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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NOW THE CHAINS ARE GIVING WAY, by François Leclerc
Guest post. Translated from the French by Tim Gupwell The chorus of voices is becoming increasingly strident and events are moving very fast: the now inevitable Spanish request to benefit from a rescue package; plus the impending recognition of the failure of the second Greek plan, followed by the negotiation of a third one with a new extended timescale – whatever the result of the elections this week-end. Having claimed as a “victory” the Spanish banking bail-out (which he had tried to avoid at all costs), Mariano Rajoy can no longer remain in denial, and will now have to acknowledge…
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THE CHAINS ARE GOING TO GIVE WAY, by François Leclerc
Guest post. Translated from the French by Tim Gupwell Financiers loathe risk, though they don’t mind so much if it is others bearing it. When they refer to it they juxtapose terms of risk aversion or, its opposite, appetite for risk, but this is only another of their manners of speaking (of which they have so many). In reality they cannot stand others making them take risks and when this is required, they make their feelings known about it in the strongest possible terms. For having played with fire to an excessive degree, the Spanish government is paying the price…
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SPAIN IN STORMY WATERS
Spain in stormy waters 12 juin 2012 par Paul Jorion The 10 year rate for Spanish debt has just reached a historic high. On the 25th November of last year, the rate had beaten a record when it reached 6.72%. Yesterday early in the morning, when the European markets were in ecstasy about the news of an 100 billion euro aid package for the Spanish banks via the Spanish state, the rate had dropped back down to 6.02%. It has just reached 6.809% (at 16:27 Paris time). Of course the danger of this type of progression is that an increase…
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HOW CREDIT DEFAULT SWAPS WILL HAVE DESTROYED THE EURO
How credit default swaps will have destroyed the Euro 12 juin 2012 par Paul Jorion And what of the CDS (credit-default swap) speculators who don’t pay taxes? Why don’t we hear anything about them? We hear a lot about the Greeks not paying their taxes, and at the moment, due to the tactlessness of some, we hear a lot about international civil servants (more precisely those of the International Monetary Fund) who don’t pay taxes, but, in the case of CDS speculators who pay no taxes, goodness knows why – not a word! It has to be said that it…
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THE GOLDEN TOUCH, by François Leclerc
Guest post. Translated from the French by Tim Gupwell and Bernard Bouvet In spite of the promise of a hundred billion Euros which has been brought to the table, the markets are still not convinced, and it didn’t take them long to react. By late afternoon, Spanish borrowing rates were edging up again, reaching 6.508%, while Italian rates had exceeded 6%. Spanish sovereign CDS were up sharply. After initially rising, financial stocks plunged on the stock exchanges. The ratings agency Fitch downgraded Santander and BBVA, the two flagships of the Spanish banking system. Even more worrying for the future, the…
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WHEN THE WISE MAN POINTS AT THE MOON… (I), by François Leclerc
Guest post. Translated from the French by Tim Gupwell. The chaotic ups and downs of the deleveraging process continue inexorably, affecting not only the debt of the member states but also a European banking system which is now in the same mess. What it had been concealing has now been revealed: it is in a very sick and feeble state. In order to subdue and contain this gradual process, new bail-out instruments have had to be put in place – which are the subject of much debate; their effectiveness is limited since they are part of a debt-reduction strategy which…
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THE RAMIFICATIONS OF THE SPANISH BANKING BAIL-OUT, by François Leclerc
Guest post. Translated from the French by Tim Gupwell. Some important details are still lacking with regard to the Spanish banking bailout plan: its final amount, which is going to depend on the results of the audit commissioned by the government; its rate, which we will be coming back to; and the stabilizing measures for the banks which will be associated with it. These will include massive lay-offs in the banking sector and will further worsen the unemployment situation. One other aspect has, however, not been highlighted enough. The funds will have to be paid out – at least initially…
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In the age of AI, the danger is not knowing less than machines, but understanding too slowly the structure of…
Ouch! The whole of cosmology was standing on its head, and now it’s back on its feet! And everything becomes…
To expand on this reflection, I’d like to propose an image that radically inverts our usual representation of the Big…
[…] GENESIS is a machine predicting where emergence will occur and what form it will take: the form that minimises descriptive length and maximises cross?representational coherence.…
[…] 2. Pribor’s Combinatorial Magic […]
[…] that’s left to do is get on with it ? So I followed DeepSeek’s advice, as I let you…
Well! It is comments such as yours that make the trip … worthy of the trouble! 😀
When I saw your work on P vs NP, I knew you were on to something profound. I couldn’t have…
Admittedly, I was a little thrown off by the direction this took. From my perspective, you (1) identified the major…
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