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Guest Post: Another Consequence Of Economic Decline
Submitted by Simon Black of Sovereign Man
Another Consequence Of Economic Decline
Nearly 10-years ago to the day, the government of Argentina collapsed. Beset by weighty deficit spending and a completely unrealistic currency peg to the US dollar, Argentina became the poster child for the golden rule of economics: ‘that which is unsustainable will not be sustained.’ It’s reversion to the mean.
Within a matter of days, the country had burned through several presidents, the currency collapsed, inflation soared, unemployment shot up, crime rates spiked, and the government defaulted on its debt.
After limping along for most of the last decade with a socialist agenda, the government of Argentina is at it again. The economy is rapidly deteriorating, and street-inflation has surpassed 25%.
Naturally, the administration of President Cristina Fernandez insists that inflation is not a problem, despite the Argentine peso losing 25% of its value against the US dollar over the last three-years (and far more against gold).
Meanwhile, Fernandez has borrowed her plays from Atlas Shrugged. She’s imposed capital controls, raided pension funds, nationalized private property, and taken control of the media… all in a vain attempt to delay the endgame.
A few weeks ago, the government passed a package of new laws, essentially criminalizing public protest under the auspices of combating terrorism. The legislation, snuck in at a midnight session during the holiday period, provides severe punishment for various crimes under a very broad definition of terrorism.
Fernandez herself maintains that the law would -never- be invoked to restrict the legitimate rights of Argentines. This, from a woman who simultaneously passed legislation to seize control of the country’s newspaper industry.
In her latest move, Fernandez has stepped up her saber-rattling over the Falkland Islands, a nearby archipelago that has been a British territory since 1833 (it is now self-governing). You may remember that Argentina invaded the Falklands in 1982 and was subsequently defeated after a bloody conflict with Britain.
It’s a sore subject in Argentina; the government still claims sovereignty over the Falklands (known as Las Malvinas in Argentina), and Fernandez is waving the flag once again.
Last month Argentine naval forces were sent to frustrate commercial fishing around the disputed territory. And in the most recent development, Argentina, Brazil, and Uruguay announced that they were closing their seaports to any ship flying a Falklands flag (all 25 of them…)
Argentina has also mounted pressure on the British government to reopen negotiations over the Falklands’ sovereignty. Thus far, the Brits have refused.
Cristina Fernandez’s BFF Hugo Chavez recently added to tensions by saying, “The English are still threatening Argentina. Things have changed. We are no longer in 1982. If conflict breaks out, be certain Argentina will not be alone, as it was back then.”
At this point, it’s all just tough talk and petty annoyances. But here’s the thing– there are four billion barrels of oil estimated to be within the Falklands’ territorial waters.
Given the utter insanity with which Fernandez governs her country and the desperation in the Argentine economy, one cannot rule out the possibility of her trying to grab Las Malvinas by force. After all, military conflict is the ultimate social distraction.
I’ve often written that economics drives everything. A solid, vibrant, competitive economy lifts an entire nation into prosperity, while deteriorating fundamentals and a socialist agenda create inflation, unemployment, and social turmoil.
War is just another one of those consequences. And given the vast deterioration in the global economy coupled with deeply-seeded conflicts around the world, the Falklands is just one of many that we may have to look forward to in 2012.
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Gold Bitches!
Well, at least Argentina has hot chicks.
The United States federal government spends 25.3% of the GDP and collects 14.4% in taxes. We finance 10.9% of our economy through debt, at the federal level. This does not include state, local, and private debt. Sound like Argentina?
http://www.youtube.com/watch?v=Upez33EGiRA&sns=em
A good assesment of the US economy
If the asshole pos in the WH would get his dick out of Americas ass we might be able to work for a fucking living.
Unlike that third world place, our investments in MIC have paid off beyond calculation.
We went into debt, but leveraged it up enough to buy off most of the world.
at least for now.
For work, I have been back and forth to Argentina for over three years now. I am in Argentina for a year. The previous times I was here for 7 weeks a pop. I leave it to the readers of ZH to extrapolate what my experiences mean, but here they are:
1. The exchange rate has remained remarkably constant, hovering between 4 and 5. It has been 4.25 on two of the three occassions I have been here.
2. The cost of living here, in dollars (as I calculate my expenses when I get home) has gone up each time. Now, my apartment in a northern Argentine provincial captial costs about 60% as much in dollars as my aparment in the Philly metro area for the same number of bedrooms etc., but food is currently costing about 110% of what it did in the eastern US.
