There will be no article for the next two weeks, as we embark on our annual family drive across Europe with our dog Sasha.
Hope to be in Passau or Regensburg Germany Sunday night for the final. Fingers crossed the locals are still in the competition.
Any recommendation where to watch the game there – has to be dog friendly.
Don’t bring the Dog!
Have a great holiday David.
Enjoy the hols …
It’s a pity you don’t use a muzzle David, for some of the people on this site!
Might be worth keeping an eye on this one, even if on hols: With all of the talk about bondholders, the decision on this ongoing case might be pretty interesting:
German firm sues IBRC over bond values
http://www.irishtimes.com/newspaper/finance/2012/0625/1224318628981.html
Good time to bury bad news and all of that…
There’s a nice pub with beer garden just at the opposite end of the stone bridge from the old town in Regensburg. I think this is it: http://www.altelinde-regensburg.de/ While looking, I found this: http://www.spitalkeller.com/?q=node/10 -also looks good and they’re showing the football in the beer garden. Otherwise look out for anywhere that has Neumarkter Lammsbräu. Both those places are on the Stadtamhof side of the river, so you would need, if approaching by autobahn, the exit Regensburg-Pfaffenstein. If coming from the town centre side, you’d need to either go back on the autobahn or drive across the Wöhrdbrücke (downstream fron… Read more »
Regensburg is a lovely town but sorry, I can’t remember the names of the pubs. I spent a very hot summer in that area a long time ago working on a dig. It was the same year there was an earthquake off the east coast of Ireland and my dad’s turf rick collapsed in the back garden. After the match go south to Altotting, where you’ll find a little church which contains a Black Madonna. The church and statue date from the middle ages and is a place of pilgrimage for Bavarians. What I love about it is the paintings… Read more »
Have a great holiday David. Not too sure about the dog. You could turn into the Roy Keane of economics with Pasha taking over from Trigger. What will be the Saipan event?
Have a good one. Well earned.
If it all goes off in the meantime, you’ll just be right again.
But leave the puter at home and we’re all looking forward to the new book down these parts btw.
Slán from Béal Ãtha.
F
Thanks for all the comments. The dog has proved to be the centre of our family, basking in overzealous attention from all sides, as Dad drives through Europe and the rest of the family doze off. I know which side of that trade I’d prefere to be on!
Best
David
No article for two weeks?
Boo
Enjoy your hold.
Banksters take no holidays now- they are directly confronting Germany, and this weekend is it! ( 26, June 2012, LPAC ) Capitol Hill sources have confirmed that Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke are demanding that Congress prepare emergency legislation for yet another hyperinflationary bailout of the hopelessly bankrupt trans-Atlantic financial system. For the past week, the two men have been meeting secretly with leading Congressional Democrats and Republicans, demanding that they draft new legislation to bailout the banks on an even larger scale than after the 2008 collapse. George Soros has jumped into the FT… Read more »
David, this places looks like it could fit the bill.
Outside beergarden, (nice for a dog I’m sure) by the banks of the Danube.
Surely they will have the match on –
After all Germany should be playing!
Enjoy that area – it looks very majestic.
http://www.spitalgarten.de/index.html
http://www.tripadvisor.ie/ShowUserReviews-g187312-d952202-r119664417-Spitalgarten-Regensburg_Bavaria.html
Pitstop in Munich
http://www.unionsbraeu.de/
Make that for tomorrow nights Match!
From Google translate;
“We broadcast the semifinals Germany – Italy from 20:00 clock on our big screen in the malting floor of the brewery cellar”.
Watching Good Football, drinking georgeous Beer in a brewery – sounds like heaven!
http://www.unionsbraeu.de/
Sweet!
http://www.unionsbraeu.de/biergarten/
The Euro Was Intended To Destroy the Nations of Europe June 27, 2012 (LPAC)–“The idea that the euro has ‘failed’ is dangerously naive. The euro is doing exactly what its progenitor — and the wealthy 1%-ers who adopted it — predicted and planned for it to do.” So wrote Greg Palast in yesterday’s London Guardian, noting that the progenitor, Robert Mundell, saw the euro as “a weapon that would blow away government rules and labor regulations.” “I knew him [Mundell] through his connection to my [U. of] Chicago professor, Milton Friedman,” Palast added. Palast described Mundell’s view thusly: “The euro… Read more »
Have a great holiday David.
