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UsernameSlightly Optimistic
Joined04 Feb '06  18:48
First Post04 Feb '06  20:22
Last Post30 Jul '14  19:29
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Last 10 posts

30 Jul '14  19:29
European Political Economy
'The Brics bank is a glimpse of the future', says David Pilling.

The Bretton Woods institutions [IMF and World Bank] reflect the realities of a receding age, he writes. In particular "China’s lending in Africa has drawn valid criticism that it is not tied to good governance or environmental standards. Yet the presence of alternative Chinese funding in Africa has been a net positive."

But the Bretton Woods institutions were linked to NATO in Europe to provide the peace and security that Germany, but few others in the EU, now says is more important than economics.

What should replace NATO, if anything, is a question for this year's summit. Of interest also to Scotland, incidentally.
30 Jul '14  09:45
Financial Markets, Subprime, & The Credit Crunch
Now we have a disclosure that Australia issued a sweeping gagging order to block reporting of any bribery allegations involving several international political leaders in the region.

From 15 Jul '14 12:26:
After the international financial collapse in 2008, the G20 took over responsibility for global financial stability. The previous system was shown to be grossly unsatisfactory.
However we're still waiting for substantial improvements. Over to Australia?

It's doubtful of course that such gagging orders were required in the UK - the auditors of the banks, for example, were simply threatened with losing their livelihoods.
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.

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