Archive for October, 2012
Money we all know is a medium of exchange Buyers and sellers relate to each other through money The question here is – what is the value of money? Few say money is the root of all evil Many say money is the root of prosperity And how valuable is money Almost everything is measured by money People go to work everyday because of money Wealth of individuals is measured by money
All purchases and transactions are made by money Every country has a name for its own money The importance of some countries In based on the value of their money What is the value of money?
The rise and fall of foreign exchange Is used to measure the value of money Success to many is also measured by money Corporate positions are measured by money There are some people who marry for money What is the value of money? To many, money is everything You cannot get many things done without money Many have pondered and contemplated to ask Can human beings live without money?
Then, how shall we determine and decide The prices of individuals and materials Differences between the rich and the poor Are calculated in monetary terms The power bestowed by money Seems bigger than imagined
- What is Money? What is Inflation? (wallstreetpit.com)
- Money as store of wealth? (worthwhile.typepad.com)
- Deutsche Bank: GOLD IS MONEY (businessinsider.com)
- Is Money Evil? (entrepreneurshunt.com)
- Service to Others Equals Win-Win (life-counseling.org)
- Paul Graham: ‘Money Is Not Wealth’. Really? (statspotting.com)
- The Rulers And The Ruled (zerohedge.com)
Unemployment in the eurozone has risen to a new high, with Spain recording the highest jobless rate with more than one in four out of work.
There are now 18.49 million people without jobs in the 17 countries sharing the euro, European statistics office Eurostat said on Wednesday, with an extra 146,000 joining the ranks of the unemployed last month. The jobless rate increased to 11.6% in September, the highest on record, from a revised 11.5% in August.
“With surveys suggesting that firms are becoming more reluctant to hire, the eurozone unemployment rate looks set to rise further, placing more pressure on struggling households,” said Ben May, European economist at Capital Economics.
The lowest unemployment rates were recorded in Austria (4.4%), Luxembourg (5.2%), Germany and the Netherlands (both 5.4%), which are near full employment. Spain (25.8%) and Greece (25.1% in July) had the highest unemployment in the eurozone, while France looks much like Italy (both at 10.8%), with a steady rise in joblessness. August data for Greece will be published next week, although the true picture is probably worse, as a growing number of Greek workers remain nominally employed but have not been paid for some time………………
full article at source:http://www.guardian.co.uk/business/2012/oct/31/eurozone-unemployment-record-high-eurostat
Spanish unemployment hits new peak … One in four Spanish workers are now without a job. Spain’s unemployment rate hit a record high of 25% in the third quarter, as the jobless total grew to nearly 5.8 million people. The latest unemployment data reflects the impact of the region’s recession, and Spain’s government cuts aimed at restoring stability to the country’s finances. The national statistics office said unemployment in the July to September period rose 0.4%, compared to the previous quarter; and 3.5% compared to the year prior, as another 85,000 people were left without work. – CNN
Dominant Social Theme: We shall overcome. This is merely another challenge for civilized society.
One out of every four Spanish workers is now without a job. This is a full-fledged depression by any standard. This statistic is topped by another one, that 50 percent of Spanish youth is unemployed.
The larger unstated dominant social theme is that unemployment and subsequent suffering are simply part of life. The sub-dominant theme is that austerity is a necessary part of the solution.
Fear is an essential element. Unemployment is a fact of life and only government programs can alleviate it……………….
full article at source: http://www.thedailybell.com/28224/Spain-Consequences-of-a-Generalized-Depression
- One in four Spaniards jobless as unemployment hits record high (rt.com)
- Eurozone Unemployment Rate Hits a Record 11.6% (247wallst.com)
- Spain jobless rate hits new high (bbc.co.uk)
- Why the Economic Outlook for Spain is Positively Dismal (world.time.com)
- Eurozone unemployment hits new high (guardian.co.uk)
An excellent article and well worth the read! well done !Thomás O Cléirigh
…our ruling class twiddles its thumbs
Now that democracy and freedoms are clearly disappearing right across Europe, I thought a brief Slog audit might be in order…purely for those who insist it is all a mountain fashioned from a mole-fart by Blogosphere fantasists.
