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To Save The Eurozone: $1 trillion, European Central Bank Reform, And A New Head for the IMF
Posted on April 29, 2010 by Simon Johnson | 61 Comments
By Peter Boone and Simon Johnson
When Mr. Trichet (head of the European Central Bank, ECB) and Mr. Strauss-Kahn (head of the International Monetary Fund, IMF) rushed to Berlin this week to meet Prime Minister Angela Merkel and the German parliament, the moment was eerily reminiscent of September 2008 – when Hank Paulson stormed up to the US Congress, demanding for $700bn in relief for the largest US banks. Remember the aftermath of that debacle: despite the Treasury argument that this would be enough, much more money was eventually needed, and Mr. Paulson left office a few months later under a cloud.
The problem this time is bigger. It is not only about banks, it is about the essence of the eurozone, and the political survival of all the public figures responsible. If Mr. Trichet and Mr. Strauss-Kahn were honest, they would admit to Ms. Merkel "we messed up – more than a decade ago, when we were governor of the Banque de France and French finance minister, respectively". These two founders of the European unity dream helped set rules for the eurozone which, by their nature, have caused small flaws to turn into great dangers.
The underlying problem is the rule for printing money: in the eurozone, any government can finance itself by issuing bonds directly (or indirectly) to commercial banks, and then having those banks "repo" them (i.e., borrow using these bonds as collateral) at the ECB in return for fresh euros. The commercial banks make a profit because the ECB charges them very little for those loans, while the governments get the money – and can thus finance larger budget deficits. The problem is that eventually that government has to pay back its debt or, more modestly, at least stabilize its public debt levels.
This same structure directly distorts the incentives of commercial banks: they have a backstop at the ECB, which is the "lender of last resort"; and the ECB and European Union (EU) put a great deal of pressure on each nation to bail out commercial banks in trouble. When a country joins the eurozone, its banks win access to a large amount of cheap financing, along with the expectation they will be bailed out when they make mistakes. This, in turn, enables the banks to greatly expand their balance sheets, ploughing into domestic real estate, overseas expansion, or crazy junk products issued by Goldman Sachs. Just think of Ireland and Spain, where the banks took on massive loans that are now sinking the country.
Given the eurozone provides easy access to cheap money, it is no wonder that many more nations want to join. No wonder also that it blew up. Nations with profligate governments or weak financial systems had a bonanza. They essentially borrowed funds from the less profligate elsewhere in the eurozone, backed by the ECB. The Germans were relatively austere; the periphery enjoyed the boom. But now we have moved past the boom, and someone in Greece, Portugal, Spain, Ireland and perhaps Italy has to repay something – or at least stop borrowing without constraint. So Mr. Trichet and Mr. Strauss-Kahn go, cap in hand, to ask Germany for further assistance.
There are three possible scenarios. First, the ECB may be allowed to really let loose with "liquidity" – and somehow buy up all the bonds of troubled eurozone nations. But this is exactly the process that always and everywhere brings about high inflation. The Germans would fight hard against such a policy, although it would prevent default.
Second, officials still hope that bond yields for weaker governments widen but then stabilize. This is bad news for troubled eurozone countries, but they manage to avoid default. The rest of the world grows by enough to pull up even the European "Club Med + Ireland". Call this the trickle down scenario or just a miracle.
Most likely, the situation is about to turn much worse and a third scenario unfolds. The nightmare for Europe is not at this point about Greece or Portugal – it is all about Italian and Spanish bond yields. This week those yields are rising quickly from low levels, while German yields are falling – so this spread is widening sharply. The yields for Spain – for example – are rising because hitherto inattentive investors, who always thought these bonds were nearly as safe as cash, suddenly realize there are reasonable scenarios where those bonds could fall sharply in value or even possibly default. Given that Spain has 20% unemployment, an uncompetitive exchange rate, a great deal of public debt, and a reported government deficit of 11.2 percent (compared with headline numbers for Greece at 13.6 percent and Portugal at 9.4 percent), everyone now asks: Does a 5% yield on Spain's ten year bonds justify the risk? The market is increasingly taking the view that the answer is no, at least for now. So, we can anticipate Spanish (and Italian) yields will keep rising. In turn, this causes other asset prices to fall in those nations, thus worsening their banking systems, and hence leading to credit contraction and capital flight. It is a dismal prognosis.
Then it gets worse. As rates rise, traditional investors in euro zone bonds, which are pension funds and commercial banks, will refuse to take more. There will be no buyers in the market and governments will not be able to roll over debts. We saw the first glimpse of this on Tuesday, when both Spanish and Irish short term debt auctions virtually failed. Once this happens more broadly, the problem will be too big for even Mr. Trichet or Ms. Merkel to solve. The euro zone will be at risk of massive collapse.
If this awful but unfortunately plausible scenario comes about, there is a clear solution – unfortunately, it is also anathema to Mr. Trichet and Ms. Merkel, and thus unlikely to be discussed seriously until it is too late. This is the standard package that comes to all emerging markets in crisis: a very sharp fall in the euro, restructuring of euro zone fiscal/monetary rules to make them compatible with financial stability, and massive external liquidity support – not because Europe has an external payments problem, but because this is the only way to provide credible budget support that softens the blow of the needed austerity programs.
The liquidity support involved would be large: if we assume that roughly three years of sovereign debt repayments should be fully backed – and it takes that kind of commitment to break such negative sentiment – then approximately $1 trillion would be needed to backstop Greece, Portugal, Spain and Italy. It may be that more funds are eventually needed – but in any case, the amounts would be less than the total reserves of China. These amounts would also be reduced as the euro falls; it could be heading back to well under $1 per euro, which is where it stood one decade ago.
External financial support would only make sense if combined with key structural reforms, including an end to the repo window at the ECB. As former UBS banker Al Breach recently argued, the ECB could instead issue bonds to all nations which would then be used subsequently for monetary operations – every central needs a way to add or subtract liquidity from the financial system. These bonds would need to be backed by a small "euro zone" tax, thus making the ECB more like other central banks around the world. It would no longer accept bonds of "regional governments" in the union as collateral, and instead would buy and sell "eurozone" bonds. These new eurozone bonds would also offer a way for governments to roll over some of their existing debts.
If the eurozone does need this package, it cannot be managed under a "business as usual" model. The funds would need to come from the G20, and extremely tough decisions over fiscal and monetary policy need to be handled in a fair and reasonable manner. Someone needs to be in charge on behalf of Europe (would this be the European Commission, or Ms. Merkel and the German government?) and someone needs to represent the G20.
By far the most natural G20 partner to manage this process is – despite all its baggage – the IMF, but there's a serious problem. Mr. Strauss-Kahn, the current head of the IMF today, very much wants to become the next President of France. There is no way for the G20 to provide funding that he would guide – he has an obvious and unavoidable conflict of interest, and no incentive to make the tough decisions today that are required to sort out the euro zone.
Mr. Strauss-Kahn should resign and a respected financial leader of a relatively independent country should take charge at the IMF. One potential choice would be Mark Carney, the current Governor of the Bank of Canada. Or, if the G20 agrees – finally – that it is time to phase out the leading role of the G7 (which has not done well of late), Montek Ahluwalia of India would be an outstanding candidate.
An edited version of this post appeared this morning on the NYT's Economix; it is used here with permission. If you would like to reproduce the entire post, please contact the New York Times.
61 responses to "To Save The Eurozone: $1 trillion, European Central Bank Reform, And A New Head for the IMF"
Mohammed Shahid | April 29, 2010 at 7:02 am |
Suspect it should be 'Chancellor' Angela Merkel. NYT Economix seems to have reflected the designation right.
PN | April 29, 2010 at 7:37 am |
For what it's worth, shouldn't the European banks also be broken up?
rene | April 29, 2010 at 7:56 am |
'We need counterweights not just to Wall Street's toxic products but to its malign influence.'
Well you have just found your counterweights in European leaders who will not co-operate with the White House in relation to the wars in Irak and Afghanistan, the JSF project etc. etc. until the creative financial people who caused all this mess will be behind bars. And Fabulous Fab just won't do.
Russ | April 29, 2010 at 9:01 am |
Why don't they get on their knees to her like Paulson supposedly did with Pelosi? That way even the specific histrionics would fit the perfect parallel with the 2008 bailout scam.
Ponzi scheme unravelling, check.
Criminals who ran the con now want to go into disaster capitalist mode, demand to be bailed out, check.
Shock-and-awe cries of "Stampede! – By Monday we won't have an economy!", check.
Kleptocracy on the rampage, trying to prop up its terminal zombie self, check.
It's the same Tower of Babel, just taller, more top-heavy, with an even more pronounced totter, than two years ago.
StatsGuy | April 29, 2010 at 9:03 am |
You are far too kind to Germany here – the Germans were well aware of that the ECB bonds-for-Euro swaps allowed periphery countries to borrow. Indeed, THAT WAS THE IDEA. This way, Germany could continue its export dominance.
Germany is like a company that extends credit to unworthy consumers, and builds up a high net receivables and thus declares high nominal profits (but has lousy cash flow because it can't collect on receivables). So who do we blame? The borrowers who took advantage, or the creditors who pretended to the world that credible demand for their goods was increasing?
uwtisch | April 29, 2010 at 9:10 am |
It should definitely be "Chancellor" Merkel.
Also the Italian 10-year bond auction today was oversubscribed with an average yield of 4.09%. So there are still buyers.
As with the call to "wake the president" this blog seems to move more into a "cable news style" of sensational analysis. Too bad.
A couple more points –
– It's not obvious the US really wants to rescue the ECB, particularly after the stunts the ECB pulled in 2008 where it aggressively moved to displace the dollar as the world's reserve currency (by holding to a tight money policy and disparaging the dollar), thus contributing to instability and encouraging a run/carry trade on the dollar. Now that their strong Euro policy has backfired as US companies have seen their share of world trade rise, they want the US to play nice? Hmmm…
– OTOH, I've long argued the overvalued dollar has been an albatross around our necks, contributing to our rising debt burdens and overconsumption of imports as demand for the dollar itself has made our exports less competitive. Then again, since when have central bankers cared more about real exports than the short term value of their precious currency?
– I have to ask, where exactly does the $1 trillion dollar fund come from? From money printed by the ECB? From the IMF (aka, the US)? And if from the US, is that not money which is printed that displaces money that could be printed domestically? In essence, that money comes indirectly from the US taxpayer?
And who are we bailing out? As you've noted, the bondholders in the EU are largely pension funds.
So why praytell do the pension funds deserve to be protected when their obligations are primarily to the same individuals (at the national level) who are responsible for these catastrophes, and for decades of relative overconsumption and underinvestment? And if we must bail them out at full _nominal_ value, WHY must the funding for that bailout come from more debt obligations rather than by seignorage/inflation (aka, printed money)? Again, more kicking the can down the road.
DM | April 29, 2010 at 10:14 am |
One of the things I find refreshing about Prof Johnson (and Peter Boone) is there is some valuable education in macroeconomic policy for people like myself who don't have that background. Yet inevitably it raises for me some questions that might be obvious to an expert. Prof Johnson has argued aggressively for the U.S. Congress to set size and leverage limits on large banks. When I read that, the underlying concerns seemed quite reasonable, but my question was shouldn't that kind of policy be coordinated among G20 states, since most megabanks are outside the U.S. and the risks they pose extend internationally. I think the very largest of all are based in the U.K., Germany, and France, with cumulatively 10s of trillions in financial assets. So my question is do the Eurozone investment banks present relevant risks if the Club Med contagion spreads? It seems disturbing enough if Greece or other EU member states cannot be stabilized, but is there any credible risk of a TBTF scenario with any Eurozone banks, and does that scenario present significantly wider risks akin to 2008? I take the point about closing the repo window at the ECB as one means to stop encouraging excessive sovereign debt and to shift towards austerity, but do size/leverage limits on Eurozone banks have any place in G20 negotiations and, if not, why not?
