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Friday, December 09, 2011

Euro Pushes On. Germans Demanding Submission.




Here's what Angela Merkel had to say on her way into the meeting:
QuoteWe made important decisions for the euro yesterday. It was about starting the fiscal and stability union. We have made good progress, especially with regards to the debt brake for all states that will be part of this new treaty and more automatic sanctions.
We are very happy that not just the euro states, but also a number of other states, will become part of this strong fiscal discipline: the Baltic countries, Poland very important, Denmark, Bulgaria, Romania and two more countries analysing this. I'm very happy with the result because we had to avoid a lousy compromise for the euro, and we have succeeded.
On Britain opting out of the deal, she added:
QuoteThe British were never part of the euro, they had an opt out from the beginning, so we are familiar with the situation. We have started Schengen with a number of states and we have said in the text adopted yesterday that if the situation arises in which we can take it up in the treaties with all, as we have done with Schengen, then we will do it as soon as possible.
...David Cameron was at the negotiating table with us, we made this decision. We couldn't make a lousy compromise for the euro but we had to set up hard rules. ... that won't deter Europe from making joint decisions in many other questions for example when welcoming Croatia as our new member.
 To recap, Britain has vetoed an EU treaty change on measures to resolve the eurozone debt crisis.
However the 17 eurozone nations plus six countries who hope to join the single currency have agreed to sign up to a new treaty that will introduce stronger controls over individual countries' finances.
Here is what they are signing up to:
- Eurozone states' budgets should be balanced or in surplus.
- Such a rule will also be introduced in eurozone member states' own national legal systems; they must report national debt issuance plans in advance.
- As soon as a euro member state is in breach of the 3pc deficit ceiling, there will be automatic consequences, including possible sanctions, unless a qualified majority of euro states is opposed.
Looking at the nitty-gritty of what was agreed last night in terms of financial measures to bolster the eurozone's ability to rescue indebted nations, here are the key points:
- EU countries agreed to provide €200bn in bilateral loans to the IMF to help tackle the debt, with €150bn of the total coming from the eurozone countries.
- The European Stability Mechanism (ESM), the permanent resuce mechanism due to come into force in July 2012, will be capped at €500bn (£423bn).
- The ESM will not get a banking license, as had been proposed by Herman Van Rompuy of the European Council, because Germany opposed it.

98 comments:

  1. None of these agreements are being made by those who are the ruled. It is highly doubtful that even the tiniest minority in any member state has a clear understanding of the potential implications. It is the classic application of “any port in a storm.”

    IMHO, any country that submits to Germany will learn what it means to capitulate.

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  2. Sure, 26 members of the EU want a tough set of new rules and they plan to enforce the new rules by breaking the old rules using existing EU institutions and they expect anyone to believe they will stick to their new rules.

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  3. Angela Merkel, PhD, has all the cards, and is playing Texas Hold 'em like a top gun. But Greece is too far gone, there's nothing she can do about it.

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  4. Sadly, I agree. It is too late. No one is going to buy the promises coming out of this meeting which fall way short of the strong binding fiscal union that is required to give the Euro even a remote chance of surviving.

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  5. There's some mildew in a window in the Philippines looks like Mahal na Birhen (Virgin Mary) and now there's scads of folks outside praying the rosary.

    When the mildew grows and looks more like GWB then they'll say "Never mind!"

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  6. Russians have flooded Facebook and Twitter as they organise unprecedented protests against Vladimir Putin's United Russia party. But they are not alone. Thousands of Twitter accounts appear to have been created with the sole purpose of drowning out opposition voices by flooding the service's hashtag search function.

    The automated attacks have dumped a blizzard of meaningless tweets with hashtags such as #Navalny, on which tweets about Alexei Navalny are collated, making it impossible to follow the flow of news about the arrested opposition leader. Many of the so-called "Twitter bots" have now been shut down.

