldn’t it be nice to own a condo here? “ That fed the beast. All sides, the north and the south, enjoyed and played. Now they will all have to pay, none anymore innocently than the next.

    ReplyDelete
  6. That pretty much sums it up, Deuce.

    ReplyDelete
  7. The Main lesson from all U.S./European History, however, is you must strive to keep the "Banks" under control. Their interests don't always coincide with the Society, as a whole.

    ReplyDelete
  8. They're necessary, but they Will bust you every seventy, or eighty years. Just like the locusts, they have a "cycle."

    ReplyDelete
  9. Banks and Wall Street can only make money increasing debt, public and private. Casinos can only make money by suckers losing their money. None of the three create anything of intrinsic value.

    ReplyDelete
  10. Rufus II said... The Main lesson from all U.S./European History, however, is you must strive to keep the "Banks" under control.

    In a free society you do that by selling their stock and closing your account and getting a mortgage through the Credit Union.

    In Frank-Dodd world you do that with 100,000 pages of expensive regulations that still don't work (MF Global anyone?).

    ReplyDelete
  11. Some things are, on their face, inexplicable. It has puzzled me, for awhile, why Europe wouldn't join with the U.S. in jerking a knot in China's "unfair-trading, currency-manipulating" tail.

    ReplyDelete
  12. Deuce said... Banks and Wall Street can only make money increasing debt, public and private. Casinos can only make money by suckers losing their money. None of the three create anything of intrinsic value.

    Casinos perform a very important service. They collect taxes on people who can't understand mathematics, thus incrementally increasing the collective IQ of money.

    ReplyDelete
  13. The politicos of the late 20th Century tried to go directly to the "End Game".

    Without the messiness of the "Middle Game".

    Problems arose.
    Who'd have guessed?

    ReplyDelete
  14. Blogger Rufus II said...

    Europe is hosed.







    Don't worry, the bell will toll for the US as well once the bond markets are finished with Europe.

    ReplyDelete
  15. The Euro is an internal problem. It is as meaningful as the US having a problem with New Jersey, Alabama, and California. The US has a debtor’s problem. Now when a debtor has a problem, who does that problem belong to?

    ReplyDelete
  16. You misunderstand, ash, the depth of the whirled's dependency upon the dollar.

    You have oft told us of the demise of the dollar and the US, but have never been able to point to the replacement.

    If the US folds' well, there'll be nothing left, for anyone else.

    And we'll still be here.

    The current government may be gone, the banks reorganized, but the US will still be on center stage, with no one in the wings.

    ReplyDelete
  17. The bond market can be quite vicious on ANY bond and the issuer. Maybe the US will get its house in order (its debt to GDP ratio is bad but not as bad as many, yet) but the current level of politics doesn't suggest that will happen and the FED can only do so much printing to keep the market liquid before the bond folk take notice and put their money elsewhere.

    ReplyDelete
  18. We have problems, big problems, but they Are solvable.

    I'm not entirely convinced Europe's problems can be solved.

    15, 20, whatever the number is now, Sovereign Nations, with different cultures, and languages, sharing a common currency just doesn't seem sustainable.

    ReplyDelete
  19. I really hate to say this, inasmuch as it was OUR banks that damned near brought down the entire world's economy, but I think we have more potential to bring our banks inline than the Europeans have to control theirs.

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  20. Where, ash?

    That is the question.

    If the market were to abandon the Treasuries, well, Mr Obama could just mint the platinum coins.

    The government would plow on through.

    When the credit rating of the US was "marked to market", well, the market for the bonds, it expanded, at lower rates.

    There is no other "safe haven".

    There will not be.

    ReplyDelete
  21. I certainly don't see any solution on the horizon to Europe's problems. If they allowed the ECB to function as freely as the US FED maybe they'd have a shot but the politics don't seem to have that in the cards at the moment.

    I wonder how the folks in South Carolina, or Alabama, or Arizona would feel about bailing out California?

