Raúl Ilargi Meijer
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Funny, I was talking about that the other day, Nassim. Last year I left Athens just before Christmas to be with my family in Holland. This year I’ll be in Greece for sure. We’ll see. I’m sure the commercial appeal of the holiday has spread regardless of religion….
Debtserf and John,
All I can think is I’ve been too light on Hillary. Like on Sep 13 when I wrote she was unelectable . And/or all the other times I’ve written she’s not presidential material. There are people who stopped reading me because of this for pete’s sake!
John Day,
if at all possible I’m even more insulted than you are.
but perhaps it opens unforeseen venues?
Very glad to see we have the comments working again. I understand the problem has something to do with something somewhere on the server mixing http and https.
I would like to have a conversation about articles like this, but that’s not going to happen when it starts off with someone claiming ‘hatred’ of Hillary. Sorry for that. I don’t hate people who make such claims either, but I do find it very regrettable.
The function of places like the Automatic Earth is to provide a balance, a counterweight for people constantly bombarded with whatever you call whatever it is that mainstream media seek to expose them to. That is true when it comes to finance and the economy as a whole, and it is also true for other issues, including the US election.
Trump wouldn’t have been able to plead insolvency. But there’s also -so far- no indication that he did anything illegal with regards to his tax filings. Come to think of it, nothing illegal at all as far as I know.
The US election is shaping up to look eerily similar to Brexit. I called it Joe Bageant meets Brexit in the Sep 14 Debt Rattle, great article from the Atlantic.
Indeed, seychelles. The natural inclination when growth shrinks is to take care of your own (first), family, community etc., the -screwed- reasoned one is that more globalization is always better.
regionswork et al
The issue of SDRs was the topic of Christopher Balding’s latest (Debt Rattle Sep 7). Where Rickards and others see SDR issuance as a sign of Chinese strength (and of impending end of USD), Balding concludes the opposite. I don’t know about Nicole, we haven’t discussed this, but I would certainly agree with Balding. A new Goldman report estimates annual growth in Chinese debt/GDP at 30-40%, on top of a recent IIF estimate of total debt/GDP of 300%. Claims of Chinese strength are greatly exaggerated.
Why China Isn’t a Financial Center
..it doesn’t want to let the yuan’s value float freely, which would be a prerequisite to its becoming a true reserve currency. China saw SDRs as a way to split the difference, to create a competitor to the dollar and maintain a fixed exchange rate at the same time. The problem is that there’s almost no conceivable reason to use them. SDRs were created as a synthetic reserve asset by the IMF decades ago, under the Bretton Woods system. No country uses them for normal business, and no government is likely to issue bonds denominated in them except for political reasons, as the World Bank is doing. Companies won’t use them either. If a firm wants to borrow to build a plant in Japan, it will issue a bond in yen so it can repay in yen.
Rogoff claims that cash creates crime. Nonsense. Not a smart man, just ‘educated’.
Nicole deals with him in Part 3 of the series Negative Interest Rates and the War on Cash that I just published here at TAE.
Oh yes, it does. It’s about control, not some imaginary fight against deflation.
BTW, Nicole has trouble logging in to TAE, we’re working on it, but she’ll get involved.
In centralization, people give up part of the control over their societies. They will only consent to this if and when they receive something in return, when they get wealthier, or at least perceive that they do. When this idea no longer delivers, they will want to regain control over their own lives. Why let someone far away make your decisions for you if there are no benefits to this?
Yeah, Ken, but now you’re placing it in today’s world too, and really, that world is going going gone. The decentralization and basic income effort itself is much more valid than the numbers. Plenty deflation coming up, though, if that’s any consolation.
Just in case this from me was missed in yesterday’s thread:
“I forget what thread it was in, but the Chrome issue appears fixed now.”
But do let me know if you still experience problems.
They can’t turn Brexit around, it would throw the UK into a dangerous constitutional mess.
The majority of these angry people, and I said this before, should look in the mirror and concede that they thought Remain was in the bag and they therefore didn’t do much of anything. They were watching a baking show on TV, want to bet?
