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He makes complete sense,
That Doctor Professor Sinn.
It does not matter,
Whether 60%, or 70%, or 80%
Of the Greeks
Do not want a New Drachma.
We need it anyway,
That New Drachma!
At best, we get it before summer,
When last year’s harvest runs out
And this year’s is not ripe yet.
Then it can devalue,
That New Drachma.
By 60%, or 70%, or 80%.
And in the streets of Athens
The dead of hunger will rot,
τοῖς κείνων ῥήμασι πειθόμενοι.
Just like in the streets of Buenos Aires,
Back when they devalued the Peso.
It’s also … read more
going very quickly any time now.
There will, of course, always be a week or two of warning time, when you can stock up on legumes and grains. But the whole mess — call it Capitalism or The System or whatnot — is dangerously close to the edge.
It may fracture in 2012 or it may shatter in 2014.
Any case, in one year one week and a day’s time people will look back on the 13th b’ak’tun and surmise this or that. … read more
Less than skin deep.
(c) BILD
“The army would need to run border surveillance so that nobody tries to smuggle € out of [Greece]. [...] [The Greek government] would need to rule by emergency powers [...] Wire transfers would need to be outlawed [...] international air and rail traffic would need to be prevented.”
– Some German professor releasing 1000 years’ worth of stench from his undies[de:], probably Nov 6th, 2011 or a bit earlier.
People will starve. They always do.
The “fun” thing is … read more
Guajardo et al. “Why (and How) Austerity Kills” (IMF, 2011)
Howse “Why Regime Debts Are Not State Debts (and Neither Are Corruption Debts)” (UN, 2007)
Sproul “Why Zimbabwe Collapsed and the US Didn’t Despite Neither Having ‘Solid’ (i.e. fossil) Money” (UCLA, 2003)
Hutchinson “Most Overlooked Use of the Word “economics” in the History of Knowledge” (Yale/AMNH, 1948)
The present global economic woes, at least, should be largely solvable based on this.
After all is said and done, burn everything. Dump the ashes into the … read more
I expect the DAX in the mean term to remain below 5600 ticks, or at least not to go freely above 6K.
Perhaps - but it used to be more likely 2 weeks ago - there will be a major crash soon. Say DAX 4-4.5K. But if so, a rebound to DAX 6Kish is almost a given.
In general I’d guess there will be a tendency to stay with high volatility and major swings, but remaining roughly in the DAX 5-5.5K corridor.
That … read more
I have played around a bit with the Hang Seng and others.
If these are sufficient proxies, China can save the world economy 0-1 more times.
It will be interesting to see whether humans will be forced to suspend their disbelief of the things they will encounter, or whether they can uphold it until they are gang-raped by reality, thermodynamics and evolution.
Even though the data are rough (as in “it has been a rough ride”), extrapolating the Hang Seng from the 1990s’ … read more
Actually, it’s a folk myth[de:].
The crazyshitness quota is quite high[de:] these days, as you have heard. If they will talk of the 21st century world revolution afterwards, we’re already in it. It is quite unlikely that this can be stomped out anytime soon. Particularly since the hottest years of this decade are yet to come (remember the temperature curve lags about one year after the radiation curve).
As a side note, 2013 is the year of the scheduled Federal elex. However, … read more
I talked to a fuckload of anonymous Arabs in the last 2 months. And I can vouch for one thing: these people know perfectly well that they cannot rely on Western governments’ sweet-talk. But they simply want their dictators to go down down down, dammit and inshaAllah.
And they go and try to do that. And people die in the process.
Some of the people I chatted with, as a matter of fact, are dead now, killed by some dictator’s … read more
Watch:
Guy looks like he was from inland the Horn. Sudan, Eritrea. Perhaps Ethiopia, Somalia, Chad, northern Kenya. Djibouti of course. Probably not Jemen, but might even be Saudi.
Peace to those who brought us this video.
Also peace to those who documented events in Zhaiqiao Village, Puqi Town, Yueqing City (People’s Republic of China) on Dec. 25th, 2010. This is what happened.
Hanging tough at Hill 431 with the publisher of a major newspaper (To be ’splained below)Image by fritz13.
Dax floating free above the train wreck (but still within grund effect I presume — TINA was a capitalist whore all along after all). DJIA is so-so, definitely not off the ground. N225 remains groundbound essentially.
Them sandniggers are getting restive, and neither Sammy not Johnny (nor the Kaiser nor anyone else) can seem to hold them at bay. Too bad too that it’s … read more
I was about to write “DAX smashes 6.5K, rising and holding.” Well I presume it will try to hold, and probably manage to hold on for a few. But we’ll have to see and wait, wait how this Ireland/Portugal/Cyprus thing turns out.
This, by the way, will give you an indication of the sheer size of it all. When did you first hear about the “Celtic Tiger”’s problems? Some time ago, you may distantly remember.
Well, that’s how long it took. Gauges … read more
Stupid WordPress bug.
Back to Part I
So, at one end money is melting away — creditor-debitor relationships are blowing up –, and this questions (by questioning the future windfalls based on which private banks did draw that money = credit from the central anks in the first place) the existence of further money. Such money may be involved in backing a creditor-debitor relationship that is due now, and its disappearance may cause this relationship to bust, too. It may be indirectly … read more
Πιθοσ της Πανδώρας NO!
Boy, what a night.
