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Old 05-01-2012, 11:38 AM   #841
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Default Re: Financial clusterfuck in Europe

i wouldn't say "everybody" saw it coming. some proposed quantitative easing (in one way or another) from the beginning, others still refuse to believe it's a viable option in the long term.

the only thing it does is help in the very short term.
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Old 05-01-2012, 05:10 PM   #842
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Default Re: Financial clusterfuck in Europe

The President of Bolivia, Evo Morales, takes Argentina's example and nationalises the Bolivian part of Red Electrica Española, one of the biggest Spanish electrical companies.

Spain is being fucked from all kind of places.
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Old 05-01-2012, 06:29 PM   #843
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Default Re: Financial clusterfuck in Europe

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Old 05-01-2012, 07:17 PM   #844
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Default Re: Financial clusterfuck in Europe

i guess this will be just the beginning of a new wave of protectionism. seizing foreign assets must surely be the easiest way to shut up the nervous public: "see, we're looking out for you guys!" even though i'm hardly against government intervention, such a rididulous move is not what i have in mind at all.

blatantly strongarming companies is likely to backfire anyways, so at best argentina will celebrate some kinda crack-up boom until kirchners policies are gonna come back and haunt the country big time.

*edit: bolivia is hopeless anyways.

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Old 05-01-2012, 07:52 PM   #845
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Default Re: Financial clusterfuck in Europe

A while ago they invaded islands. Now they nationalise companies.
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Old 05-01-2012, 08:54 PM   #846
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Default Re: Financial clusterfuck in Europe

eventually invading islands will become en vogue again.

i find the way argentina is mishandling brazils unprecedented boom absolutely astonishing. you'd think they would feed off the big brother's bric status, the billions of dollars pouring in, but buenos aires manages to fuck it up once again. i used to think argentina was politically way ahead of brazil, kinda the most "european" country down there, compared to tons of banana republics. i stand corrected.
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Old 05-01-2012, 09:08 PM   #847
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Default Re: Financial clusterfuck in Europe

check out poland! fantastic gdp performance over the last 5 years.


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Old 05-01-2012, 09:43 PM   #848
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Default Re: Financial clusterfuck in Europe

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i guess this will be just the beginning of a new wave of protectionism. seizing foreign assets must surely be the easiest way to shut up the nervous public: "see, we're looking out for you guys!" even though i'm hardly against government intervention, such a rididulous move is not what i have in mind at all.

blatantly strongarming companies is likely to backfire anyways, so at best argentina will celebrate some kinda crack-up boom until kirchners policies are gonna come back and haunt the country big time.

*edit: bolivia is hopeless anyways.
Problem is they have plenty of left-wing allies in South America to help them out. Bolivia is already the poorest economy in the region, it can't get much worse.


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A while ago they invaded islands. Now they nationalise companies.
Got to love South American politics.
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Old 05-02-2012, 12:38 AM   #849
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Default Re: Financial clusterfuck in Europe

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The President of Bolivia, Evo Morales, takes Argentina's example and nationalises the Bolivian part of Red Electrica Española, one of the biggest Spanish electrical companies.

Spain is being fucked from all kind of places.
Yes it sucks. But Spain invaded them, destroyed their civilizations, gave them small pox and stole their gold.
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Old 05-02-2012, 01:49 PM   #850
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Default Re: Financial clusterfuck in Europe

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check out poland! fantastic gdp performance over the last 5 years.

LOL at Germany.

Yet another sign of its impending doom.
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Old 05-02-2012, 01:50 PM   #851
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Default Re: Financial clusterfuck in Europe

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Yes it sucks. But Spain invaded them, destroyed their civilizations, gave them small pox and stole their gold.
Ah well, that makes it all right then.
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Old 05-02-2012, 11:22 PM   #852
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Default Re: Financial clusterfuck in Europe

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i never knew how much we had been hoodwinked by the economic establishment until i found out that the neo-classical models on which our western economies have been based upon take neither banks nor debt into account...

i mean, for f**ks sake, banks are responsible for 97% of money creation - how can you not include banks in any broad economic model... pretty funny when you understand that sovereign states need never have to 'borrow' fiat money into the economy in the first place... they can create it debt free - for the people...
Great post.

For France (country that I know quite well), money creation was given to private banks through the so-called Pompidou-Giscard act of 1973 (also pejoratively called Rotschild act because President Pompidou was a former Rotschild employee lol). Consequently, the debt exploded. It was repealed in the 90's but only to be replaced by laws that were even worse and inspired by the Article 123 of the Treaty on the Functioning of the European Union.

Nice to see yet another anti-Euro economist (outside the EU, of course). I didn't know about him before reading your post.

http://www.creditwritedowns.com/2012...n-leaders.html

He's very interesting (for me) because it does not just argue in favour of a Euro exit but also in favour of "breaking the Maastricht Treaty one way or the other", which means exit the EU ! Quite surprisingly, there's no legal way out of the eurozone but there's one for an EU exit and that's article 50 of the Treaty on the Functioning of the European Union (added by the Lisbon Treaty), which François Asselineau of France is promoting. If the article exists, that means it's technically possible, isn't it?