    ReplyDelete
  22. The President SHOULD force those bond purchasers into other investments, not allowing them to buy US Treasuries.

    The President SHOULD remove the Treasury Department from the bond markets.

    Get the ball, which you see as inevitable, rolling.

    ReplyDelete
  23. This comment has been removed by the author.

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  24. rat, it won't be a safe haven when it is perceived as not a safe haven. If Obama minted those platinum coins you tout then that perception of not being a safe haven would be hastened.

    There is lots of other places for money to run in this highly connected global market. Canada, Australia, Brazil, India, China immediately spring to mind. In a rush to the exits some will get out but most will be crushed. People don't act rationally when panicked though.

    ReplyDelete
  25. Californios and New Yorkers have been bailing out Arizona and Idaho for decades.

    Just as the folks in New Jersey have.

    That is the reality, "Fly Over" country does not pull its' weight, receiving more from the Federals than they send.

    The coasts, not so much.

    ReplyDelete
  26. Usually, ash, the "Redder" the State, the greater the discrepancy.

    Alaska leads, both in Federal dollars spent per capita and general dissatisfaction with the Federals.

    It is an interesting cultural phenomenon.

    ReplyDelete
  27. The greater the calls for "Self Reliance", the more likely the folk there are attached to the Federal teat.

    Mrs Bachmann personifies the trait.

    ReplyDelete
  28. And if the flows should be reversed Rat, how do you think those folk will react? Will they belly up and say it is their turn to shoulder the burden? From what I've seen in fly-over country - no fucking way.

    ReplyDelete
  29. Couldn't be reversed, ash.

    The Federals control the ground, and will not allow it to be put into private, productive uses.

    Maintaining the "National Heritage", those that benefit say...

    or, as we say out here...

    Maintaining the financial status que of the Boner Class.

    ReplyDelete
  30. Social Security payments drive the economy, in AZ and ID.

    Welfare Rules!

    ReplyDelete
  31. Canada is in a wonderful situation; of that there is no doubt.

    Australia? Pretty good, also; but their proximity to China, and lack of a Strong, Coastal Defense Force, and small population might be worrisome (if it weren't for all those U.S. Submarines, and AC Carriers, anyway.

    Brazil should be in the Cat-Bird's Seat, also. However, the strong Socialist tendencies of their government's will probably cause them to continue to under-perform.

    India? Who the hell knows? They could be in pretty big trouble, though. Or not.

    China? No living human being can call that one, long term. Short term, they're a handful.

    ReplyDelete
  32. That's right and the unfunded social security noose gets tighter and tighter with the problematic demographics slowly rumbling through the years. Like Europe I don't see a solution on the horizon.

    ReplyDelete
  33. Then factor in the "Defense Spending", the economy of the "West" is remarkably Federal.

    With NO ONE pushing to make it less so.

    ReplyDelete
  34. Our secret weapon is "inflation," and the two-year election cycle.

    ReplyDelete
  35. The Amero.

    Which is their "real" End Game.

    Providing the ability to start the game, again.

    ReplyDelete
  36. I played golf with a guy last week who works with Private Equity folk buying companies, fixing them up, and then selling them. Currently he is running a couple of manufacturers that sell to defense industry - General Dynamics et al. He said business is really suffering because those companies are not starting any new projects and curtailing existing ones because of the uncertainty in defense spending.

    Heck, this is sitting on the front page of nytimes.com at the moment:

    "Under orders to cut more than $450 billion from the Pentagon budget, Defense Secretary Leon E. Panetta is considering reductions in formerly sacrosanct areas."

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  37. There was once talk in Canada of adopting the US dollar as currency. No way no how now. Not even a blip on the radar. I'd be surprised if Mexico had any inclination to sign up for that reduction in sovereignty.

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  38. Heck, that notion (an Amero) is one of the prime problems in Europe except they call it a Euro.

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  39. After witnessing the fall of the Euro, I'd have to believe the "Amero" is deader'n Kelsey's nuts, Rat.