3. I have been here now for two months, and have not seen a significant change in the costs of food or essentials --specifically beef--the end all and be all of staples here.
Conclusion: Either this article is bunk/fairly ill-informed, or the US has a similar inflation rate right now. Or something else fishy. Probably the latter. Can someone analyze?
From a economic perspective the food going past 110% is a red flag. When inflation hits inelastic items, food (-.2%), energy (-0.06%), go up very rapidly. Housing (-0.6 to 1.2%) is inelastic but more elastic than food and energy and would climb in price at a slower pace, but not for long.
If I were you I would be watching the food items, get my money the hell out of there ASAP, and be ready for a rought ride. Get your lease extended ASAP if you plan on staying there and buy capital purchases NOW. Automobiles, anything durable.
The most important thing is to have your money out of there and all your capital purchases completed ASAP.
Argentina has a dark, dirty secret. They have repudiated Western bankers and their people have prospered. At all costs this truth must not filter through to the other debtor nations so consistent nonsense, "basket case" , "runaway inflation", government by edict" etc etc must be force fed by compliant media. Even the F'ing Economist magazine for Fs sake!
Exactly. The moneyed dicks will never forgive us argies for the default Greece should be doing right now.
Would this be the same Economist that, in 2011, described protectionism as "impoverishing developing nations"?
The Beano has more credibility.
have noted similar trends in other south american countries.
But they only give you a glance from under their sunglasses when you just about passed...
And if you do manage to get one, you will have to meet her friends and familiy and pretend
you`ve know each other for ages... comparable chicks of Italian descent are much more of a bargain in Aussi or the US..
They sure do, I lived there for close to 5 years. But I thank the poster in commenting about this, I totally forgot about Argentina. I remember Kirchner taking the Pensions but didn't consider that Argentina was going into a default like they had 10 years ago.
Orange juice bitchez - http://hedge.ly/xDZvFS
@ fightthepower,
Guns Bitches!!!
Interesting, that the Falklands are mentioned, as the Duke of Cambridge -- the future King, Prince William -- is being posted, long ith his RAF unit, to this disputed archipelago in February.
Sounds just like NDAA. Do they compare notes?
The Falklands diversion is also directly analogous to Iran/Pakistan. Create a false diversion and get everyone to get all wrapped up in the flag. Pathetic really, not that they do it but that the sheeple still fall for it every time. Argentina OR the US.
Fukushima was not an accident.
http://www.silvergoldsilver.com/index.php?option=com_content&task=view&id=346&Itemid=9
Man behind the story was arrested and held without charge.
http://truthfrequencynews.com/?p=15549
right on! check out how many reactors are built on fault lines! by the way, i used to love that show Columbo, with that dude, Peter Falkland!
I've always wanted a Guy Falklands Mask
http://en.wikipedia.org/wiki/File:Anonymous_at_Scientology_in_Los_Angele...
huh?? Japan is a faultline. Faults are everywhere.
Please don't tell me you believe they built it there knowing that a quake was inevitable within the next 50,000 years and would kill lots of people.
I'm willing to respect quite a few conspiracy theories, but that one is flat-out looney-toons. It wasn't an accident, alright -- but the cause was a design so crappy one of the engineers resigned, citing a failure mode identical to what happened. Yet the author of this theory dismisses out of hand that there were any engineering flaws as "The designers of the plant most certainly took all such cases into consideration." A designer did, recognized the design as flawed, and things progressed anyway.
Earthquake magnitues are easily verifiable by virtually any univerity seismology department on the planet, and the theory is arguing the the actual quake 10,000 weaker than stated.
Sorry, doesn't fly. Junk theory. There's a real conspiracy here, alright, but it's TEP and GE covering up a bad design and bad decisionmaking in the name of profit, not some whacked earthquake-didn't-happen, let's cause an intentional meltdown theory.
When you purposely build something that's accident-prone, and you put it in a place where accidents are likely to happen, and then an accident happens, and the thing breaks just as smart people expected it would (even though those smart people were "somehow ignored")... well, I guess it's either a really amazing coincidence, or its a conspiracy.
You wacky "Coincidence theorists" drive me nuts.
