tag:blogger.com,1999:blog-21297199.post1939355032837328508..comments2024-03-29T06:35:11.321-04:00Comments on The Elephant Bar: €€€€Uee... the Euro Shock and Awe of $957 "B" for Billion Rescue Package!Deuce ☂http://www.blogger.com/profile/13472858446242700869noreply@blogger.comBlogger50125tag:blogger.com,1999:blog-21297199.post-12057574082429384992011-01-11T14:24:07.571-05:002011-01-11T14:24:07.571-05:00The more sand that has escaped from the hourglass ...The more sand that has escaped from the hourglass of our life, the clearer we should see help of it. <br />http://norada.com/forums/member/43238/Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-21297199.post-15986720738703156662010-05-11T02:14:54.078-04:002010-05-11T02:14:54.078-04:00Italian Prime Minister Silvio Berlusconi's div...<i>Italian Prime Minister Silvio Berlusconi's divorce would separate him from more than his wife. Berlusconi is all set to lose his $105 million Villa Belvedere in Macherio near Milan to soon-to-be ex-wife Veronica Lario, reported the Independent.</i><br /><br /><a href="http://www.hindustantimes.com/Berlusconi-to-lose-105mn-villa-in-divorce/Article1-541992.aspx" rel="nofollow">Losing Villa</a>samhttps://www.blogger.com/profile/11856051164644278989noreply@blogger.comtag:blogger.com,1999:blog-21297199.post-26540785287367693512010-05-11T01:04:39.106-04:002010-05-11T01:04:39.106-04:00Spain's budget deficit equaled 11.2 percent of...<i>Spain's budget deficit equaled 11.2 percent of gross domestic product last year, and the government months ago announced an austerity plan to reduce it to 3 percent in 2013.</i><br /><br /><a href="http://www.forbes.com/feeds/ap/2010/05/10/business-eu-spain-financial-crisis_7590049.html" rel="nofollow">Spending Cuts</a>samhttps://www.blogger.com/profile/11856051164644278989noreply@blogger.comtag:blogger.com,1999:blog-21297199.post-28904899528232103652010-05-10T21:32:32.126-04:002010-05-10T21:32:32.126-04:00This creates a gigantic moral hazard. Now Spain, P...This creates a gigantic moral hazard. Now Spain, Portugal and Ireland will flee to the new mechanism, but the austerity-enforcement mechanisms have about as much teeth as a UN mandate against the United States. Only next time the debt will be spread around all the Eurozone countries just as their demographics implode, and there will be no larger entity to save it from default.Teresitahttps://www.blogger.com/profile/05528002521904908827noreply@blogger.comtag:blogger.com,1999:blog-21297199.post-28674073685547293342010-05-10T18:01:40.517-04:002010-05-10T18:01:40.517-04:00South Korea confirms: explosive chemical found in ...<a href="http://www.nydailynews.com/news/world/2010/05/10/2010-05-10_south_korea_confirms_explosive_chemical_found_in_wreckage_of_sunken_naval_ship.html" rel="nofollow">South Korea confirms: explosive chemical found in wreckage of sunken naval ship</a><br /><br />So, the Koreans are finding it harder and harder to deny that the North sank their ship purposefully. What is to be done? Keep building ships and allow the North to sink them? That does not sound like a good plan at all.<br /><br />Let the South decide to just not go there. Forget about it and move on. Have a cold frosty Busch...That's the ticket.<br /><br /><br />Meanwhile, in western Asia, Israel appears to be rattling again.<br /><br /><a href="http://in.reuters.com/article/worldNews/idINIndia-48365520100510" rel="nofollow">Israel primed for war on Iran - Netanyahu deputy</a><br /><br />"But its [Israel] veiled threats against foe Iran have been questioned by some independent analysts who see the potential targets as too distant, dispersed, numerous and well-defended for Israeli warplanes to take on alone."<br /><br />The experts have omitted the usual mantra about having ready thousands of body bags. That is a welcome relief.allenhttps://www.blogger.com/profile/01798524644256471907noreply@blogger.comtag:blogger.com,1999:blog-21297199.post-70314554459555376132010-05-10T16:25:04.296-04:002010-05-10T16:25:04.296-04:00In a different dimension, I would feel sorry for t...In a different dimension, I would feel sorry for the Germans; after all, how could they know that Greece, Italy, Portugal, Spain and the UK were lying through their badly maintained teeth (bad oral hygiene or poor dentistry seems to go with socialized medicine).<br /><br />The problem with the OY-ROW zone (Euro zone) is the lack of a Federal center. It is not possible, in my opinion, to have a common currency without tough, objective, common oversight. Thus, Germany was caught off guard, with few (any) options if the Eurozone were to remain "intact".<br /><br />In reality, Germany is the heart, soul and spine of the Eurozone, although no one wants to admit it.