    ReplyDelete
  40. We have probably stumbled upon the best solution - A "Free Trade Zone" among Sovereign Nations, with "FLOATING" Sovereign Currencies.

    ReplyDelete
  41. That word, "Floating," is a huge word. The Biggest word in the financial universe.

    ReplyDelete
  42. desert rat said...
    The Amero.

    Which is their "real" End Game.


    You're joking, of course. Right now Mexico and Canada want to build a fence to keep US out.

    ReplyDelete
  43. "Energy" is another Huge word, and we have "Outs," there.

    ReplyDelete
  44. We've got our "Taxation" all fouled up, but that can be fixed at any time (as soon as the politicians decide they want (have) to.

    ReplyDelete
  45. Mexico is growing at 5.4%, I read the other day.

    The dollar's demise is still quite a ways a way.

    Completing North American confluence, cultural and economic, while well underway, is still distant.

    Closer though than is cultural confluence in Europe.

    Both Canada and Mexico, without the US 'tween 'em, would be in no better shape than anyone else, in the whirled.

    The trio, though, stand apart from the rest of the whirled. Head and shoulder above all others.

    Close to half a billion folk, living life to the fullest.

    Enlightened by Liberty.

    ReplyDelete
  46. NAFTA is working out well for all concerned. Fer sure.

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  47. The EU has been a Great thing for Europe. It's just that the "Euro" was a "bridge too far."

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  48. The Federals, through direct intervention, saving GM jobs in the US, Canada, Mexico and Australia.

    Their Chinese plants, I do not believe, export to the US.

    Regardless of the readers' wishes or desires, there is an economic co-dependency in North America.

    We should manage it, better.

    There is no "going back".

    Little matter what those in Polynesia believe is best, for Americans.

    ReplyDelete
  49. Why did it post that, anonymously?

    Just another of the wonders of the Inet Age?

    ReplyDelete
  50. There is lots of other places for money to run in this highly connected global market. Canada, Australia, Brazil, India, China immediately spring to mind. In a rush to the exits some will get out but most will be crushed. People don't act rationally when panicked though.

    Canada - yes.
    Australia- yes.
    Brazil - no.
    India- no.
    China - yes.

    ReplyDelete
  51. I'd give all but Canada a "maybe."

    Canada looks like the stone cold nuts.

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  52. And, I'd go with Rat on this one: Mexico is quietly becoming a force. There's potential down there.

    Surely, at some point, the governments of the U.S. and Mexico will find it advantageous to clean up the crime problem at the border.

    Mexico City, and environs, is a "monster."

    ReplyDelete
  53. If the US tanks, the Canucks will be right behind, US.

    They are attached to US, at the hip.

    Mexico is more economically independent.

    Could well provide better returns.

    While living in Mexico, on less, is easy. If you don't mind "going native".

    The cultural confluence not being complete.

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  54. I have ancestors, Deuce, that thought China was a great place to invest.

    They were proven to be wrong, long term.

    Nothing much has changed.

    Investment is an extension of property rights, those are, at best, precarious in China.
    Especially for foreigners.

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  55. Those "Oil Sands" are going to last a long time, Rat. And, they can, quite quickly, if they decide to, have a pipeline carrying that treasure to the Pacific.

    Canada, also, has the agriculture.

    I'm not so sure they're as "tied to the hip" as we sometimes think.

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  56. You have the same "property rights" issues in Argentina, and, to some (and, possibly growing) extent in Brazil.

    Of course, Mehico ain't no gem when it comes to foreigners owning propoerty, either; however, they're close enough that we might slowly bring them around.

    ReplyDelete
  57. Now that the Greek hors d'oeuvre has been cleared away next up is Italy. I think that this course will prove impossible for the eurozone to digest. If you thought that Greek politics seemed arcane you ain't seen nothing yet.

    Reports of the death of the US are somewhat exaggerated, the US will soon be a net exporter of energy and US companies are now shifting factories from China etc back to the US.