Little known fact: Chernobyl and Fukushima were actually built by closet anti-nuclear activists in a deliberate attempt to discredit nuclear power.
you seem unable to grasp "specific intent"
All conspiracy theories conveniently ignore the messiness factor of life: mistakes, bonehead stupid decisions, beyond-belief-dumb-as-turnips people, poor timing, poor choice of words, disorganization, fucked up things happening at the worst possible moment, Murphy's Law, bad weather, perfect storms, lousy mainteneance, blatant negligence, ignored warnings, running red lights, and the fact that some people go a little crazy some times
I have to ask: do any of you people have jobs where you have to interact with other people? Do you not DAILY see this phenomenon in play where groups of people, individually smart enough to do something not stupid, end up doing something VERY stupid while the whole entire group goes along with it?
should be bullish for conspiracy theory sales
Someone already beat you to it, and their making FRNs with it...
I wish I had a alt-energy powered commune in Chile so I didn't have to worry about this shit all the time.
Chile has some big faults...why not Honduras or Costa Rica?
HA!!! nice...............
OT but can someone please tell me, why is there VAT on Silver in Europe?
Any way to avoid it?
Thanks.
Move.
Move.
No way Im moving to Chile! I just invested my cash in the 4th Pillar!
if you,re not a US citizen buy ZSIL or JBSIUA at the SWX, it represents physical silver in the nominal amount of 1000 ounces. you only get charged VAT when you demand it physically. Hence you still have governmental risk in a feuderalistic democracy. else pay the 8% VAT and regard it as an insurance premium against the gov risk
Try goldmoney.com
I'll get junked for this but you could try an ETF, VAT free
ETFS Physical Silver Fund( PHSP-GB : LONDON STOCK EXCHANGE)Coins are for investing or saving and vat free. Bars are for industrial use, according to governments so with vat.
Avoid it? Coin bars from Andorra for example.
https://www.doijerkalff.nl/andorra-muntbaar-5000-gram-zilver.html
As well maybe buy directly from the Perth or Cnadian Mint? will that get around the Tax?
Nice little shop you posted as well. it is interesting (to me) to see what the rest of the World is looking at..
how about the 5 X 9's Maple? maybe a few for the novelty of it?
I tend to see the extra silver / cooper in my Liberty (U.S.) Crowns Coinage as free extra metal.
Once again! Thanks for sharing differnet and interesting!
nicht ganz. In Germany you pay a reduced 7% vat rate on silver coins and the full 19% rate on silver bars, while gold coins and bars are vat free. go figure.
One of the reasons I don't buy physical silver. Add the volatility, correlation with the stock market and bulk.
In the UK not only is gold VAT free, but "Sterling" coins (Sovereigns, Britannias) are also capital gains tax free.
buy it here at spot price and no vat www.bullionvault.com
The legislation, snuck in at a midnight session during the holiday period, provides severe punishment for various crimes under a very broad definition of terrorism.
Is he writing about the U.S.?
I wonder how many other countries did this recently?
My guess is that there are plenty of countries following our lead.
martial law?
They are setting us up for it.
I'm gonna do a little research to see if I can find out how many countries did this.
Any help would be appreciated.
Yes........appears we are well on our way.
Anyone ready for a shocker?
Go to Yahoo Finance under "World Indexes" and pull up a chart of the Merval since 2002.
One of the biggest index gains ever recorded for a Banana Republic.
Great! Now all we need is to invent a Time Machine to go back to 2002 and invest in that and we will all be millionaires!
Thanks for the tip!!!
robo is just so darned good at hindsight investment........
Wait til robo gets a look at the Harare index during the Zim dollar collapse. Apparently he can't get his head around the concept that stock prices inflate along with everything else.
+1 What would we do without the nuggets of wisdom comming from RearVewTrader? He truly is the Oracle of the Bygone.
Sorry, you lost me at "go to Yahoo Finance".
Well, that was the shocker!
"Praise the Lord and pass the bullets."
Inspirational poster coming real soon to an American street corner near you.
what's wrong with the current posters?
http://4.bp.blogspot.com/_NnjaXWUZo2s/TVFC5aKCzII/AAAAAAAABOM/i3Bd_oDBX3Q/s1600/070211top1.jpg
Something!
Ok, what's my prize?
She just had an operation..possible cancer....maybe they removed her brain...yes Socialists are winning...all over the world...are the schools teaching this....what a sucess.........
When do you think our Socialist will ask for his 1.2 trillion more in the debt limit....during the day...or late at night on some Holiday...and will the MSM report on it...after all its all Bush´s fault
"are the schools teaching this"
Yes.
