America Set To Meet Weimar
Posted by Robert Ransdell on: 2010-07-29 03:15:51 in category: General [ Print]
Ebay is offering a well-thumbed volume of "Dying of Money: Lessons of the Great German and American Inflations" at a starting bid of $699 (shipping free.. thanks a lot).
The crucial passage comes in Chapter 17 entitled "Velocity". Each big inflation -- whether the early 1920s in Germany, or the Korean and Vietnam wars in the US -- starts with a passive expansion of the quantity money. This sits inert for a surprisingly long time. Asset prices may go up, but latent price inflation is disguised. The effect is much like lighter fuel on a camp fire before the match is struck.
People’s willingness to hold money can change suddenly for a "psychological and spontaneous reason" , causing a spike in the velocity of money. It can occur at lightning speed, over a few weeks. The shift invariably catches economists by surprise. They wait too long to drain the excess money.
"Velocity took an almost right-angle turn upward in the summer of 1922," said Mr O Parsson. Reichsbank officials were baffled. They could not fathom why the German people had started to behave differently almost two years after the bank had already boosted the money supply. He contends that public patience snapped abruptly once people lost trust and began to "smell a government rat".
Some might smile at the Bank of England "surprise" at the recent the jump in Brtiish inflation. Across the Atlantic, Fed critics say the rise in the US monetary base from $871bn to $2,024bn in just two years is an incendiary pyre that will ignite as soon as US money velocity returns to normal.
Morgan Stanley expects bond carnage as this catches up with the Fed, predicting that yields on US Treasuries will rocket to 5.5pc. This has not happened so far. 10-year yields have fallen below 3pc, and M2 velocity has remained at historic lows of 1.72.
News Source: Jim Ring
Half Of All Gypsy Camps In France To Be Dismantled
Posted by Robert Ransdell on: 2010-07-29 03:00:30 in category: General [ Print]
France's Interior Minister Brice Hortefeux announced Wednesday that half the country's illegal "travelling people" and Roma camps would be dismantled within three months, and that any caught breaking the law would be deported.
France's Interior Minister Brice Hortefeux said Wednesday that half the country's illegal “travelling people” camps would be dismantled within three months, and that Roma from Bulgaria and Romania would be sent back home if they broke the law.
Hortefeux made the announcement after a meeting of ministers called by President Nicolas Sarkozy in the wake of violence between itinerant groups and police.
Hortefeux vowed that itinerants who committed offences would undergo "virtually immediate" deportation to their countries of origin.
A communiqué issued by the Elysée’s press service following Wednesday’s meeting took particular issue with the Roma population, stating that Sarkozy had judged the illegal camps of Roma communities on French territory to be “inadmissible”. The text specified that 300 illegal camps had been identified as sources of “illicit trafficing, unacceptable living conditions, exploitation of children, prostitution or delinquency”.
News Source: reader
Jew Child Rapist May Have Had An Assist From DOJ In Evading Justice
Posted by Robert Ransdell on: 2010-07-29 02:43:46 in category: General [ Print]
In a recent turn of events in the Roman Polanski legal drama, Swiss authorities refused to extradite the fugitive director and instead set him free.
The miscarriage of justice may be related to a decision made by the Eric Holder Department of Justice (DOJ).
In an attempt by Swiss authorities to determine whether Polanski had already served his previously imposed sentence, some sealed testimony was sought by them from the DOJ. The testimony had been given by Polanski’s original California prosecutor, Roger Gunson.
The DOJ refused to give Swiss authorities the transcripts, according to a letter from Swiss officials to the U.S. Embassy. That letter was obtained by the Associated Press.
The DOJ is claiming that the Los Angeles district attorney's office approved the DOJ’s rejection of the Swiss request.
However, a district attorney spokesperson, Sandi Gibbons, told the Associated Press that the Los Angeles office was “not specifically notified of the [Swiss] request” and had no idea that the DOJ had turned down the request.
News Source: nasacunit
Democracy Once Again Deals A Blow To Nationalism
Posted by Robert Ransdell on: 2010-07-29 02:34:53 in category: General [ Print]
PHOENIX -- A federal judge dealt a serious rebuke to Arizona's immigration law on Wednesday when she put most of the crackdown on hold just hours before it was to take effect.
The ruling by U.S. District Judge Susan Bolton sets up a lengthy legal battle as Arizona fights to enact the nation's toughest-in-the-nation law. Republican Gov. Jan Brewer said the state likely appeal the ruling and seek to get the judge's order overturned.
But for now, opponents of the law have prevailed: The provisions that angered opponents will not take effect, including sections that required officers to check a person's immigration status while enforcing other laws.
The judge also delayed parts of the law that required immigrants to carry their papers at all times, and made it illegal for undocumented workers to solicit employment in public places - a move aimed at day laborers. In addition, the judge blocked officers from making warrantless arrests of suspected illegal immigrants.
"Requiring Arizona law enforcement officials and agencies to determine the immigration status of every person who is arrested burdens lawfully-present aliens because their liberty will be restricted while their status is checked," Bolton, a Clinton appointee, said in her decision.
News Source: Jim Ring
Economy Stalls Sub Agreement Between Germany And Israel
Posted by Robert Ransdell on: 2010-07-29 02:24:34 in category: General [ Print]
Germany and Israel have failed to agree on a sale's deal of a German submarine to Israel, a Berlin source said on Friday.
"There is no financial commitment," government spokesman Ulrich Wilhelm said. "There are no concrete negotiations with Israel over a sixth submarine. As for whether there are informal talks -- because of the nature of the matter, I can make no statement on this."
The U.S. journal Defense News reported this week that Chancellor Angela Merkel's government had turned down Israel's request for a discount of up to one-third on the price of a $1.6 billion package including two other warships and torpedoes.
Germany funded more than 80 percent of the cost of Israel's first three Dolphin submarines in the 1990s, and is currently accounting for a third of the cost of two more submarines being manufactured in Germany.
The full cost of the diesel-powered Dolphin class submarine would be some $700 million. Others already in Israel's fleet were extensively underwritten by Germany, which is dedicated to Israel's security, founded in the aftermath of the Holocaust.