Rewind first of all to those long-gone days when Greek Prime Minister George Papandreou still thought he was an equal member of a liberal democratic union of European States. French minister Francois Baroin has just released his memoirs about this period, and the bottom line is this: in November 2011, the then French President Nicolas Sarkozy and German Chancellor Angela Merkel told Papandreou that the Greek bailout would be scrapped if he went ahead with plans to hold a referendum on the austerity package demanded by the country’s lenders. Baroin notes:
“Papandreou sweats more, jumbles his words, then collapses. Cornered, he has no choice. I attend his…
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The following post was sent in to us from awakenlongfort blog
THE IRISH PEOPLE HAVE HAD ENOUGH.
WITH THE SUPPORT OF OUR CONSTITUTION WE HAVE OPTIONS.
I AM SUING ULSTER BANK FOR €1,000,000.00 FOR STRESS AND THE THE DEEDS OF MY HOME BACK.
YOU TOO COULD DO THE SAME AND STOP THIS WAR AGAINST THE ORDINARY MAN.
CONTACT ME DIRECTLY AND I WILL EXPLAIN WHAT I HAVE DONE AND YOU CAN MAKE UP YOUR OWN MIND OR CONTACT DEBTOPTIONS DIRECT ON THE FACEBOOK PAGE http://www.facebook.com/pages/Debtoptions/211736418893790?fref=ts
YOU DO NOT HAVE TO SIMPLY ACCEPT THE STATUS QUO – YOU HAVE OPTIONS!
PLEASE SHARE THIS POST WITH YOUR FRIENDS AND FAMILY EVEN THE ONES YOU BELIEVE ARE OK, YOU WILL BE SURPRISED HOW MANY ARE NOT!
May I take this opportunity to congratulate you on your brave action? For far too long we the ordinary people have allowed these crooks to suck us dry .The Banks are nothing more than a den of thieves as the record of the board of directors from my bank Allied Irish Bank shows us. They have managed to enslave our entire nation as a result of their mind-boggling greed and criminal negligence .After 4 years of hell and penal interests’ rates these blood suckers have destroyed so many families. This outright abuse of the ordinary people of Ireland must be brought to a halt now!These criminials must be brought to the people’s justice If we cannot get justice in this Be-NAMA-republic!
Fair play Sir, and I hope this action will be just the start as we the people must stand up for our own rights as our corrupt government are in cahoots with the toxic Banks and their criminal buddies in Europe.
Best Wishes from Germany
Thomás O Cléirigh
For your attention …..
|Vaxevanis’ court hearing postponed to November 1|
Journalist Kostas Vaxevanis’ hearing on charges of violating personal data for publishing the Lagarde list has been postponed to November 1.
Friends, colleagues and supporters of the Hot Doc magazine publisher gathered outside the court house at noon on Monday, when the hearing was due to take place, including MPs and journalist union representatives.
Vaxevanis appeared in court on charges of violating personal data, two days after his news magazine Hot Doc published a leaked list of 2,059 Greek residents with accounts in Swiss bank HSBC. The list published by the magazine contained only names without the size of the bank accounts.
The defence requested that the hearing be postponed because a number of people whose names are on the list had expressed their intention to testify as witnesses, defence lawyer Charis Oikonomopoulos said.
Vaxevanis’ other lawyer, Nikos Konstantopoulos, stated the defence’s intention to highlight the political dimension of the case.
Exiting the court Vaxevanis said among others that it was his duty to publish the list because “everything else is public relations”.
Vaxevanis was arrested in the northern suburbs of Athens on Sunday, in execution of a warrant issued ex officio by an Athens prosecutor on Saturday night, just hours after the publication of the list.
Minutes before his arrest he had tweeted his whereabouts and challenged police waiting outside to pick him up.
The journalist was briefly detained at the GADA police general headquarters on Alexandras Avenue and was released three hours later, to the cheers of waiting supporters, after appearing before a public prosecutor.
Syriza in an announcement called the ex officio action against Vaxevanis “provocative and unacceptable”, noting that “justice hastened to act against those who reveal, whereas it displays sluggishness vis-a-vis those who conceal”.
