Home » Posts tagged 'europe' (Page 2)

Tag Archives: europe

Olduvai
Click on image to purchase

Olduvai III: Catacylsm
Click on image to purchase

Post categories

Blain’s Morning Porridge – May 19 2020 – Yoorp Kicks The Can

Blain’s Morning Porridge – May 19 2020 – Yoorp Kicks The Can

“I don’t think I could stand another ten years of this fighting…”

Yesterday afternoon I set out to cure Coronavirus. I set up a new company, Splurgeldrug.Com, issuing our first press release about promising new drug trials, followed by another reporting how lab rats responded favourably to the first press release, and how confident of a vaccine in the near future we are. Splugeldrug.com stock went to $600 by teatime, and I currently negotiating the leveraged acquisition of a drug major… 

It’s that kind of market. Rumour and sigh abounds.. 

As a wiser heads than I have noted… most drugs take years to get to market, and less than 1% are ever approved. We still don’t have an effective vaccine for the constantly evolving and mutating annual flu. To bet the farm on a successful vaccine would seem reckless… 

Let’s be honest.. if we get a successful vaccine it will help speed global recovery, but it won’t undo the brutal economic damage that’s already been done. A vaccine will simply flatten the depth of the recession – not reverse it, and certainly not magically convert Q2 Earnings into positive numbers…  

Markets are not thriving because they expect a vaccine miracle. They are simply arbing governments and central banks. When Powell says he’s “not out of ammunition by a long-shot”, that’s a massive buy signal. Any positive news helps.. and as the central banks have got out backs, just ignore the bad stuff… 

(Oh dear… I suspect this will end badly…)

Yoorp – The Decline of the West, part 5826

Thankfully, I have something more significant and real(ish) to write about this morning… Yet again, for all the wrong reasons, it’s time to buy European distressed European Sovereign bonds. Wait for the them to tighten. Sell, then wait for the next crisis. 

…click on the above link to read the rest of the article…

Third Mega-Crisis in 12 Years: Eurozone Economy Plunges at Fastest Rate on Record

Third Mega-Crisis in 12 Years: Eurozone Economy Plunges at Fastest Rate on Record

First the Global Financial Crisis, then the Euro Debt Crisis, now the Big One.

In its 21 years of official existence, the Eurozone has already been through two brutal crises — the Global Financial Crisis and one of its own doing, the Euro Debt Crisis — that nearly tore the bloc apart. Now, it is in the grip of another one that is already exacting a larger toll than the first two, despite having barely begun.

The preliminary GDP in the first quarter for the Eurozone, GDP fell by 3.8%, according to Eurostat’s flash estimates (for the entire EU, it fell by 3.5%), “the sharpest declines observed since the time series started in 1995,” Eurostat said. This is despite the fact that most of the region’s lockdowns did not begin until mid-March:

All things considered, the Euro Area’s biggest economy, Germany, got off relatively lightly. It shrank by just (!!) 2.2% compared to the previous quarter. It was still its biggest contraction since the the Global Financial Crisis, more than a decade ago. German industrial production was particularly hard hit, tumbling by 11.6% year-on-year in March, when the lockdown forced factories to close. In Q4 2019, Germany’s GDP growth rate was already negative (-0.1%).

But many other Euro Area countries fared a lot worse. Of the four worst performing economies, three are the bloc’s second, third and fourth largest, France, Italy and Spain, which between them account for almost 45% of Euro Area GDP. The other was Slovakia. Spain, Italy and France suffered more cases of Covid-19 and resulting fatalities than any other countries in the Euro Area. They also imposed the most draconian lockdowns. The impact on their economies has been brutal.

…click on the above link to read the rest of the article…

Farm-Labor Crisis under COVID-19 Sends Countries Scrambling

Farm-Labor Crisis under COVID-19 Sends Countries Scrambling

Miserable, crowded living conditions of Europe’s foreign farm workers put them at much greater risk. And they’re staying away.

In one of the many paradoxes of the new world we live in, Western European countries that have seen millions of jobs wiped out in a matter of weeks are now facing an acute shortage of agricultural laborers.

Farmers in Germany, France, Italy, Spain, the UK and other parts of Western Europe have come to rely on huge numbers of cheap labor from Eastern Europe, North Africa, and Sub-Saharan Africa. Now, those workers are either no longer able to make it to the farms or are choosing to stay with their families in their home countries.

