Thugs from the Service Employees International Union (SEIU) and Chicago’s National Political Action trespassed on a Bank of America Executive’s front lawn in a so-called “protest” over mortgage defaults.
SEIU Protests on private citizen's front lawn
This same group went after AIG executives in March of last year (see video). I commented on local television and to anyone who would listen then how misdirected their anger was, and I repeat that sentiment now.
Where is the President’s outrage at these mob tactics against a private U.S. citizen? I can only assume his silence is tacit approval. The recently-resigned President of SEIU, Andy Stern, is reportedly Obama’s most frequent visitor at the White House, after all. And Obama has made it abundantly clear that he has no respect for private industry and free enterprise.
But is Kim-Jong Il (leader of North Korea) insane or just clever?
Or of course both?
There is after all no rationale or logic to the NK gulag, merely the survival of its gruesome regime.
For this the brainwashed people’s attention needs to be constantly diverted away from the utterly-bleak moral, intellectual, spiritual and physical deprivation of their lives to some external enemy. And of course if no such enemy exists, then it is necessary to invent or – in this case – provoke one.
I would not be surprised if some sort of hostilities broke out, if not from calculation then from miscalculation, as NK is playing a dangerous game.
Could this at last be the turning point we who identify with the NK prisoners have long waited for? The sanctions will definitely hurt an already tottering NK economy (if you can call it that). Even the North Koreans, past-masters at brinkmanship, had one day to overplay their hand, as there are hints that they may have now done.
And should hostilities occur, while no doubt they could initially do a great deal of damage to Seoul I wonder if – like all such shoddy regimes – it could all fall apart like a pack of cards?
It is not only the NK people who are habitually starved – NK soldiers are also reported to be undernourished and low on morale. And what have the people to fight for? Merely to support the regime’s continued existence on a diet of fine foods, fast cars and other imported luxuries while they starve?
But as ever, all depends on China, which materially and politically supports NK, which is in effect no more than a vast prison camp led by a bloody, murderous gang of utter scum who must surely one day have their Nuremberg (or perhaps Mussolini/Ceausescu) moment.
This alone begs the question of why the free world so constantly sucks up to China and more importantly sustains its economy by buying its artificially-cheap products.
Yes, the land of the free and home of the brave is the major trading partner of a dictatorship that could put an end to the North Korean people’s suffering, but chooses not to. Not only that, any poor soul managing to escape from their NK prison is sent back by the Chinese. You couldn’t make it up …..
The total triumph of greed for cheaper washing-machines and thousands of tons of shoddy plastic artefacts versus support for an entire and utterly oppressed people?
As for the Chinese, one can imagine them inwardly seething at its ally’s (Christ, what a shameful fact) lunacy. For China can in this case no longer sit on the fence. The unprovoked murder of 46 innocent South Koreans has put them on the spot. Ban Ki Moon himself is making angry noises.
Can China REALLY afford a situation where it is NK & China against the entire rest of the world? The next few days will tell, but if – as one fears – China as usual delays and obfuscates, then where will Obama and Clinton sit? The fence is exceedingly uncomfortable, after all.
Some final points. It is often said (principally I believe by China itself) that it fears an NK collapse and mass immigration into China by its people. Surely this is silly? There might WELL be a big exodus in the case of all-out fighting, but I believe this would be brief and, of course, after it is all over the South would take over and – as in Germany – do whatever was necessary to reunite and help all the people. And the idea that NK refugees would feel they had better prospects in China rather than a reunified and free Korea is bizarre.
No, China is still trapped by its post-revolutionary insanity and inhumanity. Oh God, please free them from the chains of their past and from their obsession with not losing face ……
An optimist (are there any left?) might see these latest events as the death throes of the world’s most horrible regime. A pessimist will consider the latest posturings as just another scene in the longest-running political tragedy of our generation. I am in this case an optimist, but of course one who has usually been disappointed.
POSTSCRIPT: I notice that a NK football team just drew 2-2 in an international “friendly” with Greece. Can anyone explain why the West banned sport with South Africa over apartheid but seems to rejoice in allowing sport with North Korea?
