Here's my Top 10 links from around the Internet at 7 pm in association with NZ Mint.
I'll pop the extras into the comment stream. See all previous Top 10s here.
I welcome your additions in the comments below or via email to bernard.hickey@interest.co.nz.
It's all Greek and Chinese to me today...
1. Extend and pretend - The Greek government will live for another few days at least, but the debt hasn't gone away.
Europe's leaders are determined to avoid a default.
It just delays the inevitable restructure or inflation to deal with the debt.
The Eurozone remains in peril.
Markets are still largely betting on default.
As Rachel Hunter says, it won't happen overnight, but it will happen.
As Jamie Dinan, the founder of York Capital, told CNBC this May, it is now obvious that the Eurozone is "determined to keep the euro in tact, and they will bail out Greece." A Greek default at this time, with interest rates and CDS prices leaping, would prove calamitous. The ensuing chaos would give the market an opportunity to hammer other weak Eurozone countries like Spain and Portugal. And a default in the current environment would give French and German banks no time to come up with plans to salvage their own hides, larded up as they are with Greek debt. While it's true that Greece's obligations will eventually need to be restructured and that the euro itself may also need to change, now is absolutely the worst time to make those moves.
"Everyone in the fund community bought CDS on Greece assuming that there would be a default," says Chris Whalen, a banking analyst with Institutional Risk Analytics. "The guys still holding those positions will get stuffed because politicians have decided that we can't find out whether the Europe's big banks can withstand a default. And the amount of credit swaps is so big that no one wants to test whether those counterparties can all pay in the event of a default."
2. Socialism works best for capitalists - Ryan Chittum at Columbia Journalism Review finds this chart below showing share market returns in socialist France have been better than those in America in the last 25 years.
The ascent of laissez-faire economic policies in the U.S. during the first quarter century following the Reagan Revolution wasn’t enough to outdo French stocks, which faced the heavy hand of government.
Take it for what a single datapoint is worth, but it’s interesting, non? You don’t and won’t hear much about this one in the American business press. And you don’t even want to look at truly socialist Sweden’s stock returns, which have outpaced even France’s.
3. Capitalism or managerialism - Harvard Law Professor Mark Roe points out America's version of capitalism seems more about companies being run by and for managers rather than by and for the owners of capital -- shareholders.
Roe points out contested elections for directors are rare and an attempt to make them easier was beaten back by lobbyists.
The lesson is that the US is less capitalist than it is “managerialist.” Managers, not owners, get the final say in corporate decisions.
Perhaps this is good. Even some capital-oriented thinking says that shareholders are better off if managers make all major decisions. And often the interests of shareholders and managers are aligned.
But there is considerable evidence that when managers are at odds with shareholders, managerial discretion in American firms is excessive and weakens companies. Managers of established firms continue money-losing ventures for too long, pay themselves too much relative to their and the company’s performance, and too often fail to act aggressively enough to enter new but risky markets.
When it comes to capitalism vs. socialism, we know which side the US is on. But when it’s managers vs. capital-owners, the US is managerialist, not capitalist.
4. Not so soft - Houses and Holes at Macrobusiness.com.au reports Credit Suisse reckons there's just a one in three chance that China can engineer a soft landing for its economy.
Our analysis shows China’s credit-to-GDP has risen to alarming levels in the past two years due to massive off-balance-sheet financing. Market has only focused on banking system loans which do not capture this. This raises a red flag for future asset quality problems in banks. Further, based on a bottom-up approach, interestcoverage of some 1,000 non-financial companies in 1Q11 declined nearly to2008-crisis levels.
5. Why the euro might survive - Simon Johnson at The Baseline Scenario thinks both the IMF and China are desperate enough to help the Euro survive.
While the EU leadership is surely tired of Greek politicians at this point, they also fear greatly the implications for other eurozone countries if Greece says it can’t pay or won’t pay. The realization that spreads on Spanish government debt will rise sharply concentrates the mind wonderfully.
And the damage would not be limited to Spain – do not underestimate the smugness with which the eurozone has completely and utterly failed to prepare for any kind of sovereign default. The lack of loss-absorbing capital in major European banks is a first-order scandal that could bring down governments.
Fortunately for the undeserving European policy elite, the IMF has plenty of money it can lend at low rates and the Europeans have plenty of votes at the IMF. The IMF can also access considerably more funding as needed, with the agreement of the United States – which really does not want another short-term shock to the world economy. And funding is available from China and other emerging market countries with large stockpiles of foreign exchange reserves.