<br /><br />Chancellor Merkel did what she had to do, if for no other reason than to buy some time and ascertain how badly the other bad guys in the club have been behaving off the books.allenhttps://www.blogger.com/profile/01798524644256471907noreply@blogger.comtag:blogger.com,1999:blog-21297199.post-34832692167856740832010-05-10T16:20:14.971-04:002010-05-10T16:20:14.971-04:00This comment has been removed by the author.allenhttps://www.blogger.com/profile/01798524644256471907noreply@blogger.comtag:blogger.com,1999:blog-21297199.post-77958145780013276722010-05-10T15:03:05.579-04:002010-05-10T15:03:05.579-04:00I agree Allen, that returning to the Gold Standard...I agree Allen, that returning to the Gold Standard is unlikely to solve any of the fiscal problems we now face.<br /><br />The international agreement (of the elites) to print money to buy up the smelly bonds seems to have done a lot to buoy the markets today but trouble still lurks ahead as the 'people' seem...ummm, discontent:<br /><br />" German voters bitterly opposed a proposed German 22.4 € billion rescue package to bail out profligate Greece. Chancellor Angela Merkel faced a crucial May 9 election in populous North Rhine-Westphalia state just as opposition Social Democrats voted to oppose aiding Greece.<br /><br />Merkel's Conservative coalition suffered a pounding in the north German election. The defeat cost her party control of the upper house of the German parliament, meaning her future legislation may well be blocked. The loss may also mark the beginning of the end of the rule of the right-wing German chancellor, known to one and all as, "the Iron Lady.""<br /><br />http://www.huffingtonpost.com/eric-margolis/the-new-battle-of-britain_b_570458.htmlAshhttps://www.blogger.com/profile/16688752302081088907noreply@blogger.comtag:blogger.com,1999:blog-21297199.post-15027954069813376932010-05-10T13:20:58.680-04:002010-05-10T13:20:58.680-04:00Processed elemental gold cannot be debased without...Processed elemental gold cannot be debased without design. It should be understood, though, that in its mineral form this noble metal is found as compounds from which nearly pure elemental gold is extracted. <br /><br />Since I was addressing money, which is a convenient construct, rather than the chemistry of gold, elemental gold can be readily and easily debased by making it an alloy. Many institutions over the centuries have done this. When that ploy was found out, the size of the coinage was reduced, yielding money of some specified value, while the actual gold content was less than specified. <br /><br />Whether true, I cannot say, but some authorities give credit Sir Isaac Newton, one time superintendent of the mint, for having developed reeding to prevent private sector thieves from shaving gold coins.<br /><br />A major problem with using metals as the reserve for paper is that economic/manufacturing efficiency cannot be accurately determined by the accident of availability of the metal within a country's territorial boundaries rather than the efficient use of capital, labor and land. <br /><br />During its hay-day, Spain was extravagantly rich monetarily. It was not, however, wealthy, failing to invest in a capital secured economy. Consequently, Spain became one of the poor countries of Europe.<br /><br />Given the riches pouring into petroleum exporting countries, one would expect to see wealth. One does not. Saudi Arabia and Iran produce what? Eventually, petroleum exporters will find themselves with the problems of the Spanish empire.<br /><br />Looking at Greece , this country lied far and wide about its financial stability. It would have done the same thing under a gold standard.<br /><br />What has made the Capitalist system function, with stops and starts to be sure, is the sanctity of contract law, not the value of some arbitraily determined base. An Englishman doing business with a German, for instance, can do so trusting that the German courts will uphold his rights under the terms of the agreement. When people flippantly talk about just walking away from our obligations, they are talking about destroying a system that has had the most profound, positive effect on the standards of living of billions of earth’s inhabitants.allenhttps://www.blogger.com/profile/01798524644256471907noreply@blogger.comtag:blogger.com,1999:blog-21297199.post-57128706437654304622010-05-10T11:42:09.486-04:002010-05-10T11:42:09.486-04:00You can't debase gold. You can debase coinage ...You can't debase gold. You can debase coinage and lie about certificates of deposit and print paper.<br /><br />The problem lies within the Federal Reserve and is exasperated by allowing foreign countries to hold US debt.<br /><br />China runs a trade surplus and instead of using the money to buy US goods, puts it on deposit with the Fed/Treasury and receives an interest bearing note and cash is created.<br /><br />There is no discipline. With such a system China never has to buy any US goods, especially if the US Government<br /> is always borrowing the money.<br /><br />Gold freely convertible, by anyone anywhere would set the value and currencies would be priced accordingly.Deuce ☂https://www.blogger.com/profile/13472858446242700869noreply@blogger.comtag:blogger.com,1999:blog-21297199.post-68233000065808420772010-05-10T11:23:21.097-04:002010-05-10T11:23:21.097-04:00Re: gold standard
Deuce,
Why gold?
