Thursday, 18 September 2008

Blogs : 18th September (en)

Financial crisis? What crisis? Certain Ideas of Europe (en)
EuroparlTV is here. en.europa-eu-audience (en, fr)
EuroparlTV. NoseMoonkey, EUtopia (en)

" ... The Conservatives are polling at 52% which in a First Past The Post system amounts to effective annihilation of all opposition ... Another venue where this voting pattern will make waves will be in the EU Parliament where elections are to be held in less than one year in June 2009 ... "

European Parliament web TV: Critics speaking. Julien Frisch, Watching Europe (en)
" After two days of broadcasting, the European Parliament web TV is receiving respect but also critique.
One Brussels journalist, who did not wish to be named, said that he was worried that the company responsible for the content, Brussels-based Mostra, was the same company that produces much of the European Commission's multimedia promotional material ... "

Midnight Thought on Whether Keynes can fix this Mess. BruceMcF, The European Tribune (en)
" ... The thing about the New Deal ... it provided a lot of "relief"(1) to a lot of people in desperate shape. But what cured the Great Depression was not the shock absorber of job guarantee programs like the two public works administrations and the Civilian Conservation Corps.
What cured the Great Depression was the massive Keynesian stimulus of World War II. Even before the US got into the war, armaments industries ramped up production in response to domestic re-armament and orders from overseas ... including the gimmick of Lend-Lease to make sure that the UK had the money to buy the product of US arms factories ..."

A national humiliation. Richard, The EUReferendum (en)
" Remarkably, in the torrent of media coverage about the HBOS/TSB merger, the words "European Union" are still almost entirely absent ... That will not wash with the EU and make no mistake about it, the EU is in charge here. It is a fundamental principle of our relationship with the EU that its law over-rides ours. This merger is no different – the dominant law is the so-called "merger regulation" and this takes precedence. Whatever the media might report, therefore, this deal is not done until it has been approved by the EU – specifically DG Competition ..."

Investing or gambling? Stanley Crossick, (en)
" ... we need to re-examine the difference between “investing” and “gambling”. To “invest” means to lay out money with the expectation of a profit. To “gamble” is to bet money on the outcome of an event. The difference is in interpretation only ... "

"Economy Nobel prize winner Joseph Stiglitz has the accurate analysis of this week’s meltdown of the financial markets in the Guardian:
“The new low in the financial crisis, which has prompted comparisons with the 1929 Wall Street crash, is the fruit of a pattern of dishonesty on the part of financial institutions, and incompetence on the part of policymakers.
We had become accustomed to the hypocrisy. The banks reject any suggestion they should face regulation, rebuff any move towards anti-trust measures - yet when trouble strikes, all of a sudden they demand state intervention: they must be bailed out; they are too big, too important to be allowed to fail." ...
... After this collapse of wild-west Wall Street capitalism, It might be time again for a period of strong governmental intervention but without resorting to the old social-democrat neo-Keynesian remedies or authoritarian solutions (. What we need is smarter regulation (not Verheugen’s “less red tape” disguised as “better regulation”). Unfortunately, we might need a new generation of smarter policymakers to make this happen. The politics of media spinners and one-liner champions is not going to bring us this smarter regulation. So we are in a bit of a mess here ... "

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