Meltdown

[Coopmv]

Iceland gets its revenge on the British and Dutch for messing with their banks:

Iceland volcano grounds flights across northern Europe

In related news, one Washington Post blogger seems to have confused Iceland with Ireland - an easy mistake to make...

Volcanic ash in Northern Europe is wreaking havoc on air travelers. The ash clouds from Ireland have canceled flights, shut down London's Heathrow Airport and closed air space over parts of Europe.

Forgive the Americans, most are poor in geography in addition to not knowing how to do simple math.   

[Coopmv]

DM,  Here is a mini meltdown in France ...   

Saint-Etienne Swaps Explode as Financial Weapons Ambush Europe

[Coopmv]

DM,  It is bad news city for CA ...     

California jobless rate swells to 12.6 percent
SACRAMENTO, Calif. (AP) - California's unemployment rate hit a modern record of 12.6 percent in March, though it rose only a fraction over the previous month, the state Employment Development Department reported Friday.
Continued here ...

[Coopmv]

DM,  It is about time for EU to play some hardball.  Between the US and EU, Chinese exports have a lot to lose - 70% of its total exports?   

EU Steps Up Pressure for Higher Yuan on Concerns About Recovery

[Coopmv]

DM,   Looks like Goldman and China are in good company as they are both on the crap list with the US and the EU ...   

EU's Investigation of Goldman Will Be 'Profound,' Rehn Says

[Coopmv]

DM,  These SOB's deserve to get some serious punishments for their transgressions ...   

Goldman Sachs faces questions in Europe
UK's Gordon Brown lashes out at Goldman Sachs, calls for inquiry

[Coopmv]

DM,   EU made the ultimate mistake by admitting Greece into the union.  You can liquidate a company when things do not work out, but how do you liquidate a sovereign nation?   

This is wishful thinking of the higher order ...   

Debt-plagued Greece optimistic on big loan package
Greece optimistic about big loan package to help Athens make large repayment due in May
 

[Florestan]

DM,   EU made the ultimate mistake by admitting Greece into the union.  You can liquidate a company when things do not work out, but how do you liquidate a sovereign nation?   

You don't have to liquidate the nation, only its sovereignty. The Lisbon Treaty and the future EU development will take care of that. Good-bye European sovereign states, welcome European (Soviet Socialist) Union.

[Coopmv]

You don't have to liquidate the nation, only its sovereignty. The Lisbon Treaty and the future EU development will take care of that. Good-bye European sovereign states, welcome European (Soviet Socialist) Union.

In the capitalist world, the bondholders are the first to get paid when a debtor is liquidated.  Are the German bondholders gonna to get the Parthenon in Berlin?   

[Coopmv]

DM,  EU is toast and the US is in bad shape.  The Chinese will be toast too - where are they gonna to export all their products and the rapid formation of their middle class will be a mirage if their exports grind to a halt ...   

ATHENS (AP) -- Ratings agency Standard & Poor's pushed Greece to the brink of a financial abyss Tuesday and downgraded Portugal's debt, too, fueling fears of a continent-wide debt meltdown in Europe.
  Continued here

[Florestan]

In the capitalist world, the bondholders are the first to get paid when a debtor is liquidated.  Are the German bondholders gonna to get the Parthenon in Berlin?   

They don't need to get the Parthenon in Berlin. I think they'll satisfy themselves with the revenues from Parhenon tourism. 

[Coopmv]

They don't need to get the Parthenon in Berlin. I think they'll satisfy themselves with the revenues from Parhenon tourism. 

The Greeks will sell the Germans bonds that mature in Y3K with coupon and principal payments coming from revenues from Parthenon tourism ...   

[Coopmv]

DM,  The Greeks are no different than the Argentines when it comes to finance.  A few of my fellow Americans who have vacationed in Greece do not have very positive impressions about what they experienced over there.  In short, it is not a particularly hard-working country ...

