Malcolm Robinson

If I didn't know any better........ BTW, did Gordo pre-empt Christine with her lost decade comment?

Gives a bit of reassurance that t'internet is still a vehicle for free expression! Don't mention the ECB! Notice how 'quite' that institution has been recently? It has been the 'buyer of last resort' for peripheral Euro countries for quite a while now and has to be insolvent, by any proper measure of asset backed performance! Having to buy what are in fact toxic assets to allow countries to pay day to day running costs is clearly not a practice which either should be allowed or can happen indefinitely. They are putting burdens on the prudent countries to save the profligate ones, bit like the UK where borrowers are being cossetted from their own hubris at the expense of savers. The ECB is being forced into actions which are way out of its mandate. Any talk of Greece now looks to be a case of vultures picking over carrion and looking at my favourite likely defaulter Italy there have been recent moves which ratchet up that possibility. I keep saying the story is seen in bond yields and 5% was always the figure which triggers sweaty brows. Well Italy's benchmark yields are now shooting up toward 7% and with Berlusconi's detachment from the real world, looks to be having a serious impact. Even GGG's favourite fiscal pin up Christine has been forced into a speech where she seemed to say the IMF has been called in to 'help' Italy reorganise. IMF help always comes at a cost of austerity measures which might be Berlusconi's way of transferring blame? The problem Italy has is its economic performance which has been lack lustre for the last couple of decades! That hasn't stopped her ramping up borrowing in an all too familiar scenario for weak Euro members. So high borrowing with increasing costs and low economic performance coupled with not being able to alter exchange rates would seem to give some credence to my claim that Italy will be the one to burst out of the Euro if not bust the Euro. There is a proviso to that, looking at German reaction to what is going on I cannot believe the German printing presses are not being oiled up in readiness for printing new Deutschmarks or possibly a different version of the Euro for northern Euro countries. They might have been able to swallow East Germany in reunification without a great cost but taking over the PIIGS in any fiscal understanding these days of a global economy couldn't be countenanced by the international markets. At the end of the day the west, primarily Europe and America, have maintained increasing living standards by borrowing while the East has worked solidly and clawed its way up the wealth and living standard tables. Not hard to see which is earned and sustainable and which will become the poor relation quite soon.

A Primary Teacher explains to her class that she is a Liverpool fan. She asks her students to raise their hands if they too are Liverpool fans. Everyone in the class raises their hand except one little girl. The teacher looks at the girl with surprise and says, 'Mary, why didn't you raise your hand?' 'Because I'm not a Liverpool fan,' she replied. The teacher, still shocked, asked, 'Well, if you are not a Liverpool fan, then who are you a fan of?' 'I am a Man United fan, and proud of it,' Mary replied. The teacher could not believe her ears. 'Mary, why, pray tell, why are you a Man United fan?' 'Because my mum is a Man United fan, and my dad is a Man United fan, so I'm a Man United fan too!' 'Well,' said the teacher in an obviously annoyed tone, 'that is no reason for you to be a Man United fan. You don't have to be just like your parents all of the time... What if your mum was a prostitute and your dad was a drug addict, what would you be then?' 'Then,' Mary smiled, 'I'd be a Liverpool fan. An Australian, an Irishman and a Scouser are in a bar. They're staring at another man sitting on his own at a table in the corner. He's so familiar, and not recognising him is driving them mad. They stare and stare, until suddenly the Irishman twigs: 'My God, it's Jesus!' Sure enough, it is Jesus, nursing a pint. Thrilled, they send him over a pint of Guinness, a pint of Fosters and a pint of bitter. Jesus accepts the drinks, smiles over at the three men, and drinks the pints slowly, one after another. After he's finished the drinks, Jesus approaches the trio. He reaches for the hand of the Irishman and shakes it, thanking him for the Guinness. When he lets go, the Irishman gives a cry of amazement: 'My God! The arthritis I've had for 30 years is gone. It's a miracle!' Jesus then shakes the Aussie's hand, thanking him for the lager. As he lets go, the man's eyes widen in shock. 'Strewth mate, the bad back I've had all my life is completely gone! It's A Miracle.' Jesus then approaches the Scouser who says, 'Back off, mate, I'm on disability benefit. A scouser walked into the local job centre, marched straight up to the Counter and said 'Hi, I'm looking for a job'. The man behind the counter replied 'Your timing is amazing. We've just got one in from a very wealthy man who wants a chauffeur/bodyguard for his nymphomaniac twin daughters. You'll have to drive around in a big black Mercedes and wear the uniform provided. The hours are a bit long but the meals are provided. You also have to escort the young ladies on their Overseas holidays. TheSalary package is £200,000 a year'. The Scouser said 'You're bullsh*tting me!' The man behind the counter said 'Well you started it!' Police cordoned off Liverpool City Centre this morning when a suspicious object was discovered in a car. It later turned out to be a Tax Disc.