Rob | April 29, 2010 at 10:16 am |
The same Mark Carney who worked at Goldman Sachs. No thanks. How about someone puts him under oath and asks him while he worked at the Vampire Squid did he do any dirty derivative deals with Greece to cook its books?
Kosta | April 29, 2010 at 10:50 am |
Nice proposal. Expanding the IMF issomething that definitely should be explored. On the other hand, I think it might be more effective if the ECB did the heavy lifting in this crisis, in particular by providing liquidity.
Oh, and as a Canadian, I'm happy to support an expanded IMF is necessary, but keep your hands off our BoC govenor :)
Young Economist | April 29, 2010 at 11:02 am |
Bailout is not solution but it will cause bigger problem because the default will be EU systemic problem. If PIIGS status is really severe, Germany will have no ability to bail them out.
The bailout is also not the appropriate policy because the real bailout is private investors of Greece who get the high return without caring the default risk; therefore, Germany and other EU decide to use public money to bail out the private investors. In the case of Greece default, the private investors lose and public gains but in the case of EU bailout, the public loses and the private investors gain from the higher return but no default risk that is transferred to public. At the end, Greece will default but the Germany government already transfers money from private investor to public people. That is too bad for German people to pay tax for the benefit of Greece and private investors.
The best solution is no bailout and let the private investor lose. Noone gets hurt and the public people including Greece and EU gain from 1. Greece public gain from lower debt burden, meaning lower tax 2. EU people gain from no bailout, meaning lower tax.
All bailout policy is to protect speculator under the loss of public people and at the end all EU including Germany and France will default. Goodbye real EU collapse from bailout.
engineer27 | April 29, 2010 at 11:04 am |
Johnson and Kwak have mentioned numerous times that the G20 has to address the banking issue. Generally, they do so within the context of "resolution authority," which is meaningless for a large cross-border institution absent a G20-endorsed process. They also say (basically) "Don't hold your breath."
The idea is, if other countries want to host banks with assets 200% of their GDP (Iceland, for example), then let them take that risk and put their economies on the line. If we keep our banks small, they won't be able to hold our economy hostage or collect exorbitant rents. If the Europeans like that sort of treatment (say SJ & JK), they are welcome to it.
For my part, I would agree with you that even if we manage to shrink our banking sector, we will still suffer collateral damage if other nations' too big to fail banks get to the brink (and are either bailed out OR allowed to fail), so we can't really just ignore them.
Canucklehead | April 29, 2010 at 11:21 am |
The third scenario is the likely one. That said, the liquidity option would not be successful. Basically, with the liquidity opition you are trying to herd cats (fat ones and skinny ones).
As a test of the liquidity option on a smaller scale, Greece should be encumbered with the present EU/IMF deal so they cannot act out in their own self-interest. That encumbrance will not happen. They are considered a sovereign nation and retain the right to default and leave the euro. That "right to leave" extinguishes any value in the liquidity option.
The liquidity option is simply a bigger hole.
cr | April 29, 2010 at 11:29 am |
Has this site become the Bailout Scenario–especially after the endorsement of toothless financial reform?
Credibility is waning.
steve from virginia | April 29, 2010 at 11:37 am |
People complain about fiscally mismanaged Greece when it is Germany that gets the free ride.
If this awful but unfortunately plausible scenario comes about, there is a clear solution – unfortunately, it is also anathema to Mr. Trichet and Ms. Merkel, and thus unlikely to be discussed seriously until it is too late.
That's another problem, too little too late. Greece could have been quietly bailed out last year for a few hundred millions in rate subsidies buying some time. The time would have been used to extend Greek maturities and draw up a budget plan. A bailout – cash not talk – a few months ago would have accomplished much the same thing and heightened the stature of the bailer in the process.
A bailout would have bought the time to force eurobanks to clean up their balance sheets.
Instead, it's been denial and waiting for some other entity to do the heavy lifting. The trillion- euro price tag is the consequence.
Sorry kids, a trillion is much to low, how about 10- 12 trillion! Not that it matters, the euro is kaput, anyway. Devalue it and how will Europe afford to buy crude oil?
jojo | April 29, 2010 at 12:23 pm |
"there is a clear solution…. massive external liquidity support"
et tu Johnson?
redleg | April 29, 2010 at 1:27 pm |
Who knew that the EU would beat the US to the debt saturation event horizon?
Ted K | April 29, 2010 at 1:46 pm |
If Merkel has just 2 marbles rattling around in her head, she'll tell Greece to go suck on the exhaust pipe of a Mercedes Benz. Because at the end of it Germany will have a worse fiscal situation and Greece will still fail like lazy liars deserve to fail. I've posted this 3 times already, and as long as this topic carries on, I'll post it again. Because every week that passes it becomes more true.
earle,florida | April 29, 2010 at 1:56 pm |
Re: @ stevefromvirginia___Yes, they could have used the classic "band-aid fix" ,but they realized (the powers that be)a year,or so ago that the problemm was festering,and metastasizing exponentially. The best case for action was to let it come out,and let the reality set in,or better said,the severe gravity of past fiscal laise'sez'faire that all had participated (not sure Germany likes being lumped in the mix,but?)in? The patient (PIIGS's) needs triage immediately,period! Finally, the numbers aren't all that bad when you take the EU's "GNP'into consideration. There's alot of wiggle room, and the alternate proposals are realistically doable.
jfk | April 29, 2010 at 1:57 pm |
If there is to be a bailout, part of the whole deal has to include regulation (and accountability) for those who caused the mess. As stated above, "External financial support would only make sense if combined with key structural reforms."
As "Double L" said, "Fool me once, shame on — shame on you. Fool me — you can't get fooled again." NOT!
Fool us once shame on you (Paulson), fool us twice shame on us.
We've bailed out all the US TBTF banks through AIG and the Fed policy the past year – trillions of $, no strings, so far no new regulation to speak of…
That whole deal should only have been done with massive reform and accountability.
The whole world financial system will come down if we do it again with no reform or accountability.
Watch and see, if the PIIGS are bailed out (and the global banks that back them) with no strings attached, no reform to prevent this fraud from continuing elsewhere, the next time this happens you can forget the global economy (if not sooner than the "next time"). Confidence will go through the floor.
DM | April 29, 2010 at 2:03 pm |
Thanks. As you can tell, I've started reading relatively recently, so I appreciate the background. Collateral damage seems like a plausible negative outcome if a TBTF scenario develops outside the U.S. Another more immediate concern is the prospect of capital flight en masse if just one G20 state acting in isolation imposes size and leverage limits on its own banks. It seems plausible that this could deeply damage the enacting state's economy and even magnify wider TBTF risks by concentrating a larger share of global assets in a smaller number of megabanks. Without clear answers to those concerns, my sense is it's best to grapple toward broader consensus among the G20 rather than for one state to attempt a "break up" by itself.
It does sound like your 'don't hold the breath' point is realistic and sensible. Query though if the Eurozone crisis presents the severe risks suggested in the posting, whether a TBTF scenario could unfold in the Eurozone. Maybe the answer is no way, the Eurozone banks are so broadly diversified that a sovereign debt crisis with the Mediterranean states at its epicenter won't affect the banks too much, so it's not even a second thought on any credible person's mind. If the answer is maybe or no one really knows, then the daily events may support a deeper and more urgent examination of whether size and leverage limits on large banks should form part of any reform proposals under consideration among the G20 / IMF / etc. No one should want to see a replay of 2008 but this time starting with a bank holding a trillion-plus dollars in financial assets.
The problem being,if the ECB raises rates gradually, the money will stay in Europe,thusly giving the US Fed the green (excuse) light too raise rates (only hurting the american consumer mind you) creating more problems. Remember,a strong Euro was in america's interest,as was on the other side of the equation,a weak dollar when it came too our exports. The Chinese were way ahead of the game keeping their currency pegged to the dollar,and beating the worlds so called hegemony dieties at their own game. Once again the industialized world countries have their autonomous fate dictated to them by the, "Central Bank, God"!
Merkel will show she deserves the title "Chancellor" when she ACTS like she cares more for the fiscal health of her native country than pacifying lazy babies sucking on milk bottles in lounge chairs in Greece.
I'm sorry, I portrayed that picture unfairly. I should have said patio chairs, not lounge chairs.
cfaman | April 29, 2010 at 3:58 pm |
The alternative scenario is this is another creditor shakedown of a public. The US caved in to creditor demands and bailed them out of their securities in the financials. The obvious big-money opportunity is to now find other State patsies.
Here, a typical US state would be a large Greece. I doubt we would demand the USA cover for a State default. I doubt Simon would suggest US States solicit the IMF. Investors need to take their lumps.
Farrar | April 29, 2010 at 6:05 pm |
There is no hard evidence that Strauss Kahn wants to run for President of France in 2012. True, he is the only possible candidate that the polls give a good chance of beating Sarkozy. But the French Socialists are talking about internal primaries well in advance of the elections, making it necessary for DSK to quit his IMF job early, which begins to look like an awkward, risky, and even – given the current crisis – cowardly thing to do. Methinks he is condemned to stay at the IMF, which is probably a good thing in the European crisis, since he is relatively activist, known and respected in Europe, a true European, and a smart pol.
Of course, Simon knows a lot better than we do what might br good for the IMF.
anonymous | April 29, 2010 at 7:55 pm |
Ditto. Why would you want to put a former Goldman Sachs executive in charge of the IMF?
Especially when these same EU banks, having ploughed money into "crazy junk products" issued by Goldman Sachs, are now in financial crisis.
Bill Gilwood | April 29, 2010 at 9:24 pm |
"Another more immediate concern is the prospect of capital flight en masse if just one G20 state acting in isolation imposes size and leverage limits on its own banks."
Carney, Harper worried by Greek debt crisis
Thu Apr 29 2010 – Toronto Star – excerpt
OTTAWA — " The Bank of Canada and Prime Minister Stephen Harper are warning that national debt problems like those battering Greece are a threat to economic rebound in Canada and around the globe.
"The debt situation is one of the largest, arguably the largest, risk to securing the global recovery," Mark Carney, the central bank governor, told a Senate committee.
"The net result of this would be negative for growth in Canada."
The risk that Greece's debt emergency could spread has raised the possibility of a renewed economic crisis dominating the G20 and G8 leaders' summits that Harper is hosting in Ontario in June.
"The Greek crisis reminds us that government borrowing and government debts cannot go on without limit," Harper said at a pre-G20/G8 business conference in Gatineau, Que.
Assessing economic conditions, Harper said "there is still an overall fragility, particularly as we know in big markets of the United States and Europe, and still systemic risks out there in terms of banking systems and government debt."
Whether leaders of the world's 20 largest economies can work together in Toronto to promote sustained post-recession growth will test the value of the G20, which includes both rich countries and such developing nations as China and India, he added.
As Harper spoke, officials of the European Union and the International Monetary Fund were rushing to complete an agreement with Greece to keep the debt-burdened country from defaulting on its loans.
The latest reports say the Greek bailout may require $160 billion over three years."
* Speaking as a Canadian and long time political observer, Harper is an idiot. :-)
http://tinyurl.com/26wysde
Anonymous | April 29, 2010 at 10:07 pm |
Mark Carney, the central bank governor (Canada)
"Before joining the (Canadian) public service, Carney had a thirteen-year career with Goldman Sachs in its London, Tokyo, New York and Toronto offices. His progressively senior positions included co-head of sovereign risk; executive director, emerging debt capital markets; and managing director, investment banking. He worked on South Africa's post-apartheid venture into international bond markets, and was heavily involved in Goldman Sachs's work with the 1998 Russian financial crisis.[5]"
http://tinyurl.com/in-goldman
"I stuck around St. Petersburg
When I saw it was a time for a change…
Hope you guess my name, oh yeah
Ah, what's puzzling you
Is the nature of my game, oh yeah"
(M. Jagger/K. Richards)
charles | April 29, 2010 at 10:12 pm |
I think that every day that passes shows to Strauss-Kahn that becoming President of France is not a good idea :
1) the ideological set-up of his supposed electoral base is absolutely dreadful. 99% of people in the French Socialist Party has no sense of the fiscal challenges ahead, and I am not even talking about the leftist junior coalition partners…
