it's interesting that in the UK, people are declared insolvent/bankrupt, whereas in the states, "declared" is in active voice with the debtor doing the action.
Just a note on language, if an English person uses the word scheme it does not have the negative connotations it has in America. Government plans to fix an alleged problem are called schemes in England. I wonder how many years it will take them to adopt the American definition of scheme.
credit green fields?
just joking about that last bit, the positive aspect for the economy is that they will spend less of their income on debt servicing and more on consumption / investment
it also restores a good incentive to lenders to avoid chasing yield past the point of no return
the individual stories are tragedies, but in a complete context this is a welcome development
"just joking about that last bit, the positive aspect for the economy is that they will spend less of their income on debt servicing and more on consumption / investment"
do you think Beijing might be ready to act as a standby host for the 2012 Olympics? if not what about Athens? maybe Sydney? I think Sydney sounds like the safest bet
With respect to bankruptcy in the States, it looks like we are at the beginning of a ramp-up there with the continuing declines in employment as evidenced by UE and EMRATIO, and continuing declines in personal income less govt transfer payments.
Due to fears of the spread of the A/H1N1 virus ("swine flu"), Slovakia on Nov. 8 plans to close all but one border crossing with Ukraine, where 135 people have died from the virus and more than 871,000 are infected, Slovakia's Health Ministry said Nov. 7, RIA Novosti reported. The Slovakian Foreign Ministry has advised citizens of Slovakia not to travel to Ukraine because of the risk of being infected with the flu virus."
India's central bank, the Reserve Bank of India, paid $6.7 billion to purchase 200 tons of gold from the International Monetary Fund in an effort to boost its finances and diversify its foreign exchange reserves, Kazakhstan News reported Nov. 7. India's foreign exchange reserves reportedly were $285 billion in October."
Medvedev: Kiev infighting holding up gas payments
BERLIN, Nov 7 (Reuters) - Political infighting in Ukraine ahead of a presidential election in January is holding up Kiev's payments for Russian gas, Russian President Dmitry Medvedev said in an interview with German weekly magazine Der Spiegel. Medvedev placed the blame for frosty relations between the two former Soviet republics squarely on the shoulders of President Viktor Yushchenko and said he hoped a new leader would be more "pragmatic" in relations with Moscow. Medvedev: Kiev infighting holding up gas payments
| Reuters
huh...funny thing about having Ivan serve you dinner... Viktor Yushchenko points finger at Russia over poison that scarred him
Tony Halpin in Kiev
The attempt to poison Viktor Yushchenko using dioxin left him with permanent facial scars
The President of Ukraine accused Russia yesterday of blocking the investigation into the plot to assassinate him with poisonous dioxin. Viktor Yushchenko told The Times that Russia was refusing to cooperate even after he had raised the issue directly with President Putin.
Asked whether he believed there was state involvement in the attempt to murder him, Mr Yushchenko replied: “This was not a private act.” Russia was the only country that had refused to provide Ukrainian investigators with samples of dioxin produced in its laboratories for analysis. Its Prosecutor-General had also ignored requests to extradite Ukrainian suspects who had fled to Russia. Printer Friendly
do you think Beijing might be ready to act as a standby host for the 2012 Olympics? if not what about Athens? maybe Sydney? I think Sydney sounds like the safest bet
2012 will go off w/out a hitch [IMHO] because its stimulus - print & spend & hire & build - its AFTER 2012 that they'll need the financial steroids.
energycon - is it just me but seems like every year when it starts to get cold Ukraine & Russia have a spat regarding the 'gas bill'... sort of like seeing the first Christmas lights - a sign the season is here.
lol! I was thinking everything old is new again...
edit: but we really didn't see this until the "Orange Revolution" and a pro-Western government got into power (or at least partially)...the current president was running for PM and was poisoned with extremely pure dioxin in 2004 after having dinner with the head of internal security and his assistant...who later fled to Russia.
I know but the last few winters its been fun to watch - and it comes like clockwork - just about the time we set the clocks back Russia turns off the gas - and of course all of Europe understands the implications [they could be next if they aren't appropriately 'respectful'].
