text:
"World-class thinking about music, business, publishing and the general world of media" - Campaign
Wednesday, May 28, 2008
We are all in each other's pictures now
6 comments:
- Anonymous10:57 am
I'd also hazard a guess that there's a directly inverse correlation between the number of photographs taken on a digital camera and the amount of time spent looking at them.ReplyDelete
I remember the hours we used to spend poring over the 24 photos (or 48 if we'd been REALLY extravagant and used two whole films) of our family holidays in the 70s and 80s. Now we probably watch a slide show on the PC of the 240 photos we took once and then never look at them again.
It's hard to form a sentimental attachment to something that's so easily gained and so readily disposable.
David, Liverpool
I have to disagree with both Davids here. I agree you might spend ages looking at your 24 photos but what if you have your fingers over the lens, forgot to put the flash on, the photo was out of focus and you accidently had it go off three times in your pocket. A waste of the a third of your photos from your holiday / party / wedding. Now you can take 200+ and yes while you may not look at them as often, you have a far better record of an event. Secondly it's part of the growing creative world created by technology - such as youtube - that allows people to find new avenues and outlets for creativity. For all the people snapping away in museums how many are out finding interesting and unusual shots that would have gone previously untaken, or even unseen, because photograph was too expensive. Having an eye for a photograph is a skill but you surely don't need a professional to instruct you as to when to take, or not take, a photograph?ReplyDelete
- Anonymous11:36 am
I'm with Liverpool David. I'd argue that the very disposability of digital photography is detrimental to the medium. Having film meant that photographers would wait for a shot more often, and although the lack of instant recall meant a few out of focus shots on the contact sheet, there was a lot more overall care.ReplyDelete
Many of these 'second best' shots are now being unearthed, and the value of film (and its relative permanence) allow us candid photos of politicians, musicians etc that were overlooked or deemed inappropriate at the time. These days photos are edited and deleted quickly, often on site with the use of a laptop. The idea of a 'lost' picture appearing in public 30 years later (as happens with the big names of the sixties a great deal) has gone.
- The London Line2:29 pm
I fail to understand the whole tourism/photography deal anyway. The world's become so small, why do you need a photo of Nelson's Column, Taj Mahal etc – there's plenty available. If it's a picture of yourself with said iconic monument in the background – again, why? If it's merely to show the folks back home what a place looks like, well I could understand it in pre-internet times, but not now. Or is it a desire to tell the world "I was there", as though the import of a place or event somehow increases our own importance? Look how eager we are to tell people we were at the scene of a particularly newsworthy happening…ReplyDelete
I do agree that if the number of available of shots were limited, the frantic desire to record everything, and the associated snapping frenzies, might be reduced.
My beef is that people are so busy recording the event for future reminiscences (or not), that they are neglecting to 'experience' it in real time. Witness the people roaming around theme parks observing everything through their video camera, or clicking away at gigs.
I remember approaching the Statue of Liberty on a boat once, and the mass reaching for cameras was like some sort of Pavolovian response. They were all snapping away, but how many were actually 'looking' at the thing, and considering what was in front of them? I'd rather have the memory than the picture.
One hates to be a terrible self publicist but there really is a chapter about this exact topic in my spiffy new book 'Sod Abroad' out on June the 12th.ReplyDelete
Actually, that was a lie: I LOVE to be a terrible self-publicist.
The thing is, your professional friend came away with no photos, whereas all the happy snappers came away with *some* photos. They're not aiming for art. They just want to document what they've seen.ReplyDelete
I have thousands of digital photos, which I look at all the time. I don't have room to store that many prints; I don't have the patience to keep that many prints catalogued adequately; I couldn't afford to develop that many prints. Yet I carry all my digital photos in my backpack (on my laptop) and can idly relive memories during a coffee break.
When on a sightseeing holiday, I take photographs and keep a diary. I go back to these quite often. I deeply regret the holidays when I've not done this, because I find I just can't remember as much detail as I'd like to.


text:
An Airbnb host has claimed they film their guests having sex via hidden cameras and then share the videos with other website users in a scandalous admission.
An anonymous person, who says they are a host on the popular website, revealed on secret-sharing project, PostSecret, that they "swap hidden sex videos with other Airbnb hosts."
Postsecret published the confession on its Facebook page on Friday and says it is the most talked about secret from this week.
The Facebook post has since been shared over 4,000 times and has drawn the ire of many.
Natalie Boone Minervino wrote below the post: "Disgusting. Now you're ruining (it) for the Airbnbs that actually make an effort to keep their clients happy/safe."
Christina Royal commented: "Staying at an airbnb this week. On our honeymoon. Smh (shake my head)".
Another Airbnb host, Jen Hunter, said she has been doing her "utmost for two years to treat my guests with kindness and respect".
However, with no way of knowing if the confession is legitimate Hunter commented again: "Pondering further, I wonder if this postcard was sent in by a hotel owner to try to damage Airbnb's reputation & is completely made up."
While Facebook user Lucio Rubino said she was sure the secret was "posted by a bed and breakfast owner that's trying get Airbnb to lose business."
The comapny has said that it takes privacy issues extremely seriously and have a zero tolerance policy for hidden cameras.
Airbnb allows people to rent flats, rooms or beds in one of the listed host's properties.
It has over 1.5 million listings spread across 191 different countries in 34,000 cities, Airbnb says.
This is not the first time the website has been caught up in controversy. The Mail Online reported last month how an Airbnb guest, who rented a bedroom in a house, caused £7,000 worth of damage after she used the home for a porn shoot while the owner was away.
Landlord of the California home, Sharon Marzouk, posted before and after photos on Facebook of her dirtied property.
She found evidence of a porn shoot, including a sex toy on the bed, a bag of condoms, a checklist of sex acts for clients watching her videos online, and used tissues.
An Airbnb spokesperson has commented that there is no evidence to support the claim.

subset: commoncrawl


text:
They've gone there since pre-K and wanted to start fourth grade. But Tyler and Tylan weren't allowed in class.
They sat in the cafeteria all morning. Then they were sent to the main office.
"Once there, they were seated in the little waiting area, the visitor's waiting area, and were told they weren't zoned to
the school," said Collins, who didn't find out until the end of the day.
She believes that they had problems because they were the only students in their class who didn't take the math exam.
They were among dozens of families in the Houston Independent School District whose children boycotted the state's math exam. It's called opting out.
But Collins said that their back-to-school experience feels like a backlash.
"It feels like we're being bullied. It feels like the decision that we made was a bad thing, like it's bad or something, like it was a bad thing to even have that decision or choice," Collins said.
Collins, a member of the grassroots advocacy group Community Voices for Public Education, has managed to get her sons re-enrolled at the school, which is near their father's home.
But now she's fighting for them to join the fourth grade and not be held back.
That's because last year her twins took and didn't pass the state's reading exam – along with half of their classmates.
But, as their mom pointed out, they have B averages on their report card and attended summer school. Collins also said that HISD didn't follow its policy in how it determines to promote a student or not.
In an email, HISD spokeswoman Holly Huffman said that their enrollment was delayed in order to verify their home address.
She said that there's no evidence the issue was related to opting out and that they are continuing to look into the family's case.


text:
Malvern Hills named best rural area to live in West Midlands
Residents living in the district of Malvern Hills enjoy the best quality of life in a rural area in the West Midlands, according to a new study.
The Halifax Rural Quality of Life Survey ranks Malvern Hills 25th nationally and first in the region.
Halifax used a range of statistics from 121 rural local authorities to compile a list of the best rural areas to live in the UK.
Malvern Hills scored highly for employment with 78.7 per cent of residents in work while the district also benefits from low population density with 131 people for every square kilometre, compared to the Great Britain average of 264 per sq/km.
Men and women living in the district can also expect to live well into their eighties while almost 95 per cent of residents are reported to be in good health.
And overall Malvern Hills residents are happy with their lives with an average happiness score of 7.9 out of 10.
Jack Hegarty, chief executive of Malvern Hills District Council, said: "We're not surprised with the results of the survey. We already knew the district was a wonderful place to live and we're delighted the Halifax Rural Quality of Life Survey has supported that view.
"As with all things in life there's always room for improvement and we're committed to working with our partners to do all we can to make this an even better place to live, work and visit."


