tag:blogger.com,1999:blog-29145872284676327112024-03-23T05:46:31.105+00:00The Pytheas BlogT H I N K ! ! !Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comBlogger109125tag:blogger.com,1999:blog-2914587228467632711.post-72583036458144356442024-03-23T05:38:00.002+00:002024-03-23T05:41:03.270+00:00The Telegraph: Rishi Sunak announces new gas power stations to ease risk of blackouts - Commentary by Harris A. Samaras<div class="separator" style="clear: both; text-align: left;"><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: medium;"><div class="separator" style="clear: both; text-align: left;"><span style="background-color: #fafafa; color: #333333; text-align: justify;">[First printed on <a href="https://x.com/HarrisSamaras/status/1767421423935459837?s=20" style="color: #009eb8; display: inline; outline: none; text-decoration-line: none; transition: color 0.3s ease 0s;" target="_blank">X</a> by</span><span style="background-color: #fafafa; color: #333333; text-align: justify;"> </span><a href="https://twitter.com/HarrisSamaras" style="background-color: #fafafa; color: #009eb8; display: inline; outline: none; text-align: justify; text-decoration-line: none; transition: color 0.3s ease 0s;" target="_blank">Harris Samaras</a><span style="background-color: #fafafa; color: #333333; text-align: justify;"> on March 12, 2024</span><span style="background-color: #fafafa; color: #333333; text-align: justify;">]</span></div><div class="separator" style="clear: both; text-align: left;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRAUND1YiJtT1wykDHsrG-P86kC8s7UNvAwNZ122tdhu6_V-zy5AxFICucwZTEZzHHQEn8-tjrfHE3ikUjG1xWdeO04vbLX-LX0DJTEQlprXTrTha0ceZAAbQB6Gvg4rwdhQfnmOGPQvs3xY-xLlcfai9UeQAPHv96MZX_5KHUxsjBhITT9M03G4Tt4mw/s636/Why%20gas-powered%3F.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="541" data-original-width="636" height="544" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRAUND1YiJtT1wykDHsrG-P86kC8s7UNvAwNZ122tdhu6_V-zy5AxFICucwZTEZzHHQEn8-tjrfHE3ikUjG1xWdeO04vbLX-LX0DJTEQlprXTrTha0ceZAAbQB6Gvg4rwdhQfnmOGPQvs3xY-xLlcfai9UeQAPHv96MZX_5KHUxsjBhITT9M03G4Tt4mw/w640-h544/Why%20gas-powered%3F.png" width="640" /></a></div><br />To ease the risk of blackouts U.K. to build extra gas-powered energy infrastructure despite PM's pledge to phase out fossil fuels to achieve Net Zero target.</span></div><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: medium;"><br /></span></div><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: medium;">Why gas-powered? Why not solar- or wind-powered? Because neither solar nor wind are dependable energy sources.</span></div><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: medium;"><br /></span></div><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: medium;">PM Rishi Sunak said he would not "gamble with our energy security". A hell of an oxymoron since Mr. Sunak has been an aficionado and staunch promoter of Net Zero. A slap also on the face of those who argue that renewable energy is more reliable and cheaper than fossil fuels.</span></div><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: medium;"><br /></span></div><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: medium;">Claire Coutinho, Secretary of State for Energy Security and Net Zero, also said: "The UK risks blackouts without new gas power stations. [...] as we continue to move towards clean energy, we must be realistic." In other words, Mrs. Coutinho admits that so far the government has not been realistic.</span></div><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: medium;"><br /></span></div><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: medium;">The manic pursuit of Net Zero is,</span></div><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: medium;"><br /></span></div><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: medium;">- contributing to the UK's (and Europe's) industrial wipe-out;</span></div><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: medium;">- leading the taxpayer to bankruptcy and/or lower standard of living;</span></div><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: medium;">- leading Europe whole to impoverishment;</span></div><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: medium;">- increasing the dependence of Europe to China and Russia.</span></div><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: medium;"><br /></span></div><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: medium;"><b>For an effective Energy Transition a balance must be pursued between Economic Development & Growth, Energy Security & Access, and Environmental Sustainability.</b></span></div><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: medium;"><br /></span></div><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: medium;">We had enough of the politicians' Green Lies! If the Energy Transition is not attempted "orderly" and sanely it will only cause pain and more pain!</span></div><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: medium;"><br /></span></div><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: medium;">The Telegraph article "<a href="https://www.telegraph.co.uk/news/2024/03/12/rishi-sunak-new-gas-power-stations-blackout-risk-net-zero/" target="_blank">Rishi Sunak announces new gas power stations to ease risk of blackouts</a>"</span></div><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: medium;"><br /></span></div></div><p style="text-align: left;"><span style="font-family: verdana; font-size: medium;"><br /></span></p><p style="text-align: left;"><br /></p>Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-92016036622384058102024-03-23T04:58:00.003+00:002024-03-23T05:03:24.387+00:00Financial Times: "Gold’s mystery rally baffles analysts" - Commentary by Harris A. Samaras<p></p><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium;"><span style="background-color: #fafafa; color: #333333;">[First printed on <a href="https://x.com/HarrisSamaras/status/1768396488290312346?s=20" target="_blank">X</a> by</span><span style="background-color: #fafafa; color: #333333;"> </span><a href="https://twitter.com/HarrisSamaras" style="background-color: #fafafa; color: #009eb8; display: inline; outline: none; text-decoration-line: none; transition: color 0.3s ease 0s;" target="_blank">Harris Samaras</a> on March 14, 2024<span style="background-color: #fafafa; color: #333333;">]</span></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><br /></span></div><div class="separator" style="clear: both; text-align: justify;"><div class="separator" style="clear: both; text-align: right;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJcSnjvdaHlOK1GK1MSSKEsi7YQL_JQxEYX4hrhp3jCpexWqL0oSzJ7eaLuUyWZDS1W4Q-O1CIr2jZjndkaR0mNAnCZCZk6bwwEtkkEnUw2bHLdsOPkhMJuEtsOs4WeNRuozqnZ6kJLQrICClXFJCv-NlBurWkMqIxU8u_XWrFwO0F49gi7dTWWj_fGNc/s951/Gold%20has%20hit%20record%20high.jpeg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><span style="font-family: verdana; font-size: medium;"><img border="0" data-original-height="540" data-original-width="951" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJcSnjvdaHlOK1GK1MSSKEsi7YQL_JQxEYX4hrhp3jCpexWqL0oSzJ7eaLuUyWZDS1W4Q-O1CIr2jZjndkaR0mNAnCZCZk6bwwEtkkEnUw2bHLdsOPkhMJuEtsOs4WeNRuozqnZ6kJLQrICClXFJCv-NlBurWkMqIxU8u_XWrFwO0F49gi7dTWWj_fGNc/s16000/Gold%20has%20hit%20record%20high.jpeg" /></span></a></div><span style="font-family: verdana; font-size: medium; text-align: left;">The price of gold has surged 7% in just over a week to hit record highs, and analysts are baffled. But why?<br /></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><br /></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;">When,</span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><br /></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><b>1. The purchase of gold by Central Banks has reached a level not seen since 1967.</b></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><br /></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;">After the mess they have created, how else are the Central Banks going to boost their balance sheets? How else are they going to improve and diversify their reserve base?</span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><br /></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><b>2. Inflation is persistent.</b></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><br /></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;">As gold is a hedge against (persistent) inflation (and price rises), its price is driven upwards when the value of the (gold-denominated) U.S. dollar (USD) falls or if there are fears that the USD value will (further) fall.</span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><br /></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;">Moreover, weaker USD is likely to drive the price of gold higher through increasing demand because more gold can be purchased when the USD is weaker.</span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><br /></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><b>3. The money supply (fuel for gold’s bull market) increases faster than the increase in real income and government spending is gone berserk.</b></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><br /></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;">Monetary mismanagement, negative real wage growth, diminishing purchasing power, and increasing defaults are undeniable facts. Confidence in the ability to repay debt through higher cost of borrowing (and higher inflation) is gone down the drain. Public deficits, another form of printing money, have skyrocketed. The evident insane accumulation of debt is ignored only by the “uneducated”, the deluded proponents of MMT, and government.</span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><br /></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;">The gradual but steady erosion of the USD as a reserve currency is also evident. The steady erosion of the USD’s purchasing power over time, unlike gold, is a design flaw inherent to all fiat currencies. The damage will eventually be paid by the investor and the taxpayer.</span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><br /></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><b>4. The threat of digital currencies is lurking around the corner.</b></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><br /></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;">If Central Banks start issuing digital currencies, and they seem adamant that they will, how else could investors protect themselves from the inevitable destruction of the collapse of money (the destruction of the value of currency) that is coming?</span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><br /></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><b>5. The financial system (and the profiteering by banks and the financial industry) is leveraged by opaque derivative products (through the use of ETFs).</b></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><br /></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;">When demand is high, ETFs diverge, impacting the price of gold, especially demand from large ETFs. Subsequently, gold retains additional value.</span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><br /></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><b>6. The threat of a recession is lurking around the corner.</b></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><br /></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;">In vain Government tries to disguise recession with deficits. In vain Government is attempting to polarize and brainwash with the myth of soft landing; Central Banks their coconspirators Both Government and Central Banks in vain are trying to prolong the recession and its impact, result of their foul plays. They tried to ignore inflation, they even asserted that it came from nowhere or that it is “transitory”, but inflation is still around. They tried to cook the numbers, they still do, they blamed supply chain and energy, they even blamed and still do climate. They told the people that everything is fine, and the investors what they wanted to believe. And as Central Banks can never admit that they failed in their one and only mandate, to maintain price stability, that is to keep inflation low, stable, and predictable, they destroyed capital and the real economy. Well, gold shields the real economy.</span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><br /></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><b>Gold is again proving its quality as a reserve of value and means of payment. An asset that protects investors in a recession.</b></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;"><br /></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana; font-size: medium; text-align: left;">Another gold rally is more than likely. Only an “uneducated” economist, analyst or investor will not be bullish on gold. Bear also in mind that gold relative to money supply growth is undervalued.</span></div><div class="separator" style="clear: both; text-align: justify;"><span style="text-align: left;"><span style="font-family: verdana; font-size: medium;"><br /></span></span></div><div class="separator" style="clear: both; text-align: justify;"><span style="font-family: verdana;"><span style="color: #333333; font-size: medium;"><span style="background-color: #fafafa;">The Financial Times article </span></span><span style="text-align: left;"><span style="color: #333333; font-size: medium;">"<a href="https://www.ft.com/content/96b621f7-90d6-457e-898a-1c04e2902ceb" target="_blank">Gold’s mystery rally baffles analysts</a>".</span></span></span></div><div class="separator" style="clear: both; text-align: justify;"><br /></div>Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-65286115109355875332022-08-21T05:10:00.008+01:002022-08-21T05:26:10.004+01:00Pytheas the Explorer, the Explorer of Explorers (c. 380 - c. 310 BC)<div class="separator" style="clear: both; text-align: left;"><div class="separator" style="clear: both; text-align: center;"><span style="font-family: verdana; text-align: left;"><div class="separator" style="clear: both; text-align: left;"><span style="font-size: medium;"><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijhaRlLtkS7e0AqQnEJNnwNzYuXmbPvuit1Vwea6vFu9AbkPD2cUB0orMx_RtZPfwaUkVUCPAISvuHwDgTlnWC3dbATcRYYEM9CYpdkcmOdaeRLVtgOW4SIFcRNP6F--VfwGmm4W6VdTjyV-CQtGZA10kBgTvfAwEcTZMFg_ANAUrck0VazZ4JC1ak/s648/Pytheas%20the%20Explorer.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="540" data-original-width="648" height="167" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijhaRlLtkS7e0AqQnEJNnwNzYuXmbPvuit1Vwea6vFu9AbkPD2cUB0orMx_RtZPfwaUkVUCPAISvuHwDgTlnWC3dbATcRYYEM9CYpdkcmOdaeRLVtgOW4SIFcRNP6F--VfwGmm4W6VdTjyV-CQtGZA10kBgTvfAwEcTZMFg_ANAUrck0VazZ4JC1ak/w200-h167/Pytheas%20the%20Explorer.jpg" width="200" /></a></div>In 1893, Sir Clement Markham, the noted British historian, published an article entitled "Pytheas, the Discoverer of Britain." The article attracted world-wide interest because, based on ancient writings, it claimed that a Greek navigator from the Greek colony of Massalia (today Marseilles) had circumnavigated Britain in the Fourth Century B.C., had "traveled all over it on foot" and had written a detailed account of his travels. Furthermore, Pytheas reported sailing northwest of the British Isles for six days until "an ocean of slush ice and fog so thick one could not sail through" forced him to turn back. During those six days, aided by the west-flowing offshore currents, could he have gone beyond Iceland to the shores of Greenland and the North Pole? During the reign of Alexander the Great?</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-size: medium;"><br /></span></div></span></div></div><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;">Contrary to the stories told during the dark ages, the doctrine of a spherical earth was common knowledge among the educated Greeks of the time of Pytheas; and even earlier, among the Babylonians. Around 532 B.C., Pythagoras was one of the first to record that both the earth and its universe are spherical in shape. Later Aristotle, during the time of Pytheas, stated that the earth's mass is spherical in shape and pointed out: "... those mathematicians who try to compute the circumference of the Earth say that it is about 400,000 stadia." </span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;">Polybius, a Greek historian writing a century after Pytheas, noted that Pytheas, not a wealthy man, must have depended on the patronage of a wealthy Greek merchant to acquire, outfit and provision his ship. That merchant was undoubtedly interested in tin ("kassiteros" in Greek) which, when blended with copper, produced the highly prized and valuable bronze: the metal of choice in those years. Used to make all types of tools, coins and ornaments, it was especially prized for the production of effective weapons that were highly prized by foot soldiers and their leaders. </span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;">For centuries, the Kassiterides Islands (British Isles) were well known to the Phoenicians as a principal source of tin. Herodotus, the ancient Greek historian (484-425BC) had reported that their boats sailed through the Pillars of Hercules (Straits of Gibraltar), then north along the coast of Gaut to an area now known as Cornwall, England. Pytheas decided to find these islands on his own, to locate the fabled sources of tin and to search for new deposits. While, ostensibly, his purpose was to bring back a load of tin for profit, Pytheas had the heart and mind of a true explorer. He was curious, he, wanted to see and visit the islands of which he had heard rumors, to explore what lay beyond and to return and tell the world of his findings. </span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;">As history will be served, two additional attributes played an immense role. First and foremost, because of his training as a mathematician and astronomer, Pytheas had acquired the important discipline of observing and recording his findings. Second, as a ships navigator, he had mastered the use of the "Gnomon," an instrument similar to the hexante (sextant) used by Greek and Phoenician sailors since the sixth century B.C. </span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;">With it, the ancient navigators were able to navigate away from the sight of land and to perform the astounding calculations about which we marvel today. In fact, Pytheas was the first person we know by name to have used it to calculate the latitude of Massalia, which he found to be 43' 1 I' North, almost matching the true figure of 43' 18'North for modern day Marseilles. The ability to record the precise location of different sites along his travels proved invaluable to him, helped him to establish the accuracy of his log, and provided the proof needed for modern day historians to confirm his writings. </span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;">In order to avoid the Phoenicians, Pytheas reported sailing, slowly and carefully, for five full days from Massalia to the Pillars of Hercules before turning north to the Kassiterides Isles. He stopped at many points along the way to explore the area and to refresh the boat's water and provisions. He often traveled inland with his crew, recorded geographical features and reported the customs and habits of the inhabitants in such detail that it led Sir Clement Markham to declare that Pytheas was, indeed, the discoverer of Great Britain. </span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;">All types of events and strange stories were reported by Pytheas. One such "incredible" story, which he reported, told him by the inhabitants of northern Scotland, was about the presence of a place to the north where there were only two or three hours of night during parts of the year, and another place even further north where the sun shone all night long. Another, was the practice of people living in log and clay houses, storing their grain underground because of the cold, and thrashing their grain in barns or covered structures rather than on the open fields as was common in the warmer lands bordering the Mediterranean. Common knowledge today, these stories were considered fantasy in those years. </span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;">Traveling north from Scotland, Pytheas encountered a cluster of small islands where he reported seeing large, boat-size fish, lazily swimming on the surface and loudly blowing out sprays of water. Incredibly as this may have been to Pytheas and his crew, who had probably never seen a whale before, such pods of whales are common to those waters. He reported sailing six days northwest towards what he calls Thule or Hyperborea (probably Iceland or Greenland or … – The Greeks tell of a people called the Hyperboreans who live "beyond the north wind". Boreas was god of the north wind, and the Hyperboreans lived beyond his rule. They are a happy people who do not suffer from usual afflictions. Pindar writes of them: "With shining laurel wreaths about their locks (of hair), they hold feasts out of sheer joy. Illnesses cannot touch them, nor is death foreordained for this exalted race." – […] where he encountered dense fog described as so thick and eerily quiet that the ship and the sea seemed suspended in a void. He recorded the presence of water and slush ice that "binds all together and can be traveled neither on foot nor by boat". This condition would not permit him to go further and forced him to turn back. </span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;">It is significant to remember that the Gulf Stream brings a tremendous current of warm water from the Caribbean across the Atlantic Ocean in a northeasterly direction until it meets the colder air and flow of the Arctic Sea, at which point it starts its circle back to the west. It seems clear that the relatively short distance northwest from Scotland to Iceland, compared to the much longer distance from Massalia to the Straits of Gibraltar, prompts one to speculate as to the distance Pytheas could have sailed beyond Iceland. The five days of slow, cautious sailing from his home port of Massalia to the southern tip of Spain, covering a distance of about 600 nautical miles, when compared to his longer sail of six days, northwest, towards Iceland (approximately 500 nautical miles) at a rate of approximately 240 nautical miles per day, would have placed him far beyond Iceland. When one factors in the push, he would have received from the west flowing currents of the Gulf Stream and the additional benefit of not having to worry about the Phoenicians, we can reasonably surmise that he was close to the shores of Greenland before the fog and slush ice turned him back. On a clear day he would have been able to see the mountains of Greenland, to wonder about its inhabitants, and, perhaps, to speculate on the presence of tin. </span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;">Not until the beginning of the 20th century and to Arctic explorers like Fridtjof Nansen and Vilhjalmur Stefansson were we able to explain and confirm his descriptions of the many strange and fascinating accounts he had experienced including the strange mixture of fog, air, ice and water in those wild, windy and frigid seas. </span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;">How devastated he must have been when he returned to Massalia to report these wondrous findings only to be greeted with disbelief and scorn. The writers and historians were content in their dated knowledge that since the ocean ceases being liquid at such far northern latitudes, there is no way anyone can sail north of Scotland, unless he had an ice boat. Yet, we know today that he was describing the conditions of that region and the inhabitants of those lands. </span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;">Most people argue that it was the Norseman, Lief Ericson, or the Genoese, Christopher Columbus, who should be given credit for first probing the shores of the "new world." But perhaps it was a much earlier explorer-many, many centuries earlier-named Pytheas who deserves the honor. We do not know. But we do know, categorically, that Pytheas, the intrepid Greek sailor and navigator from Massalia, deserves to join the ranks of Columbus, Ericson and the other great explorers of history. As for many of us, we are convinced that Pytheas traveled to the edge of the "new world" during the time of Alexander the Great!</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;">Above content is from Pytheas.net by <a href="mailto:samarash@pytheas.net" target="_blank">Harris A. Samaras</a> </span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: medium;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="color: #666666; font-family: verdana; font-size: medium;">Sources</span></div><div class="separator" style="clear: both; text-align: left;"><span style="color: #666666; font-family: verdana; font-size: medium;">John B. Farmakides: Pytheas the explorer (330 B.C.). The Ahepan, 2000.</span></div><div class="separator" style="clear: both; text-align: left;"><span style="color: #666666; font-family: verdana; font-size: medium;">Barry Cunliffe: The extraordinary voyage of Pytheas the Greek. Walker & Co., 2002</span></div><div class="separator" style="clear: both; text-align: left;"><span style="color: #666666; font-family: verdana; font-size: medium;">The Northern Lights Route - The Council of Europe Cultural Routes: The voyage of Pytheas to Thule. University Library of Tromsø, 1999.</span></div><div class="separator" style="clear: both; text-align: left;"><span style="color: #666666; font-family: verdana; font-size: medium;">Felix and Anthea Baker: The first explorers. London: Aldus Books, 1971. </span></div><div class="separator" style="clear: both; text-align: left;"><span style="color: #666666; font-family: verdana; font-size: medium;">Ian Cameron: Pytheas. In: Into the Unknown. The Story of Exploration. Washington: National Geographic Society, 1987. </span></div><div class="separator" style="clear: both; text-align: left;"><span style="color: #666666; font-family: verdana; font-size: medium;">R. Chevalier: The Greco-Roman Conception of the North: from Pytheas to Tacitus, 1984. </span></div><div class="separator" style="clear: both; text-align: left;"><br /></div></div>Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-63398364553668945432022-03-13T09:09:00.001+00:002022-03-13T09:11:11.796+00:00The War in Ukraine - Do we need to experience a Financial Holocaust to come to our senses?