This is leading to an “alarming” shortage of farmhands, warns the EU in an as yet unpublished report. The report blames the shortage on two main factors:

  • The restrictions on the movement of workers between EU countries to combat the spread of Covid-19;
  • And the miserable, crowded living conditions in which many imported farm workers live, which put them at much greater risk of contracting the virus.

In Spain a record 900,000 workers dropped off Spain’s social security register of employees in the last two and a half weeks of March, yet farm associations are complaining that they’re short of over 100,000 workers to help pick the fruit, vegetables and tobacco that are now ready for harvest.

“Vineyards are paralyzed because there’s no one to install the conduction system; there are no day laborers to prune the olive trees or remove the weeds in the onion farms; there are not even enough hands to tie the garlic bundles”, says agricultural engineer Arturo Serrano. “All of these crops have work cycles that are governed by nature and cannot be postponed.”

…click on the above link to read the rest of the article…

Covid-19 Shatters the Facade of European Union

Covid-19 Shatters the Facade of European Union 

The new coronavirus and its accompanying disease Covid-19 has stopped the globe in its tracks. Governments, markets and news cycles have become dominated by the pandemic. Europe is now the epicenter for the disease, with reportedly more fatal cases of infection than China where the virus first erupted in December.

Several European Union countries have declared themselves states of emergencies, including Belgium, France, Portugal, Spain and Italy. The 27-member bloc has sealed off external borders. Some states, such as Poland, have begun closing borders with other EU members. Brussels, the administrative center of the EU, is alarmed because the much-vaunted single market and its core principles of free movement of goods and people is at risk of collapsing.

The European entity which proclaims solidarity and supranational status is reverting to a collection of nation states, each desperately fighting for their own survival amid the Covid-19 pandemic. EU leaders have been criticized for showing lack of central leadership and solidarity. When Italy first reported a surge in infections a few weeks ago, the rest of Europe was slow to respond with the necessary prompt assistance. Now Italy is such a grip of the disease – with thousands dead – that in some parts of the country normal funeral services reportedly cannot even cope with the number of deceased.

In blistering remarks this week, the Serbian President Alexander Vucic  lamented that there was “no European solidarity”. Serbia is a prospective member of the EU along with several other Balkan states, but Vucic said his country has received little in the way of aid from the EU in face of the coronavirus threat. Indeed, by contrast, the Serb leader extolled the generosity of China which has sent large shipments of equipment to combat the disease. Beijing has also dispatched aid cargoes and medical teams to Italy and other EU members to help them cope with their outbreaks.

…click on the above link to read the rest of the article…

Italy Goes Full “Wuhan”, Orders Most Restrictive Lockdown Yet, As Global Case Total Passes 300k: Live Updates

Italy Goes Full “Wuhan”, Orders Most Restrictive Lockdown Yet, As Global Case Total Passes 300k: Live Updates

Summary:

  • Massive surge in number of deaths and cases in UK, Germany, Spain, Italy, and France
  • New York, New Jersey deaths, cases accelerate
  • Italy goes under full lockdown
  • NY Gov Cuomo: “months, not weeks” to control virus
  • Ukraine declares total quarantine
  • Belgium sees 25% jump in cases
  • Saudi Arabia reports 10% spike
  • German gov’t ends years of fiscal restraint with 365 billion euro aid package
  • NYC airspace closed after positive Air Traffic Controller test
  • NJ declares full state lockdown; “will take action” for people not following precautions
  • FDA authorizes first 45-minute COVID-19 test
  • US Fiscal Aid package around $2 trillion (10% of GDP), Kudlow
  • Officials increasingly calling for the cancellation of the Tokyo Olympics

*  *  *

Update (1835ET): Even after threatening Italians in some areas with serious criminal penalties for violating their stringent quarantine orders, it seems Italy’s coronavirus containment efforts have failed.

After reporting another shocking jump in deaths, the Italian government has gone full “Wuhan”, ordering a complete shutdown of industrial production for 15 days.

In a speech delivered just before midnight on Saturday in Rome, Prime Minister Giuseppe Conte announced that he is ordering ALL non-essential businesses to be closed, and for Italians to stay home.

These measures are slightly more restrictive than the current measures, which allow Italians more freedom to move about their towns and communities. They will also likely result in a much larger economic hit, as Italy’s industrial stalwarts are forced to pause operation.

