Month: March 2013

Freak of history

North Korea is rooted in the centuries of isolationist ‘hermit kingdom’, to the shock of decades of brutal Japanese occupation, of suddenly being the center of the first and perhaps most brutal war of the cold war. And then retreating back into an extremist and again brutal version of the hermit kingdom. Juche. The North …

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One-eyed Economists may not see so much depth

Imagine you work for Dijsselbloem at the Dutch treasury. Your pay has been frozen for four years,so over those years you lost some 8% purchasing power to inflation. But currently inflation is at 3% and rising; you’ll lose even more income this year. Your house lost 40,000 euro in value but your mortgage of course …

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Another Greek Drama

“The government which was increasing its spending every year while revenue was falling, failed to protect the Cypriot banks from the consequences of the Greek haircut, refused to take measures to reduce the budget deficit and was excluded from the markets insisted that it was blameless. It was a victim of alien forces.” Not all …

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Cypriot hubris

Cyprus is a country of 800.000 people. How are they going to manage having a professional bureaucracy that can supervise a couple of world class banks? They can’t. Iceland was far smaller and couldn’t either. Cyprus is lost in hubris. Its previous President and conspiracy-theorist in chief Dimitris Christofias was a true and unabrogated communist. …

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China’s direction

China is buying more than enough US debt for it to be financing the US navy’s guarantee of global freedom of navigation. For China it is an abrasive security relationship, but they have no alternative. An early signal to see if China will assume its responsibility would be for the hacking divisions in the PLA …

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