In the future, I see Russia becoming more under threat from China, for their energy resources. What's to stop China from moving westward across Eurasia as energy needs begin to dominate?
Where is Kirkland? Odd naming something after Costco's in house discount brand.
The Ukraine H1N1 is getting scary. It is amusing how every Fall the supplies are cut off and then restarted. The implications for Europe are obvious... Hence why they keep building more gas storage and are signing contract for Qatar LNG.
What's to stop China from moving westward across Eurasia as energy needs begin to dominate?
Russia under threat? No. They have nukes. In order to perpetuate mechanized warfare, you cannot attack an opponent with nukes.
That leaves open a path for China to Iran though... I find it interesting that Chinese Almanacs list Iran's population at 60% of the level other almanacs list the population. Hmmmm....
To: mock turtle & JimPortlandOR,
I was asking if anyone had links to the 'failure to comply' part of the proposed healthcare bill...I'll check when I get a chance...just heard general references to 'failure to comply' during the Congressional debate today on CSPAN...
Jim...I see what you were saying about the logic of mandatory coverage keeping costs down for everyone as is done for car insurance...you have to be a believer in the Health Care System though and believe in their price structure and the quality and effectiveness of medical services and Big Pharma prescriptions in general to say you want to pay for what will be provided...to really believe in standard Health Care & delivery & pharmeceutical effectiveness to want to pay for it without reservation...or maybe pay more than you can afford...do you have any experience in dealing with the Health Care System to know you want to support it and pay for it basically unconditionally as presnted in the 2000 page health care reform 'resolution'?
Why conquer what you can just as easily buy? Russia will sell to China at a price both find supportive of the status quo. Amazing how that works out.
Ahhh... if that is what you mean. Sure. But remember the old saying, 'you have to buy the horse from the Russian twice.' Those two will barter away for decades.
neil, most certainly talking long future. As dryfly says, most probably by relatively peaceful means, kind of like the barbarians and the Roman Empire, though there was that unfortunate sacking of Rome incident.
"In the future, I see Russia becoming more under threat from China, for their energy resources. What's to stop China from moving westward across Eurasia as energy needs begin to dominate?"
Russia just seems like an energy prize too big to ignore.
Won't be ignored - just don't have to waste resources & manpower 'conquering' & 'occupying' it - cheaper more effective ways to accomplish the same thing [preferential access].
Given the problems that Europe is having with Russian supplies, would the Chinese put up with that?
Probably wouldn't have to - that's the thing... Europe doesn't face a long almost empty border w/ oodles of resources on the other side - China does. And Russia knows this equally well. So does Russia make good on the deliveries to the Chinese & at a 'reasonable price' or do they 'squabble'? I think Russia makes good on the China deal... in fact that kind of 'close relationship' probably makes the European one even more questionable [when you can serve only one who are you going to serve - the carrot or the stick?]...
Someone moved Alice's rabbit hole to the entrance of Lord Blankfein's office. Cloaking your actions in God's will is what extremists do when they push the red button or pull the trigger. Can't think of any prior circumstances in history when powerful people shouldered aside blame to claim a divine right to bless their actions that turned out alright. Only God can judge me, ruh roh, crazy has arrived.
"Luckily for him and his firm, he’s a damn good salesman. He starts with a little humility. He understands that "people are pissed off, mad, and bent out of shape" at bankers’ actions. Goldman played its part in the meltdown that almost destroyed the global financial system. It, like most other banks, lent too much money, made its first quarterly loss for more than a decade last year and ended up taking bail-out cash from Washington. "I know I could slit my wrists and people would cheer," he says. But then, he slowly begins to argue the case for modern banking. "We’re very important," he says, abandoning self-flagellation. "We help companies to grow by helping them to raise capital. Companies that grow create wealth. This, in turn, allows people to have jobs that create more growth and more wealth. It’s a virtuous cycle." To drive home his point, he makes a remarkably bold claim. "We have a social purpose." "
...