    The flood of fake tweets came after liberal websites, including the LiveJournal blogging platform, the website for radio station Ekho Moskvy and weekly journal Bolshoi Gorod , were shut down by distributed denial of service attacks on Sunday, the day of Russia's disputed parliamentary vote.

    The website for Golos, an independent election monitor, was also shut down. Golos employees complained this week that their email had been hacked and inaccessible for several days. On Friday, tabloid Life News published employees' private emails, detailing correspondence with the US development agency – presented as "proof" that the group was acting on foreign orders to disrupt the Russian election.

    The most interesting hack attack, however, came via a more antiquated instrument – the telephone. On Thursday, the liberal Yabloko party and newspaper Novaya Gazeta said their telephone lines had been paralysed by endless calls featuring a recorded female voice: "Putin is very good. Putin loves you. Putin makes your life happy. Love Putin and your life will fill with meaning. Putin does everything for you. Remember, Putin does everything just for you. Putin is life. Putin is light. Without Putin, life has no meaning. Putin is your protector. Putin is your saviour." Over and over again.
    GUARDIAN

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  8. .

    .

    "Putin is very good. Putin loves you. Putin makes your life happy. Love Putin and your life will fill with meaning. Putin does everything for you. Remember, Putin does everything just for you. Putin is life. Putin is light. Without Putin, life has no meaning. Putin is your protector. Putin is your saviour."



    Big Brother is alive and well and residing in Moscow.

    Pass the vodka.


    .

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  9. With the US instigating the protests, in Russia, the Obama Team is stepping up the pressure on Iran.

    Mrs Clinton not only revving up the Russian populous with her rhetoric, but spending hundreds of millions USD in the attempt to delegitimatize Mr Putin and the Russian election.

    According to Mr Putin, who'd be the one Russian politico we could assume would know.

    The US taking the lessons learned in Egypt, Tunisia, Libya and Syria and applying them to Russia.

    Three Cheers for Mr Obama, a real neo-con's neo-con!

    How this will effect supplying US and NATO troops in Afghanistan, well, that remains to be seen.

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  10. The US instigated unrest in Russia, proof positive of continued US support of Israel, despite the personality conflicts remaining 'tween Mr Obama and Bibi.

    With the US taking on Iran's allies and thus Israel's enemies, in depth.
    Even though Russia is a major market for Israeli military technology sales, the Russians are supplying the Iranians with nuclear technologies and defensive weapons systems.

    So, Russia is an enemy of Israel, as much as Hamas of Hezbollah, more so as the Russians are hiding behind the curtain, while supplying the Iranians and their proxies the weaponry they use.

    The US/Israeli alliance stronger than ever, despite the purposefully false charges made by Ms Glick.

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  11. "Policy makers also highlighted a conundrum for the U.S. and its debt problems. The bank said there is a “small but significant risk” that repeated failure to take steps to tame the massive U.S. budget deficit could cause investors to lose faith in Washington’s resolve and demand more of a premium to hold U.S. debt. For now, though, if U.S. governments and households tighten their belts too aggressively, the American economy could backslide into a new recession."

    http://www.theglobeandmail.com/report-on-business/economy/bank-of-canada-warns-of-dangerous-euro-zone-ripple-effect/article2264450/

    When Mark Carney et al of the Canadian Central Bank make note you know it is on the radar of some.

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  12. Lester Crown's money, it was well spent, considering Mr Obama was an untested author.

    But what's $3 million USD to Lester, a past member of the Forbes 400 crowd, but peanut money.

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  13. Have we not heard the same from WiO year after year?

    "Israel is very good. Israel loves you. Israel makes your life happy. Love Israel and your life will fill with meaning. Israel does everything for you. Remember, Israel does everything just for you. Israel is life. Israel is light. Without Israel, life has no meaning. Israel is your protector. Israel is your saviour."