2) It is only "good to be the king" if one can give favors. This is how politicians operate. The problem is that in 2012, there will be no money left in France for favors. 100% of executive time will be managing austerity and riots (as Papandreou is doing righ now). Not a fun place to be, except if one has a strong sense of duty and sacrifice. Last time I checked, DSK was more on the hedonist camp…
On the other hand, and especially if Mr Johnson's plan is adopted, the Head of IMF will be the effective head of Europe for the next ten years, so why quit now ? IMF is really where the action is !
hermanas | April 30, 2010 at 4:10 am |
How can people believe they are not surrendering their political-social soverienty when they surrender their economic soverienty, be it the U.S. citizen to the Fed or Greece to the Euro?
Mark | April 30, 2010 at 5:32 am |
Another contributing factor imo is the rapid rise of the Euro vs the USD. There was hardly any economic justification for this as crisis hit all. The high value of the Euro has dampened tourism to those that need it most (Greece, Spain, Portugal and to a lesser extent Italy and France). It has also adversely affected exports where manufacturing still exists.
A realistic 1 Euro = $1 would benefit all Europeans, although may hinder US debt…
Iain Parker | April 30, 2010 at 5:50 am |
Well, well Simon,
What an utter disappointment. With your recent whistleblowing disclosures of the predatory lending practices of the private monopolists of the credit creation mechanism I thought you might profer as a solution something outside the current orthodox. I even began to promote you to the NZ Labour Party as being part of a possible new age collective advisory unit alongside Joseph Stiglitz and Michael Hudson, to be approached as an alternative to the "Chicago Way" structural adjustment advice that has permiated out of No1 on The Terrace, Wellington, NZ since we suffered the first of our receiverships at the hands of the private international incorporated investment banks in 1961, second 1984, third at present.
I now feel completely gutted to hear you appear to still have allegiances to the private banking elite with the outrageous suggestion to crisis that was caused by the predatory issuance of excess created credit being solved by the further excess issuance of created credit to the benefit of the very same slaveminded elitist's who have repeatedly prospered from their predatory excess lending(boom) and foreclosure(bust) business cycles.
Public Credit is the only viable solution that has been historically tried and tested in nations such as US, Canada, Australia, NZ.
Have a read of the link below detailing the how Public Credit was used in NZ and how the private incorporated investment banks and their locally recruited commissioned co-operatives shut it down and are now on the verge of complete economic domination of a nation that is falsely portrayed as the most equitable transparant democracy on earth:
http://publiccreditorbust.blog.com/2010/04/16/perhaps-the-greatest-three-pages-from-the-greatest-new-zealand-political-book-ever-written-by-one-of-the-labour-movements-greatest-forgotten-and-much-wrongly-besmirched-heros/
Excellent post. Jim Rogers is a true "free-market" capitalist. He also said that GM and Wall Street should fail and not be bailed out. Many times over.
Jim Rogers – Predicts the future part 1 VPRO Blacklight
Jim Rogers predicting the future in january 2008.
Rectification: Jim Rogers predicting the future in january 2009!
dcb | April 30, 2010 at 7:40 am |
I believe it is time to get rid of the current system of international finance. the BIS appears to be OK, but then the central bankers screw it up. I've concluded the whole system is a kind of financial mafia desigend to allow elites to steal and cheat. then when the pigeons come home to roost, we do it over again. time to end the farce that benefits the worlds bankers.
Rob | April 30, 2010 at 9:52 am |
Thank you for posting Carney's bio, which clearly shows that he was involved in sovereign risk/debt capital markets while at Goldman. Again, under oath, he should be deposed about his knowledge and role in cooking the books of Greece with dirty derivatives deals.
Simon, I have absolutely no confidence in Mark Carney, how can you support him when you want to break up these institutions? His worldview clearly will side with those of the TBTFs.
kyriakos | April 30, 2010 at 10:03 am |
I don't expect you to understand, because you're obviously stupid, but let's try:
Merkel doesn't give a sh*t about Greece. She's protecting
a) The German banks, which have a lot to lose
b) The value of the euro, which essentially means the people who have a lot of euros and will lose a lot of money if the euro loses it's value.
When an investor says that "Greece will default" or "Greece should default" there's a good chance he's short-selling greek government bonds. Don't be naive (besides stupid that is).
It seems the main possibilities following a "break up" would be reabsorbtion of assets into smaller U.S. banks, transfer of assets outside the U.S., and holding some assets in the scaled down U.S. banks subject to the hypothetical size and leverage limits. That is, vast financial assets will have to be shed from the U.S. megabanks. I question the realism of thinking that large third-party institutions involved in sophisticated financial transactions involving significant financial assets will trust an inexperienced smaller U.S. bank (like a community bank) to manage the transaction correctly. The more plausible scenario is such assets ending up under the management of a non-U.S. megabank that has the institutional experience, scale and sophistication to manage similar transactions. So while some assets might be reabsorbed into smaller U.S. banks, it seems more plausible that a large percentage of them will get transferred to non-U.S. megabanks. Thus the term, 'capital flight.' I have not heard a credible answer to this concern. Pending that, it seems preferable for the G20 (or at least G20 member states with megabanks) to seek consensus on size and leverage targets. If that could happen, hopefully it would mitigate the serious risk highlighted above, of simply concentrating more financial assets in a small number of megabanks. But such a consensus might end up looking almost like targeted limits on green house gas emissions, where states might agree to specified targets for reduction of megabank size and leverage over time (perhaps with differences for developed versus developing states like China), rather than setting a single hard limit at the outset.
Under any analysis, it does not look like a simple problem.
Another possible side effect of one state acting alone is brain drain. Query whether a hypothetical wunderkind financial advisor, or Ph.D. mathematician working on the latest financial models, will take her skills and talent to a midwestern or southern community bank post-break up, or will move to London or Beijing.
Farrar | April 30, 2010 at 10:44 am |
This is due to German inflation paranoia
Trevor | April 30, 2010 at 12:32 pm |
What is propping up the Euro? It should be sliding down to well under a dollar by year end considering the extent of sovereign debt. Is the ECB quietly intervening to ensure that the Euro remains the prime contender to become a reserve currency? Are there political machinations at work here?
Re: @ Anonymous____Nice,and Nicer ;^)
Rickk | April 30, 2010 at 9:51 pm |
`Curiouser and curiouser!' cried Alice
Europe will have a tough time when the Chinese commercial real estate bubble pops.
Ole Olesen | May 1, 2010 at 5:05 am |
Well … problems there may be in EUROPE … I agree ..
But excuse me … im a bit confused
1 Trillion was quoted as necesary for a financial recue package for Europe … RIGHT ?
Lets see :
Europe holds approx 3800 Billion in USA SECURITIES
… correct me if Im wrong …
Furthermore European Central Banks hold more than 1000 Billion in US DOLLARS as RESERVES … right ?
Furthermore European Central banks hold the biggest Chunk of GOLD in this world.. approx 12500 Tonnes ..equal to roughly
additional 500 Billion US dollar ..Right ?
Equally …Europe … has apart from the last 2 years where current accounts combines shoved a smaller minus of approx 150 ( 2008 ) and 55 Billion ( 2009 )
deficit … Europe has for the last 15 years had COMFORTABLE CURRENT ACCOUNT SURPLUSSES …. Right ?
So THE NET CAPITAL POSITION OF THE COMBINED EUROPE VERSUS THE WORLD AUGHT TO BE COMFORTABLY ON THE POSITIVE SIDE …. Correct me if I may be wrong ?
What could be a logical and necesary EUROPEAN solution ?
Allow me to mention one of the possibilities :
Europe starts SELLING some of their US TREASURIES as well as DOLLAR HOLDINGS …. That should be enough in order to carry EUROPE through this current MESS …
( this may be a bit harmful for the Dollar ..of course
… and the S & P Rating Agencies Share-value may
decrease … may be even considerably …
but who cares about this …in EUROPE ? )
Besides of that of course theres a lot to do in EUROPE rectifying our fiscal , internal as well as geopolitical situations .
Re-orientation to the EAST …. where the FUTURE lies
appears LOGICAL another of THE NECESARY MEASURES …. RIGHT ?
Think a bit about THAT …. over there !
Mr Olesen
earle,florida | May 1, 2010 at 10:38 am |
Re: @ Anonymous____The clock is ticking for the Industrial World,….however not for the "Fortunate Chinese", time is accelerating exponentially leaving any shortfalls years, perhaps decades away. Unfortunately the negative influenced time-clock that has Europe's,and America's hegemony encapsulated, has transformed itself into a teetering metronome being influenced by the "Gravitation Pull" of its malfeasance,and doom!
Re: @ Ole Olesen____Sorry,but it works on both sides of the trades. America just doesn't gobble up credit,but givith too.
Aidan Kane | May 1, 2010 at 2:27 pm |
Would very much appreciate a clarification/ source on the statement in the main piece above to the effect that an auction of short term Irish government debt 'virtually failed' last Tuesday (along with that of Spain). I'm certainly not a bond market expert, so perhaps I'm simply missing something very basic, but my understanding from the web site of Ireland's National Treasury Management Agency (NTMA) was that no such auction took place. The last auction of short term debt was on April 8th (covered 1.6 times) and of longer term debt (covered 3 times).
Perhaps I simply missed a the results of such an auction, or the NTMA hasn't update/announced something.
For a bit of background…
My understanding, from public statements of the NTMA CEO is that Ireland's funding position is relatively good at the moment, with NTMA have completed 60% of its bond issuance this year (of €20bn), with cash balances from treasury bills of something like €23 bn in hand, and no immediate 'pinch points' a la Greece in rolling over longer term debt. I fully appreciate that these are much narrower issues than questions of medium/long term solvency, especially given the impact of domestic banking crises, and more contagion to come perhaps, but I was puzzled by the statement above.
I meant in the comment above that the last auction of Irish govt bonds was held on April 20th, for bonds maturing in 2016 and 2020. See for example
http://www.ntma.ie/GovernmentBonds/auctionDetails.php
SAbram | May 1, 2010 at 4:47 pm |
This post, stands out in that in addition to looking at economic components of the crisis, it uses that analysis to arrive at political recommendations as well as economic ones.
It is not enough to identify lack of political will in the EU. Many observers have already made the point, as Spain just reconfirmed by calling for a summit a day after German elections, and at a time when bond spreads around the EU are soaring.
I agree that Europeans in non-EU institutions—namely the IMF—are likely unable to make dispassionate decisions. This would be especially true if such an official was looking to hold office in his home country, as Strauss-Kahn seems to be. Yet, it is precisely this reason why he won't step down. When was the last time you saw a politician simply give up his or her post for the greater good? It would be an admission of inability to deal with the crisis; the truth of such an admission would be beside the point.
While debt restructuring and liquidity support to Greece are unavoidable, the $1 trillion the authors predict to be needed to support Greece, Portugal, Spain and Italy is simply eye popping. If the international community can't get a couple hundred billion together for Greece, $1 trillion is a long shot. It also seems to me that devaluation of the Euro is a non-starter. With the inevitable shake down of Germany as part of any liquidity support program, I doubt the German public will want to put anything else on the line, let alone risk inflation. Although when it is all over I expect the EU to curtail unfettered access to cheap money, until then European management of the crisis will be what it has been so far—world-class muddling—and the crisis will end when world GDP growth picks up again.
DuubleD | May 4, 2010 at 5:19 am |
"…a respected financial leader of a relatively independent country should take charge…"
How about Hank Paulson?
nom deplume | May 4, 2010 at 12:00 pm |
Why do people equate the IMF with the USA? We represent only 17% of the total quota and we get under 17% of the vote. The president is a European. *shrug* I've always thought the IMF was closer to what the UN is supposed to be in terms of 'democratic'.
Yeah, I'm for the guy from India having done the research myself. He seems like an excellent choice. I actually think the solution is 'simple', in the same sense 'in war everything is simple and the simplest things are difficult', in that we need a Global Central Bank. Basically, an arm of the IMF (or rather vice versa) which could handle the 'massively complex' transactions. After all it would be much easier to force a single institution to be 'transparent' and follow the rules than to try and tracks thousands upon thousands of 'regional/ hub banks'.
Biniput | May 4, 2010 at 12:09 pm |
Why the hell is Europe's value as an entity in the world be measured in terms of what we can do for the US?
Why the hell should we co-operate on any war or a US plane like JSF? As if Europe only exists to subsidise costs of US planes. Why is the US not co-operating with Brussels?
Alain | May 8, 2010 at 5:51 pm |
Why should they ? The US one are still there; do they desserve it ?


