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Laura

Bundesbank Has Bailed Out French Banks

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The Franco-German accord will come under increasing strain from now on; but when it will break....who knows?

By buying up Greek debt, the ECB keeps the prices of the bonds artificially high. French banks, in particular, benefit from this policy because it enables them to sell their Greek bonds to the ECB, as an inexpensive way of cleaning up their balance sheets. France’s banks and insurance companies have a total of about €80 billion in Greek government bonds on their books.

German banks, on the other hand, are not potential sellers, because they have made a voluntary commitment to Finance Minister Wolfgang Schäuble to hold their Greek bonds until May 2013.

Thus, in a roundabout way, the Bundesbank, by spending €7 billion to purchase the Greek securities, has already made a substantial contribution to bailing out banks in neighboring France.

& the ECB is was oh-so neutral, but we can't lose face in France you see; it just isn't done. It's everyone else's fault that we have been bankrupt for years, not ours.

It was ECB President Jean-Claude Trichet, a Frenchman, who, in an alarming and provocative speech, initiated the extensive euro rescue package that was approved on the weekend of May 8-9. And it was Trichet who yielded to massive pressure from French President Nicolas Sarkozy and, soon afterwards, violated a long-standing ECB taboo, namely that the central bank should never buy its member states’ debt. This, however, was precisely what Sarkozy had demanded of his fellow European leaders, including German Chancellor Angela Merkel.

http://ftalphaville.ft.com/blog/2010/06/01/248121/le-smp-le-bailout-francaise/

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The Franco-German accord will come under increasing strain from now on; but when it will break....who knows?

& the ECB is was oh-so neutral, but we can't lose face in France you see; it just isn't done. It's everyone else's fault that we have been bankrupt for years, not ours.

http://ftalphaville.ft.com/blog/2010/06/01/248121/le-smp-le-bailout-francaise/

the word is the "bond"

it's an IOU....so I wouldn't expect them to sell.

if they can't pay fiscally,then other methods such as land acquisition will suffice.

that's why their cronies are so desperate to ratchet up our debt levels on completely unnecessary stuff as fast as they can.They know it'll have to be paid back by somebody by some means.

at least we know what their gameplan is.

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The French are epically ungrateful, its part of their charm. Save a Frenchman from drowning and he'd complain you got him wet doing it.

Edited by Cogs

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Printy printy.

And so the music goes on. It's a complete farce and, by now, should fool nobody.

actually no, its history in the making.

as you are writing the words 'printy printy' your hand is guided by your subconcious which is entirely unable to grasp historic and long running changes to the structure of society and population because your mind is utterly slaved to currently extant yet essentially ephemeral cultural norms.

your entire worldview is a gossamer thing which has no actual justification when judged against the millenia of actual data that history provides and will shortly be blown away by the winds of change, which you are currently pissing into.

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I was about to ask Scepticus whether he considered the three-dimensional plain to be one of illusion or demonstration;

but then I noticed he had missed an 'n' out of 'millennia' :o

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I was about to ask Scepticus whether he considered the three-dimensional plain to be one of illusion or demonstration;

but then I noticed he had missed an 'n' out of 'millennia' :o

laura demonstrates the art of pissing in the wind.

note, two s's in pissing.

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actually no, its history in the making.

as you are writing the words 'printy printy' your hand is guided by your subconcious which is entirely unable to grasp historic and long running changes to the structure of society and population because your mind is utterly slaved to currently extant yet essentially ephemeral cultural norms.

I prefer the Gurdjieffian explanation that his writing of the words 'printy printy' is an entirely automatic action unconsciously programmed via the human habit of imitation.

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I prefer the Gurdjieffian explanation that his writing of the words 'printy printy' is an entirely automatic action unconsciously programmed via the human habit of imitation.

OK, you win:

usb_parrot-thumb.jpg

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actually no, its history in the making.

as you are writing the words 'printy printy' your hand is guided by your subconcious which is entirely unable to grasp historic and long running changes to the structure of society and population because your mind is utterly slaved to currently extant yet essentially ephemeral cultural norms.

your entire worldview is a gossamer thing which has no actual justification when judged against the millenia of actual data that history provides and will shortly be blown away by the winds of change, which you are currently pissing into.

actually no, its history repeating itself.

