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Thursday 10 November 2011

Verity Murphy | 13:31 UK time, Thursday, 10 November 2011

After days of negotiations Greece has an interim prime minister, former European Central Bank vice-president Lucas Papademos.

But there is still political uncertainty in Italy and the European Union has drastically cut its growth forecast for the eurozone in 2012, from 1.8% down to just 0.5%.

So how can economic collapse across Europe be prevented? Will the ECB intervene in a significant rather than piecemeal way? What are new ECB President Mario Draghi's short and long term calculations? And what should we make of reports, denied by Angela Merkel, that France and Germany are involved in talks on a radical EU overhaul which could lead towards a smaller more integrated eurozone?

Tonight we will be discussing these questions with guests and getting the latest on the crisis from our Economics editor Paul Mason.

Richard Watson will be picking through James Murdoch's latest appearance before a committee of MPs investigating phone hacking by the News of the World newspaper.

And Tim Whewell has a report on the oligarchs trial in London in which Boris Berezovsky is suing fellow Russian businessman Roman Abramovich for £3bn alleging that Mr Abramovich "intimidated" him into selling shares in Russian oil company Sibneft for a "mere $1.3bn" (£800m) - an allegation Mr Abramovich denies.

Comments

  • Comment number 1.

    This comment was removed because the moderators found it broke the house rules. Explain.

  • Comment number 2.

    This comment was removed because the moderators found it broke the house rules. Explain.

  • Comment number 3.

    The ECB will (ultimately) electronically print as many euros as are required to bail out the 'Mississippi' countries aka PIIGS, concomitant upon said countries becoming more honest aka 'reforms', about their finances, going forward.

    TINA. or rather the non-TINA routes are too unpalatable.

  • Comment number 4.

    OK moderator...

    The question on my mind about James Murdoch's evidence today is not so much whether he is lying or not, but rather if he is telling the truth and he was really in ignorance of what went on there, does his conduct raise the issue of his competence in the senior position he holds because is it acceptable to have apparently not done everything he could have to ensure legality and compliance @ NOTW?

    IMHO OFCOM must look long and hard now at whether he is a "suitable person" to hold a the BskyB broadcasting license given what went on @ NOTW.

  • Comment number 5.

    This comment was removed because the moderators found it broke the house rules. Explain.

  • Comment number 6.

    THERE IS A DELICIOUS IRONY IN A WESTMINSTER TRUTH-FINDING COMMITTEE.

    Anyone need me to spell it out?

    Why should a Murdoch 'come clean' to 'Dirt Central'? Did not our thieving lying MPs pay back a cool couple of million, without culpability owned to? Surely Rupert brought up his son on 'Tales of Westminster'; read every night?

    In passing: Is Hinduja Vas chairing this one? I just LOVE his 'Ka-style' delivery. Just imagine those Jungle Book stories of 'Sheer Hypocrisy' and 'Bar-Loo' (the latter named after the massive conversion-rate of drink to governance, facilitated by 19 bars). If little Jimmie Murdoch was raised on such folklore, his truth will be whatever he chooses it to be - JUST LIKE OUR MPs! (Might Archie Cant tell 'em about Moat and Beam?)

    "Look into my eyes!" (K Vas.)

  • Comment number 7.

    All this user's posts have been removed.Why?

  • Comment number 8.

    JohnConstable wrote: "You ask if money can't be borrowed on the international money markets and can't be raised from taxes, where IS it to come from?

    It comes from the Bank of England via the Quantitative Easing programme."

    Yes, but in the end that just leads to a rise in the RPI and CPI (inflation), and ultimately, it will lead to a reduction in sovereign credit rating. The ECB can't do that anyway, because there is no EU at that level. The BoE and Federal Reserve can, and have, but in the end, they will be punished for doing so by China etc. I suggested you looked into the scotoma explanation of our Libertarian self-centredness, as it is a long term killer. Much that is being done is short-termist. Thanks for your response, I will reply. This is all about being trapped in a mode of behaviour which many will not want to change as it is premised on entitlement. There is en entire language of internal/solipsistic reasoning which sustains this. That is what is so difficult as our education system has been behind this.

  • Comment number 9.

    This comment was removed because the moderators found it broke the house rules. Explain.

  • Comment number 10.

    JohnConstable wrote: "The ECB will (ultimately) electronically print as many euros as are required to bail out the 'Mississippi' countries aka PIIGS,"

    As Merkel's deputy and Chief Whip explained the other night, the ECB can't do that as it has no mandate. That is the problem with the Eurozone and EU. i.e it is not a Central Bank of fiscal union in the sense of a sovereign state. That is why the EFSF a SPIV was created. I'm sure many in the EU Commission would LIKE to be able to print money as would those in NYC serving as the NGOs of Washington. So your qualifier ultimately may have something to it in that sense.

    People who find some points "academic" or "intellectual" or "abstract"
    are really just telling other people what they don't understand is unfamiliar. This is a normal human failure of discrimination - a failure of allocentric vs egocentric spatial reference, as I keep pointing out. Sometimes it is abused in business to some advantage. See the interview of James Murdoch today for this point. This is not a dig.

    It's an explanation of something which is important but poorly understood..It had to be explained to Murdoch ... apparently

  • Comment number 11.

    'Richard Watson will be picking through James Murdoch's latest appearance before a committee of MPs investigating phone hacking by the News of the World newspaper.'