text:
June 16, 2000, Section E, Page 12Buy Reprints
In ''Sunshine,'' the family saga by the Hungarian filmmaker Istvan Szabo that opened in New York last Friday, the actresses Jennifer Ehle and Rosemary Harris play the same character at two different stages in her life. Ms. Ehle is the young, rebellious Valerie Sonnenschein, who marries her cousin Ignatz (Ralph Fiennes) in the twilight years of the Austro-Hungarian Empire; Ms. Harris is the mature Valerie, who survives both the death camps of World War II and the Stalinist repression of the 1950's.
It's a smooth transition, made smoother by the fact that Ms. Ehle is Ms. Harris's daughter.
''We've done it twice, actually,'' Ms. Harris said in the Upper East Side apartment that serves as the family pied-a-terre in Manhattan (home base is North Carolina, where Ms. Harris's husband, the novelist John Ehle, was raised). ''The first time was 'The Camomile Lawn,' a lovely British television series that Sir Peter Hall directed,'' Ms. Harris said. ''He chose Jennifer for the bulk of the story. I think there were seven episodes, and she was in six of them. But the last one jumped to 40 years later when the survivors from World War II met at a funeral, and Jennifer's was one of the surviving characters. And Peter Hall asked me if I would be Jennifer.''
''I seem to be riding on her coattails a lot,'' said Ms. Harris of her daughter, who won a Tony Award this month for her performance in ''The Real Thing'' -- thus beating out her mother, who had been nominated for her role in ''Waiting in the Wings.''
Ms. Harris added: ''When Ralph and Istvan were talking about casting, apparently, as Jennifer explained it to me the other day, Ralph said, 'Well, I know an actress who would be right for the older Valerie,' and Istvan said, 'Well, I've seen a girl who I think should play the younger Valerie.' And then by chance they put the two pieces together and said, 'Well, isn't that a funny thing -- they're mother and daughter.'
''I said to Jennifer, 'Should we sit down and talk about it?' and she said, 'Oh, no -- do you think we should?' I said, 'No, if we don't know each other pretty well by now, nobody knows us better than we do.' I didn't watch any film clips of her performance. I knew with 'Sunshine' she would be playing from her own personality, so we didn't discuss it too deeply.''
One of the great figures of the London and New York stage, whose lengthy resume includes Laurence Olivier's legendary 1963 ''Uncle Vanya'' and her own Tony for the original 1966 production of ''A Lion in Winter,'' Ms. Harris has been mysteriously neglected by the cinema. ''I've never played a really big part in a movie,'' she said. ''I think it would be lovely to go in every day and, like threading beads on a string, to gradually let your part grow, like one does in the theater. But so far, I've not been offered a part that was more than a few scenes.''
''I have to say I feel more at home on the stage, partly because of the text -- you get a bigger lump to grab hold of. I jokingly said once I was like an animal that had evolved: I've grown gills for the stage; I breathe in a different way. I am in my element, my own element, when I'm on the stage. I'm in a slightly different element when I'm in a film.''
Ruthless but Deadpan
Although he appeared in only nine episodes, Patrick Warburton will forever be associated with ''Seinfeld'': the 6-foot-3, broad-shouldered actor played David Puddy, the massively impassive boyfriend of Elaine (Julia Louis-Dreyfus). Mr. Warburton plays a very different character in ''The Woman Chaser,'' an independent feature adapted by the first-time filmmaker Robinson Devor from a neglected pulp novel by Charles Willeford.
As Richard Hudson, a used-car dealer in 1960's Los Angeles, he's a ruthless manipulator who suddenly discovers his artistic calling. He has to make a movie to show the world what he's learned about it. ''I thought the whole story was intriguing -- you've got a guy who does some pretty reprehensible things, but there's not a total lack of empathy for this character,'' Mr. Warburton said.
''His way of dealing with people is so wrong sometimes,'' the actor added. ''But I thought if we were able to approach this in the right way, it could be a very humorous story. I've read 'spoof' in some critiques, but I've never thought of this being a spoof. When I read this I thought it could work on all sorts of different levels. I think we accomplished some of that.''
''I hear the word deadpan a lot,'' he said in regard to his sober style of comic acting. ''I'm not sure exactly what it means other than the fact that I know when I look at something and I find it funny, that I really think the approach has got to be one of an earnest, honest take on something. You let the viewer find the humor. You don't spell it out. Otherwise it's just not funny. Puddy is not a joke to Puddy, and Richard Hudson is not a joke to Richard Hudson.''
''I loved Jerry Lewis when I was growing up,'' Mr. Warburton said by way of explaining a gift for comedy not always evident in men of his size. ''I was a bit of a little freak. My parents sent me to an all-boys Catholic prep school in Anaheim, and I had to take a bus for a full half-hour each way. You were either an academic or a football player, and I was neither. Sophomore year, I weighed 105 pounds; I was the littlest kid in the whole school, and I had big old Coke-bottle glasses. I am absolutely blind. I'm farsighted, and I am cross-sighted, and I have a huge astigmatism. I had to rely on having something of a sense of humor just to survive life at the time.''
'Really, Charles . . .'
Ruth Warrick, the last surviving member of the principal cast of ''Citizen Kane,'' will turn 85 on June 29. For the occasion, she's been persuaded to appear that evening at the Film Forum, 209 West Houston Street in the South Village, for an onstage interview with the film historian Foster Hirsch. The talk will follow a 6:45 screening of ''Kane,'' in which she plays the disapproving upper-crust wife of Orson Welles's grasping newspaper magnate: ''Really, Charles . . . What will people think?'' He replies, ''What I tell them to think!''
Though Film Forum members will be given priority, a number of tickets for the public have been set aside. Information: (212) 727-8110.
Indie Veteran
The graduate film and television department at New York University has a new chairwoman. She's Julie Corman, a veteran producer of independent films who founded New World Pictures in 1970 with her husband, Roger Corman. Ms. Corman's first producing credit was for the 1971 ''Boxcar Bertha,'' which happened to be the first feature directed by one of N.Y.U.'s most famous graduates, Martin Scorsese. Ms. Corman's duties begin this fall.


text:
Guillermo del Toro's Pacific Rim is newly-available on DVD and Blu-ray, so the filmmaker has been out promoting the release and providing updates on his many developing projects to the press. He's currently hunkered down with shooting the pilot for FX's The Strain TV series (based on the vampire novel trilogy co-written by del Toro), but that hasn't prevented the geek-favorite multi-tasker from getting a head-start on the script for a Pacific Rim sequel, even though WB has yet to issue an official go-ahead.
Fortunately, del Toro fans won't have to wait another five years for his next movie (a la the time between Hellboy II: The Golden Army and Pacific Rim), since the filmmaker will begin production on Crimson Peak around February 2014, with an impressive cast that includes Mia Wasikowska, Charlie Hunnam, Jessica Chastain and Tom Hiddleston (subbing for Benedict Cumberbatch). The movie is said to be a throwback to set piece-centric haunted house fare like The Shining and The Haunting - Robert Wise's original, not Jan de Bont's CGI-heavy remake - that del Toro says takes place at the turn of the century, against the backdrop of an Emily Bronte-esque gothic windswept setting.
Previously, del Toro emphasized that Crimson Peak will be his first English-language horror film that feels in line with his R-Rated Spanish-language movies (Cronos, The Devil's Backbone and Pan's Labyrinth); that is, quite violent and viscerally graphic in spurts, unlike his woebegone R-Rated sci-fi/horror flick, Mimic. Furthermore, in a newer interview with Rolling Stone, del Toro discussed the key difference between Crimson Peak and Don't Be Afraid of the Dark, the lukewarm haunted house remake that del Toro co-wrote and produced (but did not direct).
Here is what the filmmaker had to say, on that subject:
The problem with Don't Be Afraid of the Dark was that it was designed to be a PG-13 movie. It was literally a horror movie for a younger generation. I was trying to do the film equivalent of teenage, young adult readers and when they gave it an R rating, the movie couldn't sustain an R. It had a couple of intense scenes, but it didn't have the weight to be an R-rated movie. Crimson Peak is an R-rated movie from the get-go. At the same time, it's a sincere, beautiful, classical gothic romance that's very violent and very kinky, in a way. What's a complete dream is the cast – Jessica Chastain, Tom Hiddleston, Mia Wasikowska and Charlie Hunnam. It's amazing. We've also been designing the house to the last little corner, and it really is a monumental character in the film. I hope it's going to be my most beautiful movie.
Eye-catching production design and memorable creature effects - be it The Pale Man from Pan's Labyrinth or the many Kaiju from Pacific Rim - have long been important aspects of del Toro's acclaimed storytelling approach, which makes his comments about Crimson Peak having the potential to be his most gorgeously dark and gothic film yet all the more intriguing. For similar reasons, it may always be a bit disappointing for del Toro's biggests fans that he never got to realize his own unique vision of Middle-earth and its fantastical inhabitants with his originally-planned version of The Hobbit (before he dropped out and Peter Jackson stepped in to direct instead).
Speaking of (seemingly) lost del Toro dream projects: a few years back, del Toro wrote the script for a new film adaptation of The Witches, based on the beloved Roald Dahl novel that was previously brought to the big screen in 1990, where the Jim Henson creature shop did its part to transform Oscar-winner Angelica Huston into the nightmarish monster that is the Grand High Witch (pictured above). Interestingly, back in the day, del Toro's fellow Mexican filmmaker Alfonso Cuarón (Gravity) was in line as a producer on the new screen version of Dahl's whimsical and spooky chidlren's book.
Here is what del Toro offered Rolling Stone, when asked for a status update on The Witches:
The Witches is at Warner Bros., and every time I can, I bring it up. Every time they say that they're interested and then nothing happens. I can tell you that [Felicity] "Liccy" Dahl read the screenplay and, when I went to see her at Gypsy House, she said, "I honestly think it's the best adaptation of Roald Dahl's books ever." I spent about two years adapting the screenplay. If anyone says to me, "You have to shoot the movie in the most difficult circumstances as you can, but you'll get to do it," I would do it. I think Roald Dahl had the rarest combination of talking to kids about complex emotions and he was able to show you that the world of kids was sophisticated, complex and had a lot more darkness than adults ever want to remember.
Could the critical and box office success of Gravity (combined with the inevitable awards glory) give Cuarón the clout he needs to help del Toro get Witches a greenlight? The movie was originally envisioned as being a stop-motion project; which, as promising as that sounds, may no longer be the case, following after del Toro's 3D stop-motion Pinocchio movie getting stuck in development limbo. Fact of the matter is, the box office track record for recent stop-motion films has been rocky, despite them having earned critical accolades (see: The Pirates! Band of Misfits, Frankenweenie), so del Toro might need to rethink his strategy if he wants to get either of his planned spooky chidlren's story adaptations made.
Look for Crimson Peak to open in theaters in 2015.
Source: Rolling Stone


text:
Site Map
- Home
- What's the REconomy Project?
- Starting a REconomy Group
- Five steps to REconomy
- Resource yourselves
- Build your case for change
- Form a partnership group
- Create a shared vision and strategy
- What you can do
- Inspiring enterprises
- Alternative banking and currencies
- Events
- Resources
- News & Blogs
- Site Map
- Economic enablers (9)
- Economic sector (38)
- Building and housing (1)
- Education (1)
- Energy (11)
- Finance (15)
- Food (13)
- Manufacturing (6)
- Mining and materials (3)
- Retail and wholesale (4)
- Services (3)
- Transport (2)
- Inspiring enterprises (3)
- Leadership projects (5)
- newsletter (2)
- Resource type (134)
- Blog (130)
- How-to (3)
- Project news (15)
- Updates (31)
Site Feed
All Articles
Time to go it 'together' with Transition Town Lewes
From Juliet at the Enterprise Group, Transition Town Lewes… Is the depth of a recession a bad time to
Finally! It's here! The REconomy website goes live!
Finally! It's here! After what feels like years of hard graft (but was really only 9 months or so) the
Existing enterprise – Horizontal organisational structure
Gore has approximately 9,000 associates across 30 countries, with manufacturing facilities in the USA, Germany, Scotland, Japan, and China. Annual
Existing enterprise – Reducing travel
Capgemini operates in the consultancy industry where business travel is the norm. A key assumption of the business model is
In addition to addressing climate change impacts and working within natural resource limits, we propose that a new local economy
A new economy which is resilient and sustainable needs to find ways to do business within the limits of natural
Organisations of all types and sizes are facing an unprecedented set of challenges. The World Economic Forum's report highlights energy