The apartheid regime was nasty; no problems with the boycott for me. But there is no comparison in the awfulness of NK with the old SA regime, nasty though it was. Do the Greek footballers have ANY idea of the barbarity of the NK regime? How can Greece – home of democracy – PLAY with representatives of mass-murderers? A serious reality check is in order here.
The Basel Committee on Banking Supervision provides a forum for regular cooperation on banking supervisory matters. Its objective is to enhance understanding of key supervisory issues and improve the quality of banking supervision worldwide. It seeks to do so by exchanging information on national supervisory issues, approaches and techniques, with a view to promoting common understanding. At times, the Committee uses this common understanding to develop guidelines and supervisory standards in areas where they are considered desirable. In this regard, the Committee is best known for its international standards on capital adequacy; the Core Principles for Effective Banking Supervision; and the Concordat on cross-border banking supervision.
The Committee’s members come from Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Hong Kong SAR, India, Indonesia, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States. The present Chairman of the Committee is Mr Nout Wellink, President of the Netherlands Bank.
OK, that’s clear then!
Pers Kurowski
Well, according to a good supporter of and Guest contributor to Learning from Dogs, Pers Kurowski, we really ought to know much, much more about this ‘committee’.
Pers has a Blog called Tea with FT (as in the Financial Times) and there is much to read there that helps us understand why we are in so big a mess with the banks. Here’s his piece from the 4th May.
Basel Committee, why don´t you just shut up!
Sir who do these Basel Committee regulators really think they are bullying us around with an arrogant “the banks should be sensible and realise that it might backfire if they protest too much”? as reported by Brooke Masters, May 4.
They themselves are the ones who thought everything would be fine and dandy if they just had some few credit rating agencies determine default risks and then gave the banks great incentives, by means of different capital requirements, to follow those credit risk opinions. They themselves are the ones who believing in the abundance of safe triple-A rated lending and investments, caused the world to stampede and fall over the subprime mortgages. They themselves should shut up, because rarely has the world seen such a gullible naive and outright stupid bunch of regulators.
Now the banks, in the midst of a crisis, need to build up the equity they do not have precisely because the Basel Committee did not require them to have; precisely when we need the most the banks to lend. The regulators, instead of bullying banks, should busy themselves day and night finding ways for severely capital stretched banks to be able to lend to those small businesses and entrepreneurs who have had to pay the cost of higher capital requirements but who had absolutely nothing to do in generating this crisis.
And just in case, for the record, I am no banker, only a citizen, very upset with the fact that in the 347 pages of the regulations known as Basel II, there is not one single word that describes the purpose of those regulations. Basel Committee why do you not start defining a purpose for what you are doing? Is that too much to ask?
European Council President Mr Herman Van Rompuy (aren’t we so lucky to have yet another tier of vastly-expensive management – a President of a country that doesn’t even exist?) said: “Everyone shares the will to go forward together”.
Indeed. It would be rather strange if one or more didn’t share “the will” and preferred to go backwards. But going forwards together infers at the same speed and in the same direction.
The Meeting drew up this plan of action.
greater budgetary discipline (will you tell France and almost every other country that never stuck to the 3% budget deficit or shall I?)
find ways to reduce the divergences in competitiveness between member states (so German IS going to take over Greece then? What fails in war can be achieved in the economy.)
establish an effective economic crisis management mechanism(you mean, prepare to borrow billions more to bail out those who fail in the above two areas?)
strengthen economic governance to be able to act quicker and in a more coordinated and efficient manner to deal with any future economic crises(yes, you could get a bit more efficient than ignoring the rules for 10 years – certainly scope for improvement there.)
Is there any way not to be simultaneously cynical and depressed about Europe at the moment?
Well, every day the eurofarce gets more surreal. Yesterday, Frau Merkel said this:
“The current crisis facing the euro is the biggest test Europe has faced in decades. If the euro fails, then Europe fails.”
What on earth does she mean by “Europe fails”? Why this recourse to sensationalism?