Greek unions protest expected austerity measures
Rioters clash with police at Athens rally as anger mounts over expected harsh austerity plan

[Florestan]

DM,  The Greeks are no different than the Argentines when it comes to finance.  A few of my fellow Americans who have vacationed in Greece do not have very positive impressions about what they experienced over there.  In short, it is not a particularly hard-working country ...

This reminds of a joke with an American billionaire who was spending his vacation in Greece. Going to beach every day, he noticed a Greek guy who sunbathed all day long, while al other village people went fishing at sea. He approached him after a few days, genuinely wanting to offer him a lesson in the American way.

- Hey, my friend, why don't you go fishing in a boat, like all other people in your village?

- And why should I? asked the Greek.

- Well, if you wake up and go at sea early enough, after a year or so you'll catch enough fish which you can sell and buy a faster and more reliable boat than everybody's else.

- And why should I?

- Having a faster and more reliable boat will enable you to catch even more fish, so after another few years you can make big money out of it.

- And why should I?

- Why, if you are rich, you can hire other people to work for you.

- And why should I?

- Because thus you'll have all the time in the world to do what you like without having to work.

To which the Greek replied:

- Hey, old man, that's exactly what I'm doing right now.

[Coopmv]

DM,  What a horror movie?  Admitting Greece into the EU was as bad an idea as admitting Mexico into NAFTA   

[Archaic Torso of Apollo]

On the general subject of collapse. I just found this site, by someone who directly experienced Argentina's recent economic meltdown. It discusses both the social consequences of such collapses, and strategies for surviving them:

http://www.survival-spot.com/survival-blog/argentina-collapse/

What's especially sobering about this is that Argentina used to be a rich, well-off country. It makes for scary but essential reading for all of us sitting comfortably in the so-called advanced world.

[Coopmv]

On the general subject of collapse. I just found this site, by someone who directly experienced Argentina's recent economic meltdown. It discusses both the social consequences of such collapses, and strategies for surviving them:

http://www.survival-spot.com/survival-blog/argentina-collapse/

What's especially sobering about this is that Argentina used to be a rich, well-off country. It makes for scary but essential reading for all of us sitting comfortably in the so-called advanced world.

This has got to be the third meltdown or more.  Argentina was famous for its 300% inflation rate back in the 70's or 80's.

[drogulus]

     

     

     

      Is it too early to buy BP?

[drogulus]

     Why do I remain unconvinced that we in the U.S. (and this would apply to the U.K. as well) will experience either the apparently permanent decline of Japan or the extremes of financial foolery like Argentina or Greece? It's a question of nothing like that happening so far, in itself a dangerous kind of forcasting technique. However, you have to wonder why people point to these bad examples if it isn't obvious that we are not like these countries in some perceivable and perhaps measurable ways. It seems to me that you can't tell people to beware these terrible consequences without having a much better explanation of why we are still having to beware them instead of actually experiencing them. I provisionally conclude that many of the advanced economies (especially the larger ones) are better run overall with more fail-safes than the 3 countries I mentioned, and a close investigation would reveal that, or has revealed it.

[Coopmv]

     Why do I remain unconvinced that we in the U.S. (and this would apply to the U.K. as well) will experience either the apparently permanent decline of Japan or the extremes of financial foolery like Argentina or Greece? It's a question of nothing like that happening so far, in itself a dangerous kind of forcasting technique. However, you have to wonder why people point to these bad examples if it isn't obvious that we are not like these countries in some perceivable and perhaps measurable ways. It seems to me that you can't tell people to beware these terrible consequences without having a much better explanation of why we are still having to beware them instead of actually experiencing them. I provisionally conclude that many of the advanced economies (especially the larger ones) are better run overall with more fail-safes than the 3 countries I mentioned, and a close investigation would reveal that, or has revealed it.

In this world that is more driven by technologies than ever, who is the leading country that can replace the US in the near future, say the next 5 to 7 years.  I do not see Japan and certainly not China or any of the European countries.  Comparing the US to Greece or Argentina is totally inadequate since neither of those countries have much else to offer except agro-business.