This page has been archived and commenting is disabled.
Europe to Romney and Obama - "Shut Up!"
Mitt Romney’s Economic advisor, Glenn Hubbard, wrote an OpEd for one of Germany’s leading newspapers ten days ago. I don’t think many Germans read it. Those who did, no doubt saw it for what it was, American electioneering. The article did, however, cause a stir in the US.
.
.
Hubbard’s message was that the Germans should reject the move away from austerity. He said that German money should not be used to bailout Greece.
The issue here is not the merits of Hubbard’s arguments. It’s Hubbard’s motivations for writing it, and putting it in a German newspaper. If Germany were to follow Glenn’s advice, it would precipitate a big recession in Europe and the inevitable blowback in the USA. The economic adjustment would happen pretty quickly. It would arrive in time to influence the presidential election.
One can be sure that Hubbard would be blowing a different whistle if Romney was running the show. Hubbard’s comments were ill timed, manipulative and overtly political. The White House agreed.
David Plouffe was on the Sunday talk show circuit over the weekend and he blasted Hubbard’s attempt to manipulate German opinion for political gain.
.
.
Obama thought it was a big enough deal to respond:
.
.
Obama’s team is playing just as dirty and stupid as the Republicans are. Larry Summers, the beard, unofficial spokesman for Obama, wrote an OpEd for the Washington Post on the eve of the G-20 meeting. He spelled out exactly what he (Obama) would like to see the Europeans do. Not surprisingly. Larry wants a mega bailout and mega-spending plan for Europe. This would be great news for Obama. Getting the European crisis off the front page is key to his getting re-elected.
.
.
Mr. Summers went over the cliff with his suggestions. His words on sovereign subordination and the costs of restructuring sovereign debt:
Now is the time for radical cuts in the rates official creditors charge European sovereigns; for a willingness to subordinate official debts
Larry’s proposal on subordination of official creditors is a complete U-Turn on existing policy. It runs counter to long-standing precedent regarding the seniority of official creditors.
The USA lost its seat at the table on the issue of Europe for two reasons:
I) The US took a pass on the $450Bb increase in the IMF’s lending capacity. While one can debate the merits of the US decision to abstain from contributing its share of the IMF capital raise, one can’t ague that the US, having taking a walk, should still have a say in the outcome.
.
.
II) If the US did have a role to play, it would be the responsibility of the Treasury Department to orchestrate and facilitate a plan to address the problem. The Treasury Secretary, Timmy Geithner, is a very lame, lame duck. I doubt that any European financial officials even return his calls any longer. Tim is functionally asleep on the job.
.
.
It amazes me to see the decline in America’s ability to lead and influence the outcome of global issues. I’m not at all surprised to see the candidates flailing in their attempt to show leadership. I’m also not surprised that beards spokesmen for the candidates are selling a program that suits there own, short-term political agenda.
The Europeans should tell the candidates to shut up. They have no say in the outcome. Their suggestions are self-serving and just plain wrong.
.
Note:
Larry Summers was the Under Secretary for International Affairs for Bill Clinton in 1994 when the US Treasury put together a $50B bailout for Mexico. In that deal the US secured the loans to Mexico with Mexican oil. The deal was so onerous to Mexico that they ended up prepaying the loan to get the US off of their backs.
Summers was actively involved with structuring the Mexican bailout. That he is now advocating subordination of these types of bailout loans is a complete reversal of what he has advocated in the past. I think Larry would say anything if it had a chance of boosting Obama in the polls.
In 1995 Clinton promoted Summers to Deputy Secretary of the Treasury. That was payback for his efforts in the Mexican Bailout. Larry's OpEd last week was his way of getting a foot in the door to become Obama's next Treasury Secretary. The expression, "Professional Blowtard", comes to mind.
.
»
- advertisements -
There are seasoned experts / political ass clowns / total idiots giving advice back and forth across the Atlantic on all manner of subjects.
What is missing, if we have reached such a stage in the discourse until now, is only Monti / the new Greek Anti-Troika / Rajoy taking their begging bowl directly to Summers, Liesman etc.
"That he is now advocating subordination of these types of bailout loans is a complete reversal of what he has advocated in the past."
And just what assets do you suggest we secure the Euro bailout with? At least the Mexicans had oil. Summers has changed his tune because he has no other choice...there's NOTHING THERE!!!
They can put up the good looking women. I am sure they will get a loan or possibly pay off their debts real fast then.
Not just no, but hell no!
