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Thursday, 23 July 2015

Jeremy Corbyn & The Battle For The British Labour
(U.S. 'Labor') Party Leadership

I had taken up a long-standing invitation to visit ********* at his beautiful quaint home – **** Manor – in Cambridge.
I decided to let the train take the strain as we were intending to get some pub grub and pork belly at one of his favorite local dens.
It was a very beautiful Summer's day.
He collected me from the station and we spent the sweltering morning walking the lengths of his inner courtyard and gardens while he gave a few tips on elementary botany for the layman and introduced me to his treasured plants and flowers, each by nomenclature.
As we strolled through the gardens I recalled a similar residence in Malta I had, many years ago, been invited to lunch at. The one in Malta was likewise breathtaking and I remember that the proprietor of the property told us that Her Majesty The Queen had actually stayed at this residence when she once visited the island. I cannot recall whether it was a stay for a few days or just a visit to the property to marvel at it's equally beautiful gardens.
(What I can now say is that our visit to Malta was hosted by Frank Salt Properties and this is the first opportunity I am taking to say thank you to Frank and his Staff for being such wonderful hosts, providing the warmest of hospitality and personal guides during our stay on the island.)
The setting for ****** residence in Cambridge could not have been more perfect.
For many years ******* had been trying to persuade me to move to Cambridge on the grounds that there are a better intellect class in residence here (and maybe one more to my liking?) than 'the jungle' where I was residing. He even had somewhere in mind for me to reside.
Sadly when you get too used to 'jungle life' it's very difficult to adapt to 'normality' and I think I would have ultimately found myself infinitely bored in the beautiful picturesque settings I was now enjoying (!)

Over lunch we discussed politics and some issues which did not appear in two of my books nor interviews but were nonetheless very topical.
After that we drove to see his primary and secondary schools, all hallowed, oaked and silent in the blistering heat of a very lazy day, with not a soul in sight just a few lovers strolling by the banks of the glistening and sparkling undulating waters.
I am not one of the world's greatest botanists but I think they were willow trees lightly dipping their boughs into the slow-flowing streams, hardly a gust in sight.

I will not give the exact circumstances nor location where I met Jeremy Corbyn just suffice to say that he had just come from seeing his son, then a Cambridge undergraduate. (His son graduated about two years ago.)
We spend the better part of an hour - just us - nobody else – chatting about everything.
Out of respect, I did not draw him into a discussion about any major political issues but we talked a lot about education in general and the (then) topical issue of climate change, the ongoing drought in Cambridge and it's effects on local farming.
This was not my first encounter with Mr Corbyn. Many years ago - perhaps as many as ten - I was debating with the same on BBC World Television about terrorism in the Philippines.
As I recall there was a third person partaking that BBC Panel debate.

I never agreed with Mr Corbyn's politics - which I am familiar with over many years - but at least he stands for something he believes in.
There are very few (perhaps a handful) of British politicians who are but 'party lackeys' - and all his rival contenders for the Labor Party leadership fit into this bag - with lots of room to spare for many many more of them.
They are all so dull and so predictable - the Socialist 'Nomenklatura' 'Class' in British Politics.
Jeremy Corbyn is the Socialist equivalent of Margaret Thatcher (and I did meet Margaret on many occasions.)
He is feared by the Labor Party nomenklatura because he actually stands for 'genuine' Socialist values – as opposed to their sham and deceitful politics - all carefully managed to fool the general public into believing that they represent 'the ordinary' folk.

I would not vote for Jeremy - but I respect the fact that he actually has something he treasures and genuinely believes in contrast to the 'Judases' now desperately seeking any and every nefarious and perfidious means to scuttle his bid for the Party's leadership.

In one sense he represents the political antithesis of Margaret Thatcher but in another he likewise shares her 'conviction politics' and is motivated toward a grander (utopian?) vision of mankind's existence, under a (rainbow) socialist umbrella.

Perhaps that is what British politics desperately needs - a real genuine alternative so that people can at least have a real genuine choice to vote on at a general election.

The campaign against Mr Corbyn has almost reached hysterical levels - with the end of the world being predicted if he is elected Labor Leader.
They have even dusted down the ghosts (and literally, guns) of old, rehabilitated Mr Blair and put him in the sparring ring to add the 'coup de grâce' as Corbyn lies pummelled and bleeding on the ropes from the blows and the knife wounds inflicted by Brutus et al.

It's unlikely that he will succeed in his bid for leadership of the British Labor Party as every political 'hitman' (or 'hitperson' as the politically correct Socialists would prefer to say) from the four corners of the British Isles has been press-ganged into service to 'get Corbyn' at any and at all costs.