text:
A friend phoned the other day, who hadn't recently talked to, and he asked me what I had been doing. I said I have been taking art lessons. Of course I do other things, but that was the first thing I could think of.
It started when I went on a cruise from Brazil to Miami and I took watercolour classes on board ship. I hadn't done anything like that in years and I found myself really enjoying it.
Next, back home, I signed up for a water colour plain air workshop, which other than having a friend for company, was a total disaster. I felt way over my head.
But I don't give up easily. I decided to take a watercolour course drawing flowers. I loved it so much that I signed up for a second class and convinced a friend to do so as well. Each week we got to go to the nearby botanical gardens and paint and learn about painting with a lovely group of people. I wasn't so good at practicing when I wasn't there but I tried.
A friend saw a one day workshop on botanical drawing at the other botanical gardens. I heard the instructor was knowledgeable and nice, so I decided to do it as well. One good thing is I didn't even have to supply a pencil.
It was interesting and much more exact but I really found I learned more about what is involved in drawing a flower. I also not sure I really like six hour classes!!! Notice I seem to confine myself to drawing flowers. Small steps...
There are always brilliant people in these classes who really draw well but they are usually quite self critical. I am not a brilliant artist but I think I am improving and my friends on Facebook are always very encouraging. That really helps!
I bought some very small note cards and wonder if I will ever have a completed card I can actually give some one. Photography is certainly easier though I did take lessons many years ago but now I just use an iPhone, no need for different lenses etc. I just have to look carefully as you do as well when you paint and draw.
I keep wondering if I will end up back in piano lessons or try to learn to play the ukulele or something. Maybe I will take paddle boarding lessons. Anything is possible. I am currently considering a Mayan cooking class...Sometimes people say I should give courses on how to be retired. I could teach you how to stretch a half hour walk into a couple of hours...But I taught a long time and learned lots along the way but right now I kind of am focused on just learning, and stretching just a bit.


text:
Thursday, 24 October 2013
Library Loot
I thought that it might be fun, now I've started using our mobile library service, to join in with Library Loot. The library van has been pulling up on alternate weeks in the yard for years, but I've been away so much I've never used it. Now I'm self-employed it seemed the right time to start. The selection of books is, of course, much smaller, and my choice accordingly more random, but I can still make requests online and the van will deliver the books to me when it comes out. It may encourage me to look for non-fiction. Here is this week's haul:
The Lindisfarne Gospels were recently on display in Durham - sadly, I didn't manage to get there, but I have seen them in the British Library. I've been looking at illumination recently with a view to making cards so I thought this book, which sets the Gospels in their proper context, would be worth requesting. It looks as if it might be hard to give back!
I remember June Knox-Mawr as a presenter on Woman's Hour, I think, so her book, A Ram in the Well, about returning to Wales, her childhood home, should be well-written. The title bodes well for silliness, too.
Four crime novels, by authors who'll need no introduction here. I've only read Jar City by Arnaldur Indridason (and saw the excellent film), so I'm really looking forward to it. The Flavia de Luce has been on my TBR list for ages, I really want to own them all but I am trying hard not to buy books. Louise Penny is a favourite, Jacqueline Winspear less so, but still readable. Finally a children's book by an author I don't know. I'll report on that in due course.
Apparently there's a new biography of Penelope Fitzgerald (by Hermione Lee) out next month - that will be the next request...
18 comments:
Some good choices there. The Flavia is excellent, I do love that series. I haven't read that Louise Penny but love her books as well. Maisie Dobbs... I seem to be alone in not being able to get on with that series. Love the sound of A Ram in the Well... will look that up. Nice haul!ReplyDeleteReplies
I'm not wild about Maisie Dobbs myself, Cath. But Ram in the Well is proving reasonably entertaining.Delete
Enjoy your loot!ReplyDelete
Oo, make sure to tell us what you learn about the Lindisfarne Gospels! That sounds so interesting.ReplyDeleteReplies
Will do, Jenny - it's a beautiful book and so far I've just luxuriated in looking at the pictures.Delete
I wish I still had 'The Beautiful Mystery' to read for the first time. Still there is a new one out that I'm waiting for from the library. The trouble is they are really dragging their heels over getting a copy. I may even be forced into a position where I have to buy it.ReplyDeleteReplies
Gosh, how incredibly unreasonable of them :-) I am trying so hard not to buy books, but I succumbed this morning when I discovered that Girls Gone By are reissuing Goudge's Henrietta's House next month. Had to have that. Do you like her books, Alex?Delete
I only know a very limited range of her work and nothing that extends to what you might call a full length novel. Now I can see I shall have to do some more exploring. How evil of you to tempt me with something new, GC. :-)Delete
What a treat! And the haul from right on your doorstep, too. You could look here to find out more about Penny Dolan:ReplyDelete
She is a joint editor of the blog. It is one of my favourite sites, I look in there every day.Replies
Oh, thank you so much, I hadn't realised she was on that blog (I do look at it from time to time, but must do so more often). Off to look straight away...Delete
I'm trying very hard not to buy new books, so the library service is excellent - I use the mobile library too! I went off the Maisie Dobbs books, but I did enjoy Pardonable Lies. A Ram in the Well and the Lindisfarne books both interest me - I'll look out for them and for your reviews.ReplyDeleteReplies
Just about to post on Ram in the Well, Margaret - watch this space!Delete
Fond memories; weekly visits to the library bus who stopped in my part of town when I was little were always highlights! Little did I know back then that one day I would be working there myself (I actually worked at the central library, but the bus was one of our branches, and I was sent out with the bus once or twice when the lady usually serving there was ill).ReplyDelete
Actually, I like having a limited choice; it has often made for interesting reads that I would not have touched otherwise.Replies
I do agree about the choice stretching one's boundaries, I'm already finding that. I'd love to go along as librarian's assistant on the mobile library, but I don't think I'd be very necessary!Delete
I really do love A.I.'s books. I have a couple to read to catch up. And I also thought the movie was terrific. It was great seeing the country.ReplyDeleteReplies
Wasn't the film superb! And fun to compare with the Scandinavian noir that we see now, like The Killing, and then to watch something like the Jimmy Perez series.Delete
Arctic Chill is a good mystery! I hope you enjoy it. I'm picking up Strange Shores this week, the latest in the series. I really enjoy them.ReplyDelete
I'm glad to hear I'm not the only with a few problems with the Maisie series. I do like her, but I find that she is a little too perfect, and very reserved. The Lindisfarne Chronicles looks lovely, and the Welsh book intriguing.....
How lovely that the bookmobile can come out to you! I love that idea. I want to drive one myself, and I don't even drive! lol Imagine delivering books to people who love them and can't get to the local one.....I do agree that you will read books you wouldn't otherwise look at, I often end up doing the same thing when I'm in a library. Treasure troves of untold wisdom, I think of libraries as. Happy reading, Geranium Cat!


text:
Phone number: 0423 27....
Email: Click to view
URL: http://www.amyweirphotography.com
Business Info
Amy Weir Photography is a privately owned photography studio, servicing the Newcastle and lower hunter regions. We offer a variety of services including wedding photography, Portraits, Newborn and Pregnancy Photography. We Provide an affordable way for you to capture a moment in time to the treasured for life!
Amy Weir Photography, capturing your moments, your story...your life!
Newcastle, Wedding, Photography, Photographer, Newborn, Pregnancy, Babies
Recommend This Business
The review system is a way for customers of this business to easily share their opinion. By sharing your experience with this business, you help other consumers find the right business for them! By leaving a review, you also earn STARPOINTS. Starpoints can be redeemed for cash or prizes like iTunes giftcards. Find out more about Starpoints here.
Some tips when posting a review: When writing a review, see if you can be as balanced as possible. What did you like, what didn't you like? Here are some things to think about - How was the customer service? How was the product or service quality? How was the price/value? Please also check and adhere to the editorial guidelines when posting a review.
Add your own review
Full Category Tree
Nearby Suburbs
- Broadmeadow (1) - 0.84 km
- Islington (1) - 1.04 km
- Wickham (2) - 1.27 km
- Merewether (7) - 2.06 kms
- Tighes Hill (1) - 2.07 kms


text:
Mark Wright flies to Ibiza for just one day to attend a beach party but moans he wants a day off from 'work'
His life seems to consist of little more than jumping from party to party but Mark Wrights insists it gets tiring after a while.
The former TOWIE hunk flew to the Spanish island of Ibiza for just one day to attend a pool party today but Mark says he can't wait to have a day off from his hectic lifestyle.
Although Wright was excited about living it up at Ocean Beach Club today, his jetsetting lifestyle is clearly taking a toll.
Mark Wright moaned he wants a day off as he jetted to Ibiza for one day to party it up at the Ocean Beach Club with his friend Neil Dobias
He wrote on Twitter yesterday 'Oh no back to the airport !! 1 day in ibiza then flying 2 leeds on monday. I just want to chill !! Bring on tuesday #chilltime.'
However, by today he had clearly regained his excitement and tweeted about the 'best pool party of the year'.
Enjoying free drinks in the sun while chatting up a bikini clad blonde! It's no wonder poor Mark needs some time off
'In @oceanbeachibiza !! This is going to get messy. Best pool party of the year #fact,' he tweeted, before adding 'You take me higher than iv ever been baby !!'
He also looked like he was having a ball as he sat at a table laden with vodka and champagne.
Mark took to Twitter to tell his followers about his plans to party in Ibiza for one day although he admitted the constant travel was taking its toll
Mark, clad in only a pair of turquoise shorts, sunglasses and a baseball cap, threw back his head laughing as he shared a joke with his pal Neil Dobias from Force 1 Management.
They were joined by another male friend and a bikini clad blonde as they enjoyed the beverages on offer.
Mark and his good friend Neil appeared to be enjoying themselves with a table full of alcohol and a cute blonde in a bikini beside them
Mark also looked delighted as he chatted to a blonde in a metallic bikini while fixing himself a drink.
Earlier, Mark wore a white vest with his shorts as he walked into the venue, showing off the deep tan he picked up while filming his TV show Mark Wright's Hollywood Nights.
All of the partygoers seemed to be enjoying themselves at the Ocean Beach Club in Ibiza
Meanwhile Mark's former fiancée Lauren Goodger recently gave an interview in which she revealed she was thrilled he had quit TOWIE because it gave viewers a chance to see the real her.
She told the Daily Star: 'Mark leaving has been good for me because it's allowed me to show more of myself, my fun side, and it's good to have more scenes that aren't based around the drama of that relationship.'
Hunky! Mark showed off his tanned torso as he contemplated his drink at the pool party in Ibiza
Lauren clearly doesn't have too flattering an opinion of Mark's post-TOWIE exploits, and said that she wasn't sure why he and his pals appeared to be 'acting' on his new reality series.
Lauren added: 'It's like he's trying to act in it, but he's not an actor. He should try and be himself a bit more as the whole thing feels a bit fake.
'It's confusing for everyone. They don't really get what the show is trying to be. Those are his real friends but they are acting on the show. I don't understand it.'
Earlier Mark covered up as she arrived at the Ocean Beach club in a pair of turquoise shorts and a white vest
Most watched News videos
- Undercover investigation shows animals kept in terrible conditions
- Channel 4 News misquote Boris Johnson in major subtitle blunder
- Woman pulls stream of shoplifted clothing from her handbag and skirt
- Footage shows people fleeing scene after 18-year-old gunned down
- CCTV shows seriously ill Guatemalan teenager in Texas holding cell
- CCTV reveals moments before 3-year-old boy died in airport fall
- People in Saudi Arabia run amid explosion at service station
- Teen assaulted by two girls as people just watch from the sidelines
- Andrew Neil savages Boris Johnson for not doing an interview
- Confronting moment a man pulls a knife during a massive brawl
- Boris Johnson plays goalkeeper and meets Santa on campaign trail
- Girl unfazed by a reversing car crashing into a pole