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  15. Which is why the symbolic impact of the US breaking out of the debt cycle, by paying the interest on the debt without incurring further debt, would be of greater economic impact than the $1.2 trillion involved if minted and spent, rather than when it is created, borrowed and spent through the Federal Reserve Bank system.

    Impact far larger than the $1.2 trillion in increased money supply would be projected to make, simply on the numbers.

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  16. The Russians balk at the economic sanctions on Iran, supported by US and the EU, and internal political turmoil follows quickly after.

    Pissin' Putin off, plenty.

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  17. Mr Obama getting $3 million from the Crown's to put his name on some books.

    Mr Gingrich getting $1.6 million from Fraudie Mac, to be their on call historian.

    Getting just what we deserve, aye?

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  18. Women and Democrats won't vote for Newt.

    Ash's post another reminder of the fix we're already in, 4 more years of BHO, we'll be well and truly screwed.

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  19. There you go, doug, get a "real" Republican nominated and women and Democrats won't vote for 'em.

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  20. This comment has been removed by the author.

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  21. Re:

    "Putin is very good. Putin loves you. Putin makes your life happy. Love Putin and your life will fill with meaning. Putin does everything for you. Remember, Putin does everything just for you. Putin is life. Putin is light. Without Putin, life has no meaning. Putin is your protector. Putin is your saviour."


    ...sarcasim, irony, Orwellian parody, a poke to Putin's eye...

    :-D)))

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  22. Nominate a RINO, like Romney, and "real" Republicans won't vote for 'em.

    Mitt trotted John Sunnunu out yesterday, the fella that brought Justice Souter to DC, John telling the audience that Mitt is a "real" conservative, too.

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  23. rat wrote:

    "Which is why the symbolic impact of the US breaking out of the debt cycle, by paying the interest on the debt without incurring further debt, would be of greater economic impact than the $1.2 trillion involved if minted and spent, rather than when it is created, borrowed and spent through the Federal Reserve Bank system."

    No, it would make it worse. Why?

    1. It would say to investors around the world that the good faith and credit of the US is nothing but a figment.

    2. The effect is no different vis a vis the Fed printing the money and buying US bonds. In both cases the bonds are taken out of circulation with either the Fed buying them or Treasury not issuing them. At least a bond issued with interest suggests that some fiscal restraint will be exercised as opposed to wholesale blatant printing.

    In any case, Rat, it is not just I who think that after the Euro ordeal is worked out (and possibly before) the US bond markets are also vulnerable.

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  24. Teresita said...

    There's some mildew in a window in the Philippines looks like Mahal na Birhen (Virgin Mary) and now there's scads of folks outside praying the rosary.

    When the mildew grows and looks more like GWB then they'll say "Never mind!"

    Fri Dec 09, 08:43:00 AM EST


    HEH :):)

    b

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  25. Cabelas has every kind of ammo from the very best all the way down to Ruskie ammo with steel casings.

    Don't forget to buy your Christmas ammo now.


    b

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  26. DR said...
    Pissin' Putin off, plenty.

    Fri Dec 09, 10:32:00 AM EST



    In the event we have forgotten, Putin controls the only open road into or out of Afghanistan. Since we have an army trapped there now, Mrs. Clinton might consider a little humility.

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  27. Is Newt electable? I am not sure. If he does no pretend to be anything other than what he is and hammers away at the facts, it is possible.

    He is an angry guy and he should admit it and he should remind people that they should be angry as well.

    He needs to ask if people they are better off than they were four years ago.

    It is a fairly safe bet that there will be a third party candidate. Anything that breaks up the two party system is fine with me. doubtful

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  28. They got ammo from France, and Spain too.

    I call it Euro ammo.

    b

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  29. Better yet get out of Afghanistan and give Putin another thing to focus on.

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  30. A third party isn't going to break up the two party system. The winner will still be one of the two major parties.

    Maybe we need a parliament.

    b

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  31. Ms Clinton complaining about treatment of women on buses in Israel while maintaing epic silence on treatment of women by the Sauds, and all the other Muslim Shitholes.

