World shares fall on credit fears

[Octoman]

I dont think the spectre of armed gangs roaming the streets of athens that outgoing minister Michalis Chrysohoidis talks about is impossible. It really does seem that greece is on the brink here.

A Greek euro exit looks a reasonable probability now. It's scary to think that might lead to civil war.

[desertpunk]

It gets worse:



UK 10 yr. Gilts at new lows...

[Octoman]

I find it incredible that both Legarde and Schauble have both openly talked about an exit for Greece in the last couple of days. To be fair to Merkel, she has at least been talking about unitly.

Here is a country with no government to represent them, no money whatsoever and with the possibility of anarchy and maybe even civil war being told by their european partners to 'just toddle off and have your crisis somewhere else'.

The Eurozone deserve the kicking they are getting in the markets right now because once again we are seeing amateur hour politics.

[Octoman]

UK unemployment has fallen by 13,700 (versus a forecast rise of 5,000) taking it from 8.3% to 8.2%. Average weely earnings (excluding bonuses) is up by 1.6%.

Some good news for once!

[C-Beam]

Originally Posted by Aaronj09

Yes, they're arseholes, right? Pretending to be like Sweden and Denmark..

Denmark is toast. Epic housing bubble at work.



Denmark May Be the Next European Disaster
http://www.newsmax.com/Wolinsky/Denm...2/08/id/420329

Denmark’s Housing Market Faces Correction as Buyers Shun 25% Overvaluation
http://www.bloomberg.com/news/2011-0...valuation.html

Denmark’s Property Bubble Prompts Mortgage Lenders to Look to German Model
http://www.bloomberg.com/news/2011-1...man-model.html

[gothicform]

Originally Posted by Octoman

I find it incredible that both Legarde and Schauble have both openly talked about an exit for Greece in the last couple of days. To be fair to Merkel, she has at least been talking about unitly.

Here is a country with no government to represent them, no money whatsoever and with the possibility of anarchy and maybe even civil war being told by their european partners to 'just toddle off and have your crisis somewhere else'.

The Eurozone deserve the kicking they are getting in the markets right now because once again we are seeing amateur hour politics.

it's pretty disgusting really. schauble should have been sacked months ago, half the crisis is his fault for not keeping his bloody mouth shut when it was needed. he's like a crisis negotiator who encourages the person he's talking to to commit suicide half the time. i mean look at this, funds being withheld as a result of german pressure despite the greeks having NOT defaulted which were released following legal threats from the greek government. ironically in not releasing those funds when they should have, the eurozone broke the greek agreement, not the greeks.

With the nation's economy effectively on its knees boosting liquidity is seen as the key to kick-starting growth. Apparently the €18 bn tranche -- €50 bn in total is due -- arrived at the Hellenic Financial Stability Fund (HFSF), an offshoot of the European Financial Stability Fund (EFSF) last week. But after the country's inconclusive elections officials in Brussels refused to release it. "We were furious," said one well-placed official who said the outgoing government had been "preoccupied" with the issue over the past week.

[gothicform]

Originally Posted by Octoman

UK unemployment has fallen by 13,700 (versus a forecast rise of 5,000) taking it from 8.3% to 8.2%. Average weely earnings (excluding bonuses) is up by 1.6%.

Some good news for once!

caused almost entirely by the hiring of extra staff for the olympics. still as you say, at least it gets people off the dole for a few months.

[Octoman]

I'm hoping that we really are on the turn now. It fits into the NIESR profile of us having just skirted with a double dip but are now starting to gradually grow again. Tracking the unemployment numbers shows the same scenario as does wage growth. The MPC have clearly seen the same hence their withdrawal of QE (press conference later to confirm why).

I have been sticking to my guns since late last year that we will see growth at the tail end of this year and growth ahead of forecast next year. None of the data we have seen for months now runs contrary to this.

Oil prices falling by nearly 25% in the last couple of months will help.

The sand in the ointment is Europe. If the crisis kicks off then recovery could be pushed back 6 to 12 months down the line for us.


BTW, France just got away 3.65bln Euro of 5 year bonds at a better than expected level.

[larven]

Originally Posted by gothicform

still as you say, at least it gets people off the dole for a few months.

And the government off the hook for a while as well.

[gothicform]

Originally Posted by larven

And the government off the hook for a while as well.

the olympics were always intended as a keynsian stimulus, although given the huge negative effect they are having on local businesses the extent is questionable.

i got an email from TFL a couple of days ago telling me to just not use victoria station during the games. that's right, they don't want me to come to london to actually do this thing called work. one nice example of how there ISN'T a boost for the economy for the olympics is the massive and unlawful harassment of professional photographers in london right now. another would be 20 year old greek cafes experiencing harassment from lawyers. my personal fave is how one of the official mascots is named after a village where much of the olympic revival came from in the late 19th century, and this village has been prevented from using its own name as a result.