The Secret History of Western Education & Scientific Destruction of Minds - https://www.youtube.com/watch?v=D3n_c8AfQm4
I actually meant are the schools teaching the failure of Socialism.......NOT....but yes you are right they are teaching that Socialism is great...just look at all the current examples.....oops..better not...its all Bush´s fault..
I'm assuming that stating that "socialism" is winning then that would mean what? "capitalism" is losing? If "capitalism" is losing then clearly it's not a better system, is it? For fuck's sake, BAD systems NEVER win in the end. Quit whining and get to work making YOUR pet/favorite system work!
BTW - I hold that it's fascism that's in command. At the very least, ALL systems have a penchant for totalitarianism, that's what happens when power consolidates (and, unless someone can show me how this is NOT the aim and underlying function of their pet/favorite system, well...).
If socialists were winning, the TBTF banks would be no more. What you're talking about is a plutocracy, or kleptocracy: socialism for the rich, capitalism for the poor. Obomba a socialist? Don't make my ass laugh...
BTW: The news today is that the cancer wasn't cancer at all and they removed her thyroids by accident? Something's really fishy there.
Thyroids, isn't that somewhere in front of yer Cerebellum?
Haha! Probably they did that to her long ago. In fact I believe most Argie presidents had a lobotomy before coming to power. But no, thyroids I meant these:
http://en.wikipedia.org/wiki/Thyroid_gland
http://www.youtube.com/watch?v=G9qZZVqSQdo&feature=g-all-c&context=G25748bdFAAAAAAAACAA
Uploaded by SenatorSanders on Dec 8, 2011
http://sanders.senate.gov/savingdemocracy/
Warning that "American democracy in endangered," Sen. Bernie Sanders on Thursday proposed a constitutional amendment to overturn a Supreme Court ruling that allowed unrestricted and secret campaign spending by corporations on U.S. elections. The first constitutional amendment ever proposed by Sanders during his two decades in Congress would reverse the narrow 5-to-4 ruling in Citizens United vs. the Federal Elections Commission.
Another Consequence Of The Economic Stimulas of the Lobby Whores in Washington DC!
JP Morgan has so Many Names to Lobby with http://bit.ly/fuRwmg They can give the legal limit in each name! JP Morgan DOES Lobby The MAX thru ALL their different Companies! Because all those different Corporations are People! And have 1st Amendment Rights!
here are some of the names.. not Hidden! from View!!
Affiliate of Heavy Hitter(7 results)
Maybe Bernie should learn a thing or two about the other amendments before suggesting more. Primarily the second amendment.
how about INSTEAD of bashin anyone or everyone for the things we dont like..
How about we support them.. when what they are pushing is GOOD for AMERICA!
I understand that since Obama is President.. that the Whole Country should suffer until some fucking repugnant gets elected..
it really is no wonder why 48+% of American's are recieving Government Assistance of some kind, American's.. Poor American's are busy trying to fuck each other over for any little thing they can.
Families were more dependent on government programs than ever last year.
Nearly half, 48.5%, of the population lived in a household that received some type of government benefit in the first quarter of 2010, according to Census data. Those numbers have risen since the middle of the recession when 44.4% lived households receiving benefits in the third quarter of 2008.
http://blogs.wsj.com/economics/2011/10/05/nearly-half-of-households-receive-some-government-benefit/
I am PRO Gun as anyone you have ever heard of.. let alone met.. but what the FUCK does that have to do with NOT! treating Corporations like people with 1st amendment rights?
You and everyone else better figure out a way to start fighting together.. becuase if not.. ALL of YOUR Rights will be sold off to the highest bidder.
It has everything to do with it. If Bernie can't respect the other amendments why would he respect his own? I can not and won't support a hypocrite that doesn't support the constitution as a whole.
Please explain how you see Bernie's amendment conflicting or underminding the constitution?
Because to a guy like Bernie the constitution gets in the way of things he would like to do , such as disarm the American populous etc. But it is a convienient tool for those things he would like to get done. If he wants to utilize the constitution he should accept those things he agrees with and those he doesn't . If he can blatantly disregard an amendment simply because it goes against his ideology then what is to hold him to defend any other amendment ?
it was paul and sanders that exposed the frb through the 2yr wait 'foia' --- if not for their heroic, and unyielding persistence,... we'd still be in the dark
The difference between Paul and Sanders is that Paul respects the constitution. It's not a convenient tool.