text:
We're serving up our favorite tennis GIFs for the US Open
By USTA 2016-08-09 16:09:30 UTC
There's rarely a dull moment at the US Open. And how could there be, with the high-stakes, high-pressure, high-speed nature of it all?
This month, hundreds of devoted tennis fans will swarm Arthur Ashe Stadium for a glimpse at tennis greatness. Luckily, for those watching at home, the internet will be rife with coverage from the US Open. There will be moments ranging from the epic to the tragic to the downright bizarre, and many will be replayed over and over and over again in the form of GIFs.
To get you amped up for what's to come this year, we're revisiting some of our favorite GIFs from US Opens past. We hope you love them as much as we do.
Do the splits
The outstanding athleticism isn't just limited to tennis skills at the US Open – sometimes there's some gymnastics involved. Serena Williams is known for doing everything she can to get to the ball, even if that means dropping into a mean split on the court.
We forget that without the rackets, none of this would be possible. From time to time, however, they seem to have a mind of their own. They forget that their owners have a very important tennis match to win and fly out of hands, or, in this specific GIF, get stuck in hair.
Get a whiff of this
Tennis legends are still human at the end of the day. And humans sometimes whiff the ball, hard. Andy Murray's very human reaction to his failed overhead smash attempt makes this GIF even more priceless.
Upsets happen
You can't fault these players for getting a little emotional after a startling defeat. Often, we find ourselves also feeling feelings when we see it play out on national TV. But, sometimes, feeling feelings makes watching the US Open all the more dynamic.
The ol' through-the-legs move
Sometimes tennis stars can't help but show off a little. Take Roger Federer, for instance: He can hit an ace shot, backwards, through his legs. That's nuts.
Intimate connections
Aside from the grunting, the sweating and the palpable tension, the US Open also has a softer side. A tender smooch on the trophy is proof of this.
No feeling like it
These players didn't come to play – they came to win. Every athlete has their own way of expressing sheer joy, but the more emphatic the reaction the more entertaining it is for the viewers at home. Fist pumps always help, too.
Have your own favorite US Open GIFs? Serve them up with the hashtag #USOpen.
Topics: Lifestyle, Sports, tennis, US Open, usta