"So, it’s business as usual, then, regardless of whether it makes most people howl at the moon with rage? Goldman Sachs, this pillar of the free market, breeder of super-citizens, object of envy and awe will go on raking it in, getting richer than God? An impish grin spreads across Blankfein’s face. Call him a fat cat who mocks the public. Call him wicked. Call him what you will. He is, he says, just a banker "doing God’s work" "
"just joking about that last bit, the positive aspect for the economy is that they will spend less of their income on debt servicing and more on consumption / investment"
China's food needs are even more dire than its energy needs. Unfortunately, Russia can't even feed itself.
They don't have the transshipment issue going east - it is straight across from Russia to China - so, the dancing with former satellite states part of the puzzle goes away.
Russia, China sign landmark oil pipeline deal
Oct 28 08:31 AM US/Eastern
Russia and China on Tuesday signed a long-awaited deal to build an oil pipeline from Siberia to China after talks between Prime Minister Wen Jiabao and Russian counterpart Vladimir Putin.
The leaders watched as Chinese state energy major CNPC and Russian state pipeline monopoly Transneft signed the deal to build the pipeline from the Siberian town of Skovorodino to the Chinese border.
The pipeline agreed on Tuesday would have a capacity of 15 million tons of oil per year and would be a branch of the main East Siberia-Pacific Ocean trunk pipeline, which is still under construction, officials said. Russia, China sign landmark oil pipeline deal
Externalized Costs:
"Can't think of any prior circumstances in history when powerful people shouldered aside blame to claim a divine right to bless their actions that turned out alright. Only God can judge me, ruh roh, crazy has arrived."
We had a poster here named lucifer... well, the "real" Lucifer's greatest sin was hubris, and the complex works itself out in a lot of interesting ways.
It may be that the allusion to 'God's work' was colloquial, and not to be taken seriously. It's not possible to know from the article if the speaker believes in God, or has had any experience of God. But it's very unlikely that upon having an experience of God one's first impulse would be to write Him a check. Or offer stock options. 'Richer than God' is also a colloquial phrase, but it has no objective meaning.
The bill contains a mandate for people to buy insurance. The only other way to achieve everyone paying (spreading the cost and risk) is to add the cost of insurance to taxes
So , are at risk behaviors now the responsibilty of the proles to eradicate...ie; can i go poor water in the face of a smoker, or take food from the morbidly obese, or take candy bars and beer away from the diabetic, skateboards away from tweeners, parachutes away from the type-A's, etcc...
pavel, I would attribute it to the combination of hubris, a wicked sense of ironic humor, and definitely no small amount of self-awareness of his own personality, after having read the entire article.
Nemo?
35k are insolvent but they still need food, shelter and medical care.
Weird. So they actually utilize the laws on the books and the associated system when insolvent?
That's no way to run a 21stC economy.
C
it's interesting that in the UK, people are declared insolvent/bankrupt, whereas in the states, "declared" is in active voice with the debtor doing the action.
Just a note on language, if an English person uses the word scheme it does not have the negative connotations it has in America. Government plans to fix an alleged problem are called schemes in England. I wonder how many years it will take them to adopt the American definition of scheme.
It ain't over til I say its over - Joe
It will happen on Monday
credit green fields?
just joking about that last bit, the positive aspect for the economy is that they will spend less of their income on debt servicing and more on consumption / investment
it also restores a good incentive to lenders to avoid chasing yield past the point of no return
the individual stories are tragedies, but in a complete context this is a welcome development
"just joking about that last bit, the positive aspect for the economy is that they will spend less of their income on debt servicing and more on consumption / investment"
You assume they have an income stream.
ECT wrote:
I'm aware of that, but sometimes I wonder if the Brits aren't just more honest about calling a spade a spade...
do you think Beijing might be ready to act as a standby host for the 2012 Olympics? if not what about Athens? maybe Sydney? I think Sydney sounds like the safest bet
oh they will once the twin deficits get sorted
With respect to bankruptcy in the States, it looks like we are at the beginning of a ramp-up there with the continuing declines in employment as evidenced by UE and EMRATIO, and continuing declines in personal income less govt transfer payments.
Will uncle Sam pay me if I file for one of them insolvencies?
Tim waiting for 2012 wrote:
I was tempted to make the same reply.
.
Off to pool.
Pictures of Kirkland in the hands of investors.
