BNP Paribas, a big France bank, owns 198 billion Euro's worth of Greek bonds. Which will become officially worthless real soon now. The same bank says that it has increased its capital reserves to 57 billion Euros.
So when ever BNP Paribas faces reality, they will find themselves underwater by 141 billion Euro's. Reality being that the 198 billion Euros worth of Greek bonds are really worthless.
They aren't the only European bank stupid enough to buy Greek bonds.
Friday, October 21, 2011
E-books
There is hope for the ink on paper kind. With some assistance from youngest son, I downloaded a .pdf of the latest George R.R. Martin fantasy novel and I'm reading it on my ordinary laptop. The experience isn't as nice as reading a real book, even a mere paperback. Seated in my favorite reclining chair, the laptop is heavy and hot in the lap. Page turning is awkward. And the pages are not numbered, so finding your place is problematical. So far I have avoided shutting the laptop off, for fear of loosing my place.
All in all, I'd druther have a tradition hardback.
All in all, I'd druther have a tradition hardback.
Thursday, October 20, 2011
Hitler's biggest mistake.
Which was? Hitler made a lot of big mistakes. He attacked the Russians, who were so terrified of Germany that they were never going to cause him any trouble what so ever. He failed to crush Britain. He ordered his revolutionary jet fighters to be converted into bombers. He refused von Paulus permission to withdraw from Stalingrad. He ordered the fateful counterattack at Mortain, and then refused to allow his generals to withdraw German forces from the Falaise pocket. He abandoned Rommel's army to capture in North Africa. He failed to develop nuclear weapons.
With a list like that, what's left to screw up?
His biggest mistake was to declare war on the United States. He didn't have too. He had no formal or informal agreements with Japan. At the time Germany was locked in mortal combat with the Russians and the British, he didn't need to add to his enemies list.
At the time, the week after Pearl Harbor, the infuriated Americans were about to go after Japan with every thing in the shot locker. Although the American high command and the Roosevelt administration knew that Germany was the more dangerous enemy and they wanted to "Do Germany First", public opinion might have forced a "Do Japan Now" strategy on the administration. Hitler's declaration of war solved that problem for Roosevelt.
With Hitler's declaration of war, Roosevelt was free to do what he wanted to do, namely defeat Germany before flattening Japan.
With a list like that, what's left to screw up?
His biggest mistake was to declare war on the United States. He didn't have too. He had no formal or informal agreements with Japan. At the time Germany was locked in mortal combat with the Russians and the British, he didn't need to add to his enemies list.
At the time, the week after Pearl Harbor, the infuriated Americans were about to go after Japan with every thing in the shot locker. Although the American high command and the Roosevelt administration knew that Germany was the more dangerous enemy and they wanted to "Do Germany First", public opinion might have forced a "Do Japan Now" strategy on the administration. Hitler's declaration of war solved that problem for Roosevelt.
With Hitler's declaration of war, Roosevelt was free to do what he wanted to do, namely defeat Germany before flattening Japan.
The Ascent of Money
Most irritating TV show. It's on PBS, has a British narrator, and it talks about high finance, stock markets and banks and such. The irritating part is the lack of causes. Every thing in life has cause and effect. This TV show talks only about effects, totally avoids causes.
I caught it where they are talking about an economic Renaissance in Chile after the overthrow of Allende. According to the show, Milton Freidman of the University of Chicago went to Chile after the revolution and talked economics to the new strongman, Pinochet. Freidman sold the Chileans on a new pension scheme, essentially the "individual retirement accounts" they talk about up here, and the economy boomed. Irritating part of program, I don't believe that a new pension scheme alone is enough to turn an economy around. Betcha there was other stuff at work too. And they never showed any numbers about the boom. I wanted a nice line graph showing GNP over ten years, some numbers. All they showed was shots of shiny skyscrapers down town. So how good was this Chilean boom anyhow?
Then we move up to Great Depression 2.0 They do talk about a "disturbance in the American housing market" started the trouble. Well, so what? We all know that. Not a word about Fannie and Freddie's role, not a word about mortgage backed securities and credit default swaps. Not a word about the role of Barney Frank and Chris Dodd. No discussion of the secondary mortgage market, when and how it got started, and it's role in promoting "NINJA" mortgages (No Income, No Job, No Assets). They talked a lot about the evils of red lining, racial discrimination in housing but nothing about government pressure to do sub prime mortgages.
Essentially this show takes us to the scene of a disaster, and does a lot of handwringing about how horrible the disaster is, but doesn't tell us what caused it.
Irritating. I finally turned it off and went to bed.
I caught it where they are talking about an economic Renaissance in Chile after the overthrow of Allende. According to the show, Milton Freidman of the University of Chicago went to Chile after the revolution and talked economics to the new strongman, Pinochet. Freidman sold the Chileans on a new pension scheme, essentially the "individual retirement accounts" they talk about up here, and the economy boomed. Irritating part of program, I don't believe that a new pension scheme alone is enough to turn an economy around. Betcha there was other stuff at work too. And they never showed any numbers about the boom. I wanted a nice line graph showing GNP over ten years, some numbers. All they showed was shots of shiny skyscrapers down town. So how good was this Chilean boom anyhow?
