12 thoughts on “Monday Message Board

  1. The World Economic Forum met in Davos … like every year. The Greek financial crisis was on the agenda … like last year.

    An electronics engineer and resident of St Ives, Sydney, noted recently that a practical small step for these financially well endowed dignitaries to assist Greece would be to hold the forum in Athens and not in Davos.

  2. Given their solutions so far, one has to wonder if their intention is to “assist” Greece.

  3. German bankers attempted to make Greece an economic colony of Germany. A leaked German plan apparaently involved Euro officials having a veto on Greece’s budget if its “austerity” did not match their requierments. The outrageous neoliberal agenda to subvert democracy in favour of oligarchy was never clearer for all to see.

  4. Gina Rinehart just saved me money from buying newspapers since she is now the biggest shareholder of Fairfax. In the past, although I wouldn’t say SMH and The Age paper reports are completely fair but at least I can still get some useful informations from them. Now it looks like the only newspaper that worth my money is gone.

  5. False objectivity. Some news from the USA education ‘industry’:

    It is but one example of the problem of manipulable performance (incentive) schemes involving quantifications. A property of manipulable performance schemes is that they are counterproductive, except when they are superfluous (ie people are honest and ‘perform’ well without an incentive or performance scheme).

    Examples of manipulable performance schemes in other areas are:

    The Greek national accounts.
    The unemployment data from many countries (including Germany)
    The accounts of Enron (likely to be the most widely known recent example)
    Bonus payments to CEOs and CFO

    PS: Disclosure: My post is on the Monday Message Board but it is already Thursday.


  6. @Ikonoclast

    The situation seems to be a little more complex than your description suggests. According to the Sueddeutsche Zeitung, the suggestion of a EU commission supervising the Greek national financial affairs (not only austerity measures but also the record keeping system) was traced to the Federal Ministry of Finance in Berlin but not pursued by the German government, as represented by the Chancellor, Dr Angela Merkel. According to the same paper, the current head of the bankers’ association, Ackermann*, and former head of the Deutsche Bank** proposes a private bank Greek debt reduction of at least 70%. http://www.sueddeutsche.de/wirtschaft/verhandlungen-mit-den-banken-ackermann-will-griechenland-prozent-der-schulden-erlassen-1.1273755. It was the German government which pushed private banks to accept carrying at least 50% of the costs of the ‘Greek bailout’.

    * Unfortunate name (smiley)
    ** IMHO the Deutsche Bank is a member of what I call the ‘proverbial Wall Street Bankers’ (proverbial because not all of them are domiciled in Wall Street).
    You may wish to explore the links provided in Troy Prideaux’s post #7 to discover there is also a Greek financier among them.
    The money printing story promoted on some blog sites leaves the question open as to who (individuals) should get the money (creating a paid underclass of unemployed isn’t a solution IMHO, although I can see how it gives power to some functionaries). The link in Troy Prideaux’s post #7 provides some data as to the complex international net of financial intermediaries (all corporations) involved. As I have mentioned on many occasions on this blog site, the current financial transactions record system (balance sheet) does not assist in this regard.

    So, the fundamental problem remains: Policies based on wishful thinking provided by verbal theoretitians (see John Quiggin’s book) and the unboundedness of economies with financial markets. Looking at 2 or 3 macro-economic variables isn’t going to solve that.

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