More condos underway.
The pictures don't capture the size of what's happening.
http://www.realmeme.com/roller/page/realmeme?entry=kirkland_deconstructed
Senator Jim Bunning's question to Ben Bernanke:
"How are you going to regulate systemic risk when you are the systemic risk?"
who is the beauty that is serving as "madam speaker" in the health care debate in the HoR?
" November 7, 2009
Due to fears of the spread of the A/H1N1 virus ("swine flu"), Slovakia on Nov. 8 plans to close all but one border crossing with Ukraine, where 135 people have died from the virus and more than 871,000 are infected, Slovakia's Health Ministry said Nov. 7, RIA Novosti reported. The Slovakian Foreign Ministry has advised citizens of Slovakia not to travel to Ukraine because of the risk of being infected with the flu virus."
" November 7, 2009
India's central bank, the Reserve Bank of India, paid $6.7 billion to purchase 200 tons of gold from the International Monetary Fund in an effort to boost its finances and diversify its foreign exchange reserves, Kazakhstan News reported Nov. 7. India's foreign exchange reserves reportedly were $285 billion in October."
off topic but british
I'm doing 'God's work'. Meet Mr Goldman Sachs - Times Online
IIRC, that is up from 2 of 5 being closed to 4 of 5 being closed...
Records are made to be broken.
broward: Off to pool.
With all that practice probably you can swim faster than almost anyone.
Medvedev: Kiev infighting holding up gas payments
BERLIN, Nov 7 (Reuters) - Political infighting in Ukraine ahead of a presidential election in January is holding up Kiev's payments for Russian gas, Russian President Dmitry Medvedev said in an interview with German weekly magazine Der Spiegel.
Medvedev placed the blame for frosty relations between the two former Soviet republics squarely on the shoulders of President Viktor Yushchenko and said he hoped a new leader would be more "pragmatic" in relations with Moscow.
Medvedev: Kiev infighting holding up gas payments
| Reuters
huh...funny thing about having Ivan serve you dinner...
Viktor Yushchenko points finger at Russia over poison that scarred him
Tony Halpin in Kiev
The attempt to poison Viktor Yushchenko using dioxin left him with permanent facial scars
The President of Ukraine accused Russia yesterday of blocking the investigation into the plot to assassinate him with poisonous dioxin. Viktor Yushchenko told The Times that Russia was refusing to cooperate even after he had raised the issue directly with President Putin.
Asked whether he believed there was state involvement in the attempt to murder him, Mr Yushchenko replied: “This was not a private act.” Russia was the only country that had refused to provide Ukrainian investigators with samples of dioxin produced in its laboratories for analysis. Its Prosecutor-General had also ignored requests to extradite Ukrainian suspects who had fled to Russia.
Printer Friendly
EvilHenryPaulson wrote:
2012 will go off w/out a hitch [IMHO] because its stimulus - print & spend & hire & build - its AFTER 2012 that they'll need the financial steroids.
energycon - is it just me but seems like every year when it starts to get cold Ukraine & Russia have a spat regarding the 'gas bill'... sort of like seeing the first Christmas lights - a sign the season is here.
lol! I was thinking everything old is new again...
edit: but we really didn't see this until the "Orange Revolution" and a pro-Western government got into power (or at least partially)...the current president was running for PM and was poisoned with extremely pure dioxin in 2004 after having dinner with the head of internal security and his assistant...who later fled to Russia.
The gasman cometh...
C
"The attempt to poison Viktor Yushchenko using dioxin left him with permanent facial scars"
Why would anyone use a dioxin - there is more than one kind - to poison an individual? Any toxicologists here?
BTW, I published an article in Nezavisimaya Gazeta in November of 1991 on the subject of chlor-organic contamination of the Soviet environment.
"Y zhivyot?"
I know but the last few winters its been fun to watch - and it comes like clockwork - just about the time we set the clocks back Russia turns off the gas - and of course all of Europe understands the implications [they could be next if they aren't appropriately 'respectful'].
In the future, I see Russia becoming more under threat from China, for their energy resources. What's to stop China from moving westward across Eurasia as energy needs begin to dominate?
broward wrote:
Where is Kirkland? Odd naming something after Costco's in house discount brand.