But first things first. As you doubtlessly have heard, markets rebounded pluckily (as English and other assorted weirdos would say) following the announcement that the ECB may in fact buy national bonds after all, provided they are laundered through an intermediary. Which may or may not be a good thing (the Well-Endowed One’s Pitcher has been invoked[de:]) — it did certainly shore up the Euro, but it is liable to create increased inflation in … read more
Picture is not that much related.
So… by now it should be clear theat the Greek Situation is dead serious.
No Flachs[de:]
The SocDems are doing perhaps the first major thing since long that looks like it might actually work, instead of making you think “ho hum, again? Prions or brain flukes, I wonder…”.
Which is to say they abstained when the Greece bailout bill was put on vote today[de:]. The Socialists went for an all-out Nay, as was expected. The Greens were … read more
It will be pretty interesting to see how Capitalism will digest that Greece thingy. And to see how many of the PIIIGGS will go down before this is over.
In any case, those that had already deadsaid Teh Kryzys[en:/pl:] stand corrected.
Big things do need a lot of time to proceed after all. And it is not like we could not have told that this’ll take some time, ね?
As regards the funny things in life, Jane Buergermeister’s[*] lil old click-grabbing … read more
Actually, no[de:].
They had been long Arified through and through, and as far as I can think of, entirely voluntarily. Certainly, not a single dirty smelly money-grabbing Jew had any major say about it even before the Nazis, and by 1945 it had itself completely whored[de:] out to the highest bidder.
They flaunt their Jew heritage, possibly because after haShoah, things Jewish have the attractiveness of things taboo in Germany. But I presume they were Catholic[de:] in “modern” times — if anything … read more
The People had enough at last.
They had been fed up for just too long. Despite all this grand populist BS from their exalted leadership — the undynamic duo at which half the world poked fun — about lowering some tax or another or shit, the economy was a mess, the exports had plummeted, major domestic banks were avoided on the financial markets like the plague, unemployment remained high and if anything rising, wages remained low, and without all those soup … read more
(Too pissed off of the universe to add links right now, also need to run some PCR 2mo’. Maybe l8r.)
A month as uneventful as it was full of summer heat and monochrome karma.
Kim the Lesser’s guys have assembled some more rockets in NKorea and are showing off. Everybody is pissed, except the NKoreans, who are partly elated and partly… … I don’t expect it to matter to their daily lives too much.
Peace in Sri Lanka? I fear not — though … read more
GodmodeTrader.de[de:] predicts that the DJIA will now try and rise beyond 9,061 ticks and if it makes 9,400 it’s BULL TIME YEEHAWW. Otherwise, he says, it is also likely (but less so) that it stays below 8k. IONO. Neither looks very reasonable to me. The trend lines that circumscribe the meso amplitude of fluctuation (months) look good to me. The rest is… well, it might work in times of peace.
I note that the micro amplitude of fluctuation (days and weeks) … read more
We didn’t go to the demonstration 2day, but I went to where they had their final speeches and cultural programme. Met w/a few ppl I know, though I’d hoped I’d meet some other folks who weren’t there. One guy is a local activist, in whose case his non-presence represents quite epic FAIL. Or I have not understood his methods and he’s in a weird tree-hugging magickal cult that hopes to bring civilization as we know it crashing to its knees … read more
This year has had some funny weather that far. Not bad though. First decent winter since I moved here or so, >10 years ago. When the cold started to get obnoxious, spring broke out. Lasted for 3 weeks or so, unexpectedly turned into summer. April has been what you’d expect May to be. By now, it is colder again and wet, has been raining on and off again for the last few days. But again, the sun is coming thru.
The … read more
I missed Lafo’s speech, but I could hear the boos’ and cat-calls’ echo:
ACHTUNG, FOREIGN WORKERS!Feeding not permitted!
FAU anarcho-syndicalist union in front of the HeLaBa HQ.The Hessische Landesbank is another example for why "socialize the banks!" cannot much resolve this mess.
He is not very popular with many of the less populist leftists over here, because of his anti-immigrant stance. True, it was some years ago, in the beginnings of his new pet party project. But he has not clarified his views … read more
Last Saturday’s mass protests in Germany were not like this:
T. rex vs. Big Bad Bank Building
I was in Bankfurt, where around 20k ppl gathered, take a few thou, give a few thou; the official figures ran mostly between 15k and 30k. More — closer to around 30k, perhaps as much as 35k protested in Berlin.
The demonstrations were generally peaceful, to the point of being boring. In Berlin there was some aggro at the very end, when police charged into some … read more
N225 chickened out Monday morning as closing time approached, lost 4.5%; indices are bleeding like a butchered pig today. DAX struggled w/4k, lost. Tomorrow’s gonna be interesting; the bears, though, seem to have lost this round, though the N225 in Mon-Tue night recovers some.
Still, they know that they can make some sort of “recovery” — make some money, sort of. Which is all the collective hive-mind of the buck marketeers would want at such a time: swap some derivatives or … read more
My name is Hartmut Mehdorn, and my 'soul' is 100% 34CrNiMo6 steel.
Mehdorn[de:] offers to step down.
Finally.
I cannot be polite here. This man is, or was, the human equivalent to a really huge pile of shit, fecal matter of all different colours and flavas rolled into one.
He was a Schröder plant, replacing Lacklustre Ludewig[de:]. Ludewig was Kohl’s man, second in the post since German Rail was formally privatized in ‘94 (though as of yet hasn’t IPO’d due to stauch resistance of … read more
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