Lucas Papademos was suitably apocalyptic. If the terms of the second Greek bailout were not approved, the Greek prime minister warned over the weekend, there would be a "disorderly bankruptcy that would create conditions of economic chaos and social explosion.
#1
The 'true' reality is that the Greek default is ongoing, and Euro movers and shakers are trying to conceal this in order to save the banks and to leave Europeans holding the bag of bad debts.
This is more of what's been going on for many months now.
#2
The solution to 100% of the fiscal problems of 100% of Western democracies is: end 100% of triple and quadruple pension "dipping." 80% of non-governmental US workers will receive only 1 pension. 100% of them would want pension receipts limited to 1% for each year of service (max: 45%), and would base receipts on the basis of the average of the 6 highest years of earning. If that average was $50K then the pension would be 22.5K, plus the government pension. California is shelling out half million pensions to retired chiefs of police. Can't afford it; and it was gained by extortion and cozying up to corrupt politicians. LA cop pensions equal 90% of wages.
Would anyone here deny a teacher who works 40 years, a pension equal to 40% of the allowed income average? I wouldn't.
#3
Forgot to mention that many second-pension Americans receive peanuts for the 2nd. I know someone who gets a private pension of $12 per month. Civil service workers rake in huge sums, if they move from one package to another. I know someone who receives 5
#4
Would anyone here deny a teacher who works 40 years, a pension equal to 40% of the allowed income average? I wouldn't.
I would. If self-funded 401k plans and IRAs are good enough for the private sector they're damn well good enough for the public sector as well. Let them exist on Social Security, Medicare & whatever they can accumulate in their private self-funded retirement accounts just like the rest of us.
#5
Would anyone here deny a teacher who works 40 years, a pension equal to 40% of the allowed income average? I wouldn't.
Make it two. In addition to AC's point, of the teachers I've seen with 40 years, 90% should have been gone after 20 years and probably 50% after 10. Teaching is a hard job, not a sinecure. Teachers burn out. They should not stay in a job after they destroy the joy of learning for youngsters just because they need the pension. Pay them market rate, get rid of the union, and no life time employment. Like the rest of us.
- Austria: outlook on Aaa rating changed to negative
- France: outlook on Aaa rating changed to negative
- Italy: downgraded to A3 from A2, negative outlook
- Malta: downgraded to A3 from A2, negative outlook
- Portugal: downgraded to Ba3 from Ba2, negative outlook
- Slovakia: downgraded to A2 from A1, negative outlook
- Slovenia: downgraded to A2 from A1, negative outlook
- Spain: downgraded to A3 from A1, negative outlook
- United Kingdom: outlook on Aaa rating changed to negative
Continued on Page 47
Posted by: Steve White ||
02/14/2012 00:00 ||
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#1
All of which COULD mean opportunity and increased stability for the US market if things are played correctly. Regardless of what is said in Washington, we are NOT inextricably tied to these losers, but we can certainly learn from them.
#6
You know that a falling dollar is a pay cut for Americans?
Americans are (and will be) paying for the bad debts of the FIRE industry through their falling standard of living. Realistically, pay cuts for Americans seem inevitable under ANY likely scenario, given the current economic situation. The only way through is DOWN. The question is, which path through will cause the least amount of destruction?
(AGI) Rome- Polar temperatures in central and southern Italy are affecting 100 million olive trees. This Mediterranean plant needs a relatively mild climate to survive, even in the winter, and above all it needs to avoid huge temperature spikes, according to Coldiretti. The Italian farmers' association has raised the alarm on the dramatic effects of the ongoing cold snap on the country's most traditional tree, one which also represents the local Mediterranean diet. Temperatures below 10 degrees, claims Coldiretti, wreak havoc on olive trees and exponentially increase the damage to the food and farming industry, which has already reached half a billion euros along the entire supply chain.
It seems to me citrus trees have the same problem. I believe Florida growers handle the occasional cold snap with smudge pots to heat the air around each tree at need... Perhaps the olive growers should consult historical records to see what was done to protect trees during the Little Ice Age, which ended only a few short centuries ago. There are probably even beautiful etchings of picturesque peasants at the work, just as there are of the Great Frost Fairs on the Thames River during the same period.
#1
The difference is orange trees are relatively recent in Florida, whereas olive trees have grown in Italy for millenia.
If there is a large scale die off, I'd be interested if there is a historical precedent and when. Probably the Little Ice Age or perhaps the Year Without a Summer.
#4
As I understand it, the Spartans ran an entire campaign to destroy Athenian Olive Groves, to no avail.
Perhaps the Britons could grow them, next to their grapes.
Seems to me the greatest threat to euro-zone agriculture, is the Euro-Zone, who if I remember right destroys fruit which does not look right and plowed under the pride of French Vinyards.
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
(AGI) Rome- Polar temperatures in central and southern Italy are affecting 100 million olive trees. This Mediterranean plant needs a relatively mild climate to survive, even in the winter, and above all it needs to avoid huge temperature spikes, according to Coldiretti. The Italian farmers' association has raised the alarm on the dramatic effects of the ongoing cold snap on the country's most traditional tree, one which also represents the local Mediterranean diet. Temperatures below 10 degrees, claims Coldiretti, wreak havoc on olive trees and exponentially increase the damage to the food and farming industry, which has already reached half a billion euros along the entire supply chain.