    The implications will be profound because the cause for the decline in developed economies and printing money to give to bankers to invest abroad is doing nothing to reverse the situation.These are the sad facts of a situation no one wants to accept responsability for or discuss.

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  58. Well, rufus, that may be true, but flies in the ace of reality.

    The relationship between the United States and Canada is among the closest and most extensive in the world.

    It is reflected in the staggering volume of bilateral trade--the equivalent of $1.6 billion a day in goods-

    -as well as in people-to-people contact. About 300,000 people cross the border every day.


    The US State Department goes on to tell us ...

    Canada is the leading export market for 35 of the 50 U.S. states and is a larger market for U.S. goods than all 27 countries of the European Union.
    ...

    Statistics Canada reports that at the end of 2007, the stock of U.S. foreign direct investment in Canada was $289 billion, or about 59% of total foreign direct investment in Canada.


    Joined at the hip, that's the reality.

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  59. No, i disagree DR. China has a secret weapon, overseas Chinese. They depend on the dollar and the yuan. The Chinese, not the government , worship success and wealth. that will not change regardless of what happens to the Communist party. They have 3 trillion in foreign reserves. That is not changing anytime soon that would make it difficult to get your money out.

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  60. The entire Canadian economy ...

    GDP (2008): $1.2 trillion.

    The same as the interest payments on the US Federal debt.

    The tail dies when the dog does.

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  61. We can make significant improvements, Logos, but, we will, never again, be a "net energy exporter." At least, not within the next 40, or 50 years.

    Don't believe all the "Bakken/Gas/etc" hype. We import about 9 Million barrels of oil, Daily, and 10% of our Nat Gas.

    By comparison, the Bakken churns out about 450,000 bbl/day, and will probably peak well short of a million. Meanwhile, Prudhoe Bay, and the Gulf are both in decline.

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  62. We have a huge trade relationship, and a pretty strong "cultural" relationship (especially in the Western Provinces.) I'm not discounting that.

    Ahh, now that I think about it, I'll concede. I believe this one is over my pay grade. :)

    ReplyDelete
  63. We need a pragmatic third party that can draw votes from both sides of the economic issue and has no platform on social issues, other than putting the country back to work by focusing on enery, retooling manufacturing, and infrastructure that makes money and can be supported by fees and intellectual property. They need to close down 3/4 of the law schools, reopen them as engineering, manufacturing and science. Make loser pay in lawsuits and as the economy recovers reduce federal employment, something Bush should have done when the good times were rolling.

    It may be true that the wealthy create more wealth but they can do that without creating jobs and have done so. Tremendous wealth has come in many cases at the cost of jobs. Buy a great brand, shut down US manufacturing , make more money by manufacturing in China and never repatriating profits while China doesn’t buy anything but bonds make Wall Street and the banks wealthy but has done nothing positive for jobs growth and raising the income of skilled workers. Hungry up and comers create jobs.

    ReplyDelete
  64. My point, Deuce, is that "your" money in China, is not really "yours".

    Not if you cannot get it out.

    Property Rights for individual foreigners, in China, not the cultural norm.
    Not any more, if it ever was.

    The Chinese economy is a wave that would take active management to surf.

    Not even comparable to US Treasuries.

    Certainly not a "Safe Haven".

    ReplyDelete
  65. Louisiana Light Crude "Spot" has jumped $2.68 to $115.44.

    ReplyDelete
  66. oh yes Canada is the US's largest trading partner. As they say here if the US sneezes Canada catches a cold. That being said Canada's economy has held up quite well so far compared to the US.