<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEg_9o4m6zk-aCmN0Kouk8ucLSSNnRNzEaeAiMgdic6RULej-YpB7alwj520rUcK6qKwVGkspfwEVlcDud-KVXEDSZvyXNKgIvQNI0DRu59BpW0Lxuty3kVy3tFB_A-vMeT2DbRdRnVtV7Ldvsiugk7T_5wHYQMWsn-_VhekrHEy0U7w_ArjmrJjbM44=s4372" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="2465" data-original-width="4372" height="180" src="https://blogger.googleusercontent.com/img/a/AVvXsEg_9o4m6zk-aCmN0Kouk8ucLSSNnRNzEaeAiMgdic6RULej-YpB7alwj520rUcK6qKwVGkspfwEVlcDud-KVXEDSZvyXNKgIvQNI0DRu59BpW0Lxuty3kVy3tFB_A-vMeT2DbRdRnVtV7Ldvsiugk7T_5wHYQMWsn-_VhekrHEy0U7w_ArjmrJjbM44=s320" width="320" /></a></div><span style="font-family: verdana; font-size: large;">We have been living for more than two decades (pre the GFC) in a bubble - a delusional bubble of excess that is leading to an inevitable economic debt and asset collapse. We ignored it. We still are. In a "similar" fashion, we ignored Putin's warnings. And War "happened".</span><p></p><p><span style="font-family: verdana; font-size: large;">Now you are thinking that I am a commie and I need to be burned at the stake. I have news for you: I am anything but! Wait, there is more. Putin, despite the fact that it was the West that "forced" him into murder and havoc, is a criminal. But what are we?</span></p><p><span style="font-family: verdana; font-size: large;">One word, note I could mention more "words": Iraq. How many people died from the war in Iraq? Between 450,000 - 1,000,000. Let's say that bygones are bygones, and let's hope that the Russian invasion in Ukraine will somehow end without triggering a WWIII or a nuclear holocaust.</span></p><p><span style="font-family: verdana; font-size: large;">Now, forget for a moment, if you can that is, the moral implications of our actions and Putin's in Ukraine. And realize this: The capitulated to politicians Central Banks cannot control inflation. There will be stagflation and likely hyperinflation.</span></p><p><span style="font-family: verdana; font-size: large;">People will suffer for a long long time. The casualties will be a lot more than the war in Iraq and Ukraine combined! And I mean a multiple more. Maybe, just maybe, we need to experience a financial holocaust to come to our senses (for as long as that may last). Think!</span></p><p><span style="font-family: verdana; font-size: large;">[By <a href="mailto:samarash@pytheas.net" target="_blank">Harris A. Samaras</a>. From a thread on Twitter. Twitter account: <a href="https://twitter.com/HarrisSamaras" target="_blank">Harris Samaras</a>]</span></p>Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-52612111838926813532022-02-18T11:23:00.030+00:002022-02-22T05:45:45.411+00:00The West, its Allies and Foes & the Russo-Ukrainian Crisis<span style="font-family: verdana;"><div class="separator" style="clear: both; font-size: x-large; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjFxp5P3PusYSTP5sNVrdJF_uJaPb9PO60Bc5rdj80Gx_TaPBfus98PEKRS_xAzjyjDdW-ftl_76QvytWi1LVfB_k5mK9ygOD53K8jcqMCZeGLZ9TitxWlVyvV7Wl9LvRgmVPQxWnKjtpsfCQgLLU3PNZru06iz21v8JGnsgS5LNuwVXI-5Wu_QZzFK=s959" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="541" data-original-width="959" height="181" src="https://blogger.googleusercontent.com/img/a/AVvXsEjFxp5P3PusYSTP5sNVrdJF_uJaPb9PO60Bc5rdj80Gx_TaPBfus98PEKRS_xAzjyjDdW-ftl_76QvytWi1LVfB_k5mK9ygOD53K8jcqMCZeGLZ9TitxWlVyvV7Wl9LvRgmVPQxWnKjtpsfCQgLLU3PNZru06iz21v8JGnsgS5LNuwVXI-5Wu_QZzFK=s320" width="320" /></a></div><span style="font-size: large;"><div style="text-align: left;">Putin is very much aware that the West is divided. The West, however, “fails” to recognize it nor takes corrective action. The so-called Russo-Ukrainian Crisis and conflict is partly, if not mostly, because of it. </div></span></span><div style="text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div><div style="text-align: left;"><span style="font-size: large;"><span style="font-family: verdana;">Note that the lack of the West's and NATO's cohesiveness and division is neither a matter of capability, equipment, military installations nor of strategic choice, but the everyone for itself </span><span style="font-family: verdana;">“</span><span style="font-family: verdana;">dogma</span><span style="font-family: verdana;">”</span><span style="font-family: verdana;"> that supersedes and overshadows all else. The cancer, choice and continuous appeasement of </span><span style="font-family: verdana;">“</span><span style="font-family: verdana;">renegade</span><span style="font-family: verdana;">”</span><span style="font-family: verdana;"> allies is a direct cause and effect of the afore. And it is not only the Europeans that are at fault, but the US as well.</span></span></div><div><span style="font-family: verdana; font-size: large;"><br /></span><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both;"><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><b>The Pandora's Box</b></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-size: large;"><span style="font-family: verdana;">Remember, it all started in Kosovo (borders redrawn),</span><span style="font-family: verdana;"> perhaps the most important geographical and geopolitical event of our time that gives rise to a “legal” pretext and “creates” a condition for a change of borders, exchange of populations and territories – the Pandora's Box.</span></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">We, the West, we fell in our own “trap” when we were redrawing maps in the Balkans. Now, we are between a rock and a hard place.</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><b><span style="font-family: verdana; font-size: large;">Allies or Foes?</span></b></div><div class="separator" style="clear: both; text-align: left;"><span style="font-size: large;"><span style="font-family: verdana;">Putin must realize, that if he attempts to invade Ukraine, the financial repercussions will be immense and indefinite! But, how can he, when there are </span><span style="font-family: verdana;">“</span><span style="font-family: verdana;">renegade</span><span style="font-family: verdana;">”</span><span style="font-family: verdana;"> states within the EU and NATO “allowed”, even with the US' own backing, to sponsor Russia?</span></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">If NATO is the cornerstone of the West's “foreign” policy? How about its members and informal allies? Do they behave as true allies? Are Western interests and values being protected?</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">👉 It is hard anymore to distinguish allies from foes!</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">- Sweden fears an attack by Russia, and so does Ukraine.</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">- Taiwan fears an attack by China.</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">- Armenia fears an attack by both Azerbaijan and Turkey.</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">- The latter threatens its NATO ally Greece but also the EU-member Cyprus part of which is under its illegal control. </span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">- Russia again via Belarus reminds Europe (as Turkey does day in day out) that energy is not the only mean in its arsenal to destablize it – mass inflow of illegal immigrants is as effective – so Poland like Greece is fortifying its borders.</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">- Britain fears an attack by no one, neither does Germany nor France, Spain or the Netherlands, but putting on the hat (and the mask) of the “righteous”, they all make sure to meddle in every pond – more than often against the interests of their own Western allies.</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">- Turkey again threatens Israel, supports Hamas and Hezbollah, ISIS and Iran, buys weapons and develops an “informal” alliance with Russia, against NATO's interests, slaughters US allies-against-ISIS-only Kurds. It also developed an “informal” alliance with China. But this doesn't stop NATO, the US, the UK or the EU, Germany, Italy, Spain, France – to not only appease Turkey, but they all one way or another make sure to strengthen Turkey militarily and geopolitically. Seems also, that Israel is considering, to do the same.</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><b>The Price of Hypocrisy</b></span></div><div class="separator" style="clear: both; text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEiLO7aPS2onuWMijaubezM-sr1L2DvGs9jR4IcgQCyoQPAFMdVdmplxJdwvqX4rp4j91iZ9CX6huE-5RGzY5-tAt49uqBVhW0qCtVV4c_YHnURRcCqTxuh6T6x1rPYSgzqmTPuTYof18W7ZSgJ-3CYSXcIgDNJOXael5UO6FjYTRo2ukurTc0y5nH7N=s4400" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><span style="font-family: verdana; font-size: large;"><img border="0" data-original-height="2479" data-original-width="4400" height="180" src="https://blogger.googleusercontent.com/img/a/AVvXsEiLO7aPS2onuWMijaubezM-sr1L2DvGs9jR4IcgQCyoQPAFMdVdmplxJdwvqX4rp4j91iZ9CX6huE-5RGzY5-tAt49uqBVhW0qCtVV4c_YHnURRcCqTxuh6T6x1rPYSgzqmTPuTYof18W7ZSgJ-3CYSXcIgDNJOXael5UO6FjYTRo2ukurTc0y5nH7N=s320" width="320" /></span></a></div><span style="font-size: large;"><span style="font-family: verdana;">The NATO chief only a couple of days ago via an article of his in <a href="https://www.economist.com/by-invitation/2022/02/09/jens-stoltenberg-explains-how-to-step-back-from-the-brink-of-european-conflict" target="_blank">the Economist</a> e</span><span style="font-family: verdana;">xclaimed that Russia must respect the rights of countries to choose their own path! But how about NATO-member Turkey? Does it respect the rights of Cyprus? Of Greece? Armenia? NATO's shield against ISIS, the Kurds? </span></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana;"><span style="font-size: large;"><br /></span></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana;"><span style="font-size: large;">The NATO chief should have known that selective justice at the end of the day will only and always work against the interests of the Alliance.</span></span></div><div class="separator" style="clear: both; text-align: left;"><span><span style="font-family: verdana; font-size: large;"><br /></span></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><b>More Foes than Allies</b></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">The US and the EU as institutions? They live their own love and hate affair. And that would be OK if they were lovers, but they are not. They are allies. As allies, one would expect that they at least had a coherent “enemy” policy, and had at least each other's back. </span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-size: large;"><span style="font-family: verdana;">But, how could they, when the EU itself does not have a coherent foreign policy </span><span style="font-family: verdana;">–</span><span style="font-family: verdana;"> a foreign policy that is more than often undermined also by the US for or against certain Union members? Or when the US undermines itself and NATO by allowing projects like NordStream or “forbids” other like the EastMed? Or when both the EU and the US launch a trade war against each other? </span></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><b>Enhance the Western Alliance Network, but</b></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">No doubt, the Western alliance network is the strongest advantage the West has at its disposal!</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgqGixh6Btt0MbUPpyLNN6d_93nIzI5gzK7soaCUdiDuelXXxtdEJqYwJdGGsIBZRpEm5QbMVRkA5VPtNrpus-YFOOEKuGktblYKMzSWZdZ04BQL1D4gNl8TCrUAelcrgGx6oaYr6ioDn6heB_Tve6KpRHfHvAEc2PtNiHHhpAcWj70gftU9w7Embg7=s912" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="541" data-original-width="912" height="190" src="https://blogger.googleusercontent.com/img/a/AVvXsEgqGixh6Btt0MbUPpyLNN6d_93nIzI5gzK7soaCUdiDuelXXxtdEJqYwJdGGsIBZRpEm5QbMVRkA5VPtNrpus-YFOOEKuGktblYKMzSWZdZ04BQL1D4gNl8TCrUAelcrgGx6oaYr6ioDn6heB_Tve6KpRHfHvAEc2PtNiHHhpAcWj70gftU9w7Embg7=s320" width="320" /></a></div>Can an alliance maintain and intensify though its stipulated role and objectives if it continues to give way the “whims” of renegade allies? Is it a sound policy? </span>Aren't renegade allies slowly killing NATO and the West from with in? Can there be an alliance if it is based on totally opposite in principle “dogmas”?</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">On another very relevant note,</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><b>The European Union</b></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">Ursula von der Leyen, in a desperate effort to show that the EU is still around, faked it the other day: “We are also ready in case Russia uses energy as a weapon”.</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-size: large;"><span style="font-family: verdana;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgNnZ5lKlEkR9H2eTaLF9_UxUWAbeYeY6fczMmLV9pHg5WFXuoWc-rIwrd5_m623OVQPg30_d7LMlc4Rxz5TiWe0kuzh_fuYq57hbk4XZISjkVIP_xDP7bmBhgQeO7eLZ1Bdq6o3bmWPY1qGCbPR-SEARtcugODT818aavnz9Wlg2afoTy3sQ6JbM6f=s3666" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="2484" data-original-width="3666" height="217" src="https://blogger.googleusercontent.com/img/a/AVvXsEgNnZ5lKlEkR9H2eTaLF9_UxUWAbeYeY6fczMmLV9pHg5WFXuoWc-rIwrd5_m623OVQPg30_d7LMlc4Rxz5TiWe0kuzh_fuYq57hbk4XZISjkVIP_xDP7bmBhgQeO7eLZ1Bdq6o3bmWPY1qGCbPR-SEARtcugODT818aavnz9Wlg2afoTy3sQ6JbM6f=s320" width="320" /></a></div>I hate to disappoint the Madam President, but the EU needs to support unglamorous priorities first before </span><span style="font-family: verdana;">a statement like this one can be considered valid or serious, e.g., boosting energy efficiency, improving LNG infrastructure, expanding gas-storage capacity and including Natural Gas and nuclear in its energy transition policy mix.</span></span></div><div class="separator" style="clear: both; text-align: left;"><span><span style="font-family: verdana; font-size: large;"><br /></span></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">Funny and hypocritical, European politicians, on occasion show their teeth, and bark at Russia, while in reality they only – like a tamed puppy – sit pretty, (knowingly they) enable and solidify Europe's dependence on Russian energy.</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">Leave alone the hoax of the Energy Transition Plan and the controversial environmental bills – which they only see as a tax collecting till and as a mean for bigger government – and its rhetoric which is nothing more but Green Lies. </span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">A question that no European politician can answer: How can it be anything but ridiculous when after decades Europe is still so much dependent on Russian energy? </span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">Know that the response to this answer has nothing to do with incompetence or geography of hydrocarbon reserves, the climate and the environment or cost, or anything of the sort. </span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">Also know, that the failure of the politicians to eradicate or minimize Europe's energy dependence to Russia is criminal! </span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">If the West truly wants to stop Russia?</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">1. Sanction: The NordStream, Turkey, and all other “allies” that play a double game; sanction Russia as well when appropriate.</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-size: large;"><span style="font-family: verdana;">2. Work: Towards creating the appropriate infrastructure for a constant flow of energy to Europe </span><span style="font-family: verdana;">that is not routed via “renegade” allies.</span></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">3. Guarantee: The constant flow of energy to Europe.</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">4. Establish: A preferential trade pact amongst its true allies.</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><b>Who benefit more from spreading panic?</b></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">Zelensky says that there is no war, Biden that there is, and Putin is rubbing his hands.</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">Who benefit most from spreading panic when the vast majority of energy stocks and the WTI Crude Oil are about to break out in a major way?</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">Don't you also find it odd that Biden for one even mentioned specific dates for the “invasion day”?</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">Don't you also find it as grotesque as Russia's expansionist policy is that some in the West including media are pushing for war?</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><span>Populist and yes, warmongering Western media and politicians, as in a chorus, keep on repeating the same line over and over: </span>“Russia seeks to downplay and deceive the amass of weaponry and soldiers”. Deceive how exactly?</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><span>Is Putin that “mad” to provoke a war? </span>The biggest winner if there isn't war is Putin! If, however, there is war, Putin is the biggest loser (after the Ukrainians and the Europeans).</span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;">Why did Britain withdraw its troops from Ukraine? Why were they sent there in the first place? </span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span><span style="font-family: verdana; font-size: large;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjHes7S6GDjJmfnF3tHif2Ktj9eD36vwmp2kGwuikFMjg8JHS_LswjK-pr7h0T8ecIB82u816jeBsKERFfc2P3qc5l5pXj8CQssmMZdYCYYBI4ogWKj4L7o_7JNsv8n-PZMCX_bjOM9Zdkqsd3GpXi90Xm25Jc7n9Ig50WiJR6beps0NLPOyofyBSza=s746" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="518" data-original-width="746" height="222" src="https://blogger.googleusercontent.com/img/a/AVvXsEjHes7S6GDjJmfnF3tHif2Ktj9eD36vwmp2kGwuikFMjg8JHS_LswjK-pr7h0T8ecIB82u816jeBsKERFfc2P3qc5l5pXj8CQssmMZdYCYYBI4ogWKj4L7o_7JNsv8n-PZMCX_bjOM9Zdkqsd3GpXi90Xm25Jc7n9Ig50WiJR6beps0NLPOyofyBSza=s320" width="320" /></a></div>Vis-à-vis a war in Ukraine? There will not be any. Russia will do what Russia wants - it may not annex parts of Ukraine but it will recognize breakaway regions. Europe on the other hand will be drawn closer to a “Cold War” environment along with all its consequences. The whatever sanctions and reactions from either side will directly burden the Ukrainian and the European. It is as if the two protagonists, the US and Russia, had it set. Think!</span></span></div><div class="separator" style="clear: both; text-align: left;"><span><span style="font-family: verdana; font-size: large;"><br /></span></span></div><div class="separator" style="clear: both; text-align: left;"><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: large;">Now, think again:</span></div><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: large;">👉 It is hard anymore to distinguish allies from foes! And then? Where do we find allies? Among our foes, where else?</span></div><div class="separator" style="clear: both;"><span style="font-family: verdana; font-size: large;"><br /></span></div></div><div class="separator" style="clear: both; text-align: left;"><span><span style="font-family: verdana; font-size: large;"><b>What if there is war</b></span></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><div class="separator" style="clear: both;">We all must agree that there will be sanctions, counter-sanctions, energy supply issues, a flood of refugees, economic havoc, etc.</div><div class="separator" style="clear: both;"><br /></div><div class="separator" style="clear: both;">Indeed, the US does not rely much on trade with Russia, and it is somewhat insulated from direct consequences, but aren’t certain sectors of the US economy relying on highly specific Russian exports, and primarily raw commodities?</div><div class="separator" style="clear: both;"><br /></div><div class="separator" style="clear: both;">Are those geniuses in the West pushing for war with Russia aware that Russia is a major exporter of rare-earth minerals and heavy metals – Russia for one supplies a third of the world's palladium?</div><div class="separator" style="clear: both;"><br /></div><div class="separator" style="clear: both;">Or that a major conflict in Ukraine would disrupt Ukrainian industries too, a major source on neon that is used in manufacturing semiconductors?</div><div class="separator" style="clear: both;"><br /></div><div class="separator" style="clear: both;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEi0d_PLOrXoMiBqlVIpRq1tuK707xyHqi8Nd0uv4Vu3SjzyBt9dXggJMCUGBxeAtJPU-iEb2q4LCq-A12XCbui0y2aYaGLmx3DKhFDUTNN0dpW0cs6-F_FBvK2Thr_ODGEubP26HlHw3KhP0XljS7eL1f7DgPjSrPd7RFPcTcG8VcZ4IE3uzcmtDk6p=s4386" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="2461" data-original-width="4386" height="180" src="https://blogger.googleusercontent.com/img/a/AVvXsEi0d_PLOrXoMiBqlVIpRq1tuK707xyHqi8Nd0uv4Vu3SjzyBt9dXggJMCUGBxeAtJPU-iEb2q4LCq-A12XCbui0y2aYaGLmx3DKhFDUTNN0dpW0cs6-F_FBvK2Thr_ODGEubP26HlHw3KhP0XljS7eL1f7DgPjSrPd7RFPcTcG8VcZ4IE3uzcmtDk6p=s320" width="320" /></a></div>Or that fertilizer produced in major quantities in both Ukraine and Russia, will disrupt not only agriculture in Europe, but food prices around the world? </div><div class="separator" style="clear: both;">Are they not aware that even if Russia chooses not to limit oil and gas exports, supplies will still be affected by a conflict as multiple pipelines run through the country, carrying gas from Russia to Europe?</div><div class="separator" style="clear: both;"><br /></div><div class="separator" style="clear: both;">Or are they not aware, that if Europe's natural gas supply is constrained, that could cause energy prices worldwide to soar? </div><div class="separator" style="clear: both;"><br /></div><div class="separator" style="clear: both;">And how about all the Americans with exposure to the stock market, especially the retirees, but not only, in this super volatile inflationary environment that is only artificially sustained? Or is this conflict another excuse to excuse the inexcusable?</div><div class="separator" style="clear: both;"><br /></div><div class="separator" style="clear: both;">Isn’t the premise of sanctions, to hurt the other guy more than you hurt your own interests? Shouldn’t a wise diplomat or state-craftsman also consider what the collateral damage should be? But evidently and for some reason “they” don’t. Why don’t they?</div><div class="separator" style="clear: both;"><br /></div><div class="separator" style="clear: both;">Think!</div><div><br /></div></span></div><div class="separator" style="clear: both; text-align: left;"><span style="font-family: verdana; font-size: large;"><br /></span></div><div class="separator" style="clear: both; text-align: left;"><span style="color: #666666; font-family: verdana; font-size: large;">[By <a href="mailto:samarash@pytheas.net" target="_blank">Harris A. Samaras</a> - From a compilation of tweets on the subject. Twitter account: <a href="https://twitter.com/HarrisSamaras" target="_blank">@HarrisSamaras</a>] </span></div><div class="separator" style="clear: both; text-align: left;"><br /></div></div></div></div></div>Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-12934420580128269792021-10-29T12:27:00.009+01:002021-10-30T04:36:28.517+01:00The stigmatized Greeks – Humanity and Dignity within a Disillusioned Europe<div><strike style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="1247" data-original-width="2521" height="158" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicpo96ztW8yK2-APcD1hgHwzrRs7nA7TfAj7t-XH5TkcVatEcNdiNeyF-eHbhfBZ9VLrz2h7VhOqH-_2MOFgIVr15L1L3CZ6V-rmVOu0b0-w3mui-ZPJLkuUUHR5UjkJe211NH5WuWo5U/w320-h158/European+illusions.jpg" width="320" /></strike><span style="font-family: verdana;">By <a href="mailto:samarash@pytheas.net" target="_blank">Harris A. Samaras</a></span></div><div><span style="font-family: verdana;">Originally published via "Pytheas Social & Political Review" on 13 August 2017</span></div><div><span style="font-family: verdana; font-size: large;"><br /></span></div><div><span style="font-size: medium;"><span style="font-family: verdana;"><span>Watching yesterday the opening speech of the final phase of German </span></span><span style="font-family: verdana;">C</span><span style="font-family: verdana;">hancellor Angela Merkel's election campaign, I was pleasantly surprised to hear in her argument that "European integration is about the protection of human dignity" that Germans should stop targeting and stigmatizing Greeks as lazy and thieves... I congratulate Mrs. Merkel for her statement and I hope that other world leaders will follow her example.</span></span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;"><b>The stigmatized Greek youth and their despair</b></span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Discussing the Chancellor's comments with my daughters and their friends (early- and mid-20s of age, all university students or graduates), I was sad, but not regretfully surprised, to realize by their startling and vividly upsetting remarks of how disheartened and demoralized they are about the "European idea and family". They spoke of their experiences and the provocative taunting and mocking towards them, the humiliating remarks and resentment – just because they are Greek – not only by Germans as they exclaimed, but also by Dutch and British, Norwegian, Romanian, Bulgarian, American, and Swiss... itemizing one incident after another...</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">I patiently argued with them about politics, geopolitics and polarization, politicians' bigotry and populism... the importance of critical thinking skills and the lack of these skills in the world of today as a cause and effect of such attitudes... about prejudice and stereotypes, self-serving bias and ethnically stigmatized groups... but also about the importance of one being proud of her/his heritage and history vs. narrow-minded nationalism... about civility, human dignity... about the significance of the citizen's conduct and behaviour within society... about the detrimental gaffe of blaming only others for our misfortunes...