Nice one Merc, very droll!

Monday 28th Nov 2011 6-30 – 8-30pm Venue: Salvation Army AGENDA 1. Welcome and introductions. . 2. Apologies. 3. Minutes of the meeting held on Tuesday 6th Sept 2011. 4. Matters arising. 5. Police update. 6. THI update. (Townscape Heritage Initiative) 7. SNRG update. (South Northumberland Radio Group) 8. BDT update. (Bedlingtonshire Development Trust) 9. Any other business. 10. Date and time of next meeting. MONDAY 30th Jan 2012 6.30pm, Salvation Army, Hartford Road.

Seems our big cat has been moving south........... http://uk.news.yahoo.com/train-affected-lion-sighting-183328266.html

Not just but also......... http://uk.reuters.com/article/2011/11/04/oukin-uk-apple-samsung-eu-idUKTRE7A32O820111104

Beware Chinese bearing gifts............ http://www.chinadaily.com.cn/business/2010-07/13/content_10099685.htm Lend the EU money.........no, take it over more like!

The new ECB head, President Draghi, looks to be caught between a rock and a hard place concerning Greece and as an afterthought lets remember he is Italian so one might assume Italian interests were close to his heart. Trichet might have sneaked out but he has left one heck of a mess at the ECB. Draghi has to consider the lending done to the Bank of Greece which stands at around E150B plus Greek bond purchases of around E45B so something like a E200B exposure which could attract a 50% haircut, and this to a country with about E80B of capital and reserves. This equates to giving every Greek citizen a thousand Euros for Xmas! So either keep the liquidity going and take further losses on behalf of Euro citizens in other countries or turn the tap off and risk a banking collapse with a Greek expulsion from the Euro. No wonder Trichet wanted out!

Better take a snorkel Keith..........

The thing I find particularly nauseating is that it wasn't even the Greek domestic politicians who rose up and voted against a referendum, unlike the headless chickens in the UK, it was pressure from Sarko and the Fräulein! The Greek people probably now do have an inkling this isn't really about saving their country from fiscal ravages, it's about saving other nationals banking sectors! In all likelihood the 50% haircut on Greek debt will be enough to sink most unless they are implicitly backed by their respective national governments. Greece is being hung out to dry to get that 50% reduction in an effort to demonstrate to other Euro peripheral nations that debt default is not an easy option. We will now see foreign buyers of all Greek state owned assets which can be profitized or which are put up for sale on distressed terms. The private financial affairs of some leading Greek figures, notably the guy in the middle of all of this wrangling the Greek PM, should really be investigated, especially the wads of cash allegedly on deposit in Switzerland! It now looks like the big shots have shown their hand and yet still cannot get agreement between themselves on exact terms. This is something no one has taken into consideration, the human condition, and is something which will ultimately blow the whole edifice away. I find it incredible the UK political class still want to be associated with this EU mess, anyone would think our own problems would be enough to handle, God knows there are enough of them!