    All this talk of the various economies is one thing but the monetary phenomenon is quite another. There are huge amounts of 'hot dollars' floating about the world seeking the best return. My understanding is that the currency flows in the markets vastly outnumber the currency flow dependent upon trade (i.e. I've got to buy a computer system manufactured in Texas, or agricultural products from Missouri versus the amount of money seeking return). If confidence in the US dollar is shaken (i.e. the printing presses roll too fast and/or China starts dumping dollars) then the rush to the exits could be ugly, real ugly. Heck, there is the Japanese Yen to run to, the Swiss Franc, the English pound, and, if the Europe thing is over, maybe the German mark. All this driven, not by economic factors per se, but but by traders and their cash seeking safety and return. Currently the safe haven is US treasuries but would you want to buy a 20 or 30 year bond to hold for the duration?

    ReplyDelete
  67. China selling vast amounts of "Dollars" just might be the best thing that could happen to the U.S. right now. Have you thought about that?

    ReplyDelete
  68. If it leads to a slow and steady decline in the value of the US dollar (as it has been for quite a few years now) that is a good thing toward increasing the competitiveness of US industry but not so good for holders of US wealth.

    ReplyDelete
  69. There is no German Marc, ash.

    No Italian Lira and no Greek Drachma.

    There can be no flight to safety, to the DM.

    There is no DM.

    ReplyDelete
  70. ummm, rat, read what I wrote

    "if the Europe thing is over, maybe the German mark"

    ReplyDelete
  71. If the Euro crumbles, the Germans will not look so robust.

    They are heavily invested, in southern Europe.

    The linkage is there, whether they like it, or not.

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  72. Maybe, we need a good "kick in the ass" from our little yellow friends.


    As that famous Japanese sailor said, " Umh, guys, you might wanta think about that one a little bit."

    ReplyDelete
  73. The main point, rat, is that there are many places to put your money besides US dollars. gold, silver, the list goes on.

    ReplyDelete
  74. The Euro is not "over" and if it was the DM would be no better than the Pound nor the Dollar.

    Not long term.
    Especially after the death throes of the combined currency are over.

    The German economy cannot pull the global load.

    There is only one, that can.
    Then only in combination with its immediate neighbors.

    Like it, or not.

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  75. Scope and scale, ash, limit the other opportunities.

    The US already owns Canada.

    Europe is already a shambles

    And China ...

    ... awaiting the "next" cultural revolution.

    There is a reason that capital flights land in the US.

    Security trumps returns.

    ReplyDelete
  76. Here is one scenario in the realm of the possible:

    The Europeans are looking to the Chinese buy some of their new fangled bonds. The Chinese will want something in return if they should put up that kind of risk capital. The Chinese have been trying to get the world to move to a universal currency. Think they might help the Europeans out in return for support in such a project?

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  77. Security in respect to 'your money is safe here'. Not too safe if one believes it is losing more value than it should. It is, in the end, a confidence game.

    The US owns Canada, riiiight.

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  78. Europe's real challenge.

    Chinese gains have come at their expense. More so than any other economic zone.

    The US share, it remains pretty constant in the low to mid 20% range of global GDP.

    Mexico is growing.
    Canada's share is secure.

    China is growing, Europe languishing in economic despair.

    ReplyDelete
  79. Yeah, that Euro is working out so well, I imgagine the world just can't wait for a currency combining Europe with China.

    ReplyDelete
  80. :)

    I wish they'd pull it off. That would be a hoot to watch in my remaining years.

    ReplyDelete
  81. Imgagine - An imaginative way of spelling imagine

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  82. Statistics Canada reports that at the end of 2007, the stock of U.S. foreign direct investment in Canada was $289 billion,
    or about 59% of total foreign direct investment in Canada.


    Yep, that's ownership, ash.

    Especially considering how thin the Canadian capital markets are.

    ReplyDelete
  83. What is interesting, about Canada.

    More money is leaving there, than arriving.

    Looks like the Canuks have less confidence in Canada than do their US investors.

    ReplyDelete
  84. :)

    Keeping in mind that the EU is China's biggest custormer, the head of the China Sovereign Wealth Fund, this weekend, called Europe "Slothful, Indolent," and with an incentive system that is "totally out of whack."

    Ahh, them Chinamen - Salesmen, all.