If the euro is sinking it is because people don’t think it is serious. If that is the
Two happy leaders!!
case, the only thing to do is MAKE it serious. This is not to be done by borrowing EVEN MORE money.
In the worst-case scenario (which Merkel’s antics are rapidly talking us into) the euro collapses and we go back to our old currencies. This would be a failure of the EURO, not of EUROPE.
Germany would return to being the economic powerhouse of Europe under the strong Deutschmark. Italy, Greece and other usual suspects would return to their quaint old ways with frequent devaluations.
So what? Better to be honest than go on suffering from a vast ego-bubble that will inevitably collapse in an explosion of hubris. (Thank you for the vocabulary, dear Greeks)
First General Motors, then Student Loans. What’s next, Mr. President?
In a Bloomberg BusinessWeek article, the most recent seizure of private industry in Venezuela was reported, with as much calm and lack of alarm as one may report on the the weather or a walk in the park.
I fear that this is where the U.S. is headed in the all too near future, given the takeover of the auto and student loan industries, and President Obama’s apparent admiration of President Chavez and all he does.
Pres. Chavez
To quote from the article, which speaks for itself:
President Hugo Chavez announced Saturday the expropriation of a group of iron, aluminum and transportation companies in Venezuela’s mining region.
Among the expropriated companies is Materiales Siderurgicos, or Matesi, which is the Venezuelan subsidiary of Luxembourg-based steel maker Tenaris SA.
Venezuela’s socialist president said in a televised that his government was going to take over Matesi because “we couldn’t reach an amicable and reasonable settlement with the owners.”
Chavez said production at the company has been paralyzed since midway through last year, when Venezuela’s president announced plans to nationalize it.
Chavez said he was also going to expropriate Venezuelan-owned Orinoco Iron and aluminum-maker Norpro de Venezuela C.A., which is an affiliate of the U.S. company Norpro in association with France’s Saint Gobain, among other companies.
As well, Venezuela will take over transport companies that ship raw materials in areas southeast of Caracas. He did not name the companies.
Since coming to power more than a decade ago, Chavez has nationalized major companies in the electricity, oil, steel and coffee sectors, as well as other private businesses.
You eventually pay for LIES and STUPIDITY, even if it takes time. Sadly, the euro was born in a lie and now Merkel has compounded the problems by giving in to French pressure and being stupid. But the German people (in contrast to their leaders) have no desire to be the bankers of all Europe.
What Merkel has done is utter folly and, worse, won’t even fix the problem. The ONLY way to fix a problem is to DO THE RIGHT THING, which is not rescue people from their idiocy but allow them to take the consequences of it. This is not wishing to be cruel but just the way people learn difficult lessons. As J J Rousseau observed, “The fastest way to teach a child about the danger of fire is to let him burn himself once”… or words to that effect!
J J Rousseau, philosopher
Besides, the euro WITHOUT Greece would be a damned sight more convincing than WITH it. The Germans gave up the Deutschmark on the PROMISE that the euro would be as strong by following strict rules. The EU even MADE A RULE that no country could have a budget deficit of more than 3%. This was insisted on by Germany PRECISELY in order to avoid this sort of surreal situation where the Greeks, Portuguese, Irish, etc. (and Britain, but we are not in the euro …) would NOT wildly overspend.
These “strict rules” were breached before they had hardly started, first by letting in Greece and then France a year or so later, justifying the decision by saying that the rules didn’t apply to big countries — in other words, the rules didn’t apply to themselves. Brussels, and the French and German elites, LIED to the people.
The criminal bit is that these countries just IGNORED the rules. And even more criminal, they (Germany included) just IGNORED what was going on in Greece and elsewhere until, surprise, surprise, it all reared up out of the sand and hit them in the face. Now the Germans have to accept even MORE tax increases, despite being already very highly taxed, just like the French and – increasingly – the British. The British finally got fed up with being lied to and dumped their government. Germany may be going the same way. (France swings wildly from left to right anyway, and each time it seems worse than before.)