Then we move up to Great Depression 2.0 They do talk about a "disturbance in the American housing market" started the trouble. Well, so what? We all know that. Not a word about Fannie and Freddie's role, not a word about mortgage backed securities and credit default swaps. Not a word about the role of Barney Frank and Chris Dodd. No discussion of the secondary mortgage market, when and how it got started, and it's role in promoting "NINJA" mortgages (No Income, No Job, No Assets). They talked a lot about the evils of red lining, racial discrimination in housing but nothing about government pressure to do sub prime mortgages.
Essentially this show takes us to the scene of a disaster, and does a lot of handwringing about how horrible the disaster is, but doesn't tell us what caused it.
Irritating. I finally turned it off and went to bed.
Wednesday, October 19, 2011
Hand Cannon
From the American Rifleman. Taurus introduces the Model 405, a 2 inch snub nose revolver. The quintessential American hideout gun, Small, dependable, and powerful. Usually chambered for .38 Special.
Only this snubbie is chambered for .40 Smith and Wesson, an automatic pistol cartridge. Revolver cartridges have a rim that seats on the cylinder and holds the cartridge in place against the blow of the hammer, and gives the extractor something to grab onto. Automatic pistol cartridges are rimless, to make them seat nicely in the magazine and feed smoothly. The maker sells the gun with half moon clips, a steel disk with cutouts to grab onto the .40 S&W rounds extractor groove. One half moon clip accepts 5 rounds, ready to drop into the cylinder.
The .40 S&W round is hot, the 405 achieves 900 to 1000 foot per second with a 180 grain slug out of a 2 inch barrel. This compares favorable with the .45 ACP round which does 850 foot per second with a 230 grain slug out of a 4 inch barrel. In short, the tiny Taurus 405 hits nearly as hard as the big Government Model .45 automatic.
Was it me, if I wanted a belly gun that hits harder than .38 Special, I'd look for one in .44 Special, or .44 Magnum, both of which are revolver cartridges with rims, so I don't have to mess around with half moon clips.
The Taurus is a throwback to the old Smith & Wesson .45 cal model of 1917. The Smith was an ordinary service revolver chambered for .45 ACP. The idea was an Army revolver that could fire the standard Army pistol cartridge, .45 ACP. It made partly for Army officers who didn't like the new fangled .45 automatic, and partly 'cause Smith could make revolvers all day when the makers of the .45 automatic were falling behind wartime demand.
Only this snubbie is chambered for .40 Smith and Wesson, an automatic pistol cartridge. Revolver cartridges have a rim that seats on the cylinder and holds the cartridge in place against the blow of the hammer, and gives the extractor something to grab onto. Automatic pistol cartridges are rimless, to make them seat nicely in the magazine and feed smoothly. The maker sells the gun with half moon clips, a steel disk with cutouts to grab onto the .40 S&W rounds extractor groove. One half moon clip accepts 5 rounds, ready to drop into the cylinder.
The .40 S&W round is hot, the 405 achieves 900 to 1000 foot per second with a 180 grain slug out of a 2 inch barrel. This compares favorable with the .45 ACP round which does 850 foot per second with a 230 grain slug out of a 4 inch barrel. In short, the tiny Taurus 405 hits nearly as hard as the big Government Model .45 automatic.
Was it me, if I wanted a belly gun that hits harder than .38 Special, I'd look for one in .44 Special, or .44 Magnum, both of which are revolver cartridges with rims, so I don't have to mess around with half moon clips.
The Taurus is a throwback to the old Smith & Wesson .45 cal model of 1917. The Smith was an ordinary service revolver chambered for .45 ACP. The idea was an Army revolver that could fire the standard Army pistol cartridge, .45 ACP. It made partly for Army officers who didn't like the new fangled .45 automatic, and partly 'cause Smith could make revolvers all day when the makers of the .45 automatic were falling behind wartime demand.
Why such concern for teachers
Obama is on tour, promising a bright future of more jobs for teachers. Sounds OK, but why do teachers get all the jobs? What about jobs for factory workers, truck drivers, construction workers, retail salespeople and all the other folk who actually create wealth in this country? Why does Obama care more about teachers? Is it because teachers always vote Democratic?
Tuesday, October 18, 2011
Martin Luther King memorial
I don't like it. The statue has Dr. King standing there, arms folded across his chest, and a "Shape up or ship out" expression on his face. A hardcore father getting ready to chastise his children.
I don't remember Dr. King that way. I remember a warm smile, a resonant and ringing voice, a warm man who offered sympathy, comfort, support, and leadership. Not a USMC drill instructor getting ready to put the fear of God into a squad of recruits.
I don't remember Dr. King that way. I remember a warm smile, a resonant and ringing voice, a warm man who offered sympathy, comfort, support, and leadership. Not a USMC drill instructor getting ready to put the fear of God into a squad of recruits.
Subscribe to:
Posts (Atom)