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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
It’s not immediately obvious, but yes, they do shake hands, and no, the protesters are not bought.
Too much austerity, and you can’t even keep the cops employed. In such situations, it usually becomes a more or less invisible tug-of-war between civic forces and the military. Having read Luttwak’s Coup is a must for anyone who wants the civic side to prevail in such a situation.
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
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
“Gutti“’s conception of things military must have been heavily influenced by his clan’s ancestor worship of his great-great-uncle. After all, Karl Ludwig was the Good Nazi[de:] of the von und zu Guttenbergs, and many of us Germans did not have even remotely good Nazi ((great-)grand)fathers at all. Mine were both moderately to fairly serious assholes for example. Not involved in exceptional brutality, but definitely eager cogs in the machine til the end, and that is about average. But Karl Ludwig … 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
Now, here we have a document titled
NATO IN AFGHANISTAN
MASTER NARRATIVE AS AT 6 October 2008
A bit obsolete, but nonetheless… It is part of a batch of documents liberated by the good people at Wikileaks. As they dryly remark,
The encryption password is progress, which perhaps reflects the Pentagon’s desire to stay on-message, even to itself.
Said “password” also “encrypted” the three other documents. Note that Wikileaks is intelligent enough not to submit the password of one Chris Riley, to whom the … read more
Whatever.
As it seems, Arnie is having a bit of a hard time. The Handelsblatt at least says so[de:], and they are usually pretty nonpartisan for the exuberant mouthpiece of Capitalism that they are. But I think we had this coming, with the State practically bankrupt for the last 4-6 months or so.
“The Terminator is an end-of-line model, little more fit for reality than Detroit’s Big Three.”
(Rüdiger Scheidges, loc. cit., 17th February 2009)
If you understand German, the article gives you … read more
reporting for the NYT.
This is the best information we in Western Europe have how the impact feels like.
Beware however that Iceland is an island.
The collapse came so fast it seemed unreal, impossible. One woman here compared it to being hit by a train. Another said she felt as if she were watching it through a window. Another said, “It feels like you’ve been put in a prison, and you don’t know what you did wrong.”
It is not as if Reykjavik, … read more
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