This short film made with Seedance 2.0 is absolutely insane.The realism looks like a real movie — no one can…
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“KANT WAS RIGHT!”
Translated from the French by Tim Gupwell
A female reader of my blog asked me to give her some tips for her upcoming business school exam. This is how I replied.
It seems important to me to focus on the possibility that any measures proposed can be generalized. It was Martin Wolf who pointed out in a Financial Times (*) column that the Germans (in spite of being Kant’s compatriots) seem to have lost sight of the Kantian Categorical Imperative when they ask the other Eurozone nations to become net exporters like Germany. An error of logic has…
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STICKING TO ONE’S PRINCIPLES…, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
What was the plan being drawn up last week in Rome which Merkel refused to sign up to? The other three participants, Mario Monti, Mariano Rajoy and François Hollande advocated using the EFSF, and in the near future the ESM, directly, to bail-out the banks without adding further to the public deficit (thus breaking the link between these two types of debt), as well as using them to purchase sovereign bonds in order to ease market tensions. Spain and Italy would be the principal beneficiaries of these measures.
But…
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RED HERRINGS, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
The magic word growth only needs to be pronounced in order for everything to become just like it was before. At least that is what the four European leaders gathered yesterday at Rome seemed to believe when they announced the figure of 120 to 130 billion Euros to stimulate growth, an amount which would have been colossal even a short while ago, but which, unfortunately, seems somewhat laughable these days.
It was the only subject, incidentally, on which they were able to agree, that plus a tax on financial…
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TREASURE HUNT, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
Following the clues for the next bail-out of the Spanish banks is proving to be a veritable treasure hunt. To participate, follow the guide!
Initially, the EFSF (European Financial Stability Facility) is going to borrow funds on the markets, using the member states guarantees, in order to lend them to the Spanish Government, which will subsequently lend them to the banks for the bail-out. The result of this haywire approach will be a transfer of debt from the private sector into the public sector.
But in the meantime the…
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France 24, “Is François Hollande’s fiscal program likely to hurt France’s competitiveness?”, at 7:10 PM, June 21st 2012
Don’t you love the way this is phrased? Can the guy ever recover from such an even-handed (cough! cough!) way of setting the issue?
Anyway, here it is.
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THE RETURN OF THE LENDERS OF LAST RESORT, by François Leclerc
Guest post. Translated from the French by Tim Gupwell
Here is a summary of the situation. Newly named Prime Minister, Antonis Samaras is continuing to put together a government which was voted in on the basis that it would renegotiate a bail-out plan which is falling apart anyway. In supporting him without sending in any of their big names, Pasok and Dima are doing the strict minimum, which augurs badly for the outcome of the experience. In Brussels the new Greek finance minister is awaited resolutely, with, at best, extensions to the time frame likely to be granted.…
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SPAIN: BOND MARKET THIS THURSDAY 21St JUNE
Spain managed to borrow 2.22 billion Euros this morning. It was hoping to raise 7.7 billion. The Wall Street Journal pointed out that this was “thanks to demand seen overwhelmingly coming from domestic banks”.
The coupon obtained by lenders for 2 years was 4.706% (compared with 2.069% on the 1st March); over 3 years it was 5.547% (compared to 4.876% on the 17th May) and over 5 years it was 6.072% (compared to 4.960% on the 3rd May).
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NOTHING TO WORRY ABOUT ! , by François Leclerc
Guest post. Translated from the French by Tim Gupwell
The G20 in Los Cabos seemed like a preparatory meeting for the Summit of the Heads of State and European Governments! This seems to highlight the fact that they no longer know what to do, and are running round like headless chicken.
The same ideas that had previously been abandoned are back on the table, only to be refused once again by Angela Merkel. Thus, Mario Monti proposed, during the G20, that the EFSF/ESM buy sovereign bonds in order to ease market conditions. He was supported in vain by…
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To expand on this reflection, I’d like to propose an image that radically inverts our usual representation of the Big…
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