text:
duminică, 22 mai 2016
Classic Car Maintenance Tips - World Of Classic Cars -
Classic car ownership will never be without issues when it comes to maintenance and repair; scarcity of parts, the sheer age of the vehicle, and historical problems with the marque can all be parts of the process. Budget concerns are always a big factor when dealing with vintage vehicles, and often the cost of restoration and maintenance can out-strip the amount paid for the car.
Tip 1:
Maintain your battery – keep it charged through regular outings, and remove it if putting your vehicle in storage. The RAC attend nearly 380,000 battery-related breakdowns a year, often due to poor conditioning and charge depletion.
Tip 2:
Closely monitor levels of your car's fluids. Engine coolant, antifreeze, oil and brake fluid should all be checked regularly, particularly during the winter months. This is particularly important in older, or less well conditioned cars that may experience leaks or other similar issues. Also check any rubber piping relating to these fluids to ensure proper function.
Tip 3:
This may seem somewhat obvious, but when purchasing your classic car or committing to any repairs or complex maintenance, ensure availability of replacement parts first. Proper maintenance is impossible without the right parts for the right vehicle, and a lack of such will only hinder efforts to keep your car on the road and up to scratch.
Tip 4:
Schedule regular maintenance. It's always best to identify potential problems before they become real issues. Include a full inspection, carefully checking your car top to bottom. Clean out all the nooks and crannies, including lights and indicators. There's nothing worse than a crippling (and expensive) problem occurring that you could have spotted and prevented at an earlier stage.
Tip 5:
Make sure to start your car up on a regular basis, even if you can't take it for a spin. This is particularly important if you aren't driving your classic regularly. Where possible, start the engine and get it up to running temperature for a few minutes. This should help prevent seizing in any of the moving parts, and may even help with the identification of running problems.
With these five tips under your belt, maintenance of your classic car should become a little easier. All of them are easy enough to achieve without the intervention of a mechanic or dealer, so should help keep costs below the budget limit. Classic cars will always be somewhat more expensive to maintain and run than regular, modern road cars. The sheer pleasure derived from them, however, is unassailable.
Publicat de Unknown la 11:15:00
Etichete: News
Abonați-vă la: Postare comentarii (Atom)


text:
20 Apr More fun with florals
Forever floral flare dress | Similar Chunky flatform sandals | Forever 21 wide-brim fedora | Celine Nano luggage
Photo by Ryan Chua
Did you go to Coachella? If you did, i'm jelly. Saw so many cool pic from everyone post. Second weekend of Coachella is right around the corner, can't wait to see more fun photo from everyone. Floral dresses are great for festival and spring season, so I linked some really cute floral dress from Forever 21 for ya. Since high heels are not ideal for comfort walking so I'm sharing some chunky flatform sandals and wedges to give you height at the same time comfy.
[product-catalogue id='15']


text:
Smart speakers are the buzziest new technology in audio. At Tuesday's RAIN Summit in Austin, a panel of broadcasters and tech experts tackled the hot topic of how radio can occupy a prominent seat at the smart speaker table.
Step one, the panel agreed, is developing the necessary "skills" that put radio brands on Amazon's Alexa, Google's Google Home and other voice activated platforms still to come. Just as important is teaching consumers how to access their favorite stations on these emerging systems. On this there was no consensus from the panel. Terrestrial radio hasn't been the best way to promote NPR's availability on smart speakers, said Bryan Moffett, COO, National Public Media. But Rob McCracken, director, Digital Solutions Group, The E.W. Scripps Company, took issue with that position, claiming his company found broadcast radio is "still the most powerful way to teach people" how to use the new devices. Scripps has used both radio and TV to promote its content on voice-activated platforms. "People will learn from somebody how to use these devices and they should learn it from you," McCracken said. "Take their hand and walk them in so when they use these platforms, they're thinking of you first."
Working with audio tech provider XAPPmedia, Scripps developed custom skills that make all its individual radio station streams available on Alexa through a simple voice command. Now Scripps is pressing ahead with plans to make more advanced audio offerings available. "Simulcasting station streams is not a strategy but a first step," McCracken said. And in markets where it owns TV stations but has no radio assets, Scripps repurposes news content from its TV stations to fuel audio Flash Briefings for smart speakers. In this way, the devices remove the radio barrier to entry and allow the company to compete with radio in markets where it doesn't hold any broadcast radio licenses. "If you have a news-producing station, Flash Briefings should be the first step," McCracken said.
And while some in the industry fret about radio's place in the connected car, Charles Steinhauer, chief operating officer, Westwood One, sees voice activation technology as one way to protect radio's audio supremacy on the road. Voice commands will replace touchpads and keyboards for search, he predicts, and once it's seamlessly integrated into cars, voice activation will be how listeners find their favorite radio brands. "People will ask for your brand and that will protect radio in the car," Steinhauer said. "If you believe voice is search, the power of your brand is going to be evoked and that is how you'll be discovered."
While making broadcast radio streams and Flash Briefings available is a logical starting point, voice activation creates far more opportunities for broadcasters. Smart speaker owners enjoy interacting with their devices, Edison Research has shown, and radio companies are working on ways to make their content more interactive on the devices. Steinhauer went as far as calling the technology a 21st century version of the request line. The devices also open up new channels for longer-form interviews and content that would otherwise be left on the cutting room floor. McCracken urged attendees to "take the blinders off" and conceive of new ways listeners can interact with radio brands.
For many stations just getting started in the space, interactivity involves talking baby steps. Chief among them, according to Ryan Higbie, VP of Sales & Solutions Services, XAPPmedia, is having air talent cut custom intro messages that welcome listeners when they access the stations on a smart speaker, instead of the generic intro message from the voice assistant.
Even at this early juncture, on-demand content is running neck and neck with station streams in terms of the type of radio content consumed on smart speakers. Among clients of XAPPmedia, 50% of the listening is to podcasts and on-demand audio and the other half is live station streaming. But the audiences so far "aren't huge," Higbie noted, with XAPPmedia clients reporting monthly smart speaker audiences in the thousands. On-air promotion is driving those numbers higher and Higbie predicted they would rise "drastically" as Google's voice activation technology becomes more widely adopted on Android devices.


text:
Status: Closed
Know more about this business than we do? Cool! Please submit any corrections or missing details you may have.Help us make it right
Efile, Electronic Filing
Be the first MLive.com user to add photos or videos of Button Eddy Kolb & Sorrentino
Button Eddy Kolb & Sorrentino can be found at State St 33515. The following is offered: Accounting & Bookkeeping. The entry is present with us since Sep 9, 2010 and was last updated on Nov 14, 2013. In Farmington there are 17 other Accounting & Bookkeeping. An overview can be found here.


text:
Yul Brynner Best Actor of 1956 for The King and I presenting Elizabeth Taylor Best Actress Award 1960.
Butterfield 8 I imagine kids today wonder what kind of a title that is. Well in the 1950's it was a very special phone number for a very special call girl; Elizabeth. Controversy surrounds this film. Should Elizabeth have received the award for a role she hated? Should she have gotten the award for Suddenly Last Summer instead? Was it a pity award? We don't really care; our Liz went through hell the later part of the 1950's. She lost a husband in a tragic accident months after giving birth to her daughter Liza. Elizabeth honored movie contract obligations appearing in three highly emotional dramatic roles: Cat on a Hot Tin Roof, Suddenly Last Summer, and Butterfield 8. Plus she survived a bout of Pneumonia (which could be deadly in those days) and an emergency tracheotomy. Of course she deserved the Oscar whichever one of the films she acted in at this time. This you tube clip showing Elizabeth accepting her Oscar on April 17, 1961 was her first public appearance after her near fatal illness. Her then husband Eddie Fisher helping her onstage seemed a very caring gesture.


text:
Folk-trio The Once have never been shy about their love for Gros Morne, or about how much they enjoy performing in the area. In September 2015, they shared that love with the Atlantic String Quartet for a performance at St. Pat's in Woody Point with Gros Morne Summer Music. They also brought along a children's choir to add to the magic of the afternoon.
We recorded a clip of The Once, the Atlantic String Quartet, and the children's choir performing We Are All Running. Have a listen.
The Once and the Atlantic String Quartet at St. Pat's was presented by Gros Morne Summer Music, a music festival based in Woody Point and Corner Brook, running from July until October. Learn more about Gros Morne Summer Music at gmsm.ca.


