European debt crisis (5)

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  • Windcutter

    It has been a wonderful success. The current issues are solely due to an inefficient Euro-Administration.

    So all we need are even more Euro-politicians and associated Euro-Administrators to govern the Euro-Project and bring it to its ultimate fruition, a totally integrated Euro-State with its own Euro-Rating-Agency.

    And withing a couple of years, say by 2014, the Greeks, the Spanish, the Italians, Portuguese and Irish will all be beavering away like good Germans producing high quality goods for export, paying their taxes, and importantly paying off the debts, both those written on the bits of paper and those unwritten debts, namely the future liabilities that have been promised in terms of pensions, health care, welfare, and Euro-Administration salaries.

    Jeeze, can’t they just call it a day and reduce the whole thing to its component countries again? Surely this is a case where the whole is worth a good deal less than the sum of the components?

    • http://overthepeak.com/wordpress/ Mystic

      I think what we have here, is people with an idea up against……………no one really.

  • James

    ‘they’ will blow them to the sky, gold will go to the stratosphere
    free spirit will march on, whether they want it or not…(there is no choice)

    • Stevo

      And the Russians will plough their way through the Fulda Gap, the Americans will retaliate with tactical nuclear warheads, then the Russians will drop their bombs, then the Americans will launch their nuclear arsenal and we will be in a nuclear winter.  Oh gosh…didn’t happen. Something else came along to steal the show.

      • James

        and that will be today’s ‘wars’, financial style..grande !

        • Stevo

          Yeah but that’s Asia-America.  Europe sits back and observes.

          • James

            the markets are the people. (i.e.) Gold is the ‘people’. markets are the anti-government side. the mostly free(still) market always wins. always have. It’s the capital that votes. they have to control the capital = death.

  • Motamouse
    • Stevo

      I was told today that in UK schools the story of Humpty Dumpty has been altered so that Humpty gets mended again after he falls.  Apparently it is protect the minds of sensitive children. 

  • Anonymous

    Good evening Nick.

    Another weekend post..!!?? :)

    One rating agency?….. Sounds like they will rate individual sovereigns in line with what the Euro Politicians
    say they should be rated at…

    AAA ratings all the way then…!!

    Why even bother with the agency? I ask myself….. Ah yes, to fool the people into believing the sovereign
    debt market is still, a free market maybe…??

    • Stevo

      It’s a legacy of a system they are disposing of, a bit like a constitutional monarchy, all decoration and no teeth.

  • Stevo

    Debt issues have been distracting people’s attention away from the real issues of the future such as the heat dome now sitting over America. 

    • Lyle

      I’ll ‘aymen’ that!  It was 100 degrees in WV today and yesterday. Humidity is off the charts too. One hot ass steam bath out there!

      First in the midwest and rolling across the entire east coast now.  The AC’s are a humpin !

      • CSArichardo

        Record summer temperatures here …. 36 C  plus humity in the 40C+

        • Stevo

          I recall 36 C where I live during the summer of 2004, and I’mm living at roughly the same latitude as Churchill in Canada on the Hudson Bay where polar bears wonder the streets.

      • Stevo

        Cool…sounds like my corn and wheat futures should be getting a hike.

        • Lyle

          Most likely… unless Monsanto can make it rain. Surely New Mexico and Texas are dust bowls… don’t know about the midwest “bread basket”.

    • Lyle

      The entire eastern part of the US has experienced lots of rain and sun. Damn near tropical. Should make for lots of peanuts and yams. :)
      WV and Kentucky Coal is booming – keeping all those AC’s a hummin and other countries energized. Coal companies are hiring. Great pay and benefits!
      It’s a little dark and dusty down there though. And ya never really get to stand up.  :)

  • Lyle

    Eurozone debt crisis-News Analysis-07-21-2011

    http://www.youtube.com/user/PressTVGlobalNews#p/u/2/Q6uFbj7iAhk

    Seems layers of shit miles high deep and something is gonna fall – and there’s one giant fan at the bottom. 

