An interesting view on China.
[URL]http://www.miamiherald.com/2014/07/19/4243223/andres-oppenheimer-china-is-flexing.html[/URL]
Tres3.
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An interesting view on China.
[URL]http://www.miamiherald.com/2014/07/19/4243223/andres-oppenheimer-china-is-flexing.html[/URL]
Tres3.
It looks as if Argentina needs a poker lesson. Even a beginner knows that you do not bluff when every other player at the table knows what cards you are holding. It was worse than amateur night in Dixie.
[URL]http://www.bloomberg.com/news/2014-07-22/argentina-bond-judge-orders-continuous-talks-to-avoid-default.html[/URL]
Tres3.
[QUOTE=Tres3;440562]It looks as if Argentina needs a poker lesson. Even a beginner knows that you do not bluff when every other player at the table knows what cards you are holding. It was worse than amateur night in Dixie.
[URL]http://www.bloomberg.com/news/2014-07-22/argentina-bond-judge-orders-continuous-talks-to-avoid-default.html[/URL]
Tres3.[/QUOTE]Argentina does not need a poker lesson. Maybe another gouvernement in 17 months. THIS will happen.
It is completely unimportant for Argentina what this judge presumes to rule.
Maybe it's of interest for the legal bondholders.
Every country of this world had several defaults. Just Switzerland never dafaulted.
A country with en EXTERNAL debt of apro 10%, dept total of 40 - 49% (of PBI) which produces food for 200.000. 000 families, which owns the second highest shale-gas reserves. Will never default.
Maybe P. Singer (WHASP or catholic or Sciento or mormon or¿¿¿) will get a interesting lesson in real life.
"Never count the money, when you're sitting on the table. There 'll be time enough for counting, when the dealing is done".
P.D. "Where we better then...with our backs against the wall?" (Highwaymen)
[QUOTE=Spassmusssein;440565]It is completely unimportant for Argentina what this judge presumes to rule.[/quote]Yes, of course, because Argentina will continue it's tradition of fucking every body that evers does business with Argentina.
[QUOTE=Spassmusssein;440565]Maybe it's of interest for the legal bondholders.[/quote]I suggest that it's going to be of great interest to Argentina in the near future.
[QUOTE=Spassmusssein;440565]Every country of this world had several defaults. Just Switzerland never dafaulted.[/quote]Hey birdbrain, where exactly did you get this "information"? Care to share the link with the rest of us?
[QUOTE=Spassmusssein;440565]A country with en EXTERNAL debt of apro 10%[/quote]Only because Argentina fucked everybody who ever lent it money. It's easy to have a low ratio of external debt to GNP when you are continuously reneging on your debts
[QUOTE=Spassmusssein;440565]...which produces food for 200.000.000 families...[/quote]So where's the money from all those exports? Possibly in Christina's Swiss bank account?
[QUOTE=Spassmusssein;440565]...which owns the second highest shale-gas reserves...[/quote]And which Argentina has no idea how to extract with it's own technology, and no oil company with the technological expertise to do the job will ever do business with the Argentine Government that fucks every international corporation it can.
[QUOTE=Spassmusssein;440565]...Will never default...[/quote]Are you forgetting that Argentina has ALREADY defaulted on it's bonds in the past?
[QUOTE=Spassmusssein;440565]Maybe P. Singer (WHASP or catholic or Sciento or mormon or) will get a interesting lesson in real life.[/quote]I would suggest that it's going to be Argentina that "[I]will get a interesting lesson in real life[/I]".
[QUOTE=Spassmusssein;440565]"Never count the money, when you're sitting on the table. There 'll be time enough for counting, when the dealing is done".
P.D. "Where we better then...with our backs against the wall?" (Highwaymen)[/QUOTE]Sounds like gibberish to me.
If Spassmusssein does not understand the power of a federal district judge, whose ruling has been backed up by the Supreme Court, he is deluded or just plain stupid. Argentina may need a poker lesson, but Spassmusssein needs a civics lesson.
Tres3.
[QUOTE=Spassmusssein;440565]
Every country of this world had several defaults. Just Switzerland never dafaulted.
A country with en EXTERNAL debt of apro 10%, dept total of 40 - 49% (of PBI) which produces food for 200.000. 000 families, which owns the second highest shale-gas reserves. Will never default.
[/QUOTE]For that to be true you need a Gov't that's sane and interested in doing what's right for the country! Which we all know rules out ALL of the Gov'ts in the history of Argentina!
Hey Spass, in case you missed it the Chase Mellon bank in New York which is one of the primary centers for Argentina to disburse its payments to the bondholders who took a 70+% "haircut" refused to make that disbursement to those other bondholders and was told by that very same Federal Judge to return the money to Argentina.