</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">I attempted to analyse how it is primarily Greece's fault that triggered the economic distortions and the crisis in the country, the bailout, the austerity measures and the misery... How the inefficiently functioning EU is also to blame; not only because of its late to react and then hastily designed and imposed decisions but also because it is apparent that the decisions of the EU had been and still are influenced and orchestrated with intention and premeditation by the most powerful and their pack – for own, politician, party and country, benefits, in that exact order… </span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">I attempted to analyse how all these along with a disillusioned Greek society made the country fertile terrain for populism. How on one hand populists preying on people's fears secure a political advantage in a time of crisis, change and uncertainty, and how on the other they, the populists, do very little to help a society to navigate itself out of a painful and complex reality that requires long-term planning, and compromise – simply because most of their arguments (of the populists) are based on fiction! </span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Gave the rise of Hitler and Nazism in power as an example, also Brexit and the current happenings in the U.S. – where facts did not and do not matter, only the emotions of the polarized and manipulated masses...</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">"It is all showbiz!", they cried. "Showbiz for politics of domestic consumption with both lead actors and screenplay writers, the hypocritical politicians themselves; mocking us, again and again, while at the same time stealing our future!".</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">"But you are also obligated to contribute actively (and not only as sideline critics) to changing the wrong-happenings", I said. So, I spoke about the ancient Greek philosophers and their teachings... about social and patriotic values, altruism and self-sacrifice... our responsibilities as citizens of the world and our obligation towards a learning continuum, and our social duty to communicate, enlighten and make aware...</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;"><b>My despair</b></span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">My arguments were met with dismay... </span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">"Thermopylae cannot exist today" they argued with dry realism and pragmatism... "neither magnanimity nor nobility" they exclaimed. "Only self-preservation matters and how one achieves it has been proven to be totally immaterial". </span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">I attempted to respond by comparing Plato's view of the ideal State (the Republic) – that its existence should depend on wisdom, courage, moderation and justice – with Thomas Hobbes' materialistic philosophical approach of the Leviathan – that a society can function only if fear is a weapon under the absolute power of a Ruler as us humans are in our vast majority selfish, cowards and vein...</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">"The Greeks have always been on the side of good against evil and look where it got us!" most of them exclaimed as if in a chorus. "Nobody cares about sacrifices or facts. More, nobody cares about what triggered the downturns and what contributed to the recession and the behaviour of the Greek of today! The Greek people for more than 60 years have never claimed for WWII reparations from Germany. Only when they felt and experienced the injustice, the humiliation and arrogance of those very same they had “forgiven”! And what Greece has sacrificed or endured during World War II it is neither acknowledged nor even for some reason recorded. The world does not know or doesn't want to know".</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">"At more or less the same time Churchill was stating that "Heroes fight like Greeks" and not the other way around, he was orchestrating the destruction of Greece during and right after the War. As a result, Greeks had to go through a bloody civil war for four very long years thereafter. And then our very same allies, those very same that had been praising and glorifying us during the War, orchestrated again the establishment of the junta that ruled Greece for another seven years... and then more civil war... While the rest of Europe was rebuilding itself, they were fighting their wars in our country... Where is justice, magnanimity or nobility in all of this?"</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">"And just to clarify", they highlighted, "Goebbels's children are not to be blamed for the wrongdoings of their dad! They were also victims and helpless martyrs, like all the millions of children that were "sacrificed", whether those were German or Greek, Japanese or American, Bulgarian or British and so forth... They were all victims of a madman and his conscious followers as well as victims of those forces within the "Allied Powers" that could have put an end to the War long before it started but chose instead to shut their eyes and/or ignore the signals because of personal or geopolitical benefits... We, your children, are today victims of similar packs, of similar politicians, using in principle the same modus operandi to dominate the rest of us, as if we learned nothing from our so recent and devastating history...". </span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">It was my turn to be dismayed... to the point of "depression"!</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">And they continued: "The fact remains, that the EU and the IMF placed rescue of their banks far above any concern of the consequences of such exploit to the Greek people; an undignified action! They, the EU and the IMF, committed a financial fraud to a bankrupt nation, there aim to differ inevitable losses by alleging that the Greek debt was sustainable – Basic Economics teaches that you do not grant unable to repay new loans to a bankrupt entity but restructure its debt. A fraudulent and deliberate action! And proudly projected then in 2011 – which is a perjury even by the standards of the most cynical of all cynics – that the inevitable sharp fiscal adjustment would produce a recession of a decline of about only 5% of GDP with full recovery by 2013... Greek output instead dropped 25% and never recovered since. A disgraceful action!</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">"Conceive also this if you can", they sarcastically contended, "Greece's creditors demanded amongst so many other to increase the shelf life of fresh milk from three to seven days. As ludicrous as it may had seemed they only wanted to extend market access to non-Greek diaries... What audacity? </span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">“And you are preaching to us about dignity and sacrifice? Sacrifice our future for whom? Sacrifice for the crook? The criminal, the perjurer, the opportunist that sucks the blood of its victim?” </span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">“Are these leaders, these politicians foreign and domestic (including their indoctrinated or not supporters), people worth sacrificing anything for? What nerve! Them vultures calling us crooks!”</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">“And how pitiful their followers and supporters must be... living in ignorance; living in essence, a shallow life; mouthpiece of them hypocrites and criminals they voted for, we voted for; them leaders who are supposed to create a better future for their children, us, their children...”</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">“Isn't it a crime to steal the future of your children? Shouldn't this be the most despicable of all crimes? Is this what the EU was supposed to be all about?".</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">What have we done?</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">What have we forced our children to become? Traumatized cynics, without a civic purpose but "political correctness", an anathema to collective responsibility, alien citizens with valid passports of European Union countries that belong in essence to no Union, disillusioned with poisoned souls.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">"So, do you wish to become and behave like all those opportunists and the ignorant?", I uttered. "Do you wish to replace compassion with cruelty and goodness with greed, just like they do? Become just like those that you very much accuse of, selfish and Machiavellian? Would you wish your children in turn to feel so lost as you clearly currently do?".</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-size: medium;"><span style="font-family: verdana;">"But it is Your generation, You, our parents, that have chosen this path for us! Isn't You that </span><span style="font-family: verdana;">taught us to be whatever it is that we are?", they exclaimed.</span></span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;"><b>Our European legacy</b></span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Whether the ratification of the policy of the economic desolation of Greece had been effected for its transformation into a country that would be controlled and exploited by the European powerful and whether this is premeditated and deliberate, I wouldn't know. I can, however, interpret and deduct... How can one explain policies that,</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">(a) are based on presumptions that are fundamentally erroneous – Greece was and is bankrupt; its debt was and is unsustainable; bankrupt entities cannot receive loans but their debt restructured? </span></div><div><span style="font-family: verdana; font-size: medium;">(b) lead to forced emigration of Greek capital and talent?</span></div><div><span style="font-family: verdana; font-size: medium;">(c) lead to merciless wages and pension cuts and to a handicapped nation?</span></div><div><span style="font-family: verdana; font-size: medium;">(d) lead to tax shortfalls that force more and more spending cuts?</span></div><div><span style="font-family: verdana; font-size: medium;">(e) lead to an avalanche of loan defaults, foreclosures and bankruptcies?</span></div><div><span style="font-family: verdana; font-size: medium;">(f) ultimately lead to a foreign takeover of the banking system and asset stripping of public assets?</span></div><div><span style="font-family: verdana; font-size: medium;">(g) lead to suffocation of a whole nation's economy and dependency on predominantly foreign elements?</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Now, is the economic desolation of Greece and its total dependency to powerful mostly non-Greek elements part of a grander despotic plan? A plan that would incorporate later on and when "appropriate" Portugal, Spain and Italy for instance? I wouldn't know. What I do know though is that our actions as European Union turn our youth into "monsters", the unfeeling monsters that we have proven to be.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Mrs. Merkel must know, that having Germans, for instance, only "content", while the neighboring countries are suffering is not wise even for business. Moreover, every populist undignified statement made or action taken has a direct negative impact on the generations to come and the legacy that is left behind. Naturally, no successful leader, would ever wish for history to say that the chaos that we become to live in was partly or wholly because of her or his decisions, implemented policies and doings. And then it is the issue of Mrs. Merkel’s own legacy. And Mrs. Merkel will not remain Chancellor for ever – this is probably her last term.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Mrs. Merkel's yesterday statement, "European integration is about the protection of human dignity", is a beacon, a beacon of hope for humanity. Just like when not so very long ago, Greece's heroic resistance and sacrifice against the Axis Forces became humanity's beacon of light and hope, demolishing the invincibility of evil and its despotism. </span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Despotism aims to suppress, minds and the souls of the free, the dignity of the individual, the ability to think, the essence of life. And Mrs. Merkel must know that despotism can only lead to one outcome: Civilization and humanity to descend to chaos.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;"><b>About the Greeks in WWII their sacrifice, its importance and their humanity</b></span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">What were those Greeks made of?</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Let's attempt to comprehend it if we can: A handful of a nation, a poorer nation, of a bit more than 6 million against four enemy nations with two of the most technologically advanced armies of the time; Germany of 80 million, Italy of 40 million, Bulgaria of 6.5 million and Albania of 1 million or so. Greece, the only invaded country that fought against four armies simultaneously, was aware of its destiny and its chances against such superior numbers.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">When France, a world power of the time, crumbled in just 43 days and other much wealthier ones, triple and quadruple the population of Greece, surrendered to the Axis in just 3 or 4 days or in no days at all, without firing a single shot. Greece was capitulated after 219 days of resistance...</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Who in her or his right mind fights a war that is knowingly going to lose? Yugoslavia's partisan movement for instance fought the Axis Powers with bravery and the whole country paid dearly for it, with one of the highest population losses during the period of the War. Yugoslavia, however, surrendered in just 3 days. Couldn't the Greeks had chosen to do the same?</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">So, what were those Greeks made of? I know that the answer to this question, the answer to this lesson of dignity that the Greeks gave to humanity for humanity, will assist Chancellor Merkel to find the solution and the way to protect human dignity. I also know that it will provide guidance on how to empower the generations to come for leadership with dignity. </span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">It is therefore paramount, I feel and believe, to share in the next few pages that follow a few words, facts and quotes about the Greeks in World War II. It is imperative because the sacrifices that the Greek people then endured for all of us, and their courage during one of the darkest periods of humanity, are lessons that should be reminded more than often.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">As it is also paramount and it is our responsibility to respond to those unfeeling and brutal critics of the Greek people that intentionally and systematically attempt to brand them as thieves and opportunists – those ignorant critics that possess not only a selective memory but also a selective sense of justice.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">After all, it is sacrifices and actions such as those the Greeks endured during WWII that remain a main obstacle for humanity and civilization to descend to chaos!</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">At the end of the day there are truths that we all have to grow into...</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;"><b>Quotes about the Greeks during WWII signifying their contribution and sacrifice</b></span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Adolf Hitler:</span></div><div><span style="font-family: verdana; font-size: medium;">"It must be said for the sake of historical truth, I must verify, that only the Greeks, of all the adversaries who confronted us, fought with bold courage and defiance of death..."</span></div><div><span style="font-family: verdana; font-size: medium;">- From a speech, delivered to Reichstag on 4 May 1941.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">"The entrance of Italy to the war was proven catastrophic for us. Had the Italians not attacked Greece and had they not needed our help, the War would have taken a different course. We would have had time to capture Leningrad and Moscow, before the Russian cold weather set in."</span></div><div><span style="font-family: verdana; font-size: medium;">- From the memoirs of Leni Riefenstahl quoting Hitler (1944); Hitler's cinematographer and member of his "inner circle".</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Winston Churchill:</span></div><div><span style="font-family: verdana; font-size: medium;">"The word heroism I am afraid does not render the least of those acts of self-sacrifice of the Greeks, which were the defining factor in the victorious outcome of the common struggle of the nations, during WWII, for the human freedom and dignity. If it were not for the bravery of the Greeks and their courage, the outcome of WWII would be undetermined."</span></div><div><span style="font-family: verdana; font-size: medium;">- Paraphrased from a speech, delivered to the British Parliament on 24 April 1941.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">"Until now we used to say that the Greeks fight like heroes. Now we shall say: The heroes fight like Greeks."</span></div><div><span style="font-family: verdana; font-size: medium;">- From a speech, delivered from the BBC in the first days of the Greek-Italian war.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Joseph Vissarionovich Tzougasvili Stalin:</span></div><div><span style="font-family: verdana; font-size: medium;">"I am sorry because I am getting old and I shall not live long to thank the Greek People, whose resistance decided WWII."</span></div><div><span style="font-family: verdana; font-size: medium;">- From a speech, broadcasted by the Moscow radio station on 31 January 1943 after the victory of Stalingrad and the capitulation of marshal Paulus.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Charles de Gaulle:</span></div><div><span style="font-family: verdana; font-size: medium;">"I am unable to give the proper breadth of gratitude I feel for the heroic resistance of the People and the leaders of Greece."</span></div><div><span style="font-family: verdana; font-size: medium;">- From a speech, delivered to the French Parliament after the end of WWII.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Maurice Schumann, Minister of the Exterior of France:</span></div><div><span style="font-family: verdana; font-size: medium;">"Greece is the symbol of the tortured, bloodied but living Europe... Never a defeat was so honorable for those who suffered it."</span></div><div><span style="font-family: verdana; font-size: medium;">- From a message, addressed from the BBC of London to the enslaved peoples of Europe on 28 April 1941, the day Hitler occupied Athens after Greece fought a 6-month war defeating Mussolini's army.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Moscow Radio Station:</span></div><div><span style="font-family: verdana; font-size: medium;">"You (Greeks) fought unarmed and won, small against big. We owe you gratitude, because you gave us time to defend ourselves. As Russians and as people we thank you."</span></div><div><span style="font-family: verdana; font-size: medium;">- When Hitler attacked the U.S.S.R.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Georgy Zhukov, Chief of the General Staff and Minister of Defense of the USSR:</span></div><div><span style="font-family: verdana; font-size: medium;">"If the Russian people managed to raise resistance at the doors of Moscow, to halt and reverse the German torrent, they owe it to the Greek People, who delayed the German divisions during the time they could bring us to our knees."</span></div><div><span style="font-family: verdana; font-size: medium;">- Quote from his memoirs on WWII.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Benito Mussolini:</span></div><div><span style="font-family: verdana; font-size: medium;">"The war with Greece proved that nothing is firm in the military and that surprises always await us."</span></div><div><span style="font-family: verdana; font-size: medium;">- From a speech, delivered on 10/5/1941.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">King George VI, King of Great Britain 1936-1952:</span></div><div><span style="font-family: verdana; font-size: medium;">"The magnificent struggle of Greece, was the first big turn of WWII."</span></div><div><span style="font-family: verdana; font-size: medium;">- Paraphrased from a speech, delivered to the parliament in May 1945.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Sir Robert Antony Eden, Minister of War and the Exterior of Britain (1940-1945), Prime Minister of Britain (1955-1957):</span></div><div><span style="font-family: verdana; font-size: medium;">"Regardless of what the future historians shall say, what we can say now, is that Greece gave Mussolini an unforgettable lesson, that she was the motive for the revolution in Yugoslavia, that she held the Germans in the mainland and in Crete for six weeks, that she upset the chronological order of all German High Command's plans and thus brought a general reversal of the entire course of the war and we won."</span></div><div><span style="font-family: verdana; font-size: medium;">- Paraphrased from a speech, delivered to the British parliament on 24/09/1942.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Sir Harold Leofric George Alexander, British Marshal during WWII:</span></div><div><span style="font-family: verdana; font-size: medium;">"It would not be an exaggeration to say that Greece upset the plans of Germany in their entirety forcing her to postpone the attack on Russia for six weeks. We wonder what would have been Soviet Union's position without Greece."</span></div><div><span style="font-family: verdana; font-size: medium;">- Paraphrased from a speech, delivered to the British parliament on 28 October 1941.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Franklin D. Roosevelt, President of the United States of America (1933-1945):</span></div><div><span style="font-family: verdana; font-size: medium;">"On the 28th of October 1940 Greece was given a deadline of three hours to decide on war or peace but even if a three day or three weeks or three years were given, the response would have been the same. The Greeks taught dignity throughout the centuries. When the entire world had lost all hope, the Greek people dared to question the invincibility of the German monster raising against it the proud spirit of freedom."</span></div><div><span style="font-family: verdana; font-size: medium;">- Paraphrased from a speech, delivered on 10/6/1943.</span></div><div><span style="font-family: verdana; font-size: medium;">"The heroic struggle of the Greek people... against Germany's attack, after she so thunderously defeated the Italians in their attempt to invade the Greek soil, filled the hearts of the American people with enthusiasm and moved their compassion."</span></div><div><span style="font-family: verdana; font-size: medium;">- Paraphrased from a speech, delivered on 25/04/1941.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Benjamin Sumner Welles, U.S. Under Secretary of State (1936-1943):</span></div><div><span style="font-family: verdana; font-size: medium;">"Hitler was forced to come to the rescue of his battered satellite. Despite the crushing weight of his second assault, Greece stood firm. With British assistance, she held the Nazi hordes at bay for precious weeks, making possible the reinforcement of the Near East, and changing decisively, and disastrously for Hitler, the time-table of Hitler's attack in Russia."</span></div><div><span style="font-family: verdana; font-size: medium;">- From a press conference on 6 June 1942 at the presence of King George of Greece</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Wilhelm Keitel, Hitler's Chief of the High Command of the Armed Forces & Field Marshall (1940-1945): </span></div><div><span style="font-family: verdana; font-size: medium;">"The Greeks delayed by two or more vital months the German attack against Russia; if we did not have this long delay, the outcome of the war would have been different."</span></div><div><span style="font-family: verdana; font-size: medium;">- As stated during the Nuremberg Trials.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Lord Halifax, UK's Secretary of State for Foreign Affairs:</span></div><div><span style="font-family: verdana; font-size: medium;">"Great admiration inspires all of us the accomplishment of the Greek valour against an enemy so much more numerous and so much better equipped. These deeds remind us of the trophies of the classical times. Long live Greece!"</span></div><div><span style="font-family: verdana; font-size: medium;">- From a speech to the House of Lords.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Primo Levi, Italian intellectual and prisoner at Auschwitz:</span></div><div><span style="font-family: verdana; font-size: medium;">"The solidarity of Greeks (in Auschwitz), their repulsion for violence, their consciousness for survival and their effort to preserve human dignity made them the most united national group in the camp. Thus, the most civilized."</span></div><div><span style="font-family: verdana; font-size: medium;">- From his memoirs.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;"><b>Greeks during WWII – Historical facts and incidents</b></span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">- On 10 April 1941, after the capitulation to Germany, the northern forts of Greece surrender. The Germans express their admiration to Greek soldiers, declaring that they were honored and proud to have such courageous warriors as their adversary such an army and requested that the Greek commandant to inspect the German army in a demonstration of honor and recognition! The German flag was raised only after the complete honorable withdrawal of the Greek army. For the rest of the War German soldiers who fought against the Greeks were authorized to wear a black armband on their uniforms signifying the role in Germany's toughest battles of World War II.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">- A Luftwaffe German officer declared to the commander of the Greek Eastern Macedonia division group, Lieutenant General Dedes that the Greek army was the first army the Stuka fighter planes did not cause panic to. "Your soldiers" he said, "instead of fleeing frantically, as they did in France and Poland, were shooting at us from their positions."</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">- The Greeks originally surrendered to the Germans only while it was the only country during WWII that was at the same time fighting against four other countries (Italy, Albania, Bulgaria, Germany). Mussolini learned about it and got furious, demanding that the Greek Army also surrender to the Italians. He ordered additional attacks against the Greeks who were then in the process of surrendering to Germany. The Greeks resisted, and defeated the Italians once more... After the embarrassment to Mussolini, Hitler relented and had General Dietrich convince General Georgios Tsolakoglou to include Italy as well in the surrender.