  • Bigcollapso

    After watching this stuff and lobbying as many politicians (actually staff) for 7 years and am shocked by their stupidity. The only answers that I have come from our honey bees in the back yard. They seem to have a simple operation that nearly the same as humans.
    1. Breed and Gather balls out until there are too many.
    2. If something seems to be in the way, suicide attack (sting) it.
    3. If there are too many, swarm to somewhere else.
    This strategy often results in massive death, but also max population with no real intelligence.
    I am realizing that the real problem for myself is that mistaken notion that humans were smarter.

    • http://overthepeak.com/wordpress/ Mystic

      I am at a loss to know why humans occasionally manifest behavior that is considered smart, as it seems so out of character.

  • Windcutter

    Maybe the issue is we simply don’t have enough indices? At least that’s what the UK government has decided. So now we’re going to have the UK Happiness Index. Naturally this will mean more work for the ONS and so it will have to have a bigger budget to tell us how happy we all are. As this inevitably means more taxes it is hardly a step in the Austerity Program.

    Isn’t that fantastic?

    http://www.telegraph.co.uk/news/uknews/8655861/Whitehall-told-to-make-Britain-happy.html

    “Mr Cameron announced that a new well-being measure would be developed as an alternative to the traditional economic assessments of national progress”

    I find this to be another insidious facet of governmental “mission creep”.

    Not only does the government believe it can spend over 50% of GDP better than we can spend it, and tell us where we can live, how we can live, what time we can fart, monitoring our every financial transaction and bowel movement, now it is making itself responsible for our happiness and well-being.

    As well-being is a particularly amorphous, subjective and transient feeling, there will have to be a correspondingly large and amorphous government department and a few Quango’s to ensure that this task is effectively administered. With a new set of benefits dispersed to those who are “well-being”-challenged and live beneath the “well-being”-threshold. Maybe those on the upper end of the Well-Being”-Scale will have to suffer a “Well-Being”-Tax in order to spread the National Well-Being more evenly across the population.

    “The economist Lord Layard, who has helped design the well-being index survey, warned that successive governments had become too focused on economic competition with rivals such as India and China”

    Obviously a man with far too much time and tax payers’ money on and in his hands.

    “(Cameron) argued that ministers had a legitimate role in helping people to “feel better” and build “a better life”

    If they took this role seriously they would all take substantial cuts in their salaries and benefits, reducing taxes and rules accordingly. But NO! They will all be asking for more money to take on this expanded role.

    That’s the way it works.

    So here we are, sit back and enjoy….

    http://www.youtube.com/watch?v=d-diB65scQU

    • Anonymous

      And…. George Osbourne has decided to tell Eurozone to “get a grip” on the Euro crisis.

      He feels it is a danger to the UK recovery, although he has no plans to U-turn on
      his austerity measures….

      http://www.ft.com/cms/s/0/e357fe94-b2ec-11e0-86b8-00144feabdc0.html#axzz1Sv2beR3S

      Could we have a ready-made excuse for poor growth, from the Lib-Cons…???

      As though somehow he is surprised by events abroad affecting our economic position…!!

      • Windcutter

        George and Merv are very interested in a strong(er) Euro, well against the Squib anyway. That way they reckon on having an “Export Led Recovery” by exporting all those goods and commodities that the UK produces…. if only.

        Second best seems to have foreign cash coming in and supporting that God of the UK, the Great British House Price. Seems indeed to be working in London anyway. But rising house prices are, in themselves, hardly a solution to the great malaise that the UK has squandered and frittered its way into.

        The race to the bottom continues,

        Next year the UK is putting on that megafarce, the Olympic Games; where the only event worth watching is the women’s beach volleyball contest. I hope that it hasn’t been dropped and hope even more that they will reapply to old Game’s Rules, no clothing allowed….