    Fair and balanced.

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  32. Teresita said...
    Teresita said...
    Have we not heard the same from WiO year after year?

    Fri Dec 09, 10:02:00 AM EST


    It is simply impossible to have one thread that does not deviate into this idiocy. And you wonder why some might question your motives? R U Nuts?

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  33. Doug wrote:

    "Ash's post another reminder of the fix we're already in, 4 more years of BHO, we'll be well and truly screwed."



    I do not think it is accurate to lay the blame on Obama. His request to push for spending cuts AND increased revenue is rational.

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  34. Isn't anyone but me excited about Eddie Murphy as Marion Barry in a film by Spike Lee?

    Quirk??

    We're still a great, great country.

    b

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  35. "His request to push for spending cuts AND increased revenue is rational."

    Expecting REAL spending cuts from BHO involves massive self-deception.

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  36. desert rat said...

    The US instigated unrest in Russia, proof positive of continued US support of Israel, despite the personality conflicts remaining 'tween Mr Obama and Bibi.


    For Christ sake it was Putin his very self that instigated unrest in Russia.

    Even Gorby, who has gained a lot of weight, thinks so.


    b

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  37. Doug's got that one right.


    b

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  38. Deuce said...
    Better yet get out of Afghanistan and give Putin another thing to focus on.

    Fri Dec 09, 11:09:00 AM EST



    Why, Deuce, don't ya know: We will fight our way out. What could go wrong?

    Viscerally, after killing Karzai about year ago when he had his inner-Taliban moment, we should have removed ourselves post haste; leaving a note: "If we ever hear from you again, ala 9/11, follow the blinding light."

    Yes, I know - the children, the children. Berlin and Tokyo posed the same problem, which we managed to overcome as the matter of self-preservation. There must have been something in the water, because the "Greatest Generation" fathered a litter of sophomoric dolts...Give me a break, I've got your children.

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  39. Why would you say that Doug? Congress controls the spending and there is no reason that Obama would veto a bill cutting spending and raising revenue agreed as he has urged.

    Some might argue that what is needed now (Krugman say) is more spending but I am not hearing that out of the White House these days. Their mantra has been spending cuts linked to revenue increases which is how Canada mitigated its debt problems.

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  40. Pakistan knows the fanes will always be there in Afghanistan. They got the time. We got an election coming up. And then another, and another. Either level the whole southwestern part of the country or get out.

    b

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  41. Couldn't the Eurozone simply mint three or four Euro trillion gazillion euro Europlatinums, or something?

    If it's good enough for us.....

    b

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  42. They do not have the political will to do that Bob - Merkel in particular objects to ECB purchases of bonds which is essentially the same thing as minting a coin or two.

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  43. Well, boobie, allen, too.

    Mrs Clinton was the leading voice, in all the whirled, speaking for the United States of America, saying that the vote in Russia was fraudulent.

    Gorbi may or may not have had local impact, but the United States is still in the center ring in our global circus.

    Mr Putin telling the whirled that it is the United States that is fermenting social disorder in Russia. By allowing the opium trade to flourish in southwestern Afghanistan and by US support of his opponents.

    Echoing the claims of Dr Assad in Syria and Mr Abracadabra in Iran.

    Are they all so ill informed as to the cause of their dilemmas?

    Or do they know what is going on in their countries, just as we know that Charlie Chi-com was funneling the Clinton's cash, through Al Gore and those Buddhist monks in California

    I've mentioned the logistic tail crossing Russian borders that is, for now, the only NATO trail into Afghanistan.

    If that reality expedites NATO force reductions in Afghanistan, all the better.

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  44. Minting the coins a much more honest thing to do. Easier for the folk, like boobie, to understand.

    Lost in the intricacies of Federal Banking and their creation of money, out of thin air.

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  45. Thinking there is real value, in those Federal Reserve Notes that they call "money".

    While the Boners created ...

