CRASH 2: Take your partners for the menage a trois waltz….

mktgraphpt

Portuguese obesity advertisement Manolo Barroso tweeted this morning that he was “signing autographs” on his arrival in Vienna. I’m generally in favour of Austrians, although one must remember that Adolf Hitler emerged from their ranks. I’m thus mystified that anyone Austrian would want Barroso’s autograph.

Perhaps he was signing loan agreements without realising it, rather as the Germans have been doing for the last few years. But enthusiasm for the practice is waning fast in the Reich, Germany having followed the US into the Bad News Cage with Christmas sales for November and December down some 0.7% from the previous Mammontide. December in particular was a wipeout, with retail sales plunging 1.7% from November. The expected number was -0.1%; so – only seventeen times underestimated. A bloody nose for Berlin bullishness…or bullsh*t, depending on the level of your cynicism.

I think we could probably all just about cope with things going more and more obviously tits-up if there was the slightest sign that our politicians’ endeavour out there was an honest one. Sadly, evidence to the diametric contrary roars forth in a rampaging flood of corruption news on the hour every hour here at Slogger’s Roost. Hard on the heels of the Italian MPS bank scandal comes a Spanish one going right to the very top: Prime Minister Mariano Rajoy and former IMF managing director Rodrigo Rato are among dozens of MPs fingered by El Pais this morning, in an exposé demonstrating that corporate political donations went to them in cash…and stayed there.

Just to be sure that both the private and public sectors were ripped off, most of the slush recipients then under-declared how much they’d received. Rajoy himself has been trousering €25,200 a year via this scam since 1997; so doing some quick maths, around a cool €400,000 has gone directly to the task of affording the lifestyle he must (I would’ve thought) enjoy very much. Either that or he has a serious crack habit.

And as trailed here under the Pester Hester banner, the Daily Telegraph has today confirmed that more than 90pc of the complex interest rate derivatives sold by UK banks to small businesses were probably mis-sold, according to the findings of a review by the Financial Services Authority. Here we have the guys supposed to be the engine of creative capitalism firing renegade scuds at the creators. You might think they’d need a safe house somewhere in northern Pakistan after pulling that kind of sh*t, but nope: Stephen Hester remains Number One Top Back-Slapping Bloke at the British Treasury.

But the triumph of inefficient greed and generalised bollocks over sane fiscal management and sovereign investment is everywhere to be seen. Since June 5th 2012, the Athens Stock Exchange General Index has more than doubled….the best performance of any bourse in Europe. Greece’s 10-year bond yields are at 10% or thereabouts….down from 30.55% over the same period. And just a few days ago, Hellenic Finance Minister Stournaras predicted a turnaround recovery by the autumn. Yet the entire political class stands accused of tax evasion and embezzlement, the economic figures are absolutely dire, and you’d be hard pushed to find an accountant anywhere in the eurozone who doesn’t think Greece will need another bailout within the next six months at the very latest. (Short of a miracle involving loaves, fishes, and debt forgiveness, it’s a mathematical certainty).

There is a game going on here, and it works like this:

“Most people think it’s about us and them, but it isn’t: it’s about us, them and you.

“We know that you know that we and they are just playing out a charades game in which they pretend to be convinced by our assertions, and we hope that you will get directionalised by them so that they can profit and keep all the signals looking good which gives us a better than 150-1 chance of survival, which as you know is not much better than no chance at all, but the one thing we all know is that anything is better than nothing. So as ever, we expect you to do your duty and fall for every scam they try, to pull us out of the mire: because in the end we’re all in this thing together.”

Earlier at The Slog: The enriching experience of negotiating with Iran

34 thoughts on “CRASH 2: Take your partners for the menage a trois waltz….

  1. bab on knee:

    just got back from trier, germany, birthplace of karl marx where i did not see one empty shop anywhere, let alone in the massive pedstrian zone

    so happy i dropped out 43 years ago and have contributed sweet fluk all to this chaos

    dig for survival bought a big poly tunnel last year, ok Mrs H bought a… getting ready for planting…this year we start with some chucky hens…all organic, of course.

    iu

    • ONH, (and anyone else),
      Had a couple of sunny days here in Glos. so have presently bagged up 30 + Japanese Wineberry plants from rooted runners. Have had them in the family since the 1950′s, and as yet, NO pests/diseases except the birds when the fruit ripens. They grow like pretty and less vicious brambles , very pretty.
      Mark Diacono http://www.otterfarm.co.uk/, is way behind in recommending this shrub/rambler.
      Google, and if interested, give me a contact so I can get a plant or 2 to you….the chucks WILL eat the leaves at a push!
      Jam, wine, freeze….all good!

      • Joanna. Wow! Never heard of them. I live at 420metres in the Belgian Ardennes. the climate is a little tough, but the air very clean and the whole village is supplied from water straight from the forest. It’s hippy heaven! I will have a reasonably protected wall coming free this year. Raspberries do OK here. Do you think that they will be hardy enough. Sounds like Mrs H would welcome them, wine… yeah, me to. What do you think about the hardiness? Forget sending them here for the mo. Enough organic freaks around here. they must be findable

      • Checked them out some more. Says that they are fully hardy. Great tip! Many thanks; if they can handle north China, Korea and Japan they will like it here with Yamabushi ONH. Not keen to hand out my e mail or real name. Mrs H, from a younger generation, does NOT want an invasion of my many old friends who have not seen me for a very long time.

  2. A jokey start to an article on Deutsche Wirtschafts Nachrichten about the Spanish case:

    ‘Jail-In instead of Bail-out”

    Further snippets from it:

    “Allegedly, between 1997 and 2008 Mariano Rajoy received annual irregular payments of 25,200 euros in addition to his annual salary – more than 252,000 euros altogether, and tax free, reports El Pais. Thereby, the paper makes reference to on hand documents in regard to the Swiss bank account of the former treasurer of the PP, Luis Bárcenas.”