“The prosecution is political, and as such should be faced by the entirety of the Greek people who are called on these days to suffer the consequences of the harshest and class-oriented policy ever known to Greece since the restoration of democracy, and also the consequences of the long-standing and systematic tax evasion by ‘those who have’,” Syriza charged.
In a similar statement, the Communist Party of Greece (KKE) also called the action against Vaxevanis “unacceptable and provocative”.
“The mockery and deception of the Greek people (with ‘lists’) by those who conceal them, hide them or use them according to their political and economic expediencies must stop,” the KKE said, adding that “the economic system and prevailing political forces do not want the people to learn the truth, and it is in their interest to disorient and deceive them.”
The list had ended up in the hands of French authorities roughly four years ago when they seized digital evidence from the house of former HSBC employee Herve Falciani, who was wanted by the Swiss authorities and who had illegally copied details of bank accounts that belonged to roughly 20,000 people.
The list was sent to then finance minister George Papaconstantinou by his French counterpart Christine Lagarde. Papaconstantinou claimed to have had the original list, sent in CD format, copied on a USB stick which he turned over to the ministry’s financial crimes squad SDOE for investigation, and that he turned over the original CD and accompanying documents to his office for “confidential safekeeping” and was unaware of its current whereabouts.
Pasok leader Evangelos Venizelos produced the memory stick containing the list a few days later, saying he had received from SDOE Special Secretary Ioannis Diotis when the former was deputy prime minister and minister for finance in the Papandreou government. (Athens News/dv, AMNA)
- Greece Moves Quickly to Put Editor on Trial (nytimes.com)
- Trial set for Greek leak reporter (bbc.co.uk)
- Vaxevanis trial postponed (ekathimerini.com)
- Greek Journalist Held After Publishing List of Swiss-Account Holders (bloomberg.com)
- Greek journalist Kostas Vaxevanis arrested for publishing ‘Lagarde list’ (99getsmart.com)
During the Christmas 2004 tsunami in Asia, it was remarkable that there were so few mass animal deaths, and there is a long-held belief that animals can sense disaster ahead of human beings. Likewise, banks with their fingers on the pulses of households’ and businesses’ financial performance and prospects might be expected to have an unusually perceptive grasp on the economy; with a pattern emerging of banks exiting or considering exiting the State, this doesn’t augur well for our medium term economic prospects.
Next week we should get the Q3, 2012 results from Belgian-owned KBC bank which just a few weeks ago was strongly protesting that it didn’t have plans to exit from the Irish market. Industry speculation however is that KBC has had a lousy Q3,2012 in the Irish market and that its residential mortgage book in particular continues to deteriorate at an alarming rate. Insiders thought there was…
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In the next few years, one of the biggest challenges faced by the domestic Irish economy will be what to do with the tens of thousands of people who are in mortgage arrears now, and the tens of thousands of people who will get into difficulties, but have yet to realise it. So when trying to quantify the problem, we need to have a stab at assessing the ‘known knowns’ as well as the ‘known unknowns’.
The known knowns are rising all the time. Latest Central Bank figures reveal that 128,000 mortgages are in arrears. This figure has been rising rapidly over the past few years, and is likely to keep rising as incomes fall, taxes rise and unemployment continues to grind slowly upwards. The domestic economy, where most of us work and live, is not getting any better – indeed, one of the biggest problems is the debt overhang itself, which is dragging investment and savings.
The picture at the moment shows that 128,416 – or 16.8 per cent – of all private residential mortgages are in arrears. Of those, 45,165 (5.9 per cent) of all private residential mortgages are in arrears of less than 90 days. Some 17,553 (2.35 per cent) are in arrears of between 90 days and 180 days, and 65,698 (8.6 per cent) are in arrears of more than 180 days. The total number of residential mortgages stands at 761,533, so nearly 17 per cent are in arrears already. These are the known knowns……………………
- Landlords mortgage arrears decrease (simplelandlordsinsurance.com)
- Landlords see rise in arrears (gateway-homes.co.uk)
- Buy-to-lets in arrears now on banks’ hit list (independent.ie)
- Moody’s: Debt write-down only solution to mortgage crisis (newstalk.ie)
- 50,000 buy-to-let mortgages late on payments (independent.ie)