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">- In the late spring of 1944, Nazi ships of death were making stops in the ports of the Ionian islands. The German commandant called Metropolitan Bishop Chrysostomos and Mayor Lucas Carrer to his office and told them they have 24 hours to submit a list with the names of all the Jews that lived on the island, together with details of their assets. They returned with an envelope soon afterwards: The paper contained just two names; the bishop's and the mayor's.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">- On 23 March 1943, during the Nazi occupation of Greece, the Archbishop of Athens and all Greece, Damaskinos, along with other prominent Greeks, signed his name on a letter defending the Greek Jews. When General Jurgen Stroop, an S.S. Officer and police official for Greece, found out about the letter, he threatened to shoot the Archbishop. Archbishop Damaskinos responded to the Nazi Officer: "According to the traditions of the Greek Orthodox Church, our prelates are hung and not shot. Please respect our traditions!".</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">- By the autumn and winter of 1941, Greece was starving. The death toll from starvation and typhoid, typhus, cholera, pneumonia, and dysentery had risen to more than 1,500 persons daily in Athens and Piraeus alone. By the following spring, the death rate from starvation in Athens and Piraeus exceeded 2,000 a day. Of every ten children born, only one lived more than four weeks. (Source: American Greek War Relief Association)</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">- Reports reveal that during WWII Greece lost 7.2-12.9% of its population, Yugoslavia 6.6-6.9%, USSR 2.8%, Czechoslovakia 2.3-2.4%, Holland 2.2-2.4%, France 1.4-2%, Poland 1.8%, Belgium 1.05-1.5%, Luxembourg 1.69%, Norway 0.35%, Denmark 0.16%.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">- Hitler's troops lost more lives in one day in Crete than in any single day in the 15 months prior to conquering 15 other countries.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">- Greece's disruption of Hitler's war timetable forced him into the deliberating Russian winter where he met defeat. Leaders like Winston Churchill, Joseph Stalin, America's Sumner Welles and even Adolph Hitler's Field Marshall Wilhelm Keitel, credit Greece with bringing about Hitler's defeat. Greece was the only "David" in WWII able to inflict a fatal wound that eventually brought down the Nazi "Goliath".</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;"><b>Relevant to the subject extracts from previous articles by H. A. Samaras</b></span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">- "The failure of the Greek State engendered a disillusioned society". Via Pytheas Social & Political Review on 11 May 2012.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Greece is a case of a state that failed, a case of despair that forced its citizens, those that are at least self-conscious, to exclaim instead of the more than valid "I am proud to be Greek", the self-pitied "I am sorry to be Greek". These are the same Greeks that abstained from voting in the recent elections or as an "immature" form of protest voted for radical parties than now possess a catalytic say in the future of the Country.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Overall the average Greek has been bombarded with jargons, polarized by an ignorant in the vast majority, populist, irresponsible, anachronistic and scandalous political leadership and labor unions, and sacrificed in the name of power and political party benefits!</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Important to note that the Citizens of the Country are equally responsible for the crisis as are the country's EU partners.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">The conditioned Citizens of the Hellenic Republic accepted the love of ease, a mindless attitude that was provided to them via political favoritism and moral delusions and lived by it for decades to such an extent that it became part of their DNA – for the vast majority of Greeks not to cheat income tax was as idiotic as to be efficient and productive while working for the over-staffed public sector; "corruption" to that effect found in the eye of the average Greek a new synonym: "Bravado" (Μαγκιά)!</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">- "More than ten facts and one question about Greece and the EU Financial Crisis". Via Pytheas Market Focus on 3 July 2015.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">While it is a fact that, (a) a number of Eurozone nations were complicit in Greece's fiscal irresponsibility; (b) the EU was inadequate and deliberately reluctant to take a decisive action and to establish a mechanism to effectively assist member countries with financing problems – whilst aware and acknowledged by the EU itself of the unique problem with the Eurozone, that countries in it share the same currency but not a unified fiscal, banking or political system, leaving countries especially the smaller ones with few tools at their disposal during a downturn; (c) Billions of Euros of net wealth have been transferring from Athens to Berlin, and not only; German in particular, but also other European leaders' "morality" politics, sermonize endlessly about how their frugal and thrifty taxpayers are being forced to endure the worse because of Greece's only irresponsibility...</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">Although Germany is the greatest beneficiary of the European Union and the Eurozone, the vast majority of Germans feel that Europe lives at their expense: As the largest economy in the EU, Germany makes the largest contribution to its budget, but the EU's budget is small, about 1% of the GDP of each member state. This expense pales into insignificance in comparison with advantages from which Germany benefits.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">To see further how far Germany's populist narrative inverts reality, you only have to remember that the fact that Greece has a trade deficit (for which Greece is guilty) works to the benefit of the other EU countries, and first of foremost to the benefit of Germany, which is the leading exporter to Greece. Salary costs in Greece (another Greek fault) have financed private consumption in Greece, which has financed German exports.</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><span style="font-family: verdana; font-size: medium;">The "aid" to Greece will not cost the German taxpayer anything. Germany will lend to Greece at a higher interest rate while Germany itself raises money a lot more cheaply. Greek recovery will serve the interests of the EU and its member states beyond the common interest in preserving the stability of the Euro. Despite all these, Chancellor Merkel did not have the courage to tell the Germans the truth...</span></div><div><span style="font-family: verdana; font-size: medium;"><br /></span></div><div><br /></div>Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-89623272276998875882020-07-27T05:51:00.001+01:002021-10-29T12:58:34.727+01:00The Pandemic, the Blame Game, and the Largest Economic Bubble of Modern Times?<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: verdana;"><span face=""verdana" , sans-serif">By <a href="mailto:samarash@pytheas.net" target="_blank">Harris A. Samaras</a></span><br />
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<span face=""verdana" , sans-serif" style="font-family: verdana;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCvG_T1MYd9W2smpRA5-iXh8Qm2PsvoEKdhHetsbS_6PCp3jDjV_OouQhWCVESoIw-p9AtnlWJ1Of_G-nDVMxpYj-G_TLTBnQyTBsGggSGRV2h8lSvUrY-Xy1XLoe6b7xOBftbDI3G9HQ/s1600/The+Blame+Game.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="488" data-original-width="510" height="306" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCvG_T1MYd9W2smpRA5-iXh8Qm2PsvoEKdhHetsbS_6PCp3jDjV_OouQhWCVESoIw-p9AtnlWJ1Of_G-nDVMxpYj-G_TLTBnQyTBsGggSGRV2h8lSvUrY-Xy1XLoe6b7xOBftbDI3G9HQ/s320/The+Blame+Game.jpg" width="320" /></a></span></div>
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<span face=""verdana" , sans-serif" style="font-size: large;">Humanity, economics and blame are conveniently adjusted to the interests of the global mighty leaders, politicians and their cronies...</span><br />
<span style="font-size: large;"><span face=""verdana" , sans-serif"><br /></span>
<span face=""verdana" , sans-serif">Smokescreens of all sort are raised in an attempt to cover the foul doings of the politicians which in many cases are criminal.</span></span><br />
<span style="font-size: large;"><span face=""verdana" , sans-serif"><br /></span>
<span face=""verdana" , sans-serif">When it comes to the Pandemic or Recession, the myriad of populist voices of our democratically elected leaders (and their cronies) are frantically pointing fingers at each and everybody else but themselves.</span></span><br />
<span style="font-size: large;"><span face=""verdana" , sans-serif"><br /></span>
<span face=""verdana" , sans-serif">The pandemic has conveniently become the scapegoat. All failures, mismanagement and screwups are branded "Due to the Pandemic" – A curse I remind you, that grew out of control only (not mostly) because of those leaders' (intentional) negligence.</span></span><br />
<span style="font-size: large;"><span face=""verdana" , sans-serif"><br /></span>
<span face=""verdana" , sans-serif">As the smokescreens are becoming denser and denser,</span></span><br />
<span style="font-size: large;"><span face=""verdana" , sans-serif"><br /></span>
<span face=""verdana" , sans-serif">- The number of unemployed and/or furloughed are in the tens of millions,</span></span><br />
<span style="font-size: large;"><span face=""verdana" , sans-serif"><br /></span>
<span face=""verdana" , sans-serif">- Eviction notices are on the rise, multiplying fast,</span></span><br />
<span style="font-size: large;"><span face=""verdana" , sans-serif"><br /></span>
<span face=""verdana" , sans-serif">- Insolvencies and bankruptcies are breaking one record after the other,</span></span><br />
<span style="font-size: large;"><span face=""verdana" , sans-serif"><br /></span>
<span face=""verdana" , sans-serif">- The inequality gap is widening by the day,</span></span><br />
<span style="font-size: large;"><span face=""verdana" , sans-serif"><br /></span>
<span face=""verdana" , sans-serif">- Debt is record high (unproductive debt mind you),</span></span><br />
<span style="font-size: large;"><span face=""verdana" , sans-serif"><br /></span>
<span face=""verdana" , sans-serif">- Growth is record low.</span></span><br />
<span style="font-size: large;"><span face=""verdana" , sans-serif"><br /></span>
<span face=""verdana" , sans-serif">What is happening, sanity admits, is fundamentally unwarranted; sociologically, psychologically and economically.</span></span><br />
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<span face=""verdana" , sans-serif">Let's think together for a minute,</span></span><br />
<span style="font-size: large;"><span face=""verdana" , sans-serif"><br /></span>
<span face=""verdana" , sans-serif">Do asset prices reflect the increase in their true value? No!</span></span><br />
<span style="font-size: large;"><span face=""verdana" , sans-serif"><br /></span>
<span face=""verdana" , sans-serif">Are people led to believe that stock market prices will keep on rising forever? It definitely looks like it!</span></span><br />
<span style="font-size: large;"><span face=""verdana" , sans-serif"><br /></span>
<span face=""verdana" , sans-serif">Do people have a relevant understanding why they buy? No, many of the economists do not either!</span></span><br />
<span style="font-size: large;"><span face=""verdana" , sans-serif"><br /></span>
<span face=""verdana" , sans-serif">Are the above characteristics of a bubble? Yes!</span></span><br />
<span style="font-size: large;"><span face=""verdana" , sans-serif"><br /></span>
<span face=""verdana" , sans-serif">Are we in a bubble? Yes!</span></span><br />
<span style="font-size: large;"><span face=""verdana" , sans-serif"><br /></span>
<span face=""verdana" , sans-serif">When will the bubble burst? Difficult to say. Figuring out when a bubble will burst is not easy. We will more or less realize it when it happens.</span></span><br />
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<span face=""verdana" , sans-serif">In a nutshell,</span></span><br />
<span style="font-size: large;"><span face=""verdana" , sans-serif"><br /></span>
<span face=""verdana" , sans-serif">The primary causes of bubbles are changes in investor behavior that form in economies, securities, stock markets, and business sectors.</span></span><br />
<span style="font-size: large;"><span face=""verdana" , sans-serif"><br /></span>
<span face=""verdana" , sans-serif">Considering the 5 stages of a bubble,</span></span><br />
<span style="font-size: large;"><span face=""verdana" , sans-serif"><br /></span>
<span face=""verdana" , sans-serif">1. Displacement - Investors start to notice a new paradigm.</span></span><br />
<span face=""verdana" , sans-serif" style="font-size: large;">2. Boom - Prices start to rise at first, then get momentum as more investors enter the market. There is an overall sense of failing to jump in, causing even more people to start buying assets.</span><br />
<span face=""verdana" , sans-serif" style="font-size: large;">3. Euphoria - Asset prices skyrocket, caution is thrown out the window.</span><br />
<span face=""verdana" , sans-serif" style="font-size: large;">4. Profit taking - Money making opportunities for the very few that can read the warning signs. Note, once a bubble has burst, it will not inflate again.</span><br />
<span face=""verdana" , sans-serif" style="font-size: large;">5. Panic - Asset prices change course and drop, quickly. Investors want to liquidate them at any price. Asset prices decline as supply outshines demand.</span><br />
<span style="font-size: large;"><span face=""verdana" , sans-serif"><br /></span>
<span face=""verdana" , sans-serif">We are now between Stages 3 and 4, on our way to hit the Panic Stage or better be hit by it.</span></span><br />
<span style="font-size: large;"><span face=""verdana" , sans-serif"><br /></span>
<span face=""verdana" , sans-serif">Are we eventually going to experience the largest economic bubble of modern times? Yes!</span></span><br /></span>
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Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-24186450204323610612020-05-03T09:56:00.001+01:002020-05-04T16:02:24.470+01:00Deja vu - Greece and the EU face another financial crisis<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: #1d2129;"><span style="font-family: "verdana" , sans-serif;">By <a href="mailto:samarash@pytheas.net" target="_blank">Harris A. Samaras</a> </span></span></div>
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<span style="color: #1d2129;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Not much have changed since the last financial crisis, neither in the EU nor Greece. They were in crisis then, they had been in crisis since, and they are in crisis now. The actors are more or less the same. Even some names remain unchanged. And those that have changed or been replaced are not in many ways any different from their predecessors.<o:p></o:p></span></span></div>
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<span style="color: #1d2129;"><span style="font-family: "verdana" , sans-serif; font-size: large;">The EU is still pushing for chaos,<o:p></o:p></span></span></div>
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<span style="color: #1d2129;"><span style="font-family: "verdana" , sans-serif; font-size: large;">The European Union economy, "personification" of easing, cheap money and misguided stimuli seems unable to reform into an efficient body and alliance of mutual benefit with mechanisms in place that counteract stagnation and enhance stability. The European Reform Agenda? Abandoned.<o:p></o:p></span></span></div>
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<span style="color: #1d2129;"><span style="font-family: "verdana" , sans-serif; font-size: large;">The European Banking Union also abandoned. Creditor hierarchies and their absence of, lead to uncertainty, thus an EU vulnerable to market changes and threats, also to sustainable growth.<o:p></o:p></span></span></div>
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<span style="color: #1d2129;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Based on a banking and economic system that has evidently failed, unwilling to restructure, its practices are more than often totalitarian and undemocratic. Practices that suffocate its economic growth and at the same time tear the European society apart.<o:p></o:p></span></span></div>
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<span style="color: #1d2129;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Zero interest rate policies are in essence subsidizing the unproductive sectors of the European economy, capital misallocated, and without a dynamic recycling of capital expenditure, productivity is hit, increasing overcapacity. Excessive interventions do not only create debt-traps and catastrophic bubbles but zombify the economy.<o:p></o:p></span></span></div>
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<span style="color: #1d2129;"><span style="font-family: "verdana" , sans-serif; font-size: large;">The Real European Economy today is more deeply indebted than prior to the last financial crisis. And, as high debt load limits the flexibility to keep the economy on an even course, it makes it unable to respond aggressively to downturns.<o:p></o:p></span></span></div>
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<span style="color: #1d2129;"><span style="font-family: "verdana" , sans-serif; font-size: large;">In the meantime,<o:p></o:p></span></span></div>
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<span style="color: #1d2129;"><span style="font-family: "verdana" , sans-serif; font-size: large;">The "deadly virus" of politicization in the EU spread to such an extent that instead of adhering to its own fundamentals of freedom, economic or otherwise, it tends to more and more be undergoing the catastrophic road of nationalization.<o:p></o:p></span></span></div>
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<span style="color: #1d2129;"><span style="font-family: "verdana" , sans-serif; font-size: large;">In Greece,<o:p></o:p></span></span></div>
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<span style="font-family: "verdana" , sans-serif; font-size: large;"><span style="color: #1d2129;">The same "deadly virus" of politicization. Government and opposition are more interested in their between supremacy wars than the survival of the country. Both Right- and Left- wing populism is of such high skill levels that could have very well forced </span><a href="https://books.google.com.cy/books/about/On_Populist_Reason.html?id=_LBBy0DjC4gC&printsec=frontcover&source=kp_read_button&redir_esc=y#v=onepage&q&f=false" target="_blank"><span style="color: blue;">Laclau</span></a><span style="color: #1d2129;"> to revise his theory.<o:p></o:p></span></span></div>
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<span style="color: #1d2129;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Overall, the average Greek is being bombarded with slogans from all sides; polarized by an ignorant in the vast majority, populist, irresponsible, anachronistic and scandalous political leadership and labor unions, and sacrificed in the name of power and political party benefits!<o:p></o:p></span></span></div>
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<span style="color: #1d2129;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Funningly, the Government, only a handful of months in power, rushed to "convince" the Greek citizen with euphoric statements about the state and future of the economy; note the Real Greek Economy remains "bankrupt".<o:p></o:p></span></span></div>
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<span style="color: #1d2129;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Ridiculously, the Leftist opposition, previously in power, which dragged Greece into an unnecessary adventure that was fundamentally based on myriads of intentionally false promises (that only made the country in real terms a lot poorer), attempts again to play the role of the savior and the "only" catalyst for the nation's renaissance. Note that despite preaching the opposite, during its reign, an unimaginable waste of taxpayers’ money, through gross fund allocation inefficiencies, political favouritism, vote mongering, cronyism and corruption were a common phenomenon in Greece.<o:p></o:p></span></span></div>
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<span style="color: #1d2129;"><span style="font-family: "verdana" , sans-serif; font-size: large;">COVID-19 and the lockdown pushed everything into fast-forward mode. The real economy of Greece, one of the worst performing of the Eurozone - I highlight here "Real Economy" - is still suffering from structural problems and it remains still in an economic straitjacket.<o:p></o:p></span></span></div>
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<span style="color: #1d2129;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Under test again,<o:p></o:p></span></span></div>
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<span style="color: #1d2129;"><span style="font-family: "verdana" , sans-serif; font-size: large;">The EU and Greece are under test again (for the EU it may be existential). Will they pass it? They have both failed their last challenge and test blatantly! Actually, they have not yet managed to recover from the last financial crisis. Their "leaders" lost in their own microcosm...<o:p></o:p></span></span></div>
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<span style="font-family: "verdana" , sans-serif; font-size: large;"><span class="6qdm"><span style="color: #1d2129;">👉</span></span><span style="color: #1d2129;"> "</span><a href="https://www.pytheas.net/images/docs/news/20150703-More-than-ten-facts-and-one-question-about-Greece-and-the-EU-Financial-Crisis.pdf" target="_blank"><span style="color: blue;">More than ten facts and one question about Greece and the EU financial crisis</span></a><span style="color: #1d2129;">" was written back in 2015.<o:p></o:p></span></span></div>
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Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-70906269932159403012020-04-23T06:38:00.000+01:002020-04-23T07:30:30.825+01:00US Economy - Oil trading at a negative price per barrel (between sarcasm and reality)<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdefqzjrOPjk4oR7h8IwQkIoKkbbuQkEcDE9ZuMnuOWSUiTX6zE9mQDk09VHle-jjLKruX-OCOvF_NrtO7l_LQbn_8zmi6R0GUAlDHYqu4SRkU-IN9wJA5tHuaozD6mBrK1aydL8fP1F0/s1600/The+patient+is+sick.jpg" imageanchor="1" style="clear: right; float: right; font-family: "Times New Roman", serif; font-size: 12pt; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="382" data-original-width="680" height="179" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdefqzjrOPjk4oR7h8IwQkIoKkbbuQkEcDE9ZuMnuOWSUiTX6zE9mQDk09VHle-jjLKruX-OCOvF_NrtO7l_LQbn_8zmi6R0GUAlDHYqu4SRkU-IN9wJA5tHuaozD6mBrK1aydL8fP1F0/s320/The+patient+is+sick.jpg" width="320" /></a><span style="font-family: "verdana" , sans-serif;">By <a href="mailto:samarash@pytheas.net" target="_blank">Harris A. Samaras</a><span style="font-size: large;"><o:p></o:p></span></span></div>
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<span style="font-family: "verdana" , sans-serif;"><span style="font-size: large;">Not all can be so well camouflaged, I guess... No matter how often the transfusion, the patient remains ill!<o:p></o:p></span></span></div>
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<span style="font-family: "verdana" , sans-serif;"><span style="font-size: large;">Evidence of the disease? The Nasdaq Composite Index... Artificially sustained and... positive! Question: How could the Nasdaq ever be positive when oil sank to such lows?<o:p></o:p></span></span></div>
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<span style="font-family: "verdana" , sans-serif;"><span style="font-size: large;">What is probably the world’s most important commodity, the world’s deepest and most liquid component of a major asset class, has not only lost ALL value but is in free fall! Oil is trading at a negative price per barrel!<o:p></o:p></span></span></div>
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<span style="font-family: "verdana" , sans-serif;"><span style="font-size: large;">What does it mean? Deflation!<o:p></o:p></span></span></div>
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<span style="font-family: "verdana" , sans-serif;"><span style="font-size: large;">Recession or Depression? What have we been arguing about? "All is related to the accumulated and accumulating massive debt which if not serviced will lead to a domino of deflationary related defaults; that could even slide to a depression..."<o:p></o:p></span></span></div>
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<span style="font-family: "verdana" , sans-serif;"><span style="font-size: large;">What is very and sadly funny? Politicians and central bankers, the culprits of this mess, as if suffering by mental and moral imbecility, are focussing on a row about whether the US "technically" or not is in recession. And I wonder, observing and listening to them I wonder, whether Eugenic Criminology should return. You know, Eugenic Criminology argues that the feeble-minded should not even be allowed to reproduce... Or is it all about wickedness...<o:p></o:p></span></span></div>
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<span style="font-family: "verdana" , sans-serif;"><span style="font-size: large;">In the meantime, 60,000 jobs in the US Oil & Gas Industry, about 10% of its workforce were lost in March alone. Seven years of job growth of this particular industry wiped out in one month!<o:p></o:p></span></span></div>
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<span style="font-family: "verdana" , sans-serif;"><span style="font-size: large;">One last thing (for now, that is),<o:p></o:p></span></span></div>