text:
Professor of Neuroscience and Pharmacology
Molecular studies of ion channel structure and function; synaptic transmission and plasticity in the mammalian brain.
Office: NYS Psychiatric Institute | Kolb Annex, 6th Floor| Room 625
Telephone: 212.543.5246
Fax: 212.305.8780
Current Research
The Siegelbaum laboratory is interested in how ion channels regulate the integration of synaptic information in the dendrites of neurons in the hippocampus to control memory storage. We focus on the HCN1 hyperpolarization-activated cation channels, which are targeted to the distal dendrites of CA1 pyramidal neurons, the major output of the hippocampus. Our results show that HCN1 acts as an inhibitory constraint of dendritic integration and of learning and memory; deletion of these channels in a knockout mouse enhances long-term synaptic plasticity and facilitates learning.
How are HCN1 channels targeted to CA1 dendrites to control memory storage? We identified an auxiliary subunit of HCN1 named TRIP8b, which is expressed in the brain as ten splice variants. One isoform that upregulates HCN1 expression is localized to dendrites, where it directs channel trafficking. One isoform that downregulates HCN1 expression is present in axons, where is acts to prevent channel mislocalization. Thus, the concerted actions of two splice variants with opposing effects on HCN1 expression ensure the channel's proper dendritic localization.
How do hippcampal neurons that normally lack HCN1 differ in their processing of synaptic information from CA1 neurons? Dendrites of CA2 neurons, near neighbors to CA1, lack high levels of HCN1. This imparts CA2 dendrites with unique properties that enable these neurons to form the nexus of a powerful disynaptic circuit, directly linking cortical input to hippocampal output. Using a novel mouse model we are now examining the role of CA2 neurons in memory storage and in neurological and psychiatric diseases.
Selected Publications
1. George, M.S., Abbott, L.F. and Siegelbaum, S.A. (2009). Hyperpolarization-activated cation channels inhibit EPSPs by interactions with M-type K+ channels. Nature Neurosci. 12, 577-584.
2. Ahmed, M.S. and Siegelbaum, S.A. (2009). Recruitment of N-type Ca2+ channels during LTP enhances low release efficacy of hippocampal CA1 perforant path synapses. Neuron 63, 372-85.
3. Santoro, B., Piskorowski, R.A., Pian, P., Hu, L., Liu, H., Siegelbaum, S.A. (2009). TRIP8b splice variants form a family of auxiliary subunits that regulate gating and trafficking of HCN channels in the brain. Neuron 62, 802-813.
4. Chevaleyre, V. and Siegelbaum, S.A. (2010). Strong CA2 pyramidal neuron synapses define a powerful distynaptic cortico-hippocampal loop. Neuron 66, 560-572.
5. Piskorowski, R., Santoro, B. and Siegelbaum, S.A. (2011). TRIP8b splice forms act in concert to regulate the localization and expression of HCN1 channels in CA1 pyramidal
neurons. Neuron 70:495-509.


text:
Caf Banana
House plants
About Us
It all started with a dream of the good life, when thirteen years ago we packed up the kids and left the bustle of London for rural Devon. We were keen for a slice of land we could call our own and so in 2006 we took on Withleigh Nurseries, which had been well established for over 25 years. We loved it's setting, nestled amongst the rolling hills, facing south to catch the sun on a terraced slope through which visitors could wander and choose their plants. Owning Withleigh has given us the opportunity to get our hands dirty and watch our plants and our lives grow.
It has always been important to us to concentrate 100% on the plants and our approach is passionate. We are proud to be celebrating our 10 year anniversary with our new nursery makeover. Our range is specially chosen to offer you a wide variety and it's growing all the time.
We are delighted to announce the opening of our new Cafe in September 2016.
Serving light lunches, home baked cakes,soft drinks, teas and great coffee.
Cafe Banana is open from !0am to 5pm Tuesday to Saturday.
Thanks for visiting.
Terry and Melissa
A refreshing change
We stock a wide range of herbaceous perennials
Cosmos atrosangiunium
Digitalis 'Apricot'
Eucomis 'Sparkling burgandy'
Summer bedding
Flowering tubs for delivery
Heucheras growing on in the polytiunnel


text:
German spy agency 'illegally restricted' supervision of its abuses – data safety commissioner
The paper examined how the BND data collection center in the southeastern city of Bad Aibling monitored the telecommunications data of German citizens. The 60-page report was initially obtained by NDR and WDR media outlets and was also posted online by the netzpolitik.org website.
In the leaked document, dating back to March 2016, Federal Data Protection Commissioner Andrea Vosshoff claimed the BND clearly hampered her attempts to investigate the agency's work.
"The BND has illegally and massively restricted my supervision authority on several occasions. A comprehensive and efficient control was not possible […] these are grave legal infringements," Vosshoff stated.
She noted that the intelligence service specifically impeded on her attempts to investigate so-called 'selector' lists of keywords used by BND to search for and identify information relevant to a certain case from databases and data flows. These include phone numbers, emails, chats, content from public social media, messages in web forums, geographic coordinates, keywords etc.
According to Vosshoff, who is responsible for monitoring the activities of government agencies with respect to citizen's rights on personal information, the "BND has collected personal data without a legal basis und has processed it systematically."
The commissioner pinpointed 18 severe legal violations and filed 12 formal complaints in seven fields of the service's activity, detailing attempts to block her inquiries as one of them. Vosshoff went on to say in her report that despite BND's claims that the "information is essential" it cannot "substitute a missing legal basis".
The facility in Bad Aibling and the "selectors" scandal made headlines back in 2015, when it became apparent that BND had been spying on European politicians and companies for America's NSA (National Security Agency) for over a decade. In exchange for data sharing, BND took the lists from the NSA and added them to their own monitoring system.
While German intelligence never checked the content of the lists, it was only after Edward Snowden's revelations in 2013, that an investigation into was launched. Further probes revealed that 40,000 selectors actually violated German and western European interests.
In the wake of the scandal then-chief of BND Gerhard Schindler was removed from his post in spring this year.
In her report Vosshoff also criticized BND's use of the NSA search tool known as "XKeyscore." The tool scouts the information not only of a person investigated, but also of numerous others, who "are not related" to the case, the commissioner argued.
Following the leak, the German MP from the Green party Konstantin von Notz, who is also the head of the parliamentary committee on the NSA, praised the findings. The MP stated that BND's actions "with regard to the highly sensitive issue of privacy have obviously been unlawful."
Meanwhile Martina Renner from the leftist Die Linke party called the findings "terrifying."
While the BND-outpost in Bad Aibling became the target of the latest investigation, the German Die Zeit writes that several more similar data processing services are located in Schöningen (Lower Saxony), Rheinhausen and Gablingen (Bavaria). The compounds are collecting metadata from all over the world amounting to some 220 million data points a day.


text:
Tell your story
Storify is a social network service that lets the user create stories or timelines using social media such as Twitter, Facebook and Instagram. Storify was launched in September 2010 and has been open to the public since April 2011.
Users search through multiple social networks from one place and then drag individual elements into stories. Users can re-order the elements and also add text to help give context to the readers.
Media organizations have used Storify in coverage of ongoing news stories such as elections and meetings and events. Poynter.org recommended using Storify for covering social movements, breaking news, internet humor and memes, reactions and conversations, and extreme weather. CBC used Storify to cover the 2011 London riots, TRT World used Storify to cover the UK general election 2015 and Al Jazeera has a show called "The Stream" that collects perspectives on news stories using Storify.
The main purpose of Storify is to allow users to create stories by importing content from various forms of media into a timeline. Users can search for content related to their story from sources such as YouTube, Twitter (one of the more popular ones), Instagram, Flickr, and Google, as well as other stories on Storify, and then drag that content into their own Storify story timelines. Users can add comments to the links that they provide within their stories, and can also embed URLs in their stories. Users can also embed their own Storify stories for content syndication elsewhere on the internet.
From Wikipedia, the free encyclopedia Storify
|Don't get lost in the noise. Discover the voices worth sharing


text:
(Reuters) - TP ICAP (TCAPI.L) has chosen Paris as its European Union hub once Britain leaves the bloc, attracted by the city's focus on banking and asset management, its new CEO said on Tuesday, as the world's largest interdealer broker posted lower first-half profit.
Nicolas Breteau, who took over as CEO last month after his predecessor was fired, told reporters on a call that TP ICAP had spoken to regulators in Frankfurt, Amsterdam and Paris before picking the French capital as its EU headquarters post-Brexit.
Paris is competing with Frankfurt, Dublin and Luxembourg to win finance jobs in the wake of Britain's departure from the EU next March.
London will remain the company's headquarters, said Breteau, a Frenchman who also holds a British passport. The company did not plan to "move many jobs out of London," he said.
Lower volatility in financial markets has hurt the company as investors reined in risk-taking and stock markets racked up a decade of gains. TP ICAP said pre-tax profit fell 52 percent to 34 million pounds ($44.03 million) in the six months ended June.
TP ICAP, however, said conditions in financial markets had been "supportive" in the first half, with an increase in equity volatility at the start of the year, helped by rises in the U.S. federal fund rate.
The company's shares were down 1.8 percent at 287.2 pence at 0828 GMT.
The company fired its previous chief executive, John Phizackerley, last month and warned rising costs related to Britain's EU exit and the EU's new rules on market transparency, MiFID II, would see profit fall short of expectations this year.
TP ICAP said on Tuesday it expects 2018 results to be in line with current market expectations.
"Today's interim results were broadly as expected and is the first stage in rebuilding confidence after the shock warning in July," Peel Hunt analyst Stuart Duncan said.
(GRAPHIC: TP ICAP trails tech focused NEX Group - tmsnrt.rs/2vprxBF)
France has decided to pare back financial regulations to EU minimums and introduce new tax incentives to make Paris a more attractive finance hub.
Most of these changes are planned for the end 2018, as countries across the EU battle to attract bankers from London amid uncertainty over the impact of Brexit on the region's biggest financial centre.
TP ICAP operates in Frankfurt, Paris, Amsterdam, Madrid and other locations in Europe. The company has been in Paris for over 20 years.
The company also said iSwap, a London-based electronic trading platform for over-the-counter interest rate derivatives, was expected to choose Amsterdam as its EU hub. TP ICAP is a major shareholder in iSwap.
TP ICAP was formed by Tullett Prebon's buyout of its main rival ICAP's voice broking business, and the deal reflected the growing strains on one of the City of London's trademark industries - the phone-toting brokers who acted as go-betweens for major banks and financial firms in currency, energy and interest rate markets.
Reporting by Noor Zainab Hussain in Bengaluru; Editing by Bernard Orr and Adrian Croft