        All that other bollox like trotting horses, synchronised swimming, foopball etc should be dropped. Team events are ridiculous. It should be all about individual human strength, speed and women’s beach volleyball. I guess I could make an exception to those cute little Russian and Chinese girls prancing gaily on a mat, hmmm, well yes, ’nuff said.

        Now how did I get onto that? Aaah! George and Merv are also interested in making the UK as cheap as possible for the OG tourists to come across, maybe they can drop the value of the Squib even further and encourage the Asians to invest in UK manufacturing? But there again, even if UK wages dropped to Asian levels of seven quid/day, there would still be no incentive, due to the rules, taxes and UK attitude to actually working and producing.

        Blimey, that was a bit much for a Saturday after the first beer. Maybe I should detach the keyboard before starting on the second???

        Have a great weekend and don’t forget to buy Gold and Silver….

        Armageddon is on the way.
        You have been warned.

        But please can it hold off until the Brazilian team have made it to the final…..  

        • Anonymous

          I want some of what your drinkin’…!!!!

          :)

          Have a good W-end too Windy….

        • Lyle

          “Well, my telephone rang it would not stop
          It was president Kenndy callin’ me up.
          He said, ‘My freind, Bob, what do we need to make to make the country grow?’I said, ‘My friend, John,
          Bridget Bardot…Anita Ekberg…
          Sophia Loren…   country’ll grow.”
              – Bob Dylan – I Shall Be Free… around 1963
          ————–
          24/7 women’s volley ball might work too!  It’s got my vote!
          A lot of divorced guys will be seeking new housing too!  Help solve another economic problem  :)

        • Lyle

          I sometimes wonder if we’re not in some kind harmonic repeat of the 20th century.
          Also… since the Baby Boomer’s were a result of world war… maybe they’ll die out the same – going into world war.
          Kind of a reverse time – energy transfer – thing.

  • Anonymous

    Dear Mr. Mystic:
     
    If I didn’t know better, I might be inclined to postulate that the politicos are engaged in some bizarre attempt to reassemble the Holy Roman Empire (minus the “Holy” bit).  But of course, that is nonsensical.
     
    There seems to be a curious, natural desire in a certain percentage of mankind, to integrate and control the remaining lot of mankind (“I know best, be like me”). 
     
    There are just so many ways to skin a cat.  Some ways are less obvious and offense than others (Rule #1 – don’t spook the target).
     
    But the desired result of the skinner is always the same; namely, a “skint cat”. 
     
    Sadly, most cats never see it coming (one wonders what happened to the whole “curiosity” thing). 
     
    “Here kitty, kitty”……..

    • http://overthepeak.com/wordpress/ Mystic

      The Holy Roman Empire thing is not total nonsense (well, it is, but……)

      I think it may be as basic as them thinking they are `Really~!?` doing something.
      As long as the `Know~!?` they are doing this `Big Thing~!?`……..nothing else matters (not even that it is total nonsense). 

  • Windcutter

    Well, you OTP’ers

    Check this out.

    http://www.businessinsider.com/billionaire-howard-marks-us-standards-of-living-are-likely-to-decline-relative-to-the-rest-of-the-world-2011-7#ixzz1SvwM4NeN

    Well worth a read,

    But what a prognosis. The can will be kicked down the road.

    So, the question is, how long is this road?

    And what happens when the end is finally reached????????

  • Windcutter

    Slight headache this morning. Wonder what brought that on? Beach Volleyball or something.

    Here’s an encouraging post at ZH

    http://www.zerohedge.com/article/layoffs-layoffs-everywhere-you-look-there-are-layoffs

    “The competition for jobs in the United States is absolutely brutal right now, and it is about to get worse. A new wave of layoffs is sweeping across America.  During tough economic times, Wall Street favors companies that are able to cut costs, and the fastest way to “cut costs” is to eliminate employees”

    And while you are despairing over that, this will not make you feel any better.

    The jobs of the future?

    http://motherjones.com/rights-stuff/2011/07/ohio-warehouse-temps-unemployment