tag:blogger.com,1999:blog-4921988708619968880.post1074963977927678992..comments2024-02-28T22:03:57.237-05:00Comments on The Automatic Earth: November 30 2011: Day XIlargihttp://www.blogger.com/profile/09698428009501267664noreply@blogger.comBlogger87125tag:blogger.com,1999:blog-4921988708619968880.post-49578292347013297202011-12-02T18:18:55.766-05:002011-12-02T18:18:55.766-05:00What a piece of work is Goldman! how evil in schem...What a piece of work is Goldman! how evil in scheming! how infinite in tentacles! in form and moving how expressly abominable! in action how like a vampire! in apprehension how like a sociosquid! the misery of the markets, the paragon of parasites! And yet to me what is this quintessence of crime? Goldman defrauds not me- no, nor JPMorgue neither, though by your smiling you seem to say so.Supergravityhttps://www.blogger.com/profile/16330259051452619245noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-84626528797699438622011-12-02T17:56:56.770-05:002011-12-02T17:56:56.770-05:00For those of you who enjoy snappy paced economic v...For those of you who enjoy snappy paced economic videos, I must recommend yesterday's (half hour) Capitol Account as a must see, interviewing Reggie Middleton. For the guys in the group, even the geezers, try not to be too distracted by the under the glass table shots of Lauren Lyster's shapely legs or her black nail polish. For the women, unfortunately Reggie is in a dress shirt and el gallinazohttps://www.blogger.com/profile/00642036843036726232noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-40761149799213800962011-12-02T17:43:56.549-05:002011-12-02T17:43:56.549-05:00New post up.
The Debt Walkers Strike Back
...New post up.<br /><br /><br /><br /><br /><br /><a href="http://theautomaticearth.blogspot.com/2011/12/december-2-2011-debt-walkers-strike.html" rel="nofollow"><b>The Debt Walkers Strike Back</b></a><br /><br /><br /><br /><br /><br />.Ilargihttps://www.blogger.com/profile/09698428009501267664noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-61902968658530543902011-12-02T17:15:05.443-05:002011-12-02T17:15:05.443-05:00Ash & El G:
Thanks, that's more along the...Ash & El G:<br /><br />Thanks, that's more along the lines I was thinking.<br /><br />Ilargi:<br /><br />Unfortunately, that's just confused me further. I understand that when markets have big moves they tend to then recoil a bit like a rubber band. But that's not an adequate way to describe spanish yields falling by 1% or belgium's by 1.2% (from a few days earlier, when allYesMaybehttps://www.blogger.com/profile/14868274389361500550noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-86119359043034926632011-12-02T17:01:23.615-05:002011-12-02T17:01:23.615-05:00My reaction to, e.g., Farage, is that this crisis ...My reaction to, e.g., Farage, is that this crisis makes strange bedfellows. I don't know what I would do if I were a voter and the only party that calls for making the banks take their medicine were otherwise mean and nasty.Kahttps://www.blogger.com/profile/05667147292403648981noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-17937819012286078032011-12-02T17:00:04.382-05:002011-12-02T17:00:04.382-05:00Ash, We may have to agree to disagree. I live in a...Ash, We may have to agree to disagree. I live in a town of 800 in New Hampshire.<br /><br />Town meeting, and school district meeting which happens the week after, have a very visible effect on life here. The articles on the warrant are published weeks in advance, and extensively discussed at the general store, the post office and the town dump. <br /><br />I know it's not this way Frankhttps://www.blogger.com/profile/11752307987743035281noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-28875117467836434972011-12-02T16:44:17.382-05:002011-12-02T16:44:17.382-05:00@FB While I agree that Farage's true interests...@FB While I agree that Farage's true interests are for the UK, that in no way contradicts the idea that he sincerely believes that the policies he advocates for the UK would also benefit most if not all other European countries if they too adopted themFrankhttps://www.blogger.com/profile/11752307987743035281noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-63657131606416482462011-12-02T16:23:01.944-05:002011-12-02T16:23:01.944-05:00@ Ash
It is not easy to find (rapidly) data on EU...@ Ash<br /><br />It is not easy to find (rapidly) data on EU workers in other EU countries, but you will find some below. I can say however, from daily experience, that it is simply not an issue, even on the extreme right. The numbers even before 2008 were not high and are receding rapidly with the crisis. Look at the article on Germany below, a total of 140 000 expected for Germany for all of Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-2334977251414313292011-12-02T15:11:12.509-05:002011-12-02T15:11:12.509-05:00If one were forced to put a date on the tombstone ...If one were forced to put a date on the tombstone of American democracy, I would choose Nov. 22, 1963.<br /><br />From Wikipedia, Allan Dulles:<br /><br />"The reputation of the agency and its director declined drastically after the Bay of Pigs Invasion fiasco, and Dulles and his staff (including Deputy Director for Plans Richard M. Bissell, Jr. and Deputy Director Charles Cabell) were el gallinazohttps://www.blogger.com/profile/00642036843036726232noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-49368085431724890872011-12-02T14:40:46.112-05:002011-12-02T14:40:46.112-05:00@ Greenwood