China has every interest in making sure that the euro survives and prospers as a major reserve currency – to make sure that, over a longer period of time, the US dollar will decline as the primary place in which to hold public and primary rainy day funds.
6. Here's some fun - Australia may start using their Do It Yourself compulsory super schemes to invest in leveraged residential property, Leith van Onselen points out at Macrobusiness.
Call me cynical, but from where I am sitting, the super changes look like another government policy aimed at supporting the housing market. As with all demand-side policies, without a corresponding liberalisation of the supply-side of the housing market, this measure (other things equal) is likely to make housing even less affordable, as the extra demand would feed predominantly into higher prices rather than new construction.
Given that housing already comprises the lion’s share of household assets – 62% as at September 2010 (see below chart) – one also has to wonder about the efficacy of a policy that encourages households to concentrate even more of their assets in housing.
7. Slowing consumer spending in China - Bloomberg has an anecdote-rich report on a slowdown happening in Chinese consumer spending, which is really the last thing the economy needs.
Analysts at Capital Economics, a London-based research group, estimate that private consumption may have fallen to 34 percent of gross domestic product last year, the lowest level since China began opening its economy to market mechanisms more than three decades ago. Just 10 years ago, the share was 46 percent, Capital Economics calculates.
“Just at a time when the government in China and a lot of people elsewhere are hoping to see Chinese consumers step up to the plate, actually they’ve been staying away from shops,” said Mark Williams, an economist in London with Capital Economics and a former adviser on China to the U.K. Treasury. “The trend over the past couple of years has been relentlessly downward.”
China’s leaders have vowed to boost consumption’s share of GDP since at least 2006, so far to no avail. The ratio is about half that of the U.S., and about 60 percent of both Europe and Japan, according to Credit Agricole CIB.
8. Why China may not keep growing fast - Patrick Chovanec makes the case here at the Globe and Mail. China's growth is unstable and the wrong type of growth.
Chinese consumption has been growing, but not nearly enough to tilt the balance. In fact, according to the IMF, consumption as a percentage of China’s GDP has steadily declined, from 42.2 per cent in 2003 to 35.5 per cent in 2009. In the meantime, the investment-led “boom” produced by printing money has all but eliminated the motivation for the Chinese to tackle the kind of challenging reforms – to its banking system, its currency, its social safety net – needed to develop a strong consumer-based economy.
There is no question that China has the potential to be a driver of global economic growth. It will never be able to realize this potential, however, without profound changes to the way China runs its economy.
9. Why Greece needs another 110 billion euros - Robert Peston at the BBC does a nice job of explaining Greece's problems. He says the voluntary restructuring proposed by the Europeans is pointless and won't work.
A voluntary private-sector contribution to Greece's rescue may be a beautiful creature, a unicorn of financial succour. But it may be as real as a unicorn.
Which leads to a difficult conclusion for eurozone ministers: they've either got to accept the case for a formal, orderly default by Greece (which they are not minded to do); or eurozone taxpayers are probably going to have to stump up even more money to keep Greece afloat (for the time being, at least).
10. Totally The Muppets - Here's the trailer for the new movie.
70 Comments
Must stay
"State-owned Enterprises minister Tony Ryall has sent a 'please explain' letter to the chairs of the country's SOEs after 3 News revealed they were handing out bonus payments of more than $54 million. Well over half of it was going to the people who oversaw your power bills going up"...3news.co
.....calm!
Wolly, Reading this just makes you sick, and Tony Ryalls letter is just crap talk. 2 years ago the CEOs were told to stop this theft and what has happened since Nothing, just more theft by shiny arses sanctioned by National. Same thing happened under Labour. Remember the $800,000,000, I think that was the figure, that was ripped off the power consumers under Labour and Big Gerry saying how terrible and National would sort it out. What happened? Jack Shite! Same thing will happen here. People, remember, its us against them.
Then stop voting them in!
There is no two party mmp stuff. Thats all mumbo jumbo...
There is only one party and the orders are from your owners...
Its all in the movie! Get ya self some popcorn and pull up a chair its the best show, hell if you live in America you have front row seats....
I just changed channels on the "movie"...
Thats nothing! Minor league stuff. Why is Tony bent out of shape? Ah must be the usual token stuff these elected stooges are paid to do...probably got his next job over at the IMF all lined up....who voted for this Tony Ryall character?