Well a day or two is a long time in politics never mind a week! What we can clearly see now is a determination by Germany and, hanging onto coat tails, France to impose a Totalitarian EU Government which by its very nature takes no notice of the wishes of any electorate in any sovereign member state. Shouldn't really be surprised as we have seen this time and time again by most national governments. Even the UK showed a precursor with the way it played fast and loose with the recent referendum call here. However the subjugation of 350 million peoples even the entrenched pro EU lot might call a tad extreme. Maybe it's the recent 'success' in interfering in the internal politics of more eastern countries which has given the Great and Good a taste for such matters on a more domestic front? Imposing the terms or even debarring a Greek referendum is clearly an assault on democracy, instructing opposition parties and holding secret talks with ministers of that country is tantamount to necromancy, but it all shows just how far down a crooked path the Eurocrats are willing to go in pursuit of their ideological flights of fancy. We fought two World Wars against this sort of thing didn't we? What is happening now is the fulfilment of the warnings by the anti-EU brigade for the last 40 years. How we laughed at their wild speculation of an autocratic and despotic EU, a Superstate which imposes its own rules and regulations over and above any national ones and an unelected governance. They we just plain daft weren't they, ask the Greeks and whoever is next!

Congratulations all round.

Not sure about that one foxy but the Great Fire of Bedlington is etched in charcoal on my memory seeing as it was our abode that went up in flames!

I remember Maggie May.........

A popular Greek calendar for next year................seems they still have memories of German occupation! This time of course its a Euro sign not a Swastika!

If thats the case than a very large pressie must be in order!

The roller-coaster has just mounted the top rail and all the back stops put in place to stop it rolling backwards look to be as effective as a chocolate fireguard because at last Papandreou has bowed to public pressure, thrown the towel in and called a referendum. There aren't any brakes to stop the car careering down the rails going forward! If the Greece populous rejects their bailout terms, and I would think that pretty likely, all bets are off and we will see the politicos floundering. I will be shocked if we don't quickly see a German back-up plan roll out and that could be two Euros or even a return of the Deutsche Mark MK11. It will be interesting to see where France wants to play, in the Premiership or the Championship? As for the UK, instead of dithering around at the edges we should be embarking on a programme to make our country self-sustainable, independent and resilient. Course that would take real leadership, not something we have seen in the UK for a generation!

Happy Birthday ex-B..........

A 92-year-old man goes for a physical. All of his tests come back with normal results. The doctor says, ' Bill , everything looks great. How are you doing mentally and emotionally? Are you at peace with God?' Bill replies, 'God and I are tight. He knows I have poor eyesight, so he's helping me out. When I get up in the middle of the night to go to the bathroom, *!*!@# *!, the light goes on. When I'm done, *!*!@# *!, the light goes off.' 'Wow, that's incredible,' the doctor says. A little later in the day, the doctor calls Bill 's wife. 'Glenna ,' he says, ' Bill is doing fine but I had to call you because I'm in awe of his relationship with God. Is it true that he gets up during the night and *!*!@# *!, the light goes on in the bathroom, and when he's done, *!*!@# *! The light goes off?' 'OH DAMM!' she says. 'He's weeing in the fridge again!!!!'

An elderly lady decided to give herself a big treat for her significant birthday by staying overnight in one of London's most expensive hotels. When she checked out next morning, the desk clerk handed her a bill for £250.00. She explode and demanded to know why the charge was so high. "It's a nice hotel but the rooms certainly aren't worth £250.00 for just an overnight stop without even breakfast." The clerk told her that £250.00 is the 'standard rate' so she insisted on speaking to the Manager. The Manager appeared and forewarned by the desk clerk announced: "the hotel has an Olympic-sized pool and a huge conference centre which are available for use." 'But I didn't use them," she said. ''Well, they are here, and you could have," explained the Manager. He went on to explain that she could also have seen one of the in-hotel shows for which the hotel is famous. "We have the best entertainers from Edinburgh, Glasgow, and Aberdeen performing here," the Manager said. "But I didn't go to any of those shows," she said. "Well, we have them, and you could have," the Manager replied. No matter what amenity the Manager mentioned, she replied, "But I didn't use it!" The Manager was unmoved, so she decided to pay, wrote a cheque and gave it to the Manager. The Manager was surprised when he looked at the cheque. "But madam, this cheque is only made out for £50.00." ''That's correct. I charged you £200.00 for sleeping with me," she replied. "But I didn't!" exclaims the very surprised Manager. "Well, too bad, I was here, and you could have."