Bernie supports the second amendment, FWIW
Bullshit. His voting record speeds for itself. He scores an F according to his record. I prefere to judge people by their actions not their words.
"how about INSTEAD of bashin anyone or everyone for the things we dont like..
How about we just call them fucking repugnants"
Take your lithium and go back to bed.
"I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. . . . corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands and the Republic is destroyed."
-- U.S. President Abraham Lincoln, Nov. 21, 1864(letter to Col. William F. Elkins)
That made the hairs on my neck tingle
God Bless Abe and God Bless You Sir for posting Abe!
Read my post below. You'd damn Abe to hell if you knew the truth and had the power. Talk about historical rose colored glasses. If you read the history you'd wonder how he avoided assassination as long as he did.
Abe Lincoln was a tyrant of the worst kind and murderer. He only left conveniently pretty quotes behind to fool you. The myth of Lincoln is far greater than the man. He imprisoned northern civilians without trial, attacked the media and his political opponents, put into power a strong central government. He violently and eggregiously violated the constitution at every opportunity. "Honest" Abe supported the constitution by:
He didn't give a damn about civil rights, freedom or the people, least of all the constitution. Fuck Lincoln, let him rot.
http://www.amazon.com/Real-Lincoln-Abraham-Agenda-Unnecessary/dp/0761526...
Money is free speech, don't ya know... Maybe all those robe'd ones were singing "money talks and BS walks" in the back room?
Resources are getting scarce. Natives are getting restless. Something's in the air.
Fenandez was Bush's BFF as well, so the civil liberties eroding is not suprising.
This is what happens when a country is run by religious nuts. Which is about 99% of them.
Argentina is run by religious nuts? Put down the crack pipe, Mr. Head Cheese.
Savy Argetines measure their wealth in llamas.
as do savvy herders in the n.e., eg. vt, me, nh, etc., etc.,
I know that you are kidding, but Argentina has some of the most productive land in the planet and it is Cheeeeaaap. Also, Bariloche is one of the most beautiful places in this planet. Leave to escaped Nazis to make an A+ skiing resort.
http://en.wikipedia.org/wiki/Bariloche
No worse. Savvy argies measure their wealth in US dollars... oh the humanity, are we stupid or what?
Nice article by Simon Black. At first, I thought he was going to suggest we all move there. Maybe he is coming to his senses. Then again, Argentina is mostly Caucasian and Simon seems to hate Caucasian people.
What nonsense. Apart from inflation - which however is still not out of control and is nowhere near to what the US may experience rather sooner than later - Argentina is doing pretty well; rather better as a matter of fact than the much touted Brazilian "success" (see f.i. here: http://www.spiegel.de/international/world/0,1518,804856,00.html; and here: http://www.nakedcapitalism.com/2011/10/the-verboten-story-of-argentinas-...).
How did they achieve this? By doing the exact opposite than what the IMF and associated banksters wanted them to do. One caveat: they did pay off more of their debt than was warranted under the odious debt concept.
On the other hand it is true that Kirchner is going off on a somewhat authoritarian tangent but still nothing comparable to Obama's America where everybody - no matter who where or why - can be shot on a simple executive order.
The order doesn’t have to be an executive order.. the executive order and law (patriot act + NDAA) give / gave the Military the right to kill us protesters for being terrorists!
the White House has plausible deniability! For what the Military does for the White House!
It is more of the same.. Fuck You! Fuck Me!! Fuck WE!!! While they get rich and more powerful!
Right. So let's concentrate on the US befgore bashing Kirchner's mini dictatorship ...
You're talking truth there my mate. Check your back, you're life's in danger now.
Cry for yourself Argentina. Will you never learn? If you want Falklands oil, why not negotiate a Joint Venture and drill together? It would be a lot cheaper for the oil companies to base their operations out of Argentina than anywhere else. If you want fishing rights, why not negotiate - perhaps you pay to upgrade the islands ports infrastructure in return for being able to fish? If you have a few thousand idiots who want nothing more than to go live on a rock in the middle of the South Atlantic, why not lease them some land ( er - rock) from the Brits and give them free one-way passage?
Do you actually think (not you the Argentinian people, but you, the demented bitch at the top) that you can successfully go to war against the UK? Oh, so Hugo is going to help you? Guess who will be helping the UK. The US is just aching for an excuse to invade Venezuela and sieze the oil. And we have our own demented bitch at the top who would do so in a heartbeat.