redpajama_set_name: RedPajamaCommonCrawl


Still loads of good things happening this fall for photographers and photography in the South.
1. One One Thousand features for early fall the New Orleans photography Jennifer Shaw and her Hurricane Story project.
We've discussed this portfolio by Shaw earlier on this blog so we won't dwell on her work further, except to say it's good to see her work in One One Thousand.
Her images look just as good in this venue as they do in the book.
Maybe better, actually -- the jewel tones in these images look great when printed on paper in book format, but they take on a luminescent quality when backlighted on a computer screen that truly enriches the viewing experience and thus the impact of these haunting images.
2. Distinguished photography blogger Joerg Colberg. master of the Conscientious blog, is now featuring the intriguing work of Atlanta-based photographer Julie Sims from her Uncharted Territory portfolio, work she showed this year at the Castell Photography Gallery in Asheville, NC.
Sims' work is about trying to come to terms with the experience of mental illness by externalizing it through drawing parallels between disruptions of the inner world of the mind and external disruptions caused by natural disasters in the world around us.
Sims' images show "constructed settings" that "reference both the natural world, and the anatomical structures and chemical pathways of the brain."
She says, "The devastation of a home disrupts our ability to carry on with life as usual, and replaces an assumed security with the helpless feeling of being controlled by unseen forces. Our psychological environment is similarly subject to fault lines and erosive conditions."
Her work seeks to offer "a different context in which to consider mental health issues, and reminds us that systems of the mind and body are as interdependent as we are with the environment in which we live."
3. The September issue of SouthxSoutheast is out now on their website, http://sxsemagazine.com/, with loads of articles, essays, and other kinds of features on the general topic of music in Southern culture.
There is 'way too much good stuff here to try to summarize, and you need to put down (a very modest) subscription fee to get to it, so I want go into much detail.
Photographers featured include William Eggleston (photographing Graceland), Jimmy Williams (photographing Blues musicians), Larry Fink (photographing the music scene post-Katrina in New Orleans), Briney Imes (photographing small clubs in Mississippi), and much, much more.
Especially interesting is the portfolio assembled by John Bennette of Gospel musicians at work.
SxSE is well worth the price of admission. Check it out!
Southern Cooking . . . . .
Get out Your Dancing Shoes . . . . .


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text:
Oppeano est une commune de la province de Vérone dans la région Vénétie en Italie.

Géographie
Oppeano est situé à une vingtaine de kilomètres au sud-est de Vérone, à quelque distance de la rive droite de l'Adige.

Histoire

Le territoire a été occupé au moins depuis l'Âge du bronze : traces de cité lacustre sur palafittes.

Dans une nécropole de la civilisation atestine a été trouvé le casque d'Oppeano, casque conique en bronze décoré conservé au Musée archéologique national de Florence.

Administration

Hameaux
Ca' degli Oppi, Vallese, Mazzantica

Communes limitrophes
Bovolone, Buttapietra, Isola della Scala, Isola Rizza, Palù, Ronco all'Adige, San Giovanni Lupatoto, Zevio

Notes et références

Commune dans la province de Vérone

redpajama_set_name: RedPajamaWikipedia


text:
Aren't Republicans Supposed to be Pro-Life?
We're still fuming over the omnibus spending bill passed last month. With a Republican majority in the House and Senate, and with a Republican president, we had such high hopes that this would finally be the year that America's largest abortion vendor came tumbling down. Nope. Still funded. It's utterly baffling and wholly disheartening that funding for Planned Parenthood was included in the spending bill yet again. Our taxes continue to support an organization that kills the most vulnerable and innocent human beings in our society: unborn babies.
It's time for our government to make it illegal to rip babies apart or burn them alive in the womb (as D&E abortions or saline abortions do to babies). Or at the very least, it's time for government to stop making us have to pay for it with our tax dollars.
I know pro-choicers will just respond that tax dollars don't go toward abortions—they go toward Planned Parenthood's other services. However, our tax dollars are still helping to keep Planned Parenthood in business, and its main business is abortion. Our tax dollars might not be directly paying for abortions, but if we're paying for the lights in the building to be on during abortions, paying for the equipment necessary for abortions, and paying for counselors to work there who urge women to abort their sons and daughters, that's essentially still paying for abortions.
When will the Left get it through their jumbled heads that we don't need Planned Parenthood? Federally Qualified Health Centers (FQHCs) and not-for-profit pregnancy help centers are more valuable for woman's health than Planned Parenthood facilities. There's only about 650 Planned Parenthood facilities, but there's over 13,000 FQHCs throughout America that provide more health services than Planned Parenthood does, and the FQHCs don't offer killing as one of their "services." Why don't we just fund an extra 650 FQHCs instead of funding abortion facilities? As Students for Life of America points out, Planned Parenthood's funding has increased, but their health services have decreased. Planned Parenthood is offering significantly less cancer screenings, preventative care, prenatal services, etc., than they used to. What's not significantly decreasing is the number of abortions they do a year: 321,384. That's over 850 sons and daughters killed every day by Planned Parenthood.
It's time for Republicans to stop merely claiming to be pro-life, and instead back up their words with actions—the action of defunding Planned Parenthood! As the omnibus spending bill proves though, we obviously cannot wait on them to save the unborn. Even though we haven't been able to change the law, we can still change hearts and minds about this issue. How are you living out your pro-life beliefs in your neighborhood, family, church, and community? Our founder here at Colorado Citizens Coalition, Gary Gates, didn't merely claim all life is valuable—he backed up his words with actions. He's been a board member at a local Pregnancy Resource Center, and he adopted eleven children, opening up his heart and home to them. By adopting, he and his wife could provide an alternative for women considering abortion.
What about yourself? What type of life-affirming actions do you take part in? How do you show that you believe all human life is valuable and worth saving? Click here to send us a message —we'd be delighted to hear from you!
In Service,
Colorado Citizens Coalition
Gary Gates started the non-profit Colorado Citizens Coalition because he has a passion for individual liberty and preserving the Constitution, and it's a fight he's engaged in with every facet of his life. He believes a coalition is needed because it takes all of us being actively involved to move our state and country forward. We as citizens must stay informed because We the People are in charge and must hold government accountable. Gary desires to provide Colorado citizens a free resource to get useful information about state government from a conservative perspective.
Political Advertisement Paid For By Colorado Citizens Coalition
PO Box 699, Crested Butte, CO 81224


text:
'These criminals will talk,' sheriff says after headless, tailless deer carcasses found in Virginia
Radford City Sheriff's Office
WARNING: This story contains photos some viewers may find disturbing due to its graphic content. Reader discretion is advised.
RADFORD, Va. — Authorities in eastern Virginia are trying to determine who left three decapitated, tailless deer carcasses along a road and in a city park last week.
The Radford Sheriff's Office is asking the public to help by calling in any tips and raising money for a reward, according to a statement posted Monday on the office's Facebook page.
Deputies said two large deer were shot early in the morning on Oct. 13 with what investigators believe is a crossbow. Their heads and tails were cut off and the remainder of the bodies were left in a field near Park Road. A third deer's body, also missing its head and tail, was discovered several days later in Radford's Riverview Park, the statement said.
"This is the type of act that was not done by one person," Sheriff Mark Armentrout said in the statement. "Whether it was two people or more, there are others that have knowledge of this crime. People like to talk and brag about trophy deer, these criminals will talk. With a significant and growing reward being offered for information leading to a conviction, it is just a matter of time before someone comes forward."
Investigators found a piece of a crossbow arrow and a hacksaw blade. One of the deer was positioned as if it had been posed for a photo.
Between a GoFundMe page and money that has been sent directly to the sheriff's office, more than $3,800 has been raised for a reward to help find the culprits, Armentrout told the Roanoke Times.
Anyone with information about the deer killings can call investigators at 540-731-5501 or contact the sheriff's office on Facebook.
(Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