    ... the $1.2 quadrillion derivatives market. It's complex, it's unregulated, and it ought to be of concern ... its notional value is 20 times the size of the world economy....

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  46. The crapper is frustrated again this morning, back to calling names.

    One can always tell when the crapper is frustrated, which is often enough, to be sure.

    Pitiful, pitiful crapper.

    b

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  47. I'm absolutely certain each and every Russian yoot is breathlessly hanging onto Hillary's every word via their computers, and then tweeting, "Hillary says go for it!", and they head out immediately to the Kremlin Square.

    Honest to G-D, crapper.

    b

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  48. I don't call anyone names, except for those that are otherwise just anonymous posters.

    Then only to descriptively identify them, despite their self proclaimed anonymity.

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  49. Mel,

    Someone claiming to be you ("not knowing much about politics") just left a message on my cell.

    If it was you, I am sorry to have missed you. I could not return your call because your call did not register on either my cell or computer.

    At any rate, because of a meeting this afternoo,I cannot be reached until after 4:30pm, today. I look forward to your call!

    After 5:11pm, today, I will be unavailable except in an emergency...Shabbat, don't ya know. Do feel free otherwise.

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  50. You better believe that the United States is acting in Syria, Iran and Russia, boobie.

    You better believe that the foreigners are listening, to US.

    Those fighting for freedom certainly did in Hungary in 1956. They did again, in Czechoslovakia in 1968.

    They were listening to Ronald Reagan all across the Soviet Union when he told Gorbi to ...

    "Take Down This Wall!"

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  51. Now, boobie, you can belittle the United States and its' influence in the whirled, all you want.

    Hope it warms your soul, to do so.

    But it really does display your ignorance and the applicability of your moniker.

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  52. When the United States did not speak loudly during the Iranian throw down, the cries and laments were exhaustive.

    The United States, Mr Obama, did not say enough, in support of the protesters, it was said, over and again.

    Now, when the US leads the way in support of political protesters in foreign lands, well, we're told it matters not.

    Can't win for losin'.

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  54. Some say that when Dean Acheson, then the Secretary of State, did not mention that South Korea was inside the US sphere of influence in Asia, it led Mr Kim to invade South Korea.

    Studying the words of the United States, searching for the slightest nuance.

    Mrs Clinton was quite forthright.
    While speaking for the United States of America.

    The Russians noticed.
    In their government and without.

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  55. The Ruskie yoots give a shit about what Hillary says about like my wife and I give a shit what the Russian foreign minister said before we went Tea Partying.....


    b

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  56. It was me and it WAS you. : )

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  57. No doubt in my mind

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  58. 5:11 P.M.- ah, the divine witching hour, the hour of the beginning of peace and sanity around here.....


    Figured out right to the fricking minute.

    These orthodox are neurotic to say the least. If they get a grip in Israel and the women go to the back of the bus, I give up on Israel, that's the day.


    b

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  59. The Sabbath is idiotic.

    A day of rest.

    What about a day of creativity?

    That makes a whole lot more sense.

    Let's see, if my shingles itch, is it permissible to scratch 'em, on the Sabbath?

    What about my hemroids?

    Can one slander on the Sabbath? Or is that just for the middle of the week? Is slander work?

    b

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  60. What about hip replacement surgery?

    Is that verboten?

    I wasn't going to die of it but it hurt like hell.

    Did doctor sin? O, did doctor sin?

    Blake had it right.

    Old nobodaddy.

    b

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  61. I've sent an e-mail myself. To The Donald Trump, suggesting the unflappable rat take Ron Paul's place in his debate, which seems to be imploding, and we don't want that.


    b

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  62. Hey, LOOK AT THIS

    (wife just brought in the Lewiston Morning Tribune)

    Headline --"State Targets Lolo Wolves"

    Smaller headline - "Idaho Fish and Game Plans To Enlist Government Trappers and Helicopter Gunners"


    !!!!!!!