Even if the...Re: gold standard<br /><br />Deuce,<br /><br />Why gold? <br /><br />Even if the major economies adopted some sort of standard, even a commodity, there is no guarantee that all participants would behave. <br /><br />There is a long history of defaults and currency debasement when the world was on a gold and/or silver standard. Entire histories have been written on the Roman dilution of their currency. <br /><br />In the absence of moral courage and character of the players, the gold standard would have no more value than any contract, i.e. it has no more value than the integrity of the participants. I think quality of that character during this systemic crisis is obvious.<br /><br />The only sure way to preserve the value of our money is through our election process. Therefore, there is little hope of change until our fortunes are more drastically impacted.allenhttps://www.blogger.com/profile/01798524644256471907noreply@blogger.comtag:blogger.com,1999:blog-21297199.post-60147544446706533582010-05-10T08:58:42.255-04:002010-05-10T08:58:42.255-04:00If there was Ever, in the history of the world, On...If there was Ever, in the history of the world, One Danger Signal, one tip-off to head for the door, quickly, and without reservation, it's when a Country says "We're going to do everything Necessary TO SUPPORT OUR CURRENCY.<br /><br />You CANNOT, CANNOT, CANNOT "Support" a busted currency, or a busted country. You can merely delay a trip to the poorhouse. You can't avoid it.<br /><br />We are, quite likely, witnessing the "beginning of the end" of the Euro.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-21297199.post-42740238910304245912010-05-10T08:42:43.658-04:002010-05-10T08:42:43.658-04:00So, right from "jump street" we borrow $...So, right from "jump street" we borrow $50 Billion from China, and give it to Greece, and Spain. <br /><br />How ya like them apples?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-21297199.post-44397029597480143552010-05-10T08:41:35.577-04:002010-05-10T08:41:35.577-04:00Rick Santelli is the only one telling the obvious ...Rick Santelli is the only one telling the obvious truth. We're on the hook for $50 Billion, and counting.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-21297199.post-63947352944429992142010-05-10T08:29:41.100-04:002010-05-10T08:29:41.100-04:00As I said last night, there is a way this could wo...As I said last night, there is a way this could work. If they, actually, ENFORCE the IMF terms against Greece, and then apply the same regime to Spain, Portugal, and whoever pops up next it will be a successful play.<br /><br />However, let's be honest; the chances of that are just about nil.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-21297199.post-39001850245058594932010-05-10T08:25:58.122-04:002010-05-10T08:25:58.122-04:00It can't be done, Deuce. What we need to retu...It can't be done, Deuce. What we need to return to is common sense.<br /><br />A little gold in the "personal" portfolio makes a lot of sense, though.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-21297199.post-89304927928014257272010-05-10T08:17:41.727-04:002010-05-10T08:17:41.727-04:00There is no more doubt that we have to return to G...There is no more doubt that we have to return to Gold. There may be argument, but to gold we must return.Deuce ☂https://www.blogger.com/profile/13472858446242700869noreply@blogger.comtag:blogger.com,1999:blog-21297199.post-6083791494631697292010-05-10T08:15:58.559-04:002010-05-10T08:15:58.559-04:00Talk about your "Moral Hazard."Talk about your "Moral Hazard."Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-21297199.post-18553424188192719782010-05-10T08:00:15.878-04:002010-05-10T08:00:15.878-04:00I can't get the picture out of my head of Nevi...I can't get the picture out of my head of Neville Chamberlain getting off that plane waving that piece of paper, <br /><br />"Peace in our Time."<br /><br />What was "our time?" Six months?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-21297199.post-4003822377081801812010-05-10T07:54:08.426-04:002010-05-10T07:54:08.426-04:00By Michael D. Shear
