Things Noticeable this week

[fleetwood77]

Originally Posted by scoundrel

Absolutely wrong, for the following reasons.

Iceland, Greece and France, the current refuseniks, do not exist in a vacuum. ...... Iceland did welch on her legal and moral obligations to British savers........... I totally support that measure and I have no respect for the Icelandic government at all

Scoundrel's right - I've never shopped in Iceland since they welched on their obligations

[billybunter]

Originally Posted by fleetwood77

Scoundrel's right - I've never shopped in Iceland since they welched on their obligations

Was that the hoover scandal?

[footstep]

Originally Posted by scoundrel

Absolutely wrong, for the following reasons.

• Iceland, Greece and France, the current refuseniks, do not exist in a vacuum. "The market" is their trading relationships, on which significant parts of their population would like to welch. Iceland did welch on her legal and moral obligations to British savers in Icesave and the British government, legal or not, seized the assets of the Icelandic government in the UK to recompense itself for having to honour the deposit guarantees which the Icelandic government dishonoured. I totally support that measure and I have no respect for the Icelandic government at all; not much for the Icelanders who supported it in dishonouring its duty to guarantee the savings of those who trusted Icelandic banks. They were willing to benefit when it was thought that the Icelandic banking sector was a success story. Stuff them.
• The people of France have voted in a President who is offering cloud cuckoo land. Pension age to be reduced back to 60 for some workers; the corporation tax rate is to be raised in a world where corporations are free to relocate and in which France needs to attract inward investment; income tax is to be raised; there will be more public sector workers. Where has he been? Where have the people who voted for him been? That dog won't fight and if they seriously try it, this lack of fight will be seen when France slips deeper into recession, her short-term borrowing rate rises, and the Eurozone will be dealing with the instability of one of its two biggest members. If Msr Hollande seriously implements such measures, France will become a case-study for what happens when you try "putting the population before the markets."
• People in Greece have voted emphatically in favour of the anti-austerity parties, and I don't blame them a bit. But there seems to be a really self-indulgent delusion that as a Greek citizen you can vote against austerity and still want to be in the Euro. You can't. If I were in that unhappy situation, I would vote against austerity and accept that expulsion from the Eurozone was inevitable. In fact, I would see expulsion from the Eurozone as a damn good thing.

This is a fallacy, that the needs of the population can be served by ignoring the markets. The markets are powerful. They should not be appeased, but neither can their valid criticisms of reckless borrowing and profligacy be ignored, because there at least events across Europe have proven they have a good point. The credit rating of the so-called PIIGS (Portugal, Ireland, Italy, Greece, Spain) has fallen for entirely sound economic reasons; it's not due to false rumours and its not due to market abuse. Its due to really really bad governance.

Sorry, guys. I like you both, but I strongly disagree with your philosophical proposition and I needed to say it. "Putting the population before the markets" sounds to me exactly like the bad governance which cause this whole shit-sandwich in the first place.

I posted that sunday night: football thread; Excuse me once!!New president here live Hollande!20h 07 Sarkosy rich men out!so what are we gonnna do with that?debt?Social?Humanism?As a litlle enterprise little boss i don't know.Don't want finish as greeks or spanish!My way always been courage work effort and trust .So you can succeed.NOT with comunism or socialism(in France that mean to pay people so they stay in bed )Where do you think we're goin as Dire straits said.Right through the walll

[Mal Hombre]

The Sun not the "Newspaper" but the actual celestial body!Blue skies too,One might almost think it was Spring...

[palo5]

Originally Posted by scoundrel

...This is a fallacy, that the needs of the population can be served by ignoring the markets...

No one says this should be a routine or every-year practice, but in exceptional situations, exceptional things are possible and necessary. Many countries have defaulted in the past - do investors know nothing about this, or about due diligence and why you have to do it?

There is always more than one side to such situations

If you want to shoot anyone, start with the ratings agencies, because they're the 'pros' who frequently remove a sense of risk - even though they should know 1000% better

I don't know about you, but I'd have de-licensed them years ago

[palo5]

They are very good at telling markets to f*** off when it suits them

Of course, they are a little bigger than Iceland

[Greenman]

Noticed that The Sun took a 'bomb' into the Olympic Stadium-how long is it going to take them to realise that they are not the 'paper of the people' they once were-well I say paper, more a comical shadow of their former selves. If it wasn't them then another tabloid would have done the same. I am sure that this is not anything to worry about, and that security is well in place, or will be come July.

This new man in France Francois Hollande, he could be trouble, especially as he has already spoken out against Britain-why can't these people just shut up and keep their ideas to themselves. Not very entente cordiale.

Well done to Dustin Hoffman for helping to save an Australian tourist? from a heart attack. It is well known he has a place here and just happened to be in the right place at the right time-saved the guy's life along with the paramedics.

[exfarmer]

A feckin' great big spider just ran across my desk. the thing was huge.
Spiders have always creeped me out but this thing looked like a tarantula.
Made a nice mess when i splated it though.

[Greenman]

Probably all the rain we're having I had something similar in my father's study-very big, but we've put down loads of conkers since last year, they are supposed to be deflected by them-the odd one gets by but sooner spiders than bloody wasps that terrorised us last Summer.

[steve40]

just watched the opening of parliament and queens speech, which i wasnt very impressed by cos a lot of the things that are going on at the moment, there wasnt even a sniff about in the speech, unless of course the conservatives and the queen are just trying to sweep those things under a rug and hope they just go away,