    Helicopter Gunships!!!

    But in the Lolo, it ain't gonna work.

    Poison!!!!!

    Can one shoot a wolf on the Sabbath?

    If you out out poison during the week, and the wolf takes it on the Sabbath, is that a sin?

    b

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  63. Anonymous said...
    Hey, LOOK AT THIS

    (wife just brought in the Lewiston Morning Tribune)

    Headline --"State Targets Lolo Wolves"

    Smaller headline - "Idaho Fish and Game Plans To Enlist Government Trappers and Helicopter Gunners"


    !!!!!!!


    Helicopter Gunships!!!

    But in the Lolo, it ain't gonna work.

    Poison!!!!!

    Can one shoot a wolf on the Sabbath?

    If you out out poison during the week, and the wolf takes it on the Sabbath, is that a sin?

    b


    Dear Bob,

    You must understand that the "shabbat" is part of the 10 "laws" that JEWS are under.

    You being the quesionable ethical gentile are not under those laws.

    However you are under the 7 laws of noah.

    so if you want to shoot a weapon on the shabbat, you are not restricted by the laws of moses.

    If you want to kill a wolf on shabbat? do it humanely as possible as you are part of the noahide covenant

    being an asshole?

    that's your choice.

    btw, is your definition of shabbat friday night til saturday?

    or did you adopt the stupid "1st" day of the week s the day of rest idea????

    either way, your trolling now sounds more and more like ms t...

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  64. Anonymous said...
    The Sabbath is idiotic.

    A day of rest.

    What about a day of creativity?

    That makes a whole lot more sense.

    Let's see, if my shingles itch, is it permissible to scratch 'em, on the Sabbath?

    What about my hemroids?

    Can one slander on the Sabbath? Or is that just for the middle of the week? Is slander work?



    Bob take your meds and go find a rock to crawl under.

    Becareful it may be crowded already with brothers and sisters of Rat and Ms t.

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  65. These orthodox are neurotic to say the least. If they get a grip in Israel and the women go to the back of the bus, I give up on Israel, that's the day.


    b



    women in select areas get their own buses....

    not the same...

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  66. Boy, the Euros (especially, the Germans) are Really Pissed at Cameron, and the U.K.


    Seems like every time the Germans try to conquer Europe the Brits get in the way. :)

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  67. We need an "Atlantic/Caribbean Free Trade Zone."

    The U.S., Canada, Mexico, The U.K., and Ireland would be a Good Start. :)

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  68. WeeO said...

    "women in select areas get their own buses....

    not the same...
    "

    ---

    Burying and stoning not exactly comparable to bus etiquette, either.

    Somehow, many libs, and most Fems refuse to acknowledge this monsterous evil.

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  69. We could do away with pound and dollar with an all-powerful
    "Dound"

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  70. "It is the classic application of “any port in a storm."

    ---

    Kinda like anybody but Mitt.

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  72. .

    While shopping today, I was listening to talk radio and heard one excellent reason to vote for Obama.

    Seems someone in the GOP thought it would be a good idea to attach a rider to the miltary spending bill.

    The rider would authorize the government to switch anyone, whether American citizen or no, that they suspect of having aided al Queda in any way over to the military tribunal process.

    Obama has threatened to veto the spending bill unless the rider is pulled.

    .

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  73. BERNANKE’S OBFUSCATION CONTINUES:
    The Fed’s $29 Trillion Bail-out of Wall Street

    Author: L. Randall Wray






    reported in a series of Working Papers at the Levy Economics Institute (www.levy.org). The first one will be posted soon, and is titled $29,000,000,000,000: A Detailed Look at the Fed’s Bail-out by Funding Facility and Recipient. Watch for it!

    Here’s the shocker. The Fed’s bail-out was not $1.2 trillion, $7.77 trillion, $16 trillion, or even $24 trillion.

    It was $29 trillion.