    In the spirit of illumination over heat that has brought us such valued guests as John Prescott, Laurie Penny and Johnnie Marbles of late, in terms of picking we can surely only be assured of Tom Watson to compound his stellar demonstration of what it takes to get to be in the highest offices of the land.

    And utterly stuff up.

    To get me to think a corporate operator like Murdoch Junior was sympathetic takes some doing, but the grandstanding thuggocracy that passes for our Parliament and its overpaid, out-of-touch tribal inmates was quite something to behold.

    No wonder Nick Robinson has turned his in-theory interactive blog into a megaphone.

    Idiocy of this calibre needs very careful handling, and especially... no outside comment!

    Which is why I love this little oasis of >400 character calm. While it lasts.

  • Comment number 12.

  • Comment number 13.

    This comment was removed because the moderators found it broke the house rules. Explain.

  • Comment number 14.

    All this user's posts have been removed.Why?

  • Comment number 15.

  • Comment number 16.

    All this user's posts have been removed.Why?

  • Comment number 17.

    Never has so much been said by so few, to so many, yet meaning so very little.


    What exactly is Deity Dave and his sidekick G.O.O. (Sorry but the ‘word limit’ forces an abbreviation! [Which is somewhat appropriate given the sticky mess ‘we’ are all in ... together! ] ) on about?

    Nothing the pair of them say - or do, for that matter - has any real relevance to the events snowballing thru’ europe. The lower 95 per cent of the UK population will just pay the - very substantial - price and DD, GOO et al will blame the previous Government attempt to come out of it smelling of roses!

    (Worse still, the average UK voter - assuming there will be enough still interested in voting in three and a half years time to allow an ‘average UK voter’ to be ascertained! - will ‘forget’ the current debacle put upon us as they have done before!)

    Oh well!

    Plenty of time to get used to it! .....

    The usual PR thru’ the usual PR route!



    An interesting comment piece has come this way ..... worth a read ....



    (Only another three and a half years or so before history is - perhaps more fairly - re-assessed!)



    Just remember where you read - some of - it first!



    But, in this day and age. .....

    In the UK no one chooses, ever, to hear you scream!



    And .... Oh yes! ....

    In view of the continuing ‘revelations’ of ‘inadequate’ standards in some areas of patient care

    ( In addition to my previous suggestions... )

    How difficult would it be to incorporate a module in Nurse training that required undertaking of the planning and execution of seven days of care for a specified patient including all hands-on practical aspects of said care during the trainee’s attended hours and oversight of said care plan whilst not on duty i.e. not just writing an essay?

    ( Surprisingly, a one day theoretical i.e. written care plan appears, currently, to be the norm [?] )

    And ....

    In view of so many overseas staff in the NHS, has anyone considered the international variation in standards of training, cultural issues, language skills, and society differences - and indirect/direct detrimental effect on UK professional health practices?


    And .... Oh yes! ....


    Hey Guys! (or whatever!)

    Are these verbal duels stroke assassinations necessary?

    No real good comes from it!

    Truce?



    400

  • Comment number 18.

    @3 .... I hope you're right JC.

    Undoubtedly the causes of this crisis need to be addressed, especially tax evasion by the wealthy and national fraud. Signor Draghi's experience as a partner in Goldman Sachs should give him insight into the latter, and no doubt the departure of Berlusconi will help with the former.

    However, given that the Eurozone has a positive trade balance,
    ( )
    There SHOULD not be an international crisis here. Germany's exports are helped by the Euro, and would be greatly damaged by its collapse. But, especially compared with when it was introduced, the strength of the Euro has been bad for the peripheral economies. There is no such thing as a free market (there never has been): SIZE MATTERS. Therefore this gives Germany with its large companies another advantage over the agricultural south. It is both just that the north helps the south, and to their mutual advantage.

    The big mental leap in this must come from Germany: it must realise, and Frau Merkel must explain, that Germany benefits from the status-quo, because the game is biassed in its favour. In fact, targeted higher taxes in Germany might help ordinary Germans by puncturing the property bubble which is starting to cause huge social problems in German cities. (See the Spiegel link below)

  • Comment number 19.

    Richard Bunning (various). I understand your frustrations. To put it in a nutshell: If Mr Murdoch doesn't have inflammable underwear, his performance today illustrates the potential grave disadvantages of picking chief executives according to the hereditary principle. ;-D

  • Comment number 20.

    Why has my comment been referred for further consideration? There was nothing dodgy in it.

  • Comment number 21.

    Mario Draghi - New ECB President



    "Draghi was then vice chairman and managing director of Goldman Sachs International and a member of the firm-wide management committee (2002–2005). A controversy existed on his duties while employed at Goldman Sachs. Pascal Canfin (MEP) asserted Draghi was involved in swaps for European governments, namely Greece, trying to disguise their countries' economic status."

    "Draghi earned a PhD in economics from the Massachusetts Institute of Technology in 1976 under the supervision of Nobel Laureates Franco Modigliani and Robert Solow."

    What starenge use of the word "earned" in this context.





    US Jewish Libertarians eh!

  • Comment number 22.

    Boris Berezovsky (businessman)



    "Berezovsky made his fortune during Russia's privatisation of state property. He took ownership of the Sibneft oil company and became the principal shareholder in the country's main television channel, ORT. In 1997 Forbes Magazine estimated Berezovsky's wealth at $3 billion."