re: the Fed is The City's illegit...@ Greenwood<br /><br />re: the Fed is The City's illegitimate bastard bad seed evil spawn<br /><br />Often we think of the UK empire and US empire as distinct, the former having declined as the latter rose. But the relationship is more akin to the shift of the Roman Empire from Rome to Byzantium. Many dramatic changes, but also some seamless continuities. The shift from Rome to Byzantium A Fall Guyhttps://www.blogger.com/profile/08646030011686964723noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-72762239925601310642011-12-02T14:28:14.789-05:002011-12-02T14:28:14.789-05:00Frank,
Think about it this way. Democracy in the ...Frank,<br /><br />Think about it this way. Democracy in the US doesn't actually exist anymore, if it ever did (somewhat debatable). That is despite and/or because of our fiscal union and national "representative" branches of government. Now the cultural splits within the US are one thing, but those across Europe are a whole nother' ball game, as they go back thousands of years. Ashhttps://www.blogger.com/profile/10873953851816670692noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-66935369813472941982011-12-02T14:21:10.944-05:002011-12-02T14:21:10.944-05:00YesMaybe,
Bond markets can take a step or two bac...YesMaybe,<br /><br />Bond markets can take a step or two back knowing what the reaction to a central bank intervention will be.<br /><br />And then step forward again a few days later. It's a game they can't possibly lose, it's like how a cat plays with a mouse. Many countries are broke, they pick them off one by one. Or in pairs, or three at a time. not all at the same time though, Ilargihttps://www.blogger.com/profile/09698428009501267664noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-34497671536305084222011-12-02T14:15:48.285-05:002011-12-02T14:15:48.285-05:00>>because no European democracy exists, or c...>><i>because no European democracy exists, or can exist.</i><br /><br />I agree, it does not exist. I do not however see why the European Parliament cannot be given actual powers. Replace the European Commission with a cabinet, and the power of the purse to reign in the Brussels Eeurocrats.<br /><br />Hey presto. A functioning democratic republic, with the biggest GDP, the third largest Frankhttps://www.blogger.com/profile/11752307987743035281noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-49485857851169806332011-12-02T14:08:11.394-05:002011-12-02T14:08:11.394-05:00FB,
I realize now that I didn't actually add...FB, <br /><br />I realize now that I didn't actually address the substance of your issue with Farage. Can you point me towards recent immigration data in the EU that contradicts him? I'll admit that I simply accepted his anecdotal claims as being representative of a trend when I heard them. At the same time, I can understand how someone with his personality and in his position, with such Ashhttps://www.blogger.com/profile/10873953851816670692noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-16761007896406445012011-12-02T13:39:08.775-05:002011-12-02T13:39:08.775-05:00FB,
"Farage has a political agenda, few scru...FB,<br /><br /><i>"Farage has a political agenda, few scruples and a nasty streak. I would not take him too seriously."</i><br /><br />Funny, because that's my impression of everyone <i>other than</i> Farage who constantly tell us the only way forward from here is further immolation (to use AEP's word) into the nightmarish ideal of a European Union. A "political agenda"Ashhttps://www.blogger.com/profile/10873953851816670692noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-234802791941052802011-12-02T13:34:55.260-05:002011-12-02T13:34:55.260-05:00re: Sea level rise
Even though Morner was former ...re: Sea level rise<br /><br />Even though Morner was former "chairman of INQUA Commission on Sea Level Changes and Coastal Evolution" the "Current president of the INQUA commission on Coastal and Marine Processes, Professor Roland Gehrels of the University of Plymouth, says <i>his view do not represent 99% of its members</i>, and the organisation has previously stated that it is &Rubenhttps://www.blogger.com/profile/08391623908501295326noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-39343121724273362332011-12-02T13:32:53.142-05:002011-12-02T13:32:53.142-05:00I too am offended by many of AEP's recent arti...I too am offended by many of AEP's recent articles, which appear to display a frightening lack of understanding about the predicaments we face, but I don't think we can dismiss him as an ignorant moron. His latest blog post seems to be a bit of a retraction, where he acknowledges that there are no easy "solutions", that Germany has very legitimate concerns about loss of fiscal Ashhttps://www.blogger.com/profile/10873953851816670692noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-82835548167814715712011-12-02T13:21:07.338-05:002011-12-02T13:21:07.338-05:00Hello,