As DMcW holidays, here is what the locals are thinking. Poll Finds 41% of Germans in Favor of Return to the Deutschemark June 28, 2012 (EIRNS)–An opinion poll carried out in Germany by YouGov on EU and euro policies, found 41% of those polled, in favor of a return to the d-mark, against 43% who want to stay with the euro. Some 67% said they see the euro crisis as the biggest challenge and threat to Germany. If a national referendum were held now on the EU as such, 51% of Germans would vote to stay, whereas 28% would vote… Read more »
Growth The only growth I can see now is my toenail .Many economists proclaim that new technology , inventions and research will bring growth .Currently , I believe they are wrong .It may bring ‘green shoots’ but that is all .I have a reason. At the time of the beginning of the Industrial Revolution in England initially there was growth .It was in the beginning a retarded growth because there was fear that the then monach would then distribute ‘rights’ to profits to his close entourage and the inventors and entrepreneurs were dubious what directions their new found wealth might… Read more »
Thanks for all the advice on places to watch the game. Good to see we have so many experienced boozers on the site!
Chat soon,
David
Well, it looks as if Merkel has been backed into a corner and she has given in. It will be interesting to see how this is digested by the German taxpayer. The option being chosen is Bernanke’s print-baby-print option. Aggressive monetarism, I would term it, after two decades of monetarism that resulted in the FIRE sector of the economy expanding, and engulfing the rest of the economy. To paraphrase Richard Millhouse Nixon, “We are all monetarists” now. And when monetarist policies first were released via Ronald Reagan, the CIA chief who was to become his VP, George Bush the First,… Read more »
The euro is dead long live the Euro Love it or like it that is the way it will be, that is what was written a long time ago. It will be democracy which will have to fight for, democracy which is far from perfect. The tool of money/ fear is the winner. It still a long way to go before full integrating into the USE maybe 10- 20+ years I think you called wrong David, the euro will last and grow you did not take enough account of politics, history and the realisation by politicians on the consequences of… Read more »
Amazing the “informed prognoses” here. This was the TWENTIETH SUMMIT in only TWO years, and nothing has been “solved”.
How is it that number 21 is supposed to work? I believe I see that the Tiger belief in occult mutterings from banksters has not subsided.
The utter failure to note the Bernanke/Geithner hysterical activity this week, is remarkable.
Lads, tell Geithner and Bubbles Bernie, its solved!
no more than a few weeks ago thestory of the London Whale broke – JPMC’s london arm has yet again like Lehman’s caused sheer panic. Bad Day for Big Banks and Big Derivatives Two of the world’s biggest banks were shown to be menaces to the financial system yesterday, sending all financial stocks plunging and markets generally falling. Despite many denials from other media during the day, the New York Times report that JPMorgan may be losing $9 billion from its huge London derivatives bet, stands up. The Times’ sources appear to include some inside JPMorgan Chase itself, who discussed… Read more »
Day of Shame: Bundestag Ratifies ESM and Fiscal Pact The German parliament, the Bundestag, ratified the Fiscal Pact and the ESM this evening after a two-and a-half-hour debate, which also featured passionate appeals by the opponents from all parties not to vote for the two laws. The ESM was passed 493-106 votes, with 5 abstentions; the Pact was passed 491-111, with 6 abstentions. Peter Danckert (Social Democrat), Peter Gauweiler (Christian Social Union), and Sahra Wagenknecht (Linke) announced legal complaints against the two laws, to be filed at the constitutional court tonight. Gauweiler — who had called for a referendum to… Read more »
EU Summit Produces `Effect’ Announcement June 29, 2012 (EIRNS)–The EU summit produced an announcement of measures to directly bail out banks and to purchase state bonds without “Troika” regimes. According to media reports, Italy and Spain threatened a veto in order to achieve that. In particular, they refused to sign the “growth” program which the German government needs in order to get SPD approval to the ESM/Fiscal pact treaties. The measures are outrageous in themselves, but they will become effective at year’s end. For the moment, they are an announcement intended to have an “effect” on the markets. Der Spiegel… Read more »
Where Charity Begins I was walking down Patrick Street , Limerick near Easons this morning at 8.45am and there was not a sinner to be seen on the roads ….except Charity Collectors . Outside Debenhams a new group of mothers and teenagers from County Limerick had just arrived and were gathered discussing where their ‘collection patch ‘ was to be …their charity was a rural event ….just next door ( Pennys) was a seperate charity agency with a single seasoned concerned middle aged man who was on his mobile discussing his strategy with another third charity agency single seasoned charity… Read more »
Worth 22 minutes of your life especially when he wraps it up at the end:
http://www.youtube.com/watch?v=LTO_dZUvbJA
Extracts from below from Wikipedia there is a conspiracy thriller here with sex scandal already in place.
Merkel as one of Kohl’s protégées and his youngest cabinet minister, she was referred to by Kohl as “mein Mädchen” (“my girl”).