Negotiate a Joint Venture? You might want to spend some time in Argentina. I recommend puerto madero in Buenos Aires eating a churrasco. England and Argentina are the countries with the biggest egos in the planet.
oh and BTW. There is no need to invade Venezuela. Just give Colombia the go ahead, and they will send 250,000 well seasoned soldiers down the border. Venezuela and Ecuador get a lot of "protection" money from Colombia's drug lords.
http://en.wikipedia.org/wiki/National_Army_of_Colombia
Yeap, the world is a big garbage dump full of rats that want each others' rotten food.
Hi xela2200 - couldn't agree more. I have spent time in Argentina and agree with your observations (although I would include some other countries in your biggest ego list - quite a few actually). My suggestions were not quite sarc/ - more tongue in cheek. Not to be taken seriously in other words. But if only egos weren't in the way ...
Hey - silly me. They always are, aren't they.
As I read some time ago, the last Socialist/Communist on the planet will eventually die in South America. Nothing new here. Move on.
This is what the system has devolved into I’m sorry to say.
“It’s not the people who vote that count. It’s the people who count the votes.”
-Josef Stalin
And the most of the Press just goes along spinning and pretending nothings wrong.
George Carlin: Forget the politicians…
The politicians are put there to give you the idea that you have freedom of choice … you don’t.
You have no choice. You have owners. They own you. They own everything. They own all the important land. They own, and control the corporations. They’ve long since bought, and paid for the Senate, the Congress, the state houses, the city halls, they got the judges in their back pockets and they own all the big media companies, so they control just about all of the news and information you get to hear.
They got you by the balls.
They spend billions of dollars every year lobbying … lobbying, to get what they want … Well, we know what they want. They want more for themselves and less for everybody else, but I’ll tell you what they don’t want … they don’t want a population of citizens capable of critical thinking.
They don’t want well informed, well educated people capable of critical thinking. They’re not interested in that … that doesn’t help them. That’s against their interests. That’s right. They don’t want people who are smart enough to sit around a kitchen table and think about how badly they’re getting fucked by a system that threw them overboard 30 fuckin’ years ago. They don’t want that.
You know what they want? They want obedient workers … Obedient workers, people who are just smart enough to run the machines and do the paperwork. And just dumb enough to passively accept all these increasingly shittier jobs with the lower pay, the longer hours, the reduced benefits, the end of overtime and vanishing pension that disappears the minute you go to collect it, and now they’re coming for your Social Security money. They want your fuckin’ retirement money. They want it back so they can give it to their criminal friends on Wall Street, and you know something? They’ll get it … they’ll get it all from you sooner or later cause they own this fuckin’ place.
It’s a big club and you ain’t in it. You and I are not in The big club.
+1
I watched the george carlin speech so many times, I was able to hear his exact voice in my mind while reading your post.
I DON'T BELIEVE
http://www.youtube.com/watch?v=90A1v7K5R1E
George Carlin RIP, you always told the truth
The big one won't hit until the world is completely full of idiots, and at that point, no one will even understand Austrian/Keynesian economics to fight it.
"Meanwhile, Fernandez has borrowed her plays from Atlas Shrugged."
Ah, a Rand ideologue. So no wonder the author fails to mention that the 2001 collapse was largely the result of the pure greed of private bankers as laid out by Perkins in Confessions of an Economic Hitman.
So, you propose that the issue was lax enforcement of regulation?
It's always about greed and corruption.
Yeah, like this is something new...
How Wall Street Turned a Crisis Into a Cartelhttp://finance.yahoo.com/news/wall-street-turned-crisis-cartel-000021459...
[and published at, of all places, Bloomberg!]
"So, you propose that the issue was lax enforcement of regulation?"
No, I propose that the issues are extremely complex and the problems cannot solved by simple answers such as those proposed by the Ayn Rands of the world. Rand was a narcissist who spent her life developing a world view that justified her complete lack of empathy for her fellow humans. Her followers tend to be likewise self-absorbed and they tend to gravitate towards Rand because she justified and indeed glorified their own self-devoted worldview. It's nice when someone tells you that your most selfish desire would actually benefit everyone else. It's largely the same reason people who listen to Limbaugh listen to Limbaugh. Rand's philosophies if put in practice would be the end of the middle class and a return to feudalism.
Right on.
If every solution you can dream up is *simple*, you're probably not very bright. Complex problems don't often have simple solutions.
Complex problems are usually created by complex solutions.
The Constitution is amazingly simple and rather close to perfect. Been ruined through legislative and judicial complications.