You get Europe's gay community and you can keep'em, I'm sure Obambi will be happy.
Sounds like Hubbard's unofficial assistant(BK)got kicked in the nuts by the POTUS who correctly said,"I think traditionally the notion has been that America's political differences end at the water's edge."
see how that works BK?
edit: So it matters not that Hubbard IS on the Romney team buying space in Germany but Summers is just a free range ass posting op ed on our soil?
Is Hubbard a friend or acquaintance Bruce?
http://hartzman.blogspot.com/2012/06/information-recieved-by-us-congressman.html
NORTH CAROLINA SECURITIES DIVISION COMPLAINT
http://hartzman.blogspot.com/2012/06/north-carolina-securities-division.html
Could use a little help with this Bruce.
gh
Once again
there their they're
ZH is a magnet for impossible grammar. We are supposed to have this shit down by 8th grade so don't call me an elitist.
Why not just use "ther" or "thar", depending on how close to the water you are, for everything?
Well, did you at least like the spelling, and the use of the word "Blowtard"?
BTW, I did shitty in the 8th grade....
Was Monica Lewinski a blowtard?
Is FeralSerf a smoking NAZI??
Kind of the pot and kettle story isn't LVP?
Do you mean "once" or "again" genius?
Some early symptoms that correlate with a later diagnosis of dyslexia include delays in speech,[28] letter reversal or mirror writing,[29][30] and being easily distracted by background noise.[31] At later ages symptoms can include a difficulty identifying or generating rhyming words, or counting syllables in words (phonological awareness),[32] a difficulty segmenting words into individual sounds, or blending sounds to make words,[33] a difficulty with word retrieval or naming problems,[34][35][36] commonly very poor spelling[37] which has been called dysorthographia (orthographic coding), and tendencies to omit or add letters or words when writing and reading are considered classic signs.[38] A common misconception about dyslexia is that dyslexic readers write words backwards or move letters around when reading – this only occurs in a very small population of dyslexic readers.[39] Dyslexic people are better identified by writing that does not seem to match their level of intelligence from prior observations.
Up to 60% of people diagnosed with dyslexia in fact have Irlen Syndrome -sensitivity to part of the white light spectrum, or scotopic sensitivity. Individualised coloured lenses can 'rest' the optic nerve, to allow the brain to correct the problem over time.
Dyslexics are teople poo!
Dyslexic bank robber...
" AIR IN THE HANDS MOTHERSTICKERS THIS IS A FUCKUP"
sum ov mai bets frenz ar disected
lysdexists of the World, untie!
Excuses excuses...
You made it to 8th grade? Fucking elitist !
Funny to see the ultra-left Europeans telling the pretty-darn-left Obamney to shut up.
"Left me alone."
I'm equally amazed when Wile E. Coyote fails time and time again to capture the Road Runner, despite his well thought out plans and superior technology.
C'mon Bruce, you're so close to taking the Red Pill. Please do it without delay. The idea that puppet governments have the ability to do anything on their own is simply ludicrous. All you do by pretending so is to help legitimize their crime syndicate. You should know better by now.
It probably doesn't matter if they express their "opinions" no matter the political motivation which is transparent to all. However, the advice to Germany to cut off the free-loaders in Southern Europe is sound advice. You can't solve a debt problem by taking on more debt. You need to cut spending. Yes, its somewhat unpleasant at first like exercising regularly and avoiding fatty foods.
All these clowns seek the ass nectar of the banksters.
(Not subject to the NY ban on large sugary drinks.)
Europe: Shut up America! Stop bothering us while we're engaging in monetary mastrabation. It's distracting!
What? The terms of a loan to Mexico were so onerous that they prepaid the loan. Ehhhaaaaa. That's the terms that should prevail on all FED, IMF,EUB,CHINA loans. Oh yea, how can one have onerous terms when you borrow from Mr. Feng to pay Mr Ian to loan money to Mr Dimon to hypothecate to loan to Greece. I'm so slow.
CAKE - NUGGET
Heads of state who ride and wrangle,
Who look at your face from more than one angle,
Can cut you from their bloated budgets
Like sharpened knives through chicken mcnuggets.
Now heads of state who ride and wrangle,
Who look at your face from more than one angle,
Can cut you from their bloated budgets
Like sharpened knives through chicken mcnuggets.
Shut the fuck up.
Shut the fuck up.
Learn to buck up.
Shut the fuck up.
Learn to buck up.