Hollande was a Special Adviser to the newly elected President Mitterrand.
Hollande initially trailed the front-runner, former Finance Minister and IMF Managing Director Dominique Strauss-Kahn.
Strauss-Kahn had been widely expected to seek the Socialist nomination for President of France in 2012, and was considered an early favorite.
UK Column: Glass Steagall or Collapse — Go to a “Greenback Pound” June 28, 2012 (LPAC)–The June issue of the UK Column, published periodically in the UK, leads with a report from co-editor Mike Robinson (a long-time EIR reader) titled: “Financial System Continues Collapse – Opportunity for Optimism.” After describing the hopelessness of the bailout process in Europe, and ridiculing the propsal of Bank of England head Mervyn King, and Chancellor of the Exchequer George Osborne’s insane call for “bolder action” in bailouts, Robinson says that the collapse of the real economy since the time of Maggie Thatcher can only… Read more »
The Bundestag ESM vote is for a Versailles II, thoroughly denounced by Bueso in Germany. Yet again the Greens proved willing to help the banksters (as they are obsessed with supranational ways to push their agenda, as well a being anti nation-state) and Trittin’s speech is evidence enough. Eire threw the Greens out along with FF. Now London’s “Weimaristas” are threatening chaos by Thursday (next ECB policy meeting in Frankfurt) to open the money spigot immediately, not waiting for 2013, for a mega-bailout. For those with collective sporadic amnesia, Versaille I was the impossible debt loaded on Germany after WWI,… Read more »
Tony Robinson asks if bankers are human
http://www.bbc.co.uk/news/uk-politics-18642323
A think for u to tunk;
Is it possible that the UK will join the Euro in the coming years?
A voice of sanity from the U.K. Liam Halligan, excerpted below : http://www.telegraph.co.uk/finance/comment/liamhalligan/9366983/Italy-has-won-this-euro-battle-but-not-the-war.html “Britain’s banks are, quite clearly, out of control. The Government hasn’t even got the guts to implement the extremely weak “Vickers reform” – which supposedly set up a firewall between investment and commercial banking. Well, history shows that firewalls don’t work, which is why we desperately need a proper “Glass-Steagall” split. Unless we get one, then the on-going use of ordinary deposits to finance investment bankers’ bets will result in yet more UK bank bail-outs. Given the rescues we’ve seen so far, and the gargantuan size of… Read more »
When I read the comments above, it seems to me that progress seems to be predicated on breaking or separating interest groups or insiders. Other terms refer to separation of duties Glass- Steagall: Investor/Retail Senate/Representative Police/ Army Accounts Paayable/ Accounts Receivable Law/ Government Mutually Assured Destruction/ Embarrassment/ Disgrace etc Client/Professional The notion of Patents / Monopolies (see John Allen’s excellent comment above) The very basis of an equal, fair and progressive society demands well documented and visible protocols of engagement between all interest groups. The effect of trying to make the Euro work seems to be forcing these questions on… Read more »
Meanwhile…back at the ranch…. http://www.independent.ie/business/european/debt-crisis-finland-to-block-esm-from-buying-government-bonds-on-open-market-3155250.html I suppose we can be certain that none of the PIGIS will want to prevent the ESM bailout, otherwise their polticial and business establishments will get, eventually overthrown in a revolution. You can be certain, that Merkel will end up worrying over this. And the signs are that the British are getting a bargepole into action and gradually pushing themselves away from the Belgian divorce, and newly renewly Socialist France…. This is going to last a few more days, and then we will be back to square one. The Finns are about to get absolutely… Read more »
http://www.irishtimes.com/newspaper/finance/2012/0703/1224319266851.html
PAUL KRUGMAN
“Still no sign of a policy shift to save Europe’s currency”
Our “return” to “Bond markets” – This is potentially (pending results of sale, namely yield, volume and percentage allocation to non-captive banks and funds) a minor positive for Ireland. Minor, because: 1.Bills are NOT bonds – bills are short-term instruments, traditionally under 12 months maturity (bonds are over 1 year maturity). 2.Bills issued currently fall to mature within the period of existent EFSF funding programme, so in effect there will always be funds to cover these, short of a catastrophic collapse of the euro during the duration of the bills. 3.Issuance of bills has nothing to do in terms of… Read more »
Following the Barclays LIBOR corruption scandal show the “system” itself is a total ball of wax. OSBORNE RESPONSE TO LIBOR SCANDAL: DON’T EVEN THINK OF FURTHER INVESTIGATING THE BANKS Chancellor of the Exchequer George Osborne today responded to the announcement that Barclay’s CEO Robert Diamond will join chairman Marcus Agius in stepping down, as “the right decision.” But Osborne was quick to add, in response to Labor Party calls for a broader judicial inquiry into wrongdoing at the banks, that finance “is an incredibly important industry. It’s Britain’s largest private-sector employer. What we don’t need is its reputation tarnished, navel-gazing… Read more »
GLASS-STEAGALL IN THE UK: MP Jonathan Edwards, Treasury spokesperson for Plaid Cymru (the National Party of Wales), has condemned Chancellor George Osborne’s announcement that there won’t be a full public inquiry into the Libor scandal: “This is a scandal of conspiracy, theft and fraud at the heart of the financial industries in London… There is a structural and cultural problem with the UK banking industry which requires a complete overhaul.