While Argentina has substantial reserves, as Jackson pointed out, they have neither the capital nor the expertise and equipment to extract it.
www.en.wikipedia.org/wiki/List_of_sovereign_debt_crises
USA just defaulted 2 - 5 times, as the page publishes. As the link changes (as I saw) huugle it, you ll find all statistics about states-bancrupcy.
Even Phillip II defaulted 4 times in his career. His bondholders where from Genua, after that "Fugger" and "Welser". Finally Phillip II paid back good in good years, bad in bad years. An argentinean blueprint ;-=))
Lending out cash is just...betting on the ability of beeing payd back.
It's finally just "Johannes Calvin's fault" who allowed the bible, to take interests.
Nobody in this funny governement will take care to Griesas final desicion. Neither any Argentine citizen.
The bondholders that will accept beeing paid in Buenos Aires will hopefully get paid.
Insisting in getting paid in NY...might be just a hopefull wish.
Have a lovely mongering night!
[QUOTE=Tres3;440567]If Spassmusssein does not understand the power of a federal district judge, whose ruling has been backed up by the Supreme Court, he is deluded or just plain stupid. Argentina may need a poker lesson, but Spassmusssein needs a civics lesson.
Tres3.[/QUOTE]I can honestly say that I have never met a judge that I actually liked!
They are just such assholes when they are sitting across a bench from you!
One exception:
Judge Billy Reagan, Houston, Texas.
Wrote a pamphlet on how to beat a D.W.I in 1981 !
Great guy!
His son died of cirrhosis of the liver at 35 .
TL.
[QUOTE=Spassmusssein;440572]www.en.wikipedia.org/wiki/List_of_sovereign_debt_crises
USA just defaulted 2 - 5 times, as the page publishes.[/QUOTE]This page doesn't publish a US Sovereign Debt Default. It's lists several instances when the US had various financial crisis's, but it is not included in the list of nations that actually defaulted on debt as Argentina has. The page is called "List of sovereign debt crises" not "List of Sovereign Debt Defaults" Defaults are only one section of the page.
I'm not trying to get involved in this argument, I just didn't think the US had actually ever defaulted and wanted to check and see. When it did, your source says it hasn't.
The list for the USA has;
1. The instability of the Continental Dollar due to the English successfully counterfeiting them. (Fucking Brits, not good sport there at all)
2. Some obscure naval battle in Haiti (I'm not sure what that has to do with debt, it wasn't clear).
3. Roosevelt making the private ownership of gold illegal during the Depression.
4. Nixon suspending the convertibility of the dollar.
Let me get this straight. The vulture funds are not going to come to an agreement with Argentina, a technical default will ensue, and they will get nothing? I doubt they are going to cut off their nose to spite their face. What am I missing?
[QUOTE=Doppelganger;440571]Hey Spass, in case you missed it the Chase Mellon bank in New York which is one of the primary centers for Argentina to disburse its payments to the bondholders who took a 70+% "haircut" refused to make that disbursement to those other bondholders and was told by that very same Federal Judge to return the money to Argentina.
While Argentina has substantial reserves, as Jackson pointed out, they have neither the capital nor the expertise and equipment to extract it.[/QUOTE]This is very true. But what good does it do if the Gov't is a bunch of fools and every one has their hands in the cookie jar? If you want a close to home example, look at Chavez Land (Venezuela) . More proven reserves then any country in the world. And they can't even keep the population in toilet paper! Cristina land (Argentina) is slowly but surely following her once upon a time amigo into oblivion!
Argentina is a country rich in resources. Lets hope the people get some of it before the politicos piss it all away! And above all! Remember the pope is Argentine!! That and the Malvinas belong to Argentina! That and a SUBE card will get you down town! (But only if some one loaded some money onto the card!
Perhaps what happens on the international financial front will not make much difference to the average Argentine today, but in a country with heavily subsidized heating and electric industries where the government is having trouble funding those subsidies the recent increase in gas prices by a few hundred percent and the probability of the same for electric costs does make a difference. I see what is playing out in the US Federal Court can only hurt the countries financial footing, maybe you see it differently.
Argentine default looms. I do not know why the Argentine government keeps citing RUFO. A careful reading reveals that technically RUFO does not apply because the government would be complying with an "order". I think they are just trying to obfuscate matters, which is typical of Argentina.
[URL]http://finance.yahoo.com/news/argentine-default-looms-time-runs-125138382.html[/URL]
Tres3.
[QUOTE=Tres3;440567]If Spassmusssein does not understand the power of a federal district judge, whose ruling has been backed up by the Supreme Court, he is deluded or just plain stupid. Argentina may need a poker lesson, but Spassmusssein needs a civics lesson.
Tres3.[/QUOTE]As the mexican journalist Silvina Sterin Pinsel wrote Friday, old age not always is a warant for quality.
Usually with Whisky and Bordeaux-wines it is.
Obviously judge Griesa had / has problems, understanding the cause, his judgement and the consequences.
You can guumble it easily.
Anyway, there will not be great confusions, just the exchange "blue" will get down.