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<span style="font-family: "verdana" , sans-serif;"><span style="font-size: large;">If you hear any of those politicians - you cannot miss them, they are usually characterized by a voice emanating patriotism and a face desperately attempting to seem honest - preaching that the "oil price crash will likely be temporary", I kindly and sarcastically ask you to consider what Eugenic Criminology argues about the feebled-minded...<o:p></o:p></span></span></div>
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<span style="font-family: "verdana" , sans-serif;"><span style="font-size: large;">Cartoon by <a href="https://app.hedgeye.com/insights" target="_blank"><span style="color: blue;">Hedgeye</span></a><o:p></o:p></span></span></div>
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Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-47687878048344472982020-03-18T05:50:00.000+00:002020-03-18T05:52:09.691+00:00Coronavirus - An economic and social recession<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="background: white; color: #1c1e21;"><span style="font-family: "verdana" , sans-serif;">A note by <a href="mailto:samarash@pytheas.net" target="_blank">Harris A. Samaras</a></span></span></div>
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<span style="font-family: "verdana" , sans-serif;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhC196SeROAM6eJ-ZNFRU72B8_UGHBkNRRn2lFcmTnq5KgObKxCsTqkI0ZKWWSp6MMJYkncIdkTv_XIXs6OQYbyYIZDPkVLGaKD8inUEO2_YJcMBN23CM07phHW9ygHlbHwERAfVDhhjXc/s1600/Coronavirus+A+social+recession+as+well.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="413" data-original-width="733" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhC196SeROAM6eJ-ZNFRU72B8_UGHBkNRRn2lFcmTnq5KgObKxCsTqkI0ZKWWSp6MMJYkncIdkTv_XIXs6OQYbyYIZDPkVLGaKD8inUEO2_YJcMBN23CM07phHW9ygHlbHwERAfVDhhjXc/s320/Coronavirus+A+social+recession+as+well.png" width="320" /></a></span></div>
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<span style="background: white; color: #1c1e21;"><span style="font-family: "verdana" , sans-serif; font-size: large;">SMEs will suffer most and first, then the vast majority of the blue- and white-collar workers. Purchasing power will be substantially reduced. Bankruptcies. Governments will fall. Social disruption. If the virus will not be completely eliminated, lifestyle worldwide will change...<o:p></o:p></span></span></div>
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<span style="background: white; color: #1c1e21;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Most of Europe is in lockdown and the rest of the world will follow suit. Half of Spain, Portugal, Greece, Cyprus, Malta a major part of France, Italy, etc. have been waiting for the tourist summer season... If this thing goes on for another few months, we will be observing scenes similar to what Russia was after the USSR had fallen...<o:p></o:p></span></span></div>
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<span style="background: white; color: #1c1e21;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Remember savings are down and almost nonexistent; central banks and politicians made sure of that... What will people do when the paycheque is depleted?<o:p></o:p></span></span></div>
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<span style="background: white; color: #1c1e21;"><span style="font-family: "verdana" , sans-serif; font-size: large;">But the real damage inflicted is not yet felt. Do not be surprised if people prior to standing in line at the supermarket they would first be standing in line for food coupons...<o:p></o:p></span></span></div>
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<span style="background: white; color: #1c1e21;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Then it’s the social impact, it will be immense! This will not be just an economic recession but a social one as well. Think, social inequalities, public confidence, mental health, education, the third generation, the homeless...<o:p></o:p></span></span></div>
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<span style="background: white; color: #1c1e21;"><span style="font-family: "verdana" , sans-serif; font-size: large;">This curse is going to test the best in us!</span></span></div>
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<span style="color: #444444; font-family: "verdana" , sans-serif; font-size: large;"><span style="background-color: white; color: #134f5c;">Additionally, for your consideration,</span></span></div>
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<span style="color: #134f5c; font-family: "verdana" , sans-serif; font-size: large;">Ask yourselves:<o:p></o:p></span></div>
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<span style="color: #134f5c; font-family: "verdana" , sans-serif; font-size: large;">- What turned it into a pandemic?<o:p></o:p></span></div>
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<span style="color: #134f5c; font-family: "verdana" , sans-serif; font-size: large;">- Could measures be taken to prevent its spread?<o:p></o:p></span></div>
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<span style="color: #134f5c; font-family: "verdana" , sans-serif; font-size: large;">- What if our leaders did not play hide-and-seek with the threat of the pandemic?<o:p></o:p></span></div>
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<span class="textexposedshow"><span style="color: #134f5c; font-family: "verdana" , sans-serif; font-size: large;">- What if the priority of politicians were not "we gotta get that market moving"?<o:p></o:p></span></span></div>
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<span class="textexposedshow"><span style="color: #134f5c; font-family: "verdana" , sans-serif; font-size: large;">- What if politicians were not in voluntary denial, if their decisions were not mainly influenced with how this curse could influence their seats of power?<o:p></o:p></span></span></div>
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<span class="textexposedshow"><span style="color: #134f5c; font-family: "verdana" , sans-serif; font-size: large;">- What if politicians had put their vain and criminal supremacy wars aside and worked together to eliminate this threat?<o:p></o:p></span></span></div>
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<span class="textexposedshow"><span style="color: #134f5c; font-family: "verdana" , sans-serif; font-size: large;">- What if most financial analysts were able to see beyond their charts? And what if their priority was not what will hurt their stock and wallets?<o:p></o:p></span></span></div>
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<span class="textexposedshow"><span style="color: #134f5c; font-family: "verdana" , sans-serif; font-size: large;">- What if all had realized that, "if we do not get our act together, in a truly collective manner, market and approval ratings, glory, recognition, careers and profiting will be the least of our worries"?<o:p></o:p></span></span></div>
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<span class="textexposedshow"><span style="color: #134f5c; font-family: "verdana" , sans-serif; font-size: large;">- What if there was accountability in this world of ours?<o:p></o:p></span></span></div>
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Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-43195532876663995322020-01-06T10:19:00.001+00:002020-01-06T16:23:55.106+00:00The Fed, the QE and the Recession...<div dir="ltr" style="text-align: left;" trbidi="on">
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/>
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<span style="font-family: "verdana" , sans-serif;"><span style="background: white; color: black;"><span style="font-size: small;">First published on 11 March 2015 via <a href="http://www.pytheas.net/" target="_blank">Pytheas</a> Market Focus. By <a href="mailto:samarash@pytheas.net" target="_blank">Harris A. Samaras</a></span></span></span></div>
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<span style="font-family: "verdana" , sans-serif;"><span style="background: white; color: black;"><span style="font-family: "verdana" , sans-serif; font-size: large;"><br /></span></span></span></div>
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<span style="font-family: "verdana" , sans-serif;"><span style="background: white;"><span style="font-family: "verdana" , sans-serif; font-size: large;">The government’s
response to the crisis was a rescue package that would prevent U.S. banks from
collapsing and encourage them to resume lending, which was soon to be followed
by a series of QE packages injecting money into the economy. The very assumption
underlying QE is that it will trickle down to revamp the economy by boosting spending,
restoring confidence in the market and revamping economic growth.</span></span></span><br />
<span style="background-color: white; font-family: "verdana" , sans-serif; font-size: large;"><br /></span>
<span style="background-color: white; font-family: "verdana" , sans-serif; font-size: large;">But instead of utilizing
the “time gained” after the first QE to apply structural reforms that could
boost the productive sectors of the economy, the Fed prolonged it… Instead of
reducing government spending and promoting higher efficiency, and tax cuts to
let households and SMEs excel, governments and central banking inflated the
markets with more and more liquidity… more and more cheap money… subsidizing in
essence, the unproductive sectors of the economy and zombies…</span><br />
<span style="background-color: white; font-family: "verdana" , sans-serif; font-size: large;"><br /></span>
<span style="background-color: white; font-family: "verdana" , sans-serif; font-size: large;">The
fiat money system in a way protects a certain group of society: The financial
sector (and those connected to it) and central banks. Everyone else, is gradually impoverished by the system. Worse, everyone else becomes dependent on it.</span></div>
<div style="-webkit-text-stroke-width: 0px; background: white; box-sizing: border-box; font-variant-caps: normal; font-variant-ligatures: normal; margin-bottom: .0001pt; margin: 0cm; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="font-family: "verdana" , sans-serif; font-size: large;">Whereas
the well-connected to the banking system benefit from inflation as they are the
first to receive the newly created money, and while <span style="background: white;">the citizen is deluded into thinking that the higher spending is because
of the better performance of the economy, the government continues printing its
way out of the debt burden (it thinks) with an unbacked currency… </span><o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="font-family: "verdana" , sans-serif; font-size: large;">As money
begins circulating and losing value, the lower you go down the socio-economic
pyramid, the more adverse the effects become. <o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="-webkit-text-stroke-width: 0px; background: white; box-sizing: border-box; font-variant-caps: normal; font-variant-ligatures: normal; margin-bottom: .0001pt; margin: 0cm; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="font-family: "verdana" , sans-serif; font-size: large;">Those familiar with the system may know what
to do to hedge against the risks of any deterioration in the economy and its
currency. But others, like middle class professionals and the working class,
they just don’t have access to the intricate higher levels of the financial
markets. They are more likely to go to the bank to deposit their savings… but how about the interest rates?<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div class="MsoNormal">
<span style="background: white;"><span style="font-family: "verdana" , sans-serif; font-size: large;">What we are
looking at, is a flawed system that penalizes saving and encourages reckless
spending and printing money. An environment that combines negative interest
rates and price inflation, where the lower income classes of society are doomed
to lose, as in real terms they end up spending more, discouraged by negative
rates, and instead accumulate debt to keep up with the increasing prices. <o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="background: white;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Needless to
highlight that such practice also contributes to the rise in inequality as it disproportionately
benefits those that have access to widespread credit and whose wealth is in
financial assets… while hitting ordinary citizens with small savings in cash, cash that becomes devalued…<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "verdana" , sans-serif; font-size: large;"><span style="background: white;">As long as the Fed's reckless money
printing machine is on, the risk for a recession is rising by the day! Since
2008, the monetary policy direction chosen has been only prolonging the slowdown
(and the downfall), poisoning in the meantime the investment environment and zombifying the economy.</span><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="background: white;"><span style="font-family: "verdana" , sans-serif; font-size: large;">The longer we
wait, the worse the recession hit will be! The crime? The crime is that under the current
environment, the middle white collar and working class have been stripped from their savings;
exposed to greater risks than ever before it is doomed to lose.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<span style="background: white; color: black;"><span style="font-family: "verdana" , sans-serif; font-size: large;"><br /></span></span></div>
<div class="MsoNormal">
<span style="background: white; color: black;"><span style="font-family: "verdana" , sans-serif; font-size: small;">Cartoon by Bob Rich and <a href="https://app.hedgeye.com/" target="_blank">Hedgeye</a></span></span></div>
<div class="MsoNormal">
<span style="background: white; color: black;"><span style="font-family: "verdana" , sans-serif; font-size: large;">
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Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-1793735893210346522020-01-04T22:29:00.000+00:002020-01-04T22:29:19.315+00:00The Four Cancers of the Greek Economy<div dir="ltr" style="text-align: left;" trbidi="on">
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<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQSdw9vdOTVpBY4_7txypyPu5cJN7n72BJhe7bzxlAZ9Qhu3llidsnU9eYQYwmvpqUOPztU-8bqZuWiKVmI0VTUBb6STatDv9ZuN0ZsTSrpV7bYWuncvzgGABJHMRIoI8ZRY0YOb7ndBk/s1600/Greek+economy.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="443" data-original-width="656" height="216" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQSdw9vdOTVpBY4_7txypyPu5cJN7n72BJhe7bzxlAZ9Qhu3llidsnU9eYQYwmvpqUOPztU-8bqZuWiKVmI0VTUBb6STatDv9ZuN0ZsTSrpV7bYWuncvzgGABJHMRIoI8ZRY0YOb7ndBk/s320/Greek+economy.jpg" width="320" /></a><span style="color: black;"><span style="font-family: Verdana, sans-serif; font-size: large;">The Greek economy is now growing, but rates lag behind
others in the Eurozone. The public finances are not yet fixed either. The
government-debt burden is a daunting 180% of GDP.<o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="-webkit-text-stroke-width: 0px; background: white; font-variant-caps: normal; font-variant-ligatures: normal; margin-bottom: .0001pt; margin: 0cm; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif; font-size: large;">Greece created most of its own problems, but
it was more of a bystander while “solutions” were imposed by others; a victim
of bad policy as well as power politics. The rules of its bail-outs reflected
the installation-by-stealth of austerity as official Eurozone dogma.<o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="-webkit-text-stroke-width: 0px; background: white; font-variant-caps: normal; font-variant-ligatures: normal; margin-bottom: .0001pt; margin: 0cm; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif; font-size: large;">Years of crisis and auster<span class="textexposedshow">ity have done profound damage to the Greek economy. GDP,
in real terms, is still a quarter below that in 2007. Investment is around
two-thirds lower. And, one in five of the labor force and two in five young
people, are unemployed.<o:p></o:p></span></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif; font-size: large;">EU promised Greece "the world" tomorrow in
exchange for hardship today. But projections for its recovery consistently
proved wildly optimistic, as the austerity visited on the country, deepened its
recession and made its debts ever more unpayable.<o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif; font-size: large;">In fact, the bail-out was structured in such a way
(intentionally or not) to keep Greece zombified and zombified the country
largely remains to today.<o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif; font-size: large;"><u>The Four Cancers of the Greek Economy</u><o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="-webkit-text-stroke-width: 0px; background: white; font-variant-caps: normal; font-variant-ligatures: normal; margin-bottom: .0001pt; margin: 0cm; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif; font-size: large;">Cancer I<o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif; font-size: large;">- Competitiveness: Taxation + Red Tape<o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif; font-size: large;">The bailout and the EU Monetary Policy (massive interest
rate reduction + huge liquidity increase), hinder the government's efforts
further to take appropriate actions to improve its structural issues.<o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif; font-size: large;">Cancer II<o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif; font-size: large;">- Structural Reforms: Encourage investment<o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif; font-size: large;">The perpetuating imbalances of the EU Monetary Policy
hinder any efforts towards the right direction. Directly linked to Cancer I,
incentives must be given to encourage investments and create more jobs.<o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif; font-size: large;">Cancer III<o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif; font-size: large;">- Public Debt: Government Debt to GDP is ~175%<o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif; font-size: large;">Greek Government Debt to GDP is the highest in the EU!<o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif; font-size: large;">Cancer IV<br />
- Government Spending<o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif; font-size: large;">Greece suffers from the same madness the whole EU is,
result of the disastrous EU Monetary Policy. Although its government spending
is currently lower than the Eurozone average, its productivity being a largely
zombified economy aches.<o:p></o:p></span></span></div>
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<br /></div>
<!--EndFragment--><br /></div>
Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-63532247583061727042020-01-04T21:28:00.000+00:002020-01-04T21:28:05.800+00:00Not QE insists the Federal Reserve...<div dir="ltr" style="text-align: left;" trbidi="on">
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of figures"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope return"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="line number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="page number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of authorities"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="macro"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="toa heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" Priority="0" SemiHidden="true"
UnhideWhenUsed="true" Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="59" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
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<!--StartFragment-->
</div>
<div style="background: white; margin: 0cm 0cm 0.0001pt;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEsPcWF1dk7MvzDF_zLx09jiH35oBQm9b_hftfzNErelrmvMO5NmVKYq2V2F1LPoknovyr_vDZKUCMxHWJgZ6pMQrnQdwNhwAREWk-fAjxwYc5JRfPPJ0V04x2-zi34llED8pb4DzFUoE/s1600/Not+QE.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="375" data-original-width="852" height="140" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEsPcWF1dk7MvzDF_zLx09jiH35oBQm9b_hftfzNErelrmvMO5NmVKYq2V2F1LPoknovyr_vDZKUCMxHWJgZ6pMQrnQdwNhwAREWk-fAjxwYc5JRfPPJ0V04x2-zi34llED8pb4DzFUoE/s320/Not+QE.jpg" width="320" /></a><span style="color: black;"><span style="font-family: Verdana, sans-serif; font-size: large;">Not QE insists the Fed? <o:p></o:p></span></span></div>
<div style="background: white; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div style="-webkit-text-stroke-width: 0px; background: white; font-variant-caps: normal; font-variant-ligatures: normal; margin: 0cm 0cm 0.0001pt; orphans: 2; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="font-family: Verdana, sans-serif; font-size: large;"><span class="6qdm"><span style="background-size: contain; color: transparent; display: inline-block;"><span style="color: black;">👉</span></span></span><span style="color: black;"> Lower rates and higher liquidity
perpetuate overcapacity and zombify an economy!<o:p></o:p></span></span></div>
<div style="background: white; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div style="-webkit-text-stroke-width: 0px; background: white; font-variant-caps: normal; font-variant-ligatures: normal; margin: 0cm 0cm 0.0001pt; orphans: 2; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif; font-size: large;">Inflation and growth are not low due to
excess savings, but because of excess debt, perpetuating overcapacity with low
rates and high liquidity and zombifying the economy by subsidizing the low
productivity and highly indebted sectors and penalizing high productivity with
rising and confiscatory taxation.<o:p></o:p></span></span></div>
<div style="background: white; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div style="background: white; margin: 0cm 0cm 0.0001pt;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif; font-size: large;">Negative rates translate into a massive
transfer of wealth from savers and real wages to the unproductive destroying at
the same time the perception of risk! It is as if government and central banking
ignore demographics, technology, competition on inflation and growth of
consumption, credit, and investment, creating more and more fiscal
imbalances...<o:p></o:p></span></span></div>
<div style="background: white; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div style="background: white; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: Verdana, sans-serif; font-size: large;"><span class="6qdm"><span style="background-size: contain; color: transparent; display: inline-block;"><span style="color: black;">👉</span></span></span><span style="color: black;"> An artificially inflated frenzied
bull market (like those that we experience in Europe and the U.S.), not driven
by real economic growth but by borrowing from anticipated future growth,
creates more and more imbalances that will again demand more and more
rebalancing! And into more and more debt! It is the ultimate doomsday scenario!<o:p></o:p></span></span></div>
<div style="background: white; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div style="background: white; margin: 0cm 0cm 0.0001pt;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif; font-size: large;">A related note on interest rates and
food for thought:<o:p></o:p></span></span></div>
<div style="background: white; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div style="background: white; margin: 0cm 0cm 0.0001pt;">
<span style="font-family: Verdana, sans-serif; font-size: large;"><span class="6qdm"><span style="background-size: contain; color: transparent; display: inline-block;"><span style="color: black;">👉</span></span></span><span style="color: black;"> Interest rates are not dictated
by the free market. If they were, there would be no need to study their
relationship with P/E ratios as they would always move in or near equilibrium
thanks to market forces!<o:p></o:p></span></span></div>
<div style="background: white; font-family: system-ui, -apple-system, system-ui, ".SFNSText-Regular", sans-serif; font-size: 14px; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<br />
</div>
Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-9218427986904224532020-01-04T19:38:00.002+00:002023-05-03T21:07:09.606+01:00Cyprus – Why the COLA must be abolished<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZyO9CTPFwxuSE1bzsH-zrxVIGcFlZtD1ZyYuxRYpJcHX3PWGkC0yxmvgBfBXFZhxR-AfCi_WoM3jr-zW4WR7h-YCQYrN3bBGjeJdSSDP2-vKR2x5orKEVvSMDhD7WzDlDjF8DLNbOQoo/s1600/Cyprus+why+COLA+must+be+abolished.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="368" data-original-width="482" height="244" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZyO9CTPFwxuSE1bzsH-zrxVIGcFlZtD1ZyYuxRYpJcHX3PWGkC0yxmvgBfBXFZhxR-AfCi_WoM3jr-zW4WR7h-YCQYrN3bBGjeJdSSDP2-vKR2x5orKEVvSMDhD7WzDlDjF8DLNbOQoo/s320/Cyprus+why+COLA+must+be+abolished.jpg" width="320" /></a><span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif"></span></span></div>
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<span face=""verdana" , sans-serif" style="font-family: arial;"><span lang="EN-US" style="color: black;"><span style="font-size: small;">First published on 15 November 2011 via Pytheas Market Focus. </span></span><span style="font-size: small;">By</span><span style="font-size: small;"> </span><a href="mailto:samarash@pytheas.net" style="font-size: medium;" target="_blank">Harris A. Samaras</a></span></div>
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<span face=""verdana" , sans-serif"><span lang="EN-US" style="color: black; font-family: arial;"><br /></span></span></div>
<span style="font-family: arial;"><span face=""verdana" , sans-serif"><span style="font-size: large;">Wage
bargaining processes, either through collective bargaining or to an increasing
extent through individualized bargaining, determine wages in most EU countries. </span></span><br />
</span><div class="MsoNormal" style="mso-layout-grid-align: none; text-autospace: none;">
<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;"><br /></span></span></div>
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<span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;"><span lang="EN-US" style="color: black;">However, some EU member states apply a system of "automatic" wage adjustment
procedures – also known as "wage indexation". Systems of wage indexation, where
some form of general index prescribes the development of employees’ wages, are
currently in place in four EU countries: Belgium, Cyprus, Luxembourg and Malta.