And just like that, an entire country – 60 million Italians – is now under ‘shelter in place.’

Elsewhere, as Middle Eastern countries escalate their crackdowns, Kuwait announced that it would start imposing a curfew between 5pm and 4am due to what the government called “non-compliance with Ministry of Health’s instructions to stay indoors.” Meanwhile, the UAE has closed beaches and parks for two weeks.

…click on the above link to read the rest of the article…

NYC Closes Schools Until April 20, US Death Toll Hits 64: Live Updates

NYC Closes Schools Until April 20, US Death Toll Hits 64: Live Updates

Summary:

  • NYC Mayor says NYC schools will close for at least a month starting Monday 
  • NY Gov Cuomo says NYC schools will close “early this week”
  • Mayor reports 4 new deaths
  • Italy reports largest one-day jump in cases; France also reports highest daily jump
  • CDC recommends postponing all gatherings for 8 weeks
  • US death toll hits 64
  • Pentagon says sailor aboard Navy ship has tested positive
  • Germany reports 1,000+ new cases bringing total to 5,813
  • Acting Homeland Security Secretary says lines at O’Haire are “unacceptable”, says wait times have been fixed
  • Illinois Gov closes all bars & restaurants for dining in
  • US death toll hits 58, 1st death confirmed in Oregon
  • Google CEO says country-wide virus info site to launch Monday
  • LA Mayor orders bars to close, may also close dine-in restaurants
  • NFL season start likely won’t be postponed, ESPN says
  • California confirmed cases climb 14% to 335
  • US confirmed case total hits 2,952
  • Wal-Mart, Stop & Shop cut hours
  • Connecticut, Mass. close schools 
  • Case in Conn. double over night
  • Netherlands closes schools, restaurants
  • Germany closes borders to neighboring states
  • Poland bars foreigners
  • West Virginia last US state that’s virus-free
  • Iran reports largest daily jump in deaths
  • Ohio closes bars, restaurants at 9pm Sunday
  • Trump speaks with grocery chain CEOs
  • Pence says he won’t be tested
  • NYC Mayor says ‘every option on the table’ when asked if considering complete shutdown of city + schools
  • Washington DC mayor orders nightclubs to close and imposes new restrictions on bars and restaurants
  • Federal limits on trucker hours suspended to help hospitals and supermarkets alleviate shortages of critical items

*  *  *

Update (2000ET): After cutting off domestic travel for all military personnel, the Pentagon has just confirmed that a US sailor aboard a ship has tested positive, according to Reuters.

…click on the above link to read the rest of the article…

Trump Bans All Travel From Europe For 30 Days; Tom Hanks Infected; NBA Suspends Season: Live Updates

Trump Bans All Travel From Europe For 30 Days; Tom Hanks Infected; NBA Suspends Season: Live Updates

Summary:

  • WHO declares Covid-19 is a pandemic
  • President Trump declares a travel ban from all European countries (not UK)
  • Tom Hanks, wife announce they have the Coronavirus
  • NBA suspends all games until further notice
  • Utah Jazz player Rudy Gobert has tested positive for coronavirus.
  • LA confirms first death
  • Seattle schools close for two weeks
  • Italy closes stores
  • MGM says guest at Vegas’s ‘The Mirage’ tested positive
  • Denmark closes schools, will send ‘non-critical’ public employees home to work
  • New Jersey case total climbs to 23
  • Juve player Daniele Rugani
  • DC Mayor declares public health emergency
  • Congressional doctor says up to 
  • Cuomo confirms 39 new cases in NY, raising total to 212
  • First death in Indonesia
  • Confirmed cases in France top 2,000
  • Washington State to ban events over 200
  • Details of cruiseline industry’s ‘health and safety proposal’ leak
  • ‘Waffle House’ employee in Atlanta confirmed
  • UK reports 7th death
  • Chicago cancels St. Paddy’s Day parade
  • NY sends in National Guard
  • IADB cancels meeting in Colombia as virus spreads across Latin America
  • Mnuchin says first part of virus stimulus plan will be ready in 2 days
  • Utah reportedly planning to shut public college and university campuses
  • Dr. Fauci warns virus 10x more deadly than flu and could infect millions if not handled early
  • Australia passes A$18 billion stimulus package
  • Seoul says 99 cases tied to call center
  • FEMA evacuates Atlanta office over coronavirus scare
  • 3 Boeing workers test positie
  • Washington DC advises cancellation or postponement of all gatherings with more than 1,000 people
  • Harvard to prorate room and board for students
  • US cases surpass 1,000
  • UK Health Minister catches virus
  • Ireland, Bulgaria, Sweden report first deaths
  • Connecticut declares state of emergency
  • UK total hits 456 following largest daily jump on record (83 new cases)
  • Global cases pass 120,000
  • South Korea reports new outbreak in call center
  • Japan reportedly planning to declare state of emergency