V. Arnold, Diablo et al, this has something to do with the fact that we moved to https (secure), but I don’t know what exactly. We’ll look into it. Another thing I’ve noticed is that Statcounter has become erratic, mostly counting only a fraction of actual visits and page views.
jal is back, glad we solved that
V. Arnold, whaddaya mean? Anyone else notice that, the Edit function not working?
Absolutely. I’m not the one making the argument that Britain can’t stand on its own two feet, that’s a logical conclusion from much of what I read from the Remain campaign as well as the panicky reactions. My view should be clear: the EU is a monster that no-one in a sane mind should wish to be part of.
As the politico-economic system unravels, the politicians who were/are on the take are finding out there’s no place for them anymore. Or rather, it’s going to be either full-tard serve the masters, or go Podemos. Britain desperately needs the latter, the traditional parties have nothing left that would appeal to anyone. Reforming Labour is a crazy and useless idea.
Massive swing to Brexit – with just 13 days to go
55% Leave – 45% Remain
ZH on Clinton’s email issues:
https://www.zerohedge.com/news/2016-06-10/fbi-leaks-begin-emails-center-hillary-criminal-probe-revealedWhat a mess.
I follow the discussion with interest, but I don’t think many Britons actually get what it’s about. They seem to think it’s between Boris and Cameron. It’s fine not to like Boris, but that means voting for Cameron, Osborne, Juncker, Tusk and 5 more unelected presidents, plus whoever’s in charge in Berlin, all of whom will tighten their grip on Britain, and it’ll be years before you get a chance to get your say on this again. Boris as PM isn’t all that bad, because he won’t last long. But yeah, I’m biased, because I think, as I’ve written a thousand times, that the Union is unholy.
Journalists like politicians, economists and bankers are all part of one and the same system. And that system is -walking- dead.
Just wrote a reply to the FT wanting a piece of me last week, see Debt Rattle June 1:
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Richard,
Sorry it took me a few days to reply, I had to think this over.
We both know that you sent this mail a few hours after someone wrote in my Comments section that FT is accessible through Google (News), and I confirmed that in the same section.
But that has nothing to do with me, that’s your deal. And I’m not happy with your reaction to that and the timing of it. I find it doesn’t show a lot of class.
Ashvin, by the way, hasn’t written anything for the Automatic Earth in years. Which tells me something about your attention to detail.
As does the fact that you say I ‘republish the full text of articles’, something I never do. As you know because you’ve actually read the Debt Rattles.
My Debt Rattles are news overviews across a broad spectrum of publications. The FT is simply one of them. No more, no less.
And sure, we can arm-wrestle about the legal definition of fair use, but why should we? We both know it’s not just a headline.
I’ll be happy to continue including you in my news overviews, and I don’t see what you have to gain by opting out of that.
If your content is as ‘high quality’ as you guys like to claim, I have no doubt that you will get new paid customers through the Automatic Earth.
As for that detail thing, you have undoubtedly noticed that the format of Debt Rattles is not just headlines.
I’m trying to provide my readers with enough of articles that they want to read more of them, and at the same time get the feeling they get a summary grasp of the overall view of the news of the day.
But if you insist in being left out of that, by all means say so. I’ll gladly pretend the FT doesn’t exist.
Look, I understand it’s hard to make living in these transitory times for media. But I would venture that in those times I add at least as much value for you as I may perhaps take away.
(well, other than for mentioning the Google deal, perhaps, but as I said, that has nothing to do with me)
Still, if you see that differently, you of course have every right to. And there’ll be no more FT at TAE.
Unless I think I need to pour into one of your writers in one of my original articles for writing something I don’t consider ‘high quality’, or for something I heartily agree with.
Then everyone’s fair game.
Anyway, please send something classier next time around, nothing has indicated to you that I can’t be approached in more reasonable terms.
I’m not a thief or a cheat and I certainly don’t like to be treated as such.
Cheers,
Raúl Ilargi Meijer
The Automatic Earth