Did you read the Constitution? It created the legislative and the judicial branches that you bemoan as "complications." If you did read it, then perhaps you should read it again. It's not quite as simple as it appears at first blush. Put 10 brilliant people in a room, and you will get 10 different answers about the meaning of almost any passage, regardless of politics.
It got us here, which is relatively pretty good.
And yes, not only in Greece they are good in avoiding taxes.
British need to watch out. If Spain collapses, they may start demanding Gibraltar back as a distraction from their economic problems.
"A few weeks ago, the government passed a package of new laws, essentially criminalizing public protest under the auspices of combating terrorism. The legislation, snuck in at a midnight session during the holiday period, provides severe punishment for various crimes under a very broad definition of terrorism."
Damn, this sounds familiar. Where have I heard this befo---oh yeah, NDAA 2012.
America, Argentina is our future.
Argentina had it pretty good after its collapse, and it's been pointed out that the MSM carefully avoids reporting on that aspect. Remind us what wars Iceland is involved in?
http://m24digital.com/en/2010/11/30/wikileaks-how-cristina-fernandez-calm-when-she-is-under-stress/
These are the crazy leaders that people elect.
Argentina has zero probability of taking over the Falklands. The British have nuclear subs.
But we have a navy full of 50+ y/o ships ready to terrorize the Empire with our own ships sinking. It's time to spend a couple billions of US taxpayer to give the British more US made weapons to attack our great and invinsible army, for freedom, liberty and the queen's ass on a stool.
OT but can someone please tell me, why is there VAT on Silver in Europe?
Any way to avoid it?
Thanks.
Buy it here www.goldmoney.com
the golden rule of economics: ‘that which is unsustainable will not be sustained.’
Somebody FINALLY got close to the REAL issue! Let's now take this and run with it, let's DEFINE what's economically sustainable!
If I can dig holes at the same pace that you can fill them in, then the hole digging and hole filling industries can simultaneously exist in perpetuity.
Economics is simply the science of denying people the right to pursue their own self interests.
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"there are four billion barrels of oil estimated to be within the Falklands’ territorial waters."
Exploratory drilling to date has found ZERO producible oil, the latest attempt in just the past 12 mos.
Argentina used to be cheap.
I remember watching World News Tonight back when this was going on the first time. The anchor that night warned the following segment contained graphic images. I was left with an indelible image (in my decaying, feeble mind) after viewing a short video clip of a horse-drawn cart being attacked by a small, not-so-friendly mob. The horse was hacked apart, (alive) and one of the members (of the not-so-friendly mob) had it's left rear leg on his shoulder as he ran away.
When that level of violence becomes commonplace here, I will be truly amazed if things go as smoothly as they did for Argentina 10 years ago.
Britain can't afford jets for the new aircraft carrier (a carrier of aircraft, get it?)... a brilliant/pitiful example of Westminsters totally inept planning and (political) ambitions exceeding their wage grade
Being all out of (other peoples) money the British Govt then 'partnered' with the Frogs to 'craft' their aircraft-less carrier with French fighters. Awesome... except it was only a matter of months Sarkozy all-out blanked the British PM at the crumbling EU. One can only imagine how long the French jets and British carrier remains in harmony after a few weeks at sea!!
And with 2 expensive illegal wars unravelling in failure as a result of being the Yanks miguided lapdog Poodle the last thing bankrupt Britain needs is a conflict 2,000 miles away ..although we should never underestimate the British Govts delusional diplomacy and military planning
I agree with most of what you say but note that these carriers were ordered by the Labour Party, the bankruptors of the UK. The current government would have cancelled them if they could but it was too late.
Wow. What a nightmare. One coming to the US im afraid. I hope the hell everyone is able to hold onto their guns it's the only way out.
Replace: Argentina with US; Falklands with Iran; and Fernandez with Clinton/Obama.
Economic decline has always been a descendant of moral decline.
Oh Simon, you don't know shit. As an Argentine myself, I have to agree with many of the things you say about Cristina, or "La Crista" as I prefer calling her. But so much you're writing is full of shit. Let me recap:
"A few weeks ago, the government passed a package of new laws, essentially criminalizing public protest under the auspices of combating terrorism."
The terrorism law is kinda different. It aims towards "financial terrorism" as playing a part on a run on the banks and stuff. It's not the best of laws, I have to admit. Even though there's real financial terrorism, this law doesn't help much. And as for criminalizing protests, we'be been having DAILY PROTESTS from various groups since 2001. It never stopped. It isn't as heavy as it was, but still is. It's just impossible to criminalize it, specially because Crista would end up destroying her base.
