Comments on: Belgium is a failing state http://bphouse.com/honest_money/2009/07/04/belgium-is-a-failing-state/ Gold is Wealth Hiding in Oil Wed, 18 Apr 2012 11:31:34 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Ivo Cerckel http://bphouse.com/honest_money/2009/07/04/belgium-is-a-failing-state/comment-page-1/#comment-1623 Ivo Cerckel Wed, 08 Jul 2009 23:17:53 +0000 http://bphouse.com/honest_money/?p=1484#comment-1623 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 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

]]> By: Ivo Cerckel http://bphouse.com/honest_money/2009/07/04/belgium-is-a-failing-state/comment-page-1/#comment-1588 Ivo Cerckel Mon, 06 Jul 2009 12:48:01 +0000 http://bphouse.com/honest_money/?p=1484#comment-1588 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 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

]]> By: Ivo Cerckel http://bphouse.com/honest_money/2009/07/04/belgium-is-a-failing-state/comment-page-1/#comment-1587 Ivo Cerckel Mon, 06 Jul 2009 12:42:12 +0000 http://bphouse.com/honest_money/?p=1484#comment-1587 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. 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.

]]> By: Ivo Cerckel http://bphouse.com/honest_money/2009/07/04/belgium-is-a-failing-state/comment-page-1/#comment-1583 Ivo Cerckel Sun, 05 Jul 2009 23:39:30 +0000 http://bphouse.com/honest_money/?p=1484#comment-1583 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. 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.

]]> By: Ivo Cerckel http://bphouse.com/honest_money/2009/07/04/belgium-is-a-failing-state/comment-page-1/#comment-1578 Ivo Cerckel Sun, 05 Jul 2009 10:15:48 +0000 http://bphouse.com/honest_money/?p=1484#comment-1578 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. 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.

]]> By: Ivo Cerckel http://bphouse.com/honest_money/2009/07/04/belgium-is-a-failing-state/comment-page-1/#comment-1577 Ivo Cerckel Sun, 05 Jul 2009 04:10:07 +0000 http://bphouse.com/honest_money/?p=1484#comment-1577 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. 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.

]]> By: Ivo Cerckel http://bphouse.com/honest_money/2009/07/04/belgium-is-a-failing-state/comment-page-1/#comment-1574 Ivo Cerckel Sat, 04 Jul 2009 23:48:47 +0000 http://bphouse.com/honest_money/?p=1484#comment-1574 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 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

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