Crucially, we need a complete separation of retail and investment banks (Glass-Steagall Act) which goes further than the recommendations of the Vickers Report.
4th of July, and FT comes to its senses, endorses FDR’s far-reaching banking reform. The Financial Times Says It Has Rethought Ring-fencing, Wants “Formal Glass-steagall-style” Restructuring July 4, 212 (LPAC)–In an editorial today entitled “Restoring trust after Diamond,” the Financial Times says that measures for restoring trust include separating the investment and retail parts of universal banks, and, for the first time to our knowledge, argues {for} a Glass-Steagall-style approach, as opposed to the Vickers ring-fencing approach. What this means for {action} remains to be seen. We quote the relevant sections: “The clash between retail and investment banking has always… Read more »
Brokerage CEO Terry Smith and MP Thurso Back Glass Steagall, “We Have To Go Beyond Vickers’ Ringfencing” July 4, 2012 (EIRNS)–There have been more calls for Glass-Steagall in Britain, from Terry Smith, CEO of Tullett Prebon and of Fundsmith, and also from British Member of Parliament John Thurso. In an op-ed in the July 1 {Guardian}, Smith wrote that only the implementation of Glass-Steagall will stop the bankers’ gambling-like manipulation of the LIBOR rates by Barclays Bank. Smith begins, “The reaction of the British Bankers’ Association to the revelation that Barclays traders had been manipulating the LIBOR interest rates —… Read more »
Another British Voice for Glass-steagall July 4, 2012 (LPAC)–In an interview with Jon Snow on Wednesday’s Channel 4 News, Lord Myners called for full Glass-Steagall legislation to deal with the corruption of the banks. Paul Myners was appointed Financial Services Secretary in the government of Gordon Brown. He was made a life peer as a result of this job, because he was not a Member of Parliament. His comments came during a panel discussion on Channel 4 News, discussing the evidence given on Wednesday by Bob Diamond, erstwhile Chief Executive of Barclays Bank, to the Treasury Select Committee. Towards the… Read more »
Why is glass-steagall being pushed so hard and what does it do. What effect will it have on the banking corruption and the derivative banking casinos. As far as I know glass-Steagall does not ban any activity. It just separates the two parts of the modern banks actiities. why are the modern activities a problem for us. The regular banking operations are bad enough as fractional reserve banking is practiced. this is where billions of currency units are peroduced out of thin air and loaned into existence at intertest. This interest that must be paid isnot available unless extracted from… Read more »
Niall Ferguson makes some interesting points re. Glass-Steagall in his 2nd Reith Lecture on BBC Radio 4
http://www.bbc.co.uk/programmes/b01jmxqp
All 3 (so far) are worth a listen on BBC i Player.
Here are a couple of essays on bank collusion and price setting.
and the destructive power of the over the counter derivative markets to destroy the banking system. It is one reason why there may be no functioning currency one morning when you arise!
http://www.lemetropolecafe.com/chien_du_cafe.cfm?pid=10088
and another from the Daily Bell
http://www.thedailybell.com/4056/The-LIBOR-Scandal-Is-a-Sham-Engineered-by-Central-Banking-Elites
Austrian Oppposition: ESM Will Lead to a “Euroshima” July 5 (EIRNS)–Yesterday’s session of the Austrian parliament on the ESM and Fiscal Pact lasted from early morning into late afternoon, and was thereby visibly longer than the two-hour rush debate in the German Bundestag on June 29. The Austrian parliament featured harsh attacks against the ESM in particular by Heinz-Christian Strache, chairman of the Freedom Party (FPOE), who denounced the bailout fund as a “coup against the Austrian constitution and state,” a “financial dictatorship,” and a “sado-maso treaty, forcing us Austrians to pay without being allowed to have a say.” The… Read more »
Lies are endemic around the globe says Egon Von Greyertz of Matterhorm Management of switzerland. See what he says to do with your savings
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/7/5_Greyerz__Were_Dealing_With_Government_Lies_%26_Misinformation.html