As all those plotters against Corbyn, without exception, 'lie with dogs' (as the saying goes) I have no doubt they will all, ultimately, 'get up with fleas' (!)


©Patrick Emek, July 24th, 2015






Wednesday, 15 July 2015



Today, after two years of negotiations, the United States -- together with our international partners -- has achieved what decades of animosity has not:
A comprehensive, long-term deal that will verifiably prevent Iran from obtaining a nuclear weapon.
This deal shows the real and meaningful change that American leadership and diplomacy can bring -- change that makes our country and the world safer and more secure.
We negotiated from a position of strength and principle -- and the result is a nuclear deal that cuts off every pathway to a nuclear weapon.
I want to make sure every American knows what this deal means and how it works. Take a look here.
Because of this deal, Iran will not be able to produce highly enriched uranium or weapons-grade plutonium, the raw materials necessary to build a bomb. Here's why:
Under this deal, Iran will reduce its stockpile of enriched uranium by 98 percent, remove two-thirds of its installed centrifuges -- the machines necessary to produce highly enriched uranium -- and store them under constant international supervision.
To put that in perspective, Iran currently has a stockpile that could produce up to 10 nuclear weapons. Now, its uranium stockpile will be reduced to a fraction of what would be required for a single weapon.
Under this deal, Iran will modify its nuclear reactor in Arak so it cannot produce weapons-grade plutonium -- and all spent fuel from the reactor will be shipped out of the country indefinitely.
This deal is not built on trust -- it's built on verification. Under this deal, we will, for the first time, be in a position to verify that Iran is meeting all of these commitments. International nuclear inspectors will have access to Iran's nuclear program -- where necessary, when necessary. This is the most comprehensive and intrusive verification regime that we have ever negotiated. If Iran tries to divert raw materials to covert facilities, inspectors will be able to access any suspicious locations.
As Iran implements this deal, it will receive gradual relief from sanctions. If it violates any aspect of this deal, sanctions that have crippled Iran's economy will snap back into place.
Learn more, and get additional context, right here.
That's the deal.
It has the full backing of the international community. Without it, there'd be no agreed-upon limitations on Iran's nuclear program and other countries would feel more compelled to pursue their own programs, threatening a nuclear arms race in the most volatile region of the world.
Put simply: No deal means a greater chance of more war in the Middle East.
That is why it would be irresponsible to walk away from this deal. Moving forward, I welcome a robust debate in Congress on the details of this deal. As Commander-in-Chief, I am confident that this deal will meet the national security interests of the U.S. and our allies. So I will veto any legislation that prevents the successful implementation of this deal.
Our differences with Iran are real, and the difficult history between our nations cannot be ignored. But it is possible to change. The path of violence and rigid ideology; a foreign policy based on threats to attack your neighbors or eradicate Israel -- is a dead end. A different path -- one of tolerance, and peaceful resolution of conflict -- leads to more integration into the global economy, more engagement with the international community, and the ability of the Iranian people to prosper and thrive. This deal offers an opportunity to move in a new direction.
We should seize it.
Thank you,
President Barack Obama



Please do not reply to this email. Contact the White House

The White House • 1600 Pennsylvania Ave NW • Washington, DC 20500 • 202-456-1111



''This morning, the United States became the first country to reach Pluto -
and the first country to explore the entire classical solar system: Mercury, 
Venus, Mars, Jupiter, Saturn, Uranus, Neptune, and Pluto.
NASA's New Horizons interplanetary probe has been making its way to 
Pluto since January 19, 2006, and has been providing the world with the 
sharpest photos ever seen of our Solar System's most prominent 
 "dwarf planet." Today, it made its closest approach to Pluto yet-
 about 8,000 miles-at around 07:49:57 EDT.
Here's the photo they took - which, despite traveling at the speed of light (186,000 miles per second), took four and a half hours to reach us here on Earth as it crossed the 3 billion miles between here and Pluto:

Every once in a while, a photo comes along that has the ability to shift not
just how we see our place in the universe, but how we see ourselves - 
not just as Americans, but as citizens of Earth.
This is one of those photos, and I hope you'll share it with someone today.''
More soon --
John
Dr. John P. Holdren
Director, Office of Science and Technology Policy
The White House


Monday, 6 July 2015

The True Cost Of Exposure To Greek Restructuring of Debt


Total German Banking Exposure: €28 billion
€56 billion is owed to Germany as part of Greece's bailout. Please also note that the German Government has, effectively, 'underwritten' German banking exposure (above) by providing this 'loan' to Greece.
Nominally, therefore the German 'debt' owed by Greece is to the German Government and not to the German Banking sector per ipse.
A default however, would as much affect German Banks as it would the German Government in that it would seriously undermine it's ability to provide such 'cushions' should other similar crises occur, globally, simultaneously.
Keep in mind that China's economy is 'over heating' and the South American 'bubble' may be about to burst (Brazil, Venezuela, Chile, Bolivia and Ecuador should be of note here.)
The 'perception' of the German Government's exposure [and potential exposures and ability to respond as effectively as in the Greek situation] is also a key issue in global market stability.