The Ukraine H1N1 is getting scary. It is amusing how every Fall the supplies are cut off and then restarted. The implications for Europe are obvious... Hence why they keep building more gas storage and are signing contract for Qatar LNG.
Got
?
Neil
barfly wrote:
Russia under threat? No. They have nukes. In order to perpetuate mechanized warfare, you cannot attack an opponent with nukes.
That leaves open a path for China to Iran though... I find it interesting that Chinese Almanacs list Iran's population at 60% of the level other almanacs list the population. Hmmmm....
Got
?
Neil
neil wrote:
Why conquer what you can just as easily buy? Russia will sell to China at a price both find supportive of the status quo. Amazing how that works out.
To: mock turtle & JimPortlandOR,
I was asking if anyone had links to the 'failure to comply' part of the proposed healthcare bill...I'll check when I get a chance...just heard general references to 'failure to comply' during the Congressional debate today on CSPAN...
Jim...I see what you were saying about the logic of mandatory coverage keeping costs down for everyone as is done for car insurance...you have to be a believer in the Health Care System though and believe in their price structure and the quality and effectiveness of medical services and Big Pharma prescriptions in general to say you want to pay for what will be provided...to really believe in standard Health Care & delivery & pharmeceutical effectiveness to want to pay for it without reservation...or maybe pay more than you can afford...do you have any experience in dealing with the Health Care System to know you want to support it and pay for it basically unconditionally as presnted in the 2000 page health care reform 'resolution'?
dryfly wrote:
Ahhh... if that is what you mean. Sure. But remember the old saying, 'you have to buy the horse from the Russian twice.' Those two will barter away for decades.
neil wrote:
I can't imagine China using mechanized warfare against the Russians. Human waves are much better for the unemployment rate.
neil, most certainly talking long future. As dryfly says, most probably by relatively peaceful means, kind of like the barbarians and the Roman Empire, though there was that unfortunate sacking of Rome incident.
And don't forget the sex ratio, they need a war bad to prevent a lot of angry bachelors:
under 15 years: 1.13 male(s)/female
15-64 years: 1.06 male(s)/female
barfly wrote:
Ya bad for Rome - but outstanding good luck for Constantinople.
"In the future, I see Russia becoming more under threat from China, for their energy resources. What's to stop China from moving westward across Eurasia as energy needs begin to dominate?"
Nuclear fusion/fission.
Russia just seems like an energy prize too big to ignore.
Ah. The platinum/paladium card.
Rajesh wrote:
Don't you get those from Amex?
barfly wrote:
Won't be ignored - just don't have to waste resources & manpower 'conquering' & 'occupying' it - cheaper more effective ways to accomplish the same thing [preferential access].
dryfly wrote:
Given the problems that Europe is having with Russian supplies, would the Chinese put up with that?
No one is insolvent. You just need the right solvent.
sm_landlord wrote:
Probably wouldn't have to - that's the thing... Europe doesn't face a long almost empty border w/ oodles of resources on the other side - China does. And Russia knows this equally well. So does Russia make good on the deliveries to the Chinese & at a 'reasonable price' or do they 'squabble'? I think Russia makes good on the China deal... in fact that kind of 'close relationship' probably makes the European one even more questionable [when you can serve only one who are you going to serve - the carrot or the stick?]...
Someone moved Alice's rabbit hole to the entrance of Lord Blankfein's office. Cloaking your actions in God's will is what extremists do when they push the red button or pull the trigger. Can't think of any prior circumstances in history when powerful people shouldered aside blame to claim a divine right to bless their actions that turned out alright. Only God can judge me, ruh roh, crazy has arrived.
"Luckily for him and his firm, he’s a damn good salesman. He starts with a little humility. He understands that "people are pissed off, mad, and bent out of shape" at bankers’ actions. Goldman played its part in the meltdown that almost destroyed the global financial system. It, like most other banks, lent too much money, made its first quarterly loss for more than a decade last year and ended up taking bail-out cash from Washington. "I know I could slit my wrists and people would cheer," he says. But then, he slowly begins to argue the case for modern banking. "We’re very important," he says, abandoning self-flagellation. "We help companies to grow by helping them to raise capital. Companies that grow create wealth. This, in turn, allows people to have jobs that create more growth and more wealth. It’s a virtuous cycle." To drive home his point, he makes a remarkably bold claim. "We have a social purpose." "
...