    ReplyDelete
  85. The Bitch Teresita said...
    Anonymous Jackass: Anonymous said...Ms t you state that euro's don't consider turkey part of Europe....Guess you never heard of Constantinople ?

    Well, lets see what the Europeans say. I'm just a dumb American chick.

    "I want to say that Europe must give itself borders, that not all countries have a vocation to become members of Europe, beginning with Turkey which has no place inside the European Union." -- Nicolas Sarkozy, 2007

    You really are an ingnorant person.

    That's spelled ignorant





    You lie, distort and change the subject and don't answer the point that was made.

    Maybe that's why you are such a cunt.

    ReplyDelete
  86. Europe used to encompass all of Turkey, until the Europeons lost it.

    The lands of modern day Turkey have a long history, as part of both Greece and Rome, fully Europeon back in the day.

    Persian, too, on other days.

    Local potentates, tambien.

    ReplyDelete
  87. Wasn't for that Polish guy showing up with his Army, at the last minute, at the Battle of Vienna, Turkey might have "encompassed" all of Europe by 1790.

    ReplyDelete
  88. That the Europeon leaders of today are afraid of Turkey, and thier own cultural expansion, more a tale of woe, for the French, than for the Turks.

    Turkey is in ascension, France, not so much.

    ReplyDelete



  89. (CBS/AP)

    Two high-ranking Penn State administrators have resigned, and will face arraignment Monday on charges they lied to a grand jury investigating suspected child abuse involving the university's former defensive coordinator Jerry Sandusky.

    Athletic director Tim Curley and university vice president Gary Schultz will be arraigned in District Court in Harrisburg today for charges of perjury and failure to report ...

    ReplyDelete
  90. “All roads lead to energy. America’s dependence on oil constitutes a significant national security threat,” according to the report. If even a daily supply is interrupted, the heavily transportation-reliant U.S. economy could suffer greatly. As a viable solution, the report found many promising alternatives to oil as a transport fuel, that if managed properly, could lower overall national security risks.

    If ethanol satisfies a more significant share of the U.S. fuel market, the government could rely less on strategic partners in the Middle East and focus on other ethanol-producing nations such as Brazil, Canada and Mexico as strategic allies. Having a diverse biofuel supply would increase energy integration with our neighboring countries, who could be both suppliers and consumers, with whom we have more commonality than nations in the Middle East.

    The report noted that biofuel technologies continue to advance in efficiency, raising the possibility of future mass production of ethanol fuel. The biggest challenge, however, is the lack of sufficient regional centers for collection, production and distribution of biofuels. “For biofuel use to rise to levels sufficient to make a dent in U.S. oil imports, U.S. farmers must be incentivized to collect and deliver dedicated crops and crop refuse to production centers efficiently enough not to interfere with their usual harvesting and cropland management requirements,” the report stated.

    “No matter one’s individual perspective, liberal or conservative, we must focus together on concrete steps to reduce our reliance on oil,” stated the report. The report noted that a 30 percent reduction in our use of petroleum would significantly improve security and economics by decreasing deficits, preserving capital for job creation and increase energy reserves.

    Organized in 2006, the MAB includes 11 recently retired three- and four-star generals and admirals . . . .


    Retired Generals - We Need Ethanol

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  91. This comment has been removed by the author.

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  92. This ...

    ... Is Funny Stuff.


    Bachmann: GOP rivals appear 'frugal socialists'

    November 7, 2011

    WASHINGTON—GOP presidential hopeful Michele Bachmann says too many Republicans aspire to be "frugal socialists" ...


    Mrs Bachmann, climbing upon my "Federal Socialist" bandwagon.

    But that she exempts herself from that crowd, after receiving almost $500,000 in Federal grants and subsidies, beyond the comical hypocrisy generated by Mr Colbert's SuperPac.

    ReplyDelete
  93. Gee whiz ....

    rufus

    I've read that, here at the Elephant Bar, before.


    If it has become so obvious that the Generals see "it", well, at least they're coming around, on the learning curve.

