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Eighthman

Eighthman
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  • As Spanish bond yields continue taking off, Spain's new government, due to be sworn in next month (previously), is thinking of applying for international aid, according to a Reuters source. Applying for funding from the IMF's new liquidity line is a possibility, though a "senior economic consultant" to the Popular Party says that's just one option on the table.  [View news story]
    This thing is going to end in a screeching halt. Either they all go back to whatever high grade toilet tissue they used for currency before the Euro OR they suddenly, precipitously, and painfully go to full austere balanced budgets almost overnight. Oh My God....
    Nov 25, 2011. 05:51 PM | 1 Like Like |Link to Comment
  • The supercommittee breakdown will likely lead to more "lengthy and heated" battles over the deficit throughout 2012, HSBC says. At some point rating agencies will lose their patience, so be wary of further downgrades of the U.S. sovereign credit rating "at some point next year."  [View news story]
    Is the US government even legitimate? As a representative democracy?

    How is that possible if elected "representatives" at all levels commonly pass bills without reading them? If they do not honestly represent their constituents by reading legislation, the original moral basis of American government is gone, isn't it?
    Nov 20, 2011. 04:03 PM | 5 Likes Like |Link to Comment
  • Tyler Cowen says traditional conservative responses to wealth inequality - a stronger work ethic and embrace of the entrepreneurial spirit - are growing tired: "Modern conservative thought is relying increasingly on social engineering through economic policy, by hoping that a weaker social welfare state will somehow promote individual responsibility. Maybe it won't."  [View news story]
    My son-in-law is an utterly decent fellow who has been looking for months and desperate to take pretty much anything. I gave up after two years without a single offer (and I already have a job)

    Again, I'm sure lots of companies would love to hire engineers for peanuts - but that won't pay a student loan, nor will it be of much benefit if you have to maintain a nearly nomadic existence, in which a family and home ownership are involved.

    We are witnessing the emergence of a lost, unemployed generation, similar to what happened in the Depression - and I don't think more simple stimulus or free trade is going to do much to change that.
    Nov 13, 2011. 08:39 AM | 1 Like Like |Link to Comment
  • Tyler Cowen says traditional conservative responses to wealth inequality - a stronger work ethic and embrace of the entrepreneurial spirit - are growing tired: "Modern conservative thought is relying increasingly on social engineering through economic policy, by hoping that a weaker social welfare state will somehow promote individual responsibility. Maybe it won't."  [View news story]
    I got the figure from a recent tech journal commenting on jobs for new engineering graduates. I was appalled. Add to that the wide spread transient nature of engineering employment currently - and trying to sell your house and raise a family at the same time.

    The Truth about over 50 employment comes straight from a new book on retiring in hard times (and my own experience after 2 years of looking). The book admits that age discrimination is widespread and prejudice against older workers is often unbreakable, regardless of what the companies publically claim about valuing their experience.

    Let me add another unexposed scandal: Phoney or fake job openings. I live near a major employer that has a widespread reputation for this - and in one interview, they nearly admitted it. Human resource depts make the company look good with fake postings.

    Oh, and can we talk about 'the unemployed need not apply'?

    Nov 12, 2011. 08:46 PM | 1 Like Like |Link to Comment
  • Some Counter-Intuitive Questions You Were Afraid To Ask About The Euro Crisis [View article]
    An excellent article. That said, both Greece and Italy have problems with their national sport of tax evasion. Good Luck fixing that.
    Nov 12, 2011. 03:48 PM | 1 Like Like |Link to Comment
  • Tyler Cowen says traditional conservative responses to wealth inequality - a stronger work ethic and embrace of the entrepreneurial spirit - are growing tired: "Modern conservative thought is relying increasingly on social engineering through economic policy, by hoping that a weaker social welfare state will somehow promote individual responsibility. Maybe it won't."  [View news story]
    Fine, with the Occupy Wall Street idiots but.......

    There is a very real problem here. The "experts" call for more science and math while almost 40% of engineering grads can't find full time work.
    People over 50 are told The Lie that their skills are needed by industry, in view of their impending retirement. The reality is that they are almost unemployable except as cashiers or Walmart greeters. Our economy is dominated by lies in the career field.

    Social/Economic mobility in the US is mostly a dream. Want a decent job with benefits? Become an RN and there isn't much of anything else to hope for.
    Nov 12, 2011. 03:39 PM | 9 Likes Like |Link to Comment
  • Prepare For Europe Collapse Before New Year [View article]
    I agree that nations are not always rational, however comparisons with the past are misleading. This is definitely NOT the age of demagogues or leaders such as Hitler, Tojo or Mussolini. It is not an age of strong nationalism in developed nations, either. It IS an age of pensioners and usually apolitical consumers and bureaucrats, who take the place of elected leaders. Europe is too old and work-averse to go to war or do much more than wring their hands and complain. National defaults might do wonders for their Euro-culture, to get them moving and spurred into greater productivity ( and the US isn't much better).

