Quotulatiousness

November 30, 2010

Ireland’s debt problem

Filed under: Economics, Europe, Humour, Italy, Politics — Tags: , , , , — Nicholas @ 07:48

James Howard Kunstler looks at Ireland’s plight:

When you’re out of the country, as I was last week, it’s good to know that the home folks are keeping up with the Kardashians and bravely venturing into the blood-splattered chambers of cable TV’s latest hit, Bridal Plasty — where candidates for marriage are transformed from Holstein cows into inflatable sex toys by magic surgical technology — not to mention all those humble guardians of freedom who kept the parking lots of WalMart safe for consumerism in the wee small hours of Black Friday. These are, after all, perilous times.

Elsewhere, Ireland and the rest of Europe wore themselves out with soul-searching all week over how to handle national bankruptcy within a currency system that bears only a schematic relation to reality. Does the bankruptee go broke all at once, or is she recruited into permanent debt slavery so that the bond-holders of various banks can keep their loved ones in marzipan and Fauchon’s wonderful marrons glacés for one more holiday season? As of Monday morning, Ireland has been commanded to, er, bend over and pick up the soap, shall we say, for about a hundred billion euros in loans that will not be paid back until a mile-high ice-sheet covers Dublin (something that might happen sooner rather than later if the climate mavens are right).

We’ll see how this bail-out goes down with the French and German voters, too, who have to pay for it, after all, especially as Portugal, Spain, and Italy line up at the cash cage for their cheques (and bars of soap). Of course, a few more basis points in the interest rate spreads could prang the whole Euro soap opera — does anybody really believe this game of kick-the-can will go on after New Years? I’m not even sure it goes on past this Friday, but I am a notoriously nervous fellow.

This is almost as good as the (temporarily discontinued) daily Financial Briefings from Monty.

H/T to Terry Kinder for the link.

November 29, 2010

Oh noes! WikiLeaks show “undiplomatic” side of US diplomacy

Filed under: Bureaucracy, Italy, Media, Politics, Russia, USA — Tags: , , , , , , , — Nicholas @ 12:43

The latest release of WikiLeaks’ cache of US government documents shows the undiplomatic side of things:

The documents obtained by the whistle-blowing website WikiLeaks, some of which describe allies and adversaries in starkly blunt terms, could undermine the Obama administration’s efforts to improve ties that have frayed with some key countries in Europe, the Middle East and elsewhere.

As reported by The New York Times and other media, the cables at times deride or mock foreign officials, calling Italian Prime Minister Silvio Berlusconi a “feckless” partier and describe Afghan President Hamid Karzai as “weak” and “easily swayed.”

Below are highlights of the embarrassing comments from the new WikiLeaks documents.

— One July 2009 cable from the State Department’s intelligence bureau, posted by The New York Times, contains instructions to U.S. diplomats for collecting intelligence on the United Nations.

The directive, from U.S. Secretary of State Hillary Clinton, urges diplomats to collect biographical information on U.N. personnel, including such personal data as telephone, cellphone, pager and fax numbers and e-mail addresses; credit card account numbers; frequent flyer account numbers, work schedules, and Internet and intranet “handles” (or nicknames).

Here we go: a perfect example of government duplication of effort. Everyone knows it’s cheaper to buy this information from Facebook!

Other “worldshaking” revelations include:

The newspaper says one 2008 cable characterizes the relationship between Dmitry Medvedev, Russia’s president, and its Prime Minister Vladimir Putin as a partnership in which Medvedev, who has the grander title, “plays Robin to Putin’s Batman.”

It also says a cable describes Italy’s Berlusconi as “feckless, vain and ineffective as a modern European leader.” One cable from Rome to Washington describes Berlusconi as “physically and politically weak” and asserts that his “frequent late nights and penchant for partying hard mean he does not get sufficient rest.”

In other words, pretty much common knowledge.

Update: William A. Jacobson thinks this is the Jimmy Carter moment for Barack Obama:

The U.S. Embassy takeover in Tehran on November 4, 1979, was the start of 444 days which came to define Jimmy Carter. The U.S. government was revealed to be powerless and the President weak. Those among us who were alive and conscious during those days have embedded the feelings of helplessness.