    Roman Abramovich



    "Born to a Russian Jewish family, Abramovich was raised in his uncles' families, living first in Ukhta, in the Komi Republic, and then in Moscow."

    "In 1995, Abramovich and Berezovsky acquired a controlling interest in the giant Soviet oil company Sibneft. Affiliates of Abramovich, with affiliates of Boris Berezovsky, purchased Russian oil company Sibneft for $100.3 million (the company was worth $2.7 billion at that time)."

    Russian Jewish Libertarians eh!



    Conspiracy anyone or just chutzpah?

  • Comment number 23.

    Lucas Papademos - Greek Prime Minister designate




    "He has served as Senior Economist at the Federal Reserve Bank of Boston in 1980."

    "He has been a member of the Trilateral Commission since 1998."


    Looks like Wall St had all bases covered all along!

  • Comment number 24.

    Sasha Clarkson wrote "There is no such thing as a free market (there never has been).

    So, all the people trading commodities, bonds and shares in the markets
    - what are they doing? All the trouble in the EU as a consequences of bond yields going up and thus increasing national debts to the point tat Governments fail, what's all that?

    The markets have been driving value, that is Libertarian economics.

    What about all the people pricing salaries, property and retail goods at market rates etc - what's all that?

    Some no doubt are too young (chronologically or behaviourally) to remember the days when even the British Government set prices and incomes - when that was policy - what Governance was. That was when Government meant something because the Civil Service and the Public Sector had an economy to manage.

    You appear to be writing some factual inaccuracies. Does that matter? Is it the free-market? Is it lack of regulation?

  • Comment number 25.

    All this user's posts have been removed.Why?

  • Comment number 26.

    Anyone else notice James Murdoch's strange accent today?


    It's not Australian, it's not American...it's certainly not English...I guess it must be Cosmopolitan.

    I wonder to whom Cosmopolitans owe their allegience to...surely somewhere must be home...perhaps it's where they pay their "taxes" !?!

  • Comment number 27.

    "Richard Watson will be picking through James Murdoch's latest.."

    I wish Mr Watson would look at the wider picture, rather than just "phone hacking". where are the journalists who investigate the corrosive effect of two decades plus of the Murdoch family's unfettered access to UK (and other) top politicians and policy makers?

  • Comment number 28.

    UK expects Israeli attack on Iran next month with US logistical support

  • Comment number 29.

    Never let a good crisis go to waste.

    So, our imaginary EU President/benign dictator could issue an Order of the Day:

    a) with immediate effect the ECB must start to behave as a proper central bank for the eurozone

    b) this newly empowered ECB must make it clear to the markets that it has an infinate supply of euros and will use them, via the European Financial Stability Facility (EFSF) buffer.

    c) all Eurozone countries national bonds will now be eligible to be converted in to a supra-national eurobond

    d) eurozone countries will ordered to begin the process of reform (read become more honest) when, and only when, economic growth is re-establised.

    That is enough serious stuff for one hard-working EU Presidente for today, now let the bunga bunga party begin.

    PS. The accursed Blighty might not be drowning in personal debt if children had had a formal financial education during their school days. Nothing to do with genes!

  • Comment number 30.

    Now this is odd given Labours faux disgust.


    Well said -

  • Comment number 31.

    MuseV wrote "Conspiracy anyone or just chutzpah?"

    Almost impossible to answer. Once one sees the numbers it becomes obvious that something is awry.

    The problem is very like having to deal with offenders whose "cognitive distortions" are initially quite shocking as one is used to dealing with normal people who tend to grudgingly acknowledge wrong doing when it's pointed out.

    This is not so with those classed Axis II Cluster B. These people tend to come out with all sorts of tales which prima facie justify what they have done and continue doing, often blaming the victim of their offending.

    Sadly, years have been wasted in recent times where well meaning people (largely women) have endeavoured to change thinking with a view to offending behaviour changing, even though there was never any evidence that this was ever going to work.

    There is a connection here - one class of people wanting to do things for which there was no positive evidence (in fact, for which there was plenty of evidence to the contrary), and a group of people who, even as recipients of this "help", kept saying that it didn't work and that it hadn't worked in school either.

    In the end , what is one to do? There is no telling some people, they know better. In Germany in the 1930s, a decision was made to round them up, and ship them out, the plan was to populate Madagascar I think.

    Stalinist USSR thought an autonomous oblast called Birobidzhan
    ("Siberia") might be the answer. Understandably, most of the people to be moved didn't want to go, as they were happy doing what they were doing, and saw no reason to stop. In fact, because they didn't see anything wrong with what they wee doing they tended to see the people who wanted to move them as persecutors. They had a point of course. This is the nature of human diversity, much of the time we just don't understand what we are doing so can honestly say we don't see why people are picking on us.

    What are we to do? It's a general human problem, and it is not limited to any one group but is more common in some groups than others because of endogamy probably..

  • Comment number 32.

    IT MIGHT NOT BE THAT SIMPLE (#28)

    Recent "ACCIDENTAL" voicing of anti Netanyahu sentiments, suggest that when Israel destroys Iranian targets (real or imaginary) America's stance will be one of disapproval.

    This would mean that USA help given will be covert and indirect.

    Who's for a nuclear explosion, during the attack, 'proving' Iran had a bomb?

    We shall see.

  • Comment number 33.

    All this user's posts have been removed.Why?