Adjustment is based on inflation and aims to maintain wage levels,
despite long-term increases in the cost of living. Other EU member states that
used to have such a system of wage indexation in the past but have now
abolished it are Denmark, France, Italy, the Netherlands and Spain.</span><span lang="EN-US" style="color: black;"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;">Wage indexation aims to link wage
development to the actual evolution of living costs to ensure that real wages
are not overtaken by inflation. Wage indexation is based on regular adjustments
of wages in line with general changes in price levels; the index usually used
is the Consumer Price Index (CPI). This system is sometimes referred to as the
Cost of Living Allowance (COLA) or the cost of living adjustment.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white;">
<span style="font-family: arial;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; text-autospace: none;">
<span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;"><span lang="EN-US" style="color: black;">Why is COLA a catastrophic practice for Cyprus that needs to be abolished?</span><span lang="EN-US" style="color: black;"> <o:p></o:p></span></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; text-autospace: none;">
<span style="font-family: arial;"><br /></span></div>
<div class="MsoNormal" style="background: white;">
<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;">Wage indexation implies rigidity preventing
wages from reflecting actual worker productivity and company performance. This
uniform application does not allow wages to mirror productivity differences
across economic sectors and geographical areas. <o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white;">
<span style="font-family: arial;"><br /></span></div>
<div class="MsoNormal" style="background: white;">
<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;">In addition, wage indexation
prohibits greater flexibility concerning pay, for cost and performance reasons
(both within and between companies), flexibility, immensely required to fight pressure
from increased competition.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white;">
<span style="font-family: arial;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; text-autospace: none;">
<span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;"><span lang="EN-US" style="color: black;">Wage indexation
contributes to a self-feeding inflationary spiral and exacerbates inflationary
pressures – excessive wage increases could trigger inflationary risks, and high
labor costs may indeed be a result of wage indexation in countries where
inflation is high or rising at faster than "normal" pace, </span><span lang="EN-US" style="color: black;">impeding the
stabilizing role of fiscal policy.</span><span lang="EN-US" style="color: black;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white;">
<span style="font-family: arial;"><br /></span></div>
<div class="MsoNormal" style="background: white;">
<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;">Another important reason is the
lack of reactivity to economic shock which wage indexation could imply in making
downwards wage flexibility impossible. In this context, wage indexation
prevents the necessary adjustments in the case of an adverse economic situation.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white;">
<span style="font-family: arial;"><br /></span></div>
<div class="MsoNormal" style="background: white;">
<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;">Finally, wage indexation has a
significant impact on public finances – beyond wages and salaries, the COLA is
also an integral feature of pensions, benefits, and other allowances. A
marginal increase of the COLA corresponds to tens of millions of Euros in
higher expenditure, inducing expenditure overruns.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white;">
<span style="font-family: arial;"><br /></span></div>
<div class="MsoNormal" style="background: white;">
<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;">The trade unions argue that, </span></span></div>
<div class="MsoNormal" style="background: white;">
<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;"><br /></span></span></div>
<div class="MsoNormal" style="background: white;">
<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;">(a) the
very aim of wage indexation systems is to protect real wages against rises in
the cost of living – that in the absence of such a mechanism, wage adjustments
depend heavily on the trade unions’ bargaining power and that low bargaining
coverage may further limit the applications of such bargaining achievements in
terms of wage developments, </span></span></div>
<div class="MsoNormal" style="background: white;">
<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;"><br /></span></span></div>
<div class="MsoNormal" style="background: white;">
<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;">(b) wage indexation is seen to guarantee social
fairness in ensuring the redistribution of national income to workers, and </span></span></div>
<div class="MsoNormal" style="background: white;">
<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;"><br /></span></span></div>
<div class="MsoNormal" style="background: white;">
<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;">(c) wage
indexation may contribute to peace in industrial relations thus reducing strike
levels.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white;">
<span style="font-family: arial;"><br /></span></div>
<div class="MsoNormal" style="background: white;">
<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;">Arguments that are unfounded! At
least in the 21<sup>st</sup> century of this globalized planet of ours. </span></span></div>
<div class="MsoNormal" style="background: white;">
<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;"><br /></span></span></div>
<div class="MsoNormal" style="background: white;">
<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;">Yes, no doubt, when this
system was established in 1944 in Cyprus, conditions, social and economic, were
immensely different and a lot simpler. Cyprus was also then part of this planet
but not part of a Global Economy, and a monetary union (with the loss of the
monetary policy tool). A global economy that is interconnected to such extent,
that movements in exchange rates, interest rates, stock prices and prices of
goods and services are influencing globe whole. No one could have
imagined in 1944 or even a few years back that a financial crisis in the U.S.
would have threatened the whole planet with bankruptcy, a tsunami in Japan or
an uprising in Tunisia would have affected the wallet of each and every Cypriot. </span></span></div>
<div class="MsoNormal" style="background: white;">
<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;"><br /></span></span></div>
<div class="MsoNormal" style="background: white;">
<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;">How could Cyprus ever dream to even survive when it
is neither competitive nor productive? </span></span></div>
<div class="MsoNormal" style="background: white;">
<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;"><br /></span></span></div>
<div class="MsoNormal" style="background: white;">
<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;">How could Cyprus be productive or
competitive when the COLA defeats each and every purpose for competing? </span></span></div>
<div class="MsoNormal" style="background: white;">
<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;"><br /></span></span></div>
<div class="MsoNormal" style="background: white;">
<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;">How
could Cyprus seek for excellence when entrepreneurship and innovation is "massacred" by a system that is not based on merit and performance but instead
promotes mediocrity and injustice?<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white;">
<span style="font-family: arial;"><br /></span></div>
<div class="MsoNormal" style="background: white;">
<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;">Think about it.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white;">
<span style="font-family: arial;"><br /></span></div>
<div class="MsoNormal" style="background: white;">
<span lang="EN-US" style="color: black;"><span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;">And when politicians, demagogues,
populists, colleagues – incompetent colleagues, that receive a salary and an increase of
salary not because they deserve it but because they fall within the protection of
this anachronistic system of 1944 and political favoritism – turn around and claim that it is impossible to abolish, remember how fed up you are, for
being considered by these very same as ignorant, a victim of
opportunists.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white;">
<span style="font-family: arial;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; text-autospace: none;">
<span face=""verdana" , sans-serif" style="font-size: large;"><span lang="EN-US" style="color: black; font-family: arial;">Cyprus needs to
safeguard competitiveness! Losses in competitiveness in the environment of today will
have severe consequences on the real economy of the island to say the least.</span></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; text-autospace: none;">
<span face=""verdana" , sans-serif" style="font-family: arial; font-size: large;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; text-autospace: none;">
<span style="font-family: arial;"><span face=""verdana" , sans-serif" style="font-size: large;">More at</span><span face="Verdana, sans-serif" style="font-size: large;"><span face=""verdana" , sans-serif" style="font-size: medium;"> </span><a href="http://www.pytheas.net/" target="_blank">Pytheas</a><span face=""verdana" , sans-serif" style="font-size: medium;">: </span><a href="https://www.pytheas.net/images/docs/publications/20110315-Cyprus-Why-the-COLA-must-be-abolished-immediately!.pdf" target="_blank">Cyprus – Why the C.O.L.A. must be abolished immediately!</a></span></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; text-autospace: none;">
<span face=""verdana" , sans-serif" style="font-size: large;"><span lang="EN-US" style="color: black;"><br /></span></span></div>
<!--EndFragment--><br /></div>
Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-9731867979289994782019-07-23T09:09:00.000+01:002019-07-23T11:10:01.352+01:00Thoughts and "dismay" about the next Financial Crisis<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: #1c1e21;"><span style="font-family: "verdana" , sans-serif; font-size: small;">By
<a href="mailto:samarash@pytheas.net" target="_blank">Harris A. Samaras</a></span></span><br />
<div class="separator" style="clear: both; text-align: center;">
<span style="color: #1c1e21;"><span style="font-family: "verdana" , sans-serif; font-size: small;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtVvhyMuhxPAd-DkWxUSHfL1j3ZIYjrjVxyyZGHXJdx60ZYYRyrIY1A_gf-kmCD87aBb4Ycy1gUGGkcllEYYx5uFxs-lGywn6FgjoIZcxEAFEUvqTxJkYdxpUMGuw6EeqJBSHzoqV2heY/s1600/07.18.2019_Central_Banker_League_cartoon.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="675" data-original-width="1200" height="225" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtVvhyMuhxPAd-DkWxUSHfL1j3ZIYjrjVxyyZGHXJdx60ZYYRyrIY1A_gf-kmCD87aBb4Ycy1gUGGkcllEYYx5uFxs-lGywn6FgjoIZcxEAFEUvqTxJkYdxpUMGuw6EeqJBSHzoqV2heY/s400/07.18.2019_Central_Banker_League_cartoon.png" width="400" /></a></span></span></div>
</div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: #1c1e21;"><span style="font-family: "verdana" , sans-serif; font-size: large;">It
is time to take our heads out of the sand... With the increasing Zombification
of the world economy (the Eurozone more than anywhere else), crisis is
imminent...<o:p></o:p></span></span></div>
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<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: #1c1e21;"><span style="font-family: "verdana" , sans-serif; font-size: large;">The
love of Protectionism and excessive intervention by governments against reason
and competitiveness... in combination with the Quantitative Easing (QE)
stratagem and the insistence of "reinforcing" the ill-conceived
economic policies applied in the past decade... subsidizing unproductive
sectors of the economy and overcapacity, while sustaining and encouraging
imbalances... <o:p></o:p></span></span></div>
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<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: #1c1e21;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Despite
the current global slowdown, governments and the politicians - for own benefit
and vote mongering - against all odds, insist to again venture into
"stimulating" the economy with more... stimuli... Note, that it is
the excessive stimuli that primarily caused the slowdown...<o:p></o:p></span></span></div>
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<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: #1c1e21;"><span style="font-family: "verdana" , sans-serif; font-size: large;">In
tandem with the declining impact of social structure - convenient in so many
ways for the mighty... the lack of awareness of the masses... unable to
recognize and accept that something is fundamentally wrong...<o:p></o:p></span></span></div>
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<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: #1c1e21;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Note
that, we are living in an era where the populists are accusing populists of
being populists... and all of them... "thrive" by feeding divergence,
populism, ultranationalism, fundamentalism, extremism and fragmentation…<o:p></o:p></span></span></div>
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<br /></div>
<div class="MsoNormal" style="background: white;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHuJaDf2tM40xPGkPhX2mA662gdd2XqntbGTdVwEMucuVT0euDaToM3RYv_v6Xonoj8CUWt5R_FQ3O3y7SDxUj_Yqaz1ou4Ja3K2i_A7e5-zW7j6l9qITTFx4v9746pPGDoMeh81OSA7M/s1600/Wars+by+Hedgeye.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="628" data-original-width="900" height="223" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHuJaDf2tM40xPGkPhX2mA662gdd2XqntbGTdVwEMucuVT0euDaToM3RYv_v6Xonoj8CUWt5R_FQ3O3y7SDxUj_Yqaz1ou4Ja3K2i_A7e5-zW7j6l9qITTFx4v9746pPGDoMeh81OSA7M/s320/Wars+by+Hedgeye.png" width="320" /></a><span style="color: #1c1e21;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Back to our
titled subject,<o:p></o:p></span></span></div>
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<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: #1c1e21;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Government
intervention of most forms... subsidies, tariffs, currency wars... against
Free-Market Economics... eventually only cause loss of wages and loss of
jobs... a vicious circle that leads to crisis!<o:p></o:p></span></span></div>
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<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: #1c1e21;"><span style="font-family: "verdana" , sans-serif; font-size: large;">I am not a
skeptic, on the contrary... a prophet neither... but the next and coming
financial crisis will be the worst of them all!<o:p></o:p></span></span></div>
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<br /></div>
</div>
Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-87757699233753520172019-07-08T05:03:00.000+01:002019-07-08T05:04:49.063+01:00CYPRUS-BLUE-INVEST-MEDITERRANEAN by Pytheas Maritime & Shipping<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9q9kkEeQKVf8EZFfXnMMZUDtDwoyURY40NX7ubA6ETkhhPTR4F9m223L_4dlS613yh6JWsXDSL9H5D84j33BgnybBLDp1HsS6swprkpI5Y5ftPx4e1Z-lVrJ01hIjHg52DgLs3Mfihpw/s1600/Cyprus+Blue+Invest+by+Pytheas.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="540" data-original-width="960" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9q9kkEeQKVf8EZFfXnMMZUDtDwoyURY40NX7ubA6ETkhhPTR4F9m223L_4dlS613yh6JWsXDSL9H5D84j33BgnybBLDp1HsS6swprkpI5Y5ftPx4e1Z-lVrJ01hIjHg52DgLs3Mfihpw/s320/Cyprus+Blue+Invest+by+Pytheas.jpg" width="320" /></a></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: #1c1e21; font-family: "verdana" , sans-serif; font-size: large;">Despite shipping being by far the most efficient form of
transport with more than 80% of the world’s traded goods travelling by sea, it
still has a major environmental impact, accounting for 3% of greenhouse gas
emissions...</span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="font-size: large;"><br /></span></div>
<div style="-webkit-text-stroke-width: 0px; background: white; font-variant-caps: normal; font-variant-ligatures: normal; margin-bottom: .0001pt; margin: 0cm; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: #1c1e21; font-family: "verdana" , sans-serif; font-size: large;">For the Mediterranean, although data show a decrease in
emissions following the 2008 economic crisis, the needs to mitigate the
negative environmental impact is driving the industry to invest in new
sustainable technologies, green ports and <span class="textexposedshow">green
shipping initiatives...<o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="font-size: large;"><br /></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: #1c1e21; font-family: "verdana" , sans-serif; font-size: large;">Maritime activity increases the transition from a
conventional resource economy in the seas to a Blue Economy… a tremendous
economic and investment opportunity; the World Bank has estimated that the Blue
Economy contributes ≈$1.5 trillion per annum (3% of global GDP).<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="font-size: large;"><br /></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: #1c1e21; font-family: "verdana" , sans-serif; font-size: large;">Pytheas and its partners, are convinced that Blue Economy
can only expedite the much-needed integration between Southeastern
Mediterranean ports, with Cyprus as and East Med Maritime & Shipping hub.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
</div>
Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-31703255113464753112019-05-29T09:22:00.000+01:002019-05-29T09:22:21.118+01:00UK by far the biggest enabler of global corporate tax dodging?<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwAzQGXbzi404ep8hLw4nIKAjM7CG9vojgsOk8JmvIWsUZvZzbaPcINtQDk7agXzRqvTQFqhDa-Ae4Z8vgIqBD439Vx5Dh_T9jfb1ECvLFGUEVJtgXUnm1plQwYKZH4LByr0_OEjiuAEg/s1600/The+most+damaging+tax+havens.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="912" data-original-width="1216" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwAzQGXbzi404ep8hLw4nIKAjM7CG9vojgsOk8JmvIWsUZvZzbaPcINtQDk7agXzRqvTQFqhDa-Ae4Z8vgIqBD439Vx5Dh_T9jfb1ECvLFGUEVJtgXUnm1plQwYKZH4LByr0_OEjiuAEg/s320/The+most+damaging+tax+havens.jpg" width="320" /></a><span style="font-family: Verdana, sans-serif; font-size: small;"><span style="background: white; color: #281e1e;">By <a href="mailto:samarash@pytheas.net" target="_blank">Harris A. Samaras</a></span></span></div>
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<span style="font-family: Verdana, sans-serif; font-size: large;"><span style="background: white; color: #281e1e;"><br /></span></span></div>
<div class="MsoNormal">
<span style="font-family: Verdana, sans-serif; font-size: large;"><span style="background: white; color: #281e1e;">According to an
international <a href="https://www.independent.co.uk/news/business/news/uk-corporate-tax-avoidance-havens-justice-network-dodging-a8933661.html" target="_blank">investigation</a>, the UK is by far the world’s biggest enabler of
corporate tax dodging, helping funnel hundreds of billions of dollars away from
state coffers.</span><o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana, sans-serif; font-size: large;"><span style="background: white; color: #281e1e;">Topping the list was
the British Virgin Islands, followed by Bermuda and the Cayman Islands – all British
Overseas Territories. Jersey, a Crown dependency, was seventh while the UK
itself comes in thirteenth. Other countries in the UK network, include Turks
and Caicos Islands, Anguilla, the Isle of Man, and Guernsey.</span><o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: #1c1e21;"><span style="font-family: Verdana, sans-serif; font-size: large;">Alex Cobham, CEO of Tax Justice Network: "A handful
of the richest countries have waged a world tax war so corrosive, they’ve
broken down the global corporate tax system beyond repair"... Hypocrisy?