text:
Adelaide 36ers spoil Damian Martin's return by beating Perth Wildcats at Challenge Stadium ... again
Michael WashbournePerthNow
PERTH Wildcats guard Damian Martin made a surprise comeback to the court, but it was the Adelaide 36ers who provided the biggest shock of the day.
For the second time this season, Adelaide stunned Perth at Challenge Stadium to claim the inaugural Martin Cattalini Cup.
The 36ers, who handed the Wildcats their only other home loss of the season, took control of the game in the second term and never looked back as they secured a 96-84 victory.
Adelaide import Diamon Simpson was awarded the Paul Rogers Medal for his best-on-court performance, which included 22 points, 10 rebounds and four assists.
Teammate Chris Warren could consider himself an unlucky second behind Simpson following his 20-point, six-assist effort.
Former Wildcat Stephen Weigh (11 points) and WA product Daniel Johnson (10 rebounds) were also important contributors to Adelaide's win.
Matt Knight (21 points) and Kevin Lisch (16) led the scoring for Perth as co-captain Shawn Redhage (six) struggled to have an impact.
Wildcats coach Rob Beveridge blasted his team's poor defensive effort after the match.
"Defensively we were horrible, absolutely horrible, and if we continue to play like defence that – and we were 7-3 – it's going to turn around pretty quick," he said.
"Until our guys actually show some total commitment to playing defence, that's what's going to happen."
Martin, who had not played since injuring his toe on October 14, scored nine points in his remarkable but mostly ineffective return, which was the only highlight of an otherwise dismal afternoon for the Wildcats.
The Boomers guard was not expected to return until after Christmas, having damaged ligaments in his right foot when he stubbed his toe against the court surface, but convinced medical officials this morning he was ready to make an early comeback.
It could not have come at a better time for the Wildcats, who were already without swingman Cameron Tovey because of a foot injury.
Martin received a thunderous cheer from the fanatical Perth crowd as he ran on to the court at the start of the game to take Tovey's place in the starting five.
The lead changed six times in a topsy-turvy first period as both teams tried to gain an early upper hand.
But it was Adelaide who took control of proceedings in the second as uncharacteristic and undisciplined acts marred Perth's effort, including a rugby-style tackle by Jesse Wagstaff as Johnson charged towards an open basket.
The lead could have been more had Simpson sunk both of his chances from the charity stripe following an illegal block by Jeremiah Trueman.
It should have opened the door for the Wildcats to take some valuable momentum into the second half, especially after late baskets from Wagstaff and Lisch helped reduce the deficit to five points at the main break.
But again it was the 36ers who grabbed the early advantage, stretching the lead to 12 points midway through the quarter and looking increasingly likely of claiming a second upset win over the Wildcats in Perth this season
Another late fightback by the Wildcats gave the home side a sniff of victory, but despite only trailing by two points at the final change, they were outplayed by the 36ers in the final term.


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text:
Константи́н Огане́сович (Ива́нович) Марутя́н (; 29 ноября 1917, Александрополь — май 2011, Ереван) — советский армянский - и государственный деятель. Министр строительства Армянской ССР (1961—1965). Председатель Государственного комитета по делам строительства Армянской ССР (1978—1984). Заслуженный строитель Армянской ССР (1957). Член Центрального комитета КП Армении (с 1976). Депутат Верховного Совета Армянской ССР VI—X созывов.

Биография
Родился 29 ноября 1917 года в городе Александрополь Эриванской губернии Российской империи (ныне — город Гюмри Республики Армения).

Переехав в город Ереван, в 1936 году поступил в Ереванский политехнический институт, который окончил в 1941 году. Сразу после окончания института с началом Великой Отечественной войны был призван в ряды Рабоче-крестьянской Красной армии. В 1943 году получил тяжёлое ранение и был демобилизован. В 1944 году вступил в ВКП(б)/КПСС. По окончании войны Марутян был направлен на возобновлённое строительство Севанской гидроэлектростанции (ГЭС).

В 1954 году Константин Марутян окончил Московский энергетический институт, после чего был назначен начальником строительного управления Атарбекянской ГЭС (в дальнейшем переименована в Разданскую ГЭС). Его заслуги в деле строительства электростанций были оценены государственными наградами. В 1957 году Указом Президиума Верховного Совета Армянской ССР от 9 августа 25 видным деятелям строительства и архитектуры республики, в том числе и Марутяну, было присвоено почётное звание заслуженного строителя Армянской ССР. В 1959 году, после завершения строительства Атарбекянской ГЭС, Марутян занял должность начальника управления строительства Совета народного хозяйства Армянской ССР.

В 1961 году назначен министром строительства Армянской ССР и занимал эту должность до 1965 года. С 1966 года работал начальником управления «Армгидроэнергострой» — государственного треста гидроэнергетического строительства Армянской ССР, а в 1978—1984 годах занимал должность председателя Государственного комитета по делам строительства Армянской ССР (Госстрой Армянской ССР). Находясь на этих должностях, Марутян внёс большой вклад в организацию строительства промышленных, хозяйственных и жилищно-гражданских сооружений в республике. Под его руководством и при его непосредственном участии были построены Гюмушская гидроэлектростанция, Воротанский каскад, включающий Татаевскую и Шамбскую ГЭС, Разданская государственная районная электростанция (ГРЭС), Разданская, Ереванская и Ванадзорская теплоэлектроцентрали (ТЭЦ), тоннель Арпа — Севан, Армянская атомная электростанция (АЭС), аэропорт «Звартноц», спортивно-концертный комплекс в Ереване, а также ряд других сооружений и жилых построек. С 1985 года являлся персональным пенсионером союзного значения.

Избирался депутатом Верховного Совета Армянской ССР VI—X созывов. Он был членом комиссии по строительству и промышленности строительных материалов Верховного Совета Армянской ССР. С 1976 года — член ЦК Коммунистической партии Армении.

Скончался в мае 2011 года в Ереване. Похоронен в Ереванском городском пантеоне.

Награды
 Два ордена Ленина (4.06.1977, 9.08.1958).
 Орден Октябрьской Революции.
 Орден Отечественной войны 2 степени (6.11.1985).
 Орден Трудового Красного Знамени.
 Медали СССР.
 Заслуженный строитель Армянской ССР (9.08.1957).
 Почётный энергетик СССР (1977).

Примечания

Литература

Выпускники МЭИ
Персоналии по алфавиту
Участники Великой Отечественной войны
Члены КПСС
Персональные пенсионеры союзного значения
Члены ЦК КП Армении
Народные комиссары и министры Армянской ССР
Депутаты Верховного Совета Армянской ССР 6-го созыва
Депутаты Верховного Совета Армянской ССР 7-го созыва
Депутаты Верховного Совета Армянской ССР 8-го созыва
Депутаты Верховного Совета Армянской ССР 9-го созыва
Депутаты Верховного Совета Армянской ССР 10-го созыва
Похороненные на Тохмахском кладбище
Выпускники Национального политехнического университета Армении