text:
FabFilter Pro-C 1.12 (Mac/Win) Review
FIG. 1: At the bottom of Pro-C''s GUI, animated displays dynamically show the value of several I/O and compression parameters.
Does the world need another compressor plug-in? In the case of the FabFilter Pro-C, the answer is a resounding, "Yes." Outstanding sound quality, parallel compression, and unmatched sidechaining capabilities are enough to raise mix engineers'' eyebrows. But mastering engineers should also take note: Pro-C is one of only a few plug-ins that offers high-quality mid-side (M-S) compression.
Pro-C''s 64-bit internal processing promises virtually unlimited headroom. The cross-platform plug-in comes in AU, RTAS, and VST formats. I tested the AU version in MOTU Digital Performer 6.02 using an 8-core 2.8GHz Mac Pro running Mac OS X 10.5.4.
That''s So Classic
Pro-C offers three modes of compression: Opto, Clean, and Classic (in ascending order of inherent knee hardness). You can also choose a relatively softer or harder knee for each mode, as well as tweak the input gain, input pan (for the 2-channel version), threshold, ratio (from 1:1 to infinity:1), and attack and release controls for each mode. The time constants for the three compression modes are program-dependent to varying degrees, but are also influenced by your manual settings. (Opto mode is the least program-dependent and Classic is the most.) A defeatable Auto-Release function tracks the amount of gain reduction to further adjust the release time.
Separate output-level and pan controls are provided for compressed and unprocessed signal paths, empowering you to fashion parallel-compression effects. Activate the Auto-Gain switch to have makeup gain automatically applied to the compressed signal. In M-S mode, the two output-pan controls become balance controls for mid and side channels'' levels. One pan control adjusts levels for compressed mid and side channels, while the other pan control sets levels for the unprocessed M-S signals. For the uninitiated, M-S processing separates a stereo input signal into center-panned components (audio common to both left and right channels, called the mid channel) and difference signals exclusive to each stereo channel (called the side channel).
FIG. 2: When you click on the Expert mode button, Pro-C minimizes its animated displays and shows controls for sidechaining and M-S operation.
Beginning engineers will love Pro-C''s insightful animated displays, which dynamically update I/O and gain-reduction levels and show the relationships between input levels and current control settings for knee, threshold, and ratio (see Fig. 1). Seasoned engineers may elect to disable these displays and halve their GUI footprint to focus their attention on Pro-C''s LED-style I/O and gain-reduction meters.
On the Side
When you enable Expert mode, controls for sidechaining and M-S operation appear in the GUI (see Fig. 2). The detectors can receive input filtered by Pro-C''s adjustable internal HPF and LPF sidechain filters, or they can be keyed from any external source (for example, another track) bused in to the plug-in by way of a dropdown menu.
Pro-C''s internal sidechaining capabilities are as flexible and powerful as those for any hardware or software dynamics processor I''ve seen. Four continuously variable gain and pan controls feed the detector inputs for left and right (or in M-S mode, mid and side) channels. The pan controls determine where each channel''s detector derives its signal, while the gain controls adjust the level of signal received by its recipient detector. For example, to compress only the side channel with only that channel feeding its own detector input, I first turned the gain for the mid channel''s detector all the way down so it virtually wouldn''t receive any input. Then I turned the side channel''s detector-pan control fully right to the side-channel position, limiting the detector''s input to receiving side-channel signal only.
Sound complicated? It is, but having so many controls allows you to set up any sidechain configuration imaginable. Examples include cross-channel compression (for example, the left or mid channel triggering compression in the right or side channel, and vice versa), channel linking (each channel''s detector input receives signal from both channels at once), fully unlinked channels, and even somewhat-linked channels (each channel feeding one or both detectors to the degree its gain control is turned up in the sidechain section). If all this sounds too confusing to hassle with, simply turn off Expert mode and operate Pro-C in its default stereo-linked mode.
Facilities for storing and recalling control setups in A and B workspaces—or alternatively, as permanent presets—are provided. Pro-C also allows you to control its parameters using a MIDI controller; MIDI-learn functionality aids setup.
I''m Crushed
Opto mode, with a soft knee, generally sounded the most transparent on lead vocals. Classic mode, with a hard knee and the internal HPF raised to 5kHz, provided world-class de-essing that was ultratransparent and effective.
Classic mode and parallel compression beautifully enhanced the crunch of double-tracked, hard-panned electric guitars while adding density. The hard-knee setting created a wonderful wall-of-sound effect without thinning the sound too much. A similar setup made drum-room mics sound positively explosive.
Clean mode, with a soft knee, sounded the most pleasing for stereo mastering, providing transparent yet effective control. Rolling off the bottom end in Pro-C''s sidechain made bass transients trigger the compressor less, resulting in a punchier sound.
Activating M-S mode, I could widen or narrow the mix and compress only the mid or side channel (or both). That said, using Pro-C''s pan controls to adjust the balance between mid and side levels seemed counterintuitive to me and caused unintended results when switching between M-S and stereo modes. For example, in M-S mode, turning the output-pan control clockwise from the noon position increased the side channel''s level relative to that for the mid channel. But when I switched to stereo mode to try something different, the retained (skewed) pan-control setting threw the mix''s imaging off to the right. I could work around this workflow snafu by storing my current stereo setup into Pro-C''s A workspace and my M-S setup into Pro-C''s B workspace (always using the workspaces to switch modes).
For M-S mastering applications, a better and more intuitive design for Pro-C would be to use the output-level controls for M-S level balancing. You could then use the output-pan controls to adjust imaging for the side channel. You can use the input-pan control as is to center the mid channel.
In addition, Pro-C arbitrarily retains sidechain control settings when switching between stereo and M-S modes. As these modes often require different setups, this is not optimal. Again, the A and B workspaces provide a workaround.
Something for Everyone
Pro-C sounds outstanding on a wide variety of individual tracks and full mixes. Innovative displays aid the beginner in understanding basic compression setups. A boon to professional mastering engineers, Pro-C is one of the few plug-ins that currently offers M-S compression, and its sidechaining capabilities for both stereo and M-S processing are unequaled.
That said, Pro-C''s Expert mode would be much more user-friendly if it had independent sidechain, level, and pan controls for stereo and M-S modes. The GUI''s implementation of M-S balance control is particularly flawed. Mix engineers who never touch M-S processing, however, will find Pro-C''s GUI to be nearly faultless.
Despite its interface shortcomings, I''ll continue to use Pro-C (including its M-S processing) in my professional work—the tradeoffs are worth it. Pro-C is a versatile and wonderful-sounding plug-in that, most notably, fills an important gap in current mastering offerings. And at $199, the price is right.
EM contributing editor Michael Cooper is the owner of Michael Cooper Recording in Sisters, Ore. Visit him at myspace.com/michaelcooperrecording.
Click on the Product Summary box to visit the FabFilter Pro-C product page


text:
Will Ranchers Finally Eliminate Wolves?
By Richard Conniff for TakePart.com
According to a new study, ranchers should be working to prevent predator attacks in the first place by managing their herds more actively.
Ever since the 1995 reintroduction of the gray wolf to Yellowstone National Park and central Idaho, ranchers in the region have loudly complained that their herds end up paying a heavy cost. Lately, as a result, they've taken to trapping and shooting wolves at seemingly every opportunity.
Hunters have already exterminated more than a third of the 1,600 wolves that were thought to live in Wyoming, Montana, and Idaho in 2012, when the U.S. Fish and Wildlife Service ended endangered species protection for gray wolves there. Environmentalists now worry about the danger of a new regional extinction. Ranchers and some state wildlife officials meanwhile seem to be ardently working to achieve it.
The wolves are no longer safe even within a protected federal wilderness: Just last week, facing a lawsuit by environmental groups, the State of Idaho recalled a hunter it had sent into the Frank Church-River of No Return National Wilderness Area to kill wolves there. Environmentalists claimed a small victory. But state officials said the hunter had already killed nine wolves and presumably eliminated the two wolf packs thought to inhabit the wilderness.
In this combative context, a new study in the American Journal of Agricultural Economics reports the disturbing conclusion that the ranchers are right about at least one thing: The cost.
Together with his co-authors, Joseph P. Ramler, a graduate student in economics at the University of Montana, examined detailed livestock records over 15 years for 18 ranches in western Montana. Ranchers there typically graze cattle for part of the season on their own pastures, and then, for much of the summer, turn them out onto federal forests and grasslands. Ten of the ranches had lost calves to wolf attacks, and eight hadn't.
Calculating the loss from an attack is relatively easy, and states have programs to compensate ranchers for the direct loss. But ranchers also complain, according to Ramler and his co-authors, that "wolves decrease the average weight of calves by stressing mother cattle, increasing movement rates, or encouraging inefficient foraging behavior."
That is, the cattle have to spend a lot more time looking around for danger, and a lot less with their heads down in the grass. The study set out to determine if ranchers are simply crying wolf, "or is there evidence that wolves have indirect effects on calf weight?"
Continue reading at http://www.takepart.com/article/2014/01/31/getting-ranchers-tolerate-wolves–its-too-late
Category: Featured Articles, Mother Nature, TakePart
Comments (4)
Trackback URL | Comments RSS Feed
People just won't be happy until they wipe all God's animals off the
face of the earth.
Maybe toss them off the Public LANDS and stop using their product! IF they won"t leave the the Wolves alone! And they WON'T ! RELIST the WOLVES! WE NEED THEM!
Why the hell we can't get rid of these ranchers instead? The amount of lies they tell about wolves are not based on any scientific evidence to support their excuse to kill these magnificent animals. They just want to eliminate these creatures. It is a very pathetic mindset these people have. Sadly too the Interior Secretary Sally Jewel is on the side of the ranchers. Does she and the ranchers wish to destroy our wonderful wildlife that is on top of the natural food chain to sustain the ecosystem? The Obama administration has been too easy, callous and indifferent on this issue.Obama and most Americans do not realize, like the ranchers, that wolves too are an important part of the ecosystem and they contribute to the wildlife heritage of the country. Mother Nature had the wolves there for a reason. Humans bring their cattle and get rid of the wolves. How stupid and selfish can Americans be.
A most excellent description/explanation/rationale of the value of wolves in an ecosystem by George Monbiot in a video. Go to http://sustainableman.org/
Having viewed this video, even Secretary Jewel would vote "wolves" over rangers, ah, ranchers.