    That said, I propose that the new French-German currency be named the "Vichy".
    Nov 11, 2011. 01:04 PM | 2 Likes Like |Link to Comment
  • Despite denials of discussions for a smaller eurozone, The Daily Telegraph reports France is formulating plans for a "union within a union" - a breakaway "avant-garde" organization of eurozone countries with its own treaty, parliament, taxes and HQ. The move would significantly undermine the existing EU.  [View news story]
    Yeah, I think it's called the Vichy Government.
    Nov 11, 2011. 07:52 AM | 1 Like Like |Link to Comment
  • Why Greece Will Leave The Euro [View article]
    There doesn't seem to be any depth of reportage about the emerging conduct of the Greek people themselves. It's as if they don't matter at all, their submissive conduct guaranteed and taken for granted.

    So, nothing matters but what the Euro Leaders decide? Really?

    I don't think so. The Greek people will revolt and they don't need open violence to defeat the austere payback of debts. Just practical refusal.
    Nov 6, 2011. 10:30 PM | 5 Likes Like |Link to Comment
  • The Dollar Will Fail - No 'Ifs' About It [View article]
    I don't think this article fully accounts for currency relativity. Yes, the dollar sucks but everything else is worse. A more credible article would say, 'the Euro will fail' because Europe can't sustain its welfare economies with a declining birthrate.

    And furthermore, at the risk of being dismissed as a nut, Gold (yes, gold) will one day fail as a store of value. If you've been following the matter carefully (and ignoring the pathological pseudo skeptics), Cold Fusion is real .... and that means we will one day be able to create elements as we wish. After that, the only store of value will be fiat currency, as backed up by the ability to tax an economy, however imperfectly.
    Nov 6, 2011. 08:47 AM | 2 Likes Like |Link to Comment
  • Trading The Greek Referendum [View article]
    I fear that a precipitous default and exit from the Euro by Greece will not result in the same positive (or neutral) outcome as Iceland and Argentina. You see, the 'rule' of the international elite is now ON THE LINE. If Greece does not suffer terribly, the message will be clear: screw the banks, the IMF, the Eurocrats, whatever, You Can Get Away With It! Austerity be damned! We will Not receive our Come Uppance!

    This is a moment to remember because we soon see evidence, one way or the other, of any hidden hand of rulership in the world, whether you call it 'The New World Order, the Big Banksters, the Illuminati, the Bilderbergers or WHATEVER!

    I'm observing this with great interest.....
    Nov 2, 2011. 06:59 PM | Likes Like |Link to Comment
  • Thoughts On The Greek Referendum [View article]
    The Greeks should sign a free trade pact with Iceland and Argentina.
    Nov 1, 2011. 03:15 PM | 3 Likes Like |Link to Comment
  • Argentina: A Serious Challenge To The Euro And Economic Orthodoxy [View article]
    I see opportunity here. Write a book called "Screwing The Big Banks Over and Getting Away With It For Dummies"

    The first edition will be printed in Greek.......Followed by Italian, Portuguese and Spanish. Maybe Gaelic, too.
    Oct 30, 2011. 01:50 PM | 2 Likes Like |Link to Comment
  • Argentina: A Serious Challenge To The Euro And Economic Orthodoxy [View article]
    I wonder if the answer to this mystery is because of 5 things:

    1) Real growth there is mostly an illusion because of inflation.

    2) Inflation keeps everyone on their toes and in the game and creates an illusion that things are progressing

    3) you are witnessing a Prodigal Son Phenomena in which they appear prosperous because they are running thru an "inheritance" - ruining savings, pension investments and draining productive people and corporations.

    4) the benefits of open markets and free trade vs autarky are often exaggerated. I think the same sort of wonderment accompanied the Nazis in the '30's and '40's for similar reasons as Argentina today.

    and (however)

    5) We don't collectively realize just how costly our financial system is in regard to general prosperity and how parasitic it can be in demanding bailouts, lobbying for corrupt favors, making thoughtless investments and draining the poor. Much of it exists simply to further benefit the rich, rather than to promote any general good..... and that's partly why investment opportunities have have been so poor in the US and elsewhere, leading to subprime nonsense and hypertrading follies.
    Oct 28, 2011. 02:32 PM | 3 Likes Like |Link to Comment
  • Europe: Discontent Is Mounting [View article]
    Are you kidding? Europe is a spent culture, in which democracy is a facade. Did Slovakia finally approve? Yes? If you are German, do you even have a party that expresses firm opposition to bailouts? Or do they all cave in and compromise?

    Europe is elderly, feeble and afraid. Their parlimentary system, far from allowing dissent, is a joke.
    Oct 14, 2011. 02:40 PM | Likes Like |Link to Comment
COMMENTS STATS
217 Comments
438 Likes