  • Comment number 34.

    Auntidote @ 33

    Dictators hate dishonesty and the punishment is severe!

    I would point out that it was known at the time by the German, French and the UK Governments that Greece's accounts had been massaged for the purpose of EU entry but these politicians chose to turn a blind eye to that.

    By definition, only EU debtors countries need to urgently apply 'reforms'.

    Our very own politicans at Westmonster have turned out to be masters of deception, managing to get themselves re-elected twice in the past decade whilst simultaneously running up the National Debt from £300Bn to around £780Bn when they departed from Government. In a sneaky kind of way, its almost admirable - if only we, the ordinary people, were'nt having to pay it off!

    The EU accounts are often savaged by critics for 'not being signed-off'.

    In actuality, only some parts of the EU annnual accounts have not been approved, not the whole set. There is a difference.

    PS. Charles Ponzi was a Italian-American. Would'nt it be wonderful to have a scam or some new disease named after you? You instantly achieve some kind of immortality.

    PPS. It's good to make people laugh.

  • Comment number 35.

    All this user's posts have been removed.Why?

  • Comment number 36.

    A interesting discussion on the EU budget.



    Maybe I am showing my age here , but there was a interesting in the 1990's in France and Germany.

  • Comment number 37.

    JohnConstable erroneously wrote ""PS. The accursed Blighty might not be drowning in personal debt if children had had a formal financial education during their school days. Nothing to do with genes!"

    You wrote that because you don't know that all the evidence shows that educability is driven by genetic expression and Child Protection from damage. We can not raise intelligence (e.g. numeric ability) through education. One can only equip what is genetically emitted.

    Maths teachers know this limitation. You do not. What the OECD data shows is differences in genetic ability as a function of gene-barriers.

    You could try working on your glibness, but you may hit a wall.

  • Comment number 38.

    Auntidote @ 35

    In the absence of any viable alternatives, that is, those which do not fly in the face of human nature, then we are probably on the cusp of a new type of capitalism.

    A more co-operative type of capitalism in which the profits are shared out a bit more equally between the partners in an enterprise and encompasses a business model which takes full account of the wider environment, e.g. the society in which the business is based.

    There is a useful role for EU-wide Governance in this model, in that assists in creating the structures of a level playing field for the member States. It is often known as harmonisation, and for example, might try to ensure that benefits become a EU wide model so that other Europeans do not flock to England simply to enjoy Government benefit payments and so on.

    Other areas might be to ensure EU wide taxation levels on businesses so that a race-to-the-bottom (lower tax rates) does not distort EU business.

    It is not a case of big or small Government, but more a question of what areas can a should Government be involved in, i.e. that which it has proven to operate successfully and efficiently. Off the top-of-my-head, I'm struggling to think of anything just now that Westminster has done which meets that criteria but there must be something!

    Whereas the EU 'Government' has enjoyed some tangible successes so far, for example, the GSM phone was specified and mandated by the EU and has been very successful.

    Also, the Euro currency has actually been quite remarkable in its short life, having captured some 25% of the worlds reserve currency (with the US dollar at around 60% and the pound and yen at 4% each).

    It would seem that you just have to work things out for yourself and not be unduly influenced by the media, which often appears to resemble a bandwagon for the entertainment of the kidults.

  • Comment number 39.

    Aaargh!

    Oops!

    My post at 17 above .............

    Line 8 i.e. .......

    .... Government attempt to come out of it smelling of roses!

    Should read .....

    .... Government and then attempt to come out of it smelling of roses!

    ‘Edit to fit’ sometimes creates problems! ....

    Apologies ....

    Tinged with a small dash of shame!

    (Wheres the rope?)

  • Comment number 40.

    In correcting one error in 39 above, I’ve allowed two omissions ....

    Please insert the missing apostrophe and ....

    52!

    19.

  • Comment number 41.

    THE AGE OF PERVERSITY NOTCHES UP ANOTHER TRIUMPH

    Scientists have shown that some poor souls, in a vegetative state, are 'conscious'. Using brain monitoring, they can be seen to respond to stimuli. Isn't that wonderful?
    You are lying there with some vague awareness, when the caring professionals impinge, such that you might just think help is at hand. But what if you just want to die - a reasonable attitude in the circumstances - but you can only indicate yes or no? They are not going to ask you THAT question - are they . . .

    Living Hell – just get on with it. But then, we have already established "storage unto death" for the demented. It's called civilisation - it's what bombs are for.

  • Comment number 42.

    All this user's posts have been removed.Why?

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    All this user's posts have been removed.Why?

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    All this user's posts have been removed.Why?

  • Comment number 45.

    All this user's posts have been removed.Why?

  • Comment number 46.

    It seems that a studio full of economists and financial commentators can all agree with a complete straight face that "the markets" are seeking certainty, clarity and strong Gvt leadership.

    In other words, "the markets" DEMAND central planning, and will hop up and down in fits of madness until they get their way.

    In fact, "the markets" are demanding Fiscally Technocratic Dictatorships! Yet everyone seems to nod as if this is all perfectly sane.

  • Comment number 47.

    What an irony wearing a (fake) Burberry scarf?!



    Why aren't all immigration officials actually born in Britain? Perhaps we wouldn't get so many scams like this.

  • Comment number 48.