Wait untill the those SOE power monopolies are privately owned, then the real financial terrorism will prevail...
Have yet to experience one positive from Max Bradfords so called competitive reforms lol
Well time to top up the popcorn and change the movie channel....
"Free dental care should eventually be extended to all New Zealanders, Progressive leader Jim Anderton says.
He today launched a dental health care policy under which free care would be extended on an incremental basis, targeting the most vulnerable groups first.
Labour Party health spokesman Grant Robertson welcomed the plan, saying it was a useful tool in improving overall dental health care." herald
Oh hard luck Jim....so much thought went into that bit of pork and to have the bloody Labour party just barge in and take over...at least you have escaped having to explain how you would fund it Jim.
Back to the drawing board Jim...you'll think of another pork offering before too long...
Iain, did you get to read this?
http://sturdyblog.wordpress.com/2011/06/18/democracy-vs-mythology-the-b…
Iain, did you get to read this?
http://sturdyblog.wordpress.com/2011/06/18/democracy-vs-mythology-the-b…
A great juxtaposition, SOE managers carving up our money for mismanaging basic utilities vs Free dental care. Out of the two one actually matters very little and one matters a lot. Can you guess which one?
Ans: Not the teeth, The 'teeth' are not really important, they are noise. We can pay for the teeth. One way or another we pay for the teeth now. What we cannot afford is to continue to let our country be taken over by a mangerial elite working with Toll booth operators and rent seekers.These powerful interests are bending New Zealand to serve their interests.
Take the NZX, please somebody take it. Instead of actually doing their job well they have moved to lobbying government to hand over public assets so they can churn the stocks and make money. Mark Weldon will have done the calculations and deterimined exactly what this move will mean to his personal weath as his wealth is directly tied to the turnover of the NZX. So he is insentivised to do and say anything to get the result he wants. The trouble is his skills are misdirected in much the same way as the skills of the SOE managers are misdirected. Instead of working in tough competitive markets they work in fake markets manipulating them to enrich themselves at our expense. New Zealand does not benifit only the individuals.
So in a choice between Labour paying for kids teeth and National handing over the weath of New Zealand to a few managers, I would have to vote for the teeth.
Exactly at a time when banks worldwide are paying rates close to zero, and inflation is starting to bite, selling an asset with a 15% return is beyond stupid.
If they really don't have enough money, get the finances in order, either reduce spending to where it is, or increases taxes to where it is, but don't go selling absolute cash cows build up over decades, that's just plain stupid.
So why are we selling it off, again?
Orders from above and far away its a useful thing energy as you well know PDK.
Hydraulic Despotism or fuedal economics I dont care what label is used.
Do as we say or we cut you off!
Not many can grow food provide for them selves access drinking water or produce energy the majority are ... dependant ....easy to control when so called percieved entitlements are no longer avaliable....
Cue Bono?
Why the euro might survive.......And funding is available from China and other emerging market countries with large stockpiles of foreign exchange reserves.
Chinese Govt treasury official (rubbing hands together) says..."these dollars these American peasants are printing and sending to us to repay their debts are not useless after all. We can use them for something, we can save Europe now. We can save the world and the world will owe us forever. Thank God for America"
#3
It's actually not news that managers have more say in organisations than owners. I'm pretty sure this research was done years ago. Nevertheless consider what this means in the context of the various CCTO's that have been created to manage the large assets in our "super" city. I confess I have taken no interest in the formal constitution of these entities such as Watercare etc but assume that they are companies with Boards of Directors etc.
What this finding tells us is that these companies will do what they think is best for themselves regardless of the wishes of the councillors elected to Auckland City Council. The Companies Act and particularly the statutory duties of directors takes precedence over directions from owners even owners who hold a 100% stake in a company. So, there will be a double whammy with (a) managers in these organisations making all the real decisions and (b) the directors hiding behind the requirements of the Companies Act that they act in the interests of the company regardless of instructions from the owners (the Council).
Of course it may be a blessing for Auckland that professionals manage their assets at arms length but it's kind of hard to see how the Council is going to create a single, powerful city inside this structure.
FYI Allied Irish Bank has “defaulted” HT Kokila
Good one Bernard...(dang brain waking up at this hour.)...
"....Of even more significance will be the read-across for CDS contracts written on Greek government debt and that of other indebted European governments. ( nz)
With a default by the Greek government regarded by most investors as a certainty, the issue is likely to become one of determining whether the form of the default allows holders of the bonds to exercise the CDS protection they have taken out on the bonds.
