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indirectapproach

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Everything posted by indirectapproach

  1. The number 146 most corrupt countries in the world, apparently, Cameroon Nepal Libya Côte d'Ivoire Paraguay Yemen Haiti Iran. Iran, making great progress since the Islamic revolution, now only as corrupt as Haiti.
  2. The Hun were willing to lob some money at Greece earlier because they thought the Greeks would be capable of fiscal discipline in this extremis. The Hun are now of the view the Greeks are not which is why they now say no more (good money after bad). Didn't the Austrians come to this conclusion a few weeks ago, when they reneged on their agreed contribution to the Greek bail out already in place? When the Greeks and their buddies down on the Med go under, they will drag the German banks with them and at that moment, I suppose, the ECB will start printing. But we're not there yet.
  3. Does anyone know why Spain should be under so much pressure now, "Spain faces threat of debt downgrade" http://uk.finance.yahoo.com/news/Spain-faces-threat-debt-tele-3142147350.html;_ylt=AnnYLt_txuAgVjnWV1urRZTSr7FG;_ylu=X3oDMTE4OXZvcXU1BHBvcwMyBHNlYwN5ZmlUb3BTdG9yaWVzBHNsawNzcGFpbmZhY2VzdGg-?x=0 When their national debt is some 45% of GDP, compared to say Portugal, 75% and Belgium 99%?
  4. Oh dear. Things always got to rat shyte when the dinner ladies get in on the gig.
  5. By tradition, clerks or paralegals as they came to be known, lawyers without the formal qualifications if you like, were the backbone of many a firm.
  6. Isn't everyone predicting the euro to come under severe pressure in Jan/Feb? Don't some of the weak links have to roll over some debt then? Since the Germans won't let ECB buy this debt and since Sarko shot his bolt in the summer by threatening to withdraw and the money in the stability pact/s isn't enough and the international markets don't fancy it and nor do the Germans at a level the weak link/s can afford ..... I suspect there is a good chance of a failed government debt auction. I then suspect the poor government that's failed to sell its debt to "have" to try and soldier on from within the euro currency union. In other words, rather than failure followed by withdrawal/exclusion from the euro, I think the option of failure followed by continued exclusion merits some consideration now.
  7. "Why would you want to?" There came a time when it seemed like a reasonable idea to get my **** outta the smoke (Lahndon) and have a stab at being a reasonable father and a reasonable husband rather than an absentee alcoholic. And for that I certainly could have done worse than the middle of nowhere in the middle of France. Extended stays are less expensive than the Priory and the air's better. Where I live is certainly more like frenchy's description than the Riviera. I always had a picture of the Riviera as a bit more like South Kensington on Sea than Brighton, if a bit more stuck up. Although, I bet there is a deeply entrenched seamier side of illegal immigrants living in squalor doing most of the ugly manual labour, high youth unemployment, narrow intellectual horizons and a pervading sense of declinisme. Certainly, that's what i find in Paris, which for my sins I have to pass through from time to time, where as I don't for the Riviera. The idea of living somewhere fundamentally civilised, surrounded by natural beauty, good wine, food and few temptations, high quality services and deserted open roads, where one is tolerated if not accepted seems like a good one to me Sure, I have to make my money elsewhere because I certainly can't make any wonga in this part of Fronga but that's not such a bad thing. It get me out of the house.
  8. "When news is bad ...." How about borrow and buy a nice house in France? That's my plan anyway.
  9. I'm afraid I can't help you with the mundane technicals. My other half deals with that.
  10. Why not have a look at World First. I'm not sure how they compare to others are but they're good enough for me.
  11. "Unless it is, rather than inflating, simply returning to its long term value?" Not according to my reading of the "all data"/longest term view of this chart, http://www.goldprice.org/spot-gold.html
  12. Come on. If you think, "the interests of everyone else," is synonymous with "the powers that be won't let it happen", you need to improve your English or your reading or both. The cognitive dissonance seems to be between what you think I said and what I did say. Gold's gone through the roof. We all know that. Congrats to anyone that rode that wave. As for those of us who were surfing in a different bay, tant pis. To decline to buy into the bubble at this stage of its inflation and to be of the view that gold will go through its cycle, falling in due course, just as it has risen, just as it did in the early eighties, seems to me a perfectly reasonable call. The subtext that "fiat" money will collapse and there will be some return to some faux utopian gold standard seems rubbish to me because the gold standard has been tried in the past as much as possible and failed on each occasion. As for your, "You can come back and tell me who's right." You patronising (probably insecure) git.