    That is, of course, the cumulative total. But even the peak outstanding numbers are bigger than previously reported. I do not want to take any of their fire away—interested readers must read the full account. However, I will use their study as the source for a brief summary of total Fed commitments.

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  74. So, rather than the Secretary of the Treasury minting a few coin, some prefer to hide the process.

    Ignorance is not really bliss, with regards finance.



    Real World Economics / Where does the Fed get money to lend? It creates it all
    By Edward Lotterman



    After my column about the Fed loans ran Thursday, readers emailed asking where exactly the Fed got the $700+ billion that it had actually lent out at the height of the financial crisis.

    The answer is that it got the money in exactly the same way it will get the dollars that it will "swap" with other central banks to reduce growing liquidity problems in Europe. It created the money out of thin air. It did not have to borrow it somewhere, it did not come from the U.S. Treasury and it did not involve taxpayers. It was just new money created with a few strokes on a keyboard.

    This is precisely why we have central banks, to increase or decrease the money supply as needed and to act as a lender of last resort in times of crisis. It is what the framers had in mind in 1913 when they wrote the Federal Reserve Act's preamble stating the new institution was "to provide for an elastic currency."

    Commercial banks are required to keep "reserves," legally stipulated fractions of their deposits, at the Fed. When the Fed makes a loan to a bank, it merely increases the recorded total in that bank's reserve account. The bank can then draw down that new amount by presenting checks for payment. It also could ask for a delivery of physical paper currency, although that is rare in such circumstances.

    I won't take the time here for a more detailed explanation of how central banks create and destroy money - that is available from any introductory college macroeconomics text.

    Some details are important, however. While the Fed can create new bank reserves, and hence new money, by making direct loans to commercial banks or to other central banks, this does not have to mean an identical net increase in the overall money supply. As it makes such loans, it can simultaneously act to decrease the money supply in other ways.

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  75. Central banks can provide liquidity in times of crisis, when normal flows of cash seize up. But they cannot fix insolvency, when borrowers' debts exceed their assets or when their incomes are insufficient to ever pay the debts. And it is insolvency that is the fundamental problem in Europe.

    Ironically, some of the immediate scramble for dollars is to pay off U.S.-based money market funds that, as recently as two months ago, were providing a third of European banks' short-term financing and are now running for the door. My retirement fund probably is involved, and yours, too.

    St. Paul economist and writer Edward Lotterman can be reached at elotterman@ pioneerpress.com

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  76. Well, that is not quite true - they can fix an insolvency. They did it with the Banks in the US by buying those wonderful mortgage securities from the banks. Presto, problem solved.

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  77. Betcha an Amero to a doughnut, ash, that those banks that were bailed out were all members of the Federal Reserve System.

    They are the Federal Reserve Bank.

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  78. Actually did not the government hastily make them official banks (Goldman for example) in order for them to belly up the the Fed window? Investment banks were not allowed.

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  80. Exactly, I think they expanded definitions so those that were not members, became so.

    Upwards of $29 trillion if that one fella and his team are accurate in their assessment.

    Floated on thin air.

    Which may well have been needed.

    And it's a reality check on the "economics" of minting those coins, it'd have little "real" effect.

    But it would be such a symbolic stroke that the government was breaking the debt cycle.

    The Federal Reserve could also announce that it was going to reduce the M1 by that $1.2 trillion, maintaining that "proper" amount of "elasticity".

    Taking the stimulus portion of the proposal off the table. Just breaking the debt cycle, paying the interest without debt, stimulus or fear of inflation.

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  81. After a moments thought, allen, the Iranian challenge has been elevated in its' priority, in US foreign policy.

    Higher than Afghanistan, which I thing Mr Obama would like to wind down, sooner rather than later.

    The Generals are going to have to come to a hastened withdrawal schedule, because of the actions of the Russian, Pakistani & Iranian Axis.

    I think we are witness to some DC power plays, prior to hastening the withdrawal from Afghanistan, with the State Dept motivating political dissension in Russia, a purpose.

