Not that fake spray stuff... mine is guaranteed to be free of the experience of sunlight.
Maybe I'm more zombie-in-a-maze. Not sure.
No good, you'll pay too much on the fish tax.
So what's the solution? The Eurozone was created with so much design by committee, and it seems unlikely that it can be fixed as long as that kind of environment exists. So ... dissolve it? Put one country in charge? Firebomb the UN (just for fun)?
Yeah, on that note, here's the upshot from His Blogness:
'So there’s a kind of trap. If you imagine yourself as the Prime
Minister of such a country [as Greece], what can you do? For the most
part, I’m afraid, you plead with the troika to make the austerity
demands less severe, you do what you can to accelerate improving
competitiveness (which isn’t much), and you wait for things either to
get gradually better via “internal devaluation” or to get worse and
provide the economic and political environment in which euro exit
becomes a real possibility.'
Things are looking better for Italy since the ECB used the bazooka. Not
perfect, but better. Greece, yeah, they're still hopeless.
'So there’s a kind of trap. If you imagine yourself as the Prime
Minister of such a country [as Greece], what can you do? For the most
part, I’m afraid, you plead with the troika to make the austerity
demands less severe, you do what you can to accelerate improving
competitiveness (which isn’t much), and you wait for things either to
get gradually better via “internal devaluation” or to get worse and
provide the economic and political environment in which euro exit
becomes a real possibility.'
Things are looking better for Italy since the ECB used the bazooka. Not
perfect, but better. Greece, yeah, they're still hopeless.
Felix Salmon: Greek default a certainty on March 20
http://blogs.reuters.com/felix-salmon/2012/03/02/worrying-about-greeces-cds-for-the-wrong-reasons/
http://blogs.reuters.com/felix-salmon/2012/03/02/worrying-about-greeces-cds-for-the-wrong-reasons/
http://www.reuters.com/article/2012/02/27/idUSL2E8DRDTJ20120227
TEXT-S&P cuts Greece ratings to 'SD' [ Selective Default ]
TEXT-S&P cuts Greece ratings to 'SD' [ Selective Default ]
http://blogs.reuters.com/felix-salmon/2012/02/29/how-greeces-default-could-kill-the-sovereign-cds-market/
How Greece’s default could kill the sovereign CDS market
How Greece’s default could kill the sovereign CDS market
Post-bailout tidbits:
"The New York Fed today announced that it had finally exited its Maiden
Lane II portfolio — the toxic securities bought at a discount from AIG
in the 2008 bailout — at a healthy profit of $2.8 billion..."
http://www.newyorkfed.org/newsevents/news/markets/2012/an120228.html
"At all times, Treasury wants what’s best for AIG’s share price, so that
it can, hopefully sooner rather than later, sell off its entire 77%
stake in the company at some kind of profit... So unless and until AIG
gets sold, expect Treasury to continue to shower it with as much
regulatory forbearance as it can possibly corral."
http://blogs.reuters.com/felix-salmon/2012/02/28/why-treasury-is-being-so-nice-to-aig/
"The New York Fed today announced that it had finally exited its Maiden
Lane II portfolio — the toxic securities bought at a discount from AIG
in the 2008 bailout — at a healthy profit of $2.8 billion..."
http://www.newyorkfed.org/newsevents/news/markets/2012/an120228.html
"At all times, Treasury wants what’s best for AIG’s share price, so that
it can, hopefully sooner rather than later, sell off its entire 77%
stake in the company at some kind of profit... So unless and until AIG
gets sold, expect Treasury to continue to shower it with as much
regulatory forbearance as it can possibly corral."
http://blogs.reuters.com/felix-salmon/2012/02/28/why-treasury-is-being-so-nice-to-aig/
http://blogs.reuters.com/felix-salmon/2012/03/05/how-all-cds-are-at-risk-of-not-paying-out/
How all CDS are at risk of not paying out
Why do people buy these things? Oh yeah, to make their balance sheets look better.
How all CDS are at risk of not paying out
Why do people buy these things? Oh yeah, to make their balance sheets look better.