    ReplyDelete
  94. Poor Herman, they're starting o pile on.

    Sharon Bialek accuses Cain of sexually inappropriate behavior

    Sharon Bialek, the first woman to publicly accuse Cain of inappropriate behavior, said Cain was "sexually inappropriate" with her in 1997, saying he put his hand under her skirt and pushed her head toward his crotch after a dinner together. She said he backed away after she asked him to stop.

    "I want you to come clean, Mr. Cain," she said in a New York City press conference at the Friars Club with her attorney, Gloria Allred at her side.

    ReplyDelete
  95. Not a bad looking woman, especially with Gloria by her side, for the comparison value.

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  96. Looking to streamline and speed up the process of developing the nation’s solar power potential, the US Dept. of Interior took another step towards opening up public land in six Western states – Arizona, California, Colorado, Nevada, New Mexico and Utah – to utility-scale solar power projects.

    Some 285,000 acres of Bureau of Land Management (BLM) land would be made available, according to the “Supplement to the Draft Programmatic Environmental Impact Statement for Solar Energy Development” (Solar PEIS), the revised version of a plan originally proposed in December 2010.

    The BLM received and reviewed some 80,000 comments on its original plan, as well as obtaining additional data and consulting with cooperating agencies and resource managers, in coming up with the revised version, according to a news release.

    The revised plan refines or removes zones that had development constraints, such as lack or difficulty of transmission line access, and resource conflicts, as well as establishing a variance process that would allow “development of well-sited projects outside of solar energy zones on an additional 20 million acres of public land.”

    The BLM has made its Solar Energy Zone identification process more transparent in an effort to ensure that they “are located in appropriate areas.” This includes analyzing transmission availability and potential resource conflicts, such as access to water and effects on other use of the public land, such as camping and tourism.


    Source: Clean Technica (http://s.tt/13JWq)

    Obama, and the BLM On the Move

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  97. It's not like he was trying to get her to "kiss" him, or anything. All he was wanting was a little "after-dinner blow-job." :)

    Sheesh.

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  98. Anonymous said... Maybe that's why you are such a cunt.

    You say cunt like you think it's a bad thing. Maybe that's why you're still in the anonymous closet.

    DR: The lands of modern day Turkey have a long history, as part of both Greece and Rome, fully Europeon back in the day.

    Well the Anonymous Dope thinks the Muslims are responsible for the Crusades, which is like Mike Tyson blaming Evander Holyfield for snapping off his own ear in Mike's teeth. So if you believe that, then you can also believe Anonymous when he says the Muslims invading the Levantine shithole called Turkey were actually invading Europe.

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  99. DR: China is growing, Europe languishing in economic despair.

    Sure. China is growing.

    "Cao Jianhai of the prestigious Chinese Academy of Social Sciences sees price cuts of 50% on homes if the government continues its cooling measures. When Beijing’s pet analysts are saying prices could halve in a few months, we can be sure they are thinking the eventual sell-off will be worse."

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  100. They are uncovering 10,000 - 12,000 yr old stone walled cities in Turkey. Indeed, if you go far enough back, it seems to be all about Anatolia, and India.

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  101. Culturally, it was Europeon, when Istanbul was called Constantinople.

    When the Roman Empire was centered there. Even before, during the Greek colonial expansion across the Aegean.

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  102. Chinese industrial capacity is growing, Ms T.

    Their exports have taken a toll on Europeon manufacturers, more so than upon manufacturing in the US.

    That the Chinese have created a "Housing Bubble", a secondary issue, not directly related to their increased industrial production capacity.

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  103. India/Turkey, followed by China, and Iran. Boosted along by the Iraqis. Egypt, and the Southern Levant, definitely much later to the game. (although, there might be more to "come out" regarding the land that is now Israel/Palestine. The Lebanese/Phoenicians were kicking butt before the Aegean cultures.

    Greece, and Rome - well, they just showed up the day before yesterday.