…click on the above link to read the rest of the article…

Europe Questions Italy’s Ability To Contain Outbreak After Hospital Helped Spread Virus: Live Updates

Europe Questions Italy’s Ability To Contain Outbreak After Hospital Helped Spread Virus: Live Updates

Update (0825ET): Bahrain has banned its citizens from traveling to Iran as it reports 9 new cases of coronavirus, raising the total cases in the tiny island kingdom to 17 in the span of 24 hours.

* * *

Update (0800ET): With his reputation under fire and his popularity slipping, PM Giuseppe Conte said Tuesday that he’s confident that the measures his government has put in place will contain the contagion in the coming days.

This comes after the PM admitted that a hospital in Lombardy inadvertently helped spread the virus by not adhering to certain health-care protocols. The PM has blamed the hospital for the outbreak in the north, raising questions about whether “the European nation is capable of containing the outbreak,” according to CNN. To put things in perspective, Italy now has 3x the number of cases in Hong Kong.

“That certainly contributed to the spread,” Conte said, without naming the institution concerned. The infection has been centered around the town of Codogno, around 35 miles south of Milan.

“Obviously we cannot predict the progress of the virus. It is clear that there has been an outbreak and it has spread from there,” Conte told reporters, referring to the hospital.

A team of health experts from the World Health Organization and the European Center for Disease Prevention and Control arrived in Italy on Monday to assist local authorities while some 100,000 remain under an effective quarantine.

Over in India, Trump added to his earlier comments by saying a vaccine is “very close”, even though the most generous estimates claim we need another year.

Market experts cited a WSJ report on a possible vaccine as helping market sentiment, though even that report made clear that human tests of the drug are not due until the end of April and results not until July or August.

…click on the above link to read the rest of the article…

Rabobank: Our Coronavirus Base Case Is Rapidly Shifting From “Bad” To “Ugly”

Rabobank: Our Coronavirus Base Case Is Rapidly Shifting From “Bad” To “Ugly”

Regular readers will know that our four projected COVID-19 scenarios were “Bad, Worse, Ugly, and Unthinkable”. Current news today suggests risks that the base case is rapidly shifting from “Bad”, meaning only China is impacted, to “Ugly”, where both emerging Asia and developed economies see soaring infection rates and deaths.

After all, following Vietnam, Iran now has eight deaths and an uncertain number of cases, prompting schools and universities to closed and the borders with Afghanistan and Pakistan to be sealed from the other side. For an economy already being crushed by sanctions, this is all that it needed. More worrying for markets, South Korea (with a GDP of over USD1 trillion) has also been swamped by hundreds of new cases, a 20-fold leap in just five days, and, as in China, is seeing the highest-level emergency declared, cities on lock-down, gatherings and travel bans in place, and the national assembly additionally suspended. Samsung has had to shutter at least one factory, in the city of Gumi. The Asian economy, already reeling, it about to suffer another major kick.

Worse, in Europe there also are over 160 cases in a cluster in northern Italy, with three deaths so far, and the regions of Lombardy and Veneto, the industrial and financial heartlands, in both panic and lockdown. Venice’s Carnival has been cancelled, and so was a recent fashion show. Italy is 11% of Eurozone GDP, and those two regions are 30% of Italy’s GDP. For a Eurozone already close to recession, that shock could well be more than enough to generate a downturn.