text:
Political leaders met for the first time in nearly five months yesterday for talks designed to bring calm to Lebanon, which has seen bombings and threats to bring down the government by mass demonstrations.
The leaders met in the parliament building in downtown Beirut at the invitation of speaker Nabih Berri, who has warned that unless they settled their disputes, the country would face "dangerous" destabilization.
Hundreds of police officers and soldiers cordoned off parliament in a major security operation that caused huge traffic jams in the city center.
The main items on the agenda are the demand by the militant Hezbollah group and the mainly Christian faction of Michel Aoun for the formation of a new coalition government and a new electoral law.
All the participants of the previous "national dialogues" attended yesterday's meeting, except the leader of Hezbollah, Sheik Hassan Nasrallah, who sent his party's chief legislator, Mohammed Raad, because of Israeli threats to assassinate him.
Last week, Nasrallah caused a stir when he announced that Hezbollah wanted the Cabinet to be reshuffled so as to give his party and its allies a third of the 24 ministerial positions -- effectively veto power.
Nasrallah said that if Prime Minister Fuad Saniora did not grant this, Hezbollah supporters would stage mass demonstrations to bring down the government.
The US accused Syria and Iran, which back Hezbollah, of trying to topple Lebanon's government -- a charge that Syria denied.
Saniora said Nasrallah's demand would be discussed in the all-party talks. And a Christian faction that supports his government threatened to bring its supporters on to the streets if Hezbollah staged large protests.
Pro-government parties want this week's talks to include the future of President Emile Lahoud, a staunch pro-Syrian whom they have been trying to oust for more than a year. Lahoud has rejected repeated calls for him to step down.
The all-party talks began in March but have not taken place since June 25 because of the 34-day war with Israel that began the following month. In the previous sessions, the leaders repeatedly failed to reach consensus on the future of Lahoud and the UN Security Council demand for the disarmament of Hezbollah.
Six bombs have detonated in Beirut in recent weeks, wounding six people.
Last year, much larger bombings targeted anti-Syrian figures and commercial centers in Christian areas. The largest explosion was in February last year, killing former prime minister Rafik Hariri and 22 others in central Beirut.


text:
LinkedIn basics for your social marketing plan
Join the 100,000+ social media professionals using Hootsuite Academy
- Track your progress
- Access community discussions
- Test yourself
Video Transcript
Launched in 2003, LinkedIn is the world's largest professional network. LinkedIn houses your professional presence online, and also allows you to stay in touch with colleagues and friends, find experts and new ideas, and explore opportunities within a broad network of professionals. Students and recent college graduates make up LinkedIn's fastest-growing demographic.
Your LinkedIn profile serves as a standing resume that showcases your expertise, experience, and education. Your profile is discoverable through the millions of LinkedIn searches conducted daily. In order to stay competitive, you can discover insights about other companies, industries and individuals, allowing you to make better-informed career and business decisions. With a premium subscription, users are able to expand their searches, zero in on leads and connect with people outside of your networks.
LinkedIn Company Pages provide businesses with immense opportunities to connect with the largest online network of job seekers, employees, potential customers, partners, and more.
Individuals can follow LinkedIn Company pages to stay up to date with new developments from companies they're interested in, compare products and services, and track potential business opportunities.
HR teams can leverage LinkedIn's vast network of professionals to promote job opportunities on your company page. This allows job seekers to reshare job postings and provides opportunities for interested candidates to reach out to someone in your company directly. Additionally, HR teams can save time by using LinkedIn in the screening process to verify potential candidates by going through their profiles.
Your sales teams can utilize LinkedIn's powerful search capabilities to identify new leads and connect with industry thought leaders. Sales reps can also initiate conversations and engage with potential customers or people in your industry on LinkedIn Groups.
Marketing teams can promote new products and services as well as create brand awareness by sharing valuable content on company pages. A LinkedIn Company page is a valuable tool that allows businesses to connect with millions of professionals and potential customers as well as other businesses.