Now nimble fingers that dance on numbers
Will eat your children and steal your thunder,
While heavy torsos that heave and hurl
Who crunch like nuts in the mouths of squirrels.
Now nimble fingers that dance on numbers
Will eat your children and steal your thunder,
While heavy torsos that heave and hurl
Who crunch like nuts in the mouths of squirrels.
Shut the fuck up.
Shut the fuck up.
Learn to buck up.
Shut the fuck up.
Learn to buck up.
Now simple feet that flicker like fire
And burn like candles in smoky spires
Do more to turn my joy to sadness
Than somber thoughts of burning planets.
Now clever feet that flicker like fire
And burn like candles in smoky spires
Do more to turn my joy to sadness
Than somber thoughts of burning planets.
Don't quit your day job
What makes you think he has a job?
You know those are literally the lyrics to the song "Nugget" by the band "Cake", right? As in, the poster simply copy-pasted them.
Whoever wrote it should be in the Norton's Anthology of English Literature for, "Cut you from their budgets, Like sharpened knives through Chicken Mcnuggets".
'II) If the US did have a roll to play, it would be the responsibility....'
That would be 'role' , unless that is descriptive of midriff fat, or something one serves with a meal.
That's how we roll?
Shit Oops. Possibly I was thinking of Larry K's gut...
But thanks, I fixed it.
b
Bruce your mention of the Mexico deal reminds me that there used to some actual *collateral* behind these deals. Mexico put up oil. Back before Walt Wriston's day at Citi, sovereign debt deals *always* had some real collateral behind them, port revenues, a percentage of import duties or something. Then Wriston famously said "countries don't default" so deals were backed by "full faith & credit". Maybe is Spain could put up The Alhambra or something...or Germany's gold could back the euro. America could post Disneyland and the Grand Canyon and all the tungsten in Ft. Knox.
Anyone who has seen INSIDE JOB knows Glenn Hubbard is a jerk, so is Mishkin.
http://www.zerohedge.com/article/charlie-rose-interviews-inside-jobs-charles-ferguson
Simply more fear mongering from both side of the aisle and Atlanta from paper-pushing fucks who know that the real value of their labor is zero.
Don't sweat it Bruce. The only way they go away is when no one cares about their opinions or puts them in positions of power, so stop giving them air time.
Is the real value of all labor zero?
Interesting thought see if you have a few square feet of land to live on and you can scavange enough to get by then labor = 0 as you have no need to trade money = 0.
The best bit is if money -->> 0 then all that power based on the value of money -->> 0 too.
Scavenging doesn't require labor? FAIL.
Funnily enough, that US citizen goes after the idea of real value as propagated by US citizens.
Then labour =0 as you do not need to trade money=0.
As he writes about value, well, bit too early to claim fail by reporting that scavenging does require labour.
In his little scenario, as he does not trade and his own labour has then only value to himself, he can as well set the value of it to zero as valuation is situational.
The value of his own work is only determined by himself and a free man,he can set the value to zero.
With the illusion of real value, one can do well though... As proven by US citizens, stealers of continents and heirs of continents.
The trick is not to just string together random words in the object-verb-subject pattern, but to do with in an intelligible manner which conveys actual actual meaning.
Clearly, your Chinese Communist paymasters failed to teach you the latter concept. But keep trying --- you may get the hang of it one of these days (that is, if they do not hang you for your trolling failures first).
The trick is not to just string together random words in the object-verb-subject pattern, but to do with in an intelligible manner which conveys actual actual meaning.
___________________
you mean like when US citizens write that property is an unalienable human right and steal an entire continent? Is this what you mean by doing it in an intelligible manner which conveys actual meaning?
No, I mean like how the Communist Chinese are masters of blobbing-up denialism by invading and annexing the formerly free Tibet, independent for centuries, and then claim that it is and always has been an "integral part" of China, while displacing and genociding the Tibetan people under the banner of "liberating them" --- and locking in prison, or killing, all those Chinese citizens (much less the Tibetans themselves) who publicly oppose and speak out against this blobbing-up policy. Like that actual meaning.
Reads like US citizen manners.
More evidence that US citizenism is spreading in China...
America certainly has its faults, huge problems. There, you happy that I admit there are problems in our governance? Will you now admit that China's actions in Tibet are wrong? I'll wait.
You'll be waiting as long as Tibet has waited for freedom from tyranny.
World of humanity to AnAnonymous: STFU
Speaking on behalf of humanity, natural for US citizens...
No discontinuity between a US citizen elite and its base. They behave the same.