…click on the above link to read the rest of the article…

“Tsunami-Like” Coronavirus Floods South Korea With New Cases; Europe Begins To Isolate Italy: Live Updates

“Tsunami-Like” Coronavirus Floods South Korea With New Cases; Europe Begins To Isolate Italy: Live Updates

Summary:

  • In a report that was 4 hours “late”, China reported an additional 409 coronavirus cases across the entire nation, and 150 additional deaths as of February 23 compared to 648 additional cases and 97 deaths on February 22; this brought total China cases to 77150 and total deaths 2592
    • China’s Hubei province said it has 398 New Coronavirus Cases As Of Feb 23 and 149 New Coronavirus Deaths.
  • South Korea raised its national threat level to “red alert” for the first time since the H1N1 swine flu outbreak in 2009. The total number of confirmed cases in the country reached 763, a jump of 161 overnight, and a 25-fold increase in the past week.
  • The Italian government said it has 152 confirmed cases, up from three in a matter of days. Three people have died. Authorities have locked down about a dozen small towns and canceled events across the north, including Venice’s Carnival.
  • Iran has confirmed eight deaths related to the coronavirus, the most outside of China, media reported Sunday. South Korea confirmed its seventh death.
  • 4 more cases confirmed in UK
  • 200 Israelis quarantined
  • Japan confirms more cases; Japanese Emperor expresses hope for Tokyo Games
  • Trump says US has everything ‘under control’ as he asks Congress for more money
  • EU’s Gentiloni says he has ‘full confidence’ In Italian health officials
  • Turkey, Pakistan close borders with Iran as confirmed cases soar
  • Global Times says virus may not have originated at Hunan seafood market
  • Axios reports shortages of 150 essential drugs likely.

* * *

Update (2200ET): In a release that was about 4 hours late, China’s Hubei province said it has 398 New Coronavirus Cases As Of Feb 23 and 149 New Coronavirus Deaths. Overall, China reported an additional 409 coronavirus cases across the entire nation, and 150 additional deaths as of February 23 vs. 648 additional cases and 97 deaths on February 22. This brings the total number of cases across China to 77,150, and total deaths to 2592.

…click on the above link to read the rest of the article…

Can Europe’s Largest Economy Survive Without Coal?

Can Europe’s Largest Economy Survive Without Coal?

Germany Coal

One of the greatest moral dilemmas that has been creeping into the everyday activities of specialists working with coal, oil and in some cases even gas (despite its being perceived a natural bridge to a low-carbon future) could be phrased in the following way: how do you stop producing fossil fuels when you still have cheap ample reserves? In this context coal stands out – its relative inferiority in terms of environmental pollution prompted governments in developed economies to ban its future usage. Yet whenever its production is not curtailed by government-mandated cuts, producers simply continue to extract as much coal as possible. Straight in the middle of the so-called European approach to coal lies Germany, an erstwhile bulwark of the coal industry. Can it eventually survive without coal?

In stark contrast to oil and gas – of which Germany has traditionally been a major net importer and in both cases looking back to a more than 50-year history of depending on primarily Russian hydrocarbon riches – Europe’s leading economy has substantial reserves of coal, lignite in particular. In fact, Germany remains the world’s largest producer of lignite and burns most of it for power generation, accounting for some 22 percent of the nation’s gross electricity output. Ironically, lignite production is more COintensive than hard coal as it is done by extracting coal from open-cast pits, nevertheless, its mid-term future looks a lot better than that of hard coal mining in Germany.

Whilst lignite remains economically competitive, Germany’s hard coal production went downhill after the government ended its subsidy schemes. The last hard coal mine closed its gates in December 2018, ending a 200-year history of the Ruhr Region and potentially starting a new development phase of Westphalia, a geographical phenomenon inextricably intertwined with coal. 

…click on the above link to read the rest of the article…

Is Another Black Death on the Way?

IS ANOTHER BLACK DEATH ON THE WAY?

Plagues from the east are nothing new. The Black Death and other epidemics arrived in Europe from China during the 1300’s, killing a large percentage of its population. Much of this pestilence came from rats that stowed away on merchant ships coming from the east. 

At the end of World War I, another pandemic, wrongly called the Spanish flu, killed an estimated 18 to 50 million people in Europe and North America. 

Seventeen years after the SARS virus killed some 800 people in China and Canada and terrified the entire world, a new plague threatens the West: the Wuhan Coronavirus. 

Officially named 2019-nCoV, the new virus has so far infected over 800 people in China. This latest plague erupted in the central Chinese city of Wuhan, population 11 million, which is located on the Yangtze River and is an important hub for national communications.

Like SARS, the Wuhan virus is believed to have come from a live animal market that specializes in exotic animals from the Himalayas or China’s remote mountain regions. Serving exotic animals at dinner parties is a big status symbol in China. Sometimes they are even served while still alive. Dog meat is a favorite in northern China.