text:
Executed with Northern European creativity, charm, flexibility and humility and Mediterranean organisation, leadership diligence and appetite for hard work, the European rescue plan – "the grand compact" – is failing.
Wrong Medicine
The EU response has relied on two mechanisms – the ECB and the European Financial Stability Fund ("EFSF").
The ECB has financed the beleaguered countries by buying their bonds in the secondary market (around Euro 75 billion) and also by financing banks, against collateral of increasingly questionable quality such as Greek government bonds. There are allegations that the ECB and other European central banks have also used the Euro-zone payments system to lend money (around Euro 300 billion) to the crisis-stricken members. All this while the ECB has publicly been critical of banks, which are "addicted" to and substantially reliant on ECB financing.
The "temporary" EFSF due to terminate in 2013 proved poorly designed. Instead of the touted Euro 440 billion, the fund had only the ability to lend around Euro 250 billion, due to structural flaws. The EFSF is now to be replaced by the "permanent" European Stability Mechanism ("ESM") which will have lending capacity of Euro 500 billion, the originally proposed level.
The Euro 500 billion ESM facility too has deep structural flaws. It relies on a similar mechanism to the original EFSF to achieve its AAA rating – a system of separate guarantees and capital. The Euro 500 billion fund is theoretically backed by Euro 80 billion in cash and Euro 620 billion in guarantees from Euro-zone members.
The Euro 80 billion will only be provided over 5 years starting in 2013. In part, this was a concession to member countries, including Germany, who were reluctantly politically to provide the cash except on deferred terms. There is provision for speeding up payments into the funds if required, for example, by the need for additional bailouts. The facility also provides for member countries to provide cash to support the ESM, where its credit rating falls below a specified threshold to reduce the performance risk.
As with the EFSF, the reliance on Euro-zone members guaranteeing each other is problematic. Some of the guarantors are themselves are vulnerable with the real and contingent liabilities. For example, every Euro 100 billion provided by the ESM increases Italy's potential liabilities by Euro 18 billion, equivalent to 1% of the country's GDP, and Germany's potential liability by Euro 27 billion, also equivalent to 1% of GDP.
Drawings on the facility may result in a spiral of credit downgrades and cash calls. For weaker guarantors, their financial position may be undermined, potentially encouraging them to withdraw from the ESM itself. For stronger members, it places increased pressure on their support and weakens their credit rating and finances.
The position is made worse by the fact that non-common currency EU members may not be part of the new structure. The UK has indicated that it will not be part of the ESM, depriving the Euro-Zone members of a significant source of funding and support (around 14% of the EFSF).
The ESM perpetuates existing and introduces new problems. Access to the ESM funding requires unanimous agreement amongst the Euro-zone members. The ESM can provide loans only where the country agrees to accept EU/ IMF prescriptions for reformation of public finances and the economy. It will lend to the troubled country or purchase its bonds in the primary market, but not in the secondary market.
Unlike the EFSF arrangement, ESM funding would be senior to existing government debt (a standard feature of IMF rescues and bankruptcy financing, which was surprising excluded in the initial bailout condition). The ESM stipulates that restructuring is a requirement in the "unexpected" instance the government in question is determined to be "insolvent". In addition, from 2013, all future government bonds issued by Euro-zone nations will need to include collective action clauses ("CACs"), designed to make restructuring mandatory under certain conditions.
If the current financing pressures on the troubled economies continue, then the existing support mechanisms may be inadequate. The countries, which have already sought bailouts, may need to seek additional support if commercial financing sources remain unavailable to them. Maturing debt and projected budget deficits for Greece, Ireland and Portugal will require around Euro 300 billion in new funding between 2011 and 2013. If Spain needs to resort to the EU Funding mechanism, then the ability to provide additional would be severely strained.
In reality, an EU support mechanism of something in the order of Euro 1.5-2.0 trillion would be needed to ensure a credible ability to bailout the embattled economies. Some European Finance Ministers have already called for an increase in the ESM to Euro 1.5 trillion. The political support for and economic viability of a facility of this size is unlikely.
At the same time, the terms of the ESM, especially the subordination of existing lenders to bailout funding and the mandatory Cas will increasingly force lenders and investors to avoid funding vulnerable countries. In effect, this will ensure that the peripheral economies becoming increasingly dependent on EU support, triggering the negative spiral described.
Skin in the Game
The EU bailouts have always primarily focused on protecting European banks from the effects of a default by borrowers such as Greece, Ireland and Portugal.
In total, banks in Germany, France and the UK have exposures of over Euro 500 billion to these three countries. If exposure to Spain and Italy is included, the global banking system's total exposure increases to around Euro 2 trillion. The position is complicated by complex cross-lending arrangements. For example, banks in Spain, which may require support, have a Euro 70 billion exposure to Portugal and a Euro 13 billion exposure to Ireland.
Central to the European debt problems is the credit boom that took place following the introduction of the Euro. Prior to monetary union in 1999, interest rates charged on loans to individual countries better reflected risk of loss – from currency movements and ability to repay debt. The introduction of the Euro eliminated currency risk. Surprisingly, credit spreads fell sharply, reflecting a lack of differentiation between the credit quality of individual nations.
The mis-pricing of risk was driven by a belief that the entire Euro-zone was AAA rated because of the "implicit" support of Germany. An additional factor was the fact under Basel 1 and to a lesser extent under Basel 2 banking regulations, lending to sovereign nations attracted favourable capital treatment. The combination of these factors drove lending to the peripheral countries and their banks fuelling large credit booms which are now unwinding.
Much of this debt – in the form of sovereign debt, lending to banks and also structured securities based on mortgage and corporate loans – is held by smaller banks in France and Germany. If Greece, Ireland, Portugal and (ultimately) Spain have to restructure the debt, then these banks will suffer significant losses.
It is unclear whether banks, especially in Germany and France, have sufficient capital and reserves, to bear these losses. The IMF's bi-annual Financial Stability Report has consistently argued that the Eur-zone banks have not been recognised losses adequately. The inadequate 2010 stress tests conducted by European central banks and the ECB did not countenance the prospect of a sovereign default in determining bank solvency. There are suggestions that the underlying position of some European banks, especially German Landesbanks, is highly problematic.
In June 2011, Moody's changed its outlook on 13 mid-sized and smaller Italian banks to negative and warned it could downgrade the long-term debt ratings of 16 others. This followed its announcement that it had put Italy's sovereign debt on review for possible downgrade. Italian banks were less affected by the financial crisis due to conservative lending culture and high levels of domestic retail deposits. Despite these strengths, concerns about possible contagion from the peripheral countries and the problems of Italy itself in bailing out these countries are now increasingly problematic.
Default or restructuring of European debt, in all probability, will require State involvement in recapitalising these institutions. In essence, attention will switch from bailouts of sovereign nations to bailing out affected national banks.
ECB Hurt Money
Default or restructuring would also affect the ECB, which holds around Euro 50 billion of Greek debt alone. The ECB's total exposure to Greece, including lending to Greek banks and loans against Greek government bonds, is much higher – Euro 130-140 billion.
If Greece defaults, then the ECB could suffer losses as high as Euro 65-70 billion (say 50% of the amount advanced). The losses would almost certainly require recapitalisation of the ECB itself by Euro-zone members. As at 1 January 2011, the ECB had paid up capital of Euro 5.2 billion (due to be increased progressively to Euro 10.8 billion). The ECB is owned by the 17 euro-zone central banks with the combined capital of around Euro 80 billion.
The ECB's position on whether peripheral countries like Greece should be allowed to default increasingly appears to be complicated by its own vulnerable financial position. When Lorenzo Bini Smaghi, an Italian board member, stated that a Greek debt restructuring would be "suicide" he may have been referring to the ECB. Statements about Anglo-Saxon "vested interests" seeking the restructuring of Greek debt are now matched by the ECB's "self interest" in avoiding the same.
The effect on wider money markets of defaults is unpredictable. Depending on the quantum of losses and the recapitalisation requirements, the event could create concerns about affected Euro-zone banks, providing a channel for contagion in financial market. This could destabilise markets, transmitting the shock through high cost and reduced availability of financing, in a manner similar to what happened after the bankruptcy filing by Lehman Brothers in 2008.
Grand Confusions
The deeply flawed European strategy entailed providing financing to meet maturing debt and budget deficits at a time when markets were not open to the borrower or, at least, at reasonable rates. The EU/ ECB/ IMF funding would reduce borrowing costs to alleviate the pressure on public finances. The "temporary" measures would provide the country with the opportunity to reform its public finances and economy to make its debt burden more manageable. In time, the measures would allow the borrower to regain the confidence of commercial lenders and regain access to markets. As a corollary, banks would be able to build up reserves and capital against the possibility of some modest write-off as a result of some "minor" restructuring of debt, in the unlikely event that this was required.
Unfortunately, the premise that it was a "liquidity" rather than a "solvency" problem was incorrect. Breaking ranks, with other European central banks, Mervyn King, governor of the Bank of England, stated uncategorically that in his view it was an issue of solvency.
In reality, markets understood that the EU bailouts were a "get-out-of-jail" pass for poor lending decisions. There was no way that any of these nations would ever be able to service or repay current and projected levels of borrowing. The EU facility provided a means for the distressed nations to repay maturing debt and finance their deficits. In effect, the EU and official bodies have replaced commercial lenders as debt providers.
The bailout plan did not lower the nation's interest costs or their access to markets. Interest rates on borrowing for Greece and Ireland are higher now than at the time of their bailouts. Despite the likelihood of EU support, Portugal's cost of funds is unsustainably high. Spain and other countries, such Italy and Belgium, seen as vulnerable by investors have seen their borrowing costs rise inexorably.
The bailouts have made its less not more likely that these countries will regain access to markets in the near future. As existing debts mature, the funding provided official sources, the EU, ECB and IMF, is increasing. As these countries need additional financing, the absence of private financing will increase this proportion even further, leaving them to bear the bulk of losses in any restructuring.
The lack of confidence reflects the failure of the rehabilitation plans and the continued unsustainability of the debt levels of these countries. The lack of economic growth and deteriorating public finances is not likely to reversed soon.
Even in the most optimistic scenarios, gross public debt in the most troubled economies will continue to increase as continued budget deficits will require financing. Greece's debt to GDP is likely to stabilise at around 160-180% around 2014/ 2015. Ireland, Portugal and Spain's debt to GDP will reach 125-140%, 100-115% and 85-100% over the same period. Italy and Belgium already have debt to GDP ratios above 100%, but their budget deficits are lower and they are less dependent of foreign investors. Italy, burdened with very high levels of debt and low growth, has recently been placed on "negative" creditwatch by Rating agencies.
Even at subsidised interest rates, the debt burden for Greece, Ireland and Portugal looks unsustainable, rendering the countries insolvent. Spain's position is better, but problems in the country's banking sector as the property boom unwinds would strain its finances significantly. Slower than forecast global growth would place even greater pressure on all these countries.
These concerns about solvency will drive the lack of access to private financing, especially post 2013 because of the subordination provision and the mandatory inclusion of CACs. The failure of the grand compact will increase pressure to ultimately restructure debt in some form at some stage.
In the near term, the EU and Euro-zone members seem likely to persist with the failed strategy. Portugal's bailout package will be financed by the EU, EFSF and IMF. Further funding needs will be accommodated as they emerge from the existing facilities as much as possible, until these are exhausted. The ECB will continue to support the bailout plans. German insistence on commercial lenders sharing some of the burden has wavered. Instead fuzzy ideas of a "voluntary" commitment of existing lenders to re-finance existing, maturing debt will gain traction.
Over time, the palpable failure of the bailout strategy – extend and pretend – will progressively be revealed. Pressure will emerge to improve the term of the bailout package.
Already, Greece has received reductions in interest rates on bailout funding and some extension in the terms of the financing. The need to provide additional funding to Greece of around Euro 120 billion is already under discussion. In all probability, some deal will be done to provide the funds, against Greek promises that cannot and will not be met. There will be more and more of the same, in a desperate effort to avoid default or restructuring.
In the end, default or restructuring will become inevitable. Initially, minor changes, such as lowering coupons and extending maturities, perhaps as part of debt swaps, will be sought to manage the problem. Ultimately, a major restructuring, involving a significant write off of outstanding debt is likely. This is the case for Greece and perhaps the other peripheral countries.
Such defaults would be the first by a developed country since 1948. As most of the debt is issued under local law, a swift restructuring is feasible by the agreement of a simple majority or super majority (say 2/3rd of lenders).
Based on history, a loss of around 30-70% of the face value of obligations is expected. The longer the time taken over the process, the greater the likely losses to holders of the obligations. The reason being that unless the debt burden is reduced early, continuing high servicing costs and deficits will continue to increase the level of write off necessitated to restore solvency.
A Matter of Political Classes
European decision making increasingly echoes Shakepeare's Richard II's lament: "I wasted time, and now doth time waste me." The EU and major Euro-zone members, notably Germany and France, lack the political courage or will to tackle the problem. The absence of an "easy" and "painless" solution means that career politicians and Euro-crats see no benefit in advocating the complex and messy process of default and restructuring.
European leaders dissemble that the debt crisis was the result of traders and financial markets. Anders Borg, Sweden's finance minister spoke of "wolf-pack markets". José Luis Rodríguez Zapatero, Spain's Prime Minister, blamed "cynical hedge funds", "cocky credit-ratings agencies" and "neoconservative capitalism". Greek Prime Minister George Papandreou accused traders of visiting "psychological terror" on his country. Michel Barnier, the European commissioner for the single market. accused financial institutions of "making money on the back of the unhappiness of the people". Mr. Zapatero also found fault with a duplicitous Anglo-Saxon press. In short, it seems anybody but the Europeans are to blame. Cognitive dissonance looms large.
Increasingly, the trajectory of the crisis is driven by political considerations. The denouement to the European debt crisis, probably some way off, will come via by the "street" or the ballot box.
In the afflicted nations, public protests and disturbances are increasing as the populace rejects greater austerity. Populist politicians, willing to reject the need for further "sacrifice" and repudiate the country's debt, hover in the wings. The argument that the country will be an international "financial pariah" don't carry much weight when you are already one with no one likely to lend you money any time soon. It also has less weight when you don't have a job and the country is on the brink of social breakdown.
For the countries that must provide the bulk of the bailout money, there is angst that the increased level of financing required by the problem borrowers has turned the EU into a "transfer union". Karl Otto Pöhl, the former head of the Bundesbank, stated that: "The foundation of the euro has fundamentally changed as a result of the decision by euro-zone governments to transform themselves into a transfer union. That is a violation of every rule. In the treaties governing the functioning of the European Union, it explicitly states that no country is liable for the debts of any other. But what we are doing right now, is exactly that. Added to this is the fact that, against all its vows, and against an explicit ban within its own constitution, the European Central Bank (ECB) has become involved in financing states".
The lack of decisive and timely action has allowed smaller political parties to gain momentum. Parties like Finland's True Finns and France's Far Right, rejuvenated under the leadership of Marine le Pen, have gained electorally on a policy platform of a mix of rejecting bailouts, nationalism, anti-immigration and other sundry forms of xenophobia.
Discontented and angry voters in Germany and other saving nations at some stage may also decide to call time on the fruitless and self-defeating support for the overly indebted Euro-zone members.
Having falsely linked the problem of over indebted states with the canards of the continuation of the Euro and the survival of the Euro-zone itself, Europe is increasingly drifting towards an inevitable, disastrous and destabilising debt crisis. Rather than amputating a gangrenous limb, European leaders risk poisoning the entire body fatally – weakening the financial positions of the stronger Euro-zone members and their economies, which are paying for the bailout and will suffer the losses when the inevitable defaults come.
Satyajit Das is author of Extreme Money: The Masters of the Universe and the Cult of Risk (due to be published in August 2011)


text:
The numbers don't "lie"… :P4
But they don't care, or read for that matter
RT @holesinthefoam: The numbers don't "lie"… 😛 – https://t.co/469UgvL6cZ #GopLiars #LyingTrump #NeverTrump https://t.co/I0sd7hif9c
Sometimes, I wonder if looking for "Truth" within the brackish and murky waters of political rhetoric might be just futile and misguided. Having said that, the chart is still interesting and relevant
It isn't futile and misguided. Facts matter.