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UsernameSlightly Optimistic
Joined04 Feb '06  18:48
First Post04 Feb '06  20:22
Last Post25 Jul '14  12:49
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Last 10 posts

25 Jul '14  12:49
British Political Economy
The G20's dream of 'Financial stability' doesn't stand a chance.

From Europe needs a cold war lesson in deterrence in the FT:
Francis Fukuyama was half right in declaring the end of history. Capitalism reigns supreme, but rising states such as China and declining ones such as Russia have found a new political model. Authoritarian capitalism, as the Harvard scholar Michael Ignatieff called it in this summer’s Ditchley Foundation annual lecture, presents them with an alternative to liberal democracy. As for a rules-based global system, these states prefer to dine à la carte. They take what they like and reject what is inconvenient. . . Europeans have been slow to recognise the world as it is rather than as they imagined.

25 Jul '14  09:04
European Political Economy
Ukraine jet hit by 'air-to-air missile' - Ukrainian PM
As fighting continued in eastern Ukraine, officials in Kiev told the BBC that two aircraft - thought to be military jets - had been downed just 35km (20 miles) from the crash site of flight MH17.

Russia firing artillery into Ukraine: Pentagon
25 Jul '14  08:30
British Political Economy
The lack of enforceable rules for international finance?

Russia threatens to hit British companies in 'retaliation' for sanctions
Putin could seize assets of British oil companies, Russian diplomat warns, as war of words over sanctions intensifies

24 Jul '14  10:19
British Political Economy
Re 12 Jun '13 08:59.
a discussion with the chief executive of an international accounting firm. Financial regulation in G8 member Russia became a topic, and this brought to mind the lack of common rules that allow national governments everywhere to persuade 'independent' audit to change its opinion with very damaging consequences. In Russia, for example, the auditors of the huge oil company Yukos withdrew their audit reports from 1995 to 2004, the company was subsequently nationalised and the former owner is still in jail.

And 19 Apr '13 07:57: A claim of sovereign immunity from prosecution " might explain why international pension funds and insurance companies etc , where UK governance compelled secrecy about the financial circumstances of the banks, have decided that the only route available to them is to try and sue the former directors."

Latest on Yukos:

Putin’s Ukraine Woes Compounded by $103 Billion Yukos Claim
The Permanent Court of Arbitration in The Hague will rule on July 28 on a $103 billion damages claim the company’s former owners filed against Russia in 2007. . .

[If the claim is successful], There’s “very limited room” for appeal and Russia will resist paying, so any amount awarded would trigger a global legal battle to seize state property, including assets of OAO Rosneft (ROSN). . .

Financial stability in the global economy? Regardless of the outcome of this case, the G20 chair Australia has much to attend to.
23 Jul '14  15:15
European Political Economy
Still no sign of peace.

Rebels shoot down two Ukrainian fighter jets days after downing of MH17

21 Jul '14  09:39
Financial Markets, Subprime, & The Credit Crunch
When will the world order officially change?

Whenever central banks in the developed world stop printing money, per Blackrock in the FT today.
20 Jul '14  15:05
Financial Markets, Subprime, & The Credit Crunch
If only banks in the 'developed' world was the problem. . . Japan's beef is that Germany and South Korea know the price of everything and the value of nothing.

A similar problem in Europe.

European Union Pressured To Impose Sanctions On Russia After Plane Crash
The European Union has come under heavy pressure from the international community over its reported reluctance to impose sanctions on Russia following the downing of the Malaysia Airlines MH17.

Political analysts said that if the member-countries in the European Union fail to issue a strong response if pieces of evidence point to pro-Russia rebels as the perpetrators of the plane crash, it will damage Europe's reputation internationally.

some countries have warm relations with Russia and are afraid that imposing sanctions will affect its heavy trade relations with Moscow. Germany, Italy, Spain, and France have been criticized for refusing to join the United States and the EU in imposing stiffer sanctions on Moscow and have even struck numerous economic trade deals with Russia. Italy, which is very close to Moscow, has resisted imposing stiffer penalties. France went on to strike a $1.6 billion deal to sell Russia two advanced warships.

Business leaders in Germany, Europe's biggest economy, have lobbied the German government not to adopt tougher sanctions against Moscow. Some European nations are heavily dependent on Russian gas.

Elsewhere it is asked why China and the rest of the BRICS are apparently not part of "the international community".
18 Jul '14  10:05
European Political Economy
BRICS Against Washington Consensus [link:]
What the BRICS are trying to present to the Global South now is a choice; on one side, financial speculation, vulture funds and the hegemony of the Masters of the Universe; on the other side, productive capitalism – an alternative strategy of capitalist development compared to the Triad (US, EU, Japan).

No wonder the hegemonic Masters of the Universe gang is uneasy . . .

Many believe the old system is extortion. Will the chair of the G20 - Australia - agree.
17 Jul '14  15:30
European Political Economy
We are learning of key items for the agenda of NATO's summit this year in Wales.

First, an article in the FT questions what NATO will do in the future. The answer is said to be confront a revisionist Russia. It goes on to argue that this can best be done by NATO coordinating more closely with the EU, especially to curb Europe's dependence on Russian gas imports.

Secondly an article in US's 'Foreign Policy' argues that NATO is divided over confronting Russia. The US plans economic sanctions. However the EU does not consider Russia a real threat. Moreover major US foreign policy interests are in Asia where if trouble starts in the South China Sea, the East China Sea, or over North Korea, Taiwan, or even the Indian Ocean, Europe has no meaningful capabilities to contribute and no vital interests at stake. Nor is there any enthusiasm in the EU for a more assertive role.
16 Jul '14  14:33
European Political Economy
This matter is referred to in the Financial Markets forum, but apart from Australia it has significance for political economy in the EU.

Brics nations to create $100bn development bank

The End of the World Bank?
The World Bank has a subscribed capital of $223.2 billion, paid in or payable by 188 countries.

The willingness of the BRICS to commit more resources to their new institutions than the existing ones suggests they are serious about changing the system. The U.S. and its allies are left guessing whether the BRICS countries might eventually stop funding the IMF and the World Bank. That will not happen in the near future, in part because China, India and Brazil are among the countries with the biggest exposure to World Bank funding, and in part for political reasons: No one, except perhaps Putin, wants to split the world into hostile camps. The threat to abandon the post-World War II financial system unless it changes quickly is real, however, and the West will have to accommodate the big emerging nations if it wants to hold on to a few shreds of Fukuyama's wishful thinking.

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