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  82. With Obama seeking reelection in November and Putin widely expected to reclaim Russia's presidency in March, the political season is likely to be marked by a hardened tone between former the Cold War foes, analysts say.

    A stronger U.S. line could help Obama counter Republican charges that his Russia policy amounts to appeasement and also give him a boost with fellow Democrats who want a more assertive approach on human rights.

    Putin, a former KGB spymaster, may hope his tough talk will divert attention from his emerging domestic political problems and also appeal to voters' nationalist instincts.

    "We're at an inflection point after a period of reconciliation, and it could go badly from here," said Matthew Rojansky, a Washington-based Russia expert at the Carnegie Endowment for International Peace.

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  83. Here I thought that Spring was coming early, to Russia

    Voice of America ...


    Is the Arab Spring moving North to become the Russian Winter?

    With democracy demonstrations to take place across Russia on Saturday, the world’s largest nation may be at a crossroads.

    From his prison cell near the Arctic Circle, Mikhail Khodorkovsky, the jailed Russian tycoon, captured the core of Russia’s political impasse when he predicted a few weeks ago that the key question would not be who will win Russia’s elections, but how much will the fraud undermine the legitimacy of Vladimir Putin’s government?

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  84. You boys notice the plastic propaganda US flag that is draped around the "drone" that Iran "captured" and displayed in a high school gym?

    That is to hide the fact that they don't have the mechanical chops to whip up fake landing gear to match the real thing.

    So what we have here is another Baby Milk Factory.

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  85. A Chinese guy goes to a Jewish guy to buy black bras,

    size 38.


    The Jewish guy, known for his skills as a businessman, says that black bras are rare and that he is finding it very difficult to buy them from his suppliers. Therefore he has to charge $50.00 for them.



    The Chinese guy buys 25 bras.

    He returns a few days later and this time orders fifty.



    The Jewish guy tells him that they have become even harder to get and charges him $60.00 each.

    The Chinese guy returns a month later and buys the Jewish guy's remaining stock of 50, and this time for $75.00 each.

    The Jew is somewhat puzzled by the large
    demand for black size 38 bras and asks the Chinese guy, "...please tell me - What do you do with all these black bras?"

    The Chinese guy answers: "I cut them in
    half and sell them as skull caps to you Jewish guys for $200.00 each."

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  86. Whatever is in the gym may be milk formula, but our guys confirmed we lost a drone, no?

    b

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  87. Ron Paul - Life

    He's right when he says it should be left up to the states.


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  88. I admit the image of allen with a bra on his head gives me a chuckle.

    He certainly wouldn't look head and shoulders above us all.


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  89. Our Jewish Mengele, with his white gloves, and black bra on his head, motioning us gentiles down to the appropriate level of hell....

    heh


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  90. .

    In a WaPo column today, George Will listed the numbers Ron Paul would have to have to sink the GOP nominee and give the 2012 election to Obama, assuming that Paul runs as a third party candidate.

    Pual himself has a 'long haul' strategy for his campaign and it is unlikely he will go third party anytime soon. First, he hopes to get the GOP nomination. Second, he wants to delay switching from GOP to Independast for as long as possible since this will likely alienate some of his current support.

    From Politico:

    http://www.politico.com/news/stories/1211/70158.html


    Even guys like John Steward are parodying the mainstream opposition to Paul.

    http://www.realclearpolitics.com/video/2011/12/09/daily_show_on_which_gop_candidate_loves_jews_more.html

    .

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  91. I really don't care much about organized religion but I do respect those who do. So while I think my phone call is just as important I will wait until the time is right to return it.

    Also, I went to visit my girl friend tonight and came home spelling like man's cologne. Go figure.

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  92. Well, organized religion is where the big bucks are at, the big shekels.

    You experience any missing time, tonight?

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  93. Don't call on the Sabbath, phones are down.



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