text:
Museum's history
'The milkmaid and her pail… the milk, his derivatives and tableware'
2014, Exhibitions
Milk is part of our food since the earliest times. It is a natural source of well-being. Rich in nutritive elements, milk has a very long history. Nomadic communities, about 12,000 years ago, after a real agricultural revolution, become sedentary societies, learned to domesticate animals and discover products such as milk. The man becomes the only mammal to consume the milk of other species. The first dairy products like yogurt or cheese are appearing 4,000 years later.
The Sumerian, Egyptian, Greek, Roman and Germanic civilisations are the first to raise the 'dairy cattle' in an organised way: milking cows, sheep, goats, mares, donkeys, buffaloes and camels. In Europe, about the year 500, cows and sheep are prized for their milk. In the 14th century cow's milk becomes more popular than sheep's milk.
Large-scale milk production dates back to the eighteenth century. The first methods of preservation, refrigeration appear in the nineteenth century. Louis Pasteur performs the first pasteurisation tests in 1862. This discovery helps to ensure the healthiness of the milk and allow its storage and its distribution off farm.
The term 'milk' refers only to cow's milk, the milk of other mammals should be mentioned as goat milk, sheep milk…
Milk is an ingredient of choice which allows to make an infinite number of tasty dishes, such as creams, custards, puddings…
From 11 April to 11 November 2014, the exhibition 'The Milkmaid and her pail…' installed at the Musée des Arts of the Table in Arnay-le-Duc takes the audience into the world of milk and its derivatives, with the first vocation to show objects and pieces of table that make it attractive. A wealth of objects, from the farm to the table, to discover or rediscover: kettledrum milk, milk jugs, creamers, churns, butter moulds, butter dishes, cheese platters, porridge plates with milk and early childhood…
© 2014-2022 Maison régionale de Arts de la table. Construit avec Divi (Elegant Themes) par Joëlle Acoulon. | Politique de confidentialité et mentions légales
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Rb Leipzig Zenit
Veröffentlicht am 24.12.2019 24.12.2019  von Kajidal
Review of: Rb Leipzig Zenit
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Übersicht RB Leipzig - Zenit St. Petersburg (Champions League /, Gruppe G). Liveticker mit allen Spielereignissen, Toren und Statistiken zum Spiel RB Leipzig - Zenit St. Petersburg - kicker. News zu allen Spielen zwischen RB Leipzig und Zenit St. Petersburg ➤ Highlights ➤ Spielberichte ➤ Ergebnisse ➤ Spielpläne und Highlights.
RB Leipzig - Zenit St. Petersburg () © Getty Images. LEIPZIG,GERMANY,OCT - SOCCER - UEFA Champions League. Spiel-Bilanz aller Duelle zwischen RB Leipzig und Zenit St. Petersburg sowie die letzten Spiele untereinander. Darstellung der Heimbilanz von RB Leipzig. RB Leipzig Leipzig. Péter Gulácsi 1. Gulácsi (GK). Willi Orban 4 C. Orban. Dayot Upamecano 5. Upamecano. Marcel Sabitzer 7. Sabitzer. Goal 59'.
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11/5/ · Kick-off Times; Kick-off times are converted to your local PC time. Match ends, Zenit St Petersburg 0, RB Leipzig 2. 90'+4' Full Time. Second Half ends, Zenit St Petersburg 0, RB Leipzig 2. 90' Post update. Attempt missed. Amadou Haidara (RB Leipzig) right footed. 1 day ago · Akses di sini, link live streaming SCTV laga Zenit vs Dortmund matchday keenam Liga Champions, kick off pukul WIB. The statutes of the DFB Twich Trymacs not allow a player agent No Deposit Poker be involved in the operating affairs of a club. Azmoun 75'. April Before investing in Leipzig, Red Bull GmbHled by co-owner Dietrich Mateschitzsearched three and a half years for a Erdinger Em Tippspiel 2021 location for an investment in German football. New plans were made to expand the stadium to 57, seats, involving Viennese architect Albert Wimmer. Nearly 2, RB Leipzig supporters made its way to the Millerntorstadion and displayed a red and white flag tifo at the match start. Stefan Ilsanker. Orban 16 L. The Casinorewards.Com. They have protested against commercialization of Sofortüberweisung Rückbuchung, the apparent involvement of Red Bull GmbH and the allegedly undemocratic structures at RB Leipzig. Nothing is easier than to take a bag full of money and go shopping.
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Who was to finance such an expansion remained unclear. German media considered that a possible option was that Red Bull GmbH buy the stadium to make the investments itself, but it was also considered unlikely that the current owner would be prepared to sell the stadium, which had just turned profitable.
It could also be used to put pressure on the current owner of the Red Bull Arena to agree to an expansion. In March , German media reported the club considered building a new stadium on the area north of Leipzig.
It could be modeled after the Veltins-Arena in Gelsenkirchen or the Esprit Arena in Düsseldorf , with a significantly larger capacity than Red Bull arena, possibly up to 80, seats.
The current owner of Red Bull Arena, Michael Kölmel, commented on plans to build a new stadium in an interview in August He pointed out how a new stadium on the outskirts of Leipzig could be detrimental to fan culture, and said that Red Bull Arena could be expanded to 55, seats, or even more.
In October , expansion of the Red Bull Arena was back on the agenda. New plans were made to expand the stadium to 57, seats, involving Viennese architect Albert Wimmer.
Reconstruction could start over the summer break of In February , German newspaper Leipziger Volkszeitung reported that club management again considered the possibility of building a new stadium with a capacity of 80, seats north of Leipzig.
However, a prerequisite for such a project would be that ticket demand exceed the supply of seats in the Red Bull Arena significantly and sustainably.
A move to a new stadium could be possible in , when the club's current contract to lease the Red Bull Arena expires. In December , RB Leipzig offered that the stadium would be sold by former owner Michael Kölmel to the club to continue the plans from the agenda.
Due to the transfer of the arena into ownership of Red Bull, a new stadium would not be pursued. The stadium will expand to a total of 53, seats as of summer , beginning from November , when construction works will start.
In , Red Bull announced its intention to engage long term in Leipzig. In this context the club sought a location for a training center and a youth academy.
Towards the end of the year, the club made concrete plans to invest 30 million euros in a training center comprising six pitches, offices and a youth academy.
The training center was to be located at Cottaweg, partly on the area of the naturally protected riparian forest Leipziger Auwald and the site of the traditional fair Leipziger Kleinmesse.
The plans met objections and concerns from environmental organizations and from the current users of the area, a Leipzig fairground association and the football club BSV Schönau The construction was to be carried out in two phases and began in March Pitch one was also provided with four meter masts producing HD-compatible lightning for optimal television broadcasts.
Locker rooms, sanitary facilities and weight rooms were installed in 60 containers, totaling square meters. The second phase of construction began in January For the second phase, the training center was to be expanded with two pitches, an area for goalkeeping practices and a three-story 13, square meters sports complex, meant to offer amenities for all RB Leipzig teams, from the U8 team to the professional team.
In addition, pitch one was to be provided with a covered grandstand with at least 1, seats, for A- and B-junior matches. The new sports complex was opened in September and taken in use by the professional team and six junior teams, from U14 to the reserve team.
Constructed in the spring of was a covered grandstand with 1, seats, an area for motor skills-training and a parking area.
The club has already plans for even further expansions of the training center. The club wants to build an additional pitch to the south of the training center.
Such expansion would require more ground from the Leipziger Kleinmesse, and is therefore met with several objections. BSV Schönau has a contract to lease the area until The club ceded parts of its grounds to RB Leipzig in For this, the club received compensation.
RB Leipzig has 41 official fanclubs as of May The first two to become registered as official fanclubs were L.
E Bulls and Bulls Club , both registered in E Bulls is the oldest official fanclub, [] but Bulls Club claims to be the biggest.
The different fan clubs and supporter groups are organized in the supporter union Fanverband RB Leipzig Fans. The supporter union was founded in It is an umbrella organization for official fan clubs, unofficial fan clubs and other supporter groups.
Each supporter group in the supporter union is represented by two representatives. The representatives of the supporter groups meet every 4 to 6 weeks.
The supporter union also holds a general meeting once per year. Even fans that are not members of a supporter group are welcome at the general meeting.
The supporter union is represented by five to seven fan representatives, elected every second year. A maximum of five fan representatives are elected by the representatives of the supporter groups, two additional fan representatives are elected by the general assembly.
A core function of the fan representatives is to serve as a direct link to the club. The fan representatives can hold talks with club officials, for example, to communicate requests, suggestions and criticism from the supporter base.
In order to divide the work of the fan representatives, the supporter union has also created several working groups.
Present were also club officials, such as general manager Ulrich Wolter. Several German newspapers have noted the emergence of distinctly nonconformist supporter groups at the Red Bull Arena.
The group members were said to see themselves as "Rasenballisten" and determined not to leave the supporter base solely to Red Bull GmbH. The group was said to highly value the name "RasenBallsport" and to be committed to give the club an identity beyond that offered by Red Bull GmbH.
In the forefront, the group put the city of Leipzig. Their central idea was described as "Rasenballismus", stressing the Leipzig identity and the importance of impassioned fans.
Lecrats was described as geared towards the anti-commercial values of the ultra culture and as critics of Red Bull GmbH.
IG Rasenballisten and the ultra groups were said to consciously avoid the reductions that apply to official fanclubs and to reject official club merchandise and the commercial name of the stadium.
The group had previously functioned as an interest community for other groups and individuals in the Red Bull Arena. Mitteldeutsche Zeitung reported that the group describes itself as uniting fanatical and critical fans of RB Lepizig.
Members of Rasenballisten said that the group doesn't hesitate to criticize Red Bull GmbH, when found necessary, and stated that the identity of a club can not solely rely on the main sponsor.
The statement can be found on scarves sold by the group, and on a banner inside the stadium. RB Leipzig had previously refused to allow supporter groups such as Rasenballisten to sell their own merchandise at the stadium, but after lengthy negotiations, the club has given permission.
The ultra group Red Aces took position against Legida , the local offshoot of Pegida , at the beginning of In an open letter to the club, the stadium operator, the Mayor of Leipzig and the citizens of Leipzig in January , the group asked for support against a planned demonstration by Legida.
The demonstration was set to begin near the Red Bull Arena, and the group specifically asked for the stadium lights to be switched off at the time of the demonstration.
The stadium operator decided to support the initiative and agreed to switch off the lighting. The club refused to approve the requested banners, according to Red Aces because the club did not want politics in the stadium.
Despite the ban, the group displayed a banner directed towards Legida proclaiming the city of Leipzig to be diverse, cosmopolitan and tolerant.
The club refused to approve the requested banner. During the home match against FC St. Pauli on 23 August , Red Aces defied the supposed ban on anti-racist banners in the stadium through displaying a banner with a clear anti-Nazi message.
Pauli on 12 February Nearly 2, RB Leipzig supporters made its way to the Millerntorstadion and displayed a red and white flag tifo at the match start.
The away match against 1. The number set a new club record for away supporters, which was broken in the first two Bundesliga seasons.