Also Keen is the second economist I know who considers the possibility of a military coup in a member state of the EU (also Jacques Sapir of France). WOW !
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Old 05-03-2012, 11:11 PM   #853
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Default Re: Financial clusterfuck in Europe

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Great post.

For France (country that I know quite well), money creation was given to private banks through the so-called Pompidou-Giscard act of 1973 (also pejoratively called Rotschild act because President Pompidou was a former Rotschild employee lol). Consequently, the debt exploded. It was repealed in the 90's but only to be replaced by laws that were even worse and inspired by the Article 123 of the Treaty on the Functioning of the European Union.

Nice to see yet another anti-Euro economist (outside the EU, of course). I didn't know about him before reading your post.

http://www.creditwritedowns.com/2012...n-leaders.html

He's very interesting (for me) because it does not just argue in favour of a Euro exit but also in favour of "breaking the Maastricht Treaty one way or the other", which means exit the EU ! Quite surprisingly, there's no legal way out of the eurozone but there's one for an EU exit and that's article 50 of the Treaty on the Functioning of the European Union (added by the Lisbon Treaty), which François Asselineau of France is promoting. If the article exists, that means it's technically possible, isn't it?

Also Keen is the second economist I know who considers the possibility of a military coup in a member state of the EU (also Jacques Sapir of France). WOW !
Cheers mate.

Like you show with your post, the history is there if you wanna go looking for it - or perhaps have a well balanced teacher showing all sides. So yeah, part of the problem is that main stream media smothers most news - any news - that contradicts the stausquo aka, those in debt to the big boys.

But even though MSM doesn't provide an accurate representation of the battle in the real economy, the internet does provide a massive conduit of information - once you find the conduit that is.

Were you aware of the 10 economics students walking out of an economics class in Harvard the other day - demanding better service...? you'll find the link to the original article in there...
http://www.latimes.com/news/opinion/...,6378780.story

as your link sows, Keen was actually in europe for the month just gone... did a number for a few seminars, radio and tv appearances and conventions... the pick of these were the justbanking show, and probably the most significant, the INET (Institute for New Economic Thinking) get together in berlin recently ... you can see keen as 3rd speaker of 5 on youtube at this Berlin show named PARADIGM LOST... this was a little video shown one of the final days of the conference, gives you an idea of what went on...



also, of note... financial advisor to the chinese banking regulators was at the INET conference, so interesting to get an eastern take on things...
http://www.project-syndicate.org/com...lin-consensus-

massive movements out there
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Old 05-04-2012, 12:00 AM   #854
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Default Re: Financial clusterfuck in Europe

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He's very interesting (for me) because it does not just argue in favour of a Euro exit but also in favour of "breaking the Maastricht Treaty one way or the other", which means exit the EU ! Quite surprisingly, there's no legal way out of the eurozone but there's one for an EU exit and that's article 50 of the Treaty on the Functioning of the European Union (added by the Lisbon Treaty), which François Asselineau of France is promoting. If the article exists, that means it's technically possible, isn't it?
yes i would agree... and, i think as european national elections roll by one by one well see 'technically possible' change to 'possible'...then later change to something like 'an option'... then, if the shit keeps hitting the fan year upon year like it has, the term 'probable' can be used ...

right now we have a massive campaign in ireland for the YES vote in the upcoming fiscal union treaty, mostly on the basis that it will send a good message to investors that the irish are good boys and girls and won't upset the payment of debt which will in turn promise the growth enabling ireland to make good on that debt... a debt which in fact is not their own, when you consider that when a bank lends money it is actually providing a commercial service that is ITS own responsibility...

there is in fact, an easier way... article 50... sending the existing EU system into collapse, hopefully to be rebuilt in favour of fairer economic models...

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Also Keen is the second economist I know who considers the possibility of a military coup in a member state of the EU (also Jacques Sapir of France). WOW !
keen is mostly an historian with a great voice for today... credits a lot of his work to minsky, an economist side stepped in his day...

and, because keen is as much an historian as an economist, i would comment the very fact that he concedes civil militarisation is a mere possibility does not bode well for southern europe...
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Old 05-06-2012, 01:44 AM   #855
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Default Re: Credit crisis in Greece, others to follow...?

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Well there is a difference, a fundamental one... Printing money does not increase GDP and thus it does not have any value, which is why it leads to inflation. The money that banks reinvest has value and it increases GDP.

The central banks control the money supply and they have linkages to the government (IIRC the US president chooses the board of Fed and Fed pays all its profits to the government). Whether government supervision works or not, that I don't know and don't care to speculate since I haven't really done any research on that.
money creation in the form of debt... commercial banks are responsible for 97% of money supply...

could your training in economics be deemed a neoclassical one...?
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