There have been many comparisons of Barack Obama to Jimmy Carter, focused on the economy. But the continuing leak of documents by Wikileaks has become for Obama what the Iranian hostage crisis was to Carter.

November 10, 2010

Pompeii building collapse triggers calls for nationalization privatization

Filed under: Bureaucracy, Economics, Europe, History, Italy — Tags: , , — Nicholas @ 13:30

I never thought I’d read an article in the Guardian calling for the privatization of a state asset:

Opposition politicians and commentators accused Italy’s government of neglect and mismanagement today over the collapse of the 2,000-year-old House of the Gladiators in the ruins of ancient Pompeii.

Some commentators said the Unesco world heritage site should be privatised and removed from state control. La Stampa newspaper ran a story headlined “Pompeii — the collapse of shame,” echoing national opinion over the cultural disaster.

The stone house, on one of the site’s main streets and measuring about 80 sq m (860 sq ft), collapsed just after dawn yesterday while Pompeii was closed to visitors. The structure was believed to have been used as a club house by gladiators before they went to battle in a nearby amphitheatre.

[. . .]

“Precisely because it belongs to all humanity, its management should be taken away from a state that has shown itself incapable of protecting it,”

[. . .]

Approximately 2.5 million tourists visit Pompeii every year, making it one of Italy’s most popular attractions. Art historians and residents have for years complained that the sites were in a state of decay and needed regular maintenance. Two years ago the government declared a state of emergency for Pompeii but it lasted only a year.

Roberto Cecchi, under-secretary at the culture ministry, said there had been no effective, continuous maintenance at Pompeii in half a century. Breaking ranks with his ministry, he said stop-gap, ad hoc measures, such as the appointment of commissioners, which attracted flashes of publicity, were no substitute for the constant monitoring worthy of a world treasure.

To be fair, the Guardian is merely reporting on the calls for privatization, not explicitly endorsing them, but even that is shocking enough.

June 22, 2010

QotD: He bestrides the G8 like a Colossus

Filed under: Cancon, France, Germany, Italy, Politics, Quotations — Tags: , , , — Nicholas @ 00:07

. . . things are pretty bad in the mother country when a self-described “Whig” calls Stephen Harper “a magnificent fiscal conservative.” It’s like calling Gordon Brown “a brilliant and charismatic leader,” or Jean Chretien “a visionary and articulate statesman.” In politics, at least practical politics, all truth is relative.

Compared to most G8 leaders Stephen Harper does look like a genius. This is, as you’ve guessed, damning by the faintest of praise. Barack Obama is an avowed socialist, who described his one real job in the private sector as working “behind enemy lines.” Japan has been governed by a series of interchangeable non-entities for the better part of the last decade. In most of Europe, and certainly the English speaking world, Silvio Berlusconi would be awaiting sentencing. Angela Merkel rivals Helmut Schmidt in the visionary department. Sarko is a living embodiment of every mistake the French have made since Diem Bien Phu: A domestic policy summed up by the quintessentially French term “dirigiste,” and a foreign policy consisting of German guilty tripping and sophomore anti-Americanism. If Stephen Harper looks taller than others, it is because he is standing on the shoulders of midgets.

Publius, “Well, at least someone likes him…”, Gods of the Copybook Headings, 2010-06-21

October 11, 2009

QotD: Silvio Berlusconi

Filed under: Europe, Italy, Politics, Quotations — Nicholas @ 11:29

As Silvio Berlusconi yesterday tried to shore up his position by declaring himself irreplaceable as Italy’s head of government, a court in Milan was told it had been “amply demonstrated” that he was guilty of bribery.

“I am, and not only in my own opinion, the best prime minister who could be found today,” he told a press conference. “I believe there is no one in history to whom I should feel inferior. Quite the opposite.”

The problem, he explained, was that “In absolute terms, I am the most legally persecuted man of all times, in the whole history of mankind, worldwide, because I have been subjected to more than 2,500 court hearings and I have the good luck — having worked well in the past and having accumulated an important wealth — to have been able to spend more than €200m in consultants and judges . . . I mean in consultants and lawyers.“

John Hooper, “Silvio Berlusconi: I am inferior to no one in history”, The Guardian, 2009-10-10

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