Europe has its problems, but Nigel Farage ...Hello,<br /><br />Europe has its problems, but Nigel Farage has a way of twisting things around to suit his own purposes that is counterproductive to any real understanding of the situation.<br /><br />For example, he cites Denmark and Schengen, implying that the Danes are blocking access because too many EU citizens from poorer countries are trying to move to richer countries. If you look at theAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-59502312708366226222011-12-02T12:29:54.769-05:002011-12-02T12:29:54.769-05:00YesMaybe,
I'm going to go out on a limb and s...YesMaybe,<br /><br />I'm going to go out on a limb and say that no one here literally believes bond markets or any other markets are "always right". I'd say it should be interpreted more along the lines of what you say:<br /><br /><i>"Now, I agree with the often-made point that bond markets are a better guide than equity markets."</i><br /><br />It's all relative. Ashhttps://www.blogger.com/profile/10873953851816670692noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-55947645530862170262011-12-02T12:25:50.016-05:002011-12-02T12:25:50.016-05:00IMO the economic statistics, coming from governmen...IMO the economic statistics, coming from governments, think tanks, and universities have reached a new, unprecedented level of bogosity. They are now nothing more than Central Command propaganda. Other than noticing how the chickens run when they are released, they should be ignored. Furthermore, the worst offender is GDP itself which incorporates the broken window thesis into its measure. el gallinazohttps://www.blogger.com/profile/00642036843036726232noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-6811743616388828742011-12-02T12:16:32.648-05:002011-12-02T12:16:32.648-05:00IMO opinion, the central banking cartel has exerci...IMO opinion, the central banking cartel has exercise primary control over both the equities and bond markets. The bond market tends to be more circumspect than the equities markets, which are dominated by frontrunning headless chickens, primarily focused on the coming millisecond. The primary axiom has been Don't Fight the Fed. I&S are correct that at some point, and I think it will beel gallinazohttps://www.blogger.com/profile/00642036843036726232noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-78466729728177587272011-12-02T11:55:24.463-05:002011-12-02T11:55:24.463-05:00Joe in NC
In terms of a deflationary collapse, I ...Joe in NC<br /><br />In terms of a deflationary collapse, I would call it the top of the third inning. Re resource depletion, Stoneleigh has it right in terms of a downward seesaw, alternating between lower demand and reduced resources. <br /><br />Nassim - Rising ocean levels<br /><br />At this point, rising global temperature levels have melted primarily ice floating on the seas, which el gallinazohttps://www.blogger.com/profile/00642036843036726232noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-57676319897141679982011-12-02T11:30:20.117-05:002011-12-02T11:30:20.117-05:00Ilargi,
Your and Stoneleigh's writings here a...Ilargi,<br /><br />Your and Stoneleigh's writings here are wonderful, and deeply appreciated, but I wanted to ask you about the rationale for your view of the markets.<br /><br />On a not-so-recent post you wrote something like that the markets aren't stupid, and then on one from a few days ago you said <br /><br />"Confused? No need to be. If you want to know who's right, followYesMaybehttps://www.blogger.com/profile/14868274389361500550noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-28867693924606673012011-12-02T10:53:27.257-05:002011-12-02T10:53:27.257-05:00Coco- I like solar panels, and small diesel engine...Coco- I like solar panels, and small diesel engines. Both keep their value long term, and store well, though mice can nibble wires.<br /><br />But- like all stores of value, they will attract thieves; you still have to think about secure storage. Panels and engines are at least a lot of work to steal and move, unlike silver coins...Greenpahttps://www.blogger.com/profile/17224906349154302210noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-26032296459149597032011-12-02T10:46:53.899-05:002011-12-02T10:46:53.899-05:00So now governments are directly commandeering pens...So now governments are directly commandeering pensions to "plug holes".<br /><br />(Telegraph) "A remarkable act by Portugal to plug the hole in its public accounts today: it has agreed with the country's four biggest private banks to transfer €5.6bn of pension funds to the state.<br /><br />The transfer was approved in cabinet today, and will bring Lisbon under the budget Ashvinhttps://www.blogger.com/profile/00692970226443206815noreply@blogger.com