    OVERVIEW FROM 74 YEARS

    I hold the view that most of the 70 billion will die, after a 'full life' (span and function) far short of their potential, in terms of maturity (wisdom). It is debatable to what extent this has been deliberately brought about by devious forces, or if it just follows, inexorably on, from the errors of: fire, farming, industry and technology.

    For JJ I would point out that I refer to FALLING SHORT OF POTENTIAL (not BEING short of potential - another matter entirely).

    Hence the primary question is: can a bunch of juveniles - who think they are grown up - EVER progress to stable, positive (though pointless) life?

    Dave will know. Correction: Dave WILL BE SURE HE KNOWS.

  • Comment number 49.

    JohnConstable wrote: "A more co-operative type of capitalism in which the profits are shared out a bit more equally between the partners in an enterprise and encompasses a business model which takes full account of the wider environment, e.g. the society in which the business is based."

    China (and soon the rest of the BRICS), where one class (the capitalists, just one of the small stars on their flag alongside the agricultural workers, urban workers and intellectuals) is regulated by the larger star (the Party). The capitalists being ring-fenced in SEZs (luxury labour "camps") by an internal passport (ID Card) system limiting internal population management, where people work as regulated i.e. directed by what the ruling elected Party members consider best for the entire population (state).

    You appear to be tacitly/unwittingly referring to Socialism with Chinese Characteristics i.e. National Socialism (which was an implementation of Soviet Stalinism where the Central Bank (Gosbank) regulated the fiat money supply, and the state planners regulated the means of production and communication etc via Gosplan) the alternative being Randian (Jewish) anarchism.



    Mistress76uk wrote: "UK expects Israeli attack on Iran next month with US logistical support"

    Do you know if the journalist Tim Shipman (author of the Daily Mail article referred to above) may have any reason to be pro-Israel and anti-Muslim?



    As the article looks a little contrived with its undisclosed sources and a picture of Hague close by.

    When, in 2009 he wrote "On the night of the Mumbai attacks I spoke to an old security source of mine, who has friends in SIS, MI5 and defence intelligence."



    Does the reader know that those friends weren't working for, or informed by, Mossad or some other agency working on behalf of Israel for example?
    Is it a possibility?

    Under the circumstances, one should at least ask in the interests of objectivity and "independence" surely?

    "DEBKAfile was founded by a team of journalists in June 2000 as an independent Internet Web site, providing an intelligence and security news service.
    //
    DEBKAfile in English and Hebrew is updated four times a day, seven days a week."

  • Comment number 50.

    Auntidote @ 42

    I did watch a bit of Max Keiser last night as you suggested and he and his sidekick, the ghostly Stacey, do bring a different perspective to financial matters, which I found to be somewhat informative, amusing and a bit scurrilous.

    I would query one or two of his facts though - Max insisted that the IMFs' SDR's are a 'printing press' for yet another fiat currency and they can churn out as many SDR's as they want.

    But this does not square at all with the Wiki description ( of SDR's.

    Also, I have no idea if it is true or not, but Max stated that the EU's gold reserves (all 10,000 tonnes of it) were physically held at a bank in NYC and Max said that if the Americans were not inclined to hand it back, then too bad.

    Whereas I was fairly certain that most of the EU's gold was held at the ECB in Frankfurt, including the tonnes that Gordon Brown exchanged for euros all those years ago.

    The thing is, people like Max and Stacey can merrily shred 'banksters' et al but they should ensure that their facts are 100% correct or viewers may dismiss all of what they say as totally irrelevant, which would be a shame.

  • Comment number 51.

    @50 JC Max Keyser is an ex-stockbroker. I'm sure he understands the City/Wall Street very well: he is good on explaining and exposing fraud, and has some excellent guests. BUT he is not an economist. He and Stacey always promote gold, because they believe in it and have invested in it. However, the gold standard failed for a number of very good reasons, and those who want to bring it back are mostly those who have a vested interest in doing so.



    We do not need gold: if most of the gold in existence vanished into a black hole, it would not affect the ability of humanity to feed or clothe itself, or have an advanced technology.

    @48 Barrie. What is maturity? As I've got older, I've become happier in my own skin, and have less (a bit less anyway) need for a false face. For example, when I was about 40, I finally had the confidence to say "I don't know", when I didn't, rather than masking it with "I'm not sure". However, whatever maturity IS, in my book, it's certainly not the same thing as affected seriousness! I always enjoy a bit of "juvenile" humour!

    Vanity of vanities......

  • Comment number 52.

    OMG! The Sun Newspaper could close down!

  • Comment number 53.

    All this user's posts have been removed.Why?

  • Comment number 54.

    This comment was removed because the moderators found it broke the house rules. Explain.

  • Comment number 55.

    All this user's posts have been removed.Why?

  • Comment number 56.

    Hawkeye_Pierce wrote: "In other words, "the markets" DEMAND central planning, and will hop up and down in fits of madness until they get their way.

    In fact, "the markets" are demanding Fiscally Technocratic Dictatorships! Yet everyone seems to nod as if this is all perfectly sane."

    Yes but such is the way with the feminised-brained and children. They know not what they do and ultimately look to adult males to put all ain order when t heir anarchism ends in tears. except this time it's a problem as these types have displaced the very people who they say they expect to sort it all out!

    What I saw last night were three financial female gurus (and some studio feminised males) all nodding as you say, that the ECB should do what it legally can't do even according to The Lisbon Treaty, thereby illegally complete the coup which the 2005 Constitution failed to establish by law.