Human nature never changes, basic 'economic' principles never change

It's all been tried before many times before and the outcome will inevitably be the same

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actually no, its history in the making.

as you are writing the words 'printy printy' your hand is guided by your subconcious which is entirely unable to grasp historic and long running changes to the structure of society and population because your mind is utterly slaved to currently extant yet essentially ephemeral cultural norms.

your entire worldview is a gossamer thing which has no actual justification when judged against the millenia of actual data that history provides and will shortly be blown away by the winds of change, which you are currently pissing into.

That's beautiful.

Still they are going printy printy, all the same.

(my subconscious says hi, btw.)

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I prefer the Gurdjieffian explanation that his writing of the words 'printy printy' is an entirely automatic action unconsciously programmed via the human habit of imitation.

I prefer the ericksonian idea that we have free will, once you allow for the fact that your unconscious mind is also you.

Edited by Injin

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I prefer the ericksonian idea that we have free will, once you allow for the fact that your unconscious mind is also you.

is that why your subconcious can speak for itself?

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I prefer the ericksonian idea that we have free will, once you allow for the fact that your unconscious mind is also you.

I'll check that out. Gurdjieff thought we have a conscious mind, btw - he just considered that we rarely, if ever, use it.

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I prefer the ericksonian idea that we have free will, once you allow for the fact that your unconscious mind is also you.

But we are all human beings, which somewhat limits our freedom of action.

Theoretically we could do anything - so history might not repeat itself

but as what happens is actually the average of millions of individual decisions

what any one 'untypical' individual does or does not do is irrelevant

so history therefore inevitably repeats itself.

IMHO

:)

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why does this:

but as what happens is actually the average of millions of individual decisions

what any one 'untypical' individual does or does not do is irrelevant

imply this:

so history therefore inevitably repeats itself.

not saying you are wrong, but I don't get the logical jump here. because in my view, history has not repeated itself. Certain elements recur, but if the outcome was a mere repeat why do we have mobile phones??

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why does this:

imply this:

not saying you are wrong, but I don't get the logical jump here. because in my view, history has not repeated itself. Certain elements recur, but if the outcome was a mere repeat why do we have mobile phones??

Because we apply the scientific method to telephones, but don't use it in politics and banking?

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your entire worldview is a gossamer thing which has no actual justification when judged against the millenia of actual data that history provides and will shortly be blown away by the winds of change, which you are currently pissing into.

Your new avatar.....does it suggest there'll be a new parrot-time?

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why does this:

imply this:

not saying you are wrong, but I don't get the logical jump here. because in my view, history has not repeated itself. Certain elements recur, but if the outcome was a mere repeat why do we have mobile phones??

I don't really see how mobile phones have changed the course of history.

The fundamental principle here is communication.

Faster communication has led to larger empires I suppose, but empires are still the same as they always were and the EU will fail for exactly the same fundamental reasons as all previous attempts to create a European empire have failed.

:)

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I don't really see how mobile phones have changed the course of history.

they haven't, but their existence bears witness to the fact that if history merely repeated itself, mobile phones would not exist.

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laura demonstrates the art of pissing in the wind.

note, two s's in pissing.

That would be something to behold.

From an early age the fairer sex learn to piss on, rather than into.

Laura also used the wrong 'plane' in her Scepticus non-Q, though some would argue that.

There's a hint of pre-storm calm in the air here in Portugal this morning. Some of it feels forced. My attention is tending to focus on France for that.

How are everyone else's antennae?

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That would be something to behold.

From an early age the fairer sex learn to piss on, rather than into.

Laura also used the wrong 'plane' in her Scepticus non-Q, though some would argue that.

There's a hint of pre-storm calm in the air here in Portugal this morning. Some of it feels forced. My attention is tending to focus on France for that.

How are everyone else's antennae?

Morning Laura,

Just over the border, everyone's moaning about the heat at the moment! (not me)

As for the economy, round one kicks off next week with the general strike against the austerity measures on the 8th of June.

Round two in July will be much more interesting when a massive load of debt becomes due to be refinanced.

Also, I had some friends over for a long weekend and they still thought that prices in the bars and restaurants were very cheap

whereas I've 'adjusted' my standard of living and thought they were quite expensive. But, the biggest shock for them was that

when we visited the tourist area, there were very few people about, especially in the centre and even walking along the seafront

people were spaced well apart. Beaches deserted too! Also, a couple more of the English bars had disappeared.

Calm before the storm could be right!

MIS

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
      • up 2.5%
      • up 5%



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