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Khirad
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Khirad
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bito
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From a Guardian article yesterday at the very end this was stated:

The current phase in the crisis started when Merkel and the French president Nicolas Sarkozy met in mid-October and delivered an ultimatum to the other 25 EU leaders: the treaty would be reopened and a permanent rescue system created which would entail “haircuts” or losses for creditors and investors if eurozone countries need to be bailed out.

Although this is to take place only from 2013, the markets took fright at the scale of potential bond losses, pushed Ireland’s borrowing costs ruinously high, and forced last week’s bailout of the Irish.

Diplomats, analysts, and officials generally agree that Merkel is right to focus on “moral hazard”, insisting that the markets and not only governments and taxpayers have to share the losses if a eurozone country implodes. But her timing could not have been worse, they add.

So the bond holders hand out money willy-nilly, cause the crash, and are ensured that not only their profits will be paid by the taxpayers , but their reckless lending will not be contained or curtailed. Not by raising taxes on the profiteers but by demanding “austerity”on the social safety net from those that can least afford it.

Years ago, I heard that selling goods was not profitable unless one controlled the debt. Taken a step further, the banks and bond holders are assured their profits and can control governments by controlling their debts. The product can be the least of the profit, the debt is not just profitable, guaranteed, but it controls the government.

But to mention any type of regulation on the banks, and all hell breaks loose. All of the so called financial crises has been due largely due to lack of regulation or enforcement of regulations.

When a country has to spend much/more of their GDP on debt service than investing in their country and it’s people, it is a downward spiral.

Khirad
Member

Targeted Atom Scientists Had Close Ties to Victim of January Bombing

http://www.pbs.org/wgbh/pages/frontline/tehranbureau/2010/11/targeted-atom-scientists-had-close-ties-to-victim-of-january-bombing.html

Was following trying to follow up on the other Pakistani story, but saw this on a speech Arundhati Roy gave in October (she’s like the Indian Chomsky, btw):

http://www.dawn.com/2010/12/01/seditious-speech.html

bito
Member

Different take on the situation. Should we dismiss this as lack of information or nationalism?

Russia: Online Reactions to Korean Skirmish

http://globalvoicesonline.org/2010/12/01/russia-online-reactions-to-korean-skirmish/

bito
Member

Merry Efing Christmas, Wall Street and Republicans in Congress.

bito
Member

US embassy cables leak sparks global diplomacy crisis

I have real mixed feelings on this new Wikileak. I don’t know how any country is supposed to have negations with complete transparency. How can one share an honest, though sensitive, opinion? Is this helpful or hurtful? Already, people in government are afraid to write anything down. With these actions will it become less transprent.

How about not a Wikileak on government, but some on the financial institutions? They seem to be doing the greatest harm lately.

bito
Member

Kalima, Reading through some of the cables pisses me off even more.

US embassy cables: browse the database

Use our interactive guide to discover what has been revealed in the leak of 250,000 US diplomatic cables. Mouse over the map below to find stories and original documents by country, subject or people