Banks Most Affected:
Exposure (in Euros)

Credit Agricole [CAGR.PA]  € 4 billion

BNP Paribas [BNPP.PA]                            € 700 million

Societe Generale [SOGN.PA]                                 € 300 million
 
Deutsche Bank [DBKGn.DE]    €2.3 billion**


Commerzbank [CBKG.DE]                            400 million
Deutsche Bank                                                 * € 300 million

**According to a Bloomberg report on June 29, Deutsche Bank has a $2.3 billion exposure in Greece

*Official German government figure.

Why Deutsche Bank Is In My Focus
Of the total German exposure, 4.6 billion euros was to other banks, 3.6 billion euros to companies and private individuals, and 15.2 billion euros to state entities, the BdB said.
"The credit exposure of German banks in Greece is low," BdB head Thomas Kemmer said in a statement. "That's why, should it come to insolvency for Greece, the direct effects on German banks could be overcome.''

This statement itself is quite correct but it does not take into account DB's total global exposure -especially in the South American regions of Brazil, Argentina, Chile, in China and South East Asia - not to mention in Eastern Europe, the Caucasuses and in Russia.

What you often see are compartmentalized figures only focusing on one crisis.
[Please refer to my earleir blog references where the full problem which could affect DB, should several regional economies downslide, or politically motivated trade sanctions which adversely affect DB, are in effect.]
Hence the reason why the reinsurers and 'repackagers' of debt – be it the German Government taking on [or underpinning] 'corporate' debt or other major institutions could be critical should their perception of market trends turn negative.

Detailed Analysis of The Total Banking Exposure To Greek Restructuring Of Debt

To Whom The Debt Is Owed                            Amount

Greek Banking Sector                                   € 11 billion

Bank of Greece                                                        € 4 billion

European Central Bank [ECB]                       € 20 billion

International Monetary Fund [IMF]           € 32 billion

France                                 € 42 billion

Germany (as part of the Greek bailout)

                       € 56 billion (see above)

Other Eurozone Countries
(as part of the Greek bailout)               € 34 billion

Other Bonds (investors)      € 49 billion

Other Loans (creditors)                           € 11 billion

Italy                                               € 37 billion


Spain                                                         € 25 billion


Foreign Banks                                                           €2 billion


TOTAL DEBT AT TIME
OF DEFAULT [30th June, 2015]
and restructuring negotiations
[to commence shortly]                       € 315 billion 




 *latest figure released by Bloomberg on June 29th and
also refer to Yahoo Finance today [9 hours ago, 7th July] at

http://finance.yahoo.com/news/deutsche-bank-stock-dropping-more-155114781.html

If you can find your way through the financial maze to the lighter side of this tragic comedy you might want to look up the following reference:



[If you are a banker you won't find anything here to laugh about so please do not visit the website – it's solely meant for ordinary folk trying to understand the 'bigger toys for bigger boys '- and girls!]

Please note the comments below of one very angry Greek citizen.
What he says at the above website about how the information is being presented in the European media, in general, is absolutely true, in fact.
This however does not change the figures outstanding - but it does explain why after 5 years of severe austerity it has been impossible for the Greek government to implement any meaningful economic stimulus to the economy.

Update:
Atc Stalikas ·

''Most of you are ignorant of the real facts. You are the victims of the international mass media propaganda that aim to discredit the country and humiliate its citizens. None of the money mentioned went to Greek people. If it was so the fate of the country would have been better today. All the money went to support their banks and passed the debt to Greece. It is about time to wake up and see the issue in its real perspective.''



©Patrick Emek, 2015


Other references:


Moody's downgrades credit rating on French banks Societe Generale and Credit       Agricole  

8761709/Moodys-downgrades-credit-rating-on-French-banks-Societe-Generale-








Sunday, 5 July 2015

''GREEK DEMOCRACY CANNOT 
BE 
BLACKMAILED''
[Alexis Tsipras, Prime Minister of Greece, July 5th , 2015]

referendum result:
39% in favor of continued austerity
61% in favor of revised negotiation of bailout terms with the European Union





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