EU leaders hadn't finished their back slapping when the first crack appeared in their recent agreement. The German Constitutional court finally reached a decision, albeit a temporary one, on the German contribution to the EFSF. Well the delegation of powers to a select few anyway but in effect it stops the EFSF dead in its tracks as Germany is the largest backer. http://www.spiegel.de/international/germany/0,1518,794578,00.html Got to hand it to the Germans, not only have they got a constitution they have a legal body in place to protect it for the benefit of the German people and woe betide any of their politicians who try and dilute their sovereignty or in this case give public cash away! Might well be a lesson for the Uk here..........

Looking a bit closer at this new EU deal which has been heralded by most all the mainstream media as a 'Euro Saviour' it would seem not only are the exact details missing so is any realistic probability of its success! The increased firepower needed is to be made up of extra contributions, by whom, the countries needing the bailouts? The BRICs have been mentioned but given the recent history of one European fiscal crisis after another I wonder if anyone in their right mind will jump in and provide the huge amount of cash needed. Mr Osborne emerged saying the UK would not be contributing, really, what about our 'aid' to our closest euro neighbour and also the fact that the UK makes up a percentage of any IMF fund. Germany has now capped its losses in the EFSF effectively releasing them of being guarantor of last resort, just what an investor will be looking for, never mind the 20% of guarantee attached to any future losses even after swallowing a 50% loss????? Can this be made any less attractive? Oh yes it can, let's get some leverage on the loans! This is akin to anyone asking the bank for 10K to buy a car and the bank saying don't just take 10K take 50K and buy 2 and have a holiday. At some point in time we arrive at payback time and putting that off is what has got us in the mire in the first place! We can always pay it off with a new credit card of course except that has an ever increasing rate of APR! Underlying a Greek rescue is the 50% haircut banks and bondholders will be asked to take. Accepted by banking spokespersons (IIF) yet still needing ratification by the banks themselves, who as we all know are famously magnanimous, this deal will immediately call into question if not accelerate the processing of the CDS they hold. The question which needs to be asked is why have they bought 'insurance' only to ignore it and accept a 50% write-down? The plan is to half Greek debt by gearing up the loan fund? This is string theory for quantum fiscal mechanics! If anyone thinks Greece will be in a good position with a debt to GDP ratio of 120%, as this plan expects in 2020, then they need to apply to be an EU Commissioner! Greece is already slipping on present austerity commitments and state asset sales, ramping up the expectations to insurmountable heights can only have one conclusion! Looking at the French question, Sarko looks to have lost his fight to get French banks recapitalised by anyone or anything other than France herself. He might be grinning like a cat that swallowed the cream but reality in this case will be like a sledgehammer! When France does have to do its own housekeeping it must ultimately call into question the French AAA rating because the only way they can achieve that will be to sell sovereign assets! Course he might win the Chinese over with his Gallic charm, I would just wonder what will have to be given away to get them to the table in the first place, possibly the next IMF headship? Berlusconi might think he too could look with a degree of surety towards another election but even if the EFSF bazooka, or the SIV as will be created now, was capitalised up to the hilt for all Euro countries in trouble, Italy would need the whole lot for itself. Madness! The whole initiative looks to be a way of extending the crisis to get over impending elections and not just those within Europe! The politicos and their acolytes will now be deployed in Summit after Summit saying they are working on the final, final, final details while the rest of us mere mortals look on in total disbelief.

Well thats a big relief...................... http://uk.news.yahoo...-022151156.html Any bets on how long it will take to unravel?

Do as I say not as ................. http://uk.news.yahoo.com/cable-scourge-tax-dodgers-fined-over-tax-101322929.html