One year later, more than 9, fans travelled for the last away game of the —18 season in Berlin. Outlaw gGmbH is a Münster based non-profit company for child and youth welfare.
Fanprojekt Leipzig is an organization for young football fans of different clubs in Leipzig, and works as an independent institution towards the different clubs.
The main areas for the organization are promoting a positive supporter culture, violence prevention, help for young supporters in problem situations and establishing communication between all parties involved, such as supporters, clubs, police and law enforcement.
Fanprojekt Leipzig is part of a network of similar Fanprojekts in numerous German cities. The different Fanprojekts are supported by a national coordination office KOS.
Fanprojekt Leipzig runs a number of centers in Leipzig used for purposes such as recreational activities, content projects, painting and creation of minor choreographies, and as meeting places.
For each club, the organization offers a social worker or pedagogue who works exclusively with supporters of that club.
The organization carries out a variety of recreational and educational activities, including sporting activities, creative projects, readings and discussions and educational programs.
The organization has presence during match days, where it is available for personal contact by supporters, police and law enforcement, with the aim to be able to mediate between the parties and have a de-escalating effect.
RB Leipzig entered a cooperation agreement with Fanprojekt Leipzig in The cooperation agreement involves collaboration in eight categories, involving both home and away matches, as well as anti-racism work.
The detailed cooperation agreement was by then a novelty in Germany. In addition, the RB Leipzig formed a stadium ban commission, in which Fanprojekt Leipzig provides advice to the club.
Fanprojekt Leipzig has also arranged a number of events, in which supporters can discuss the development of the supporter scene, and whose results are presented for the club.
RasenballSport Leipzig e. V is a registered voluntary association. Its executive body is the Vorstand , the management board.
The management board is appointed by the Ehrenrat , the honorary board. It is also subordinated to the Aufsichtsrat , the supervisory board.
The honorary board is elected directly by the club members at the general meeting. Significant organizational changes were made in , following requirements set up by the German Football League DFL.
One of the requirements was to change the composition of organizational bodies. Both the management board and the honorary board had been composed by either employees or agents of Red Bull.
In addition, a supervisory board was added. These functions were now transferred to a newly created supervisory board that can perform these tasks independently.
The club decided to transfer the former members of the honorary board to the newly created supervisory board. The association is responsible for men's junior teams from U8 to U14 and all women's football teams.
Voting membership is severely restricted. According to Ulrich Wolter, the club does not aspire towards the high number of members of other clubs.
Wolter has also pointed at other clubs, where Ultras have succeeded in creating structures, and stated that the club absolutely wants to avoid such conditions.
For the establishment of a registered voluntary association, an association is required by German law [] to have at least seven members. Four years after its founding, the club had only 9 members, all employees of Red Bull.
This restrictive membership policy met criticism, thus one of the original requirements set up by the DFL in order to obtain a license for the —15 2.
Bundesliga season was to lower the membership fees and open up the association for new members. The club responded to the pressure from the DFL and announced changes to the membership in June The annual fee for this type of membership is between 70 and euros and serves to promote junior football within the club.
In return, a supporting member receives certain privileges such as a meeting with the professional team and a fitness session at the Red Bull Arena.
Supporting members also have the right to attend general meetings, although without voting rights. On 2 December , the general meeting of the association voted unanimously for the founding of a spin-off organization in the form of a GmbH.
The decision was taken at an extraordinary meeting. Present were 14 voting members and 40 supporting members.
The remaining one percent is held by the association. RB Leipzig's kits were first provided by German sportswear brand Adidas from the club's founding.
In , the club switched to the American sportswear brand Nike , in an agreement that will be in place until at least Players may hold more than one non-FIFA nationality.
Having finished as runners-up in their debut season in the German top flight, RB Leipzig gained entry to continental football for the first time, specifically the —18 UEFA Champions League.
RB Leipzig is one of the first clubs in history to qualify for the Champions League so soon eight years after its creation [] for which Red Bull Salzburg had also qualified as Austrian champions ; this raised the issue of a possible conflict of interest between the clubs due to the level of influence exerted by Red Bull over both teams and the close sporting relationship between them in various aspects.
In the first season following that ruling, both reached the quarter-finals of the —18 UEFA Europa League but did not play each other, with RB Leipzig eliminated by Olympique de Marseille who then also knocked out Salzburg in the semi-finals.
However, in the next edition of the same competition, RB Leipzig and Red Bull Salzburg were drawn together in Group B to meet competitively for the first time.
The establishment of RB Leipzig has caused much controversy in Germany. The controversy has revolved around the apparent involvement of Red Bull GmbH and the restrictive membership policy.
Critics have been found both in the management and among coaches and supporters of other clubs. The introduction of RB Leipzig was met with protests from supporters of other Leipzig football clubs, notably 1.
They feared a decline of traditional fan culture in Leipzig, and a commercialization of football in the region. After the partnership with SSV Markranstädt had become known, protests immediately appeared in Leipzig suburbs.
Red Bull advertising boards at the Stadion am Bad in Markranstädt was smeared with graffiti and the pitch was purposely destroyed by a weed killer.
The German economist Dr. Tobias Kollman said in that he saw Red Bull GmbH as a company with clear economic goals for its projects.
Consequently, he described RB Leipzig as a "marketing club" and said that it was the first of this kind in Germany.
They complained that such clubs are pushing back traditional clubs, and warned that RB Leipzig could well be the next such club to push a traditional club out of the Bundesliga.
As head coach of VfL Bochum , he said in that RB Leipzig "made him sick" and that he considered the club to be built on purely economical interests.
He further complained that competing with RB Leipzig was not a fair deal, because the club could sign the players it wanted, and that such competition "had nothing to do with the sport that we love".
They have protested against commercialization of football, the apparent involvement of Red Bull GmbH and the allegedly undemocratic structures at RB Leipzig.
Following that RB Leipzig gained promotion to the 2. Bundesliga in , supporter groups from ten clubs in the 2. In March , the campaign web page indicated a number of supporter groups from 29 clubs.
At away matches, the club has regularly been greeted with protests in various forms. During the away match against 1. FC Union Berlin on 21 September , the home supporters symbolically wore black plastic ponchos and were silent for the first 15 minutes of the match.
A large banner displayed by home supporters said: "In Leipzig, the football culture is dying". Another banner displayed said: "Football needs workers' participation, loyalty, standing terraces, emotion, financial fair play, tradition, transparency, passion, history, independence".
FC Heidenheim on 18 September , the player bus was approached upon the arrival at the stadium by supporters of 1. During the home match against FC Hansa Rostock on 23 November , the away supporters protested by being entirely absent for the first seven minutes of the match and then filled the guest block in large numbers.
FC Union Berlin on 19 February At some occasions, the protests have turned into violence and threats. The player bus was attacked with bottles, and the police had to use pepper spray to succeed.
The team was insulted, spat at and pelted with beer cups during the warm-up, and had to leave the stadium with police escort after the match.
Riots also appeared after the match when home supporters tried to break through a security perimeter to approach away supporters.
Firecrackers and other objects were thrown at the police, and four police officers were slightly injured in the turmoil.
The night before the match, the lobby of the player hotel in Karlsruhe was stormed by local hooligans. Several football clubs, such as VfB Stuttgart , 1.
Some critics can however also be found among the supporters of RB Leipzig. The supporter group Rasenballisten describes itself as uniting critical supporters.
The group members have stated that the identity of a club cannot solely rely on its main sponsor and the group has criticized Red Bull GmbH for dominating the external representation of the club.
Instead, the group wants to emphasize the name RasenBallsport and the Leipzig identity. Sporting director Ralf Rangnick has pointed at the fact that sponsors and investors are present also at other clubs.
He admitted that there was a difference: FC Bayern Munich first had sporting success, and then sponsors and investors. However, he insisted that the situation at VfL Wolfsburg and Bayer Leverkusen was exactly the same, and that VfL Wolfsburg became German champions in to a very large extent due to the financial support from Volkswagen AG.
He explained that when the company is committed in sports, it is involved in the sports operations itself. It has been suggested that the restrictive membership policy was implemented in order to prevent the club from being taken over by hostile supporters.
He also said that the conditions that had prevailed at some other clubs had certainly not been positive for their development.
The club entered a cooperation agreement with the supporter organization Fanprojekt Leipzig in , and the club also has a dialogue with the fan representatives of the supporter union Fanverband RB Leipzig Fans.
Both Dietrich Mateschitz and sporting director Ralf Rangnick have made comments on transfer policy. Dietrich Mateschitz commented on the football commitment of Red Bull GmbH in and said that the company was "no good stars buyers".
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RB Leipzig defeat Manchester United. RB Leipzig have become the third Bundesliga club to win their group and advance to the knockout stage. They did so by the skin of their teeth, barely holding on against Manchester United who almost staged a comeback from a deficit. RB Leipzig vs Zenit – Player to look out for: Naby Keïta #8 – RB Leipzig. With Leandro Paredes suspended on Zenit's side we will not see the duel of the playmakers. But the absence of Paredes will put even more emphasis on the Naby Keïta's importance to this side. The midfield maestro will be given more space in the lack of Zenit's genius midfielder, which is something that Leipzig could explore in the first leg. Zenit St. Petersburg RB Leipzig live score (and video online live stream*) starts on 5 Nov at UTC time at Gazprom Arena stadium, Saint Petersburg city, Russia in UEFA Champions League, Group G - Europe. Here on SofaScore livescore you can find all Zenit St. Petersburg vs RB Leipzig previous results sorted by their H2H matches. Match ends, Zenit St Petersburg 0, RB Leipzig 2. 90'+4' Full Time. Second Half ends, Zenit St Petersburg 0, RB Leipzig 2. 90' Post update. Attempt missed. Amadou Haidara (RB Leipzig) right footed. Reuters RB Leipzig were dominant as they followed up on last Saturday's eight-goal demolition of Mainz 05 in the Bundesliga by beating Zenit St Petersburg away to stay top of their Champions.
RB Leipzig Leipzig. Péter Gulácsi 1. Gulácsi (GK). Willi Orban 4 C. Orban. Dayot Upamecano 5. Upamecano. Marcel Sabitzer 7. Sabitzer. Goal 59'. RB Leipzig Leipzig. Péter Gulácsi 1. Gulácsi (TW). Willi Orban 4 K. Orban. Dayot Upamecano 5. Upamecano. Marcel Sabitzer 7. Sabitzer. Goal 59'. Liveticker mit allen Spielereignissen, Toren und Statistiken zum Spiel RB Leipzig - Zenit St. Petersburg - kicker. Übersicht RB Leipzig - Zenit St. Petersburg (Champions League /, Gruppe G).
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