"There could be a big wake-up call here for investors. People still do not understand that a CDS credit event and default are two completely separate things," said one London-based credit trader"
---------------------------------------------------------------
This means wealthy punters and the funds they invest in, will avoid piigs bonds...and I just caught that sort of statement from a fund boss on BBC...it is the perception of default that matters...so the market cost of Greek debt will not drop...thus ensuring the default...
Also the Greek pm is aiming to tax boats and property as well as slash 150ooo govt employees...the rich with the boats will join the peasants in throwing the rocks...this aint going to work...the market knows as much...
Will it be a managed default or a rout..want to be in on the fun...buy some Greek bonds...
But we're different right...wrong...we too are in a piigs debt hole being dug deeper by the week as borrowing drives on...deeper into the arms of the bond holders...it is they who will determine the cost of their capital...they will decide on your mortgage rate...welcome to the downside of an insane decades old govt debt programme....on top of the private urge to splurge into debt in the bubble.
The sad fact is the NZ economy cannot live day to day without its feed of debt and all eyes will turn to two things......the piigs fiasco as above.....and the NZ capacity to earn its way out of debt.(explains why the asset sales here are to happen...just as in Greece!)
Bernard, look who made the decioson on Allied Irish bank,
>>>>
The decision by the committee, which is made up of 10 major banks, follows the announcement earlier this month by the Irish High Court of a "subordinated liabilities order" that changed the terms under which junior debt in Allied was originally sold, forcing holders of the bonds to accept an extension in the maturity of the debt to 2035.
Wolly, your thinking has become entrained - perhaps as a result of our four generations of socialism and the education system that flows from it:
(explains why the asset sales here are to happen...just as in Greece!)
The only security a holder of sovereign debt has is reputational. If any sovereign is going to default their leaders are idiots (probably with delusional omnipotence complexes) to first sell their state's assets.
Oh I do agree Colin...2.56am is not a good time to post!.... I would suggest the asset part sales are in order to placate the liar ratings agencies...but to sell all and then default would be as you suggest utterly bloody dumb. I expect the household power bills will shoot higher post the election so that the govt can cream off more revenue to add to the sales returns...they will spin it as a 'green' measure to encourage people to consume less and reduce waste by insulating the long drops.
National are well into planning the economic changes that will mean any returning socialist mob in the 20s..yes it could be that far away....will find they are unable to return to their splurging ways...Nice to read Goofy calling for a 75% vote on something before a change can happen...which opens the door for the govt to counter with the same concept....what will they apply it to.....
Thanks Wolly.
I suspect you are right in terms of rising power prices but National is I would suggest a little disconnected from the real economic world. I believe one of the power companies has projected lower profit for the second half of this year in part because of softening demand. Government are dumb arses - what do they expect when they increase power prices in the face of people having less disposable income.
I am more positive than you regards the two main political parties. I am working on both of them being gone from parliament by the 2020's - maybe still there as minor parties in 2017.
Do either deserve to survive even that long?
I wondered how a default was determined....as long as its independant of govn influence then there is some hope....
"The International Swaps and Derivatives Association (ISDA) yesterday said that a "credit event" had occurred on Allied debt, meaning the bank has effectively defaulted on its debt, a situation the Irish government has gone to extreme lengths to avoid.
Credit default swaps (CDS) sold on Allied subordinated bonds and, crucially, its senior debt, have been activated by the decision of the ISDA determinations committee that decides whether a borrower has defaulted."
regards
Some hours gone by now and the picture is a bit less foggy...the private holders of Greek debt are to 'asked' to roll over their bonds and that this 'asking' will somehow mean there is no default...while in France the brown stuff is hitting the walls of three banks at least...now facing a need to recapitalise..ie they need cash and fast...however in Greece the govt looks to be heading for a major election loss...oh bugger some of the bloats will lose their fat pay jobs...because the people have had a bloody gutsful of the lying thieving corrupt scamming pollies...Greece is on a road to ruin unless it dumps the euro, disposes of assets and devalues a new currency likely to be named the 'greasy greeks'...appropriate considering most Greeks pay feck all tax at all and have been rorting the tax system all their lives. Now this nation of rorters can look forward to paying their way, because nobody will loan them euro, dollar or even Zimbabwe pesos....
Here in Noddyland, the SOE bosses are handing out over 50 million in bonus payments to already overpaid bosses....clearly the Minister has no control....nor has the govt....what a bloody farce.