Double standards?<o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="-webkit-text-stroke-width: 0px; background: white; font-variant-caps: normal; font-variant-ligatures: normal; margin-bottom: .0001pt; margin: 0cm; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbbTZ3DogDCS3vEsiWi_DlLOslC1cNwalyQ0uI0AK7G9JH40yj1XOv9K3_Dq6SmxAVJ5mNWWzKbJTUeOmBVDjGpwxgxcAzSXivg3NOtxkCCNIAdrCQor_GpmFIksMq6Xeu3UgZuesIQ1Q/s1600/Tax+and+jobs.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="1023" data-original-width="1463" height="223" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbbTZ3DogDCS3vEsiWi_DlLOslC1cNwalyQ0uI0AK7G9JH40yj1XOv9K3_Dq6SmxAVJ5mNWWzKbJTUeOmBVDjGpwxgxcAzSXivg3NOtxkCCNIAdrCQor_GpmFIksMq6Xeu3UgZuesIQ1Q/s320/Tax+and+jobs.jpg" width="320" /></a><span style="color: #1c1e21;"><span style="font-family: Verdana, sans-serif; font-size: large;">Income tax evasion should be handled, transparency and
accountability enhanced, but not become a “psychosis”: More complex legislation
and inspection is counterproductive, it scares off investment and eliminates
the entrepreneurial spirit!<o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="-webkit-text-stroke-width: 0px; background: white; font-variant-caps: normal; font-variant-ligatures: normal; margin-bottom: .0001pt; margin: 0cm; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: #1c1e21;"><span style="font-family: Verdana, sans-serif; font-size: large;">On a related note, higher taxation takes<span class="textexposedshow"> so much away from the economy forcing it into a
chronic recession. In combination with government spending could only result to
stagnation or stagflation depending! The cure is to cut both taxes and
government spending!<o:p></o:p></span></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNE2M0p-pJcpUIiVQWW7QiENXusXYdy9OS_aefmGKo8kEkWnYfwTjZOZJC3ikZlBXXdda-QoT1FEfo2dGIx4odnn6fPHwMbnVLJc7jwqCMfZYL7DW8tW3OfvZGlrKRXNJSlmwu7_NlR00/s1600/Taxes+by+Glasbergen.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="484" data-original-width="473" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNE2M0p-pJcpUIiVQWW7QiENXusXYdy9OS_aefmGKo8kEkWnYfwTjZOZJC3ikZlBXXdda-QoT1FEfo2dGIx4odnn6fPHwMbnVLJc7jwqCMfZYL7DW8tW3OfvZGlrKRXNJSlmwu7_NlR00/s320/Taxes+by+Glasbergen.jpg" width="312" /></a></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: #1c1e21;"><span style="font-family: Verdana, sans-serif; font-size: large;">High taxes cause job losses and along with the chronic recession,
they cause a drop in government revenue. When government attempts to increase
tax rates to recoup the lost revenue, production drops again, and the revenue
drops even more; a vicious cycle!<o:p></o:p></span></span></div>
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<br /></div>
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<span lang="EN-GB"><span style="font-family: Verdana, sans-serif; font-size: large;">A
bit of history on tax avoidance,<o:p></o:p></span></span></div>
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<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: #1c1e21;"><span style="font-family: Verdana, sans-serif; font-size: large;">About nine years ago, the U.S. led an effort to address a
problem facing governments everywhere. Each year, people manage to avoid paying
an estimated US$ 2.5 trillion in income tax – an enormous sum, as it was said,
that could be used <span class="textexposedshow">to combat poverty, update
infrastructure or lower tax rates for law-abiding citizens.<o:p></o:p></span></span></span></div>
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<br /></div>
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<span style="color: #1c1e21;"><span style="font-family: Verdana, sans-serif; font-size: large;">So, in 2009, the G-20 came to an agreement: They would no
longer tolerate the network of havens, shell companies and secret accounts that
had long abetted tax evasion. <o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: #1c1e21;"><span style="font-family: Verdana, sans-serif; font-size: large;">A year later, the U.S. passed the Foreign Account Tax
Compliance Act, which required foreign financial institutions to report the
identities and assets of potential U.S. taxpayers to the Internal Revenue
Service. Under threat of losing access to the U.S. financial system, more than
100 countries have agreed to comply.<o:p></o:p></span></span></div>
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<br /></div>
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<span lang="EN-GB" style="color: #1c1e21;"><span style="font-family: Verdana, sans-serif; font-size: large;">The U.S. was expected to reciprocate,
by sharing data on the accounts of foreign taxpayers with their respective
governments. Yet Congress rejected to make the necessary changes to the tax
code. <o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-GB" style="color: #1c1e21;"><span style="font-family: Verdana, sans-serif; font-size: large;">As a result, the Treasury cannot
compel U.S. banks to reveal information such as account balances and names of
beneficial owners. <o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
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<span style="font-family: Verdana, sans-serif; font-size: large;"><span lang="EN-GB" style="color: #1c1e21;">Similarly, the UK via the ICO (Information
Commissioner’s Office) refers to t</span><span style="background: white; color: #333333;">he importance of protecting the UK’s ability to receive confidential
information from other states and to uphold the UK’s confidentiality
obligations in respect of the international treaties.</span><o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: #1c1e21;"><span style="font-family: Verdana, sans-serif; font-size: large;">An additional note,<o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: #1c1e21;"><span style="font-family: Verdana, sans-serif; font-size: large;">The U.S. has also failed to adopt the so-called Common
Reporting Standard, a global agreement under which more than hundred countries
will automatically provide each other with even more data than FATCA requires.<o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="-webkit-text-stroke-width: 0px; background: white; font-variant-caps: normal; font-variant-ligatures: normal; margin-bottom: .0001pt; margin: 0cm; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: #1c1e21;"><span style="font-family: Verdana, sans-serif; font-size: large;">Since 2009, billions of funds from offshore havens have
been moved to Nevada, Wyoming and South Dakota while lawyers and accounting
firms have been marketing the U.S. as the appropriate place to park assets. An
entity can put real-estate assets in a U.S. trust and can be rest assured that
neither the U.S. tax authorities nor his home-country government will know
anything about it… a level of secrecy that even Switzerland does not have…</span></span></div>
<div style="-webkit-text-stroke-width: 0px; background: white; font-variant-caps: normal; font-variant-ligatures: normal; margin-bottom: .0001pt; margin: 0cm; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: #1c1e21; font-family: "Verdana",sans-serif; font-size: 14.0pt; mso-bidi-font-family: Arial;"><br /></span></div>
</div>
Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-68632871550066773472019-05-07T09:27:00.000+01:002020-03-27T14:27:47.492+00:00The European Union and the declining impact of social structure<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
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<span style="color: black;"><span style="font-family: "verdana" , sans-serif; font-size: medium;">By <a href="mailto:samarash@pytheas.net" target="_blank">Harris A. Samaras</a></span></span><br />
<span style="color: black;"><span style="font-family: "verdana" , sans-serif; font-size: medium;"><br /></span></span>
<span style="color: black;"><span style="font-family: "verdana" , sans-serif; font-size: large;">What in essence is the main reason that led to World War II? The
coercive power of government that led to the abolition of intellectual life. It
was a conditioned lack of mass self-awareness, along with love of ease,
unwillingness to dispel social and moral delusions, headlong rush into the
mindless attitude that “everything is okay” that “forced” the majority of the
German people then to blindly follow the misanthrope that was Hitler. It was
lack of the ability to think critically.<o:p></o:p></span></span></div>
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<span style="font-family: "verdana" , sans-serif; font-size: large;"><br /></span></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<span style="color: black; font-family: "verdana" , sans-serif; font-size: large;">A whole nation lived in denial, polarized by a leadership that
cleverly and systematically “indoctrinated” its citizens by “selling” to them
what they wanted and liked to hear; touched and entertained their complexes, to
such an extent that discrimination was acceptable; elimination of the thinking
elements of their society was made tolerable because they were somehow
convinced that they were a threat, mass murder and torture as a means to an
end, bullying and jingoism were all unobjectionable because the followers
lacked critical thought and their leadership lack thought – a society of
madness?</span><br />
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<w:LsdException Locked="false" Priority="9" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="35" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
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<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
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<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
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<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
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<w:LsdException Locked="false" Priority="21" QFormat="true"
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<w:LsdException Locked="false" Priority="31" QFormat="true"
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<w:LsdException Locked="false" Priority="32" QFormat="true"
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<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
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<!--StartFragment--><span lang="EN-GB" style="background: rgb(250, 250, 250);">Partly, no different than what is happening
today in the whole of Europe! Can you see the resemblance? The declining impact
of social structure in the European Union gave rise to divergence, populism,
ultranationalism, extremism and fragmentation…</span><!--EndFragment-->
</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: large;"><span style="background: rgb(250 , 250 , 250); color: black; font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">What is more striking is that the EU leadership is seeming unable to recognize and accept that something is fundamentally wrong. The inability and failure of state leaderships to address the social fundamentals (mostly because leadership candidates are no longer qualified by character and competence but by slogans designed to manipulate the despair of the citizen) gave rise to more divergence and more extremism</span><span style="font-family: "verdana" , sans-serif;">.</span></span><br />
<span style="font-family: "verdana" , sans-serif; font-size: large;"><br /></span>
<span style="font-family: "verdana" , sans-serif; font-size: large;">Political party and related individual benefits but also unilateral geopolitical and economic agendas (and agendas of private industrial and other lobbies) are more important than the welfare of the citizen both at the level of the member-state and the Union as a whole!</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: large;"><br /></span>
<span style="font-family: "verdana" , sans-serif; font-size: large;">H</span><span style="font-family: "verdana" , sans-serif; font-size: large;">ypocrisy, double standards, selective justice and Machiavellianism, have replaced the idea that is Democracy, Dignity, and Humanity… Polarization bred apathy! Which in turn bred the elimination of sound judgement and critical thinking! A collective contamination of the minds…</span><br />
<span style="background-color: #f5f8fa; font-family: "verdana" , sans-serif; font-size: large;"><br /></span></div>
<o:p></o:p>
<br />
<div style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-element: para-border-div; padding: 1.0pt 4.0pt 1.0pt 4.0pt;">
<div align="center" style="border: none; margin-bottom: .0001pt; margin: 0cm; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; padding: 0cm; text-align: center;">
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;"><br /></span>
<br />
<div style="text-align: center;">
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;">EU "coercion"? – The example of Cyprus</span></div>
<div style="text-align: left;">
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;"><br /></span></div>
<div style="text-align: left;">
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;">Cyprus, an EU member
state has been invaded by Turkey in 1974. Turkey still illegally occupies
almost 40% of Cyprus. Since then there have been numerous UN and EU resolutions
condemning the Turkish invasion…</span></div>
</div>
<div style="border: none; margin-bottom: .0001pt; margin: 0cm; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; padding: 0cm;">
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;"><br /></span>
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;">According to the European
Court of Human Rights:</span><br />
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;"><br /></span>
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;">“Cyprus is a victim of
State aggression by Turkey…”</span><br />
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;"><br /></span>
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;">“…the UN Security
Council adopted a number of resolutions in the aftermath of the Turkish
invasion in Cyprus, demanding an end to the foreign military intervention and
requesting the withdrawal of foreign military troops…”</span><br />
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;"><br /></span>
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;">“… the UN General
Assembly has also expressly deplored the continuing occupation of Cyprus by
foreign forces.”</span><br />
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;"><br /></span>
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;">“It is to be underlined that the illegal
occupation of “northern” Cyprus by Turkey, which is an internationally wrongful
act of a continuing character… and Turkey has an undiminished responsibility to
bring an immediate end to this act…”</span><br />
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;"><br /></span>
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;">“…third States are
required not to aid or assist Turkey in maintaining this unlawful situation and
entrenching or normalising the occupation of Cypriot territory. That is exactly
the evil that the rule of non-recognition aims at protecting against."</span><br />
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;"><br /></span>
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;">However,</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">The EU and the rest of the international
community, in so many ways, still, support the inhumane and jingoistic regime
that rules Turkey. It seemingly disagrees with Turkey’s violations of human
rights only in essence to “agree” – at the expense of The Rule of Law, UN and
EU fundamentals.</span><br />
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;"><br /></span>
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;">Despicably,</span><br />
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;"><br /></span>
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;">A number of EU member
countries, Cyprus’ partners, that have vowed solidarity and so forth, sell
weapons to Turkey, directly assisting it to continue its atrocities in Cyprus
and elsewhere...</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">In the meantime,</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">Turkey's audacity increases as the
international community insists to turn a blind eye... Thousands of violations
against the sovereignty of Cyprus are being recorded...</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">While these words (of disappointment and
despair) are written,</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">Turkey is violating the Exclusive Economic
Zone of Cyprus, attempting to drill for hydrocarbons in Cyprus’ sovereign
territory.</span><br />
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;"><br /></span>
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;">Sarcastically,</span><br />
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;"><br /></span>
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;">Why should Turkey be the
exception to the rule and “Order”, the World Order</span><br />
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;"><br /></span>
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;">What is this “Order”?
The Order that allows the world to be ruled by convenient to the powerful and Mighty
double standards. I am referring to the selective justice that characterizes
the actions of the “rulers” of the world, self-proclaimed guardians of
democracy and freedom… Hypocritical? Yes!</span><br />
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;"><br /></span>
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;">Should violation of
human rights be a privilege of the allies of the Mighty?</span><br />
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;"><br /></span>
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;">Are not the Mighty as
responsible, actually more responsible than Turkey, their convenient “ally”?</span><br />
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;"><br /></span>
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;">The claim or
“justification” that a jingoistic regime and a bully can be excused because it
pays for jobs (with blood money notably), which in turn secures for a
politician’s re-election is not acceptable! It is on the contrary inhumane and
barbaric!</span><br />
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;"><br /></span>
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;">Remarkably,</span><br />
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;"><br /></span>
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;">No single international
news channel mentioned Turkey’s new invasion of Cyprus...</span><br />
<span style="background-color: #fafafa; font-family: "verdana" , sans-serif;"><br /></span></div>
</div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<span style="font-family: "verdana" , sans-serif; font-size: large;"><br /></span>
<span style="font-family: "verdana" , sans-serif; font-size: large;">The challenges that the EU is facing today as a whole are
fundamental and existential. They are not just… “problems”</span><span style="font-family: "verdana" , sans-serif; font-size: large;">. </span><br />
<span style="font-family: "verdana" , sans-serif; font-size: large;"><br /></span>
<span style="font-family: "verdana" , sans-serif; font-size: large;"><span style="font-family: "verdana" , sans-serif;">World Wars, crises and revolutions – political and social but also
armed ones – even collapses of civilizations, occur because societies
collectively encounter fundamental challenges. Fundamental challenges to which
institutional structures and the psychological outlook of the people have
rendered them unable to adapt themselves in the time available. </span><span style="font-family: "verdana" , sans-serif;">The </span></span><span style="font-family: "verdana" , sans-serif; font-size: large;">main reason for the sequence of fragmentation and breakdown
processes that follows is mainly caused because leaders have neglected to abide
to humanity’s fundamentals. </span><br />
<span style="font-family: "verdana" , sans-serif; font-size: large;"><br /></span>
<span style="font-family: "verdana" , sans-serif; font-size: large;">The d</span><span style="font-family: "verdana" , sans-serif;"><span style="font-size: large;">irect or indirect support for example of regimes, such is the one that
rules Turkey, and policies of divergence, intentionally, conveniently and
unjustly promoted by the Union’s mighty are hideous actions… that concurrently
destroy the fabric of the European society. </span></span><br />
<span style="font-family: "verdana" , sans-serif;"><span style="font-size: large;"><br /></span></span>
<span style="font-family: "verdana" , sans-serif;"><span style="font-size: large;">Euro</span></span><span style="font-size: large;"><span style="font-family: "verdana" , sans-serif;">pean governments have to recognize (and act accordingly but in
unity for a change), that the fabric of the European society has been long
tarnished and ragged! The "every man for himself” practice can be no more!
If not, "devil takes the hindmost" shall </span><span style="font-family: "verdana" , sans-serif;">apply for all!</span></span><br />
<span style="font-size: large;"><span style="font-family: "verdana" , sans-serif;"><br /></span></span>
<span style="font-family: "verdana" , sans-serif; font-size: large;"><span style="background-color: white;"><span style="font-family: "verdana" , sans-serif;">W</span><span style="font-family: "verdana" , sans-serif;">arning: in the global arena, if
we do not find a way as Europe to stick together, "they" are going to
pick us off one by one, play us off against each other! Only together, we may
have some influence and our children a better chance of a future!</span></span></span><br />
<span style="background-color: white; font-family: "verdana" , sans-serif; font-size: large;"><br /></span>
<span style="background-color: white; font-family: "verdana" , sans-serif; font-size: large;">EU
politicians, think!</span><br />
<span style="background-color: white; font-family: "verdana" , sans-serif; font-size: large;"><br /></span>
<span style="background-color: white; font-family: "verdana" , sans-serif; font-size: large;">And think this as well or call it if you want a prophecy: If you choose to continue to defy the Rule of Law, if you keep on living in your own microcosm, it will eventually come back to haunt you and all of us!</span><br />
<!--EndFragment--><span style="font-family: "verdana" , sans-serif; font-size: large;"><br /></span></div>
</div>
</div>
Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-80535697350405918852019-04-30T11:29:00.000+01:002019-04-30T12:06:06.102+01:00While global debt is ballooning, the Fed is looking at a new program that could be another version of Quantitative Easing<div dir="ltr" style="text-align: left;" trbidi="on">
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<!--StartFragment-->
<br />
<div class="MsoNormal" style="margin-right: 22.5pt; mso-outline-level: 1;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8u6UOqwXD5L9KqvD08xowIACPZzW6K91uKONPiklxVcK5aJMqlYqxfLAgttoYRRB2bhIABNcYpwhs-hyt_aQi5WSBIl3_wV1Huyu0iANP_p8x0pvLYTHti_89SgCwfRKmKKR1kAtJVrg/s1600/Central+banks+Putting+out+the+fire+with+a+gasoline.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="571" data-original-width="900" height="203" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8u6UOqwXD5L9KqvD08xowIACPZzW6K91uKONPiklxVcK5aJMqlYqxfLAgttoYRRB2bhIABNcYpwhs-hyt_aQi5WSBIl3_wV1Huyu0iANP_p8x0pvLYTHti_89SgCwfRKmKKR1kAtJVrg/s320/Central+banks+Putting+out+the+fire+with+a+gasoline.png" width="320" /></a><span style="color: black;"><span style="font-family: "verdana" , sans-serif; font-size: large;">While global debt is ballooning,
<a href="https://www.cnbc.com/2019/04/29/fed-looking-at-a-program-that-could-be-version-of-quantitative-easing.html" target="_blank">the Fed is looking at a new program that could be another version of Quantitative Easing (QE)</a>.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Another version of
the QE stratagem? Treating an already cancerous practice
with more cancer... Instead of encouraging market dynamics to prevail, this
"ploy" would only feed and infuse the debt monster!<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHmlUxx-d2FpZUPvkhfNQDXpPZn8SoQ2Qt1EuNX56PT1uQRyZVlEzb_d9f3WwUSguUgI2TfPU9eXadHxrFkMoOhgwZg5Wcj8nb29EpVGeIrxWF8kPQBhLEctYjJnj300n7u-9mkDmXgAc/s1600/Public+debt+USA.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="743" data-original-width="1000" height="237" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHmlUxx-d2FpZUPvkhfNQDXpPZn8SoQ2Qt1EuNX56PT1uQRyZVlEzb_d9f3WwUSguUgI2TfPU9eXadHxrFkMoOhgwZg5Wcj8nb29EpVGeIrxWF8kPQBhLEctYjJnj300n7u-9mkDmXgAc/s320/Public+debt+USA.png" width="320" /></a><span style="color: black;"><span style="font-family: "verdana" , sans-serif; font-size: large;">In the world's
largest economy, the last time the debt-to-GDP ratio was more than 100% was in
1946, when the USA had to pay for World War II. It is estimated that by 2028,
USA’s government debt burden could explode from $15.5 trillion to a staggering
$33 trillion. At that point, interest payments would absorb more than $1 in $5
of federal revenue, crippling the government’s capacity to bolster the economy,
and constraining the private sector too.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjB7ZFbLEIifB78eU49eZ1dgFTQM6A3YRSXcuwMtjxhwiCBcpoKjrkYh6cqIRMkQtfuZpCdIB-ETdz77v976ansva8WVFROC7eCfU4MZNbvSWHhd5xqteMG7fbnrXr0xugyemnjrYA-QkY/s1600/China+government+debt-to-GDP.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="714" data-original-width="1522" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjB7ZFbLEIifB78eU49eZ1dgFTQM6A3YRSXcuwMtjxhwiCBcpoKjrkYh6cqIRMkQtfuZpCdIB-ETdz77v976ansva8WVFROC7eCfU4MZNbvSWHhd5xqteMG7fbnrXr0xugyemnjrYA-QkY/s320/China+government+debt-to-GDP.png" width="320" /></a><span style="color: black;"><span style="font-family: "verdana" , sans-serif; font-size: large;">The biggest
emerging market economy, China, had alone been responsible for more than 40% of
the increase in global debt since 2007. <o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Debt levels across
emerging markets as a whole, averaged 50% of GDP, their highest level since the
1980s, the decade marked by the Latin American debt crisis. China had alone
been responsible for more than 40% of the increase in global debt since 2007. <o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Debt levels across
emerging markets as a whole, averaged 50% of GDP, their highest level since the
1980s, the decade marked by the Latin American debt crisis.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black;"><span style="font-family: "verdana" , sans-serif; font-size: large;">And then, it is
the unconventional QE programme enslaving over €2.5 trillion of Eurozone
government debt on its balance sheet; more than twice the €1 trillion the
programme was originally supposed to run to...<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgtucIiE_UnXzY2yiPSqXiKRy27lyoHnV1d_6K8SnTY4eRGA0Pb7poR0_grbbe5b7Er1QgpzDe0XD5Nj5j4KEFQYfbPkFcWTeTZgyGcov-j5Yy-_n0zBqcXwTX1of8NaTebdFW8_OFnrRc/s1600/Eurozone+Government+Debt+to+GDP.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="369" data-original-width="697" height="169" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgtucIiE_UnXzY2yiPSqXiKRy27lyoHnV1d_6K8SnTY4eRGA0Pb7poR0_grbbe5b7Er1QgpzDe0XD5Nj5j4KEFQYfbPkFcWTeTZgyGcov-j5Yy-_n0zBqcXwTX1of8NaTebdFW8_OFnrRc/s320/Eurozone+Government+Debt+to+GDP.jpg" width="320" /></a><span style="color: black;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Remember that the
previous (and ongoing) European Financial Crisis began when investors became
concerned about growing levels of sovereign debt. As they began to assign a
higher risk premium to the region, sovereign bond yields increased and put a
strain on national budgets. The Crisis continues to persist due in large part
to political disagreements but primarily because the EU seems unable to reform
into an efficient body and alliance of mutual benefit, with mechanisms in place
that counteract stagnation and enhance stability...<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="background: rgb(250 , 250 , 250); color: black;"><span style="font-family: "verdana" , sans-serif; font-size: large;">So, debt is exponentially
increasing... the law of diminishing returns takes over... and in combination with
increased regulation and taxation but also with the ongoing Trade War, the
markets further asphyxiate... <o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="color: black;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Stagnation rises… Investors are forced into riskier assets…
Eventually, productivity growth collapses… Cost of living rises… Financial
repression in a market full of zombies…<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "verdana" , sans-serif; font-size: large;"><span style="background: rgb(250 , 250 , 250); color: black;">Unless the vicious circle of
government spending and financing low productivity and funding and refinancing
debt is terminated – pass into a virtuous cycle of saving, budgetary restraint,
improved disposable income, consumption, investment and employment – debt will
consume all! </span><span style="color: black;"><o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="color: black;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Central bank intervention will not keep driving markets eternally
higher, but instead will eventually become part of a liquidity doomsday crisis!