"So, it’s business as usual, then, regardless of whether it makes most people howl at the moon with rage? Goldman Sachs, this pillar of the free market, breeder of super-citizens, object of envy and awe will go on raking it in, getting richer than God? An impish grin spreads across Blankfein’s face. Call him a fat cat who mocks the public. Call him wicked. Call him what you will. He is, he says, just a banker "doing God’s work" "
I'm doing 'God's work'. Meet Mr Goldman Sachs - Times Online
"just joking about that last bit, the positive aspect for the economy is that they will spend less of their income on debt servicing and more on consumption / investment"
China's food needs are even more dire than its energy needs. Unfortunately, Russia can't even feed itself.
They don't have the transshipment issue going east - it is straight across from Russia to China - so, the dancing with former satellite states part of the puzzle goes away.
Russia, China sign landmark oil pipeline deal
Oct 28 08:31 AM US/Eastern
Russia and China on Tuesday signed a long-awaited deal to build an oil pipeline from Siberia to China after talks between Prime Minister Wen Jiabao and Russian counterpart Vladimir Putin.
The leaders watched as Chinese state energy major CNPC and Russian state pipeline monopoly Transneft signed the deal to build the pipeline from the Siberian town of Skovorodino to the Chinese border.
The pipeline agreed on Tuesday would have a capacity of 15 million tons of oil per year and would be a branch of the main East Siberia-Pacific Ocean trunk pipeline, which is still under construction, officials said.
Russia, China sign landmark oil pipeline deal
hahahahahahaha.
The hub has saved the world!!
He bought a car.
Externalized Costs:
"Can't think of any prior circumstances in history when powerful people shouldered aside blame to claim a divine right to bless their actions that turned out alright. Only God can judge me, ruh roh, crazy has arrived."
We had a poster here named lucifer... well, the "real" Lucifer's greatest sin was hubris, and the complex works itself out in a lot of interesting ways.
thanks, energyecon. I wasn't aware of that agreement.
The pipeline is scheduled to deliver its first oil to China in 2015. Assuming no construction or political delays.
anyone have any idea who the congresswoman was that showed up to the floor debates wearing a denim jacket?
ot, CR made the SoCal bubble top ten list -
Southern California Real Estate Bubble Crash Blog » Blog Archive » Top Ten Signs You’ve Been Following the Housing Bubble Too Long
anyone have any idea who the congresswoman was that showed up to the floor debates wearing a denim jacket?
I saw her, but I can't remember her name. Why do you ask?
energyecon wrote:
They used 25B of their reserves in February when phase 1 of the financial crisis was at its peak.
Russia and China's $25B Handshake on Energy -- Seeking Alpha
man, #7 still gets me...
It may be that the allusion to 'God's work' was colloquial, and not to be taken seriously. It's not possible to know from the article if the speaker believes in God, or has had any experience of God. But it's very unlikely that upon having an experience of God one's first impulse would be to write Him a check. Or offer stock options. 'Richer than God' is also a colloquial phrase, but it has no objective meaning.
oh yeah, that ain't all - somewhere in there they did another $10 B with Brazil as a loan/VPP...
Prior thred brought forward
The bill contains a mandate for people to buy insurance. The only other way to achieve everyone paying (spreading the cost and risk) is to add the cost of insurance to taxes
So , are at risk behaviors now the responsibilty of the proles to eradicate...ie; can i go poor water in the face of a smoker, or take food from the morbidly obese, or take candy bars and beer away from the diabetic, skateboards away from tweeners, parachutes away from the type-A's, etcc...
pavel, I would attribute it to the combination of hubris, a wicked sense of ironic humor, and definitely no small amount of self-awareness of his own personality, after having read the entire article.
Yo! Lord Blankfein, any of those companies you're growing with taxpayer subsidies
doing any hiring of actual Americans? 