    “However, the case became active again after an investigating judge of the National Court stumbled over a Bárcenas account in Switzerland. The account had been registered with the name and identity card Bárcenas, but recorded as the owner was a company based in Panama. Up to 22 million euros are said to have accumulated on the account in recent years.”

    “…whereby top politicians had for years been paid an untaxed salary in addition. Jorge Trias Sagnier confirmed that he knew of envelopes with up to 10,000 euros in cash that some leaders within the party have received. As it has now turned out, Premier Mariano Rajoy was also in receipt of these extra payments.”

    From the comments section:

    “Reported by the Spanish newspaper “El Mundo”.

    A political scandal is also looming in Spain. Luis Bárcenas, former treasurer of the Partido Popular (PP), is said to have accumulated 22 million euros on a secret bank account in Switzerland and, for more than two decades, provided state secretaries and other senior officials and members of the ruling party with monthly donations from 5,000 to 15,000 euros – of course, tax-free and in an envelope.”

  3. I learnt today that you may be retreating to your headquarters in France for a short time..
    I will be passing by in our lorry southbound for Africa with my husband Günther, my sister Alice and our new baby Englebert next september.
    Could we stop by for a day or two and catch up..? Günther wants to meet you and bring you some nice fresh woodpigeon that he shoots in the woods. Alice thinks that you’re a bit of a hunk and always asks if you do bunga bunga at home..(or away ) ;-).

  4. I do not think on the “we know what they are pulling” they quite realised there a few of an ever growing number are finding it rather amusing as they squirm pretending to fix everything but actually fixing nothing.

    Why so amusing, if you take all the actions since 2008 every action can be show to have been detrimental to everybody else but themselves. This strong correlation using statistics literally proves they are in it for themselves and themselves alone.

    With the kind of evidence they are creating, push comes to shove it all falls apart and looks more and more like it then there is ample evidence to prosecute them and confiscate all they gained.

    I know I am dreaming, but that is the trail they have left back to themselves.

    Now take the sum worth of all those that have behaved as they have, confiscate it and apply it against all debt there is little to no debt anymore.

    Seeing as all those who are owed any money are likely to be in this catageory you get the great debt cancellation in the process.

    The debt gone people can then get back to a normal way of life.

    Is it really that simple? Got to be a catch … hmmm got it WW3 first.

  5. ‘Rate swap scandal: ‘Little guy paying for big banks’ wrongdoing’, says Vince Cable
    Vince Cable has described rate swap mis-selling as a case of the “little guy paying for the big banks’ wrongdoing” after the FSA accused large lenders of selling small businesses “absurdly complex products”. ‘
    With the parlous state of bank finances and a government unable to afford new handouts to lenders, it is unlikely the authorities and the industry will sanction any compensation that could potentially blow a new hole in lenders’ balance sheets.

    So, another case of the winners smile and the losers make their own arrangements….

    http://www.telegraph.co.uk/finance/rate-swap-scandal/9839185/Rate-swap-scandal-Little-guy-paying-for-big-banks-wrongdoing-says-Vince-Cable.html

  6. Question: Will anybody in the Spanish Government suffer any penalty for accepting ‘incentives’?
    Question: Will anybody in the Italian Government suffer any penalty for ‘overlooking MPS impropriety?
    Answer: No. But, then you didn’t need me to tell you that, did you?

    Interesting really as, although the ‘wealth’ doesn’t trickle down, the moral compass, or lack of, does, today just driving into Brighton I could be forgiven for thinking that using a mobile phone whilst driving had overnight become compulsory.
    There are no consequences to people’s actions these days.

    • This is the WHOLE problem. Most people seem to believe that action and consequence can be seperated; It started in the 80′s.

      Khalil Gibran said that a man cannot seperate his faith from his actions, ie your actions, not your words define what yoiu really believe. Lao Tsu said that when the people lack a proper sense of awe , then some awful visitation will descend upon them. It is awful visitation time!

      • Did these arseholes, who destroyed all common sense in the 80′s, imagine that they could? YES! Only the rarest of the rare can do that and that takes a monumental effort of internal concentration. Everybody pays, now or in the City of the Dead. Only fully God realized souls escape that!

        Awful visitation time arrived!

  7. Sorry for any confusion caused previously via mention of a Kingston Trio Version of ‘Tom Dooley.’

    I should have qualified any such reference to such jewels of Americana at least as with this below, by way of analogy and example (not only that we are different, but much more than you might suspect), by the legendary Doc Watson of our more Southern climes, who played a much earlier version and more current in it’s day version in fact, of Tom Dooley, more like this, if you don’t mind:

    I suspect not many will mind :)

  8. Pingback: THE MEDIA: Everything with a ‘y’, but nothing about ‘why?’ | The Slog. 3-D bollocks deconstruction

  9. Pingback: John Ward – Crash 2 : Take Your Partners For The Menage A Trois Waltz – 1 February 2013 | Lucas 2012 Infos

  10. One has to wonder whether the gathering of the great and the good in Davos annually is really about swapping and depositing the contents of those Brown envelopes…………..

  11. Pingback: John Ward – The Media : Everything With A ‘Y’, But Nothing About ‘Why?’ – 1 February 2013 | Lucas 2012 Infos

  12. Pingback: THE SATURDAY ESSAY: Why we all need to take an interest in interest rates | The Slog. 3-D bollocks deconstruction

  13. “Athens Stock Exchange” Isn’t that an oxymoron?
    How the hell does ASE go up? What are they trading bookies slips on how far they can crash?

  14. I may be mistaken for thinking it, but Spain seems to still have some proper investigative journo’s left, pity we have none here anymore.

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