Washington Post
It's Kag...<i>By Michael D. Shear<br />Washington Post <br /><br /><b>It's Kagan!</b><br /><br />Why is President Obama choosing his solicitor general, Elena Kagan, as his second nominee to the U.S Supreme Court? By all accounts, Obama wants someone who can serve as a counterweight to the intellectual heft of Chief Justice John Roberts. Regardless of how strong a liberal Kagan would prove to be, as a former dean of Harvard Law School, Kagan practically defines legal gravitas. </i>desert rathttps://www.blogger.com/profile/02369546288659566961noreply@blogger.comtag:blogger.com,1999:blog-21297199.post-31129788077385707022010-05-10T07:42:53.752-04:002010-05-10T07:42:53.752-04:00New York Times
LONDON - The Bank of England deci...<i>New York Times <br /><br />LONDON - The Bank of England decided Monday to hold steady on monetary policy after last week's general election failed to give any party a governing majority and amid the recent turmoil in European debt markets ... </i>desert rathttps://www.blogger.com/profile/02369546288659566961noreply@blogger.comtag:blogger.com,1999:blog-21297199.post-9323921424853472722010-05-10T07:42:18.144-04:002010-05-10T07:42:18.144-04:00ROBERT, La., May 10 (Reuters) - BP Plc (BP.L) said...<i>ROBERT, La., May 10 (Reuters) - BP Plc (BP.L) said on Monday it had incurred $350 million in costs so far from the huge oil spill in the Gulf of Mexico as fears mounted of a prolonged and growing environmental and economic disaster. </i>desert rathttps://www.blogger.com/profile/02369546288659566961noreply@blogger.comtag:blogger.com,1999:blog-21297199.post-74980010644793742652010-05-10T07:27:43.589-04:002010-05-10T07:27:43.589-04:00When the IMF moves into other "Third Whirled&...When the IMF moves into other "Third Whirled" economies, to 'save" them from defaulting on their debts, it is often done with rather severe conditions.<br /><br />Demands for budgetary austerity from those that refinanced the sovereign debts owed to New York and City of London bankers.<br /><br />The results of mixing capitalist banking with Socialist governance.<br /><br />At home and abroad.<br /><br />We are reaping the results of decades of combined effort by the "Boners" of the whirled.<br /><br />From the open border policies, to fighting "Long Wars" against border bandits, in places of slight importance, except to the heroin trade.<br /><br />While the possibilities for terror attacks, coordinated and propagandized for maximum psych war impact on the US population, easy pickin's, if there was a "real" enemy.<br /><br />If there is a sleeping threat, it is the millions of USD that the oil rich Islamoids could pay to mercenary US gangs, like MS-13 or to cross border operators like Los Zetas.<br /><br />There is already a large population, here in the US, for those fellows to swim in.desert rathttps://www.blogger.com/profile/02369546288659566961noreply@blogger.comtag:blogger.com,1999:blog-21297199.post-57099647568562726512010-05-10T05:31:31.697-04:002010-05-10T05:31:31.697-04:00because when this blow up, which it will, there is...because when this blow up, which it will, there is no where else to go.Deuce ☂https://www.blogger.com/profile/13472858446242700869noreply@blogger.comtag:blogger.com,1999:blog-21297199.post-89238169814330789192010-05-10T05:30:55.717-04:002010-05-10T05:30:55.717-04:00Gold standard, here we come.Gold standard, here we come.Deuce ☂https://www.blogger.com/profile/13472858446242700869noreply@blogger.com