"This, from a woman who simultaneously passed legislation to seize control of the country’s newspaper industry."
The "Ley de medios" was not like that. It was a jab at the jaw of Grupo Clarín, specifically. But it diversified something that was very much a monopoly (it's not in full effect yet though). And if you mean the "Papel Prensa" affair, well, I understand that making it public, specially under Crista, is dangerous (I still remember her acolytes blocking the distribution of Diario Clarín once or twice). But at the same time, it was a company seized by the military Junta and then sold off to the biggest moneyed dicks in the country, those behind Grupo Clarín (her owner and her 2 adpotive children - children born out of Desaparecidos from the last military dictatorship); and it was controlled by both those corporations.
"In her latest move, Fernandez has stepped up her saber-rattling over the Falkland Islands, a nearby archipelago that has been a British territory since 1833 (it is now self-governing)."
Saber rattling my balls. I know not one Argie who would support going to war with anyone, specially with the British. Not again. People hate the military here and they know the last war was a ruse by Galtieri to save his ass (which didn't work). At the same time, I'd beg of you to drop the colonialist hat and remember that the first occupation of the Malvinas was by Argentinians, which were then expelled BY THE US NAVY, and the islands were then occupied by the British. I'd support them Kelpers living there as an independent nation. After all, they've been working that land and I doubt many argies would like to go live there (those islands suck). But the kelpers are not an independent nation. They're subrogates for the British Crown. And don't forget that the islands are on Argentina's submarine platform, which by the 3rd convention of the law of the sea, means it's rightfully Argentinian territory. If they want to extract oil, they better become an independent nation, or just don't do it. Because it wouldn't be much different from what Israel does with the Palestinians (albeit to a much lesser extent): stealing the resources that are not rightfully theirs. Argentina's navy is a bunch of cracked up ships that just don't work that good. There's nothing to fear there. Or is there, you know, fear, that political recipe which the US and the UK have been using so much... Fear of Evil Crista and her Navy of buccanneers terrorizing those good British citizens... don't make my ass laugh, please...
Yep, Crista governs crazy. But De la Rúa did too. And let's not start with Me*em (that name cannot be spoken or written fully, it'll just jinx you, ask Scioli), he was the crazies motherfucking president we've had in a long time...
And if you want to talk about leaders governing in a crazy way, well, you've got a good cast right there within the US and the UK. And damn, the shit they do has consequences around the globe which Crista would never even dream of.
I have to love how these so called liberty lovers (yeah, I mean you Simon) end up showing their true colours. Fascism. Love for Piñera brothers, love for a government hands off approach which lets corporations do whatever they want. And hate for anything they seem to think is "socialism" (ooohhh, scaaary), when it's many times actually the government fighting against the moneyed interests. Because like it or not, mess or crazy or not, Crista and her late hubby did a lot in that front. And many many argies are grateful for that.
Even though I have to admit that we're going towards another big crash. But well, that's nothing new to us. Argentina has a big crash or collapse every 10-15 years. It's the Argentinian cycle. I've already lived through hyperinflation (where prices jumped manyfold within the same day). Also lived the fall of De la Rúas government. And here we still are.
You should rather worry about those gorilla (find out what Argies mean with Gorilla) hairs popping up your shirt. Because when the shit hits the fan, you might have an angry mob of Chileans on the doors of that territory you think yours because you put money down. When push comes to shove, governments will have to side with the people. And considering what you write here and there, the people won't be happy with a crazy foreigner like yourself reaping the fruit off their land.
A little social aimed policy by the government ain't bad. Specially in these times when the private moneyed interests own everything in your "first world". How many yankees would dance on the streets if Obomba would just break down the insolvent parasitic banks? Oh I know, too socialist to you I guess.
Christ had it right all the time (even though I'm not a Christian). It'll be easier to pass a camel through the eye of a needle, than someone like you entering heaven.
The cliche of Israelis robbing Palestinians is itself a forgery of intellectual capital. Two references to Jews in one comment. That's just lazy.
Well, I guess that taking water sources and land is a forgery then...
Totally agree. Good to know there's another Argentine reading ZH.
Argentina will find it much easier to implement their "anti-terrorist" measures thanks to technology.
Biometrics in Argentina: Mass Surveillance as a State Policy