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  104. nap time for Bonzo. Have a good'un. This time change is wreaking havok with my non-work schedule. Do I non-work, now; or do I non-work an hour ago? :)

    I don' 'preciate all this messin' around with my non-working. :)

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  105. .

    Showdown in Ohio

    If Issue Two goes down in flames in Ohio tomarrow, the GOP will have themselves to blame.

    The GOP contrrolled legislature decided to put all elements of Issue Two on the ballot as a single vote giving those who opposed any one of the various elements a chance to combine and create greater opposition.

    Sounds like a silly way to run a railroad to me.

    Like Gaul, Issue Two is divided into three main parts:

    Forces public unions to pay 15% for health care. Does away with binding arbitration. Does away with public employees having the right to strike.

    Any one of the three would have a good chance to win if given a straight up or down vote on its own merits. Taken all together, not so much.

    Important vote tomarrow.

    .

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  106. You mean to say, Deuce, that the answer to our challenge is not to be found in Sim-City?

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  107. desert rat said... Chinese industrial capacity is growing, Ms T.

    Now only if their orders were growing too.

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  108. THIS is interesting.

    Mexico just barely a net petroleum exporter.


    In its latest trade report, Mexico's National Statistics Institute said that September's petroleum imports rose 79% as compared with the year-ago month, to $4.28 billion, and petroleum exports of mostly crude oil grew 31.8%, to $4.37 billion, making the nation a net petroleum exporter by a small margin for the month in dollar terms.
    Exports $4,370,000,000
    Imports $4,280,000,000
    Net Exports $90,000,000

    Looks like Mexico may become a net oil importer sooner than even most peak oilers expected.

    Ron P.



    They didn't build out their refinery capacity; now they have to export the oil to us, and then "re-import" the refined product.

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  109. That's the beauty of NAFTA rufus - there is no US or them just EXXON.

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  110. They seem to have been exporting about 1,324,000 bbl of oil/day to the U.S. and Importing about 1,192,000 bbl of product (gasoline, diesel, jet fuel, etc)/day.

    For a Net Daily Export of about 132,000 bbl/day.


    ahem, I believe I stated about two years ago that one bright shiny Dec, 2011 Mexico would "wake up a net oil/product Importer."

    Well, Hello, bright sunshiny, Dec day.

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  111. I'm sure I'm oversimplifying this a bit. All of their exports don't go to the U.S., and all of their imports aren't from the U.S.

    But, the important thing is: their consumption is rapidly catching up to their production. So rapidly, that there is a fair chance they'll begin 2012 as a "Net Petroleum Importer."

    Mehico will Not be our saviour.

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  112. BTW, I used the average Louisiana Sweet Price (the applicable price for oil traded in that region) for Sept of $110.00/bbl, and an average product price of $2.85/gal (42 gallons in a barrel,) which seemed like a reasonable "average" of gasoline/diesel/jet fuel/ etc for that time period.

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  113. This Hybrid Solar Thermal/Gas plant in Egypt puts out 150 Megawattys of Solar Power during the Day (during Peak Demand,) and 110 Megawatts from Gas at night.

    This Desertec Thingie Might Just Work.


    Wouldn't that be cool?

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  114. You see, Egypt is running low on oil, but has plenty of nat gas. And, Sunshine.

    Stuff like the above just could put Egypt back into the "Energy Exporting" business.

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  115. And, since they import 40% of their food (and 60% of their wheat,) and aren't too hot on manufacturing, they really, really need something to "Export."

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  116. Oops.

    I thought You turned off the microphones. . . . .


    The conversation then drifted to Netanyahu, at which time Sarkozy declared: "I cannot stand him. He is a liar." According to the report, Obama replied: "You're fed up with him, but I have to deal with him every day!"




    The remark was naturally meant to be said in confidence, but the two leaders' microphones were accidently left on, making the would-be private comment embarrassingly public

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  117. Anyone who has ever had to deal with good old Bibi Netanyahu knows what shit he is.

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