Even though this whiteboard animation is from 2012, it’s still mostly accurate.
My only quibbles would be:
But it gets the big picture right, namely how out-of-control debt destroys nations…
Even though this whiteboard animation is from 2012, it’s still mostly accurate.
My only quibbles would be:
But it gets the big picture right, namely how out-of-control debt destroys nations…
The bank runs have started in Greece. Why the Greek peeople would even keep their money in banks, having the example of Cyprus’s bank “bail-ins” before them, would keep any but the most minimal amout of cash in a Greek bank is a mystery.
Given that Greek banks are insolvent without the European Central Bank’s backstop, one wonders why Greek PM Alexis Tsipras thinks he can continue to bluff the EU caving on reform demands. It’s tough to bluff when you have no hole cards…
There’s talk of a “new” Greek proposal, which could mean Tsipras and Syriza are finally coming to their senses and giving in to EU demands, or it could be just another smokescreen. I mean, we’ve only seen about a dozen “new” Greek proposals this year that didn’t offer meaningful reform. What’s one more?
Stay tuned…
Stop me if you’ve heard this before, but Google News is once again filled with Greece on the Brink headlines and the Telegraph has started a live update page for the Greek debt crisis. Today’s Eurogroup meeting ended without any deal, Merkel says she won’t budge, and Greece admits they have no money to make their bundled payment to the IMF at the end of the month.
And the IMF has said there will be no grace period if Greece misses their June 30 deadline.
Also, tomorrow Greece owes €85 million to the European Central Bank. Since the ECB backstop is the only reason Greek banks aren’t already insolvent, I suspect Greece will find some way to make that payment, even if it means raiding the Emergency Transplants for Crippled Orphans fund.
Other than that, things are going swimmingly.
The sticking point, as always, is Greece’s insistence that the rest of Europe lend it more so as to allow Greece to continue spending insanely more money than it actually has on its bloated welfare state, and that it absolutely will not cut government pensions (the pensions it will be unable to pay without a loan anyway) at all. But “Greece still spends more than any other country in the European Union on pensions as a proportion to GDP – with the country shelling out a whopping 17.5 percent.”
British tourists are warned to take cash if they’re vacationing in Greece, since cash machines and credit cards may not work due to capital controls.
How much is Greece uncertainty weighing down stocks?
Today's Greek headline in context pic.twitter.com/8PnQbz8e21
— zerohedge (@zerohedge) June 18, 2015
Eh, not so much…
The town of Dewsbury in West Yorkshire is punching above its weight when it comes to producing Jihadists:
Set in a quiet corner of West Yorkshire, on first glance the former mill town of Dewsbury looks perfectly innocent.
But bubbling away under the surface of the thriving community is a deep-rooted problem with hardline Islamic extremism.
Home to Talha Asmal – the 17-year-old boy believed to be Britain’s youngest suicide bomber – Dewsbury is also where two of Britain’s 7/7 bombers lived, including the man who masterminded the attack, Mohammad Sidique Khan.
7/7 refers to the July 7, 2005 subway bombings in London that killed 52 civilians.
Of course, the shocking thing about this story is just how unshocking it’s become. Is anyone surprised anymore when some small UK village hosts its own hardened jihad cell? It’s simply the reality of modern Britain.
(Hat tip: Jihad Watch.)
In a move that had been a long time coming, Colt Defense LLC filed for bankruptcy on Monday.
It takes an epic level of incompetence for a gun company to lose money in the era of Obama, but Colt was obviously up to the challenge.
Colt has struggled in recent years with supply-chain and working capital issues, a slowdown in rifle sales and its 2013 loss of a key contract to supply the U.S. Army with the M4. As a result of some of its operational issues, the company has had accounting problems that caused it to revise prior years’ reported financial results and miss a creditor’s initial filing deadline for an annual report, according to regulatory filings.
Ask gunnies what the problem with Colt is, and they’ll tell you a disinterest in the civilian market compared to pursuing government contracts, as well as a desire to charge premium prices for ordinary guns. That, plus the “felonious mismanagement” is what did them in.
A shame. With competent management, the makers of the AR-15 should have been making money hand over fist the last six years…
It looks like the rest of Europe has finally wised up to the fact that Alexis Tsipras has been playing them for chumps. It should be obvious to everyone now that Tsipras and his far-left Syriza party have no intention of reforming Greece’s bloated welfare state, they just wanted to pretend to as long as the rest of Europe was willing to underwrite it in exchange for pretending to reform. But lately even the pretense of reform has become intolerable. They want debt forgiveness and Europe to continue paying their bills, and they’re not going to budge until they get it, or until they totally destroy the Greek economy. You know, whichever.
Europe seems to finally have said “Enough!”
Other Greek links:
This afternoon, Texas Governor Greg Abbott signed the Open Carry and Campus Carry bills into law at Red’s Indoor Range in Pflugerville. (I can tell you from experience that it’s hard enough to get a shooting lane at Red’s even when the governor isn’t there.)
Note that as per the actual text of the open carry bill, open carry for CHL holders goes into effect January 1, 2016. I’ve seen various commentators cite a date of September 1st, but that’s just the date for various Texas agencies to have administrative plans in place for complying with the new regulations. So don’t go wearing your holsters in public on September 1st, or you’re likely to receive a very rude awakening…
Remember the Kroll Report, the look into the University of Texas’ system of preferential admissions for unqualified friends and relatives of the well-connected? The one that showed UT Regent Wallace Hall was right and his critics were wrong?
Now it turns out that the Kroll report whitewashed some aspects of the UT scandal, namely how low the LSAT scores were for some of those well-connected applicants:
“Of 6,155 admitted applicants from 2010 to 2014, only four were admitted with an LSAT score below 150,” Kroll reported. Also, “During the time period reviewed, we found only two applicants who were admitted with both an undergraduate GPA below 3.0 and LSAT score below 155; however, both applicants belonged to an under-represented minority group and had valuable public sector experience before applying to law school.”
Actually, Kroll found dozens of students with LSAT scores below 150, and even found three students admitted during the Powers years with scores in the 130s.
Snip.
It’s impossible to say now exactly how many underqualified students were admitted, as UT redacted the tallies. We can say that in 2004, UT Law admitted at least one person with each of the following scores: 137, 140, 141, 144, 147, 148 and 149.
In 2005, UT Law admitted at least one person with each of the following scores: 137, 140, 141, 143, 144, 147, 148 and 149.
In 2006, the low scores recorded were 137, 141, 143, 146, 147, 148 and 149.
So who ordered the Kroll to spike its findings?
“Vice Chancellor Dan Sharphorn oversaw the report. He reports directly to Chancellor Bill McRaven.”
Ongoing lawsuits by Watchdog.org and a Dallas Morning News columnist may succeed in getting past UT’s stonewalling (“In response to a public records request, UT last week produced a key 24,536-page document from the Kroll files, with every last page redacted.”) to cast some light on the subject.
(Hat tip: Instapundit.)