[Octoman]

Do you know whether the olympic jobs are included in the private or public sector numbers?

[gothicform]

Originally Posted by Octoman

Do you know whether the olympic jobs are included in the private or public sector numbers?

private sector usually. depends on the job though... but most of them work for private companies. eg, group 4 or whateverthefucktheyarecalledthisweektohideascandal are private sector but are providing thousands and thousands of guards.

[larven]

Originally Posted by gothicform

my personal fave is how one of the official mascots is named after a village where much of the olympic revival came from in the late 19th century, and this village has been prevented from using its own name as a result.

There's some pretty disgusting stories about shops putting up banners to celebrate the Olympics being told to take them down because they cannot use the word 'Olympic'. This event is supposed to be for the whole country yet the use of the word or symbol is prohibited unless you happen to be Coca Cola or McDonalds.

The Olympics has been captured by huge corporate interests and is becoming a big turn off for me I'm afraid.

[gothicform]

Originally Posted by larven

There's some pretty disgusting stories about shops putting up banners to celebrate the Olympics being told to take them down because they cannot use the word 'Olympic'. This event is supposed to be for the whole country yet the use of the word or symbol is prohibited unless you happen to be Coca Cola or McDonalds.

The Olympics has been captured by huge corporate interests and is becoming a big turn off for me I'm afraid.

my favourite is the "olympic cafe" in stratford which has been operating since before the word "olympic" was trademarked changing its name to" 'lympic cafe" it seems the government is trying to ring fence the gains that the games would have for a small minority of people, they actually passed new temporary intellectual property laws specifically for this as one of the conditions of getting the games. they're temporary as the government says they'd harm the economy!

[Octoman]

There are a few elements of the organisation I haven't liked. Preventing british athletes who are starved of funds capitalising on a medal win for instance

The BOA and Locog, the London organising committee, have drawn up the agreement with the aim of maximising the commercial opportunities offered by hosting sport’s biggest event.

They will insist on using what they call ‘Athletes Attributes’ – a catch-all term which includes an athlete’s name, nickname, signature, image, and performance at the Games, as well as voice recording and even hand and foot prints – for free. As with many elements of the agreement, this applies indefinitely.

“They seem to be pushing it a bit too far,’’ said one prospective athlete who did not want to be named because merely commenting on the agreement breaks one of its rules.

http://www.telegraph.co.uk/sport/oly...t-on-eBay.html

Last week The Telegraph revealed how the agents of some Nike-sponsored athletes such as Mark Cavendish, Paula Radcliffe and Mo Farah were threatening their clients would take off their shoes and appear barefoot on the medal podium to circumvent clauses which require them to wear the shoes and tracksuit of adidas, which is the BOA and Locog sponsor.

Cavendish, Farah and Radcliffe will also be told they are obliged to keep their adidas kit in “good condition”, not just for the duration of the Olympics but “in perpetuity”. The kit cannot be sold by athletes, although they can donate items to “non-political” charities, but the BOA reserves the right to reclaim one piece of kit per competitor and sell it to raise money.

Athletes are banned from using tattoos, haircuts, piercings or contact lenses as ways of issuing “commercial” or “political” messages. Any existing tattoos which make political statements must be covered.

[larven]

God forbid one of the athletes should accidently mention Pepsi instead of Coke. Maybe they'll be stripped of their medal?

It's all pretty odious stuff, enough to turn anyone off this supposedly great British sporting event.

[gothicform]

Originally Posted by larven

God forbid one of the athletes should accidently mention Pepsi instead of Coke. Maybe they'll be stripped of their medal?

It's all pretty odious stuff, enough to turn anyone off this supposedly great British sporting event.

it goes further than that. when asked what their diet is when they train they can't say... they have to lie and say they eat big macs and drink coca cola. sadly i'm not joking.

[larven]

Originally Posted by gothicform

they have to lie and say they eat big macs and drink coca cola.

Haha!

What a great message to send out to kids, Usain Bolt eats Big Macs and drinks Coca Cola!

[Octoman]

FFS! That's ridiculous.

[gothicform]

Originally Posted by Octoman

FFS! That's ridiculous.

if usain bolt instead goes "oh well i have pasta for lunch with lots of tomatoes and then a banana after" he's breaking the rules UNLESS it was from an official supplier. they can eat what they like, just not tell people they do!