And Labour insist it is possible to carry on the current benefit fiasco because a socialist govt knows ways of getting the money...sure they do!
National are following the Greek pathway by planning to sell off the power companies and anything else but hold 51% control...a sure indication that the cost of power will shoot higher.... but the only option they have is to close down the benefit party..and lose the election in the process...because the vast bulk of the peasants are dependent on a benefit of some sort...thanks to Labour under Clark and Cullen fostering the housing price bubble....
Meanwhile the RE mob are lobbying the govt to give Chinese property buyers special priviledges that will lead to property prices exploding higher once again....watch this space.
Did you read the bit from BH on the irish solution to a "default" go to court and get the court to declare the contract you signed isnt and the court can decide just what it is......this is plain nuts....even if its legal its also legal to refuse to lend again.....
regards
Let me tell you Wally, here in South Auckland there has NEVER been so much welfare money flowing into beneficiaries. My neighbours are on the benefit, they shat themselves when National got in, now it's completely opposite. They shit themselves with the thought of Labour getting back in, and will be voting National in November.
The world has gone mad.
Out of control on many fronts - and it is getting worse !
More from Fuckushima:
http://inthearena.blogs.cnn.com/2011/06/21/fukushima-still-a-ticking-time-bomb/
This morning a 6.7. http://tsunami.geo.ed.ac.uk/local-bin/quakes/mapscript/demo_run.pl
Crazy : Nikkei 9’629.43 plus 169.77
…forcing nearly 1.64 million people to evacuate, the ministry said.
http://www.deccanherald.com/content/170753/rain-battered-china-braces-itself.html
Worldwide demand for corn has surged, and shrinking stockpiles are unlikely to be replaced due to extreme weather conditions that have destroyed millions of acres of farmland.
http://moneymorning.com/2011/06/21/agricultures-impending-storm-will-send-corn-prices-soaring/
….said Puyehue-Cordon Caulle had to be kept on red alert because of the possibility of another explosion.
Economically, socially and now politically, the status quo is unsustainable. Instead of postponing the inevitable Greek default, it would be far smarter to prepare for it.
http://www.guardian.co.uk/commentisfree/2011/jun/23/greece-eurozone-reality-default
Scientists said the E. coli outbreak strain combined one that makes a toxin and another that sticks to the gut in a way that potentially speeds up the body’s absorption of the toxin. They described it as “unprecedented” in its lethality.
Where is the money to pay for ?????????????????
..and where are “the right spirits” for problem solving ?????????
..and now Christchurch – wake up people – end your small talk - conventional measure are insufficient. We do need radical reforms.
Where is the money to pay for ?????????????????
..and where are “the right spirits” for problem solving ?????????
..and now Christchurch – wake up people – end your small talk - conventional measure are insufficient. We do need radical reforms.
All the key ingrediants right here....the elite work here with this type of stuff....
PROBLEM REACTION SOLUTION
create many problems - wait for the reaction - offer the solution
....except that solution is not quite what you or I had bargined on! Its at about that time when the strong men turn up with the solutions ....
But Kunst I agree with your outlook Im just saying be wary of who's offering what solutions and I wouldnt trust any one involved with Governments and the fascist institiutions like the UN or IMF after all those entities have created the PROBLEMs to start with!
Fuckushima had the meltdown a couple of weeks ago...didnt One Network lamestream media inform any one of this?
French Socialism beats American Capitalism you say , Bernard !.......
..... well , strictly speaking , America operates under an increasingly ineffiecient crony-captalism ..... the free market ain't so free . Their economy is distorted by the successful lobbying of Washington by special interest groups .
But , regardless of that , the French economy is underpinned by near limitless supplies of ultra cheap energy ! ...... Fully 50 % of all their energy supply comes from clean-green-nuclear power . Viva 'la France ! ...... they understand reality better than America does . Nuclear is environmentally friendly , and it reduces the demand for fossil fuels .
...... The USA has not constructed a new nuclear reactor for 30 years , prior to Monty Burns plant in Springfield !
Even Germany , usually the bastion of pragmatism , has allowed the Japanese disaster to cause a knee-jerk reaction , and to abandon future nuclear power plant construction .
...... If many more safe nuclear power plants were constructed , worldwide , the environment would benefit enormously . ..... and the price of oil would collapse , as demand shrinks .