Besides, Germany can’t AFFORD to bankroll the whole of Europe. France, too, is ludicrously over-spent and top-heavy with her state. The consequence of all this will no doubt be vast political gains for the left in both countries, but the left have even LESS idea about how to run an economy – see Gordon Brown of “I do know how to run an economy” fame(perhaps he meant “ruin an economy?!”).
Europe is in deep trouble and I really don’t think the politicians even now understand it. Some say that a gradual decline of Europe is already inevitable as Asia rises; the current mentality of lying, overspending, over-borrowing, bailing out undeserving basket cases and over-centralisation will only accelerate this decline.
But for some, of course – such as Jose Manuel “Boring”oso – this crisis is manna from Heaven; a big step towards a United States of Europe and vastly increased power for Brussels. For God’s sake call his bluff. We don’t WANT an “economic union” run from Brussels. It will be a bureaucratic, tax-heavy nightmare, as in France.
Jose Manuel Barroso, EU President
“Let’s be clear,” said the European Commission president, Jose Manuel Barroso, last week. “You can’t have a monetary union without having an economic union. Member states should have the courage to say whether they want an economic union or not. And if they don’t, it’s better to forget monetary union altogether.”EuroActiv May 12, 2010.
These people are really unbelievable. If Barroso is so sure about not being able to have monetary union without economic union (and, of course, ipso facto political union as well) then why didn’t he say this at the beginning? The pro-USE lobby really kept that quiet, didn’t they. It is all a big LIE.
So, to cure indebtedness, you incur FURTHER vast debts? It is surreal. Niall Ferguson, an economic historian at Harvard University, put it this way: “This bailout wasn’t done to help the Greeks; it was done to help the French and German banks. They’ve poured some water on the fire, but the fire has not gone out.” NYT May 17, 2010
The European rescue plan, which totals 750 billion euros thus far and was intended to head off the risk of default, will instead greatly increase borrowing. That could be the end of Europe’s nascent recovery.
German Chancellor Angela Merkel’s party and its coalition allies have been defeated in regional elections in North Rhine-Westphalia.
North Rhine-Westphalia, Germany
German Chancellor Merkel appears to have lost the state vote in NRW and may see her control of parliament reduced or eliminated. It’s her own fault.
Germany and in particular NRW (the industrial powerhouse of Germany) are in a serious economic situation with enforced cuts left, right and centre and yet she has loaned (aka given) billions to feckless, idle, corrupt and shambolic Greece.
The Germans have had to tighten their belts and are still paying vast sums to bring East Germany up to speed, yet Merkel feels she can fritter away her people’s money to “save the euro“. It won’t save Greece or the euro.
The Greeks fully deserve to go bankrupt and are incapable of complying with the degree of “cuts” the Germans are demanding. Other European countries will lose money if Greece defaults. Tough.
Better to suffer a one-off loss than an endless shelling-out into a black hole. No bailout of Greece, Portugal, Spain, Ireland or Britain. Did the PEOPLE of ANY of the rest of EU countries have ANY say in this at all?
It seems the French pushed hard for a bailout. What a coincidence that some of their insurance companies have invested heavily in Greece. TOO BAD. Greece’s problems have been well-known for years; which moron poured billions into their black-hole, retire-at-53, inherit-your-sister’s-pension, go-to-work-if-you-feel-like-it economy?
And the Greeks? They seem to feel it is the fault of the REST of us that they have to make cuts. Was a reality check ever more fully needed? Sadly, but inevitably, there will be social breakdown in Greece from which something new will emerge. What that is, one cannot say, but I do not believe it can include membership of the Euro.
The Brussels Overlords think differently. Their little Euro brainchild must be saved at all costs. But they are all personally very well off and have no problems with money, unlike the majority of their constituents thanks to the despicable fraud perpetrated on them by the banks under the appallingly-negligent supervision of a multitude of governments.
I have written about Greece several times in recent weeks since to me it is a symbol of the combination of arrogance and utter folly of many of Europe’s governments – and in particular Brussels – who have overspent wildly, who have allowed their banks to make fraudulent loans and have imposed an ever-increasing burden of bureaucracy, Human rights, paperwork and regulations on the peoples of Europe.