  • Comment number 57.

    Steve-London referred to a comment on a Guardian article about "liberal"
    balance and people having to be fair and not racist:

    A couple of related links and extracts to highlight a winding thread through a complex maze.



    "Tim began his career as a trainee at the Daily Express in 1997, quickly rising to become Deputy Foreign Editor, from where he helped coordinate coverage of the war in Kosovo and Bill Clinton's impeachment. He moved to the Sunday Express in 2001 as Deputy Political Editor and later took on the roles of Defence and Diplomatic Editor as well, covering security issues and the war on terror."



    "Richard Clive Desmond (born 8 December 1951) is an English publisher and businessman. He is the owner of Express Newspapers and founder in
    1974 of Northern & Shell, which publishes various celebrity magazines, such as OK! and New!, and British national newspapers Daily Star and Daily Express. Northern & Shell also owns British television network Channel 5 as well as Portland TV, which, in turn, owns the adult TV channels Television X, Red Hot TV, and others."

    From your link:

    "The paper likes to think of itself as a bastion of liberalism, fairness and anti-racism, and most Guardian staff would probably acknowledge that anti-Semitism is one of, if not the, most deadly forms of racism in history."

    Another (balanced) way of looking at it is that this is as a POLITICAL movement which uses "the race card" as a get out of jail free card in its relentless pursuit of predatory economic anarchism - Libertarianism.

    So, for an alternative view, and for balance (which may explain the very unequal statistics for hegemony given group size) I suggest one looks at the likelihood of observed vs expected given group population base-rates, as it is only rational to do so. This shed some light on an "enemy within" with divided loyalties. Remember the Foreign Office complain not so long ago over forged passports? Remember the lobby piece by Peter Oborne?

    If every time someone picked a suspect up for doing wrong they pulled out a "I'm a member of a persecuted minority" card and cried unfair discrimination, what would the likely long-term outcome be for the rest?
    To see the answer look at wealth and power distribution statistics and apply The Null Hypothesis and test it. Then look up the ethnic composition of the 1950 UNESCO statement on race and who keeps denying the very basics of genetics and inheritance in spite of all the scientific evidence and despite the clear endogamous practices. How do breeds get created and protected. Who makes the loudest cries against eugenics whilst practicing it?

    .

    This is just (dirty) politics. It has nothing to do with racism. To clean it up it needs airing, exposure so people can make a rational assessment.

  • Comment number 58.

    MATURITY (#51)

    I think the Daoists approach is as good as it gets Sasha. Seek 'The Way' but, if you think you have found it, you have not found it.

    Each of us is the Centre of the Universe. This rules out being annexed by organised religion and gods; it confers absolute power WITH ABSOLUTE RESPONSIBILITY.
    Don’tcha just LOVE a paradox?

    That'll do nicely.

  • Comment number 59.

    JohnConstable wrote: "The thing is, people like Max and Stacey can merrily shred 'banksters' et al but they should ensure that their facts are 100% correct or viewers may dismiss all of what they say as totally irrelevant, which would be a shame."

    Yes - he and his partner have an anarchistic agenda (Austrian School i.e Von Mises/Hayek) and they frequently use the programme to encourage viewers to buy gold and silver and this increase the market price whilst knocking fiat money and control by investment and central banks. This is classic Austrian school anarchism. But they are clever, amusing and sometimes informative.

    What we're seeing in Europe is bullying by the USA banks (as Washington NGO proxies) to establish fiscal unity via stealth (SFSF and ECB) across the EU via a Marshall Plan Mark II.


    Sasha Clarkson wrote: "@48 Barrie. What is maturity? As I've got older, I've become happier in my own skin, and have less (a bit less anyway) need for a false face. For example, when I was about 40, I finally had the confidence to say "I don't know", when I didn't, rather than masking it with "I'm not sure". However, whatever maturity IS, in my book, it's certainly not the same thing as affected seriousness! I always enjoy a bit of "juvenile" humour!

    Vanity of vanities......"

    Note the syntax. Barriesingleton falls into the same trap without noticing. Once again you write about your SELF. But what one thinks or writes about oneself.is not allocentric behaviour. One does not have access to much and what one does have access to is not infallible because of modularity (intensional opacity) of one's own behaviour which is why one has to periodically turn to others who specialise - e.g doctors. The vanity is holding otherwise in spite of the evidence. Most of this is opaque to people.

    What's being (helpfully) highlighted here is that there is an entirely different language-game, one which came about only after a lot of struggle in the philosophy of language and logic in early part of the C20th (cf. Carnap based on Wittegenstein and Frege) when solipsism was finally abandoned in philosophy (the watershed was 1928). The alternative was how we gradually developed formal truth-functional languages through Post, Church, Turing etc based on the Predicate Calculus (programming languages) which are now central not only to all of the sciences but most of the advances being made in the real world based on automation and engineering. The language of the self is an obstruction, an impediment. This was once basic education for most university educated students in the relevant disciplines up to the 1970s. Then something odd happened for which we are all now paying the price. This was subverted. Suddenly mentalism was back. Look into who brought it back and what it coincided with. It coincided with "freedom", free market anarchism. At the same time, we got anti-racism and feminism. When one sees this it is quite shocking. It is hurtful...one feels unpleasantly surprised.

  • Comment number 60.

    two foreign jewish businessmen suing each other over money? is that even a story?