  13. "We have a duty to resist this." Alternatively, this awful mess has to be managed so that eventually the horrendous losses and write downs can be outrun. It would be better if those that have committed crimes or breached fiduciary duties or whatever face the consequences in accordance with due process, like Michael Milken or the Enron bosses. This doesn't seem to be happening, which is a shame. And it would be best if firms like Arthur Anderson don't get eradicated by faulty judgements as happened in Enron. However, the calling to account is of secondary importance to fixing the international banking system.
  14. "Oh..really..did we do that or are you perhaps taling with your a**s like Peter Hun..?" "Here's how it started.. The UK used terrorism laws against Iceland ......." No. "6.10.2008 The Government of Iceland underlines that deposits in domestic commercial and savings banks and their branches in Iceland will be fully covered.." http://eng.forsaetisraduneyti.is/news-and-articles/nr/3033 The Wall Street Journal, from the Oct. 7 interview. "Last week, Iceland's central bank chief, David Oddsson, a former prime minister and Reykjavik mayor, appeared on RUV, the state-owned public-service broadcaster ....Mr. Oddsson decried his own country's "reckless" bankers and said that Iceland is "not going to pay the banks' foreign debts." http://online.wsj.com/article/SB122418335729241577.html?mod=googlenews_wsj#articleTabs%3Darticle And it was on October 8th Darling said, "I am taking steps today to freeze assets of Landsbanki in the UK until the position becomes clearer." The last sentence of paragraph 56 of this, http://webarchive.nationalarchives.gov.uk/+/http://www.hm-treasury.gov.uk/statement_chx_081008.htm You thump your tub all you want, just don't be surprised no one is convinced when you spout, oh such obvious tripe.
  15. Oh come on! You Icelandics guaranteed each other's debt and told Johnny foreigner to go hike. You can't expect people to be happy about that. And then you come over all hurt and mournful. Get a grip.
  16. I bet that you are either too chicken to to try justify that statement or will fail if you do.
  17. "Mountains of wealth will instantly be transferred from paper to metal." Hmmmm .... I suspect the interests of everyone else are likely to outweigh the interests of a few self-righteous, hubristic gold bugs.
  18. Well, on my reading of the idiot's guide US debt is c. 88% of GDP and Japanese debt is 201% of GDP. German debt is 77% of GDP, French 79% and Chinese 18% How much wriggle room does that leave the septics? A bit I think.
  19. The rim countries are giving the Germans a choice between either, "You go bankrupt because we go bankrupt," Or, "You go bankrupt because you pay for us not to." I think it's pretty clear which of those the Germans are gonna say "no," to.
  20. Pimco ......? Oh drat! I was just getting bullish the US myself. Everyone duck, the nitroglycerine is out.
  21. That perspective seems excessively mournful and I'm not sure it's the best. Someone always pays for someone else's mistakes. Some other driver makes a mistake and someone gets caught up in a car crash. Not that person's fault but it happens all the time. A defence contract goes awry and a shed load of money gets wasted. It's Johnny taxpayer that has to make it good even though it's never his fault. Some doctor makes a mistake and someone is sicker than they should be. It happens all the time. In this example, the Iceland Regulator's asleep at the wheel. There's a train wreck of a bank crisis. Everyone's taxes go up. It's the way of the world.
  22. Well, it does also have something to do with the wider implications of Brown's take on this quote from one of his predecessors, "We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists, and in so far as it ever did exist, it only worked on each occasion since the war by injecting a bigger dose of inflation into the economy, followed by a higher level of unemployment as the next step." Labour Party Annual Conference Report 1976, page 188.
  23. The Irish contribution to writing is beyond superb, Yeats, Shaw, Swift, Stoker, Wilde, Doyle, Becket, Joyce it goes on an on.
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