Hang on there Steven.....you know the story about re-inventing the wheel.....well I think that is your basic problem with nukes......the concept has been found to be unstable or less than 100% safe......and so I see no problem with throwing development cash into a better way of harnessing that kind of energy...
I'm building one in my basement although not having much luck as I know nothing about Nuclear Physics......I know a guy Dr Bruce...(secret)... who is a Nuclear physicist...he rides a bicycle and cleans buildings for a crust.....it seems he has social problems.....but he'd be up for it I think if we could get some uranium and a few bits n bobs......
One day they'll invent ways of getting 'tricity stuff from moving water, and maybe even hot steam... almost free.... isolated islands with dodgy moving surfaces won't need to take the risk....the natives may even decide that there is a 'social good' to be gained, and fund it for themselves...
hehehe...
Interesting thing is the original designs for the PWR (which I did some training on) in subs, is small and pretty safe mainly because its small. The problem with bwr reactors is the safety idea/design does not seem to scale well, but for nuclear power to be cheap enough it needs to be massively scaled up, so 1 or 1.5GWH makes the only even vaguely economic sense.....Strange thing is there are other good designs, I think the canadian candu reactor has huge potential and seems a lot safer....
Funny thing about sshh Nuclear ppl.....do you know we have a russian driving a cab around Wellington who can desgin rocket engine fuel pumps? need I say more......;]
Oz quake in your boots mate....
regards
Hullo , knew that I could Count on you ! ..
.... A nuclear power has a smaller environmental footprint than any other power source . More bang for your buck than the alternatives , by far .
It has less pollution than any other power source !
.... and nuclear power plants have fewer fatal accidents than any other power technology .
The radioactive waste is tiny , just equivalent to a soft-drink tin full per person , across a life-time ! ..... and it's easily storable .
take a gander at this work in progress GBH....and Steven cause I know he loves links to support anecdotes.....
For your perusal.. http://www.forbes.com/forbes/2009/0413/040-research-lasers-reinventing-nuclear-power.html
Excellent link , Count ...... it seems more logical to be open to progress , innovation , and science ..... than to bury one's head up one's ideologically alarmist butt .
... the Gummster wants to get political movements , such as Greenpeace , out of the way . They are impeding true environmental issues by their histrionics . Lets get environmentalism back on track by a return to true scientific technique . No more fudging of the figures to suit a favoured argument .
Bernanke said. “We don’t have a precise read on why this slower pace of growth is persisting.”
and he kept a straight face too.....harrrrrrrrrrhahahaha
This guy deserves a medal for BS....let's call it the Obama Bullshit Medal...order of the OBM for services to private bankers.
Yeah I quite liked that bit to Wolly. I was going to post it but had other priorities. There was another one in there somewhere also.....
something about they have more tools availble to them, but these tools are untested so the results unknown.
We are about to become an experiment by the looks of it.
Received a letter from Genesis;
You are on the wrong plan, price going up 10%.
You new meter tells us that you don't have a second meter (anymore) that we can control your hot water cylinder power usage (I assume to reduce demand on the grid) so you have to pay more.
So I replied the fact that I place no demand on the grid as I use gas for hot water means that I now have to pay more, because you can't cut down the amount of power I use to help you.
We need more villages, it will keep the village idiots occupied instead of giving them control of vital infrastucture assets that they use for their own gain.
I then reiterated to genesis that now that I now use no power for hot water, you don't have to regulate my demand as it is now zero, Why should I have to pay 10% more.
There response ' You are free to change power supplier" Priceless.
Sooner we can generate our own power and get off the grid the better.
A quick look around the web and it looks like China may be providing the solution.
These people have no idea that it was only less than 100 years ago that small private power stations dotted the landscape of many properties in Europe, it was scale and cost that rendered them obsolete, their time will come again with solar panels.
"We need more villages, it will keep the village idiots occupied instead of giving them control of vital infrastucture assets that they use for their own gain."
I know you jest, but it is actually a solution. With smaller size communities at least everyone knows the idiot, and accepts the idiot is one. They treat the idiot accordingly.
Have you ever heard the comment "dressed up for promotion". Unfortunately that has become our cultural method of dealing with the idiots, and we have some special positions specially reserved for the best of them. They are called MP's, with the no1 spot being addressed as 'Prime Minister'.
Nuclear event at Fort Calhoun USA...?????
http://www.marketoracle.co.uk/Article28836.html
"nothing to see here...move along now.......move your arse..."
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