Belgium is a failing state
Posted by Ivo Cerckel on July 4th, 2009
Brussels can no longer assume its social-security liabilities.
The state is failing. What now?
De staat faalt. Wat nu?
Wim Van De Velden
De Tijd, zaterdag 4 juli 2009, 00:30
http://www.tijd.be/nieuws/commentaar/De_staat_faalt._Wat_nu-.8204634-620.art
banana republic
Ivo Cerckel
honestmoney@maktoob.com
July 5th, 2009 at 07:48
The unemployment timebomb is quietly ticking
One dog has yet to bark in this long winding crisis. Beyond riots in Athens and a Baltic bust-up, we have not seen evidence of bitter political protest as the slump eats away at the legitimacy of governing elites in North America, Europe, and Japan. It may just be a matter of time.
By Ambrose Evans-Pritchard
Published: 8:45PM BST 04 Jul 2009
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/5742937/The-unemployment-timebomb-is-quietly-ticking.html
July 5th, 2009 at 12:10
An example for Brussels to follow?
Schwarzenegger argues case for issuing IOUs
By Matthew Garrahan in Los Angeles
Published: July 3 2009 03:00 | Last updated: July 3 2009 03:00
http://www.ft.com/cms/s/0/8d6d623c-676a-11de-925f-00144feabdc0.html
SNIP
Arnold Schwarzenegger has made a personal overture to the heads of America’s largest banks to persuade them to accept the thousands of IOUs being issued by California in lieu of cash. UNSNIP
California is turning to funny money to solve crisis
California is short on cash so it plans to issue IOUs instead.
By Robert Cyran
Published: 8:16AM BST 02 Jul 2009
http://www.telegraph.co.uk/finance/financetopics/financialcrisis/5718974/California-is-turning-to-funny-money-to-solve-crisis.html
SNIP
The last time it did so, most banks accepted the scrip at face value. This time, in light of the state budget woes and economic crisis, banks may demand a discount – hurting anyone paid with these promises.
The problem is simple. California doesn’t have enough money coming in to cover outlays. Since the government refuses to borrow to cover expenses, and the legislature can’t agree on how to balance the budget, it simply can’t pay all the bills. So it will issue an estimated $4.3bn worth of IOUs this month. If the crisis extends further, it will print even more.
July 5th, 2009 at 18:15
List of countries by Failed States Index
From Wikipedia, the free encyclopedia
http://en.wikipedia.org/wiki/List_of_countries_by_Failed_States_Index
SNIP
A failed state has several attributes. Common indicators include a state whose central government is so weak or ineffective that it has little practical control over much of its territory; non-provision of public services; widespread corruption and criminality; refugees and involuntary movement of populations; sharp economic decline.
July 6th, 2009 at 07:39
this comment has been deleted by tijd.be
Ivo_Cerckel op 05 juli 2009 om 13:18
Waren er werkelijk intellectuelen, zogezegde intellectuelen, daar in de Zuidelijke Nederlanden die dachten dat dat staatsbedrog zomaar kon verder gaan? En jullie hebben geen voorzorgen genomen? Julie dachten allemaal dat de Vijand wel een uitweg zou vinden? Sorry, hé, onnozelaars. Geloven jullie ook in Sinterklaas? Allez, mensen, Untermenschen, wie vertrouwt er nu de staat? Een tekening ook? Allez, hier is ze: het onderscheid tussen belasting en diefstal is dat de dief periodisch terugkomt noch beweert in het algemeen belang te stelen. Slaap daar maar eens over.
Were there really intellectuals, so-called intellectuals, over there in the Southern Low Countries who were thinking that this government fraud could continue forever without problems? And you have taken no precautions? You were all thinking that the Enemy would find a way out? Sorry, you imbeciles. Do you still believe in Santaclaus? [yes, I know Sinterklaas is already 06 December, not 25]. Come on people, Untermenschen, who trusts government? You want a drawing also? Here it is: the distinction between tax and theft is that the thief does not come back periodically, nor does the thief pretend to be stealing in the public interest. Think this over, while you’re sleeping tonight.
July 6th, 2009 at 20:42
Fortis Banque Suisse pulls out of Dubai
Jul 06, 2009 at 12:25
By Shakir Husain
http://business.maktoob.com/20090000007037/Fortis_Banque_Suisse_pulls_out_of_Dubai/Article.htm
SNIP
Fortis Banque Suisse, a Switzerland-based private banking arm of BELGIAN financial group Fortis, has shut its branch at the Dubai International Financial Centre (DIFC), sources said on Monday.
July 6th, 2009 at 20:48
Banana republic
Published: July 5 2009 19:02 | Last updated: July 5 2009 19:02
http://www.ft.com/cms/s/0/5c99e1ac-698c-11de-bc9f-00144feabdc0.html?ftcamp=rss
July 9th, 2009 at 07:17
When California began issuing the warrants last week, observers thought they were witnessing the creation of a parallel currency. Now large banks say they will stop accepting payments in IOUs
+
Mr Schwarzenegger must ensure this state of affairs does not last. With California’s debt rating teetering near junk, the threat of it redeeming IOUs with more IOUs is small but grows by the day. After creating a new currency involuntarily, it hardly wants to follow this up with an involuntary currency devaluation.
(California currency chaos
Lex column
Published: July 8 2009 15:16 | Last updated: July 8 2009 22:21
http://www.ft.com/cms/s/1/c5b68b10-6bc9-11de-9320-00144feabdc0.html?ftcamp=rss