yes, excellent. To whom does the credit go? Cheers, Lawry
On Jun 4, 2012, at 9:05 PM, Arthur Cordell wrote: > . Sometimes the hourglass needs to be turned over. > > > > Excellent one liner. > > arthur > > From: [email protected] > [mailto:[email protected]] On Behalf Of Ray Harrell > Sent: Monday, June 04, 2012 4:03 PM > To: 'RE-DESIGNING WORK, INCOME DISTRIBUTION, EDUCATION' > Subject: Re: [Futurework] [Ottawadissenters] A little more on the Euro > > You could also take over the banks and develop them as businesses for the > whole people rather than a few shareholders. Sometimes the hourglass > needs to be turned over. Sometimes its public and sometimes its private. > The same is true in the U.S. for federal vs. state control of certain things. > There are several institutions here that have a public/private > competitive aspect that keeps both honest and sometimes it's just a change of > inmates and the guards. The ladder of historical evolution is really a > mobius strip. > > REH > > From: [email protected] > [mailto:[email protected]] On Behalf Of Ed Weick > Sent: Monday, June 04, 2012 10:12 AM > To: RE-DESIGNING WORK, INCOME DISTRIBUTION, EDUCATION > Subject: Re: [Futurework] [Ottawadissenters] A little more on the Euro > > Yup, you could do all kinds of things as long as the economy is healthy and > the banking system is stable. But sometimes the banks get into serious > trouble, as in the case of the subprime mortgage crisis of 2008. Governments > may then have to initiate costly programs like the Troubled Assets Relief > Program (TARP), which is what the US felt it had to do. > > Ed > > ----- Original Message ----- > From: Ray Harrell > To: 'RE-DESIGNING WORK, INCOME DISTRIBUTION,EDUCATION' > Sent: Monday, June 04, 2012 12:17 AM > Subject: Re: [Futurework] [Ottawadissenters] A little more on the Euro > > You could charge the banks for services to the economy. Not just taxes but > tolls and as they charge Indian casinos here for state police, they could > charge the banks for protections against crime. They could also forbid > banks from hiring their own police. There are all kinds of ways that banks > and corporations that take advantage of national services and then become > loyal only to shareholders could be charged for services. Is that a beehive > that the banks really want to anger? Banks don't have armies, nations do, > even Greece. WWIII or just more fun with guns and bombs? > > REH > > From: [email protected] > [mailto:[email protected]] On Behalf Of Ed Weick > Sent: Sunday, June 03, 2012 10:38 AM > To: RE-DESIGNING WORK, INCOME DISTRIBUTION, EDUCATION > Subject: Re: [Futurework] [Ottawadissenters] A little more on the Euro > > A couple of points, Lawry. One is that the banking system is highly > connected internationally. To lend money to the Greek or Spanish > governments, Greek or Spanish banks borrowed money from banks in other > countries. The impact would likely be similar to that of the American > sub-prime mortgage crisis of some four years ago. Via the widely traded > Consolidated Debt Obligations it was not only American banks that lost a lot > of money, but foreign banks as well. I think defaults by the highly > leveraged members of the EU would have a much larger negative impact than the > sub-prime crisis. > > The other point is that the EU governments of Greece, Italy, Spain, Ireland > and perhaps others (France?) have kept themselves going by borrowing huge > sums of money. If they defaulted, it is unlikely that anyone would want to > lend to them. What might that mean in terms peace, stability and living > standards in those countries? > > Ed > > > ----- Original Message ----- > From: de Bivort Lawrence > To: [email protected] > Cc: 'RE-DESIGNING WORK, INCOME DISTRIBUTION,EDUCATION' > Sent: Sunday, June 03, 2012 10:17 AM > Subject: Re: [Futurework] [Ottawadissenters] A little more on the Euro > > A simplistic question, but one that may, I hope, cut to the chase: > > What is the problem if Greece and perhaps Italy and Spain simply default on > their debts, and do nothing else? I can readily see that lenders would > subsequently shy away from making any new loans to those countries, of > course, but...so what? > > Can we build a damage/risk tree out from this initial question? > > Cheers, > Lawry > > > > > On Jun 3, 2012, at 9:20 AM, Ed Weick wrote: > > > > > There seemed to be some agreement yesterday that exit from the EU by Greece > and perhaps others like Spain and Italy was inevitable. But is it really? > Greece, Spain and a few other countries have huge debts -- but debts that are > denominated in Euros. It is highly unlikely that creditors would accept > repayment in far less stable currencies like the drachma or the peseta, and > default by some of the larger EU debtors could wreak havoc with the > international banking system. Exit from the EU is, IMHO, most unlikely > unless someone steps in and provides the kind of bailout supports needed. > Perhaps the IMF or, as Barry suggested, Russia? For a countries like Greece > or Spain, would being beholden to Russia be better than being under Germany's > thumb? > > Ed > > __._,_.___ > Reply to sender | Reply to group | Reply via web post | Start a New Topic > Messages in this topic (1) > RECENT ACTIVITY: > Visit Your Group > > Switch to: Text-Only, Daily Digest • Unsubscribe • Terms of Use > . > > __,_._,___ > > _______________________________________________ > Futurework mailing list > [email protected] > https://lists.uwaterloo.ca/mailman/listinfo/futurework > _______________________________________________ > Futurework mailing list > [email protected] > https://lists.uwaterloo.ca/mailman/listinfo/futurework > _______________________________________________ > Futurework mailing list > [email protected] > https://lists.uwaterloo.ca/mailman/listinfo/futurework
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