  • Comment number 61.

    International politics. Russia enters the WTO and seeks to have the Jackson-Vanik amendment thrown out. This would remove the USA's legal justification for trade sanctions against non market economies - i.e statist regimes which, if seen to work, threaten its anarchism both domestically and abroad - cf Librya.

    "The Jackson–Vanik amendment is a 1974 provision in United States federal law, intended to affect U.S. trade relations with countries with non-market economies "



    All is not quite what it seems in this long running Cold War between statism and anarchism

    .


    Just remember, we are always hearing about PUBLIC debt, i.e GOVERNMENT debt, the cost of regulating and providing public services.

    In free-market orientated economies the objective is to reduce PUBLIC debt in order to reduce Governance, in favour of free-market anarchism determining all values i.e prices and incomes..

    What is being clobbered is GOVERNANCE i.e. REGULATION. As painful as this all is for those losing assets as savings etc, this austerity drive is all political.

    Don't just look at Italian debt, look at it as a function of their GDP.
    Do the same for the USA. Don't be scared by the large numbers.

  • Comment number 62.

    This comment was removed because the moderators found it broke the house rules. Explain.

  • Comment number 63.

    All this user's posts have been removed.Why?

  • Comment number 64.

    This comment was removed because the moderators found it broke the house rules. Explain.

  • Comment number 65.

    browndog @ 61

    You say that in free-market orientated economies the objective is to reduce PUBLIC debt in order to reduce Governance ...

    Gordon Brown said (back in 1998 or so) that he had reduced public debt by some £22Bn so that taxpayers money would not be wasted on debt interest payments but instead could be used to build more schools 'n hospitals.

    Well, that was the theory before Brown did a prompt about-face and turned on the borrow and spend taps and boy, were they turned on - mega-splurge!

    Now we're practically drowning in debt (over £1,000 Billion and rising) but hey it was worth it - two elections were won.

  • Comment number 66.

    CORRECTION JC (#65)

    I understand it was the saintly aura of St Tony (pretty straight kinda guy) that won three elections. Any suggestion that sucking up to dark forces and applying dark arts can thus be discounted.

  • Comment number 67.

    JohnConstable wrote "Well, that was the theory before Brown did a prompt about-face and turned on the borrow and spend taps and boy, were they turned on - mega-splurge!

    Now we're practically drowning in debt (over £1,000 Billion and rising) but hey it was worth it - two elections were won."

    Do you know of a better way to run a business into the ground than to squander its assets? New Labour was not socialist, it was Libertarian.

    It ran the state to ruin. There is a method to their madness. If you look back at the last 30 years it is OBVIOUS what has been going on, if you looked at it from the Public Sector management perspective. It was as if they were hollowing it out by putting spanners in the works everywhere. You may not have seen this, but it's a fact. The general public was then told by the Libertarian press how incompetent the state was and how much better it would all be if it was Market-Tested (there are many names for that).

    Remember Militant Tendency in the earlier days, Right-Wing anarchists masquerading as left-wing, but most people here can't discriminate one "socialist" (Trot - check out Ted Grant and others) from another. That's what not getting intellectual gets you, hoodwinked into being a fellow-traveller bringing about the demise of your own state.

  • Comment number 68.

    I'm glad the lady on newsnight admitted that Germany would not want some form of Germany currency bloc, as it would make the Germany economy uncompetitive with a German based currency being very high. The poor Countries (mostly PIIGS) really do serve their purpose well by being in this eurozone and suffering for Germany, but have got their own back in a way by causing this crisis.

  • Comment number 69.

    Permitting the ECB to print theorectically infinite amounts of euros is something that Germans appear to be petrified of, calling it a 'sweet poison' and say that it would create a moral haxzard, allowing the profligate PIIGS to continue in their spendthrift ways.

    Unfortunately, this view simply emphasizes the clear lack of leadership amongst the policymakers of Europe. Van Rumpuy's tenure as 'EU President' expires in mid-2012 but by then we may all have expired, in the economic sense.

    Europe needs a strong leader before parts of it are reduced to economic rubble.

    We in England should be trying to help our fellow Europeans but as yet another debtor country in the EU, we are more of a liability than anything else.

  • Comment number 70.

    JohnConstable wrote: "Permitting the ECB to print theorectically infinite amounts of euros is something that Germans appear to be petrified of, calling it a 'sweet poison' and say that it would create a moral haxzard, allowing the profligate PIIGS to continue in their spendthrift ways."

    It has less to do with being "terrified" (or anything else psychological, even though Germany does remember the hyperinflation created by banksters which led to disaster in the 1920s and 1930s). This is a LEGAL matter. The ECB is not allowed to do this by the Treaty.

    Why anyone has a problem with this given that it has been repeatedly pointed out in the media and on Newsnight strikes me as odd..

    Politicians and bankers are not permitted to do what is proscribed by law without committing illegal acts or over-ruling the law as dictators.

    That is the problem.

    That is why calls for the ECB to print money is a threat to democracy and the rule of law. The ECB is not a national Central Bank as there is no Europe as a state. That failed with the failure of t he Constitution in 2005, and even the Lisbon Treaty proscribes this today,

    That acting in violation of the law does has not stopped some in the past, just makes them offenders. That's precisely why we are now in this mess. Lack of regulation!