SARS was believed to have come from civet cats. As a result, thousands of these creatures were brutally killed. But it was later determined the virus originated from bats, then spread to other captive animals. Bat soup is another Chinese delicacy.

Keeping large numbers of captive animals crammed together in cages with poor ventilation and no cleaning is an ideal vector for viral diseases. Each year, China consumes 730 million pigs. Fifty percent of China’s factory farmed pigs have so far contracted lethal swine flu. Rising living standards have boosted demand for pork.

…click on the above link to read the rest of the article…

Europe Leads The World In Environmental Protection

Europe Leads The World In Environmental Protection

Earlier this week, the European Union unveiled their European Investment Plan aimed at shifting 1 trillion euros into making the economy more environmentally friendly over the next 10 years.

Statista’s Willem Rpoer reports that the investment plan is in line with European Commission president Ursula von der Leyen’s Green Deal, which looks to make the European continent carbon-neutral by 2050. Since taking office, Von der Leyen has made climate change her top priority.

European countries have typically been leaders in the fight against climate change, with many ranking lowest in carbon emissions globally and highest in environmental quality. The newest trillion-euro investment plan looks to solidify Europe as the global example for combating global warming as other continents like Asia and North America continue to produce high carbon emissions and lag behind in renewable energy sources.

n 2019, Yale University released their Environmental Performance Index (EPI) for all 180 countries in order to gauge which countries had the highest environmental quality and which had the lowest.

Infographic: Europe Leads the World in Environmental Protection | Statista

My Main Worry is Europe

My Main Worry is Europe

Can it get any better than this? That’s the question investors are asking themselves after an exceptional year. Despite a slowdown in the global economy and increasing trade tensions, almost every asset class is up for the past twelve months.

Mohamed El-Erian

Mohamed El-Erian is convinced that the world is nearing a tipping point. According to the internationally renowned economist who coined the term «New Normal», the faith of the global economy depends on a successful hand-off from monetary to fiscal policy and structural reforms. Otherwise, the world will sink into a mire of financial volatility and political collapse, he fears.

«As good as the ‹New Normal› was for the last ten years, I don’t think it will continue during the next ten years», says Mr. El-Erian in an extended interview with The Market.

In his view, Europe is getting much closer to a fateful junction. If the European economy hits stall speed, chances of a recession are increasing, Mr. El-Erian argues. Furthermore, he cautions that the U.S.-China deal will be a short-term truce since trade is no longer just about economics but also about national security.

Mr. El-Erian, investors are looking back at an amazing year with many turns and twists. What’s ahead for the financial markets in 2020?
There’s a tendency to what I call a «one issue market», meaning the market embraces a single issue and is influenced by that issue most of the time. For a long time, this issue used to be Central Banks, then it has evolved into trade. Trade will continue to be an important issue, even with the recent short-term truce. We have pressed the pause button on globalization. Now, the big question is if we press the play button again and continue to globalize as the market is assuming or if we step towards pressing the rewind button on globalization and deglobalize. That uncertainty is not going to go away. It’s going to be with us for the whole of 2020 because trade is no longer just about economics. It’s also about national security.

…click on the above link to read the rest of the article…

Changes are Coming in 2020

Changes are Coming in 2020 

QUESTION:  I have a question, you wrote :

“Those in Europe who have a position in cash, it may be better to have shares or a private sector bond or US Treasury. Given the policy in Europe of no bailouts, leaving cash sitting in your account could expose you to risk in the months ahead.”

For example, if one has a trading account with a bank, is leaving cash in the bank’s trading account immune to potential seizure indicated in your comment?

Appreciate your clarification,

AP

ANSWER: The risk in Europe is that there is no true rule of law. On the one hand, there is this policy of no bailouts for that would mean money could cross borders. Then there is the rising socialism which is turning into real hatred of the rich.

There is no definitive answer. Europe will do whatever it has to do when the time comes shy of doing the right thing. I have written before when Italy could not meet its debts on short-term paper, they simply decreed that your 90-day paper was now a 10-year paper.

Governments can do whatever they desire. We have no recourse against governments. No private company could act in such a manner. This is one primary reason why I believe governments should be prohibited from borrowing. People are fools for buying their paper and always expecting that this time will be different.

Olduvai IV: Courage
In progress...

Olduvai II: Exodus
Click on image to purchase