How we are supposed to compete effectively when we A) price ourselves out of the market and B) wildly overspend is a mystery.
Has Europe now to prepare itself for a long period of decline and retrenchment in living standards as Asia maintains its inexorable growth and raw materials rocket in price? I fear so, but it’ll be the ordinary people bearing the brunt of all this, not the increasingly-remote politicians in national governments and Brussels.
Greece is a warning for the rest of us. There is no law that says we cannot go the same way. The UK and France in particular have bloated, feather-bedded public sectors. The chickens always come home to roost, and they are now flocking rapidly towards the hen-house.
The new British Conservative & Liberal-Democrat Cabinet
I can’t remember a more momentous week in British politics. It seemed silly to comment as events unfolded so swiftly – one would have risked being out of date before finishing the article – but it is perhaps time to summarize what has happened:
The outcome was in retrospect the best possible, even if none of the parties might think of it that way.
We have a stable government locked into a coalition that commands a large majority in the House of Commons and a considerable majority of the popular vote. Nobody can deny this coalition “the right to govern”, whichever way you regard the statistics.
The country’s finances are in a terrible mess and a stable government was essential to put things right and recover confidence.
Yes, there will be strains and stresses in each party, but both have now invested so much in this that neither can afford to rock the boat and risk another general election to let Labour back in under a new and more charismatic leader.
Both parties have shown a spirit of compromise and both have had to ditch some of their cherished (and more wacky) policies.
“First Past the Post” has taken a lot of stick and it seems the time of electoral reform has arrived. The Lib-Dems have a firm commitment to a referendum on the Alternative Vote (not optimal, but an improvement) plus other essential elements – long-delayed by the previous Labour dinosaur – such as fixed term parliaments, a redistribution of votes per constituency and a reduced number of MPs.
The country has seemed fragmented and divided in recent years, with much bitterness and a sense of drift and failure. The coalition has brought fresh hope, though it is born in very difficult times. But as a coalition it is perhaps better-placed than one single party to make the very difficult decisions needed. A single party would have had to make the same decisions but with the risk of losing a vote in the HOC and a lurch to the other side to start all over again.
The wretched previous government is gone. The most pleasing aspect of this is that those architects of spin and PR, the unelected Lord Mandelson and the unelectable Alistair Campbell, have seen their stars not only wane but disappear into a black hole. Their last-ditch attempt to stagger on in a Lib-Lab coalition was effectively torpedoed by their own back-benchers and party Grandees, who found the whole process undignified. It is indeed the end of Noo Labour, and few will regret its passing.
Last but not least, the Labour Party survives, whereas there was a time when it seemed it might be humiliated and destroyed. The extent of the defeat could not be spun – even if Mandelson et al had a go at it – but it survives as an essential part of the British political scene. Moreover, though Brown rightly had to go, he was not humiliated either and was able to depart with grace and dignity. One is far from sad to see him retire to the back benches, but the bad feeling that anything worse might have produced has been avoided.
The change has been momentous. Politics is unpredictable, so who can tell if this bold experiment will work. But “Who dares, Wins”, and they should have the best wishes of all who love their country.
Day One for the new Prime Minister and his team has been good!
Less than 24 hours ago, I mused that maybe David Cameron and Nick Clegg represented something that the UK badly needs – a real positive change in Governing the country.
Spring shoot 1
Matthew Parris
Matthew Parris is an experienced reporter, columnist and a one-time Conservative Member of Parliament. Here’s what he said to the BBC a short while ago (at the time of writing this Post).
“I ought to be cynical, I ought to be saying it’s all going to end in tears, but I just sense something good and genuine in the air and it just might work,”
“You almost have a sense of two men staging a coup against the British political system,”
Spring shoot 2
It’s almost unknown for the Governor of the Bank of England to comment on political matters. The current Governor, Mervyn King, was recorded saying this today.
Learning from Dogs 