    Watch THE WARNING and note the ethnic identity of the major deregulators and their mentor, an anarchist. Think bind-spot to consequences rather than malevolent intent and you begin to see the true horror of the problem. This is what Germany said it was fighting in the 1920s through 1940s. It was not a religious group, but a group which preached deregulation and which solicited unwitting, overly trusting, naive, well-meaning people, to fight for a freedom to wreck on their behalf.

    Much as children and many females tend to alas - see impulse shopping, retail therapy etc etc..This is brain-gender issue. It is physical. It is genetic. It is incorrigible. It has to be regulated. THAT is what the Germans knew.

  • Comment number 71.

    James Carville, an American political consultant, famously said that when he died, he wanted to come back as the bond market, which was an implicit recognition of the enormous power of such.

    However, as we have just seen very recently, there is an entity more powerful than the bond market and that is a central bank.

    The ECB only this week successfully faced down the bond markets. Or to be totally precise, actually leveraged the power of the bond markets to make Berlusconi's position untenable, hence he is gone.

    I had not previously appreciated that the ECB is actually totally independent and will therefore, if required, print enough euros to fund whatever sovereign bonds it decides to buy, comensurate with its remit to keep inflation below 2%.

  • Comment number 72.

    In very general terms, it seems to me as a layperson, that the law is there to provide a general framework for society to work within.

    That is all, it is not the word of God.

    Sometimes, it may be necessary for individuals or (more rarely) institutions to act as outlaws for what may ultimately be for the greater good for society.

    With reference to the ECB and its actions, what it is currently doing might well be stretching the envelope of what it can do to breaking point(some senior officials have resigned recently) but potentially desparate economic times may require drastic measures, which would not be entertained under more normal market conditions.

    Similar has already occurred here in the accursed Blighty where the BoE has drastically reduced interests rates to almost zero for a considerable time now, which has forestalled millions of people going bust but has left some cohorts, notably pensioners, as effectively hung out to dry.

  • Comment number 73.

    All this user's posts have been removed.Why?

  • Comment number 74.

    All this user's posts have been removed.Why?

  • Comment number 75.

    JohnConstable wrote "In very general terms, it seems to me as a layperson, that the law is there to provide a general framework for society to work within.

    That is all, it is not the word of God.

    Sometimes, it may be necessary for individuals or (more rarely) institutions to act as outlaws for what may ultimately be for the greater good for society."

    This is how those in La-La land (Hollywood) behave and make a living They let words run detached from the underlying realities, and thereby create entertaining fiction (think Star Wars, Harry Potter etc). Once people throw out the laws which account for the offices they perform one no longer has rule of law. One has dictatorship.

    I say again, the ECB is not a bona fide Central Bank as a Central Bank requires a nation state! There is a petitio principii here and I suggest you look into it.



    We now have hordes of people writing and talking in this way.

    It is irrational, and it is very dangerous because it is irrational.
    What runs together well verbally does not necessarily depict reality. It is often quite the opposite. See La-La Land.

  • Comment number 76.

    I suggest readers look into who said this:

    "The Government of Israel has insulted the Vice President of the United States, and spat in the face of the President ... they wiped the spit off their faces and smiled politely ... as the saying goes: when you spit in the face of a weakling, he pretends that it is raining"



    The above author is interviewed on RT today, appearing as part of the news.

    Also look into who said the following - I have substituted the term Libertarian or Libertarianism, as I think it fairer, and far more accurate. The first quote and link above should show why this is so.

    We all need to come to terms with this. The problem is a minority, but it is not a racial or even a national minority. It is an Identity Disorders (Axis II Cluster B) well known to the psychiatric and others clinical services, and the worst of it is that these people generally don't see what they are doing as being harmful to themselves or others (it is a form of arrested development, one sees it in lots of children when young). So understandably they feel "got at" (persecuted) when accused of doing anything wrong. It is self-serving (non intentional) behaviour, and the important point to grasp is that it is largely unwitting - i.e "they know not what they do". It is part of human nature, but an extreme, and often pathological part. "What is to be done?" - as Lenin once wrote indeed (see also his paper on "Infantile Disorder" i.e what he was referring to.

    "It is untrue that I or anyone else in Germany wanted the war in 1939.
    It was desired and instigated exclusively by those international statesmen who were either of LIBERTARIAN descent or worked for LIBERTARIAN (ANARCHISTIC) interests. I have made too many offers for the control and limitation of armaments, which posterity will not for all time be able to disregard for the responsibility for the outbreak of this war to be laid on me. I have further never wished that after the first fatal world war a second against England, or even against America, should break out. Centuries will pass away, but out of the ruins of our towns and monuments the hatred against those finally responsible whom we have to thank for everything, LIBERTARIANISM and its helpers, will grow.
    //
    I have also made it quite plain that, if the nations of Europe are again to be regarded as mere shares to be bought and sold by these international conspirators in money and finance, then that *POLITICAL MOVEMENT, LIBERTARIANISM* which is the real criminal of this murderous struggle, will be saddled with the responsibility. I further left no one in doubt that this time not only would millions of children of Europe's Aryan peoples die of hunger, not only would millions of grown men suffer death, and not only hundreds of thousands of women and children be burnt and bombed to death in the towns, without the real criminal having to atone for this guilt, even if by more humane means. "

  • Comment number 77.

    there was plenty 'dodgy' in your post...for a start it contained the words 'and' and 'the' how dodgy do you want to get?

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