It will weaken currency purchasing power, and if the devaluing and lowering
rates scenarios are entertained, the agents of productivity will be hurt, i.e.,
high productivity companies, SMEs, the middle class, workers, Savers – the
indiscriminate creation of money not supported by savings is always behind the
greatest financial crises.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "verdana" , sans-serif; font-size: large;"><span style="background: white; color: black;">What has happened/is happening with the
QE stratagem? Unsustainably low rates and liquidity is absorbed by financial
assets and unproductive sectors.</span> Rates are unsustainably low, liquidity
is excessive, and there is no real fiscal space in governments that have all
but consumed their ability to extract wealth from savers.<span style="color: black;"><o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="font-family: "verdana" , sans-serif; font-size: large;"><strong><span style="color: black; font-weight: normal;">Governments and central banks create
a crisis from a moderate and completely healthy slowdown by denying economic
cycles and, even worse, presenting themselves as the ones that will revert
them.</span></strong><span style="color: black;"> The current global slowdown is not due to lack of
stimuli, but the excess of them. When central planners decide to “correct” it,
they create the seeds of the crisis.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "verdana" , sans-serif; font-size: large;"><span style="background: white; color: black;">Historic problems will
not be solved by seeking further imbalances!</span></span></div>
<div class="MsoNormal">
<br /></div>
<!--EndFragment--><br /></div>
Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-22020351624672864652019-04-24T19:15:00.000+01:002019-04-24T19:15:03.542+01:00Cyprus Business Confidence Indicator is improving but…<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnvAixVQRRbHKL7jc-Ida9tJ4m8UG5-72wFDRELFIpZUG6rKuyniBO8icGtTsAli6fPiF4x648PKQ6FA_q4ng6-2gHM2Q982Y2AjYws-Zr2rNaI31GDOfGPbR4GJ9SV0YZXbi7yZ_ABdM/s1600/Cyprus+Business+Confidence.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="377" data-original-width="708" height="170" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnvAixVQRRbHKL7jc-Ida9tJ4m8UG5-72wFDRELFIpZUG6rKuyniBO8icGtTsAli6fPiF4x648PKQ6FA_q4ng6-2gHM2Q982Y2AjYws-Zr2rNaI31GDOfGPbR4GJ9SV0YZXbi7yZ_ABdM/s320/Cyprus+Business+Confidence.jpg" width="320" /></a><span style="color: #1d2129;"><span style="font-family: Verdana, sans-serif; font-size: large;">Odd isn't it? When in
all of Europe’s mighty economies business confidence is declining, Cyprus’ is
improving... We should ask ourselves, how so? Is Cyprus' economy better
performing or is Cyprus simply "misled"... and by who?<o:p></o:p></span></span></div>
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<br /></div>
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<span style="color: #1d2129;"><span style="font-family: Verdana, sans-serif; font-size: large;">How can it be
explained? What does it signify? The Cyprus Business Confidence Indicator over
the past five years has been more than less the exact opposite of that of the
EU... Confidence is important, and Confidence does sell! The question is, are
you buying?<o:p></o:p></span></span></div>
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Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-64001800648716732412019-04-24T07:15:00.000+01:002019-04-24T12:31:08.971+01:00Cyprus is the only EU member state with a Government Budget deficit > 3% (at 4.8%)<div dir="ltr" style="text-align: left;" trbidi="on">
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="page number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of authorities"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="macro"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="toa heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
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<!--StartFragment-->
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBJsdfFJNJlWRblxwweoKgE0X9kQI8JyQY48zjNIhy0-vC608OgIoRPk17SgCNOTvGP7OvU890NS1J2tKTnFZcvW8KA8sjPEOra9kijL9AyILrlu6xL-zJUzTjyrrK6xq534tO7DsH6Ss/s1600/Government+Budget+%25E2%2580%2593+Cyprus+vs+the+Eurozone.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="376" data-original-width="694" height="173" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBJsdfFJNJlWRblxwweoKgE0X9kQI8JyQY48zjNIhy0-vC608OgIoRPk17SgCNOTvGP7OvU890NS1J2tKTnFZcvW8KA8sjPEOra9kijL9AyILrlu6xL-zJUzTjyrrK6xq534tO7DsH6Ss/s320/Government+Budget+%25E2%2580%2593+Cyprus+vs+the+Eurozone.jpg" width="320" /></a><span style="color: black;"><span style="font-family: "verdana" , sans-serif;"><span style="font-size: small;">By <a href="mailto:samarash@pytheas.net" target="_blank">Harris Samaras</a></span><span style="font-size: large;"><o:p></o:p></span></span></span></div>
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<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black;"><span style="font-family: "verdana" , sans-serif; font-size: large;">A budget deficit
occurs when a government spends more money than it takes in. And Cyprus'
spending exceeds revenue... This is what happens when a government finances the
non-productive sectors of the economy...<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black;"><span style="font-family: "verdana" , sans-serif; font-size: large;">With growth heavily
dependent on foreign financing, achieving faster and more sustainable
medium-term growth will require increased productivity and diversification into
higher value-added sectors.<o:p></o:p></span></span></div>
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<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Fiscal imbalances and
excessive interventionism but also lack of technological leadership make Cyprus
more vulnerable to a change in the cycle... and do not forget vote mongering...<o:p></o:p></span></span></div>
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<br /></div>
<div class="MsoNormal" style="background: white;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiumWyzl5JJzzyyiHTxTn0T59wtf94Vp_BIEMcHNWYUSru0doYjzdFSF9IsDDSqRGbTpP1S7-HiQMLMI5EB9tNlB9c87jtxvdhyvntvREN8nW9Rd3EBIXfUK-_ftW5_y7TRmODr18lMr10/s1600/Government+Debt+to+GDP+-+Cyprus+vs+the+Eurozone.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="376" data-original-width="691" height="174" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiumWyzl5JJzzyyiHTxTn0T59wtf94Vp_BIEMcHNWYUSru0doYjzdFSF9IsDDSqRGbTpP1S7-HiQMLMI5EB9tNlB9c87jtxvdhyvntvREN8nW9Rd3EBIXfUK-_ftW5_y7TRmODr18lMr10/s320/Government+Debt+to+GDP+-+Cyprus+vs+the+Eurozone.jpg" width="320" /></a><span style="color: black;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Also, the country and
regional political risk raise challenges, geopolitical and economic, that will
not be solved with liquidity injections (note that Cyprus has one of the
highest liquidity cover ratios in the Eurozone, > 145%) are exacerbated by
interest rates at zero or near zero... But excessive liquidity and low rates
plus one of the highest Government Debt to GDP ratio in Europe and the world
indicate a rigid, intervened and extractive model. In the meantime, ever more
vulnerable to external shocks, the Eurozone slowdown and the fragilities of its
economies, also vulnerable to a change in the cycle, make matters for Cyprus
worse. <o:p></o:p></span></span></div>
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<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black;"><span style="font-family: "verdana" , sans-serif; font-size: large;">Important: Excessive
Government spending slows real growth... And when allocated to inefficient
public expenditure programs it can be nothing but disastrous...<o:p></o:p></span></span></div>
<!--EndFragment--><br /></div>
Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-15095325425702998742019-04-23T15:59:00.000+01:002019-04-23T15:59:30.158+01:00Italian economy - Unjustified euphoria... <div dir="ltr" style="text-align: left;" trbidi="on">
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<!--StartFragment-->
<br />
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgb_kKLdhfQM66w58iHPvf9gNXDbyeStXZrV6zOZI_qTGDNt4GaR5OWNkUUIhr_cJsp7TqFMqnNhCszzpjcMb2v4tZHJJqN3ze7GFfb7oo-vZ7aELBuID0mtzgJtx4Or6wDhkUlA8Fxj6o/s1600/italian-economy-minister-expects-growth-to-pick-up-in-h2-tv-interview_large.jpeg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="675" data-original-width="1200" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgb_kKLdhfQM66w58iHPvf9gNXDbyeStXZrV6zOZI_qTGDNt4GaR5OWNkUUIhr_cJsp7TqFMqnNhCszzpjcMb2v4tZHJJqN3ze7GFfb7oo-vZ7aELBuID0mtzgJtx4Or6wDhkUlA8Fxj6o/s320/italian-economy-minister-expects-growth-to-pick-up-in-h2-tv-interview_large.jpeg" width="320" /></a><span style="color: #1d2129;"><span style="font-family: Verdana, sans-serif; font-size: large;"><a href="https://www.reuters.com/article/us-italy-economy-tria/italian-economy-minister-expects-growth-to-pick-up-in-h2-tv-interview-idUSKCN1RQ0LH" target="_blank">Italy’s Minister of Economy, Mr. Giovanni Tria, expects growth to pick up in H2</a>… But will growth pick up?
Blaming others, external factors mostly, the Italian government insists to
excessive spending and the financing and refinancing the non-productive sectors
of economy instead of realizing (and acting accordingly) that financing the
Italian economic struggle comes from structural problems that are much more
deep-seated.<o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="-webkit-text-stroke-width: 0px; background: white; font-variant-caps: normal; font-variant-ligatures: normal; margin-bottom: .0001pt; margin: 0cm; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: #1d2129;"><span style="font-family: Verdana, sans-serif; font-size: large;">While
mighty Germany only barely avoided the same fate, Italy’s quarterly
contractions highlight deeper issues; they also mean it’s the Eurozone’s<span class="textexposedshow"> only major economy that is in a recession, Italy’s third
recession in a decade…<o:p></o:p></span></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: #1d2129;"><span style="font-family: Verdana, sans-serif; font-size: large;">Even if the size of the Italian economy should prevent a
debt crisis as deep as the one Greece experienced, the accumulated debt and the
inability of its government to reduce it makes it impossible for the Eurozone
to conclusively put to rest the risk of a crisis which it might very well not
survive.<o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: #1d2129;"><span style="font-family: Verdana, sans-serif; font-size: large;">The uneasy coalition between the anti-migration League,
which is strongest in the business-rich north, and the anti-establishment Five
Star Movement, with its electoral base in the depressed south, makes further
political uncertainty possible in the remaining 2019.<o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: #1d2129;"><span style="font-family: Verdana, sans-serif; font-size: large;">Important to note, statistics indicate that there is not
enough money to realize some of the projects both parties endorsed while
campaigning, like the citizens wage or the pension reform. This situation
either creates a problem with voters or deepens the conflict with Brussels. The
parties at the government do not have the money to carry on with their
pre-election promises… which could put at risk their approval ratings. If they
do spend it so they wouldn’t lose votes, they will have to respond to the EU
and face repercussions…<o:p></o:p></span></span></div>
<!--EndFragment--><br /></div>
Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-74827360927611573302019-03-29T09:29:00.000+00:002019-03-29T10:11:18.136+00:00The European Deposit Insurance Scheme stalled by EU's lack of harmonization... and...<div dir="ltr" style="text-align: left;" trbidi="on">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeHY0vH2v8z_f_XOpgl5wXgwRON93_y4-N1ijDbi6LY5c63xGu90AdQh2PoFteuPuIRPMp7W7pMJ4iPWEv9lb1scQjS6P9_5fxV98cakFALaIakGAmqbN3ZuOGfNR6hySdPf7zgRB8amk/s1600/EDIS+EU.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="509" data-original-width="904" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeHY0vH2v8z_f_XOpgl5wXgwRON93_y4-N1ijDbi6LY5c63xGu90AdQh2PoFteuPuIRPMp7W7pMJ4iPWEv9lb1scQjS6P9_5fxV98cakFALaIakGAmqbN3ZuOGfNR6hySdPf7zgRB8amk/s320/EDIS+EU.jpg" width="320" /></a><span style="font-family: "verdana" , sans-serif;">[In response to the article with the title, “<a href="https://www.investing.com/news/economy-news/eu-deposit-insurance-debate-could-be-linked-to-bank-sovereign-exposure-official-1821299" target="_blank">EU deposit insurance debate could be linked to bank sovereign exposure</a>” published at <a href="http://investing.com/">Investing.com</a> on March 28, 2019]</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">by <a href="mailto:samarash@pytheas.net" target="_blank">Harris A. Samaras</a></span><br />
<span style="font-family: "verdana" , sans-serif; font-size: large;"><br /></span>
<span style="font-family: "verdana" , sans-serif; font-size: large;">Stalled since 2015, the issue of the European Deposit Insurance Scheme (EDIS) proves the fragmentation that exists within the EU on matters of paramount importance.</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: large;"><br /></span>
<span style="font-family: "verdana" , sans-serif; font-size: large;">The European Banking Union (EBU) and thus the monetary union requires an EU that is flexible and harmonized. The rigidity of German policy for one, the opposition of Germany for the EDIS, implies an EU that is vulnerable to market changes and threats, also sustainable growth. Moreover, instead of a Union that was established to bring its members together, such “attitude” and stance accomplishes only the opposite and targets the fundamentals of the European society and its core values, encouraging extremism and disillusion.</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: large;"><br /></span>
<span style="font-family: "verdana" , sans-serif; font-size: large;">The EDIS is one of the bare minimums that the EBU should incorporate. The state aim of the EBU is to decouple banks from sovereigns. Without a EDIS the Banking Union will simply be incomplete! It is a major institution, a norm (the EDIS), that will build trust and will significantly contribute significantly to the Eurozone’s credibility!</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: large;"><br /></span>
<span style="font-family: "verdana" , sans-serif; font-size: large;">Moreover, and equally important, without a EDIS the Eurozone countries will not be able to manage sovereign crisis. I still hear colleagues of mine arguing that the monetary union has the European Stability Mechanism (ESM) to resolve such issues. Wrong! The ESM is the main instrument to deal with sovereign debt crisis, but its treaty explicitly allows to bail-out only solvent countries! If a country is insolvent then and as it has recently been experienced, we have a total mess. Panicking depositors moving deposits to other countries, forcing the ECB to forward liquid funds, increasing at the same time its exposure (the ECB’s). While the insolvent country is suffocating by sovereign debt…</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: large;"><br /></span>
<span style="font-family: "verdana" , sans-serif; font-size: large;">Cartoon by Dave Simonds.</span><br />
<div>
<br /></div>
</div>
Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-64389353359337173362019-03-15T07:44:00.000+00:002019-03-15T08:22:36.049+00:00Is this what the EU is all about? "Every man for himself (and the devil takes the hindmost)"?<div dir="ltr" style="text-align: left;" trbidi="on">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-SZEbDn56MQoyvhE5FYqyTM3A_kwh7nbylth7VvGw8UcdTERIPNFpCpQGpNOTcDd2OjaRMjcQR90xJ-4ZQMP5X2etWHUXPA2Eu2CdUZTlf8R4XhbJ6Majm7EBG6aXop2lVu6RWGeYvPI/s1600/Germany+10+years+bond+yield.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="542" data-original-width="812" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-SZEbDn56MQoyvhE5FYqyTM3A_kwh7nbylth7VvGw8UcdTERIPNFpCpQGpNOTcDd2OjaRMjcQR90xJ-4ZQMP5X2etWHUXPA2Eu2CdUZTlf8R4XhbJ6Majm7EBG6aXop2lVu6RWGeYvPI/s320/Germany+10+years+bond+yield.jpg" width="320" /></a><span style="font-family: "verdana" , sans-serif; font-size: large;">Germany’s 10-year bond yield, the benchmark for the region, slipped 1.5 basis points to 0.06 percent.</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: large;"><br /></span>
<span style="font-family: "verdana" , sans-serif; font-size: large;">The Trade War, the threat of a no-deal Brexit and weaker emerging markets growth have all played a significant part for Germany (Europe's bigger exporter and world's third) to see its much-celebrated trade surplus shrink...</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: large;"><br /></span>
<span style="font-family: "verdana" , sans-serif; font-size: large;">The rattling of the foundations of Europe's bigger economy, at a time when the whole continent is regularly revising its forecasted growth downwards, Britain (Europe's second largest economy) is desperately trying to find a direction, France (the third largest economy) is literally shaken amongst other by internal social and political unrest - to be precise, most European economies are shaken by political unrest - and Italy (Europe's 4th largest economy) literally in financial crisis and not only... all challenge the Union's cohesion and future...</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: large;"><br /></span>
<span style="font-family: "verdana" , sans-serif; font-size: large;">For those that still doubt that the European economy is slowing down... on a one-way street towards stagnation... the Eurozone has never been more vulnerable to market shocks than today!</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: large;"><br /></span>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAl1VL9RKXNFRJAtyeZMYgzqR_e4QaPzJPkniCFDj-J4wNkUvRV0JXpYcdN4DOCHqgnZvsJo1GDvJRQZciMtrhhqRIQ-Mp1GfPB7saCMr6a1AdRjQhPpITLkAm6TeFyjmvat0rMI3iiwY/s1600/EU+Every+man+for+himself.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="410" data-original-width="728" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAl1VL9RKXNFRJAtyeZMYgzqR_e4QaPzJPkniCFDj-J4wNkUvRV0JXpYcdN4DOCHqgnZvsJo1GDvJRQZciMtrhhqRIQ-Mp1GfPB7saCMr6a1AdRjQhPpITLkAm6TeFyjmvat0rMI3iiwY/s320/EU+Every+man+for+himself.jpg" width="320" /></a><span style="font-family: "verdana" , sans-serif; font-size: large;">Now more than ever, European governments have to recognize and act accordingly (but in unity for a change) that fundamental and systemic problems do exist! The "every man for himself" practice can be no more! If not, "devil takes the hindmost" shall apply for all!</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: large;"><br /></span>
<span style="font-family: "verdana" , sans-serif; font-size: large;">We have to stop the vicious circle of government spending and financing low productivity and funding and refinancing debt, and pass into a virtuous cycle of saving, budgetary restraint, improved disposable income, consumption, investment and employment!</span><br />
<br /></div>
Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.comtag:blogger.com,1999:blog-2914587228467632711.post-69014083334780289232019-03-06T06:21:00.000+00:002019-03-06T06:32:17.695+00:00The disease that is anti-Semitism<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of authorities"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="macro"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="toa heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
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<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
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<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
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<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
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<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
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<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
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<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
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<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
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<span style="background-color: white; color: #1d2129; font-family: "verdana" , sans-serif; font-size: large;">Anti-Semitism
as any other form of racism is a disease! It is disgusting, barbaric and evil!
And those pathetic individuals and groups that preach and teach prejudice,
confusing it with patriotism, are equally to blame with the executioners.</span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="font-family: "verdana" , sans-serif; font-size: large;"><br /></span></div>
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<span style="color: #1d2129; font-family: "verdana" , sans-serif; font-size: large; mso-bidi-font-family: Arial;">The Holocaust, the Armenian, Greek and Assyrian Genocides, the
Rwandan, Darfur and the very recent Yazidi Genocides are only but some of Man's
horrific actions against Man that illustrate the consequences of such
prejudice!<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="font-family: "verdana" , sans-serif; font-size: large;"><br /></span></div>
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<span style="color: #1d2129; font-family: "verdana" , sans-serif; font-size: large; mso-bidi-font-family: Arial;">And, It is sci<span class="textexposedshow">entifically proven,
that genocides as well as any form of racism are prepared and performed by
psychopaths!<o:p></o:p></span></span></div>
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<span style="color: #1d2129; font-family: "verdana" , sans-serif; font-size: large; mso-bidi-font-family: Arial;">Psychopaths
view each and every event as a “feeding opportunity”. A contest or a test of
wills in which there can be only one winner: Their mad selves! Their motives
are to manipulate and take, ruthlessly and without remorse. These are people
with an antisocial in essence personality disorder, especially one manifested
in perverted criminal, or amoral behaviour – remember they have no conscience
therefore no remorse whatsoever, no scruples!<o:p></o:p></span></div>
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<span style="color: #1d2129; font-family: "verdana" , sans-serif; font-size: large; mso-bidi-font-family: Arial;">But
how about those that enable genocide (by preventing or not recognizing) by
their silence... those that turn a blind eye to anti-Semitism... if such
despicable actions are not in their economic or political interest? Aren't they
also psychopaths?<o:p></o:p></span></div>
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<span style="color: #1d2129; font-family: "verdana" , sans-serif; font-size: large; mso-bidi-font-family: Arial;">Populist
forces are rising across Europe, emphasizing nationalism over supranational
loyalties... Society and the state seem no longer able to address social
fundamentals... When political party and related individual interests are more
important than the welfare of the citizen and country… than democracy and the
freedom of thought = Prejudice = Revisionism = Chaos<o:p></o:p></span></div>
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<span style="color: #1d2129; font-family: "verdana" , sans-serif; font-size: large; mso-bidi-font-family: Arial;">In
Cyprus for instance, Turkey, no different than ISIS, no different than Nazis,
deliberately continues to erase Cyprus' cultural heritage! Whether ancient
Greek or Roman, Christian or Jewish... Anything that bears a cross or the Star
of David is systematically being vandalised, desecrated or looted...<o:p></o:p></span></div>
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<span style="color: #1d2129; font-family: "verdana" , sans-serif; font-size: large; mso-bidi-font-family: Arial;">A
global contamination of the minds… And the global declining impact of social
structure…<o:p></o:p></span></div>
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<span style="color: #1d2129; font-family: "verdana" , sans-serif; font-size: large; mso-bidi-font-family: Arial;">Relevant article: <a href="https://www.politico.eu/article/europe-anti-semitism-surge/" target="_blank">What's behind Europe's surge in anti-Semitism?</a></span></div>
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Harris Samarashttp://www.blogger.com/profile/03617926090401228967noreply@blogger.com